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Wow. Bitcoin is almost $1,500

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VirtualLarry

Lifer
Aug 25, 2001
48,787
5,302
126
Makes Nicehash seem like "the good guys", for repaying 81% (thus far, so they claim) of all of the "stolen" BTC, when they were "hacked". (I put them in quotes, because I don't know if that was ever proven. Some people have postulated, that the BTC went missing when the Fiat value was high, and now that it's much lower, the BTC is being (slowly) returned. Whether that theory is true, I don't know enough to comment on it.)

Edit: So, anyone mining RandomXMonero? On Ryzen CPUs? Making some good money, relatively-speaking. First time that I've seen CPU mining out-earn GPU mining on an Algo. (Was over a few USD/day a few days earlier. It has settled down since, but seems to be holding at around $0.40USD-$0.50USD/day per Ryzen R5 3600 CPU. Half that for the Ryzen R5 1600 CPUs, due to lack of full-speed AVX2 opcodes on pre-3000-series Ryzen CPUs.)

If it holds, the ROI might be better for a CPU upgrade (to 3rd-Gen Ryzen 3000-series CPU) ($200), than for a new GPU (RX 5700 for $290).
 
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Red Squirrel

No Lifer
May 24, 2003
56,725
7,687
126
www.uovalor.com
I wish I had enough capital to start an exchange, I would probably be one of the few ethical ones lol. That's the thing though, you need tons of capital to start one, like millions,so odds are that type of person did not get to that point while being ethical. I'm still unsure how exchanges make money, as the majority of people are going to them to trade crypto for dollars, so you end up with lot of crypto but you need another source of dollars to keep replenishing it.
 

Dr. Zaus

Lifer
Oct 16, 2008
11,770
345
126
I wish I had enough capital to start an exchange, I would probably be one of the few ethical ones lol. That's the thing though, you need tons of capital to start one, like millions,so odds are that type of person did not get to that point while being ethical. I'm still unsure how exchanges make money, as the majority of people are going to them to trade crypto for dollars, so you end up with lot of crypto but you need another source of dollars to keep replenishing it.
Exchanges are just markets; eBay and Amazon could be crypto exchanges too.
 

DrMrLordX

Lifer
Apr 27, 2000
16,322
5,250
136
Edit: So, anyone mining RandomXMonero? On Ryzen CPUs?
No. Can't see it remaining profitable for very long but it's worth a look. There's a lot of Ryzens out there, and Threadrippers especially will be gold for something like that.

That might explain some of the shortages of Matisse chips though.

I wish I had enough capital to start an exchange, I would probably be one of the few ethical ones lol. That's the thing though, you need tons of capital to start one, like millions,so odds are that type of person did not get to that point while being ethical. I'm still unsure how exchanges make money, as the majority of people are going to them to trade crypto for dollars, so you end up with lot of crypto but you need another source of dollars to keep replenishing it.
If you started one in the US, they seem to be having some difficulty, especially if they are unbanked. Most of the unbanked exchanges are shutting their doors to US customers. Poloniex and Binance, for example (though Binance launched a banked version, albeit with less coin coverage, for the US).
 

Red Squirrel

No Lifer
May 24, 2003
56,725
7,687
126
www.uovalor.com
Exchanges are just markets; eBay and Amazon could be crypto exchanges too.
You do need seed money to get started though. Whoever does the first transaction, you need to have whatever currency they are buying. So if someone comes and deposits bitcoin for cash, I need that cash on hand to give to them in exchange for the crypto. I imagine after a while everything balances itself out though as you get people also buying crypto with cash. I guess I could be a front to other exchanges and it could just use other exchanges in the back end, but to be legit I'd want to not rely on any 3rd parties.

One thing that would be cool is an exchange that handles all the tax stuff so users don't have to worry about it. The CRA is super strict about crypto tax, you can go to jail if you don't claim it properly but they hardly explain how to do it. I would try to work with an accountant to get all the details laid out so I can code it into the logic of the system then users can just download a form to give to their tax accountant.

