Back then and Now, lesson learnt | Bitcointalksearch.org

onrise

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Quote from: gwaposakon on July 19, 2020, 06:55:16 AM

The bull run last 2017 created so much hype that almost all coins launched in the market became an instant success. Along came with it projects that don't have real-world uses but just want to ride on the crypto hype. But people have learned and must try to research properly before investing.

That was a time when people were really crazy and majority of the projects if they would have participated would have decent success and would have made some money from some projects if not all. But after the crash from 20k btc price then came another opposite time where not many projects which has being launched have being successful or people ended making money from it. The choice from such projects is very difficult and to pick the right one amongst it is very difficult.

blue_hurricanger

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Easily mined through a single CPU or GPU is not a problem to determine if a coin is trash or not. You haven't seen a few easily mined coins that had a decent position on CMC?

pikkie

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Quote from: South Park on July 20, 2020, 10:07:40 AM

Quote from: SistaFista on July 16, 2020, 12:11:34 AM

I think the most important thing other than the real use case from the coin is, the team behind the coin.
The developers of the coin should maintain the coin, use the premine for listing and marketing activities, engage with community, and other things they can do to create the value of the coin.

The developers are critical in all of this even if a coin is not really the most original out there if they are really committed to make their coin a success they could always keep improving the coin until it reaches something like the top 200 or top 100, and while this may not seem as much the truth is that if you invest in a coin when it is just starting out and it happens to grow that much you will probably make a lot of money as an investor or as a miner.

when a project has just been created it will be very difficult to enter the top 100 because it requires very high support and certainly requires very high demand because what I know is the price movement of cryptocurrency depends on the buyer, so when there are no buyers and no support from buyers will find it difficult to raise their prices.

matchi2011

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Buy $BGL before it's too late!

Quote from: South Park on July 20, 2020, 10:07:40 AM

Quote from: SistaFista on July 16, 2020, 12:11:34 AM

I think the most important thing other than the real use case from the coin is, the team behind the coin.
The developers of the coin should maintain the coin, use the premine for listing and marketing activities, engage with community, and other things they can do to create the value of the coin.

The developers are critical in all of this even if a coin is not really the most original out there if they are really committed to make their coin a success they could always keep improving the coin until it reaches something like the top 200 or top 100, and while this may not seem as much the truth is that if you invest in a coin when it is just starting out and it happens to grow that much you will probably make a lot of money as an investor or as a miner.

Still, everything is in the hands of the developers, if the team are really aiming and have a big plans for the future
developments of the coin chances will still gives you the opportunities to earned from those coin that you are holding,
but if there's nothing behind the team, expect that everything will fall into a dumped project that don't have anything
to expect further.

tbterryboy

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Activity: 2030

Merit: 323

Engaging in crypto mining with the expectation of momentary benefits will always end up in big disappointments; no exceptions. If you have backup for covering the running costs along with making yourself available by providing all expenses for your living then you can escape by engaging in crypto mining. This is the reason in current times, only the people who are able to do mining process at industry level are able to make profits in long run.

Please note even with the industry level of mining process, you cannot see profits on daily manner. You must wait and hold all your mining rewards so that you could sell them at the right prices to get yourself affordable for mining expenses. It is really a complicated thing when considering your day job. You must need to dedicate all your time for this so that you can sustain for long run.

South Park

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I am terrible at Fantasy Football!!!

Quote from: SistaFista on July 16, 2020, 12:11:34 AM

I think the most important thing other than the real use case from the coin is, the team behind the coin.
The developers of the coin should maintain the coin, use the premine for listing and marketing activities, engage with community, and other things they can do to create the value of the coin.

The developers are critical in all of this even if a coin is not really the most original out there if they are really committed to make their coin a success they could always keep improving the coin until it reaches something like the top 200 or top 100, and while this may not seem as much the truth is that if you invest in a coin when it is just starting out and it happens to grow that much you will probably make a lot of money as an investor or as a miner.

ololajulo

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Activity: 2240

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SOL.BIOKRIPT.COM

Quote from: Twinkledoe on July 07, 2020, 06:29:38 AM

Back then, very few will focus their research on the use case of the coin. So I really don't blame the OP as we had that kind of thinking before. But then more and more coins were launched and turned out to be crap. And so most of us learned lessons from these crap projects.

