Am I Still Investing in Cryptocurrencies Every Month?

I've slowly stopped buying crypto with fiat, I'm going to try to increase my holdings either through mining small amounts or using Steemit to generate crypto I can use for trading.

$1.14

13 votes

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ambienthex (60) · 7 years ago (edited)

Don't even bother mining with ASICs for BCC or BTC as it's just a drop in the ocean without a large and expensive mining operation. You would have to dump a ton of money into it to make anything comparable to what you can earn on Steem even with mining contracts. Did the mining thing for a year and the electricity and hardware costs can eat up any gains you might make.

If you want to mine, maybe consider running your own Steem Witness server. Cost and a lot of work to get into the pool rotation via community votes, but some Witnesses like GTG have almost a million in their Steem wallet.

Noticed you were a developer too! Huge gains to be made through building apps on the Steem API as well. It's not that hard and it's on my todo list once I wrap up my current startup project. Always open to collaborate with people on projects. Just need some good ideas as that's usually the hardest part when it comes to app development.

Saw a Bitcoin pump and dump scheme brewing last year which brought the price down at Christmas as expected. Richard Branson and his Bitcoin crew. Still gains to be made through trading on the margins of the highs and lows. Bitcoin is where it's supposed to be... Not much of a crash and more of a price correction.

$1.30

12 votes

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nickwalshblog (42) · 7 years ago

To build an App on Steem API where would I find the docs etc?

Could it be set up to say find the nearest driver for a rider on a new ride sharing ICO i am working on which will be owned by the riders and drivers in London.

Or could the App pull prices from a database (toyota prius, mercedes, vivano; £50, £75 , £70 fare from chelsea fc to heathrow terminal 5, driver a 5 star, driver b 4 star, driver c 4 star )

and the rider chooses the driver based on price and rating of driver?

Would be interested in programmers who want to join this ICO and be paid in coins so that Uber and Addison Lee corporations are replaced in London with this ride sharing service owned by th e drivers and riders

thanks

$0.13

4 votes

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ambienthex (60) · 7 years ago (edited)

Sounds interesting! I am wrapped up for the next 90 days or so in a development project, but getting started on some Steem app development this year. All of the Steem code is open source. Saw the founder of Steem Ned Scott in the Chat room (Steem Witness Chat Room) looking for people with experience developing apps for Steem a few days ago. There are Steem libraries for many languages out on Github. Here's one open source Steem library: https://github.com/steemit/steem-js/

Screen Shot 2018-01-25 at 4.42.34 PM.png

$0.00

1 vote

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investingtips (3) · 7 years ago

Good time to invest more fiat in crypto again soon (in my opinion): https://steemit.com/bitcoin/@investingtips/usd7-000-bitcoin-incoming-before-cme-futures-ends-today

$0.00

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bitethebit (32) · 7 years ago

Yo - are you actually saying you have PROOF Richard Branson and his affiliates are orchestrating crypto pump and dumps? Sorry, but fuck right off mate - put up or shut up.
If you SAW anything like that and didn't immediately report it to mainstream media outlets and make yourself an absolute fortune, either from the scandal it would cause or the massive amounts of cash Branson would dump at your door as 'hush money', then you're an absolute idiot.

$0.05

1 vote

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janashby (49) · 7 years ago

Upvoted your intelligent comment ..as I agree that for most people, is not worth it to try mining with ASICS .

I do feel that developing #apps on the Steem API is a much wiser choice.

$0.04

2 votes

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dhouse (57) · 7 years ago

asic mining is quite profitable actually, so is gpu mining

$0.04

1 vote

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janashby (49) · 7 years ago

Ok, just my opinion.

It wasn't for me, as it consumes so much energy.

$0.12

1 vote

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ambienthex (60) · 7 years ago (edited)

You would need at least an Antminer S9 (14TH) for mining BCC or BTC now days. Those alone run between $4000 - $5000 USD on Amazon depending on the current demand, shortage and price of Bitcoin. Can order factory direct from Bitmain for less, but they are usually sold out all the time with the big pool operation demand for their hardware.

