Back then and Now, lesson learnt - page 3.

Jating

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Quote from: StephenJH on July 11, 2020, 06:26:49 PM

Quote from: Towerbreeze on July 11, 2020, 11:15:43 AM

Everyone thought it was that easy to make money by mining new coins, they thought they can get rich fast because many lose opportunities when Bitcoin and litecoin was easy to mine, what they don't know is scammers are in the game now, it's hard to mine a new coin that will survive nowadays

There are a lot of people, who think that it is easy to earn profit from mining. If you can be enough patient, you can get profit from mining, but it will not so quick money as think. But it is not easy as expected, before everything you need to have good knowledge about that and also great equipment. Scammers are also a huge problem, but more than that l think it is more important to choose coin for mining. That is why coin which useless can be wasting time for mining.

I almost fell for this mining and all the money that you are going to earn in the past. Good thing is that I research everything and I said that this is no longer profitable and it's really hard to earn. And if you are going to get some profits, it is still miserable as compare to the investments and initial capital that you are going to pour in, not good.

But majority of newbies are falling for the trap and not doing some proper investigations and simply believed that crypto mining is a money making machine, it is not.

NS-Soul

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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

Well in newbies they are always think is how much they can get on the profit and they will calculated it and they will hype their self on it which is not a good idea, sometimes they will be hype by their friends because of the profit return but they didn't realize if it is true or not, being a newbie is very hard but after newbie and you learn some it was a good experience.

StephenJH

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No more Rekt and Bust

Quote from: Towerbreeze on July 11, 2020, 11:15:43 AM

Everyone thought it was that easy to make money by mining new coins, they thought they can get rich fast because many lose opportunities when Bitcoin and litecoin was easy to mine, what they don't know is scammers are in the game now, it's hard to mine a new coin that will survive nowadays

There are a lot of people, who think that it is easy to earn profit from mining. If you can be enough patient, you can get profit from mining, but it will not so quick money as think. But it is not easy as expected, before everything you need to have good knowledge about that and also great equipment. Scammers are also a huge problem, but more than that l think it is more important to choose coin for mining. That is why coin which useless can be wasting time for mining.

IvugeoEvolutionCoin

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Some of us into mining wayback still have useless coins which are dead presently, this doesn't mean one should blame himself for keeping the coins hoping it worth something tangible in future. This conception actually worked for a few coins, and was profitable for those whose major intention was to sell off and not to hold. Lesson learnt anyway, we move.

Lanatsa

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

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

I cant really blame of myself if indeed do those kind of mistakes because we do had in mind that those coins might really soar up like other alts did when its still starting up.

When we do mine on earliest days then tendency on making yourself rich is there but with some mix of sort of luck if i were to say.It all matters with the potential

and dont blame out yourself because it is indeed part of experience that we should gonna learn and realize things up.

Perfect35

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Gone are the days that mining was in vogue. Whenever a project, then, introduces this feature, people tend to believe more in its potentials, to the point that, most of them started introducing it more to theirs. Today, something else is working more for people, not even masternode, which is the easier version of mining. So, many projects are no longing to bring that in, which means that the crypto community is after much more interesting features.

Chuky92

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Seriously use case is the most important thing to check first before even thinking of investing in any project. Most project's ideas only exists on whitepaper where the team can appropriately state how they are going to carryout their development and all that, but once fundraising is concluded, the team will end up building a different thing altogether, that is, if at all they will even build any. So therefore, it is wise identifying the use case within any project and making sure to check if it can be applied in the world and to successfully ascertain this, the experiences and skills of the team needs to be taken into account.

crustycrab666

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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.
~

Many of my friends used this method. Some are valuable and some are not. In the past, this method was quite effective and profitable, the situation at that time was very different from now. Even though it looks like a pump and dump coin, but if we can get the right timing it will get a lot of profit. I saw that proof from friends' success. However, this method seems less effective now.
Even projects that look promising can end up being scams and we get nothing. An in-depth analysis is needed regarding the product and its functionality.

Zotak337

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You don't waste any time OP, in fact you've have more experience about crypto and how it works using proof of work Algorithm, what you did wrong here is holding the wrong crypto coins, I mined few good altcoins myself, just more luckier than you

1. Karbowanec
2. Intense coin ( Leviar )
3. Crepcoin

I made good dollars out of this coins, I would have make more but my mining setup was too old

Lordhermes

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Back then and now, not only mining with CPU and GPU, or something. Participating in Airdrop makese think and realized that I have made a mistake of tasking for shitcoins all the time leaving a wide varieties of valueless coin in my wallet. I learnt from my experience and I hope so therefore newbies will also learn from their experience.

