cryptocurrency mining / trading - advice please!

[waxpro]

Hey guys,

As most of you have heard about the biggest one (Bitcoin) since the beginning,

knowing it's a digital currency, non-tracked, safe but also used in the wrong ways  (dark web affairs)

recently, I watched a documentary in TV about the recent boom,

so I did some googling about it, began to discover the block-chain work flow of this currency, mining pools,

renting your PC machine CPU/GPU to do the mining jobs, etc..

besides this, there are a lot of trader agencies, agents offering ICO cryptocurrencies, 

beside bitcoin, Litherium if the spelling is correct, and many others..

 

I searched more in specific to get the right training or guideline to jump into this market of digital currencies,

I found a guy called James altucher described to be an expert inthe field and promoting his training and ebook,

 

As I mentioned in the beginning, completely new to this, just hearing about it in the news, or crossing me in the web surf activities,

Is the Bitcoin or any other digital crypto currency accepted / used in Thailand?

Anyone had some experience with this trade? or mining? or which part of this market is more useful?

As noticed in the mining process there is a huge electricity consumption by the machines (PCs) used in mining,

anyone living in Thailand doing this mining process of Bitcoin, or any similar? is it profitable? any advise?

Anyone knows a trusted agency, or a mentor/expert that provide efficient training / guideline trading of the cryptocurrency,

 

Any additional information, or recommendation from previous experience would be highly appreciated,

Thanks in advance!

 

 

[jesimps]

I'm a relative newbie, but I started trading a month back in a very small way. I studied first for about a month, but wished I'd just dived straight in now because ALL coin prices shot up during that period, it would've been worth risking a couple of cock-ups as it turned out.

 

Never mind, in a month of small and very cautious investing in Bitcoin and a few altcoins, I'm roughly 22,000 baht in profit, which is about half my monthly pension. The money I invest, before anyone flames me, is a small part of my savings which are earning practically no interest in my bank.

 

I realise that the profit I have is still invested, so I can't count on it, but  it won't break me if I lose it all. I'd like to double what I have now and bank half, then I'm playing with monopoly money, so I can have fun.

 

I'm sorry I can't help you on the mining front although I have seen people on the Thailand forums asking  if there are people interested in forming mining partnerships.

 

I trade with bx in th. They make you jump through a few hoops to register, but it's no problem if you're determined and have a Thai bank account. I'm also registered with coins co th but haven't started trading with them yet, although I plan to in the near future to spread the risk around a bit.

 

I don't know about the ethical side of cryptos and don't really care. My money has all been hard-earned and if I can increase it by investing in this medium then I'll sleep well at night.

 

I've enjoyed crypto trading so far, but there again, there haven't been any major pullbacks. 

 

Hope this helps.

 

[waxpro]

5 hours ago, jesimps said:

I'm a relative newbie, but I started trading a month back in a very small way. I studied first for about a month, but wished I'd just dived straight in now because ALL coin prices shot up during that period, it would've been worth risking a couple of cock-ups as it turned out.

 

Never mind, in a month of small and very cautious investing in Bitcoin and a few altcoins, I'm roughly 22,000 baht in profit, which is about half my monthly pension. The money I invest, before anyone flames me, is a small part of my savings which are earning practically no interest in my bank.

 

I realise that the profit I have is still invested, so I can't count on it, but  it won't break me if I lose it all. I'd like to double what I have now and bank half, then I'm playing with monopoly money, so I can have fun.

 

I'm sorry I can't help you on the mining front although I have seen people on the Thailand forums asking  if there are people interested in forming mining partnerships.

 

I trade with bx in th. They make you jump through a few hoops to register, but it's no problem if you're determined and have a Thai bank account. I'm also registered with coins co th but haven't started trading with them yet, although I plan to in the near future to spread the risk around a bit.

 

I don't know about the ethical side of cryptos and don't really care. My money has all been hard-earned and if I can increase it by investing in this medium then I'll sleep well at night.

 

I've enjoyed crypto trading so far, but there again, there haven't been any major pullbacks. 

 

Hope this helps.

 

Thanks,

[taninthai]

I have met a thai guy mining he has spent a fortune on it cards rigs etc,,he says he is doing well ,however the site he was using was hacked,and has been offline a few weeks.

i have been thinking about getting into the mining but really everything I read about it just don’t sound to positive,,quite a high outlay , difficulty rating getting harder,mining gear becoming outdated/slow over short time spans for not great returns from what I can see,maybe I’m missing something.

i was trading for 3 to 4 months but don’t really have the time to it at the moment so just holding my coins now,,,certainly showing nice profit anyway,,more than what I can see I can get from mining.

would be interested in hearing some more detailed info regarding mining myself.

