The Mining Play

Crypto Mining ⚒ & Trading


Interesting article and they make some very valid points RE the existing manipulation by governments. Some governments, banks, and other institutions see the value in cryptocurricies and desire to utilize them. Others are panicking because they don’t understand them.

However, I would disagree with their assumption governments could take over crypto. While they could regulate (ie: tax earnings upon crypto), they cannot “take over” crypto unless they move to a “great firewall of china” model of internet regulation and try to block the s**** out of coin competitors. And tech has found a way around the “great firewall” already, and, IMO, will continue to do so for future attempts. (See White Hat hackers v Black Hat hackers). Plus the black hat hackers would probably hack the hell out of any government which tried.

IMO, a government could create their own coin and back it, manipulate it, pump and dump it, in any manner they see fit; however, due to the real free market for crypto, no one has to mine, buy, or trade it. The world free market will decide which coins it feels have value. Just like we value a worthless piece of paper as a $100 bill. Many scam crptocurrencies do exist. Go to any crypt coin price tracking page and you can see these coins with little or no value and market share. The global free market determined they are worthless.

IMO, if a government tried the same thing, the global free market would determine if they have a value. If the government F***'s around with it, then it will be worthless too. The government has to post the code and the algorithm to allow programmers to create miners to mine the coin. Once programmers get into the code, they can see if the government screwing around, and, if so, then the coin is going no where, IMO.

Further, once a government tries to force acceptance of one coin or prevent another coins use, it backfires. Recently China enacted rules to prevent the buying or selling of BTC with the Chinese Yuan. Currently, all public and private parties are barred from buying or selling BTC with Yuan. The market adapted, and now the Chinese exchanges have moved out of china, the Chinese people are using peer-to-peer apps to transact in BTC, and nothing prevents creating a wallet outside of china which then can be used to transact BTC in China. If the Chinese had decided to tax BTC transactions, they could have earned enormous sums of money and kept the BTC transactions in China. Now they have lost all control.

IMO, due to the electronic nature of crypto, safe havens can pop up anywhere in the world to continue the viability of a crypto coin and transactions in that coin. All you need is an internet connection and a computer. Until such time as we have one world government (a nod to all you science fiction fans), IMO no government can take over crypto.

As I posted earlier, IMO, I feel cryptocurrencies are analogous to electronic precious metals. They have to be mined. You hold held them electronically in wallets, like you would hold gold in a safe which no one can access (ie: you can put you wallet on a harddrive or USB and keep it in your safe). You can trade futures in them. And we arbitrarily assign a value to them linked to fiat currencies. IMO a smart investor would diversify into many wealth capturing devices, including stocks, bonds, cash, precious metals, commodities, AND cryptocurrencies. Each will protect your from the vagaries in the other’s markets. IMO those who dismiss the viability of cryptocurrencies are doing so at their own financial peril.


I don’t think that the goldbugs and economic meltdown theorists that read this thread will entertain your electronic money theories.


This officially marks the top of the crypto currency market. Can we say the same for a bottom in MDMN prices?


You make solid points re: ETH and BTC; however they accomplish very different things, one being a platform and one being a pure currency play. ETH has its own challenges as well with the emergence of platforms like NEO, Stratis, EOS, and the biggest threat of all IMO in DragonChain. It’s true there are lots of scams but those legitimate tokens left standing will be grand slam home runs. Many already are.


Agreed. Technology is not going away. New advancements occurring everyday. Being an early adopter has risks, but the rewards can very, very good.

With the relative tight trading range for BTC right now, switching my mining rigs to ETH for a while. The chart seems to have more strength. Plus you have a bunch of hard forks supposedly (some look dodgy) on the way with BTC which could play havoc with the price until the dust settles.


Wow, a thread on cryptos, Didn’t see that.


I will be buying a lot of Litecoin, the Litepay debit card will be coming out in February, this will be a game changer, Litecoin is undervalued, it should do extremely good in 2018, i won’t say you will get rich with it, but it will go up faster than MDMN :wink:


For newbies, a must is buying the Cryptos, like Bitcoin , Eth or Litecoin, i prefer Litecoin, it’s faster and cheaper in fees, there’s places for this, like Coinbase (easiest) or Gemini, there 's a lot more, just choose the one you want, another must is opening a Binance account, there you can buy and trade all the cryptos you want, i won’t put my referral links, i am not here to profit from you :grin:.


I agree LTC has cheaper trans fees, but is that a good thing? LTC doesn’t have the volume of ETH and ETH trans fees are close. I do not have the multiple transactions per day which would result in the cost of the trans fees being really relevant. If I had 100 transactions a day, then, IMO, yes trans fees would become more relevant. LTC chart seems to track more closely with BTC chart. ETH seems to be doing its own thing. ETH has outperformed both BTC and LTC, with LTC outperforming BTC over the last few months. To each his own, I am focused more on the mining aspect than the trading aspect, so the price of a coin at any given time not as relevant.

As I mentioned early, the chart for BTC looking a little weak right now. A lot of volatility, more than usual. Plus the upcoming hard forks, IMO, may continue the BTC price weakness. LTC, although not forking, tends to mirror BTC pricing. ETH only has one fork coming up (not a dozen), and, IMO, it doesn’t look look like it will have a big impact. I haven’t sold any of my BTC, but for the time being, my miners will be auto exchanging and paying out in ETH. Once all the dust settles in a month or so, I will reevaluate.


There’s a guy in Quebec, that started mining in his basement, and now he’s got 4 big warehouses, full of miners, Chinese miners, are looking to transfer their business in Quebec, how many miners do you have ?


Unlike Jak, i am trading Cryptocurrencies.


Im small time, right now only four machines each running 5 gpu. Like the guy in Quebec, Im working with a group to try to begin more commercial grade mining. Hardest part is finding a reliable source for parts, the GPU or ASIC supply not readily available in bulk. And, with the ASIC miners, unless you have already front loaded your purchase contracts, you have to spend the money now without getting your machines for 3-4 months. Otherwise you pay a premium through reseller and your ROI goes out the window. We hope to get a series of GPU machines active then roll the profits into regular purchase contracts for ASIC.



End of cryptocurrencies: Bitcoin, Ripple and Ethereum PLUMMET amid fears of collapse


Ouch, that’s gotta hurt. Slow and steady is my old guy motto :wink:


I found this interesting!


I bought some BLOK today since the ETF will be in the technology companies for blockchain.


Good find Karl. I feel most people don’t understand the nature of cryptocurrencies and the what actually goes into them. As more “standard” financial markets realize the potential in cryptocurrencies, you will see more ETF’s and other parallel investments with cryptocurrencies.

No. Market correction. It’s good to see. Every market needs both bulls and bears. The interplay between the two make markets healthy. The ability to profit off both makes one smart (an wealthy)!


Not so bullish until most cryptocurrencies disappear and they make significant inroads to being used as an actual currency as oppose to just lots of speculation and fanfare. Something new will emerge out of all of this but will just watch from the sidelines as I will be the first to admit that I don’t understand them and don’t have the drive to learn.


Nice Karl.


No condolences necessary. The “plummet” is way overblown and most that have been in this space for any length of time are still enjoying enormous gains. Quite frankly it’s allowed me to forget about the debacle that’s been MDMN.