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  #34701 (permalink)  
Old 25th April 2017, 05:50 PM
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Default Re: MarketWatch

Quote:
Originally Posted by PETERICHY View Post
Being his first one million the chances of losing it is very high let alone in this current economic reccession.

For now his BEST OPTION to chain it down is via 365days tenor Treasury Bills.

He can as well use the upfront interest payment to be learning new tricks, So by next year after maturity date he will know his next line of action.

I made first 1M in March 2000 but lost it same year and it took me 4 solid years to recover.

A word is enough for the wise.
His best option is tying in a Naira denominated asset? Ok oh
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  #34702 (permalink)  
Old 25th April 2017, 06:29 PM
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Default Re: MarketWatch

Quote:
Originally Posted by nosa2 View Post
Ok. Exactly how long have you been mining again?
Nor go that side Bros, lets just focus on giving this young man the right advice for his future. You know say I be Techie.
I dabbled into Bitcoin in 07/08 back when it was still very profitable and you could make some money just running your mining software on common multipurpose PCs, I should have had a fair few bitcoins if I didn't crash the harddisk of my laptop back then losing my wallet (This was before the proliferation of online services and bitcoin popularity).
Due to my profession and association, I still have friends and colleagues who pride themselves on which combination of GPU and RAM gives you the best bang for the buck.
I could probably still build you a miner sef if not that the brain is shrinking and I am slowing down a bit.
Most articles I've read here in the UK when I wanted to get back into it suggest you can make hardly any money to cover your electric prices (at current value), I don't know about Nigeria which is why I asked for how your ROI was calculated. It is not only the CAPEX cost of the miner you have to worry about.
Of course all this might be irrelevant if Oga Kingjames knows someone in his DISCO to help him bypass his meter but that still won't help during general blackouts.
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  #34703 (permalink)  
Old 25th April 2017, 07:39 PM
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Default Re: MarketWatch

Quote:
Originally Posted by duduspace View Post
Nor go that side Bros, lets just focus on giving this young man the right advice for his future. You know say I be Techie.
I dabbled into Bitcoin in 07/08 back when it was still very profitable and you could make some money just running your mining software on common multipurpose PCs, I should have had a fair few bitcoins if I didn't crash the harddisk of my laptop back then losing my wallet (This was before the proliferation of online services and bitcoin popularity).
Due to my profession and association, I still have friends and colleagues who pride themselves on which combination of GPU and RAM gives you the best bang for the buck.
I could probably still build you a miner sef if not that the brain is shrinking and I am slowing down a bit.
Most articles I've read here in the UK when I wanted to get back into it suggest you can make hardly any money to cover your electric prices (at current value), I don't know about Nigeria which is why I asked for how your ROI was calculated. It is not only the CAPEX cost of the miner you have to worry about.
Of course all this might be irrelevant if Oga Kingjames knows someone in his DISCO to help him bypass his meter but that still won't help during general blackouts.
I see what you just did;

1, Your 07/08 example was meant to show that you knew about the tech from way back. Good for you. Sadly what you knew back then has evolved so much that you might as well be considered clueless today.

2, Optimal GPU, RAM combination? Seriously? Ability to use PC world terms doesnt mean you or your friends have a clue as to what's happening today. In fact, that you just said GPU/RAM combination makes you sound even more clueless than you did if you ended at the 07/08 stage.

As for ROI.... Believe me ROI is unbelievable good. Sadly this is a business in which research and knowledge is key. I intend to sell my research and advise to my customers and we all gonna make a lot of money.

I don't know how kingojames came across his loot but the most successful people I know stay hungry for new information. If he chooses to follow you and your 07/08 advise then kudos to him. If however he is wise then he will sit his bum bum behind a computer screen and google away. IF he can somehow double his N1m to N2m then I will happily help guide him in the world of cryptocurrency mining.
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  #34704 (permalink)  
Old 25th April 2017, 08:40 PM
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Default Re: MarketWatch

Quote:
Originally Posted by nosa2 View Post
I see what you just did;

1, Your 07/08 example was meant to show that you knew about the tech from way back. Good for you. Sadly what you knew back then has evolved so much that you might as well be considered clueless today.

2, Optimal GPU, RAM combination? Seriously? Ability to use PC world terms doesnt mean you or your friends have a clue as to what's happening today. In fact, that you just said GPU/RAM combination makes you sound even more clueless than you did if you ended at the 07/08 stage.

As for ROI.... Believe me ROI is unbelievable good. Sadly this is a business in which research and knowledge is key. I intend to sell my research and advise to my customers and we all gonna make a lot of money.

