Topic: Want to help keep some old staking coins alive? (Read 27 times)

This solves the decentralization problem and the protection of your crypto.  You can trade into other assets, even more productive staking coins.

Now only these have teams or are on good exchanges with explorers with good enough staking percentage to make them exciting: LiteDoge,  hobotoken, neblio, versioncoin, POScoin, TruckCoin.

The coins that were right for my philosophy at various times have been  GrowthCoin,  RAIN, VersionCoin, Chess, Compound, Inflationcoin, StackBit, Bottlecaps and BOAT.    Almost all of these have connections to wallet (last I checked Bottlecaps didn't) but exchange issue is tricky.  

(if interested in these message me for possible free coin depending on how long you have run the wallet after reading this).

This was written in 2020 so some of it may need to be upgraded.

1 How to mine bitcoin on an older computer using proof of stake wallets
A Basic Overview of the Process
2 How to find a good coin
3 Trading Tips/Unlimited Trading Should Be A Natural Right

I wrote this book because more grassroots knowledge about Cryptocurrency is needed to be written and circulated.  I am not an expert on programming cryptocurrency, or the math behind blockchain operations, or even all the variations of proof-of-stake cryptocurrency.  Staking can become complicated with ways of describing different percentages that you gain, types of staking algorithms, and block information.  Being a consultant or teacher to the general public, I realize that most people do not want to get technical.  I also realize that most technical people do not know how to communicate to non-technical people.  

The general public wants things easier to understand whereas programmers and other technical people sometimes have a type of attitude to have to solve things with the least possible explanation, which is the opposite of how many aspects of business works.  Even with forty credits in computer programming at college but even I do not understand everything there is about staking, and so I am not going to try to write a book for technical people.  If you love technical information, there is more to experience online by searching out different topics related to staking.  

I think personal wealth can be built by things that are contrary to what most people think.  Take the rare book market, for example.  Books are like coins – each has a specific value based on rarity and condition.  Yet, you can buy these sometimes for one dollar or less, sometimes they are even free.  Many think that the government is responsible for their wealth, when really it is they themselves.  Generosity, courage and risk taking is important, which is contrary to the fear most people live with regarding money.  Cryptocurrency is one way that people are empowering themselves today and it's already made many people rich or given them a good main or extra income.

All it takes is having some patience and the heart to teach people how to carefully invest in these things.  

Creating staking computers with even older model computers with a few good crypto currency wallets would be like a type of magical machine for people to keep in their houses for a few weeks, to see how these staking wallets are profitable.   Many lower entry POS coins have done well even in the bear market of 2018.  The reason why is that people understand the value of creating wealth by staking.  

For legal reasons, I cannot recommend  which coins to buy, only discuss certain ones that follow a pattern that I like.  I have to stress that these coins may change over time.  Sometimes they lose their developer, or have a change in philosophy that makes them no longer follow my rules.  For this reason, its important to follow my philosophy, not the various coins that today match these criteria.  I like coins that are not already expensive, and which have a high enough return on interest to make it feel like one is mining in a profitable fashion. Some coins have percentages as high as 900%, and reward early adopters by keeping it at this rate for a while.  Then the coin’s staking percentage goes down gradually, until more use is built up for the coin.

Many high quality coins follow the model that I will describe, but they are expensive.  To get stakes, or coins in return for running the wallet on your computer, you have to buy often thousands of dollars worth of these coins.  Many of the coins I have chosen have rewarded me with stakes starting with investments of only ten dollars.  And since more and more coins are being created, it’s like compound interest: you get bigger rewards if you do not sell your coins right away but let them build up, earning you larger and larger stakes.  

The use of some coins, or utility as it’s often called in cryptocurrency, is to create the value of producing for almost free more coins that one can sell for Bitcoin.  I do not have a problem with this.  My views are that only a few people have most of the money today, and most other people have a good amount but they have sold their time to working 9-5 or similar jobs.  They are often not able to do many hobbies, spend much time with their children, or volunteer in the community.  Anything that can boost the income of these people is good, and staking and trading cryptocurrency is one of those things.

The situation that I see is that cryptocurrency is still a small phenomena and within that small thing there is something called Proof-of-Stake (POS) Wallets which only a small fraction of that small fraction know how to use.  If more people understood how easy it is to use them, back them up, restore them after they crash and so on, then more people will buy these coin, and it will remain profitable to stake.  That is the angle I am trying to work from.  

