The Litepresence Report on Cryptocurrency

[muh_roads]

lol
http://www.experiensense.com/wp-content/uploads/2013/12/dogecoin2.jpg

 

[amonasro]

You know you raise a good point. Quite literally by association and nothing else, MEOW could well move along nicely too along with DOGE. Just watching it on the charts and last night the 1 Million MEOW's I had, I thought hmmm, I think I will hang onto those just in case, and today they are moving a bit. Yes their Dev team seems quite coordinated, at least from the Project Management brief I saw a few weeks back it seems they are working a plan. Agree this Kimoto Gravity Well implementation as discovered by Megacoin, and implemented last Saturday quite effectively by Reddcoin certainly seemed to do the trick at boosting my mined numbers, so I'm sure the more clued in Dev's will be trying it, particularly when mining pools attack them. Kitteh is a really new coin, so it too is one you have to have a bit of patience with, at least a month from when it turned up on the charts - with Kitteh I think thats around 24 January, so 24 February. Given BTC should be nearing its bottom just shortly thereafter, a case could be made for patience on into early March for MEOW.

I need to check more closely because my 8.6 MHash/sec capability should be doing much better.

Again, an excellent read on the Kimoto Gravity Well found here:

http://www.reddit.com/r/dogecoin/comments/1wc0sr/why_arent_we_discussing_implementing_kimotos/

Until the block reward halving I was getting 20k DOGE per day, on average. I find mining on larger pools nets better average results; as an example on Multipool I can get a constant payout, but on smaller pools they are totally random. I mined for an entire day on a small pool and got 3 coins. THREE. Fits with the random block reward of DOGE though, so makes sense. On a small pool, if you find a million block then it makes up for the days of nothing.

 

[SomewhereInOz]

What is the smallest doge miners fee?

Would someone mind lending me some doge? I'm testing my local wallet encryption before I transfer out of Cryptsy.

Not sure what you mean by Miners fee. Basically the fee for admission is to simply have a rig. Everything else is free.

The cost of a simple computer with just one Sapphire R9 290 graphics card? I could probably build such a machine for $1800. Hash rate would probably be 750 KiloHash/Sec. Which means in one day should mine 3500 coins. Through the course of the year lets say it drops to 1200 coins for a median daily harvest of 1756 coins. Then multiply by 365 = 640,000ish coins in the next year. Not bad, power consumption shouldn't be too much on top of that. Single R9 290 and the fan noise wouldn't be bad, in a temperate climate could probably run the fan speed for the GPU down at 50% or less. Lets say it costs $3/day in power. Total capital cost + operating cost for first year would be $2895. Then sell the machine to a Gamer on eBay for $1200, wait till the Doge is 5 cents a coin and profit would be $32,000 - $2895 + $1200 = $30,305.

What's your DOGE wallet address, will send 1000

 

[muh_roads]

Not sure what you mean by Miners fee. Basically the fee for admission is to simply have a rig. Everything else is free.

The cost of a simple computer with just one Sapphire R9 290 graphics card? I could probably build such a machine for $1800. Hash rate would probably be 750 KiloHash/Sec. Which means in one day should mine 3500 coins. Through the course of the year lets say it drops to 1200 coins for a median daily harvest of 1756 coins. Then multiply by 365 = 640,000ish coins in the next year. Not bad, power consumption shouldn't be too much on top of that.

Whats your DOGE wallet address, will send 1000

Actually I just had to make a new address within the wallet to test the encryption. So it's all good.

That sounds retarded. 640K = 1.7 BTC. For $1800 you could buy 2.79 BTC and buy more coins up front. Once Scrypt Nfactor starts being used more, even the Scrypt ASIC's being worked on now will be a huge waste of money.

This industry moves fast. Christ. Lots of banker wealth being transferred back to the people right now.

 

[muh_roads]

Wow almost knocking Peercoin out of 3rd.

http://coinmarketcap.com/mineable.html

Yeah I'm convinced tipping coins based on hype & meme will be swapping places with other tipping coins for #2.

Litecoin truly offers nothing new over Bitcoin that makes it amazing. This meme shit is different. I can't predict this. I think they'll go for $1 for 100 if tipping and charity internet communities keep embracing.

This thing might meet parity with the US dime...not just the penny.

 

[muh_roads]

Where do I buy reddcoin? Might as well tag that one while I'm at it.

 

[SomewhereInOz]

Duplicate Post

 

[SomewhereInOz]

Duplicate Post

 

[SomewhereInOz]

Actually I just had to make a new address within the wallet to test the encryption. So it's all good.

