You're about 5 years late to the cryptocurrency party. Those of us that did it when it was meme spam made money, those that did not regretted it.

Also, crypto talk goes on >>>/biz/

Every currency is worthless unless people value it.
Cyber currency is the same.
I remember when BitCoin first came out, and they were really cheap and people on /b/ was telling people to buy them. I thought it was a massive scam, I feel pretty silly now.

>>53610263
It is not just about making money, I also want to get a better grasp of how the system works, plus I live in a 2nd world country with fast/cheap internet, so I think I could salvage something :)

>>53610308
Same way. It was $1 for 1,200 Bitcoins. You would literally be looking at a 479,999$ profit today from that 1 fucking dollar. Makes me want to kill myself for not buying.

>>53610308
I know that much, all currency is fiat currency, the subject actually came up in economy class, and the teacher told me that she didn't fully understand the process either.

by the way, does anybody solo mine here?

>>53610408
unless you have 4k to invest and don't mind waiting 8-10 months to turn a profit, it's pointless.

>>53610408
If anybody does, the power bill will outweigh any money made. It doubt it would even be possible to break even any more.

>>53610331
Fast/cheap doesn't mean anything. Again, you have missed the boat by over 5 years. There is no "scrap" to pick up. If you could steal some ASICs and had 100% free electricity, then yeah, you might earn a pittance. The ship has sailed. There's no le sekret meemee money that you're going to earn from cryptocurrencies.

>>53610408

I used to. I had 125ghash at one point, which later became a litecoin then *coin during the shitcoin days. It was between 20 and 30 R9 280x with overclocked cores and underclocked memory.

I had a $1200 electricity bill one month. That was fun.

>>53610458
Again, it is not completely a thing about money, I am also interested in the system that makes bitcoin possible. Electricity is cheap here where I live 0.02$/KW, so I am not completely giving up my hope to earn a quick buck, but again, it is not only about the money.

>>53610439
what about pools?

>>53610579

Nothing about the blockchain is going to inherently make you wealthy. Look, again, the ship has sailed. You are competing with multi-million dollar Chinese mining operations using thousands of ASICs. Yeah, you can buy an ASIC now. Are you going to recoup your investment? No. The difficulty of mining continues to increase as China continues to horde.

>>53610617
How about investing in bitcoin then? would the price deflate?

>>53610666

You aren't going to make money timing the market. Do you have experience in speculative investing? Do you have a massive amount of upstart capital to invest and risk losing?

>>53610617
and how about other alternatives such as litecoin?

>>53610691
Their value is dependent on bitcoin.

>>53610700
how so?

>>53610691
>ship has sailed

Unless you can fork litecoin and convince idiots to buy your coin so it can be pumped and dumped, then no.

Plus, 4chan already did that with Pandacoin. I personally made a pretty hefty amount of money with that, but it was the last hurrah of any *coin.

>>53610712

Because the value of all coins is tied to Bitcoin. If you want to cash out to fiat the only means of doing so that is reliably tied to the market price is through Bitcoin.

>>53610726
I am not an expert or anything, I only know very basic information about cyber currency, but I believe that its an investment with relatively low risks and high gains, it depends a lot on what people think of it.

not a lot of people use cyber currency, imagine if someday a huge wave of people start using it, you would have a lot to gain.

plus I would really like to see how governments will act in regards to it.

>>53610903

You seem eager to lose your money, so in that case, good luck.

>>53611196
not really, just want to get out of my monotony :/

I used to daytrade the fuck out fo these when they were moving a lot.
Made only something like 12k though, but still a nice return for about 100$

About making money from them:
You can't mine them at this point, it's useless.
Actually you haven't been able to mine a profit from them with GPUs for years.
Even buying an ASIC won't do shit, because like >>53610617
said, the Chinks have actual warehouses full of those things and they control the market.
The whole thing is an extremely high risk investment, so just throwing money there and expecting a return won't work either.
I believe that the only reason why they have any value at this point, is that the chinks are keeping the price inflated, so their mining operation would rake in some money.
There isn't another future bubble coming, because there's no hypetrain to take the price anywhere.

So stop thinking about getting rich, you're at least 4 years too late.
As a means of transferring wealth or buying something it works just fine.
Transfer the coins, sell them instantly and you've just transferred money.
Very simple and effective, just don't leave your money in the coins or you're fucked.
A good alternative to things like PayPal etc..

>>53611264
Hey, I see you invested a good amount of time writing that paragraph, and I was wondering if you, or anyone else for that matter, would mind giving me the simplest breakdown on how crypto currency works. I know the basics, but how do I begin to understand it? how do you people know about these terms, and the technicality of how all this stuff works?
Also, how does Chinese people mining hardcore affect everyone else?

http://shop.lenovo.com/il/en/laptops/lenovo/b-series/b50/
also do you think you could give a rough estimate of how many mh/s thi type of laptop might get?

>>53611432

How do we know about these terms and stuff?
Google, which is exactly what you should be using yourself.
If you really give a damn about crypto and are willing to throw money into it, then you should have the patience to learn this stuff properly.
I stopped giving a shit about the whole thing the moment I cashed out.

But basically it's something like this if I recall correctly.
Blockchain tracks all of the coin movements.
It's also constantly growing with every transaction and most likely bloated as shit nowadays.
One of the reasons people don't see a future for Bitcoin, this thing might be Terabytes in size at some point.
The movements are calculated by the miners, which is why having China owning the majority of processing power centered around few massive centers is a bad thing.
If and when they fuck off, the coin transactions are also going to slow down to a crawl.
Having to wait hours for the coins to move can fuck you over very easily with the ever fluctuating prices.
Also one entity holding more than 50% of processing power gives them the ability to fuck with the system, can't remember how that went exactly.

Also that laptop is completely useless in mining. You'd probably get like 13mh/s when mining, so virtually nothing.
Even if you had an array of Titans working at this, it would be a futile effort.
Only possible way to make money is day trading, but the market is rigged by the Chinks and their movements are hard as fuck to anticipate.
So wanna use it? Don't try to make money, just transfer wealth and then instantly cash out.
Hope you got something out of that, but go and google for accurate knowledge.
Like I said, I can't really remember that much about it.

>>53610224

wait until you hear about Monero

>>53611983
thanks for the insight, I really appreciate it ^^
I have something for you, not sure whether it is completely useless junk/info, but I am hearing a lot about this new crypto currency PepeCoin that is sort of blowing up. I don't want to be gullible and believe everything I read, but I am putting my trust in it, plus it is new, 2 weeks old only, so I presume nobody's going to have a monopoly on processing, not sure if it's legit, but I wanna give it a try :)
I presume I could be able to mine even a little
https://bitcointalk.org/index.php?topic=1391598.0
Again thanks for the info