Discussion in 'Off Topic Chat' started by NeonSun, Mar 8, 2018.
Anyone tried it? I'm curious to try but I'm not sure if it's not a scam. What do you think?
If electricity is cheap where you live, you can make money on Bitcoin and Ethereum mining. If it's not, it's possible you'll make money if the price goes up. Cryptocurrencies are extremely volatile right now, and all your currency might become worthless very quickly. You can see from the article that despite the intention for Bitcoin to be decentralized, it's actually dominated by large mining pools, which control its price to a very large extent. Ethereum is trying to move away from this hideous waste of energy. You could probably still get rich if you get lucky and mine some obscure cryptocurrency that will suddenly spike in popularity and price.
Wonder how long it will take before someone figure out a method to let Amazon and Google servers do the job for free for those miners?
What’s that saying with stocks....”The greater the risk, the greater the reward”
Literally a $10 dollar investment 7 years ago would have inflated to 20 grand this past December. The big if most “recent miners” are holding on to is that it could boom like that again. I’m pretty sure I read that the head of Macafee has even predicted it could jump to a million.
The problem though with choosing an obscure currency....there are just so many of them....literally there are over 1300 crypto currencies right now. Bitcoin itself is probably the safest bet since aside from being the largest, it’s practiclly a synonym for cryptos in general. Ethereum, Ripple, Litcoin would be the next 3.....but I’m predicting that vast majority of those 1300 other crypto currencies will always be pretty worthless. Cashing in on an obscure one jumping In value would be akin to winning the lottery.
So was probably Bitcoin back in the day. I remember looking at it then and thinking if it takes off it will become a juicy target for hackers. That is how smart I am.
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