Beginner wants some feedback! | Bitcointalksearch.org

Mickeyb

hero member

Activity: 798

Merit: 1000

Move On !!!!!!

Quote from: JohnPap204 on August 25, 2015, 05:35:37 PM

Hello everybody,
I made an account because I would like some opinions on Bitcoin and if I sould invest in it or in other cryptocurrencies.
I can invest enough money (up to 5k) in equipment or cloud mining. Mind that my country has pretty high electricity cost thus buying
my own machines is not going to be any proffitable. Should I try cloud mining and if so, which company do you sugget?
Or maybe I just shouldn't invest in Bitcoin at all? Huh

I'd really appreciate your feedback,
John

I see it was told numerous times before me, but I will repeat it again just so you don't make a mistake.

Don't do either of the two. Bitcoin mining is unprofitable for the small people and your gear will become obsolete very quickly. Mining companies are in majority total scams and do not trust them.

For 5k, buy yourself 20 BTCs and a Trezor. Stick your 20 coins in the Trezor so they are well secured and be happy. If this thing ever go where we all think can go, you will be rich one day out of this move.

Good luck!

prodigy8

hero member

Activity: 532

Merit: 500

Quote from: JohnPap204 on August 26, 2015, 01:07:09 PM

Quote from: prodigy8 on August 26, 2015, 11:50:24 AM

I suggest to buy bitcoin, the bitcoin price is changing dramatically but let's calculate something 5,000$ % 220$(price of btc before some hours) = 22.7272 BTC. And selling this only after 9hours when the price was 230$.

22.7272BTC x 230$= 5227.2727 USD.

You see the profit now?

5227.2727 - 5000 = 227.2727 USD profit in just 9 hours.

P.S i didn't included any fee from exchanges.

Yeap, I see the profit. So it's like stocks right? Buy low - Sell high! Wink

Do you reccomend any exchangers, with low fees and such?

Many thanks,
John

Well dont have any experience with fiat currencies but i would suggest 2 of them: coinomat.com and/or bit-x.com. Please research yourself here in forum about these main exchanges and others. and best of luck.

newflesh

hero member

Activity: 630

Merit: 500

Quote from: JohnPap204 on August 25, 2015, 05:55:06 PM

Hmm, I see. So aren't there any legit cloud mining sites?

They are few and far between:

Quote from: Puppet on November 30, 2014, 08:39:32 AM

Ponzi's that have already collapsed as predicted:

Code:

PBmining.com          1+2+3+4+5+6+7      => 7/7 = Ponzi
Lunaminer.com         1+2+3+4+5+6+7      => 7/7 = Ponzi
coinsoncloud.eu       1+2+3+4+5+6+7      => 7/7 = Ponzi
Cryptomine.io         1+2+3+4+5+6+7      => 7/7 = Ponzi
hashie.co ("gen1")    1+2+3+4+5+6        => 6/7 = Ponzi
bitcoinlabmining.com  1+2+3+4+5+6+7      => 7/7 = Ponzi 
ltcgear               1+3+4+5+6          => 5/7 = (very) suspicious
hashprofit.com        1+2+3+4+5          => 5/7 = (very) suspicious
minethatcloud.com     1+2+3+4+5+6+7      => 7/7 = Ponzi
CoIntellect.com       1+2+5+6+7          => 5/7 = (very) suspicious
terabox.me            1+2+3*+4+5+6+7*    => 6/7 = Ponzi (pictures are not convincing to me for now, exit strategy involves  60+ days stall tactic)
chabatmining.com      1+2+3+5+6+7        => 6/7 = Ponzi
Ecrypto.co.in         1+2+3+4+6+7        => 6/7 = Ponzi (+ confirmed scam, they are no partners of cex.io)
GenerateBTC.com       1+2+3+4+5+6+7      => 7/7 = Ponz

Likely Ponzi scams that have yet to collapse:

