PC - Put your GPU's to good use - Make some money

Psycho Sonny

Active Member
when trading your looking to increase BTC not fiat.

otherwise you wouldn't be trading at all if you thought fiat was going to do better.

you seriously don't understand the concept of it all.
 

imightbewrong

Distinguished Member
At some point you need to get it back to real money so you can spend it, so it matters :) Unless you are just going to use it to buy drugs, pay a ransom, or maybe a nice t-shirt for your CoD avatar.
 

springtide

Distinguished Member
when trading your looking to increase BTC not fiat.

otherwise you wouldn't be trading at all if you thought fiat was going to do better.

you seriously don't understand the concept of it all.
I don't think you understand the concept of money!!

To help you on this one as you seem to only live in the Matrix, so let's assume we are fully crypto now. Replace USD with USDT. As in, what is wrong with buying Tether if it's value is increasing compared to BTC, and exchange back to BTC once you've made a profit?
I'm surprised why you haven't thought about why anyone would create a token that is directly linked to USD.

It's also funny how you state that the FIAT value of BTC is irrelevant, and only trade relative to BTC... then you go on to say... because BTC will be worth $50k someday.
I detect a conflict in statements [emoji57]
 
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Psycho Sonny

Active Member
i'm talking about when he said enjin was 12 cents now it's 14 cents.

it's fiat value has no indication of whether you have made a profit or not.

an example of this would be as follows.

I have 100 bitcoins.

Scenario 1 - I buy Enjin for 12 cents swapping my bitcoin for it
Scenario 2 - I keep my bitcoins

3 weeks later

Enjin is now priced at 16 cents
Bitcoin price in that time has quadrupled

Scenario 1 - I sell my Enjin and I now have 31.25 Bitcoins - the 31 bitcoins is worth more than my 100 bitcoins 3 weeks ago but I've lost 69 bitcoins. therefore I've made money but in real terms lost it. This is why you never use fiat
Scenario 2 - I still have 100 bitcoins. This is why you use satoshi value. You wanto to end up with more bitcoin than what you started with.

stop using fiat when talking about trading you talk about the satoshi price. or whater trading pair you use.

you cannot use FIAT as a trading pair when using altcoins. so people talking about USD and USDT and bitcoin as a trading pair when we are talking about altcoin trading don't know what they are talking about. we aren't talking about converting to fiat but trading altcoins.

if in the future you want to cash out then yes fiat value matters but again it's a mute point because the point is if alts go down btc will have went down too. you should have cashed out before trading.

seriously you guys need to read through what i am saying
 

Psycho Sonny

Active Member
I don't think you understand the concept of money!!

To help you on this one as you seem to only live in the Matrix, so let's assume we are fully crypto now. Replace USD with USDT. As in, what is wrong with buying Tether if it's value is increasing compared to BTC, and exchange back to BTC once you've made a profit?
I'm surprised why you haven't thought about why anyone would create a token that is directly linked to USD.

It's also funny how you state that the FIAT value of BTC is irrelevant, and only trade relative to BTC... then you go on to say... because BTC will be worth $50k someday.
I detect a conflict in statements [emoji57]

again you are missing the whole point of what i am saying
 

Psycho Sonny

Active Member
genuine question.

how many of you actually trade altcoins? and do you use fiat value to buy and sell or satoshi price?

bet all these people agreeing and saying funny post have no idea because they have never done it.
 
Please don't use the funny function as sarcasm. If you don't agree with the post, then present your counter argument.
 

imightbewrong

Distinguished Member
if in the future you want to cash out then yes fiat value matters

Exactly - the real money price matters because people want to actually use it. If it was a one-way thing where you put real money into the cryptoverse and never wanted it back, then yes forget USD.

But people want to know when and what they can buy with their trading profits.
 

springtide

Distinguished Member
genuine question.

how many of you actually trade altcoins? and do you use fiat value to buy and sell or satoshi price?

bet all these people agreeing and saying funny post have no idea because they have never done it.

You need to look at both the FIAT price and BTC price when trading, as both are important.
This is why if you use something like Binance as a trading platform you can see both values.
It's why Tether was introduced, so you have an alt coin that is linked to FIAT.

As you have mentioned in your senario above, if you substitute ENJ for USDT the same trading profits apply.

e.g.
Let's say today that 1 BTC buys you 12000 USDT. If USDT rises relative to BTC, and now 1 BTC is now only 6000 USDT, then you could sell USDT back to BTC and now have 2 BTC.
 