But yeah I don't have the kind of money it would take to start one and don't even know enough about how the underlying crypto system works to trust myself to code something that advanced. Just a fun thought.
 

ponyo

Lifer
Feb 14, 2002
17,627
1,518
126
Ok. I'm finally convinced enough on Bitcoin's future to want to buy and hold some. What's the easiest way to buy Bitcoin at fair price? Talk to me like a noob because I am. I see Square has Cash App and supposedly you can use it to buy and spend Bitcoin. My interest in Bitcoin is purely as long term investment hedge like gold. I want to buy like 1 or 2 Bitcoin to start off and hold and maybe add some more later. Thanks.
 

ultimatebob

Lifer
Jul 1, 2001
22,491
966
126
Ok. I'm finally convinced enough on Bitcoin's future to want to buy and hold some. What's the easiest way to buy Bitcoin at fair price? Talk to me like a noob because I am. I see Square has Cash App and supposedly you can use it to buy and spend Bitcoin. My interest in Bitcoin is purely as long term investment hedge like gold. I want to buy like 1 or 2 Bitcoin to start off and hold and maybe add some more later. Thanks.
Wait... you're convinced that Bitcoin is a buy NOW? The one year price chart looks like an amusement park ride, with a big price spike in the middle and a slow but steady decline after that.

I'd imagine that I can't talk you out of it, but please do us a favor and don't leave your crypto sitting in an exchange account. It WILL get stolen eventually, it's only a matter of time. I'd also wait for the next big price drop, and buy in then.

Oh, and don't forget that Coolcoin is always a stable investment. It's still worth the same now than what it was two years ago :)
 
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ponyo

Lifer
Feb 14, 2002
17,627
1,518
126
Wait... you're convinced that Bitcoin is a buy NOW? The one year price chart looks like an amusement park ride, with a big price spike in the middle and a slow but steady decline after that.

I'd imagine that I can't talk you out of it, but please do us a favor and don't leave your crypto sitting in an exchange account. It WILL get stolen eventually, it's only a matter of time. I'd also wait for the next big price drop, and buy in then.

Oh, and don't forget that Coolcoin is always a stable investment. It's still worth the same now than what it was two years ago :)
Well, before I didn't see the potential of Bitcoin. But I watched couple videos of Chamath Palihapitiya and others talking about Bitcoin future and the light bulb finally turned on for me. I see the appeal of cryptocurrency now and I want to own some in case I'm wrong about the future. Bitcoin will be my future insurance hedge. If Bitcoin becomes the dominate cryptocurrency of the future, at least I have a small stake no matter how small it is. But if cryptocurrency is not the future and Bitcoin doesn't gain major traction, I'm out $16,000-$30,000 if Bitcoin is a total loss. I think that's pretty cheap insurance on the future.

So what platform is the cheapest and easiest for me to buy Bitcoin to own. I think I opened Coinbase which I never funded. When I googled buying Bitcoin, CashApp by Square also came up. Which is better service to use? Or is there a better route than those two? And how do I get the Bitcoin moved from exchange account to somewhere safe?
 

Red Squirrel

No Lifer
May 24, 2003
56,725
7,687
126
www.uovalor.com
I found it was easier to mine crypto than to buy it. Seems most of the exchanges want tons of personal information like your home address and such, I think it's some kind of law that they have to collect it. Considering most exchanges eventually get hacked or go corrupt, I don't want them having my information.

There are ways to rent mining resources if you don't want to setup your own systems, that's probably the easiest bet.
 

destrekor

Lifer
Nov 18, 2005
28,726
332
126
I found it was easier to mine crypto than to buy it. Seems most of the exchanges want tons of personal information like your home address and such, I think it's some kind of law that they have to collect it. Considering most exchanges eventually get hacked or go corrupt, I don't want them having my information.

There are ways to rent mining resources if you don't want to setup your own systems, that's probably the easiest bet.
Yes there are laws - if you don't want to connect your own banking details to any given exchange you can usually get away with less personal information. Otherwise, any exchange or business you connect your banking with, you need to prove enough information to demonstrate you are actually you. This is through AML/KYC laws (Anti Money Laundering/Know Your Customer). And it's vitally important to minimize, well, money-laundering, theft, identity loss, etc.
Choose solid exchanges that operate according to proper business practices.

