Wednesday, January 29, 2014

Monday, January 6, 2014

BEWARE!! Scamcoins.

Well as I trade altcoins and bitcoins I always come across articles about "scamcoins".
How does a regular person know if a particular breed of coin is a scam?
Well there is no real answer.

Every article written about bitcoin or any coin is all opinion.
The whole point of a decentralized currency is avoiding rules and regulations.
So that means there really aren't any policing agencies for these coins.
The best thing I recommend are the two following links.


http://altcoins.com/scamcoins
This has a list of what most would consider a scam.
Although there is a complete lack of evidence proving anything - a general consensus may be the only weapon we have against being rooked.
You might still be able to make money trading some of these coins but I wouldn't recommend have large sums of money in any of the listed coins.

http://cryptolife.net/the-anatomy-of-a-scamcoin-7-things-to-know-before-investing-in-an-altcoin/
This link is an article of red flags to watch for with altcoins.

I wish somebody would make a list of all the exchanges that may be scams as well.
So far when I research each exchanges I can't find one place that has a high approval rating.
It looks as if they all suck -- but they are all we have besides craigslist.
That is a scary thought in itself!!

as always
good luck :)

Sunday, January 5, 2014

My first payout!!

Finally the day has arrived. Our first payout.
After fighting with Linux commend line for a few days I ended up using bitminter for my pool and mining needs.
They also mine namecoin while mining bitcoin.
Yesterday we finally had .01 worth of namecoin the bare minimum for a payout.
I transferred it to my wallet and at current rates I am officially 81 cents richer!!!
Actually a friend and I are doing this mining together so I'm 40.5 cents richer today than yesterday....

Friday, January 3, 2014

coinbase to cryptsy btc transfer (how long???)

today's test is how long it takes to transfer so I may begin the fun of trading :)

I clicked transfer on coinbase at 6:15pm.
After 5 minutes cryptsy already has the transaction pending.
Finally after one hour and 30 minutes the BTC is in my account and ready to trade on cryptsy
I think tonight I am going to research feather coin, primecoin, and peercoin.
I want to say in the back of my mind I didn't get the best first impression of peercoin,
I will post my selections when they are finally made...

good news!!

The generic 4amp power block I found on ebay works like a charm.
I have six block erupters running and a fan off of ONE hub.
The fan is spinning very fast keeping the hub nice and cool.
I now found the cheapest 7-port USB hub possible. 13 bucks including shipping!

The mcm is similar but it only has a 3.5A power source and their price doesn't include shipping.
After shipping I think theirs is around 17-18 clams each.
Still not bad -- if ebay runs out I would certainly jump on the MCM variety.

--

Also in good news.
I finally received my BTC from coinbase.
I purchased at $721 per coin and today when it hit my box it was just under $800 per coin.
I love instant profit!!!

I think I am going to transfer the BTC to cryptsy and trade some altcoin.
DOGE is down over the past few days and it looks like a nice buying opportunity.
This particular altcoin seems to have some controversy surrounding it.
I will find out the hard way if it is a good buy or not...