That’s something I never stressed myself about. I know a lot of people that were wasting their time mining new coins because they thought that these coins will blow up in a short time and they will make profit from it. But it never happened, all those coins just became useless after everything hard work and dedication they have put into it. So, all those things are mostly waste of time, I just prefer to buy coins and hold instead of mining. There are some coins that will tell users to download mobile app and be mining. I don’t have the time for them.
I read mining could be possible when we try in industry level. This is not just true only for the case of BTC mining but everywhere due to big competitions, if we seek good profits then we must need to mine in big levels. With respect to my country and legal things, I guess I may not run any mining company by paying big electricity charges.
Topic: Back then and Now, lesson learnt - page 5. (Read 936 times)
The biggest mistake you can do when mining new coins is planning to hold them, whether they are good or not it's better to exchange them for bitcoin or Ethereum once you receive the coins from pools you using to mine, do not plan to hold new coins because they can stop working at any time
I guess you did that before is because that most of the projects that comes out are being bought by the investors.
In 2017 nearly all new projects achieved success, investors missed bitcoin and Eth tried to invest in nearly all new projects in the hope of making a profit from it.But that soon passed, and people realized that it was trash projects and focused on the top coins in the market.
Yes, people have realized that not every project that comes could be a good investment and that's where everyone started to lie-low with ICO investments. And until now, ICO projects are no longer good and they're almost dead.
I've done some pretty stupid things too in the past and I guess many on here have done the same, do not be sad about that, it's normal to make mistakes, I lost time and money to online scams, crypto coins and I even build an obsolete mining rig that I sold of later, im glad you learn your mistakes and I hope newbies will learn from your past experience
Don't worry mate, it's normal to make mistakes especially knowing that you're still a newbie. You are not alone, all of us for sure did dumb things in the past. Like in my case, I believed on the false promises of HYIPs and faucets when I was a beginner 
. You already learned a lesson and that's the most important thing right now.
Oh yeah! They are beaten by the ICOs but offers no 100% guarantee of earning either because most of them are trash as well. *sigh Why seems most of the investors are never getting tired of these things where there are already old good alts existing in the market in the first place?
. You already learned a lesson and that's the most important thing right now. [snip]
these CPU mined coins are being beaten by coins/tokens coming from ICO because of their used case they have a roadmap, platform and developers are active in giving an update on the coins/tokens
The point is the cryptocurrency follows thrends. during the early days of cryptocurrency. most coins/tokens advertised mining as a means of attracting investors. it was a thrend. after which the deflection token era came. the current trend for cryptocurrency is DEFI. whenever a pattern phase out. most tokens without solid background fall out as well.
It's just like a competition for who is stronger and it will survive. Everyday all of defi in competition to attract more and more people. So many small miners have no chance to compete with the big miners and that's why they were looking for an alternative way The importance of real use case
This is the reason why the coin is surviving, investors are supporting it because of the use case.But if you're newbie its quite normal to make mistakes, thats how you're going to realize the importance of conducting your own research before entering in to an investment.
On the other side if a coin has less difficulty to mine dont you have doubts on why? it might be something that is not worth for your time and effort.
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
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
I was also attracted to these CPU mined coins because it works like airdrop but after the big crash all these CPU mined coins dropped their price to almost 90%, these CPU mined coins are being beaten by coins/tokens coming from ICO because of their used case they have a roadmap, platform and developers are active in giving an update on the coins/tokens
Actually we need to teach newbies to make the right decisions and be smart ; there is no how you will expect to mine on your phone and earn massively, you should know yourself that it is a joke. All mining apps on phone are made up to steal vital information from your phone, drain your energy too
Good warning OP, most coins are built for pump and dump purposes only, I was lucky to mine electroneum in 2018 while the difficulty was still low and later the price skyrocketed because of the altcoin season in January 2018, it was a good experience, another good coin I mined then was graft and Loki, they are still alive today, it's better to do research first before pointing your Mining rigs to a pool.
The point is the cryptocurrency follows thrends. during the early days of cryptocurrency. most coins/tokens advertised mining as a means of attracting investors. it was a thrend. after which the deflection token era came. the current trend for cryptocurrency is DEFI. whenever a pattern phase out. most tokens without solid background fall out as well.
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
Still people thinks that they can mine coins with CPU or even with their smartphones and we can find lot of mining apps available on the market but the reality is they are just useless and moreover it is going to cost us electric bill and damaging our CPU due to excessive usage.So everyone have to realize that mining difficulty increase a lot from the past few years so we need rigs of powerful GPUs to mine any worthy cryptos. 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
I would even go further and say that you did something better than most people are doing today. Back in those days mining those coins were easy and that is why nobody really made any profit from it, if it was so profitable a lot more people would do it and it would stop being easy and it would become hard.
However in these days there is "coin offering" that basically means owners of the project print all the coins to themselves and sell you some, at least we didn't had that, we had decentralized currency and that is why I think our time was much better compared to this day. Newbies could never know that feeling, they only know the fact that some coins are acquirable by paying the owner and that's it, they will never know the feeling of a wallet release with zero difficulty on the first minute, they never saw that.
However in these days there is "coin offering" that basically means owners of the project print all the coins to themselves and sell you some, at least we didn't had that, we had decentralized currency and that is why I think our time was much better compared to this day. Newbies could never know that feeling, they only know the fact that some coins are acquirable by paying the owner and that's it, they will never know the feeling of a wallet release with zero difficulty on the first minute, they never saw that.
This is normal that you need to invest a lot of money to be able to gain money from it.
When a coin is easily mined it means there's no competition between miners and the network is very small. Don't expect cheap coin to do wonders for you.
When a coin is easily mined it means there's no competition between miners and the network is very small. Don't expect cheap coin to do wonders for you.
The ease of getting something means it is cheap. people find it hard to earn gold and oil so it have value.
you can find garbage for free, but it is rubbish that no one needs.
Easy mining means that everyone will participate and the profits will be divided among many people.
there may not be any profits other than wasting sources and power
you can find garbage for free, but it is rubbish that no one needs.
Easy mining means that everyone will participate and the profits will be divided among many people.
there may not be any profits other than wasting sources and power
maybe at that time you were so obsessed and have high self-confidence that some coins that have been mined will produce good results for the future, but unfortunately not all new coins benefit you. and it's also one of the important experiences not to be obsessed with new, easily mined coins.
I guess you did that before is because that most of the projects that comes out are being bought by the investors.
In 2017 nearly all new projects achieved success, investors missed bitcoin and Eth tried to invest in nearly all new projects in the hope of making a profit from it.But that soon passed, and people realized that it was trash projects and focused on the top coins in the market.
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It's a very normal IMO. Because many of us did this job in the past mainly during 2017. At that time market don't care about the quality project. Most of the project at that time was HOT on the market. Only a few coins that had not enough support from the project team itself were destroyed. So I want to say you were very unlucky then.
Before mining any new coins you have to do research on the projects first just as you would with ICO and IEO projects, minable coins hardly raise funds like ICO but they are very good and creating hypes and dumping on attracted investors
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, at least you did not bought specialized equipment to mine those coins so your only loss was that you wasted your time and some electricity which is very tame considered that some newbies have lost their whole savings to scammers before, however I agree with your overall message, people should stop for some time and look at the use case of the coin, if there is nothing particular useful there move on because you are on the presence of a shitcoin. 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
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