I don't know how kingojames came across his loot but the most successful people I know stay hungry for new information. If he chooses to follow you and your 07/08 advise then kudos to him. If however he is wise then he will sit his bum bum behind a computer screen and google away. IF he can somehow double his N1m to N2m then I will happily help guide him in the world of cryptocurrency mining.
You can believe what you want but I assure you there is nothing you know abut cryptocurrencies that I do not know in the present or in the past.
Cryptocurrency mining is now in the realm of hobbyist activity, there is no money in it over here in the UK. You may try convincing me that it is profitable in Nigeria.

I hope you are aware that the difficulty factor in generating a successful hash increases as more people join ? and hope you know that computing power doubles within an 18-24 month interval with some folks dedicating superpower level computers to computing hashes for the blockchain so that if you buy a brand new miner today, it is guaranteed that the probability of you getting a successful hash or partaking in the generation of successful hash effectively is halved within that period or conversely that a miner you buy now is guaranteed to be obsolete in 2 years? even if you buy a top end ASIC miner, you are not immune from this.

What is the guarantee really that the cryptocurrency will be worth anything close to what it is now in 2 years when it is not even a globally accepted standard for payment yet and is primarily used on the dark web which is continually being busted ? are those the odds you want someone who has just made his first million to be playing with ?

Maybe he would even do better to subscribe to one of those online cloud mining pools, but to buy a miner and run it himself in Nigeria ? hardly advisable bro.

Oga Kingojames, you can start at the link below if this is what you really want to do:

https://99bitcoins.com/bitcoin-minin...s-explanation/

Quote:
Bitcoins per Block – Each time a mathematical problem is solved, a constant amount of Bitcoins are created. The number of Bitcoins generated per block starts at 50 and is halved every 210,000 blocks (about four years). The current number of Bitcoins awarded per block is 25. However soon enough the block halving will occur and the reward will be downgraded to only 12.5 Bitcoins.

Bitcoin Difficulty – Since the Bitcoin network is designed to produce a constant amount of Bitcoins every 10 minutes, the difficulty of solving the mathematical problems has to increase in order to adjust to the network’s Hash Rate increase. Basically this means that the more miners that join, the harder it gets to actually mine Bitcoins.

Electricity Rate – Operating a Bitcoin miner consumes a lot of electricity. You’ll need to find out your electricity rate in order to calculate profitability. This can usually be found on your monthly electricity bill.

Power consumption – Each miner consumes a different amount of energy. Make sure to find out the exact power consumption of your miner before calculating profitability. This can be found easily with a quick search on the Internet or through this list. Power consumption is measured is Watts.

So you’re probably not going to get rich by mining Bitcoins at home unless you buy some heavy duty equipment and have very low electricity costs. Here’s a list of the most efficient Bitcoin mining hardware out there today. There’s not a lot of variety to pick from since home mining is a dying art.

Last edited by duduspace; 25th April 2017 at 09:09 PM.
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  #34705 (permalink)  
Old 25th April 2017, 08:58 PM
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Default Re: MarketWatch

Quote:
Originally Posted by duduspace View Post
You can believe what you want but I assure you there is nothing you know abut cryptocurrencies that I do not know in the present or in the past.
Cryptocurrency mining is now in the realm of hobbyist activity, there is no money in it over here in the UK. You may try convincing me that it is profitable in Nigeria.

I hope you are aware that the difficulty factor in generating a successful hash increases as more people join ? and hope you know that computing power doubles within an 18-24 month interval with some folks dedicating superpower level computers to computing hashes for the blockchain so that if you buy a brand new miner today, it is guaranteed that the probability of you getting a successful hash or partaking in the generation of successful hash effectively is halved within that period or conversely that a miner you buy now is guaranteed to be obsolete in 2 years?

What is the guarantee really that the cryptocurrency will be worth anything close to what it is now in 2 years when it is not even a globally accepted standard yet ? are those the odds you want someone who has just made his first million to be playing with ?

Maybe he would even do better to subscribe to one of those online mining pools, but to buy a miner and run it himself in Nigeria ? hardly advisable bro.
You have started this your bro matter. Abeg how are we bros?

Anyway back to the mining matter. You need to do some research into cryptocurrency mining.

Let me get you going


https://www.youtube.com/watch?v=IKVKDYTVxkM

Of course as usual Duduspace of Obodoyinbo knows more about this than the tens of thousands of people (including myself) mining daily.