Psycho Sonny

Active Member
You need to look at both the FIAT price and BTC price when trading, as both are important.
This is why if you use something like Binance as a trading platform you can see both values.
It's why Tether was introduced, so you have an alt coin that is linked to FIAT.

As you have mentioned in your senario above, if you substitute ENJ for USDT the same trading profits apply.

e.g.
Let's say today that 1 BTC buys you 12000 USDT. If USDT rises relative to BTC, and now 1 BTC is now only 6000 USDT, then you could sell USDT back to BTC and now have 2 BTC.

not relative when trading altcoins for profit.

satoshi value is used for trading. only relative when trading back to fiat is the fiat value relative.

so buying and selling enjin the fiat value is not the one you should be using.


when buying and selling to fiat then yes fiat value should be used.
 

The Atheist

Well-known Member
The simplest way to look at it is whatever coin you choose to trade from, always judge your altcoin profit/loss against that. Eg. I opted for Ethereum, so now I look at selling for more Ethereum than a paid originally (typically around 20% profit).

You have to separate the crypto market from the real world money market when judging your trades. The only time I will look to exchange for FIAT is when there are significant gains available. Otherwise I focus on improving my position in the crypto market.

Ultimately my aim is to make more dollers/pounds/euros, but not on a "day trading" basis. It's all about the long game.
 

Psycho Sonny

Active Member
The simplest way to look at it is whatever coin you choose to trade from, always judge your altcoin profit/loss against that. Eg. I opted for Ethereum, so now I look at selling for more Ethereum than a paid originally (typically around 20% profit).

You have to separate the crypto market from the real world money market when judging your trades. The only time I will look to exchange for FIAT is when there are significant gains available. Otherwise I focus on improving my position in the crypto market.

Ultimately my aim is to make more dollers/pounds/euros, but not on a "day trading" basis. It's all about the long game.

so when your trading you don't look at the fiat value but the ethereum value?

which backs up my point that people using the fiat value when trading are doing it wrong.

fiat value is only relative when cashing out, not altcoin trading.
 

springtide

Distinguished Member
so when your trading you don't look at the fiat value but the ethereum value?

which backs up my point that people using the fiat value when trading are doing it wrong.

fiat value is only relative when cashing out, not altcoin trading.
Who mentioned FIAT? I stated USDT price.

As in my example above, if trading with BTC and altcoins, you need to look at all of the markets including USDT.

You seem to have no objection with jumping on ENJ if it's increasing in value compared to BTC, but object to trading with USDT.

This is no different to trading commodities and multi currencies. You may buy a commodity with GBP, and sell at a profit, but move the money to EUR or USD if your base currency GBP is negatively turbulent.
 

Psycho Sonny

Active Member
Who mentioned FIAT? I stated USDT price.

As in my example above, if trading with BTC and altcoins, you need to look at all of the markets including USDT.

You seem to have no objection with jumping on ENJ if it's increasing in value compared to BTC, but object to trading with USDT.

This is no different to trading commodities and multi currencies. You may buy a commodity with GBP, and sell at a profit, but move the money to EUR or USD if your base currency GBP is negatively turbulent.

Danielson mentioned fiat.

When talking about trading Enjin. I then replied with your talking about fiat values and itsi the satoshi price he should be tracking
 
Danielson mentioned fiat.

When talking about trading Enjin. I then replied with your talking about fiat values and itsi the satoshi price he should be tracking

I think when people are trying to prove a specific point they are making, mentioning points made by other people when replying or quoting another just confuses the issue.

You all obviously have your own ways of watching the markets and acting upon them to your best advantages, and you each probably think your method is the best.

Lets just leave it at that shall we?
 

springtide

Distinguished Member
Switched to Tether on the 29th to help weather the storm, can't figure out when to switch back to BTC. Its been hovering around £4750 for a few days now. Anyone have a crystal ball?
 

Synchro

Distinguished Member
Latest update

Here is a recent video (taken just now) of my miners and their current set up.

They have been housed in sound proof boxes.
They have been hooked up to a dedicated 30Amp line, specifically put in for the mining.
They vent their heat via ducting into the atmosphere.

There are: -

2 x S9's (bottom one offline awaiting hash board repair)
1 x SL3+ (middle one)

 
Bloody hell they are loud.

So has mining for the little guy dried up now (cost versus payout) and its all dedicated miners or gpu farms?
 

