Is it too late to get into mining?
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Id say its all speculation and no one can tell for sure… Personally im taking the risk.
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I agree, speculation yes probably some, but overprices, i’m not so sure.
I read about the difficulty level to mine some coins and how it is now not feasible to mine certain ones. How long will it be before the FTC is not feasible or is that a question that can not be answered?
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You can always mine an “easier” coin and convert it to FTC, so long as those easy coins exist and as the market works today.
Remember that by the time you order a bunch of equipment to get started, though, you’re already going to be a week+ after when you finally decided to jump in.
We’ve seen what a difference a week makes.
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[quote name=“HopeStillFlies” post=“39149” timestamp=“1386090022”]
You can always mine an “easier” coin and convert it to FTC, so long as those easy coins exist and as the market works today.Remember that by the time you order a bunch of equipment to get started, though, you’re already going to be a week+ after when you finally decided to jump in.
We’ve seen what a difference a week makes.
[/quote]If I decide to go it wont be until the new year at least.
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It’s the wrong question I’m afraid. The question should be, “Is this currency going to succeed in a competitive market?” and if the answer is yes, then the follow-up question should be, “How can I get the most out of the opportunity?”
One way is to support the network. That means mining. Putting your cash into securing the network is a noble task, unless your electricity is free… in which case it’s just the obvious thing to do. It’s one of the best ways you can ensure the longevity of the currency and increase it’s utility.
Another way is to join the community and volunteer your time. Another way is to use the currency for it’s intended purpose: transacting. All of these increase utility, and therefore valuation.
So, is it worth it to get into mining at this stage? The answer is really no unless you plan on supporting your investment, because there’s better ways to make money by investing in things you plan on making a success. If you plan on putting your money in and making it back some day without lifting a finger, you might want to buy a bond from your government… just watch out for inflation! But if you want to invest in an opportunity which has the possibility of massively increasing it’s value through direct effort on your part, mining is a great way to go.
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[quote name=“Kevlar” post=“39186” timestamp=“1386097747”]
It’s the wrong question I’m afraid. The question should be, “Is this currency going to succeed in a competitive market?” and if the answer is yes, then the follow-up question should be, “How can I get the most out of the opportunity?”One way is to support the network. That means mining. Putting your cash into securing the network is a noble task, unless your electricity is free… in which case it’s just the obvious thing to do. It’s one of the best ways you can ensure the longevity of the currency and increase it’s utility.
Another way is to join the community and volunteer your time. Another way is to use the currency for it’s intended purpose: transacting. All of these increase utility, and therefore valuation.
So, is it worth it to get into mining at this stage? The answer is really no unless you plan on supporting your investment, because there’s better ways to make money by investing in things you plan on making a success. If you plan on putting your money in and making it back some day without lifting a finger, you might want to buy a bond from your government… just watch out for inflation! But if you want to invest in an opportunity which has the possibility of massively increasing it’s value through direct effort on your part, mining is a great way to go.
[/quote]Great post, I think you have swayed me in the direction of mining, it will be good fun if nothing else. I’m not one who is out for an easy/quick buck. I love the idea of having a means of exchange that is outside of government control, I think I’ll stay away from bonds, we all know what’s going to happen when interest rates inevitably go up :(
From what I’ve learned over the past few days feathercoin has an advantage over most other crypto coins, this is the feathercoin community and the attitude of the leaders. I’d be happy to volunteer my IT skills but I doubt they need a database administrator.
Thanks for the advise Kevlar -
Ok I’ve done it, Ive taken my money out of silver bullion and put it into a mining rig investment.
I still believe that Gold and Silver are a good store of wealth but only once the manipulation of these markets is stopped and I dont see this happening anytime soon. The beauty about crypto coins are that they are not manipulated, well not yet anyway, although brotherjohnf was questioning QuarkCoin.
Anyway, looking forward to the ride.
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Never invest money you’re not willing to lose - Not every investment is going to be fruitful. With that said, as a fairly careful investor I think FTC is on its way up. Depending on what you’re looking to pay for a rig you need to think of the cost in the long run. If you spend $2,000 and end up losing most of the investment [b]in the long run[/b] it’s really not that much money, unless of course you and your wife really need that much right now, in which case its probably not worth the risk. However, if you spend $10-20,000 on an entire mining operation [which I don’t recommend, especially if you’re already second guessing yourself] than its more of an “oh crap” if you end up losing out.
I think the difficulty of FTC is pretty low, personally - Even with a crappy Nvidia card and having no dedicated rig I’m averaging 2 coins a day. It doesn’t seem like much at all but not only does it add up, it’s also free.
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sold half of my park today.
ordered me 13x 280X to compensate. im not worried regarding the investment… -
[quote name=“svennand” post=“40091” timestamp=“1386254925”]
sold half of my park today.
ordered me 13x 280X to compensate. im not worried regarding the investment…
[/quote]Do you mind me asking why you sold that half ? Does it have to do with keeping fresh hardware in your rigs ?
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[quote name=“Egnar” post=“40084” timestamp=“1386253407”]
Never invest money you’re not willing to lose - Not every investment is going to be fruitful. With that said, as a fairly careful investor I think FTC is on its way up. Depending on what you’re looking to pay for a rig you need to think of the cost in the long run. If you spend $2,000 and end up losing most of the investment [b]in the long run[/b] it’s really not that much money, unless of course you and your wife really need that much right now, in which case its probably not worth the risk. However, if you spend $10-20,000 on an entire mining operation [which I don’t recommend, especially if you’re already second guessing yourself] than its more of an “oh crap” if you end up losing out.I think the difficulty of FTC is pretty low, personally - Even with a crappy Nvidia card and having no dedicated rig I’m averaging 2 coins a day. It doesn’t seem like much at all but not only does it add up, it’s also free.
[/quote]Yea I agree. I am willing to lose it (don’t tell the wife though), if nothing else it will be a bit of fun. My take on it is that my money was sitting in silver, being manipulated down in price, why not make it work for something. Like you, I think feathercoin is going to go up. I think people are crying out for some way to detatch themselves from the corrupt banking system and cryptocoins are the way to do it, silver at the moment is just as corrupt.
Next problem, finding GPU’s ;D
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Silver is iffy at the moment - I used to buy $10,000 worth of half-dollars from banks every single week and sell the silver 1969 and below coins for silver cost, it was lucrative at $38. It’s tanked since than which is good for hording but I think it’ll be awhile before you see an upside on that investment. Crypto is dangerous but a heavy growth market.
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[quote name=“TheRedViper” post=“40095” timestamp=“1386255241”]
[quote author=svennand link=topic=5315.msg40091#msg40091 date=1386254925]
sold half of my park today.
ordered me 13x 280X to compensate. im not worried regarding the investment…
[/quote]Do you mind me asking why you sold that half ? Does it have to do with keeping fresh hardware in your rigs ?
[/quote]reached 3x ROI, so new investment, newer/faster equipment.
if crypto should tank i will at least have highend fresh hardware easy to sell:) -
[quote name=“svennand” post=“40126” timestamp=“1386258847”]
[quote author=TheRedViper link=topic=5315.msg40095#msg40095 date=1386255241]
[quote author=svennand link=topic=5315.msg40091#msg40091 date=1386254925]
sold half of my park today.
ordered me 13x 280X to compensate. im not worried regarding the investment…
[/quote]Do you mind me asking why you sold that half ? Does it have to do with keeping fresh hardware in your rigs ?
[/quote]reached 3x ROI, so new investment, newer/faster equipment.
if crypto should tank i will at least have highend fresh hardware easy to sell:)
[/quote]Aahh, i see. Nice strategy ^^".