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    Ikky's Avatar

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    User Hash: mTh3NNhQIP Address Hash: Djy2YNYk
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    Does anyone do that here? How profitable is it compared to BT? Just wanted to hear from someone knowledgeable on the topic.

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    User Hash: m222MMYYIP Address Hash: jD0mNMgd
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    I have a few alt coins, and have profited a bit off them. I also invested in a few ICO's coming out in July which hopefully turn out to be profitable also. I would say that it is much better money than BT if you know what you're doing and actually research the coins you'd be buying.
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    Multitask
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    As liqua said, if you put in the time to research it, it can be very profitable. Most people who bought in last year and sat on their BTC til now are profiting due to the price continually going up. BTC is only gaining momentum in other countries now, and some big banks (including foreign) are even buying into it.

    For other currencies, due to the risk, it takes more time and research because you need to know when the right time to get out is.


    It's similar to investing in stock in the real world.

    https://poloniex.com/ is a good site to visit (though don't pay much attention to trolls in the chatbox), as is /biz/ on 4chan.


    All in all, it's definitely not as fun or exciting as it was a few years ago, but it's definitely still a good way to make money--or even invest for the future. IF you do your research.

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    nighter's Avatar

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    User Hash: j255NZQQIP Address Hash: WGk3ZOZM
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    I don't recommend buying into popular coins right now since its a bloodbath but trading is definitely the way to go. Join a lot of discord groups as people are willing to help you there. Also don't panic and sell, most of all, research, research and research cause if not, your chances of losing are much MUCH higher.

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    W8GS
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    It's profitable to trade if you know what you're doing but if you don't then you will lose money. The entire market has been bleeding constantly the last couple of weeks so wait for them to hit bottom first before you start trading. Don't bother mining unless you get free/very cheap electricity, mining coins isn't worth it since you will most likely end up losing money from electricity costs and you'll need maybe $30,000 worth of hardware for it to even be maybe considered lucrative. Don't do any cloud mining shit either because that garbage is a straight up scam. Running masternodes is also pretty decent income if you manage to invest in early e.g. DarkCoin before it became DASH would net you ~$1200/masternode/month from an initial investment of $500 back a couple years ago (now the buy-in is priced at around $160,000/masternode). For running something cheaper I also have a couple PIVX (formerly Darknet/DNET coin) masternodes from buying in earlier and now they're currently valued at a buy-in of $17,000-$20,000/masternode right now, the monthly pay at the moment is pretty bad at around $100/month but with the current growth of the coin and crypto in general I think the potential there is worth even if it goes to only around $10/coin (currently ~$1.70/coin with ATH @ ~$3 before market started bleeding at time of writing). We were planning on making an exchange bot for cryptocurrencies last month as an add-on to Gamersoul VIP but have since then put that plan on hold for now to work on some other stuff. If you're all for believing in Bitcoin's future then just buy in when it hits it's lowest point (maybe around $2,100 or even sub $2,000) and then wait for the market to recover before deciding to do anything. I know liquad mentioned ICOs but don't bother with that either, most ICOs are based on nothing except a weak promise and a poorly written whitepaper and while it is profitable upon hitting an exchange (I made a few thousand dollars off the ICO hype as well), the actual use of these tokens issued is useless and in the end when these companies decide to cash out it'll cause market price to crash heavily since they trade their ETH or whatever coin they used to fiat pulling a huge amount of money out of the crypto market because realistically most of these ICO companies will fail despite getting full funding in the tens to hundreds of millions and will cost many average people money (hence most ICOs not being allowed in the United States). All in all, if you want in on the cryptocurrency scene then you're better off 1. buying and holding alt coins for future price spikes 2. trading/shorting alt coins for quick profits on exchanges 3. buying and holding Bitcoin long-term rather than trying to mine coins and lose money in the long run from electricity and hardware costs + mining difficulty increases.
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    Ikky's Avatar

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    User Hash: mTh3NNhQIP Address Hash: Djy2YNYk
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    thanks everyone, very informative

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