Meanwhile I would like you to notice that the machine pictured in that video is not home made nor is it something you can find the optimal GPU/RAM mix.


Here is another video for a CLUELESS ONE like you


https://www.youtube.com/watch?v=D03GyDBMqkM
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Last edited by nosa2; 25th April 2017 at 09:01 PM.
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  #34706 (permalink)  
Old 25th April 2017, 09:06 PM
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Default Re: MarketWatch

Quote:
Originally Posted by duduspace View Post
You can believe what you want but I assure you there is nothing you know abut cryptocurrencies that I do not know in the present or in the past.
Cryptocurrency mining is now in the realm of hobbyist activity, there is no money in it over here in the UK. You may try convincing me that it is profitable in Nigeria.

I hope you are aware that the difficulty factor in generating a successful hash increases as more people join ? and hope you know that computing power doubles within an 18-24 month interval with some folks dedicating superpower level computers to computing hashes for the blockchain so that if you buy a brand new miner today, it is guaranteed that the probability of you getting a successful hash or partaking in the generation of successful hash effectively is halved within that period or conversely that a miner you buy now is guaranteed to be obsolete in 2 years? even if you buy a top end ASIC miner, you are not immune from this.

What is the guarantee really that the cryptocurrency will be worth anything close to what it is now in 2 years when it is not even a globally accepted standard for payment yet ? are those the odds you want someone who has just made his first million to be playing with ?

Maybe he would even do better to subscribe to one of those online cloud mining pools, but to buy a miner and run it himself in Nigeria ? hardly advisable bro.

Oga Kingojames, you can start at the link below if this is what you really want to do:

https://99bitcoins.com/bitcoin-minin...s-explanation/
Cloud mining is so not profitable
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  #34707 (permalink)  
Old 25th April 2017, 10:23 PM
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Default Re: MarketWatch

Quote:
Originally Posted by nosa2 View Post
I see what you just did;

1, Your 07/08 example was meant to show that you knew about the tech from way back. Good for you. Sadly what you knew back then has evolved so much that you might as well be considered clueless today.

2, Optimal GPU, RAM combination? Seriously? Ability to use PC world terms doesnt mean you or your friends have a clue as to what's happening today. In fact, that you just said GPU/RAM combination makes you sound even more clueless than you did if you ended at the 07/08 stage.

As for ROI.... Believe me ROI is unbelievable good. Sadly this is a business in which research and knowledge is key. I intend to sell my research and advise to my customers and we all gonna make a lot of money.

I don't know how kingojames came across his loot but the most successful people I know stay hungry for new information. If he chooses to follow you and your 07/08 advise then kudos to him. If however he is wise then he will sit his bum bum behind a computer screen and google away. IF he can somehow double his N1m to N2m then I will happily help guide him in the world of cryptocurrency mining.


This uncle harsh ooo. Chaii ....
Anyway, I thought ab initio I stated quite clearly how I made my first million?
Google can not give one all the information one need to invest his money on. Leveraging on the knowledge, goodwill and experience of others may make a big difference with the different investment platforms for neonates like me.
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  #34708 (permalink)  
Old 25th April 2017, 10:52 PM
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Default Re: MarketWatch

Quote:
Originally Posted by nosa2 View Post
You have started this your bro matter. Abeg how are we bros?

Anyway back to the mining matter. You need to do some research into cryptocurrency mining.

Let me get you going


https://www.youtube.com/watch?v=IKVKDYTVxkM

Of course as usual Duduspace of Obodoyinbo knows more about this than the tens of thousands of people (including myself) mining daily.

Meanwhile I would like you to notice that the machine pictured in that video is not home made nor is it something you can find the optimal GPU/RAM mix.


Here is another video for a CLUELESS ONE like you


https://www.youtube.com/watch?v=D03GyDBMqkM


I referred to ASIC miners in my last post, here is a review of one of them which when I last checked on Amazon cost almost $2000

Quote:
Today one of the most advanced miners out there is the Antminer S9. It’s what is known as an ASIC mining rig. It has a mining rate of 14 TH/s. If we use the simple Bitcoin mining calculator (shown above) you will see that at today’s difficultly you will earn around 1 Bitcoin a month.

But of course this doesn’t take into account the hardware cost, electricity cost, pool fees, etc. Let’s try to calculate all of these together.

mining with s9

This data was taken from an advanced Bitcoin mining calculator using the following stats: 2% mining pool fees, 25 Bitcoins as a block reward, 14 TH/s hash rate, 1375W power consumption.