Synchro

Distinguished Member
They sound louder than they are. Those boxes really reduce the noise. When they run outside those boxes they are VERY loud.

I kept mining through the last three months. They were very occasionally running at a slight loss, but not enough to worry about.

Back into daily profit territory again.
 

ohh_danielson

Distinguished Member
I stopped about a month or so ago. Not sure how it's doing now, if it's profitable again etc. Might check but I doubt it is profitable for me now or if it is it'll be marginal.
 

Clarey

Active Member
are you the type of person that would drop £20 on a skin? if not then you aren't the target market.

also £20 on a skin is nothing there are skins that go for over £1K each on PUBG and CS:GO, etc.

ENJIN has a really long roadmap. it's going to be like 2 years before it's full potential is seen. it's still very much in it's infancy. it will come on leaps and bounds over the next 2 years with more and more deals and agreements they sign up.
Holy Thread resurrection, I remember reading this 2 years ago and thought I would check up on it, I hope sonny took his own advice:thumbsup:
 

Psycho Sonny

Active Member
Holy Thread resurrection, I remember reading this 2 years ago and thought I would check up on it, I hope sonny took his own advice:thumbsup:
I cashed out several £k profit yesterday and also 8 days ago at $59.4k

I'm happy with the money made I tried to get others on here to ride the train with me but a lot of folk were dubious.
 

zAndy1

Distinguished Member
I want to get into this but is it feasible with no dedicated mining rig just a gaming pc with an rtx 3070? I was planning on giving it a go with nicehash but if there's a better option I'm all ears. Of course I know I'm not going to get rich just mining with one GPU but if it covers the cost of the card that's a good start. I'm tempted to go further though and get a proper mining rig up and running but I guess the initial outlay is prohibitive in the current climate...
I thought about doing this a few years ago but never bothered, sure wish I had now...
 

anlygi

Well-known Member
I want to get into this but is it feasible with no dedicated mining rig just a gaming pc with an rtx 3070? I was planning on giving it a go with nicehash but if there's a better option I'm all ears. Of course I know I'm not going to get rich just mining with one GPU but if it covers the cost of the card that's a good start. I'm tempted to go further though and get a proper mining rig up and running but I guess the initial outlay is prohibitive in the current climate...
I thought about doing this a few years ago but never bothered, sure wish I had now...
I had earned about £175 quid of BTC since starting with Nicehash on 16 March. There's been a big dip this past few days and £30 has been wiped off my Coinbase (I converted some to Ethereum and took a small punt on a few others) but definitely worthwhile with a single 3070. Not going to make you rich, but it's money for nothing and I intend on holding mine rather than selling in the hope it will keep moving up.

Screenshot_2021-04-23-20-51-48-785_com.coinbase.android.jpg


I did withdraw £20 of it to show the wife it's not 'invisible money'. Must put it back in actually now it's down, forgot, maybe invest some actual cash whilst I'm at it.

I have tinkered with Afterburner and got my hashrate to 62MH whilst the card is consuming 118w, with very cool temps. Much cooler than Nicehash's optimisation. I'll can share it if you start.
 
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zAndy1

Distinguished Member
I had earned about £175 quid of BTC since starting with Nicehash on 16 March. There's been a big dip this past few days and £30 has been wiped off my Coinbase (I converted some to Ethereum and took a small punt on a few others) but definitely worthwhile with a single 3070. Not going to make you rich, but it's money for nothing and I intend on holding mine rather than selling in the hope it will keep moving up.

View attachment 1499767

I did withdraw £20 of it to show the wife it's not 'invisible money'. Must put it back in actually now it's down, forgot, maybe invest some actual cash whilst I'm at it.

I have tinkered with Afterburner and got my hashrate to 62MH whilst the card is consuming 118w, with very cool temps. Much cooler than Nicehash's optimisation. I'll can share it if you start.

Thanks for that, are you using a 'normal' gaming PC. I think I've got a pretty good idea about what settings to try using MSI afterburner, just a bit worried about stressing components and potential warranty issues. Not convinced I'm going to get the best results as I haven't got the best 3070 card, it's an Asus dual oc , if I get 60MH/s I'll be pretty happy. I'm completely new to this so haven't got the foggiest idea how the proceeds from mining can be converted to GBP and withdrawn to my bank account but I'm guessing nicehash has some help available for newbies like me...
Can you choose which crypto to mine with nicehash and if so how do you know the best one to go for?
Thanks for the reply 👍
 

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