One S9 can make maybe between $200 to $350 USD a month depending on which pool is chosen to operate in. In many cities in the U.S., the electric bill will be over $200 USD as a result of running a 1000W (hairdryer) power supply all day long. So maybe you can pull in some minor profits with one S9 miner, but one can make exponentially more on Steem without any monetary expenses.

Now, if one can afford to buy 10 S9s, you might do well. It's loud, hot and a fire hazard too. Going to take time to recoup losses on the hardware or mining pool contracts as well. Hard to make big gains mining with small operations with millions of these miners running taking the largest portion of the pool shares.

Agree, GPU mining can be profitable with the various alt currencies out there. Disagree that mining with a few ASICs at home can be very profitable.

Screen Shot 2018-01-25 at 3.51.21 PM.png

Here's the over optimistic profit breakdown on running 14TH. Going to take a long time to pay one off as you see below. That electricity cost estimate is way off for most people on the East Coast of the U.S. as well. Going to take 740 days to get one Bitcoin :-D

Screen Shot 2018-01-25 at 3.52.44 PM.png

$0.00

3 votes

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dhouse (57) · 7 years ago (edited)

I don't think what you are saying makes any sense. The electricity numbers you are quoting are off the wall, at least in theUS; who cares if it takes a year to make back your investment if it's pure profit after that; you can mine many different coins with Asics of different kinds; your comparison to steem and the fact that it's loud/hot are total nonsequiters.

There is such a strong "MINING IS NOT WORTH IT" mentality, when in fact it is potentially an extraordinary way to make money passively in the long term, that I almost suspect is just miners trying to make it look a certain way to discourage their competition...

$0.05

2 votes

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ambienthex (60) · 7 years ago (edited)

Using ASICS to mine Bitcoin or Bitcoin Cash at home is not very profitable considering electricity costs and the current difficulty factor unless you have significant and costly hashing power. Give it a go and report back with your findings. It was profitable for me over two years ago, but not any more. I ran a rack of 8 Antminers (Mix of S3s and S5s) and I sold them off as the profit margins shrunk. Not going to compete with massive mining operations anymore without a huge initial expense. Gave my last miner away for free to Black Dayz who is a DEFCON goon.

If you can use ASICS to mine crypto currencies with a lesser difficulty factor and larger pool pay out than BTC or BCH, that's good. Just not going to get significant gains in the BTC or BCH pools with a home mining operation any more. Acknowledge GPU mining for alt-coins can be profitable.

You can make ~ $120 in BTC a day with 100TH, but see how much that costs to buy the machines or even with a contract. Initial cost is way too high. You would need 7 S9s * $4000 = $28,000 bucks. 233 days to break even just on the machine cost if you don't blow a logic board along the way... Few of my miners became door stoppers / paper weights. Electricity bill through the roof on top of that with a 10,000W power drain. Most apartments and residential homes can't even support a 10KW draw either without flipping breakers. AC will be running nearly 24-7 as well.

Just easier and less expensive to buy crypto out right and trade for higher gains based on my experience mining. Now if you have free electricity and the money to spend on miners, go for it.

$0.00

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thinkingishard (39) · 7 years ago

now I just needs to get someone to join me on a reverse rental agreement! Send me a rig for free, ill provide and pay for the power and we can split the profit !

$0.02

1 vote

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oscarblue04 (38) · 7 years ago

Look, I would say at least mine btc for the benefit of the mempool, ( that is if you hold and like BTC) every little bit helps

$0.00

1 vote

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gabbiegabbs (25) · 7 years ago

Sean, PLEASE CONTACT ME, URGENT regarding your son. This is an emergency

$0.00

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freedompoint (75) · 7 years ago

I think that is a good idea. You can't beat earning tradable crypto just for participating in something you enjoy!

$0.10

2 votes

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joeshaver (35) · 7 years ago

I agree. No more fiat investing for now. I'm investing in GPU mining hardware. At least with hardware I can sell it if it becomes unprofitable. People will always need GPUs for gaming.

