Topic: [XMR] Monero Speculation - page 1818. (Read 3313576 times)

I think the guy came public who commanded ~40% of the hash rate during 2 months when the price was at its highest. And that netted him $150k, which is good money, but also definitely the best money anyone has made on XMR so far.

Sure, but that's not even a 2x return!


Sure, it's just that in this (cryptocurrency mining and trading) context when you have the history of BTC, LTC, etc. to compare, the standards of what making a lot means, especially in percentage terms for early miners, are quite high. The number of people who could have even possibly made 100-200K+ is quite limited when you look at the total value of the coin (only $5 million today) and the narrow timing factors necessary to do really well. I mean we were talking about one of those swings being selling at 0.01, the absolute peak -- how many coins even traded at that price? Not very many.

I'm more arguing the point that one of the posters made saying nobody has made any real money out of XMR yet, that's simply not true. Could someone with a quarter mil amazon bill over the course of several months made 100-200k, easily. Could someone have traded 10x - 50x+ with well timed buys and sells over the course of XMR's life span (obviously their main chunk of coins would have had to have been bought or mined right at the beginning ) absolutely. So yeah, it comes back to what you consider big money, unless your a multi millionaire 100k-200k is big money in most peoples books.

Well work it out. If someone had a quarter of a mil ec2 bill then to make even 10x much less 100x the cash out would have had to have been $2.5 mil. That's selling 500k coins right at the top (0.01 XMR and $500 BTC = $5 XMR). That's theoretically possible I suppose but it would have had to have been some incredible (and improbable) timing.

Now all things are possible in trading. The price went from <0.001 to 0.01 so I'm sure someone made >10x. Same with mining. But it just wouldn't have been large quantities. In the first two weeks before the price reached 0.0017 only a total of 350k coins were mined, divided up among a significant number of miners. Once the price started trading in the 0.001-0.002 range the maximum possible you were going to make on a trade, selling at the very top, would be 5-10x. Some of those were using ec2 as you say, so a significant chunk of it went to Amazon, limiting potential profits (you've identified $250k, and I'm sure there was more than just that one person doing it).

Now if you compare any of that to other coins like BTC, LTC or several others where you could have bought or mined a lot of coins and then have the price later do a 100x or more return on you, its a pretty different situation. XMR gained a significant (and even high by current standards) value so early there just wasn't time for to accumulate a lot at much below the current price.

Anyway, I guess it depends what you consider big money (whether in USD, BTC, or % terms), so that's pretty subjective.

I'm quoting the conversation but clearly mainly replying to the poster saying nobodies made 10x or 100x gains. Which isn't true. I'm adding another perspective giving my first hand experience plus smooth is saying he thinks that's how much dga made from the impression he got not how much he knows he made.

Whats your problem?

Correct.

There cannot be many people in the same ballpark as dga, because he controlled for a few weeks a good half of the network. Dga's profits are most likely by far an upper bound.

The post that you're quoting already acknowledges that people have made up to 100-200k. He's simply not considering that to be BIG money.

Yes and no. As an early miner on ec2 I certainly made good money. At one point one of the miners had over half the hashrate and a quarter of a mil ec2 bill. The same miner also sold me 30k+ coins at 0.0008 when cryptonote exchange dipped that low. Playing the several swings from 0.001-0.002 that we had plus offloading a nice amount during the mintpal pump has certainly made it a profitable coin to say the least. Big money as in millions ? Probably not. Big money as in 10's or 100's of thousands. Sure. Also depends on if you held btc or cashed out to fiat. 30k coins at 0.0008 to 0.008-0.01 was approx 24btc - 200+btc. Selling that profit at $500 per btc = $100,000.

Not quite.

crypto kingdom is like the silkroud for monero

XMR is virtually the only coin besides bitcoin with any non-speculative use. XMR can do well without Crypto Kingdom, but CK helps to distinguish it from other coins and it may be the reason that XMR will pull ahead of the pack.

How important is crypto kingdom to future success of Monero?

Very early miners made some (I was one of them), and some very early buyers too, but the price and hash rate of the coin skyrocketed pretty fast, so both were short-lived opportunities and didn't involve that many coins.

Within two weeks of launch it already traded at 0.0017 BTC, and BTC was more like 500 USD, making that a loss today (and for most of the history) in USD terms. (old OTC thread)

dga and his miner optimizing effort made about 100-200K USD, I think (I'm not sure he's ever said how much they made exactly but that was the impression I got).

If you traded on the swings well you could have made a bit of money, especially on the Mintpal pump up to 0.01.

But it is true that no BIG money has been made on this coin yet.

Early miners?

I can't trade on Polo because I'm a New York resident and we have until Aug. 8th to get out of Polo. Funny thing is that the guy who owns Polo is also from New York. Shapeshift also blocks NY users but that's easily circumvented.

 
  
Looking at the all time price chart the other day I realized that no one has really made any money on Monero yet...  Well, not crazy 10x or 100x money.  As fluffy has said, the primary motivation for this is to be a currency, not get rich, but if we are lucky enough to be the premier private global ledger then we will need to be "inflated" enough to be able to send a billion dollars or two across the blockchain without any severe volatility occurring from someone buying in or selling out.  
  
That can only mean one thing, and the greedy human in me likes it.  The philanthropist is keeping him on a tight leash though, and thinking of things like Job Centers for the homeless and pay-what-you-want restaurants.

Claims and promises are worthless without an audit process by trusted 3rd parties. Are trusted 3rd parties relevant or possible in a decentralized trust-less economic system ?

Got some bids filled around 0.00212

Hourly hidden bull divs:


4H with hidden bull div:

Bringing it back full circle I would say that all cryptocurrency exchanges, including our beloved Polo need to develop a "code of conduct" which includes such things as maintaining a certain % of funds in offline cold wallets, having separate business accounts for the exchange itself, and promising total and immediate transparency if any Hacks ever occur. 
 
This way a cryptocurrency exchange could simply say, "We are Crypto Trade Compliant" and you would know they met minimum standards for behavior.