Wow. Bitcoin is almost $1,500

[VirtualLarry]

Vechain will be on its own foundation, no longer tied to Ethereum.

I don't see where that is an advantage? Or do they feel that they have superior technology in the works, as compared to the Ethereum guys? Why lose the development synergy by braking away? Is there some legit reason? Or just a NIH syndrome?

 

[pete6032]

By the time coinbase completes my wire transfer we will be ready for another crash.

 

[Zeze]

I don't see where that is an advantage? Or do they feel that they have superior technology in the works, as compared to the Ethereum guys? Why lose the development synergy by braking away? Is there some legit reason? Or just a NIH syndrome?

They are deliberately doing that to BE on their own and recruit their own chains + hold ICOs, etc.

 

[VirtualLarry]

They are deliberately doing that to BE on their own and recruit their own chains + hold ICOs, etc.

To me, that would be a big negative, and a reason to sell. Because if they switch off of the Etherium blockchain, all existing outstanding tokens would be null and void.

 

[Zeze]

To me, that would be a big negative, and a reason to sell. Because if they switch off of the Etherium blockchain, all existing outstanding tokens would be null and void.

Which is they're swapping 1:1.

VeChain just broke $7 this AM. I'm expecting a correction this week. Then challenge the ATH of $9.45 in March.

Or surprise me and break ATH before first week of March without correction.

 

[Zeze]

http://imgur.com/a/yFTJF

Vechain BaaS app in action.

 

[ultimatebob]

http://imgur.com/a/yFTJF

Vechain BaaS app in action.

Heh... "BENN VERIFIED", and "HISTORICAL RECORED". I see that they still haven't fixed their English translation problems.

It could be that they're focusing on the Asian market... or that this is all being produced by some 18 year old kid in Hong Kong. You never really know with Crypto companies.

 

[Zeze]

Heh... "BENN VERIFIED", and "HISTORICAL RECORED". I see that they still haven't fixed their English translation problems.

It could be that they're focusing on the Asian market... or that this is all being produced by some 18 year old kid in Hong Kong. You never really know with Crypto companies.

Did you miss the pic I posted here of Jim Breyer (vc of Vechain) taking a pic with Chinese prez along with apple CEO and Zuckerberg?

 

[dasherHampton]

If I buy a Petro am I violating some kind of international sanctions?

 

[momeNt]

If I buy a Petro am I violating some kind of international sanctions?

There are no exchanges I'd be willing to use at the moment to purchase it. So I would not worry about it. I have not heard that purchasing it is a violation though. I think some senators petitioned the treasury department to somehow interfere with it though.

 

[Ns1]

Finally got my coinbase account verified. Need another dip ASAP

 

[Red Storm]

(Originally posted in the "How many cards do you have mining thread", and moved to a separate post here.)

I'm (relatively?) "poor", being on a fixed income (disability), and all-to-often spending my monthly check on "expensive toys", and not having "food and gas money" for the month. That's where the mining comes in. It's kind of like an "adult allowance", every few days, I get $20-35 deposited in my bank account, and I have to manage it, and live off of it, right now. (Yes, I need to manage my finances better, I know that.)

So for me, mining is a lifesaver, relatively-speaking. It gives me a (small) extra monthly income, that becomes my daily or discretionary spending account. Now if only I could control my "ebay urges" better. Tech Addiction, indeed.

Don't hate miners. It could be YOU some day that's stuck in poor-ville, mining to make ends meet.

How much did the mining equipment cost? Seems like you would have been better off not spending money on mining, and putting that money towards your essential needs.

 

[Zeze]

Finally got my coinbase account verified. Need another dip ASAP

Get VeChain, anything under $10 is still value.

 

[Red Storm]

Get VeChain, anything under $10 is still value.

I would definitely recommend going with VeChain. There's the possibility of the price going down after the actual rebrand ("sell the news" / corrections) so I would probably wait until after the 26th. Then again that could also be the day it never goes below ~$9 again. Have fun!

 

[VirtualLarry]

How much did the mining equipment cost? Seems like you would have been better off not spending money on mining, and putting that money towards your essential needs.

Initially, and after I purchased a GTX1070ti and RX 570 8GB in Jan., I was making like $20-22/day. Now it's down to like $12-13/day, and it's only a month later.

People look at the "NiceHash Estimated Earnings", and think that it is continuous, rather than just a snapshot in time. Mining profits do decrease, something, seemingly inevitably, due to more hash power coming online, and difficulty ratcheting up (not sure if the two of those are the same effectively), and then we had the recent "correction" in the market in late Jan.

I was hoping I could make $20/day for six months. Looks like that's ... far from true. Looks like.... I'll be lucky to make ROI for the things I did invest in.

And yeah, I probably have like $3000 worth of PCs, NOT counting any of the dGPUs in them, for mining hardware.

 

[Zeze]

I would definitely recommend going with VeChain. There's the possibility of the price going down after the actual rebrand ("sell the news" / corrections) so I would probably wait until after the 26th. Then again that could also be the day it never goes below ~$9 again. Have fun!

And of course, selling the news is nerve-wrecking. I'm never doing that again.

I choose sleeping soundly vs FOMO while the price flies beyond your grasp just to get few more VENs.

 

[Red Storm]

Initially, and after I purchased a GTX1070ti and RX 570 8GB in Jan., I was making like $20-22/day. Now it's down to like $12-13/day, and it's only a month later.

People look at the "NiceHash Estimated Earnings", and think that it is continuous, rather than just a snapshot in time. Mining profits do decrease, something, seemingly inevitably, due to more hash power coming online, and difficulty ratcheting up (not sure if the two of those are the same effectively), and then we had the recent "correction" in the market in late Jan.