$0.03

1 vote

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investingtips (3) · 7 years ago

What about buying into this? https://steemit.com/bitcoin/@investingtips/this-is-the-real-bubble-not-cryptocurrency

$0.00

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rameez (25) · 7 years ago

if you beleive

$0.00

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freedompoint (75) · 7 years ago

I am currently using Steemit to generate what i use for trading. I have been watxhing the up and down, and I am trying to diversify as much as I know how haja. I can't imagine crypto going too far down, ot would almost be like going backwards. So that would be a bigger deal.

$1.11

3 votes

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socent (59) · 7 years ago

Diversifying your holdings is usually a good play and I, personally, feel that is very smart. I did the exact opposite and took money out of my real estate holdings to put into crypto. Great strategy and thanks for sharing!

$1.06

1 vote

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karyroa (29) · 7 years ago

I do not cook and everything causes me vomit

$0.00

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klark (0) · 7 years ago

$0.84

Reveal Comment

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steemseph (65) · 7 years ago

This comment qualifies as spam. Please refrain from this type of cut and past commentary. Spam diminishes the quality of this platform. Spam diminishes trust and authenticity. @steemflagrewards

$0.06

1 vote

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louisthomas (75) · 7 years ago

Thank you Klark!

$0.00

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skycornish (55) · 7 years ago

There's no reason to hold fiat money if you truly believe in cryptos!

$0.30

1 vote

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vdux (60) · 7 years ago

I can't pay my mortgage in bitcoin...!

:-)

$0.00

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pennystockhelp (66) · 7 years ago

I buy crypto using Steem, but now I think that holding Steem is the best thing I can do!

$0.10

1 vote

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verydicey (42) · 7 years ago

This recent correction was a pretty good dip to buy in my opinion

$0.03

1 vote

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tiffanyrej (52) · 7 years ago

I think there's nothing wrong with buying BTC with fiat as long as it's profitable.

$0.02

1 vote

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marsell (42) · 7 years ago (edited)

this is definitely the future and investing now will make you rich in a few years!!
it's also possible to earn some cryptocurrencies for free in many different ways :)
like steemit <3
nice video, thanks for sharing and good luck for your journey!

$0.00

1 vote

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cbeep (44) · 7 years ago

We should increase our crypto from steemit by working hard from here .buying with fiat is little bit expensive now.

$0.00

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revitarahim (41) · 7 years ago

Today, the highest gainer – according to CoinMarketCap – is Steem (STEEM), which is currently trading at $5.64. That’s a 30.18% increase from its 24-hour-ago price

$0.00

1 vote

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safetony (47) · 7 years ago

I'm thinking that the bottom of bitcoin/ethereum is now you might get it a bit cheaper if you wait but, it's a good time to do some cost averaging and make some buys.

If your not interested in extreme volatility you should look at p2p lending through firms like zopa, rate setter, fund circle etc as stocks will just enrich the traditional fat cats

$0.00

1 vote

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nickwalshblog (42) · 7 years ago (edited)

Yes anything to stop the fat cats getting richer, terrible incidents at Dorchester Hotel London too a few days ago, could see some of the richest bankers jailed if the investigation finds more evidence.

Financial Times reporters at the event broke the story in UK.

Don't buy shares you just make the rich richer and get shaken out of the market by crooked bankers and stock brokers manipulating the market.

$0.00

1 vote

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xhunter (46) · 7 years ago

great (y)

$0.00

1 vote

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oscarblue04 (38) · 7 years ago

one thing I just cannot do right now is buy anthing (another Cryto) with bitcoin, technically if you buy another cryto with Bitcoin, you are actually selling btc cheap. Unless there is something I really need to own asap. But really really dislike doing it. I Immediately replenish using my fiat.

$0.00

1 vote

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profchydon (60) · 7 years ago

You should keep investing because its worth it. But no more fiat investment for me anymore. I invest using other means

$0.00

1 vote

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oscarblue04 (38) · 7 years ago

Other means? do tell.. apart from steemit of course...