[Pungdo]

I bought into Bitcoin, Ether and Bitcoin Cash about a month ago and have doubled my investment already, I just wish I had done it 12 months ago, my Bitcoin would be worth 10 times what is worth now.

[steven100]

In 2010  one bitcoin was worth  8 cents.

[janhkt]

As for calculating average mining profitability, you'll use a profitability calculator. The ones at Cryptocompare are OK - there are others taking initial investment into account as well. You may pick the coin in question, and enter your hashrate. I am using a power cost of 0.1$, which roughly translates into the cost of power in my household.

 

https://www.cryptocompare.com/mining/calculator/btc?HashingPower=13.5&HashingUnit=TH%2Fs&PowerConsumption=1375&CostPerkWh=0.1

 

The hashrate versus power cost determines profitability AT PRESENT TIME. And of course you have to take a hardware investment into consideration in order to determine your ROI.

 

TV is really not the place to look for the technical side of things, though. You'll need to dive into hardware comparisons and hashrates for the specific coins, and that information is usually scattered around, as there's no authorative source.

 

That said, it would be cool to get together in a social context and exchange experiences. Perhaps even consider creating a shared mining space, as mining equipment is NOISY and require effecient cooling. Pooling efforts may save money in the long run. Just a thought. 

[thundercatbob]

You don't want to mine Bitcoin any longer as the difficulty is way too high. There are altcoins worth mining if you know what you're looking for. There is also something known as 'staking', it's different to mining. You deposit a certain amount of the alt.coin and run a node for them, which pays out in crypto. This is getting expensive for currencies like Dash and Ripple, but it is almost guaranteed return by fullfilling obligations – basically a good sysadmin to run them 24/7. This is my ad on craigslist, and the cost is half the setup for what we want to do. I'm also open to doing 1-1 advice or consulting sessions if people are interested (Pattaya area) 
https://bangkok.craigslist.co.th/bfs/d/cryptocurrency-mining-project/6418383767.html

[Ron19]

A post and an  answer to it containing a link to a commercial site have been removed.

[denby45]

Bought 11 bitcoin a while ago. At the same time I bought a mining package with Bit Club Network. I trusted someone who I thought was very knowledgeable about bitcoin and bought a $3500 bitcoin mining package with them. After buying the said package the guy then goes on to explain that in fact although they are actually mining they run a pyramid selling scheme on the back of the mining. That is obviously the reason he was keen to introduce me as he gets money. He also gets money from anyone I introduce and on down the chain. I think everyone knows the story. Had I known this info upfront I would never have subscribed. I did some calculations and worked out that although this may or may not be a scam the returns would never be good enough to make it a good investment. Unless of course I introduce more and more people to the scheme which I was not going to do of course.

 

I took the option (has to be within 72 hours) to cancel my subscription and get a refund and then let them close my account. No one answered my request for a long time I guess it was just delaying tactics. Then they told me I could not receive a refund because I had already started mining. OK I bit the bullet and let them continue. At least I might get one bitcoin after 1000 days mining out of it all and that would at least be something. I just let it ride and did not check back much. One day my sponsor emails me and tells me that I have disappeared from his chain. I try to log in to the account without success. They had performed the second part of the request to close my account but not the first to refund my cash.

 

That was months ago and after many many tries to get my money back I have given up. Also with Bitcoin Network there is no one person who is accountable should anything go wrong. They completely ignore any complaints they get and you have no recourse.

 

At least the other miners have people listed on their websites who are the founders and have certain responsibilities. BCN list no one who is responsible. I did find some shadow names associated with them however. I intend to make a police report soon about their activities. I know this will be futile but at least I will have the tale officially logged. My advice, if you must go down the mining route then avoid BCN at all cost.

 

The good part is I have done well with my bitcoin although I got out now. I am on the sidelines now in waiting mode.

 

Den     

[Khunangkaro]

I'm mining at the provincial roadside near my house.

Investment not worth to think about. 

Returns lots of empty bottles that can be sold on sight without paying taxes, and a lot of smiles and goodwill from people who pass by. 

Also once in a while I find baht bills. 

Edited December 19, 2017 by Khunangkaro
Add some

[khunken]

Waxpro:

 

'I found a guy called James altucher described to be an expert inthe field and promoting his training and ebook,'

 

I've also looked at Altucher & others, claimed to be experts on the self-promoting sites, and they are not explaining mining, wallets, exchange comparisons etc. They are purely promoting their $1000 or so advisory service via all the hype they can muster.