If suddenly POS Wallets are seen as a cheap way to mine BTC in a roundabout way, the cryptocurrency revolution can happen to more people like it happened to miners and traders so far before the bear market of 2018, when I am currently writing this.
 
Remember, if you're staking a coin and it gives you 100 new coins a day, then those coins can be sold for BTC, LTC and/or DOGE.  That is the premise of staking wallets.
With miners, you have to purchase the miner, and the power supply (which are often more expensive than the miners on the used market).  The electric bill of mining can be so high that it can usually by itself be enough to heat a house in winter.  

Proof-of-Stake wallets on the other hand can be done in computers one can often get for free, or perhaps $50 at a Pawn Shop or other second hand venues, like Craigslist, thrift shops, and so on.  The electric bill is usually much not higher than keeping the computer on without the staking wallets running.  

You have to understand the mathematics of the “canvas” of cryptocurrency.  The canvas of the crptocurrency compared to fiat is ever changing but always retains value.  You can’t “print money” so the fact that you get 100 coins a day from one staking wallet that has some Bitcoin value which then has some monetary value is the only formula you need to understand.  The fact that this Bitcoin may be worth twice, ten times, or one-hundred times as many dollars one day compared to another.  The essential fact is that, like like stocks, there are bear and bull markets.  If you hold on to Bitcoin, it will most likely go up from the bottoms it’s seen, just like the stock market continues to go up over time, with its bear and bull markets.

You have to look at the gains in the microcaps to understand that not all coins follow the model of the majority of the top one-hundred coins.   Most of the top one-hundred coins have been in a bear market in 2018, and also historically, there were similar years.  But the microcaps have frequenty made huge gains during that time.  Sort on percentage gain on Coinmarketcap.  Some coins even in bear markets are still going up from 20% to 300%.  or more a day.  There are two thousand coins listed, but it’s not easy to see them all at one time unless you select the number of coins at the top left, which brings you to a new screen.  Of course, this may change in the future.

High percentage low entry staking coins are the original spirit of cryptocurrency where people can create their own value at home.  If we taught people to do this, we'd have the personal economic revolution that some of us need and the big investors clearly do not need.  Plus, it's a way to distribute a blockchain, which is the heart of a fair decentralized economic system.  

It is very easy to use staking wallets.  Like anything, it has a learning curve, and the only way to really learn is to do it.

First, you want to pick a coin or coins and buy some at an exchange.  You can find out more about coins at a site like Bitcointalk.

Secondly, you have to download the wallet.  Make sure you get it from an official site because in rare cases hackers have used phoney wallets to try to trick people.  Hackers can upload a fake wallet that will have trojans or viruses in them.  The Announcement page at BitcoinTalk should have a link to the wallet.

After you download the wallet, boot it up and select “Recieve” and in that box that comes up with be an address.  That is just like your Bitcoin address, which most people should know about.  It’s just like an email address.  You give it to people, or to websites, so they can send you coins.  You

I have a text file in a word processor that I always work side-by-side with that I have copy and pasted all my wallets addresses that I have gotten from the wallet themselves.  Next to those, I have clearly labelled “exchange addresses” of those same cons so that I can send to the exchanges coins to sell.

You have to make sure you have a large enough balence so you can get stakes.  Sometimes it’s as little as $10 worth with some coins.  Some coins it may be $1000 or more worth of the coin.  So, you have to stake coins that are on your budget.

You should encrypt the wallet which is very easy to do.  You simply select “encrypt the wallet” in one of the menus and type in a password and then write that down.  You can back up the wallet immediately by selecting backup from a menu and give the file a name.  This file is the same as the “wallet.dat” file that the wallet uses but it will have the name you give it.  Or, to backup your wallet, you can go to your Appdata folder in the profiles section of your computer if you’re using Windows and find wallet.dat.  Mac and Linux users will do the same thing but just in a different way.   Make sure if you encyrpted your wallet, you back-up and use the new wallet.dat.

Now if your wallet should ever crash and not operate properly, which they often do, all you have to do is delete the old directory in the Appdata folder and restart the wallet.  The wallet will recreate the folders and files and start to download the blockchain again.  This can sometimes take many hours, even days, and to make it quicker something called a “bootstrap” is often created by the developers.
It’s much quicker to download that and put its files in your Appdata folder then it is for the wallet to process the blockchain download itself.  Synching the wallet means being up to date with the blockchain ledger and all it’s information about what addresses sent what to what other addresss.

