My road to success (Moving Update 2) 8 8

[revat]

without getting into whether or not bitcoin is appropriate, don't you have to report to the government if you working on/investing in bitcoin (or other crypto currencies)?  I'm pretty sure government aid is generally not meant for people to invest, but rather to meet the basic essentials of life like food/shelter/utilities. I've been on government aid before (though I'm sure it varies from countries and provinces/states), and I had to answer a lot of questions about what I was doing with my time and money (and other income) under penalty of perjury. 

 

 

BTW, the best way to make money on bitcoin is to bet against it.  Get everyone talking about how much its worth, then short the 'ake' mushroom out of it.  If you don't think that happened when they were talking about it at $10K, well you probably own some $10K bitcoin.

[oakman29]

shine on you crazy diamond.

[Wall-Crawler]

2 hours ago, uchiha101 said:

Still getting government aid? Yes, for now, I'm back on it as after I quit Subway I was able to hold on for a few months longer by reselling things. That said I'm getting my resume fixed, getting a new doctor, got a new work number, getting tested are re-tested for disability, and considering getting a cheaper place but you wouldn't know that would you? I said that as soon as I came back but that must have flown over your head. 

 

Second, where did I say that I scoff at TFSA or RRSP's? I said that they're not for me nothing more so instead of assuming things you can ask me to clarify. Oh and the reason why I don't want a TFSA right now is that I can put my money into better and more important things.

 I suspect you may have issues with authority and those who tell you things you don't really want to hear.

I may have missed some of your update but sadly, it still sounds like the same old Gabe. Everything above is  nearly exactly the same stuff we heard 6 months to a year ago.  

Perhaps 'scoff' was the wrong word but if on top of your government assistance you are able to 'save' anything why NOT invest in something SAFE like a TFSA? Or save it in a regular old boring old savings account and put it towards some kind of job or skills training that will help you secure long term employment?

As many have said LONG AGO, start with baby steps, but sadly, this whole crypto thing is just another one of your delusions to try make money without really having to do any kind of work....Comics, video games and consoles, sports cards and now the latest "fad de jour", crypto currencies. 

How much, dollar wise have you ACTUALLY invested into it? 

 

 

[revat]

For those of you who don't really know, there are reasonable ways to make money in bitcoin.

 

The most common and generally most profitable is to 'mine' for it.  We have a friend who does it, and my understanding is as such.  It goes like this.

Somewhere out there in fake-cyber-land, someone has hidden bitcoins out there like treasures or gold in the hills. 

This bitcoin can essentially be mined for by running some programs, think panning for gold.

The issues are that cyberland is huge, AND it takes an effload of power to run the programs, in addition to lots of computer equipment.  This all also creates a lot of noise and heat.  So some people join a collective mining operation.  Given that each coin is so valuable (although the value varies), there is enough profit to be split that you can make quite a bit of passive (mostly tax-free) income if you're in the right collective. 

So if you can put up $3-$5K in start up fees and super power bills per year, you might be able to pull down an extra $10-$30K per year, provided you can account for the temperature and related noise.  But you need to be able to trust those people and manage your own servers and computers.  Note that the noise is usually enough to make it hard to sleep, and probably loud enough to bother your neighbors.

Note that I don't do it, but that was the gist as explained to me.

[jaybuck43]

3 hours ago, revat said:

For those of you who don't really know, there are reasonable ways to make money in bitcoin.

 

The most common and generally most profitable is to 'mine' for it.  We have a friend who does it, and my understanding is as such.  It goes like this.

Somewhere out there in fake-cyber-land, someone has hidden bitcoins out there like treasures or gold in the hills. 

This bitcoin can essentially be mined for by running some programs, think panning for gold.

The issues are that cyberland is huge, AND it takes an effload of power to run the programs, in addition to lots of computer equipment.  This all also creates a lot of noise and heat.  So some people join a collective mining operation.  Given that each coin is so valuable (although the value varies), there is enough profit to be split that you can make quite a bit of passive (mostly tax-free) income if you're in the right collective. 