Code:

cloudminr.io          1+2+3+4+5+6+7      => 7/7 = Ponzi 
cloudmining.website   1+2+3+4+5+6+7      => 7/7 = Ponzi
Skycoinlab.com        1+2+3+4+5+6+7      => 7/7 = Ponzi (+ organized by serial ponzi scammer: ?topic=583177.msg10298730)
btcslice.com          1+2+3+4+5+6+7      => 7/7 = Ponzi (+ pays out in reversible paypal ?)
grmining.com          1+2+3+4+5+6+7      => 7/7 = Ponzi
bitcoinmaker.ch       1+2+3+4+6+7+8      => 7/7 = Ponzi 
eobot.com             1+2+3+5+6+7        => 6/7 = Ponzi (+ possible malware/wallet stealing software)
hashwar.co            1+2+3+4+6+7        => 6/7 = Ponzi
bitrush.com           1+2+3+4+6+7        => 6/7 = Ponzi

Code:

nexusmining.com       1+2*+3+4+5+7       => 6/7 = Ponzi (Guy from Spondoolies says im wrong, but I cant score what I havent seen and he seems to confirm they have no hardware)
minerslab.com         1+2+3+4+6+7        => 6/7 = Ponzi (+ selling hardware that doesnt exist + using purchased "legendary" account) 
bitcoincloudservices  1+2+4+5+6*+7       => 6/7 = Ponzi (+ founded by known scammer  https://bitcointalk.org/index.php?topic=860400.msg9638868#msg9638868) 
scrypt.cc             1+2+3+4+5+6        => 6/7 = Ponzi (preliminary assessment) 
Kryptologika          1+2+3+4+*          => */7 = Ponzi -> passthrough of AMhash which is defunct. Currently operating as fractional reserve/ponzi.
hashcoins.com         ~1+2+3+4+7         => 5/7 = (very) suspicious (user selectable pool requires fee, dc pictures show no miners, linkedin profile doctored, hardware sales very dubious,..)
Zeushash              1+2+3+4+5          => 5/7 = (very) suspicious

Rest:

Code:

Cryptsy MN            1+2+3+4            => 4/7 = Possibly/partially legit ( + no details on fee structure)
cloudmining.sg        1+2+4+7            => 4/7 = Possibly/partially legit
genesis-mining        1+4+7              => 3/7 = Probably legit (risk of fractional reserve mining)
Megamine.com          1+4                => 2/7 = Probably legit 
Bit-x.com             1+4                => 2/7 = Probably legit (preliminary assessment, partnership confirmed by Bitfury)
pow88.com             1+2                => 2/7 = Probably legit (preliminary assessment)
KNCcloud              7                  => 1/7 = Legit (but as hardware vendor, they broke their promise not to selfmine with more than 5% of customers hashrate )
Hashnest (umisoo)                        => 0/7 = Legit

Obsolete or suspended:

Code:

AMhash                                   => 0/7 = Legit (if you buy directly) / divs momentarily (?) suspended 
Cex.io                4                  => 1/7 = Legit
Cryptx PETAmine                          => 0/7 = Legit
GAWminers             1+4+5+~7           => 4/7*= Possibly/partially legit based on criteria set forth. Based on wider context: more suspicious than a nun squatting in a cucumber field

Personally I'd just invest (what you can afford to lose) by buying btc from an exchange.

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

I would recommend not going into mining unless you have a lot of capitol, expertise, and antacid. With mining you will be competing with some very smart and large operations. Even with all that investment you are still taking a large risk as the future of BTC is unknowable.

If you just buy some bitcoin and hold them for an appreciation in value you still face the risks associated with price decline, but have far less investment in useless capitol. After all you can always get something back selling BTC but very little selling used mining equipment.

Lastly I would forget about "selling" bitcoin and focus on spending them. A lot of people lose money everyday because they forget that when you have bitcoin you already have money. They take a loss buying and then another selling them back. Why? You could just use them to buy the things you are going to buy anyway. Almost anything is now available for sale in BTC and transactions in BTC are safer, faster, and cheaper than other methods.

Cheers,
RDX

Fat Ronaldo

member

Activity: 64

Merit: 10

Quote from: JohnPap204 on August 25, 2015, 05:35:37 PM

Hello everybody,
I made an account because I would like some opinions on Bitcoin and if I sould invest in it or in other cryptocurrencies.
I can invest enough money (up to 5k) in equipment or cloud mining. Mind that my country has pretty high electricity cost thus buying
my own machines is not going to be any proffitable. Should I try cloud mining and if so, which company do you sugget?
Or maybe I just shouldn't invest in Bitcoin at all? Huh

I'd really appreciate your feedback,
John

Only you can make up your mind whether to invest. I'd stay away from cloud mining though and just biuy bitcoins and they should or could be a great investment themselves over time but nothing is guranteed. Do your own research and make your own mind on what you want to do but the decision is yours.

ikydesu

hero member

Activity: 686

Merit: 500

fb.com/Bitky.shop | Bitcoin Merch!Premium Quality!