Is there a project out here without a use case? No, they all have but what we dont know is the demand for the use case? In the bear market most of the use cases didnt make the coin thrive more than bitcoin and few coins. The space has it fundamental on the cycle of market. I also think team is also as important as the project. Binance and BNB is a good example of an idea and the team, even in the bear BNB made good money among other exchange coin. I wont encourage holding any altcoin into the bear market, it is a risk I wont try again.

Dariusburst

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Quote from: Greatchu on July 07, 2020, 03:15:07 AM

I don't know if some newbies are still doing this today, if you are you'd better stop right now. Many new coins can be easily mined through a single CPU or GPU but 90% of them are trash coins, you need to understand how important use cases are.

In the old days, three to four years back I was so obsessed with new coins simply because they are easy to acquire, mining them is easy and difficulty are low, this got me blind so I started mining coins without getting into good research first, I ended up with coins like

1. MarketCash
2. NiobioCash
3. Worktips
4. Spotme
5. Gadcoin

And so on.....
These coins are all dead or useless right now, few are trading back then but I was too dump to sell and buy better coins.

Today I asked myself why did I do that back then, I guess it's because I never knew the difference of high quality projects and why some coins make it to top 100, If you are reading this make this your targets

The importance of real use case

Damn I'm sorry for your loss, there are many new coins that came out in 2018 that change the life of many miners at that time, electroneum coin was among those coins then, it shows you have no knowledge about what makes a coin better than the rest, I was pretty easy to detect electroneum that time but I wish you a the best

Miaallen

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Activity: 573

Merit: 30

I don't even know newbie could also have known about mining until I read this piece. Newbies of today see cryptocurrency as a platform to be quickly rich and that's why they fall victims of scammers who offer them ridiculous and not-near possibility returns on investment and fall for it.
Mining of some cryptocurrencies had worked perfectly using just CPU as you've said. One of the is dogecoin and I'm currently regretting not taking it serious when all I needed to mine it was just my phone and a less than a minute to claim it every hour back when it started.

BitcoinTurk

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Activity: 1666

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In the past years, due to the fact that there are not so many projects in the crypto money markets, many projects could easily reach a good investor mass and high transaction volume, but this is not the case today and the share in the cake continues to decrease for all projects day by day. If we think about the future, it is necessary to make decisions with future evaluations that reflect the current location of the projects and the working potential of today. For example, although many coins you mentioned seem to be very good projects in their period, unfortunately they are known as dead projects today. Someone who would make an investment at that time would have very painfully understood how wrong the decision of the investment would have been after a few years if he had evaluated the conditions of that day. Therefore, instead of evaluating according to today's markets, it will be more accurate to make future evaluations for each project.

Script3d

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Activity: 1232

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Quote from: gwaposakon on July 19, 2020, 06:55:16 AM

The bull run last 2017 created so much hype that almost all coins launched in the market became an instant success. Along came with it projects that don't have real-world uses but just want to ride on the crypto hype. But people have learned and must try to research properly before investing.

People probably learned to not invest in virtual currency, alot of people probably left the crypto space after the hype died down and the price of coins was falling, it will be harder for projects to raise money because of this.

gwaposakon

full member

Activity: 854

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The bull run last 2017 created so much hype that almost all coins launched in the market became an instant success. Along came with it projects that don't have real-world uses but just want to ride on the crypto hype. But people have learned and must try to research properly before investing.

olamidey

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Activity: 798

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Buy, sell and store real cryptocurrencies

I don't think doing research will save you from mining a dead coin, because if there's something the team behind dead coins do best is branding their project and make it irresistible.

My back then and now story is very similar to yours, back then I used to randomly invest in cryptocurrencies without doing proper research, once I see a jingle of a new cryptocurrency, I easily get excited at the prospect of the project, now i know better. After loosing a significant amount of money, i learned to do thorough research.

I have equally wasted time mining Electronum and a host of other coins.

SistaFista

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Activity: 1638

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Hexhash.xyz

I think the most important thing other than the real use case from the coin is, the team behind the coin.
The developers of the coin should maintain the coin, use the premine for listing and marketing activities, engage with community, and other things they can do to create the value of the coin.

ned.ryerson

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Activity: 756

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Oikos.cash | Decentralized Finance on Tron

Quote from: adzino on July 15, 2020, 02:47:33 PM

Quote from: chanc3r on July 12, 2020, 03:22:50 AM

I assume low risk low return or even no return at all, these coins which can be easily mined also means that the coin has no miner and not so popular, that's why they are really easy to obtain but if it's gonna be useless at the end i will prefer not to mine at all.
in the past there are many new coin making innovation and one of them could be mined from a smartphone but turns out the project is dead.