I'm sure there are some solid ones in Canada. There are also solid crypto exchanges based in America. Shady fly by night financial service operators don't tend to do all that well in the US or Canada, at least not if operating in the public sphere.
 

Red Squirrel

No Lifer
May 24, 2003
56,725
7,687
126
www.uovalor.com
There was only one exchange in Canada, and the owner faked his death and ran with the money. Crossed my mind to start one as I would be one of the few non corrupt ones but I don't really have the startup capital. I presume the majority of people are exchanging crypto for cash, so you need lot of cash, and a way to use crypto for your expenses or a way to turn it into cash. I guess you basically need to partner with a bank that is willing to work with crypto.
 

DrMrLordX

Lifer
Apr 27, 2000
16,322
5,250
136
@ponyo

If you really want some BTC, the best way to get it in the US is probably Coinbase Pro (formerly GDAX). You can do a bank wire transfer there and then buy BTC on the open market. Take some time to familiarize yourself with the tools before you do so. Just doing a market buy is usually the wrong way to go, and you will wind up paying fees that way. Using the simplified Coinbase site will cost you extra. It is not recommended.
 

destrekor

Lifer
Nov 18, 2005
28,726
332
126
@ponyo

If you really want some BTC, the best way to get it in the US is probably Coinbase Pro (formerly GDAX). You can do a bank wire transfer there and then buy BTC on the open market. Take some time to familiarize yourself with the tools before you do so. Just doing a market buy is usually the wrong way to go, and you will wind up paying fees that way. Using the simplified Coinbase site will cost you extra. It is not recommended.
If you do it through Coinbase Pro, do you avoid the surcharge you inevitably get when buying straight via the original Coinbase interface?

I haven't bought any crypto, let alone at Coinbase, in quite some time. I also never used GDAX before it became Coinbase Pro so I'm totally unfamiliar with what either have been doing in that regard. Whenever I wanted to withdraw and deposit cash into the crypto world, I almost always start at Gemini, and then trade elsewhere for broader markets. Always wanted to try GDAX/Coinbase Pro but just never got around to it before I kind of soured on trading, but I do really want to get back into relatively active trading in crypto (and stocks, for that matter) again. I've been one to have variable success in waves, and I pretty much struck out with the last round of active trading roughly a year or two ago. Realized some losses at the end of the year for the tax deduction (real stocks, not crypto - forgot to actually do that in time for some crypto assets). But because all of my trading has been attempting to chart things out well and, uh, apparently not having so much luck, in fact having more bad luck than anything. I need to get some more trading education apparently before I dive back into those waters and make matters worse.
 

DrMrLordX

Lifer
Apr 27, 2000
16,322
5,250
136
If you do it through Coinbase Pro, do you avoid the surcharge you inevitably get when buying straight via the original Coinbase interface?
Last time I did it (bought ETH, not BTC), you avoided the extra charges. Trick is to put up your own Buy order and let someone else fill it. Then you pay no fees at all. Just be careful not to set your buy price too low or no one else will fill the order. If you do a market buy, you pay fees AND you may wind up buying at a price you don't like depending on how badly the Sell orders are stacked against you.
 

ponyo

Lifer
Feb 14, 2002
17,627
1,518
126
@ponyo

If you really want some BTC, the best way to get it in the US is probably Coinbase Pro (formerly GDAX). You can do a bank wire transfer there and then buy BTC on the open market. Take some time to familiarize yourself with the tools before you do so. Just doing a market buy is usually the wrong way to go, and you will wind up paying fees that way. Using the simplified Coinbase site will cost you extra. It is not recommended.
Thanks. I'll look into GDAX. I'm assuming buying Bitcoin is like buying stock. You put in your limit order and if it hits your price, the order gets executed. I wouldn't put in market order on something that's volatile, fast moving, and with wide spreads such as Bitcoin. I'm not looking to day trade Bitcoin. I'm looking to build up small position over time. Nothing substantial. I'm looking to buy and hold as insurance. Similar reason to why I hold some gold. But Bitcoin will serve little different purpose than gold. Bitcoin is to protect me in case if the bull thesis for Bitcoin does indeed become reality in my lifetime. Just small hedge. That's all.
 

