Hey folks --
Incredibly unexpectedly to me, DogeCoin seems to have struck a chord with the world, and now I'm seeing all sorts of new people into cryptocurrency. Welcome! To me, the cryptocurrency scene is utterly fascinating. However, as it is so new and money is involved, it can be quite dangerous. So, I'd like to share some advice that I've attained through being involved in the community for awhile:
- The world of Cryptocurrency is the Wild West 2.0
This is the main point I want to make, and the rest are just supporting details. There are good people and there are scammers. There are opportunities to grow and learn and contribute cool things, and there are sharks that will take advantage of people and fraud them out of money. There are genuine market dynamics as well alongside massive manipulation, and it's hard to tell which is which without studying it for awhile. There aren't any rules, there can be rampant greed a times, there are always bubbles on bubbles on bubbles (see http://www.pbs.org/wgbh/nova/body/mind-over-money.html
-- this basically shows that humans naturally make financial bubbles and how the entire market is ruled by psychology). I have no doubt that cryptocurrency will be studied for years, academically, as "what happens in a free market." Fascinating stuff. Just know what you're getting yourself into!
- Never "invest" in Cryptocurrency more than you are willing to lose
First of all, buying cryptocurrency is not really investing, it's much closer to gambling. I have never recommended purchase of any crypto with dollars to anyone, but I always recommend mining, because it's quite inexpensive and makes it easier to treat these coins as magic funny money. Pretty much all cryptocurrency "value" is just the amount of bitcoin people are trading it for, and bitcoin is an extremely volatile asset that can and has dropped in value 50%+ overnight, and that isn't any different with DogeCoin.
This is why I want to keep the DogeCoin community lighthearted. It's never fun to lose money, but everyone needs to understand that, unless they are just mining, any money they put into it can be lost. Not trying to scare everyone away! Just be careful.
- If you decide you want to purchase, use exchanges, ebay/paypal is not generally recommended
Even though I wouldn't recommend purchasing over mining, if you insist, I would always recommend going through http://coinbase.com
, purchasing bitcoin, and trading it for dogecoin at market value on one of the major exchanges (bter, vircurex, coinedup, imo. Cryptsy, as you have seen, is a bit of a toilet) as opposed to purchasing anything on ebay/paypal, even though it is faster. First of all, people mark up the price on ebay, because they are targetting newbies. Second of all, paypal will not honor any cryptocurrency agreement, so if the buyer files a dispute, the seller won't get the money - another reason for markup. This goes for selling as well, for the same reasons.
- Use different passwords on different sites
The vast majority of people are honest, but not everyone, so be careful and diligent. Don't use the same password twice, set up 2-factor authentication wherever you can. Forums often get hacked and steal passwords, and sometimes site operators aren't safe and have your passwords hidden in plaintext.
- Make wallet backups and encrypt your wallet
Your wallet.dat file holds are your coins. If you lose that, you are toast. If someone copies that file from you, they can steal all your coins. You want to encrypt it and use a very strong password, and back it up - on a thumb drive, etc. Or export the private key and write it down somewhere (google paper wallet for how to accomplish this)
Note that there is a bug right now for some windows platforms when encrypting the wallet. I'll fix it soon..ish... >_<
- Don't leave your coin in online exchanges or pools too long, or too much online wallets
When you're using an exchange, pool, or online wallet, keep in mind that at any point they can go down or be hacked. It's best to keep the payout threshold low in pools and only keep money in online exchanges you find trustworthy with 2-factor authentication. Considering its newness, DogeCoin does not yet have long running trusted services, so of course not saying dogewallet (or any other wallet service that will come about for dogecoin) is untrustworthy, but that it is a risk to keep too much coin in any type of online wallet.
(Note - dogewallet turned out to be a unsafe/compromised/maybe a scam)
- Consider Mining CPU Coins and GPU coins at the same time
If you're mining Dogecoin with a graphics card, you can also mine with your CPU at the same time (though generally you'll need to use MAX_CPU_THREADS - 1 to avoid issues). There are some coins that are essentially CPU only -- the most interesting of these, I find, are Primecoin and Protoshares. The easiest way to do this is to go through http://www.ypool.net
and follow the instructions from that site. Both these coins are well established and have interesting algorithms. Mining two coins at once -- much profit!
- Try not to become elitist! Continue being generous, welcoming, and have fun
This is my last piece of advice to all. This is the tone I hope to always keep for DogeCoin. The cryptocommunity is full of elitism and greed, and it makes sense in from a psychological standpoint. People get very invested and want to thwart away anything that entrenches on their territory. I hope that the DogeCoin community will never get that way. I want us to understand how that happens and resist it. Even though 5 new coins just came out that essentially cut and paste DogeCoin, we don't need to trash their coins and feign being superior to everyone - there will be many more popular coins that come out in the future. And really, I mean, c'mon. I slapped a dog on a coin :) Let's remember that and continue to do what I am seeing right now, which is incredibly welcoming, generous, and fun.
Thanks folks. Enjoy your holidays :)
I've made about $300 in the last 2 weeks using these methods (and 5 dedicated servers, and 3 aws instances). Protoshares are a alternate cryptocoin (altcoin) similar to Bitcoin. However, unlike Bitcoin they are desgined to be mined using CPU power, ins Keywords: ypool,ypool.net,mining,pool,coins,primecoin,xpm,bitcoin,btc,protoshares,pts,litecoin,ltc,crypto,currencies,cryptocurrencies. Last update was 2096 days ago UPDATE NOW. This can take up to 60 seconds. Please wait... *HypeStat.com is not linking to, promoting or affiliated with in any way. Only publicly available statistics data are displayed. ypool.net Traffic Summary. 1K daily ... After trying out PTS mining at ypool we have also decided to try out another Protoshares mining pool with CPU mining to see if we are going to get better results with the Round-Based Pay Per Share (RBPPS) payment system and the lower 3.5% fee that the 1GH PTS mining pool has. We’ve been testing the pool with GPU miners lately, however for the last 24 hours we tested only with CPU miners to ... Also note than on Ypool’s howto page for mining Protoshares you can only find a CPU miner, though you can also find GPU miners that will work with the pool. Also in order to withdraw your mined Protoshares you need to have at least 1 PTS available in your balance. 1GH is a smaller pool than Ypool, but is growing well and is an easy and simple solution to get you started. It is one of the ... Testing Protoshares (PTS) Mining with GeForce GTX 750 Ti ... ypool - jhProtominer - 477 c/m PTSpool - PtsGPUz - 379 c/m ProtoSharesPool - PtsGPUz - 375 c/m. It seems that upcpu’s dedicated GPU miner that supports only their own pool is the fastest in terms of performance, however the pool is is Chinese, but since it does not require registration you should be able to easily figure how to ...
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