Towerbreeze

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Everyone thought it was that easy to make money by mining new coins, they thought they can get rich fast because many lose opportunities when Bitcoin and litecoin was easy to mine, what they don't know is scammers are in the game now, it's hard to mine a new coin that will survive nowadays

iTradeChips

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3 years ago I was also fond of many coins, especially the ones that are proof of stake. I spend time making sure all of the wallets work and are making a few coins. Now all except one are no longer working but I still have their files so I can basically get them and then run them on another computer. It was an interesting experience because you learn more about the working of cryptocurrency and I would suggest new to cryptocurrencies to give shitcoins and proof of stake coins a shot as well - not for financial freedom reasons but as a learning experience.

Doranile432

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Quote from: shoreno on July 10, 2020, 04:29:10 AM

same happen to me when i was starting my career on crypto . i got interested of mining on my own using only the gadgets that i have because they say its possible but idk why i never proceeded . it automatically written on my head that ill only got crap coins so its not worth it . now you prove it here that my decision back before are correct . mining is a waste of energy if if your mining a bad coin , next time if we want to mine we should get the right equipment first to be able to mine the best coins only

Mining is a waste of energy? Many people probably said the same thing when you can use a Pentium 4 Computer to mine 10 or more Bitcoin per day in 2010, it was the same story with ethereum, many become a whale today because the mine Bitcoin and Ethereum when they are easier to acquire, mining new coins is not a waste of energy, you just have to figure out which coin is good enough to mine

shoreno

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same happen to me when i was starting my career on crypto . i got interested of mining on my own using only the gadgets that i have because they say its possible but idk why i never proceeded . it automatically written on my head that ill only got crap coins so its not worth it . now you prove it here that my decision back before are correct . mining is a waste of energy if if your mining a bad coin , next time if we want to mine we should get the right equipment first to be able to mine the best coins only

Kelvinid

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win lambo...

ftp://

Quote from: abeecrypto on July 10, 2020, 03:57:55 AM

Yeah, I have got friends who did that. They were going all-in because the coins were cheap to mine and they hoped the prices would go up in the future. And they did little or no research on those projects before putting time to mine such coins. I was almost falling into this hole. A project without a real use case is potentially a shitty project.

Likewise, people who don't understand what they are doing will actually be brought to nowhere and probably got lost. Mining is really profitable 2016-2017 because the market is already in the surge, in fact, a lot of people jump into mining. But unfortunately, it was the year (2017) that also make them suffer losses as the situation drastically out in the performance after the surge.
People are keep expecting it recovers shortly but somehow, and until today, we don't even see some glimpse of it. It was then that mining getting worse makes small mining companies getting paralyzed.

abeecrypto

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Yeah, I have got friends who did that. They were going all-in because the coins were cheap to mine and they hoped the prices would go up in the future. And they did little or no research on those projects before putting time to mine such coins. I was almost falling into this hole. A project without a real use case is potentially a shitty project.

jessyj48

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Quote from: jahepahit on July 10, 2020, 03:09:08 AM

the reason why people fall prey for minning coins is because of easy access and projects usually use it to get more people engaged as its free. majority of the newbies dont know that the real profitable mining comes with real investment while the regular mining with computer takes longer time to bring anything reasonable.

You got it wrong, you're making mining sounds like a trap, new coins have less difficulty rate, ethereum was once so easy to mine, OP chooses wrong coins, I can name few new altcoins in 2018 to 2019 that still have good value till date like Havven, Loki, dero, electroneum and many more, if you can mine them very early you will have many quantities of the coin

Fredomago

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Quote from: jahepahit on July 10, 2020, 03:09:08 AM

the reason why people fall prey for mining coins is because of easy access and projects usually use it to get more people engaged as its free.

To attract more involvement inside the project, developers bring this venue for people who wanted to receive shares using their personal devices
for those who don't know much the value is far lower than the amount of energy cost from their devices.

Quote from: jahepahit on July 10, 2020, 03:09:08 AM

majority of the newbies dont know that the real profitable mining comes with real investment while the regular mining with computer takes longer time to bring anything reasonable.

You need to have a good understanding regarding to the coin that you'll going to mine, you need to research which coin do have real potential in case you'll be taking it as long term investment, long hold for much higher outcome once the project achieved its goal and receive more investors interest.

jahepahit

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the reason why people fall prey for minning coins is because of easy access and projects usually use it to get more people engaged as its free. majority of the newbies dont know that the real profitable mining comes with real investment while the regular mining with computer takes longer time to bring anything reasonable.

Balladtony77

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Lack of knowledge can make you do stupid things at time but to achieve knowledge sometimes there will be losses, I'm glad you've learnt your mistakes, I mined some coins in 2017 and I hold unto them even when they surge in January 2018 in the last altcoin season, this is my biggest mistake that I regretted big time, now most of those coins are dead, they aren't very good but just got pumped because of the bullrun

Topic: Back then and Now, lesson learnt - page 3. (Read 944 times)