VirtualLarry

Lifer
Aug 25, 2001
48,787
5,302
126
Anyone still (stubborn, stupid, etc.) to keep GPU mining? There have been a few coin hard-forks, to keep the GPU mining "market" alive. Ravencoin forked to KAWPOW, that was a fun few hours, was showing like $30/day earnings for each of my PCs. Too bad that surge only lasted an hour or two, and was marred by the NH update that was returning bad shares like every other one (guess that turned out to be a pool problem?).

Spending like $3.60 / day on electricity, making maybe $3.65 - $4.40 / day in BTC. Just invested in three (factory refurb) GTX 1660 ti, one of the most power-efficient miners (besides an RX 5700 (XT), for $230 + tax ea. According to NH, after power costs are subtracted, I might be on track to make $500/yr., which then goes towards paying off my $700+ of GPU additions. Maybe in 2-3 years, I'll actually come out ahead. Not great money, certainly. Most people working minimum-wage jobs make that in a week in my state. (So I'm making like 1/52 of minimum wage.) But it's a semi-steady passive income. For someone on a fixed income like myself, it's basically gas money for the week, although with the lockdown, I don't really go places, except down the street to the grocery store every 1-2 weeks, and the bank, so that money adds up slowly. It will probably go towards groceries.

Edit: I guess $500/yr might be an optimistic prediction of NH miner. If I'm making $1/day in profit after electricity, then for 365 days, that would only be $365 in profit, and then you've got to subtract the fees for selling the BTC to get fiat. So closer to $250-300/yr. Which given my outlay for the GPUs this month, means that I won't actually profit for another 2-3 year, if at all, because we all know that profits seem to steadily decline with mining over time.
 
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friedburrito

Junior Member
Aug 3, 2019
16
2
16
Anyone still (stubborn, stupid, etc.) to keep GPU mining? There have been a few coin hard-forks, to keep the GPU mining "market" alive. Ravencoin forked to KAWPOW, that was a fun few hours, was showing like $30/day earnings for each of my PCs. Too bad that surge only lasted an hour or two, and was marred by the NH update that was returning bad shares like every other one (guess that turned out to be a pool problem?).

Spending like $3.60 / day on electricity, making maybe $3.65 - $4.40 / day in BTC. Just invested in three (factory refurb) GTX 1660 ti, one of the most power-efficient miners (besides an RX 5700 (XT), for $230 + tax ea. According to NH, after power costs are subtracted, I might be on track to make $500/yr., which then goes towards paying off my $700+ of GPU additions. Maybe in 2-3 years, I'll actually come out ahead. Not great money, certainly. Most people working minimum-wage jobs make that in a week in my state. (So I'm making like 1/52 of minimum wage.) But it's a semi-steady passive income. For someone on a fixed income like myself, it's basically gas money for the week, although with the lockdown, I don't really go places, except down the street to the grocery store every 1-2 weeks, and the bank, so that money adds up slowly. It will probably go towards groceries.

Edit: I guess $500/yr might be an optimistic prediction of NH miner. If I'm making $1/day in profit after electricity, then for 365 days, that would only be $365 in profit, and then you've got to subtract the fees for selling the BTC to get fiat. So closer to $250-300/yr. Which given my outlay for the GPUs this month, means that I won't actually profit for another 2-3 year, if at all, because we all know that profits seem to steadily decline with mining over time.
you're a real OG
 

Red Squirrel

No Lifer
May 24, 2003
56,725
7,687
126
www.uovalor.com
Honestly I was actually making money GPU mining, I just stopped because of the tax implications, it's just too complicated to try to figure out how to claim taxes as there's not much details on how to do that and even my tax accountant did not know anything about crypto. It was putting a pretty big dent on my hydro usage too so that was another factor that made me stop. I was probably close to breaking even really once I factored in hydro.

If I went large scale and bought land to put a solar/wind farm to power it then I'd just hire a full time CPA to figure out the taxes for me. Now would be way too late to do any of that though.
 

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