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Using GPU mine SiaCoin

I’ve downloaded the SiaCoin miner and started using my GPU to mine SiaCoin. SiaCoin announced they will be releasing an ASIC miner to be released in 2018. This means I got about 6-12 months to make as much SiaCoin via GPU before ASIC’s smash it. General consensus is that this means the value “should” go up. Who knows.. but for now GPU is going for it. It’s going at about 1000 MH/s

This time next year I think at this rate I’ll probably have my own rig!

Cryptocurrency coin scams

In other news, various scams or attacks I’ve seen so far that propelled me to get an offline wallet (affiliate) and be more wary of advice.

  • Fake ICOs
  • Fake trading groups on telegram / whatsapp promoting scam ICOs amongst legitimate recommendations.
  • Crypto trading bots that actually send your funds to their own random address!!
  • Mining rigs being hacked and destination addresses being changed to random addresses. Dirty.

Pre-Ordered an offline hardware wallet

I’ve been tracking my various wallets on a spreadsheet and I realised.. this isn’t safe if I get malware or a virus installed on my computer and then I’m ruined. So I’ve preordered a Ledger Nano S, which is highly recommended amongst Crypto users at this point in time. However its a 3 MONTH WAIT before my order is shipped. It’s that popular right now! argh.

Take a step back, there are always more opportunities

Learn as much as you can before buying

The past week or so has been madness. every night I’ve been soaking up as much knowledge about crypto as possible. Trying to cut through the hype. In summary this is what I have done or learned.

  • signed up on hacked.com for their insightful analyses of ICOs and their recommendations. Yes, I am paying for their gold membership as well. You get access to their private workspaces group chat.
  • Looking and researching into upcoming ICOs by
    • Joining all their social media including slack and telegram. Often developers are on slack directly so you can ask questions
    • Reading their whitepapers
    • ICOs I have joined and investigating: EOS.io , Reddcoin,
  • Bought as much ETH as I could. Sold some
  • Tried to buy into Bancor ICO but miserably failed.
  • More reading more articles
  • Got approved on steemit. Took about a week to get the account approved. They must be getting smashed with requests.
  • Sold some crappy short term positions at a loss.
  • Deposited more bitcoin into my bittrex.
  • Discovered one of the telegram crypto call groups is an intricate scam to buy a fake ICO. They would post legit crypto signals and then subtly advise to buy into an ICO with low buyin (Arberncoin scam). Shocking.

The more I read the more I am leaning towards LONG TERM HOLDS for everything I buy. I will probably do 90% long term and 10% day trade with my funds right now.

Todays status (after the current ETH dip):

  • Deposited 0.638 BTC. Current value 0.65 BTC . About $31USD profit.

Future plans

  • Save more so I can buy more ETH on Bittrex. I will keep putting money into there for long term holds.
  • Start a poloniex account which will be my daytrade account. I’m going to start with about $300USD and see how far I can go from there. I won’t be depositing more money into this account.

First two trades, got profit!

First Profit trade!

Well I stuck with Crypto Trade Signals FB group suggestions (despite all the spam sifting) and bought some DGB and XRP coins on BITTREX. It was actually really easy to use.

DGB – when i checked the candlestick chart, the graph pricing was going down and the order quantity was getting smaller. From the BHW crypto thread this means its about to go up, so I bought at 1649 satoshis. I set a 9% profit sell at 1799 satoshis and went to bed. When I woke up, it was sold! Magic.

XRP – Luckily when I checked graphs the price point was low and the candles were red red but the length of the sticks were smaller, indicating imminent rise. According to my records I bought some at XRP at 11482 satoshis and set the sell at 11700 satoshis. (1.8% profit) and I got it! Minus the .25% fee that’s 1.5% profit, lol. I must have put a typo. Nethertheless, a win is a win.

Today I have placed some long and short term orders based on the Crypto Trade Signals Telegram group:

Short-med term

STRAT at 409998 and sell at 450000 satoshis (9.75%) I honestly don’t remember why I bought this.
RDD at 121 and sell at 250 satoshis (206%) It was advised RDD will reach 200+
FLDC at 910 and sell at 966 satoshis (6%) It was advised FLDC will pass 1000 sats
BTS at 4463 satoshis and sell at 4820 (8%) It was advised to hold long term

I suppose I am getting greedy for going more than 5%… my thinking is go hard first then go slow later. I might get burnt by this.

Long Term buys

ETC at 658740 sats (I will probably hold this for a few years as Ethereum seems to be solid)
PIVX at 60344 sats (as above)
GNT at 1891 sats (I will probably sell if needed, as I don’t know much about it but was recommended long term as well)

Today my wallet is estimated at 0.35BTC (900USD) I have no more spare Bitcoins so I might next do a crypto update when I sell more.