So after 12 months we should be making around $6,000. However we haven’t deducted the hardware cost yet, so it’s more like $ 3,400. Also, pretty soon the block reward goes down to 12.5 so we’ll actually only be breaking even.

Of course this result can change depending on your own electricity cost, the change in mining difficulty and most importantly the change in the price of Bitcoin.

So you’re probably not going to get rich by mining Bitcoins at home unless you buy some heavy duty equipment and have very low electricity costs. Here’s a list of the most efficient Bitcoin mining hardware out there today. There’s not a lot of variety to pick from since home mining is a dying art.
When one of your so called miners (as opposed to Jeff Bezos who makes money from the sales of such miners on Amazon) enters the top 10 rich list of any country or state in Nigeria , I will agree that you indeed have a clue about what you are claiming mastery in.
Until then......whistling to Adekunle Gold "Enu o se, enu o see, ariwo ko ni music o. Empty barrel lo ma'n pariwo"

I don talk my own, if Oga Kingojames likes he can buy the miner and be our guinea pig for the next 2 years. By God's grace we go all dey here when he renders his account and I wish him all the best.
If I were in his shoes, I will simply ask yu to show me your mining account for the past 2 years, na CAPEX and OPEX I asked for that led to all this megedefegede.

Last edited by duduspace; 25th April 2017 at 11:09 PM.
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  #34709 (permalink)  
Old 26th April 2017, 01:15 AM
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Default Re: MarketWatch

Quote:
Originally Posted by nosa2 View Post
Cloud mining is so not profitable
Who said anything about profitability, I meant so that he can write the thing off very quickly when he sees it is not profitable instead of being consistently reminded of a painful experience everytime he sees the brick of a miner in his house or office. I don't want him doing an unscheduled stop near the lagos lagoon when it all goes down south.
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  #34710 (permalink)  
Old 26th April 2017, 05:11 AM
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Default Re: MarketWatch

Quote:
Originally Posted by duduspace View Post
I referred to ASIC miners in my last post, here is a review of one of them which when I last checked on Amazon cost almost $2000



When one of your so called miners (as opposed to Jeff Bezos who makes money from the sales of such miners on Amazon) enters the top 10 rich list of any country or state in Nigeria , I will agree that you indeed have a clue about what you are claiming mastery in.
Until then......whistling to Adekunle Gold "Enu o se, enu o see, ariwo ko ni music o. Empty barrel lo ma'n pariwo"

I don talk my own, if Oga Kingojames likes he can buy the miner and be our guinea pig for the next 2 years. By God's grace we go all dey here when he renders his account and I wish him all the best.
If I were in his shoes, I will simply ask yu to show me your mining account for the past 2 years, na CAPEX and OPEX I asked for that led to all this megedefegede.
I strongly advise you to swallow your pride, stop responding, and do some research. The level of ignorance you are displaying right now on this subject is so much it is actually laughable.

Let me give you a small hint, Bitcoin is not the most profitable/efficient coin to mine.
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  #34711 (permalink)  
Old 26th April 2017, 08:00 AM
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Default Re: MarketWatch

Quote:
Originally Posted by nosa2 View Post
I strongly advise you to swallow your pride, stop responding, and do some research. The level of ignorance you are displaying right now on this subject is so much it is actually laughable.

Let me give you a small hint, Bitcoin is not the most profitable/efficient coin to mine.
Hehehe.....me display ignorance ?
If you have real knowledge you would put it out in the open because you are sure of it but I am yet to see anything beyond images of miners. Only charlartans seeking to exploit others point to some esoteric knowledge only they possess.
You have said less about cryptocurrency here than I have so far and that is fact.
Stick to issues and stop the name calling. If you want to be taken seriously give the guy full disclosure on what he is getting into and stop the unnecessary chest thumping.

Stick to issues Sir. What cryptocurrency do you want him mining ? What is the realistic amount he can mine in a reasonable time period ? What impact does electric instability have on mining operation ? What happens if his wallet holder/exchange is hacked ? What security standards do they offer ? What is the cryptocurrency's present value, in how many countries is it used and how many retailers have adopted it e.t.c.

