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User avatar
By danneth
#3758090
Kingston wrote:IM trying to figure out how much potential profit there is to be made as well.

Though if after all this time, he is in theory making a loss (splitting 1k down the middle, tax etc), is that not beneficial to someone for tax reasons or would someone have to be self employed/limited company for that?
It's impossible for anyone to give a realistic number on the profit, I could tell you it's £25,000 for 3 months as per what blackcoin has done that's with a £250 investment but it doesn't make it true.

One thing we have learnt more and and more you don't actually need the hardware of course once paid for it helps get the coins in if you wish, but jut playing the exchanges by buying in with a BTC can be just as profitable.

I don't know where the loss has come from?
MintPal @MintPalExchange We hit a tipping point with the traffic load and are performing some emergency maintenance to add some extra capacity.
:lol:
User avatar
By danneth
#3758112
Menno van Dijk ‏@VDinvestment 12m

Fun fact: If you would've bought 1 BTC worth of blackcoin at the lowest price it has been on mintpal, you would now be up to about 350 BTC.
BTC Glass ‏@BTCGlass 9m

272 btc volume in last 10 minutes on mintpal... Mother of god #blackcoin
Mental.
User avatar
By Kingston
#3758126
Will the government be taxing people on their stock or what they trade?

The loss would be, if youve only made £1k physically so far, but the set-up cost £1500, your £500 down
User avatar
By mjhamilton
#3758140
It is the same as stocks and shares so you will need to pay taxes on any gains
User avatar
By Kingston
#3785772
So has the arse fallen out of it yet or is Danneth now richer than Stu (who is poorer than me)
User avatar
By EvoStu
#3785778
Kingston wrote:So has the arse fallen out of it yet or is Danneth now richer than Stu (who is poorer than me)
See for yourself.
https://coinmarketcap.com

The key is switching currencies when the arse falls out of them.
User avatar
By danneth
#3785785
As Stu said, it's very hit and miss now you have to be constantly switching as there is that many being fed into the system, we don't really mine any further coins now it sits on a multipool just getting alt coins and converting into BTC as I'm sure some will have seen there has been big news lately with Dell moving forward with BTC and ATM's now being installed in the USA / UK analysts are predicting that it would go to $2000+ a coin

The short term profit is made in the markets at the moment but there are that many scams, whales involved that you need a large slice of luck, we have just had another coin rocket up in value that we was on in the start but got out of it as it looked like it had taken a turn for the worse but we would actually be sat on 8BTC had we stayed on it and we only invested 0.1BTC into it at the start, we have also lost big amounts within 24 hours from the scams that are taking place weekly, they are currently developing features to stop this but I'm sure it will always be there in some form.

In short I'm not as rich as Stu and will never be near to your scale of wealth, but it's a nice sideline and passes the day on when working.
User avatar
By mjhamilton
#3785791
didn't see any of this coming...

..... I mean scams becoming common place in an unregulated and ungoverned environment with no accountability, policing or affiliation with a proper organisation like the BoE or other equivalent

So as stated before it is merely a form of gambling which is disguising a pyramid scheme and nothing more - the only difference between this and fruit machines is that you need to spend thousands of £££ or equipment, invest time and resources into the gamble
User avatar
By EvoStu
#3785793
danneth wrote:As Stu said, it's very hit and miss now you have to be constantly switching as there is that many being fed into the system, we don't really mine any further coins now it sits on a multipool just getting alt coins and converting into BTC as I'm sure some will have seen there has been big news lately with Dell moving forward with BTC and ATM's now being installed in the USA / UK analysts are predicting that it would go to $2000+ a coin

The short term profit is made in the markets at the moment but there are that many scams, whales involved that you need a large slice of luck, we have just had another coin rocket up in value that we was on in the start but got out of it as it looked like it had taken a turn for the worse but we would actually be sat on 8BTC had we stayed on it and we only invested 0.1BTC into it at the start, we have also lost big amounts within 24 hours from the scams that are taking place weekly, they are currently developing features to stop this but I'm sure it will always be there in some form.

In short I'm not as rich as Stu and will never be near to your scale of wealth, but it's a nice sideline and passes the day on when working.
At least you have some epic hardware at your disposal.