So if you can put up $3-$5K in start up fees and super power bills per year, you might be able to pull down an extra $10-$30K per year, provided you can account for the temperature and related noise.  But you need to be able to trust those people and manage your own servers and computers.  Note that the noise is usually enough to make it hard to sleep, and probably loud enough to bother your neighbors.

Note that I don't do it, but that was the gist as explained to me.

I've written and spoken extensively on Crypto, DLT, etc.  Bitcoin is a giant puzzle.  You mine bitcoin by solving a complex decryption.  In the early days the puzzle was really easy, by today it is VERY complicated.  It takes ROUGHLY 13,000 Tera Hashes per Second for 24 hours to mine a bitcoin.  A Titan X (the highest end video card on the market) can do ABOUT 700 MHpS.  So you need a specialized miner.  An ASIC miner can run about 13 THpS. (That's your 2-3k start up fees) That means you would need to run it for 50 months without the difficulty changing to get 1 bitcoin.  Plus add in the 1.3 KWH you need to pay per hour.  So that would run you another 46,800 KWH (assuming 10-12 cents per KWH total fee (delivery and supply) that's $5,616 in electricity fees.  So either your friend is mining something other than bitcoin or spent ALOT more than 3-5k in start up fees.  

[revat]

3 hours ago, jaybuck43 said:

I've written and spoken extensively on Crypto, DLT, etc.  Bitcoin is a giant puzzle.  You mine bitcoin by solving a complex decryption.  In the early days the puzzle was really easy, by today it is VERY complicated.  It takes ROUGHLY 13,000 Tera Hashes per Second for 24 hours to mine a bitcoin.  A Titan X (the highest end video card on the market) can do ABOUT 700 MHpS.  So you need a specialized miner.  An ASIC miner can run about 13 THpS. (That's your 2-3k start up fees) That means you would need to run it for 50 months without the difficulty changing to get 1 bitcoin.  Plus add in the 1.3 KWH you need to pay per hour.  So that would run you another 46,800 KWH (assuming 10-12 cents per KWH total fee (delivery and supply) that's $5,616 in electricity fees.  So either your friend is mining something other than bitcoin or spent ALOT more than 3-5k in start up fees.  

Yah I think the 3-5k is maintenance every year, his startup was way higher, but I don’t know if how he splits costs either or whatever.  There’s a lot of initial investment and maintenance time and money, but I think he makes pretty good cash

[Mercury Man]

Business

Bitcoin price drops 10% as hackers exploit Binance’s API keys

Welcome to another rollercoaster day for the cryptocurrency community. In just a few minutes, bitcoin price crashed from $10,740 to $9,690, which represents a 10.8 percent crash.  As always, it’s a bit hard to know for sure what’s happening.  But one company in particular is having a bad day. Cryptocurrency exchange Binance has spotted some unusual activities and halted withdrawals. Binance is one of the biggest exchanges out there. According to CoinMarketCap, it’s one of the 4 biggest exchanges for the top cryptocurrencies when it comes to traded volume.

You had me at "it's a bit hard to know for sure what's happening".   

Just shut up and take my money! 

[uchiha101]

On 3/5/2018 at 3:43 PM, revat said:

without getting into whether or not bitcoin is appropriate, don't you have to report to the government if you working on/investing in bitcoin (or other crypto currencies)?  I'm pretty sure government aid is generally not meant for people to invest, but rather to meet the basic essentials of life like food/shelter/utilities. I've been on government aid before (though I'm sure it varies from countries and provinces/states), and I had to answer a lot of questions about what I was doing with my time and money (and other income) under penalty of perjury. 

 

 

BTW, the best way to make money on bitcoin is to bet against it.  Get everyone talking about how much its worth, then short the 'ake' mushroom out of it.  If you don't think that happened when they were talking about it at $10K, well you probably own some $10K bitcoin.

Yes, I report what I make with cryptocurrencies and if fact when I mentioned it they get more serious and said that if I make over 20k I need to start my own business in addition to letting them know every penny I make. There are more ways than that to make money in a falling market but you're right it's one of the best ways.

[uchiha101]

On 3/5/2018 at 4:32 PM, Wall-Crawler said:

 I suspect you may have issues with authority and those who tell you things you don't really want to hear.