When you run the new wallet the first time after a crash, it will recreate the new folder and make a new wallet.dat.  You must then close the wallet and delete the new new wallet.dat and put a copy of your wallet.dat backup into the new folder in it’s place.  Thnn launch the wallet and you should see your old balance and history when it is all synched.  

I have a folder that has subfolders with each of the coins I stake.  I put the wallet.dat for each coin in these backup folders and then put the whole folder with subfolders on a thumb drive.  

The high staking and lower entry coins I've found are liable to change.  The reason why they change sometimes is that they are abandoned by the developers.  This is not that bad in itself in cryptocurrency because the team of “bagholders” can come in and pick up where the old developer left off.

The coins that were right for my philosophy at various times have been LiteDoge, Truckcoin, GrowthCoin,  RAIN, VersionCoin, Bitradio, Chess, Compound, StackBit. and Bottlecaps.  Some of these I no longer stake for various reasons.  Because I do not want to tell you what exactly to invest in, I will not say which ones are no longer good options for staking.  There will be new coins being developed which may be the best ones to get into when you are reading this book.

Since most coins have shown a rise and fall and rise again in price, stopping staking a coin when it gets very high in price can be a good strategy.  You can possibly buy low and then start to stake it again.   I have found with some coins that there is a point where you have to continue to buy more to get a stake, and then it becomes more about investing and not about earning “interest,” or staking.

At one time, I was staking a coin called BOAT because it had a good name.  The boating industry is huge.   I guess you just have to have someone with connections that wants to do something like give away 100 BOAT coins for looking at their yachts that they have for sale.  People with money are or are getting into Bitcoin.  I thought maybe we could get a salesperson who has experience just in sales and have him or her work on commission.  The crypto-market was almost at this stage in 2017 when it then started to fall

Let’s take a look at Bitradio. You get paid in crypto for streaming radio. The percentage has been high enough at this time of writing to justify the electricity it takes to keep the computer running full time.  Of course, I can run three or four other wallets on it the same time, so it justifies space on that computer.  

Any of the coins that I have researched paid a good amount of stakes. It this sense, they are like cheap bitcoin miners, so they are “working products.”  People often complain about some coins that they have no working product, and are just taking investments.  Coins with good staking wallets are of course a product in themselves and good coins like Bitradio have a utility on top of that.  Of course, if you cannot run a staking wallet, feel comfortable that it’s little wallet.dat file is in a few other safe places being your wallet folder, and know when to buy and sell your stakes, you  could lose money.  One could also lose money if the stakes become relatively worthless.  But even a coin that is only worth .00005000 Doge like the way DiverseCoin is right now, can create stakes that can be sold.  I do not have a huge amount as far as dollar value but I get several millions worth of coins a day in my stakes.  The percentage of return is so high with it that one day I received a stake of ten million coins!  No one knows what these coins will be worth in a few years, but at least today they are still worth something.  

Remember the law of supply and demand.  If a coin has a staking percentage of 900% a year, sooner or later stakers are going to flood the market with new coins and bring the price down.  Such stakers would have to tell their friends and family to start buying the coin and set up staking computers to raise the price.   This is exactly what should be done and what I hope is done.  

A very interesting thing can happen to some coins.  The difficulty, meaning work needed to be done to get a stake, goes up with such a high POS percent.  The price can hold with nice volatility to make some money now and then by setting buy and sell orders.  If the difficulty went down, there would be no reason to buy.  We need to always get more stakers involved to buy the coin so they can stake it themselves to raise the price.  As I mentioned, the “utility” that some people keep saying needs to be in a coin is simply to privitize money and the creation of wealth.  Yet, it’s interesting how hard it is for many to see that.  Another utility is of course creating social networks of teams of people who support the coin, or other purposes like philanthropy that can be used by the team at their discretion.  

One problem is at times people come in with a lot of money, buying a lot of coins, stake them, and then crash the market by selling to all the buy orders.  Once a buy order is filled, then the coin price goes lower because the seller just finds the next buy order to fill.  

If the coin is at 9 Sat, and has 100,000 buy orders at 8 Sat, to instantly gain cash, a seller can sell to all 8 Sat buy orders.  If he has 200,000 coins, then he can either create a sell order at 9 Sat, and wait.  Perhaps another greedy seller will come in with 300,000 coins and crash the price down to 7 Sat or lower.