That sounds retarded. 640K = 1.7 BTC. For $1800 you could buy 2.79 BTC and buy more coins up front. Once Scrypt Nfactor starts being used more, even the Scrypt ASIC's being worked on now will be a huge waste of money.

This industry moves fast. Christ. Lots of banker wealth being transferred back to the people right now.

Indeed right now simply looking at the DOGE example, would be best to simply buy 640K coins and be done with it.

Thing is when you have the rigs you have them. And without the rigs you don't get a chance to play new coins you think might move up quickly like Reddcoin. No way I could have acquired 12.5 Million of them in the first week of existance without being a miner. RDD started at 64th spot, dropped to 75th spot, but now is at 49th spot and has moved 50% in price from 4 Satoshi's to 6 Satoshi's, and this is still just the beginning. Still they are under-reporting the total number of coins mined so far, so it really belongs at this price much higher up in the ranking. Such mining campaigns such as RDD and MOON last 7-10 days max and then you move onto the next one or back to DOGE while you wait for the next good opportunity. Conceivably you could go for 15-20 new coins a year like this. So being a miner offers some flexibility that a normal trader does not have.

Now arguably yes, if you were watching RDD, and seeing that by Day 3, CoinMarket was offering coins, you could have bought them there at a good price without being a miner. But as with all these things you need to keep watching and researching.

 

[SomewhereInOz]

Where do I buy reddcoin? Might as well tag that one while I'm at it.

Right now your only option is to setup an account at CoinMarket.io

https://www.coinmarket.io/market/RDDBTC

The price is 6 Satoshi's and seems heaps available to purchase.

Give me a half hour and I will calculate from the blockchain how many coins exist, and from that where the ranking should be right now.

 

[SomewhereInOz]

Wow almost knocking Peercoin out of 3rd.

http://coinmarketcap.com/mineable.html

Yeah I'm convinced tipping coins based on hype & meme will be swapping places with other tipping coins for #2.

Litecoin truly offers nothing new over Bitcoin that makes it amazing. This meme shit is different. I can't predict this. I think they'll go for $1 for 100 if tipping and charity internet communities keep embracing.

This thing might meet parity with the US dime...not just the penny.

Was having a think about Litecoin today and its price. About the only thing it had going for it when the list was only 10 coins was "Bitcoin is Gold and Litecoin is Silver", but that analogy no longer fits. Well in a few months it won't when Dogecoin is #2. Litecoin needs to do something quick to establish a spending theme, else it could drop a long way from here.

Litecoin in a Google News search right now = 4050 results. Dogecoin up to 9060 results.

It could make a dime, but I will be happy in the initial instance with a penny.

 

[SomewhereInOz]

Reddcoin Numbers

OK on Reddcoin (RDD) new blocks are being discovered very fast. Its roughly one every 1.5 minutes, but lets call it 2 minutes to be conservative. Right now they are mining block 16,000 or so. Which means in 800 minutes or 13.3 hours the coin reward per block will drop by 50,000 coins as shown here:

Block 0-9,999 - 300,000 coins
Block 10,000-19,999 - 200,000 coins
Block 20,000-29,999 - 150,000 coins
Block 30,000+ = 100,000 coins

Then in a further 20,000 minutes or roughly 13.9 days it will drop to only 100,000 coins. This will make mining profits lower and the price should move as a result.

From the blockchain at this moment, we can see that 27,078,023,400 coins have already been mined or 24.84%. So assuming a BTC price of $645 and various Satoshi prices for RDD we get a true Market Cap of:

1 Satoshi = $174,653 - Position 74
2 Satoshi = $349,306 - Position 49
3 Satoshi = $523,959 - Position 44
4 Satoshi = $698,613 - Position 38
5 Satoshi = $873,266 - Position 35
6 Satoshi = $1,047,919 - Position 32
7 Satoshi = $1,222,572 - Position 32
8 Satoshi = $1,397,226 - Position 29
9 Satoshi = $1,571,879 - Position 24
10 Satoshi = $1,746,532 - Position 22
30 Satoshi = $5,239,597 - Position 14

Right now RDD is showing 8,959,710,000 coins and a price of 5 Satoshi (Market Cap $288,960) but to buy them at CoinMarket you need to pay 6 Satoshi. Current position is 56th spot and rising, but the move is not because of a price rise, its because they (the Devs) are feeding ever increasing mined coin numbers to Crypto-Currency Market Cap and CCMC is not investigating the blockchain, but taking their word for it.