I may have missed some of your update but sadly, it still sounds like the same old Gabe. Everything above is  nearly exactly the same stuff we heard 6 months to a year ago.  

Perhaps 'scoff' was the wrong word but if on top of your government assistance you are able to 'save' anything why NOT invest in something SAFE like a TFSA? Or save it in a regular old boring old savings account and put it towards some kind of job or skills training that will help you secure long term employment?

As many have said LONG AGO, start with baby steps, but sadly, this whole crypto thing is just another one of your delusions to try make money without really having to do any kind of work....Comics, video games and consoles, sports cards and now the latest "fad de jour", crypto currencies. 

How much, dollar wise have you ACTUALLY invested into it? 

 

 

No, I have issues with authority when they have issues with me. There are many things about me that are the same and many things that are changing slowly. 

Why are you telling me to put my money into a TFSA? I already said there are better places for me to put my money into and that's cryptocurrency.

 

So you're assuming that just because I get into something it requires no work? Do you know how many hours I put into studying and learning about crypto? A lot and I don't regret any of it and will keep learning about it to make better investments and keep up with the latest tech. Also, on that note where have, I ever said I ever stopped doing, video games, comic books, and sports cards?

 

Dollar wise I would need to add it up.

[uchiha101]

11 hours ago, Mercury Man said:

Business

Bitcoin price drops 10% as hackers exploit Binance’s API keys

Welcome to another rollercoaster day for the cryptocurrency community. In just a few minutes, bitcoin price crashed from $10,740 to $9,690, which represents a 10.8 percent crash.  As always, it’s a bit hard to know for sure what’s happening.  But one company in particular is having a bad day. Cryptocurrency exchange Binance has spotted some unusual activities and halted withdrawals. Binance is one of the biggest exchanges out there. According to CoinMarketCap, it’s one of the 4 biggest exchanges for the top cryptocurrencies when it comes to traded volume.

You had me at "it's a bit hard to know for sure what's happening".   

Just shut up and take my money! 

Those who know better wouldn't complain about that and would take advantage of the dip in addition to checking up on Binance and see that nothing was taken and yes I can say that because I have an account on there.

[uchiha101]

On 3/5/2018 at 11:57 PM, revat said:

Yah I think the 3-5k is maintenance every year, his startup was way higher, but I don’t know if how he splits costs either or whatever.  There’s a lot of initial investment and maintenance time and money, but I think he makes pretty good cash

I would think so considering he's paying that much for maintenance every year. 

[uchiha101]

On 3/5/2018 at 8:53 PM, jaybuck43 said:

I've written and spoken extensively on Crypto, DLT, etc.  Bitcoin is a giant puzzle.  You mine bitcoin by solving a complex decryption.  In the early days the puzzle was really easy, by today it is VERY complicated.  It takes ROUGHLY 13,000 Tera Hashes per Second for 24 hours to mine a bitcoin.  A Titan X (the highest end video card on the market) can do ABOUT 700 MHpS.  So you need a specialized miner.  An ASIC miner can run about 13 THpS. (That's your 2-3k start up fees) That means you would need to run it for 50 months without the difficulty changing to get 1 bitcoin.  Plus add in the 1.3 KWH you need to pay per hour.  So that would run you another 46,800 KWH (assuming 10-12 cents per KWH total fee (delivery and supply) that's $5,616 in electricity fees.  So either your friend is mining something other than bitcoin or spent ALOT more than 3-5k in start up fees.  

Do you have a link to your blog or posts?

[jaybuck43]

52 minutes ago, uchiha101 said:

Do you have a link to your blog or posts?

I don't blog. My work was done on behalf of my clients and presented to companies and at academic and industry conferences. 

[jcjames]

1 hour ago, uchiha101 said:

 

Dollar wise I would need to add it up.

If you don't know at any given moment, in a market as EXTREMELY volatile as "cryptocurrencies" what you have, you won't have it for long.

 

[jaybuck43]

2 hours ago, uchiha101 said:

No, I have issues with authority when they have issues with me. There are many things about me that are the same and many things that are changing slowly. 