$0.00

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ashrafashoor (44) · 7 years ago

Crypto world is growing we should go ahead it will be profitable in upcoming future.very sooon

$0.00

1 vote

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johnadams00 (38) · 7 years ago

I'm new to crypto currency but am glad to be learning with steemit. In the past I've invested in silver coins but steemit is a lot more rewarding and has community.

$0.00

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alecreed (38) · 7 years ago

I'm putting small amounts in every time it drops. However, I'm not putting any of my own money into STEEM, only what I earn from posting here.

$0.00

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some-dude (49) · 7 years ago

Good practice!

$0.00

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danielgt (50) · 7 years ago

People are getting too greedy with crypto and new investors need to be careful. Always do your own research and if you do invest, buy low!

$0.00

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sheriffakin (58) · 7 years ago

Nice work.... Good information very helpful

$0.00

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ouchenbadr13 (25) · 7 years ago

This is very good for crypto adviser

$0.00

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bitgeek (62) · 7 years ago

Congratulations @louisthomas, this post is the seventh most rewarded post (based on pending payouts) in the last 12 hours written by a Superuser account holder (accounts that hold between 1 and 10 Mega Vests). The total number of posts by Superuser account holders during this period was 1589 and the total pending payments to posts in this category was $15975.49. To see the full list of highest paid posts across all accounts categories, click here.

If you do not wish to receive these messages in future, please reply stop to this comment.

$0.00

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nickwalshblog (42) · 7 years ago

Whats a mega vest?

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aqbayli (45) · 7 years ago

great article as always , keep the good work

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cbeep (44) · 7 years ago

In my opinion its never late to invest in crypto but that has to be a good future project.

$0.00

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opensourceuni (43) · 7 years ago

Hi, Louis :) I read your articles and because of this I invite you to contribute to Open Source University project — the World’s First Academic and Career Development Ledger. If you are interested in joining our team of content creators please contact me at: [email protected]

Thank you in advance!

$0.00

1 vote

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sharifulislamm (49) · 7 years ago

This is very good for crypto adviser .For you some one got inspiration to invest crypto .Must be increasing crypto price.So keep it up

$0.00

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nickwalshblog (42) · 7 years ago

Is that a Carmarthenshire or Swansea Jack accent?

Swansea Jack myself

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dahlsom (44) · 7 years ago

people asking if you are buying during a dip... some times I wonder how other people make money... buy high sell low ?

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crypto3em3 (45) · 7 years ago

is 2018 the year ?

$0.00

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thinkingishard (39) · 7 years ago

simply, yes I am still buying and finding other ways to acquire all kinds of coins. This technology is not going away, while some of the "projects" will fail, the overall value of blockchain and its value as an investment are only going to continue to go up. .... and down ... then up/down ... but honestly, mostly up.

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rameez (25) · 7 years ago

If you believe in a crypto , the past few days have provided some excellent opportunities to add to your holdings! Buy baby buy

$0.00

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steemkidd (38) · 7 years ago

Nice! I am not using my fiat either. there are plenty of other ways to earn crypto !

$0.00

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rudnicki (39) · 7 years ago

Building apps definitely seems the go..

$0.00

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alankavanagh (45) · 7 years ago

hey im brand new here but i have followed your videos on youtube for a long time,always great info and easy to understand :) keep doing what you do...

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cryptomet (22) · 7 years ago

Good post! Check my analysis. regards!
https://steemit.com/bitcoin/@cryptomet/whats-happen-whit-trx-100-profit

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fuckmylife (59) · 7 years ago

Vastly thought out! Trying it now.