Quote from: JohnPap204 on August 26, 2015, 09:59:20 AM

Can I use my PC to mine other cryptocurrencies that use Scrypt or CPU and GPU mining are long gone?
I've also found the PACMiC V3 which looks like a good option!

You need research first when you want to mining altcoin, mostly altcoin is easy to dump and pump, find a promising altcoin and also research the difficult too, see this link: http://www.coinwarz.com/cryptocurrency

JohnPap204

newbie

Activity: 12

Merit: 0

Quote from: prodigy8 on August 26, 2015, 11:50:24 AM

I suggest to buy bitcoin, the bitcoin price is changing dramatically but let's calculate something 5,000$ % 220$(price of btc before some hours) = 22.7272 BTC. And selling this only after 9hours when the price was 230$.

22.7272BTC x 230$= 5227.2727 USD.

You see the profit now?

5227.2727 - 5000 = 227.2727 USD profit in just 9 hours.

P.S i didn't included any fee from exchanges.

Yeap, I see the profit. So it's like stocks right? Buy low - Sell high! Wink

Do you reccomend any exchangers, with low fees and such?

Many thanks,
John

prodigy8

hero member

Activity: 532

Merit: 500

I suggest to buy bitcoin, the bitcoin price is changing dramatically but let's calculate something 5,000$ % 220$(price of btc before some hours) = 22.7272 BTC. And selling this only after 9hours when the price was 230$.

22.7272BTC x 230$= 5227.2727 USD.

You see the profit now?

5227.2727 - 5000 = 227.2727 USD profit in just 9 hours.

P.S i didn't included any fee from exchanges.

Pursuer

legendary

Activity: 1638

Merit: 1163

Where is my ring of blades...

Quote from: btccashacc on August 26, 2015, 03:14:50 AM

Quote from: JohnPap204 on August 25, 2015, 05:35:37 PM

Hello everybody,
I made an account because I would like some opinions on Bitcoin and if I sould invest in it or in other cryptocurrencies.
I can invest enough money (up to 5k) in equipment or cloud mining. Mind that my country has pretty high electricity cost thus buying
my own machines is not going to be any proffitable. Should I try cloud mining and if so, which company do you sugget?
Or maybe I just shouldn't invest in Bitcoin at all? Huh

I'd really appreciate your feedback,
John

you can mining new altcoin with your machines, some of that give you profit and lose
(im lose mining at cann coin)

and if you want to invet think again about that company... may be u can invest at bitcoin 75% and use only 25% for cloudmining

I agree, if you can find a new altcoin and mine it as the first person (the first blocks) and do it while the difficulty is pretty low you can gain a nice profit.

p.s. can you explain what you mean by "lose mining"?

JohnPap204

newbie

Activity: 12

Merit: 0

Can I use my PC to mine other cryptocurrencies that use Scrypt or CPU and GPU mining are long gone?
I've also found the PACMiC V3 which looks like a good option!

btccashacc

legendary

Activity: 1120

Merit: 1000

Quote from: JohnPap204 on August 25, 2015, 05:35:37 PM

Hello everybody,
I made an account because I would like some opinions on Bitcoin and if I sould invest in it or in other cryptocurrencies.
I can invest enough money (up to 5k) in equipment or cloud mining. Mind that my country has pretty high electricity cost thus buying
my own machines is not going to be any proffitable. Should I try cloud mining and if so, which company do you sugget?
Or maybe I just shouldn't invest in Bitcoin at all? Huh

I'd really appreciate your feedback,
John

you can mining new altcoin with your machines, some of that give you profit and lose
(im lose mining at cann coin)

and if you want to invet think again about that company... may be u can invest at bitcoin 75% and use only 25% for cloudmining

Itun

full member

Activity: 238

Merit: 100

Yeah, I highly don't recommend investing in any mining system now.

