Topic: Are alt coins like penny stocks? (Read 642 times)

Look at it like this

-Mining LTC and BTC is a source of relatively stable income. Right now the profitability isn't that great ( barely making money if you'd sell immediatly ) but the price may very well improve after summer of earlier.

-Mining new altcoins is a gamble. Pick the right one and sell on the forum at the right time, and you can make 2x - 5x more profit then LTC/BTC. But you have to be lucky to pick the right one and availabe for a few hours at launch to make enough.

Sounds to me like you were just unlucky with your timing. There was a big spike in BQC for a while. If you have a big stash at that time you could have made some money.

Being critical and able to imagine which coin has the potential to be a hit is a big advantage. I've made a wrong gamble or two, but I mined and bought enough FTC, CNC en WDC to triple what I would have made if I had only mined LTC.

A last tip i'd like to give you is : don't bother with solo mining a new coin unless you know what you're doing. Practise first. I found it better to wait for at least a p2p pool run by a competent member of the comunity, like Blastbob for example. It's sooo much less hassle. Downtime or very bad efficiency because of a poorly configured solo miner means you're losing potential income from another, earlier coin.

I started with 1 rig and 2 6870 graphic cards.  I focused on LTC first.  I was able to build up alot of it traded it for BTC and bought up other peoples GPUs.  I was able to get a nice farm going.  You are right these pennies are not for small frys.  You will get wiped out by the big boys who pump and dump them.  Best to stick with the more reputable exchange traded coins first and then work your way to the new coin that appear and disappear faster than your couple cards can mine them.

Rather than complain about it why not learn the lay of the land.  You'll reap rewards from it.

What is more sad is that I have been mining and I dont have shit to show for it. Tried BQC... went to the exchange... flop.
Anything worth a shit all gets pillaged to the point where the dif gets too high too fast for my cards and returns become a fucken joke. I cant mine because the hash is low and with solo I get nothing but stales by the time my cards decide to kick out a share.

Early farmers cash out leaving the rest to wonder what the fuck happened.

Word of advice to the crypto community... this shit will never catch on if crap like this keeps going on.

Yes. and Yes.

I think the price of each alt coin starts relatively high, then gradually decreases. Is each one developed to make money for the first batch of miners? Then long-term, there is a hope that one or more will be a success?