This way a gradual rise through the charts can take place, instead of a one off shock jump, and from here as people see RDD over the next 7 days or so rising quite nicely, we will most likely then see some upwards price pressure on the coin price.

Of course in 14 days time we will see a secondary price boost because miners will be discovering fewer and fewer coins in their mining.

Its a pretty clever tactic. The coins exist, they know the coins exist, I can see the coins exist, but why tell the world just yet

So what am I saying? I'm saying 6 Satoshi is cheap right now because the eventual move up the ranking and accompanying visibility might just drive the price to 30 Satoshi in the next 14 days. And as 6 to 30 is a 5 Bagger, then you can't argue with that one, particularly where in the next 14 days BTC will only be headed further down towards $500 and difficult to play for profits.

Addendum:

While I typed all that, now in position #48

Addendum #2:

IPCO now at 102 BTC so the move up the charts is having an effect. Less than 3 days to go till the IPCO ends. This is how you bring a new coin onto the market!

As this is an IPCO (Initial Public Coin Offering), and the more coin investors means each gets fewer coins, if you are thinking of investing less than a BTC into it, you are probably better off just going to Coinmarket and purchasing them. The only true winners now will be those who trump the highest bid and grab the most coins for a value of 2-3 Satoshi each. This could well cost you 7-10 BTC or more in the coming days, and then you won't receive the last of your coins until 90 days from now. To do this you would need to be pretty darned certain RDD will be roaring strong in 90 days time. I think I will watch the next 14 days and perhaps pick an exit point and move some or all of the 12.5 Million into Doge. Will have to see how those milestone dates mentioned play out and what gets introduced via the RDD website along the way.

 

[SomewhereInOz]

DOGE Block Halving

Won't be waiting so long for the next DOGE Block Halving and price move:

http://www.reddit.com/r/dogecoin/comments/1xs3o3/halvening/

100,000 blocks, each block being found in a minute = 100,000 minutes = 1667 Hours = 69 Days = 20 April 2014 approximately

So planning to mine the DOGE the whole of 2014 probably won't make sense as it will just get harder and harder to discover new coins as seen here:

Block# : Dogecoin Reward
1-100,000: 0-1,000,000 Dogecoin Reward - 18 Dec 13
100,001 — 200,000: 0-500,000 Dogecoin Reward - 11 Feb 14
200,001 — 300,000: 0-250,000 Dogecoin Reward - 20 Apr 14 - this will probably be it for me
300,001 — 400,000: 0-125,000 Dogecoin Reward - 29 Jun 14
400,001 — 500,000: 0-62,500 Dogecoin Reward - 7 Sep 14
500,001 - 600,000: 0-31,250 Dogecoin Reward - 16 Nov 14
600,000+ : 10,000 Dogecoin Reward (flat) - 25 Jan 15

This would probably not happen so fast if there weren't so many miners.

Would be VERY surprised if the DOGE is not worth 1 Penny by 1 Jan 15, very surprised.

What would make more sense is to go out on a limb now, if you believe this will continue, and slap down another 10-20 BTC on it and be done with it. But will the DOGE stay tame while we await a BTC bottom? This is the question.

Another Reddit Link:

http://www.reddit.com/r/dogecoin/comments/1xqsj5/mining_after_the_halvening/

 

[presence]

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[PaulConventionWV]

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I don't get it. Where are we supposed to be on that chart?

 

[SomewhereInOz]

I don't get it. Where are we supposed to be on that chart?

Right about Purgatory, eyeing up at Good Karma. 3 weeks to go. Nice moon.

 

[PaulConventionWV]

Nice. Do you think it will go back over 700 before hitting bottom?

 

[SomewhereInOz]

Nice. Do you think it will go back over 700 before hitting bottom?

It will rise up from here. Needs to bottom first though. $700 is a bit ambitious. Maybe $650 is my guess.

Reason: There's too much time left before this cycle is due to be completed. BTC will need to do something before it decides to make its final descent.

Gox $473 right now. Thats funny. Who would buy from Gox anyway with this coming:

http://enenews.com/nhk-record-cesiu...-sampled-last-week-50-meters-from-ocean-video

http://enenews.com/eu-funded-study-...ted-fukushima-releases-home-43-million-people

They'll be relocating soon . . .

Just remember end March.

 

[PaulConventionWV]

I don't know... I'm no expert, but $700 looks pretty reasonable to me.

EDIT: But I'm looking at Bitstamp. I'm curious why btc-e is lagging behind a little.

 

[presence]

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