Topic: How to choose a coin to mine? (Read 2696 times)

So you use a multi pool? Multi pool automatically mines that coin and sells it for other coins. It does not help the coin apart from mining it.

I have a couple of questions; Are 'scryptN' and 'scryptNf' the same algo just under a different name? The same question for 'blake' and 'blake2b'?
Are they mined the same way and /w same settings or completely different animals?

Please explain!!

Thanks    

Not a competition, just teasing a bit. I told you I was in a trolly mood today
And you are right, there is nothing special about this coin. I was even lucky to be able to sell at 0.00000999. Now the highest buy order is 0.00000276.
Of course, I can't make conclusions after only one experience. Beginner's luck, etc... I can't expect to profit everytime. But once in a while, until I find the unicorn-coin that makes me believe, this can be a good distraction. Not expecting anything, and maybe having a nice surprise.

I didn't know it was a competition but I'll concede. Well done.

There doesn't seem to be anything special about this coin, not in the ANN anyway, yet you
were able to turn a good profit.

I agree scale would decrease the time investment cost relative to payout. It would also allow
diversification where some of the hash could be earning income in a multipool while another
portion could take higher risks by playing the IPO side. If I ever get big enough I might just
dabble.

I presume you will be repeating the exercise, I wish you success.

I sure would love to get into the "IPO" type coins - but with two kids and my own business - I just don't find the time to keep track (even though I have a ton of hash power). 

SED has been on YoBit almost immediately. It's also on bleutrade, but there isn't much traffic there.

Sorry...I gotta leave. Wife to be home from work soon and I need a shower. Don't know who started this thread but I, for one, am enjoying/getting a kick out of it. There is actually some intelligence in here.

So...the question remains....How to choose a coin to mine? Interesting viewpoints.

Later-

@ hdmediaservices

Pretty much agree. I see virtually no market for alts except to trade for btc and maybe ltc. There are a couple alts that do have a use though, depending on your location. POT, for one, comes to mind. The rest..well...even the ones that have stuck around aren't worth much. DASH, if you have a large enough rig to mine it. UNO pays good right now...but for how long? Hell....it's all iffy.

edit; and for the IPOs...just check supranova.....full of them. Some don't have a website yet, I think. DONE EDITING

Does anyone actually believe any new altcoin will actually be used directly?  It would be a lotto.

With me -- there are two sets of alt coins:

1.  The reliable ones -- 42, AUR, DGB, FLO, FRK, GLD, HBN, NET, NOTE, NVC, WDC, etc. -- these I can feel confident (well at least as one can get with alt coins) that I will most likely be able to mine and sell for a profit at the right time.

2.  IPO coins -- I can't name one -- they all come and go.  These can make you a really good profit if you get in at the start and sell pretty quick.  Then they tend to disappear.  They are also very risky and you can loose a lot too due to scams.

I don't have time to mess with the IPO coins -- too much research / work.  The reliable ones work for me as I always make 125% to sometimes 200% profit compared to just mining LTC alone.

Hard to believe you could exchange coins so quickly to introduction. How'd you manage that?

You win djm34, I made 30% more than I usually do on NiceHash today, by only exchanging a third of my SED. Keeping the rest for staking and having fun later.
So, to Joblo, that's a 300% difference. Not really minimal in my book 
Granted, if you factor the time in, I spent a few hours for about 4€. But that's because my rig is ridiculously small. If I had a chrysx-sized farm, that would definitely be worth it.

Look at me, diverging from my own post's subject, while asking everyone to stay on it. I need help.
But you guys gave me a good view of the landscape: I should mine a coin I believe in. And there are no coins worth believing in. I guess when I finally find a coin I believe in, I'll be able to just buy it with my mine&dump dirty profits...
Shit, I'm in a trolly mood today 

OK, you piqued my curiosity. As an exercise, I pointed my rig at the latest quark coin (SED). I caught it at block 92, pretty much right at launch.
The POW phase should last 3 days. Which would have made around 0.04BTC on Nicehash.
Let's see how it fares :-)

by "help with its network" I mean increase the hashrate in order to secure it.
if you plan to sell the coin, it means you don't believe in it: if you do, you should plan to keep and use it directly.

Sorry bro, I sort of read over that part.  I don't think there is any alt coin out there I have enough confidence in. 

Even if you mine a coin with low payout, as a believer your belief is that the coin will someday be
successful and you are contributing to that success. A believer's reasons may be different than
a skilled investor but both expect profit.

Even someone actually not mining a coin for profit, a coin's dev perhaps, would be invested in
the coin in other ways where they do expect a profit.

he said and i quote AGAIN

You are a believer and you mine a coin to help with its network; in this case you shouldn't care about profits etc.

But like what if an alt coin had the growing power Bitcoin did and does?  Even shitty, slow mining would bring in enough to make it worth the time and effort, right? 

agreed with this

I have my pool do it for me.

Essentiallly what makes an altcoin, any crypto currency, good is acceptance and the ability to grow into a mainstream currency.
If the market can only support a small number of such coins the odds are stacked way against the hundreds of altcoins
that exist.

It reminds me in some ways of the highly speculative junior mining industry here in Canada. There is a stock exchange
that caters specifically to them with looser regulation and financial requirements. It's full of "corporations" that are
nothing more that a guy that owns some property that might have gold on it. They have no operations and often no
exploration of any kind, they are essentially dormant stake holders. They are also targets of pumpers but that's
beside the point.

Most of these junior mining properties' only hope is that gold will be found nearby and some operating gold mining
company will buy them out. They never have a hope of ever becoming an operating mine on their own.

A similar phenomenon occurred during the dot com bubble of the late 1990s. Tech startups with no revenue and just
a geek with an idea were going public just so they could get bought out by one of the big guys. It got so competitive
companies were buying out startups just to prevent their competition from getting them.

I don't see that kind of opportunity with altcoins. Is Bitcoin going to buyout DASH so they can implement anonymous
transactions? I don't think so. The only way the flooded market will thin out is for the weak to just fade away.

Now I'll actually try to answer your question. What makes a [Suspicious link removed]d, or have potential to grow and become
relevant. I won't pretend to have any insight on this but a few things come to mind. I assume legitimacy is
a given, no shit coins.

Essential features such as the previously mentioned anonymous transaction support, more robust blockchain
that is more resistant to forking, double spends,  51% attacks, etc, faster confirmations without sacrificing security, etc.
There are also convenience features like messaging support that could be appealing to some.

I don't know if it makes any difference but some backing or linkage to physical assets. URO amd Amber come to
mind as attempts to do that. I read that Amber actually paid out dividends recently.

Strong marketing to get the coin accepted by financial institutions, merchants and the public. This requires a
strong management team which seems counter to the concept of decentralization.

And last, but not least, competitive mining returns.

That last one is the only one that applies to mining. The others apply regardless of how the coins are acquired.

Acceptance by the establishment is a bit of a wedge issue with many preferring crypto remain underground.
It can only do that by remaining small and irrelevent. Darkcoin chose to "sell out to the man" so to speak
when they changed their name to DASH. Ultimately they had no choice if they wanted to grow beyond the
darkweb. Time will tell it it is successful.

These are essentially the things I would consider to mine and hold for the long term. I would also like to see
significant market cap and trading volume but that's not to be found in a new coin. And that's why I don't hold
new coins.