I was hoping I could make $20/day for six months. Looks like that's ... far from true. Looks like.... I'll be lucky to make ROI for the things I did invest in.

And yeah, I probably have like $3000 worth of PCs, NOT counting any of the dGPUs in them, for mining hardware.

Yeah... you should sell your mining rig ASAP. Trying to live off of mining profits for essential needs is a terrible idea.

Seriously, stop thinking you're making money by mining, you aren't. You still haven't made back everything you've spent on the mining hardware. I would sell that stuff while the demand is still there.

 

[Red Storm]

And of course, selling the news is nerve-wrecking. I'm never doing that again.

I choose sleeping soundly vs FOMO while the price flies beyond your grasp just to get few more VENs.

Oh most definitely, I don't risk my VEN like that. I buy and hold, selling only happens when I want to cash out some day in the future.

For someone like Ns1 who does not yet have skin in the game it may be worth the wait to see what happens.

 

[Zeze]

Initially, and after I purchased a GTX1070ti and RX 570 8GB in Jan., I was making like $20-22/day. Now it's down to like $12-13/day, and it's only a month later.

People look at the "NiceHash Estimated Earnings", and think that it is continuous, rather than just a snapshot in time. Mining profits do decrease, something, seemingly inevitably, due to more hash power coming online, and difficulty ratcheting up (not sure if the two of those are the same effectively), and then we had the recent "correction" in the market in late Jan.

I was hoping I could make $20/day for six months. Looks like that's ... far from true. Looks like.... I'll be lucky to make ROI for the things I did invest in.

And yeah, I probably have like $3000 worth of PCs, NOT counting any of the dGPUs in them, for mining hardware.

Yikes. Such 'small' gains for all that effort... building, configuring, using electricity, etc.

So much easier to just buy some coins and don't lift a finger.

 

[[DHT]Osiris]

They trend downward over time, but I will say that they also fluctuate. My main rig (5x 1080ti's) was pulling ~$1500/mo at peak (~1y ago) with nicehash before everything got crushinated by the difficulty curve. That drew down a bunch to around ~$600/mo about... 4 months ago? or so. Since then (and since the NiceHack) I swapped to a pool. Prices went nutso, and so did mining, and I was back up to ~$1500/mo for a bit (month or so), now down to ~$800 or so? give or take. So don't necessarily assume it's going to *just* be down, down, down from here. It's really pure speculation, 110%.

 

[Zeze]

Yeah... you should sell your mining rig ASAP. Trying to live off of mining profits for essential needs is a terrible idea.

Seriously, stop thinking you're making money by mining, you aren't. You still haven't made back everything you've spent on the mining hardware. I would sell that stuff while the demand is still there.

Dont forget income tax on those mined coins. If you don't set this aside, you may be royally screwed come tax time or few years later IRS come to you (and oh yes they will).

 

[momeNt]

I only run miners because I already own the cards for gaming. I have spare PCs from old builds that I will not purchase cards for, I feel I would be better off investing any amounts for mining in a coin or a traditional mutual fund.

 

[Red Storm]

Dont forget income tax on those mined coins. If you don't set this aside, you may be royally screwed come tax time or few years later IRS come to you (and oh yes they will).

I never thought about that... do you have to pay taxes on mined coins? Apologies if that was already answered earlier in this thread.

 

[Zeze]

I never thought about that... do you have to pay taxes on mined coins? Apologies if that was already answered earlier in this thread.

Yes. This is very clear.

Mined coins = income tax
Bought coins = capital gains

If you mined your bitcoins, as IRS Notice 2014-21 elaborates, miners have to recognize income for each bitcoin mined during the taxable year. The amount of income equals the market price of bitcoin on the day it is awarded on the blockchain, which is also then the miner’s basis in the bitcoin going forward and is used to calculate gain/loss in the future. The IRS illustrates an example for taxpayers.

“…[A]ssume you mine 1 bitcoin in 2013,” the government tax agency writes. “On the day it was mined, the market price of bitcoin was $1,000. You have $1,000 of taxable income in 2013. Going forward, your basis in the bitcoin is $1,000. If you later sell the bitcoin for $1,200, you have a taxable gain of $1,200 – $1,000 = $200.”

It adds: “Your mining expenses, such as electricity, would not be included into basis. Instead, they would be deductible in the taxable year as an expense. Miners will need to determine if their mining activity rises to the level of a trade or business, which is a highly factual determination.” The Agency also outlines what sorts of expenses a miner can deduct.

“If your mining operation is substantial and continuous enough to be considered an actual business, then you can deduct all of your ordinary and necessary expenses,” writes the IRS. “This would include the cost of electricity and depreciation on your mining rig, among others. If your mining operation is not substantial or continuous, you would deduct expenses like an ordinary investor.

 

[fleshconsumed]

Yikes. Such 'small' gains for all that effort... building, configuring, using electricity, etc.

So much easier to just buy some coins and don't lift a finger.

At this point definitely. However, math is a lot different in the early stages when the coin is still a complete unknown. You could "invest" $1500-2000 in a six rx480 mining rig (before the mining squeeze) and mine. Should a coin go bust, you could still sell your hardware for half the price, only losing $750-1000. How many would throw the same amount of money in an unknown coin that may or may not go to zero? Back then buying hardware and mining was hedging your bets, it was a way to mitigate the losses. Nowadays, with inflated video card prices and high mining difficulty it is better to just buy a coin.