Why are you telling me to put my money into a TFSA? I already said there are better places for me to put my money into and that's cryptocurrency.

 

So you're assuming that just because I get into something it requires no work? Do you know how many hours I put into studying and learning about crypto? A lot and I don't regret any of it and will keep learning about it to make better investments and keep up with the latest tech. Also, on that note where have, I ever said I ever stopped doing, video games, comic books, and sports cards?

 

Dollar wise I would need to add it up.

I assume that since you put in so many hours studying and learning about crypto you can explain the difference between Proof of Work and Proof of Stake, give examples of which Cryptocurrencies use which, what the benefits and detractions are of each, and what the future trends of each are?  Correct?

[Mercury Man]

7 hours ago, uchiha101 said:

Those who know better wouldn't complain about that and would take advantage of the dip in addition to checking up on Binance and see that nothing was taken and yes I can say that because I have an account on there.

Cryptocurrency to money is what Modern variants are to comics.   No thanks.  I'll stick with the Blue Chips, you chase the unicorn. 

[ChiSoxFan]

10 hours ago, uchiha101 said:

No, I have issues with authority when they have issues with me. 

As someone who was in management for almost my entire professional career (when I didn't own a business or sold real estate), this statement stood out.  Authority -- in the context of the workplace -- more often than not, has "issues' with someone, not because they're on a "power trip", or don't "understand" something, or whatever reason people think they do, but because of legitmate reasons that affect the business or workplace itself.

If any individual has one incident where "authority" has "issues" with them, then it might be chalked up to the authority figure, and it might be something legitimately unfair -- it does happen, and I've seen it firsthand.  If, however, multiple different authority figures have problems with the same individual over multiple different situations, it's almost certainly the common denominator -- the individual -- that's at fault.  I don't have enough fingers and toes to count the number of people, either working beneath me (or along side of me) who've lost their job -- and who lost/left any number of previous jobs -- because of what they perceived were "injustices" being done to them, when in fact, the real problem was that they should been looking in the mirror for why the same results kept happening to them over and over again.

Food for thought for you. 

[Djrodunchained]

I think there is absolutely nothing wrong with dabbling in crypto currencies or flipping comic books... if you aren't doing it on the taxpayers dime. This thread is nothing but excuses and playing the victim, because there is that fallback of government assistance. Nothing will change until you decide to take responsibility for your actions and learn that life isn't fair and nothing is owed to you. You won't get rich quick. Just ain't going to happen.

Best of luck in your life. You have received a lot of good (and repeated) advice on getting a job to support yourself. It does not take months to find a job, any job. Absolutely nothing positive will happen until you take that vital first step. 

[Wall-Crawler]

On 3/8/2018 at 9:19 AM, uchiha101 said:

No, I have issues with authority when they have issues with me. There are many things about me that are the same and many things that are changing slowly. 

Why are you telling me to put my money into a TFSA? I already said there are better places for me to put my money into and that's cryptocurrency.

 

So you're assuming that just because I get into something it requires no work? Do you know how many hours I put into studying and learning about crypto? A lot and I don't regret any of it and will keep learning about it to make better investments and keep up with the latest tech. Also, on that note where have, I ever said I ever stopped doing, video games, comic books, and sports cards?

 

Dollar wise I would need to add it up.

The fact that you don't know off the top of your head says a lot.  After you look into it, for all of these "hours and hours" of  research and work, what does your bank account or crypto account or whatever have to "show" for it? 

I never said you stopped trying to sell other stuff, what I was insinuating was that you don't have much to show for it and you still require government assistance.

Earlier in this thread we had done the math and it was demonstrated that you would have been much better off had you just invested that energy/time in bettering yourself so you could secure full time hours at a minimum wage job.   

Did you know that the minimum wage in Ontario is now $14 per hour? Imagine you had invested time in yourself and been able to secure even just 35 hour per week. That is almost $500 per week, nearly $2,000 per month...Is all of your work in crypto and comics and other 'get money quick' schemes paying you a that much or even close to that consistently?

I highly doubt it.

[Mercury Man]

I repeat.....