I've falled into a cryptocurrency wormhole............Help me!

Lol. I was afraid this would happen. Like 72 hours ago I got this itch to buy some bitcoins, knowing that wasn't a possibility without having to wait I started reading about mining, and then realizing that BTC was out of the question, I started reading about LTC. I now have like 5 or 6 different wallets, a pretty decent handle on both sha256 and Scrypt mining, and last night I'm on this site building a damn PC that I'm attempting to justify as a "gaming/mining" computer as if I'll ever play any games on it. Lol. I'm saying all this good natured with a smile because I know I'm in this wormhole and still can't stop from reading about difficulty rates and how to exchange those coins and setting up a wallet and "miner". I went from literally zero knowledge about any of this to figuring out how to hook multiple computers up to the same wallet to solo-mine on. I still don't have much of a clue about anything compared to those that have been around a while, but I gotta be honest, this is way more fun than I had ever thought it would be. Dare I say it's almost addicting. Anyway hope everyone has a fantastic holiday and new year. I'm off to who knows what coin now, at this point I just want to hit a block to see what it looks like, I don't even care if they're worth anything, it just fun.

How can we help you if you're so addicted to it and enjoy it? Good luck with the mining

My bad, I wasn't seriously looking for help. I really meant it to just poke fun at myself a bit and see if anyone had any similar wormhole-like experience when first learning about it.

akacash said:

My bad, I wasn't seriously looking for help. I really meant it to just poke fun at myself a bit and see if anyone had any similar wormhole-like experience when first learning about it.

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I don't know what you mean by wormhole, but if you mean being completely addicted and unable to leave the darn thing until you know all about it, then you've probably described 99% of us who got into IM

I think you got it all wrong. You've been in the wormhole since the beginning, crypto-currencies are your only way out.

Anyway, happy mining.

That is exactly how i started. I didn't know anything about bitcoin or litecoin but after reading everything I can get my hands on, within about 24h I had built my first mining rig. This stuff is very addictive and exciting.

Start trading man, thats where the money is instead of mining. You can make like crazy Bitcoin profits a day trading things like Mastercoin or NXT. Which both just increased like 75%-100% in price the past few days.

So yeah, by wormhole, I mean I had just dived into it and went crazy, reading and messing with all different kinds of wallets and miners. Turns out my GPU is pretty lame so I'm trying to rationalize buying a new beefy one by telling myself I'll game with it, mind you, I don't think I've played a game on a computer since the Commadore64 LOL. I'm going to end up getting one in the next day or two, so I'll update this with the one I end up getting if anyone happens to care. This little Radeon HD 7450 hashing at like 30-35kh/s on Scrypt isn't going to do much except burn up and maybe fry my mobo, so hopefully I'll be able to find a nice lil after-Xmas sale. Although, at this point, it might be hard enough to even find a good one in stock, let alone on sale. Merry Xmas to everyone though, hope you have a great day with your families.

Patel said:

Start trading man, thats where the money is instead of mining. You can make like crazy Bitcoin profits a day trading things like Mastercoin or NXT. Which both just increased like 75%-100% in price the past few days.

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I need to get some coins first lol. But that is my plan, I don't have any grand illusions or delusions about trying to mine Bitcoin or anything like that. I'm just mining some now for fun and to get my feet wet. I was looking at Netcoin last night, it caught my eye as an up and comer possibly, and the difficulty rate was really low still. That is what I plan to do though, just mine some easy one's and then gradually trade my way up.

Considering the fact that Bitcoin value goes up and down with as much as 50-60% in a day, maybe you should forget buying new hardware and use the money for buying coins instead. It's pretty obvious that 'mining' rigs are the bi-product of this VC bubble and that speculating prices is the actual game.

Though, if I were you I would forget about this while I can. It's going to burst in 2014 once more governments will start closing the door. Paper money and gold are tangible, bitcoins are not.

Bitcoins were worthless three years ago when a hand of people mined for them. Someone was smart enough to create a hype around this intangible product and from there on it's just pure speculation - no value at all.

Cheers!
white_wolf