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Cryptocoin Mining?

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Kenmitch said:
SunnyD

What do you think about KDC currently?

The fork issues looked to have killed the value currently at lest on CoinedUp.
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I think it will suffer the same as any other forced-fork coin. Hold your breath for a little bit, wait for a brief spike in price, watch everybody dump, then the price will come back down. This forced fork was all but demanded by the current bag-holders. So if the price goes up even 20%, we're going to see large volumes dumped for profit taking. "Price" isn't going anywhere.

Worse yet, they cut the block reward 5-fold. The price will either have to go up by an equivalent amount (which it probably won't) or the difficulty will have to go down reciprocally - which means a sub-0 difficulty - for miners to sustain profitability at previous levels. That means miners will leave. That means the network will die. That means the coin will die.

The devs have hopes/plans for the coin, they have some vision. But honestly, it's slowly moving to "yet another altcoin" category.

I think the fork issues exposed the current devs as rather incompetent though, which doesn't bode well at all for the longevity of the coin itself.

I expressed these concerns WEEKS ago in the dev thread on BCT. Of course nobody gave a crap. They're all just blinded by the hope of that temporary spike in price so they can dump away. I know if the price goes up I'm sure as hell dumping, because after this opportunity there's likely no way to ever fix KDC or bolster its price again.
 
"What news is driving the price?" IMO, the Ukraine/Russia incident. Russian stock market and Ruble price are falling greatly. Russians want to put their money somewhere more secure than the Ruble. BTC can fill that need, for some.

BD2003 said:
So theoretically, bitcoin would be more suitable for larger transactions, being slower and more secure? And dogecoin better for quick transactions, giving up some security for that speed?
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They're both the same protocol. Except for the name, hashing algorithm, block reward, target block time, and a few other parameters, Dogecoin is the same as Bitcoin. Neither is more secure than the other. They both work in the same way, fundamentally. Dogecoin is built on the Bitcoin codebase, 100%. The transactions are propagated throughout the network, and integrated into the blockchain, in an identical manner. All transactions should show up eventually in the blockchain.

It's not possible to reverse a DOGE transaction, just as it's not possible to reverse a BTC transaction. In this sense, they're both equally secure. The faster/slower confirmation time, difficulty level, and hash power of the network, are pretty much immaterial. Difficulty is just a way of scaling the block generation times to match the hash power of the network.
 
Yeah... something is still wrong with KDC.

Been mining for almost an hour now and I still don't have any unconfirmed balance... I guess that's the end of the KDC road for me. Time to cash out and go back to doge. Suchcoins seems to give me 2x higher yields than fast-pool, but that's only a few hours worth of mining so it might not be a big enough sample size.
 
nwo said:
Yeah... something is still wrong with KDC.

Been mining for almost an hour now and I still don't have any unconfirmed balance... I guess that's the end of the KDC road for me. Time to cash out and go back to doge. Suchcoins seems to give me 2x higher yields than fast-pool, but that's only a few hours worth of mining so it might not be a big enough sample size.
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😕

There's nothing wrong with KDC.

The pool hasn't hit a block in the past 58 minutes (as of this post). If you JUST started mining within that time frame, and hadn't been mining since the last block was paid out, you'd have 0 shares accumulated and therefore wouldn't have any coins paid out, confirmed OR unconfirmed.

Part of the problem is that relatively speaking the pool has been largely abandoned at this point (not unexpected with the ridiculous block reward change). Without a decently sustainable hash rate, it will take longer to find blocks.

That said, as far as profitability goes - I wouldn't blame ANYONE for mining something else at this point.
 
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Well, we will see if I get anything in a few hours, but so far it's looking pretty grim. It says I have 2,400 shares contributed so we will see what that gets me.

As you said, it seems like it's not really worth mining anymore unless the price at least doubles. Difficulty only halved, prices are on the slight rise, block reward is in the gutter... It will be interesting to see what happens. I will keep a close watch on it and wait for a good time to cash out my 5k.
 
nwo said:
Well, we will see if I get anything in a few hours, but so far it's looking pretty grim. It says I have 2,400 shares contributed so we will see what that gets me.

As you said, it seems like it's not really worth mining anymore unless the price at least doubles. Difficulty only halved, prices are on the slight rise, block reward is in the gutter... It will be interesting to see what happens. I will keep a close watch on it and wait for a good time to cash out my 5k.
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Yup. The name of the game is to hold on to what you mined pre-fork for as long as you feel comfortable with to see what the market does post-fork. Will a ~5x reduction in block reward equate to a ~5x increase in coin value? (Hint: Probably not, but the hope is that there will be some reaction.)
 
I went from roughly 800-1k per day to about 200-300 per day. Which is simply not worth it at the current price/difficulty. I was able to mine a decent stash before the fork, wish I jumped in a little bit earlier. But I also picked up some cheap KDC with some BTC spare change I had and I'm already up to almost 100% profit on those ^_^
 
So here are some of the coins that you guys should be on the look out for.

Auroracoin (Probably know about it, since it's diff is over 6000 and selling at .08-.1 BTC each)
Mazacoin (Going to become the official currency of an Indian reserve, article posted at Telegraph.uk)
Execoin (It's vertcoin v2)
 
nwo said:
Well, we will see if I get anything in a few hours, but so far it's looking pretty grim. It says I have 2,400 shares contributed so we will see what that gets me.

As you said, it seems like it's not really worth mining anymore unless the price at least doubles. Difficulty only halved, prices are on the slight rise, block reward is in the gutter... It will be interesting to see what happens. I will keep a close watch on it and wait for a good time to cash out my 5k.
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I've been getting a bunch of confirmed/unconfirmed, and still am.

/shrug
 
T_Yamamoto said:
So here are some of the coins that you guys should be on the look out for.

Auroracoin (Probably know about it, since it's diff is over 6000 and selling at .08-.1 BTC each)
Mazacoin (Going to become the official currency of an Indian reserve, article posted at Telegraph.uk)
Execoin (It's vertcoin v2)
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Any coin that you're hyping is a coin that everyone should be AVOIDING like the plague.
 
SunnyD said:
Any coin that you're hyping is a coin that everyone should be AVOIDING like the plague.
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I've already made money from it so I'm happy ^_^
AyashiKaibutsu said:
From what I've seen in this thread, this seems like sound financial advice.
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😀
rtsurfer said:
Should have mentioned the word 'Tribe' there.

There is a difference between a Tribe's official coin & a billion people's country's official coin.
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Well I...er.. Well its a big step forward.
 
Seems like the market likes Auroracoin (already recovered and even higher than before) but hates BlackCoin and MintCoin (both down a lot).
 
SunnyD said:
Any coin that you're hyping is a coin that everyone should be AVOIDING like the plague.
Click to expand...

Personal credibility slamming aside, AUR really is something you should have/should be watching out for. People started pumping money into in anticipation of the drop. It'll likely devalue shortly afterwards, so be prepared to sell 'em if you've got em in 20 days.

FYI, this got buried and it was $25/each at the time of the post:

pandemonium said:
Omg, Auroracoin. Wow. The price has skyrocketed in anticipation of the premined coins being distributed out to the public. This is especially ironic for me, since I just got back from Norway on an aurora hunt and saw this and thought to myself that it was an interesting concept.
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IEC said:
Seems like the market likes Auroracoin (already recovered and even higher than before) but hates BlackCoin and MintCoin (both down a lot).
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Too busy these days, can't keep track of all the new coins... missed out badly with AUR. 🙁

Back to mining on Middlecoin (no time to chase profitable altcoins of the day).
 
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