 

My advice is not to invest a cent in these hucksters. You've received some far better advice for free in some of the above posts.

[waxpro]

9 hours ago, khunken said:

Waxpro:

 

'I found a guy called James altucher described to be an expert inthe field and promoting his training and ebook,'

 

I've also looked at Altucher & others, claimed to be experts on the self-promoting sites, and they are not explaining mining, wallets, exchange comparisons etc. They are purely promoting their $1000 or so advisory service via all the hype they can muster.

 

My advice is not to invest a cent in these hucksters. You've received some far better advice for free in some of the above posts.

 

Usually when I want to be any product online, particularly a digital stuff, I must communicate with the support team and see how they react, then make a call, and the product should be listed on a trusted platform,

for this guy, i sent to them at least 10 emails since a week ago, never got a single reply, and I gave them a call,, also was on machine,,

I won't go into mining, Chinese set the mining pools of 3000 - 5000 miner per hub, in the mountains near the water stream competing with the clockwise, so as individual is far more complicated and pointless to keep counting the sand grains in the desert!

 

However, this is a necessary learning curve before to jump into any industry, should learn the process basics, to know how this product / currency being produced, how to be traded, etc..

 

I'm in the learning stage to educate myself the necessary elements, then can implement with any ALTcoins too,

I heard about nicehash, anyone heard about this? or investing in cloud? or ICM?

Actually, I seen an ads banner here in Thaivisa forum talking about ICM between 19-28 Dec. anyone of you logged in there guys?

 

I am sorry for "denby45" about the ponzi scheme, recently I received a such offer too, but denied and ignored,

However, I think the right deal to find a trusted agency such as stock brokers or something alike who can provide advises about what currency to trade, or hold etc,  and should never start with a big amount, just little if lost,, won't make you broke..

I wish to hear more comments, or advises, recommendations etc, share knowledge ..

 

 

 

[Acemaker]

2 hours ago, waxpro said:

 

Usually when I want to be any product online, particularly a digital stuff, I must communicate with the support team and see how they react, then make a call, and the product should be listed on a trusted platform,

for this guy, i sent to them at least 10 emails since a week ago, never got a single reply, and I gave them a call,, also was on machine,,

I won't go into mining, Chinese set the mining pools of 3000 - 5000 miner per hub, in the mountains near the water stream competing with the clockwise, so as individual is far more complicated and pointless to keep counting the sand grains in the desert!

 

However, this is a necessary learning curve before to jump into any industry, should learn the process basics, to know how this product / currency being produced, how to be traded, etc..

 

I'm in the learning stage to educate myself the necessary elements, then can implement with any ALTcoins too,

I heard about nicehash, anyone heard about this? or investing in cloud? or ICM?

Actually, I seen an ads banner here in Thaivisa forum talking about ICM between 19-28 Dec. anyone of you logged in there guys?

 

I am sorry for "denby45" about the ponzi scheme, recently I received a such offer too, but denied and ignored,

However, I think the right deal to find a trusted agency such as stock brokers or something alike who can provide advises about what currency to trade, or hold etc,  and should never start with a big amount, just little if lost,, won't make you broke..

I wish to hear more comments, or advises, recommendations etc, share knowledge ..

 

 

 

There is no need to mine yourself, its expensive time consuming and you really need to be very savvy indeed, let a company mine for you, i am doing great with 2 projects which are very safe secure, ethical and ultra transparent, please Private message me for more info, i will be in Bangkok early January if anybody wants to meet up for a chinwag and a Beer and i can point you in the right direction if interested, no obligation, this applies to anybody who maybe interested.

[quandow]

Tulip bulbs. Very expensive tulip bulbs.

[waxpro]

11 hours ago, Acemaker said:

There is no need to mine yourself, its expensive time consuming and you really need to be very savvy indeed, let a company mine for you, i am doing great with 2 projects which are very safe secure, ethical and ultra transparent, please Private message me for more info, i will be in Bangkok early January if anybody wants to meet up for a chinwag and a Beer and i can point you in the right direction if interested, no obligation, this applies to anybody who maybe interested.

Thanks for the comments,

Will keep digging and exploring around till find out,

Thx for your proposal, if it's referral based, I won't be interested in any ponzi scheme types,

legality, transparency is the criteria to go in any venture, no matter what incentives to be promoted,

Anyone involved in this biz, based here in BKK, i am willing to involve,

but no ponzi deals proposals etc, my initial investment max $1k, won't risk jump too deep in this cloudy biz.

share your experience,