The biggest issue for bitcoin and alternative miners was when some very large enterprise organisations switched their hardware onto mining. The small individuals and even the pools simply couldn't compete.
User avatar
By Kingston
#3785794
So in simple terms, are you up/down and if so by how much?
User avatar
By EvoStu
#3785797
Kingston wrote:So in simple terms, are you up/down and if so by how much?
I suspect he's up by a small amount but has a load of decent second hand PC hardware.

Albeit that hardware (the graphics cars anyway) will have 10 years of usage on them in their short life time. :lol:
User avatar
By danneth
#3785808
Kingston wrote:So in simple terms, are you up/down and if so by how much?
Up all hardware is paid for, we will just keep mining BTC on the multipool now and what seems like a little amount at the moment if the price reaches what they predict then it "could" be a nice payday.

We stopped selling the various coins more or less as soon as everything was paid for, we now just try to land on some of the early ones and look for ones that make x10 profit more or less straight away but it sounds easier than it is at the moment, don't think we have ever recovered mentally from pulling out of blackcoin early and missing out £20k + :bigcry:
User avatar
By danneth
#3785809
EvoStu wrote:
danneth wrote:As Stu said, it's very hit and miss now you have to be constantly switching as there is that many being fed into the system, we don't really mine any further coins now it sits on a multipool just getting alt coins and converting into BTC as I'm sure some will have seen there has been big news lately with Dell moving forward with BTC and ATM's now being installed in the USA / UK analysts are predicting that it would go to $2000+ a coin

The short term profit is made in the markets at the moment but there are that many scams, whales involved that you need a large slice of luck, we have just had another coin rocket up in value that we was on in the start but got out of it as it looked like it had taken a turn for the worse but we would actually be sat on 8BTC had we stayed on it and we only invested 0.1BTC into it at the start, we have also lost big amounts within 24 hours from the scams that are taking place weekly, they are currently developing features to stop this but I'm sure it will always be there in some form.

In short I'm not as rich as Stu and will never be near to your scale of wealth, but it's a nice sideline and passes the day on when working.
At least you have some epic hardware at your disposal.

The biggest issue for bitcoin and alternative miners was when some very large enterprise organisations switched their hardware onto mining. The small individuals and even the pools simply couldn't compete.
Ye even that wasn't a problem at first as people then jumped on the alt coins and there was some nice profit and easy mining in that, but the market is just getting flooded now with various coins and different mining methods so you would have to spend hours a day / week researching, setting the machine up, downloading new wallets etc etc it's easier just to trade on the market.

Worst case when Project Cars comes out I double two of the 280's up :lol:
User avatar
By EvoStu
#3785833
Thing is, this was ALWAYS going to happen. If any idea is worth copying even in the short term, then it will happen. The only reason bitcoin is being chosen a the basis of most other virtual currencies is because it was the first. The market is so volatile that I can't see most surviving.
User avatar
By danneth
#3789078
http://www.telegraph.co.uk/finance/news ... orces.html
One of the world's biggest payment services is reportedly close to a deal to embrace Bitcoin, in a potential milestone for the online currency.

eBay, the world's biggest auction site, is in discussions with the Bitcoin exchange Coinbase over integrating it into Braintree, a division of its internet payments company PayPal, according to the Wall Street Journal.
User avatar
By mjhamilton
#3789212
danneth wrote:http://www.telegraph.co.uk/finance/news ... orces.html
One of the world's biggest payment services is reportedly close to a deal to embrace Bitcoin, in a potential milestone for the online currency.

eBay, the world's biggest auction site, is in discussions with the Bitcoin exchange Coinbase over integrating it into Braintree, a division of its internet payments company PayPal, according to the Wall Street Journal.
hopefully that'll be an opt in service that you can stay well away from given the choice

I want to use eBay to buy stuff not for commodity speculation

If I want to do that I'll go to the stock exchange
User avatar
By mjhamilton
#3794741
Danneth.. have you talked to Alex Salmond to offer your services as the new Scottish mint and currency controller for an independent Scotland?? :bigthumb:
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