All those "new coins" that can be mined through smartphones are scam! They are mainly a pyramid scheme. You will notice one common trends with them. They will tell you to invite your friends to get some free coins. I remember one of those coin (it was probably something called pi coin).
They run on the background not for mining any coins, but to collect your data and sell them.

you are right about the pyramid scheme, but this is not always bad. If we look at the price growth algorithm of any coin, then we can see exactly the same scheme. the more people buy a coin, the higher its price.

adzino

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Activity: 2968

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www.Crypto.Games: Multiple coins, multiple games

Quote from: chanc3r on July 12, 2020, 03:22:50 AM

I assume low risk low return or even no return at all, these coins which can be easily mined also means that the coin has no miner and not so popular, that's why they are really easy to obtain but if it's gonna be useless at the end i will prefer not to mine at all.
in the past there are many new coin making innovation and one of them could be mined from a smartphone but turns out the project is dead.

All those "new coins" that can be mined through smartphones are scam! They are mainly a pyramid scheme. You will notice one common trends with them. They will tell you to invite your friends to get some free coins. I remember one of those coin (it was probably something called pi coin).
They run on the background not for mining any coins, but to collect your data and sell them.

Rowenta

member

Activity: 196

Merit: 12

Quote from: Greatchu on July 07, 2020, 03:15:07 AM

I don't know if some newbies are still doing this today, if you are you'd better stop right now. Many new coins can be easily mined through a single CPU or GPU but 90% of them are trash coins, you need to understand how important use cases are.

In the old days, three to four years back I was so obsessed with new coins simply because they are easy to acquire, mining them is easy and difficulty are low, this got me blind so I started mining coins without getting into good research first, I ended up with coins like

1. MarketCash
2. NiobioCash
3. Worktips
4. Spotme
5. Gadcoin

And so on.....
These coins are all dead or useless right now, few are trading back then but I was too dump to sell and buy better coins.

Today I asked myself why did I do that back then, I guess it's because I never knew the difference of high quality projects and why some coins make it to top 100, If you are reading this make this your targets

The importance of real use case

You put aside research and start mining this coins because you are interested only in how many quantities of the coins you will get, I believe that's why you couldn't sell off even when they are trading on exchanges, I'm pretty sure you've learn one or two lessons here, apply the lesson learnt and don't give up, good new projects still shows up

rahmathidayat93

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Quote from: PerfectCircle on July 15, 2020, 11:13:04 AM

Good one, Mining new coins is just as risky as joining bounties and airdrops, it's all about trying your luck over and over, what OP did wrong is giving up, if I were him I would keep mining them shitcoins, one will eventually turn good, having bad results is a thing but not giving up is another

If you continue to mine the shitcoin, then your time and energy will be in vain, because there are no bad people who turn out well in cryptocurrency, if they are scammers, then they will always be scammers in crypto.

PerfectCircle

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Activity: 252

Merit: 11

Quote from: ahmia39 on July 15, 2020, 11:10:34 AM

Quote from: Looper_U on July 12, 2020, 09:48:24 AM

I enjoyed mining new coins in 2018, 70% of the new coins I mined ends very well but I sold real too quick, I mined coins like Havven and Leviar which are cryptonote Algorithm coins and I mined few bad coins, OP shouldn't blame himself too much, he just mined the bad coins

Blaming yourself is even better than blaming others, coin mining is also almost the same as choosing a bounty or airdrop campaign, because not all coins we mine can get good results, as well as bounty and airdrop campaigns, everyone must be right really filter it first so they don't get stuck in bad coins.

Good one, Mining new coins is just as risky as joining bounties and airdrops, it's all about trying your luck over and over, what OP did wrong is giving up, if I were him I would keep mining them shitcoins, one will eventually turn good, having bad results is a thing but not giving up is another

ahmia39

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Trident Protocol | Simple «buy-hold-earn» system!

Quote from: Looper_U on July 12, 2020, 09:48:24 AM

I enjoyed mining new coins in 2018, 70% of the new coins I mined ends very well but I sold real too quick, I mined coins like Havven and Leviar which are cryptonote Algorithm coins and I mined few bad coins, OP shouldn't blame himself too much, he just mined the bad coins

Blaming yourself is even better than blaming others, coin mining is also almost the same as choosing a bounty or airdrop campaign, because not all coins we mine can get good results, as well as bounty and airdrop campaigns, everyone must be right really filter it first so they don't get stuck in bad coins.

Topic: Back then and Now, lesson learnt (Read 912 times)