Just buy some coins

They'll be a much better investment

CryptoTrout

hero member

Activity: 706

Merit: 500

https://twitter.com/CryptoTrout

Just buy into bitcoin, maybe throw a hundred bucks at ethereum just in case that blows up.

pooya87

legendary

Activity: 3472

Merit: 10611

cloudminings have never been a good option in bitcoin world. the most common problem is that they are not legitimate and just a ponzi scheme so you will lose your money if you invest in those sort of cloudmining services.
and for the rest, the amount of maintenance fee that they take from you will always make the profit minimal. also you should remember that the difficulty is increasing so your profit will decrease too. and in the end you won't be able to have a good ROI and profit.

p.s. i like this post on cloudminings https://bitcointalksearch.org/topic/cloudmining-101-ponzi-risk-assessment-878387 you can get useful information there.

JohnPap204

newbie

Activity: 12

Merit: 0

I'll give the thread a couple of more hours, just in case someone pops in with something new! Wink

Have a nice day,
John

Restored

member

Activity: 67

Merit: 10

Quote from: JohnPap204 on August 25, 2015, 07:35:56 PM

Sadly it's about 18cents/kWh here so I guess miners aren't also an option.
I'll think about it further more and maybe bite the bullet and get some bitcoins,
and some cloud mining GH/s!

-John

Sounds like a solid plan to me. Wink

Please lock this thread (bottom left).

JohnPap204

newbie

Activity: 12

Merit: 0

Sadly it's about 18cents/kWh here so I guess miners aren't also an option.
I'll think about it further more and maybe bite the bullet and get some bitcoins,
and some cloud mining GH/s!

-John

unholycactus

legendary

Activity: 1078

Merit: 1024

As mentioned above, the most sound and simple investment you can make is to just buy Bitcoin.

You mentioned that your electricity cost was high. I'm not sure what that means but if it's anything above 10cents/KWh I wouldn't buy miners unless you plan to replace your heating equipment for the upcoming winter.

Restored

member

Activity: 67

Merit: 10

Quote from: GermanGiant on August 25, 2015, 06:36:36 PM

Quote from: Restored on August 25, 2015, 06:19:43 PM

Quote from: GermanGiant on August 25, 2015, 06:05:57 PM

Quote from: Restored on August 25, 2015, 06:04:06 PM

Ignore what he just said, especially about CloudMining.website. They are a 100% ponzi system and you'll lose your money if you invest in them.

Also, please close this thread once you're done with it or signature spammers will spam this thread to oblivion.

What ? They are paying consistently for almost 10 months now. Payment proof of each payout can be verified on blockchain - www.cloudmining.website/payments.php

Okay. Doesn't mean that they'll continue. They've already been solved to be a ponzi at this thread.

That thread was tailored to promote AM hash, a multi million dollar scam. It has served its purpose and hence OP does not update it anymore. Please enlighten yourself before making funny statements and it is always better to use your real account instead of creating newbie sockpuppets.

It is continuing to serve its purpose. It's excellent on how to find cloud mining ponzi systems vs. the legitimate cloud mining programs.

And hasn't looking at your own thread given you some decency to lie low? It would be a good idea to reply to this post with some "proof" that CloudMining isn't a scam instead of ignoring it for 23 days (and counting).

Quote from: JohnPap204 on August 25, 2015, 07:13:51 PM

Ok guys, so as far as I can see, cloud mining is not a real option.
I guess that leads us to these two:
1) Buy some BTC, wait for the price to rise and sell.
2) Buy some equipment for home mining as long with some cloud mining.

What kind of equipment do you recommend? I am looking into the SP20.
About the cloud mining thing, Genesis Mining seems to be legit, right?

Thanks a lot for everything,
John

I would say that you should do some more research now that you're handing some more options.

Take your time; investing is a big risk and you should always consider each option thoroughly. If you need better help, then feel free to ask for help from some of the bigger guys.

JohnPap204

newbie

Activity: 12

Merit: 0

Ok guys, so as far as I can see, cloud mining is not a real option.
I guess that leads us to these two:
1) Buy some BTC, wait for the price to rise and sell.
2) Buy some equipment for home mining as long with some cloud mining.

What kind of equipment do you recommend? I am looking into the SP20.
About the cloud mining thing, Genesis Mining seems to be legit, right?

Thanks a lot for everything,
John

Topic: Beginner wants some feedback! (Read 1481 times)