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axleemusic (25) · 7 years ago

i really like this information, u have my vote bro

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armadillocreek (56) · 7 years ago

I like the idea of generating something from something I do almost every day. Hang out on social network. It becomes a tradable currency that only costed me a little time, and I can make a buck here and there. :)

$0.00

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alokkamboj (40) · 7 years ago

I think your Post is for a big group of people very helpful!
Thx for making this Website for us!
Upvote when your in my opinion @alokkamboj

$0.00

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viraldrome (67) · 7 years ago

I only invest excess SBD's when they are high because then I feel I didn't lose anything. I am more focused on Steem than ever because so far every dollar I invested is worth 4-5 times my initial investment. I don't see that with anything else. Also SP lets my earn more, there is no litecoin power or bitcoin power. You invest and then just sit there and hope it goes up.
Sorry to make another pump up the steem comment though.

$0.00

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cryptonic68 (38) · 7 years ago

buy now betting on the stock price (Bitcoin Futures) have expired today the big investors who pulled out their money are pumping it back into the market and we will see a rise soon.

$0.00

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nakamotosatoshi (12) · 7 years ago

Thanks nice. LOOK MY BLOG AND FOLLOW CRYPTONEWS 24/7
Free bitcoins every week for stay followers my blog!

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zahoorahmad05 (25) · 7 years ago

I have invested alot in cryptocurrencies but i didn't get profit as i expected. In my opinion now Steemit is the best way to earn with zero investing.

$0.00

1 vote

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nasurunavas (58) · 7 years ago

Please resteem this post if you find this really interesting

https://steemit.com/bitcoin/@haja/steve-wozniak-said

$0.00

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johnpaulrogan (25) · 7 years ago

Hello Louis,

Are there any cryptocoins you would not invest in for moral/political reasons even if you thought they might be profitable?

When I was your age, many students boycotted Barclays Bank because of their support for Apartheid South Africa, Mandela was in jail at the time as a "terrorist".

Does morality affect your investing at all?

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punwik (44) · 7 years ago

I try to buy on the dips, and sell when it has a good day! A lot of these altcoins are for long-time holders though! Some of these newer coins coming out like Tron and EOS not only have a lot of future potential, but they also have a really great team behind the name!

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nycryptotalk (51) · 7 years ago

We always want more, its a crazy addiction.

Build up the money man! Property is something that can maintain its value!

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nickwalshblog (42) · 7 years ago (edited)

I don't think its an addiction, hang on be back now just got to check Steem price $6.40. As i was saying i dont think its an addiction , hang on i just check the EOS price. $14.24 up 6.27% last 24 hours, better go i gotta check the bitcoin price

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nycryptotalk (51) · 7 years ago

Where has the day gone??? I keep refreshing my portfolio!

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bitbob (34) · 7 years ago

Upvoted, Great Videos Louis.....

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vdux (60) · 7 years ago

I did the opposite! I started with stocks and real estate and business investments. Got into cryptos in November (lucky timing). Also not putting any more in...got into XRP at $.21 and $.6x (two buys), sold 40% in bits and pieces when price was between $2.50 and $3.00 (lucky timing, again).

If you're looking to buy stocks, buy US stocks ASAP! Don't wait! If you wait a few months, you'll miss out on buy-backs, dividend increases, and inflation-driven price increases. I don't think the good times will last long, though. Wouldn't be surprised if the US economy goes to shit by the end of this year.

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cryptobtcchris (52) · 7 years ago

https://d.tube/v/cryptobtcchris/and10rcp

Brief summary of the crypto markets and overall market cap. Coincheck was hacked for $530 million and it was the largest hack of an exchange ever. NEM's price is down 10% on the news of the hack. Cover 6 ways crypto makes the world better. Goldman Sachs has some crypto news that I cover. XLM the leading altcoin? and Stellar vs Ripple. South Korea has been investing in crypto the whole time they wanted to ban it. Cannabis coins provide a real world solution for the cannabis industry. Even brothels are accepting crypto now in Las Vegas. China may end the ban on ICO's in 2018. New exchange based in the Cayman Islands called Spark exchange.

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areeb85 (28) · 7 years ago

use this link to get upvotes on your own post-https://steemfollower.com/?r=10758

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decentralization (62) · 7 years ago

To each their own but this is the pullback you have been waiting for

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