Stop sounding like a Molue salesman who got angry when someone told him his 'Awogbaarun' smelt like Paraffin oil when all he needed to do is provide proof of its efficacy

Last edited by duduspace; 26th April 2017 at 08:17 AM.
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  #34712 (permalink)  
Old 26th April 2017, 08:50 AM
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Default Re: MarketWatch

Oga Nosa, have you now moved from your agriculture business specifically moriga cultivation, processing, packaging and export to cryptocurrency mining?
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  #34713 (permalink)  
Old 26th April 2017, 08:56 AM
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Default Re: MarketWatch

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Originally Posted by migiets View Post
Oga Nosa, have you now moved from your agriculture business specifically moriga cultivation, processing, packaging and export to cryptocurrency mining?
Me am curious too o. The guy will soon be like Dangote --- Sugar,Flour,Refinery,Cement .....
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  #34714 (permalink)  
Old 26th April 2017, 09:15 AM
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Default Re: MarketWatch

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Originally Posted by migiets View Post
Oga Nosa, have you now moved from your agriculture business specifically moriga cultivation, processing, packaging and export to cryptocurrency mining?
I have put my farming activity on hold for now. My farm is located in Nassarawa and the conflict you see in the headlines everyday is very real. I don't want to be stuck in the bush when some herdsmen will decide it is their time to shine. When things calm down I will resume, but for now I dey my house
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  #34715 (permalink)  
Old 26th April 2017, 09:16 AM
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Default Re: MarketWatch

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Originally Posted by Getthere View Post
Me am curious too o. The guy will soon be like Dangote --- Sugar,Flour,Refinery,Cement .....
You cannot live on cryptocurrency mining but it does make an excellent second income.
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  #34716 (permalink)  
Old 26th April 2017, 09:22 AM
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Default Re: MarketWatch

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Originally Posted by duduspace View Post
Hehehe.....me display ignorance ?
If you have real knowledge you would put it out in the open because you are sure of it but I am yet to see anything beyond images of miners. Only charlartans seeking to exploit others point to some esoteric knowledge only they possess.
You have said less about cryptocurrency here than I have so far and that is fact.
Stick to issues and stop the name calling. If you want to be taken seriously give the guy full disclosure on what he is getting into and stop the unnecessary chest thumping.

Stick to issues Sir. What cryptocurrency do you want him mining ? What is the realistic amount he can mine in a reasonable time period ? What impact does electric instability have on mining operation ? What happens if his wallet holder/exchange is hacked ? What security standards do they offer ? What is the cryptocurrency's present value, in how many countries is it used and how many retailers have adopted it e.t.c.

Stop sounding like a Molue salesman who got angry when someone told him his 'Awogbaarun' smelt like Paraffin oil when all he needed to do is provide proof of its efficacy
Read my initial post again and you will see that I wasn't advising him to start a cryptocurrency mining business. What I told him was that he should look to investing his, now famous, N1m loot into a business that would give a return in Dollars. TO successfully mine cryptos you need to invest more that N1m which I don't think he has.

As for divulging information..... what do I have to gain? I have put in hundreds of hours of research and if you actually do research and understand the nature of mining, you would know that ultimately it is a zero sum game. The more people who mine a profitable currency the less profitable it is for everyone. So all i will tell you or anyone that asks, is that you do your own research.
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  #34717 (permalink)  
Old 26th April 2017, 10:10 AM
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Default Re: MarketWatch

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Originally Posted by duduspace View Post
I referred to ASIC miners in my last post, here is a review of one of them which when I last checked on Amazon cost almost $2000



When one of your so called miners (as opposed to Jeff Bezos who makes money from the sales of such miners on Amazon) enters the top 10 rich list of any country or state in Nigeria , I will agree that you indeed have a clue about what you are claiming mastery in.
Until then......whistling to Adekunle Gold "Enu o se, enu o see, ariwo ko ni music o. Empty barrel lo ma'n pariwo"

I don talk my own, if Oga Kingojames likes he can buy the miner and be our guinea pig for the next 2 years. By God's grace we go all dey here when he renders his account and I wish him all the best.
If I were in his shoes, I will simply ask yu to show me your mining account for the past 2 years, na CAPEX and OPEX I asked for that led to all this megedefegede.
I've read between Nosa2's lines.
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  #34718 (permalink)  
Old 26th April 2017, 01:08 PM
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Default Re: MarketWatch

Quote:
Originally Posted by nosa2 View Post
Read my initial post again and you will see that I wasn't advising him to start a cryptocurrency mining business. What I told him was that he should look to investing his, now famous, N1m loot into a business that would give a return in Dollars. TO successfully mine cryptos you need to invest more that N1m which I don't think he has.

As for divulging information..... what do I have to gain? I have put in hundreds of hours of research and if you actually do research and understand the nature of mining, you would know that ultimately it is a zero sum game. The more people who mine a profitable currency the less profitable it is for everyone. So all i will tell you or anyone that asks, is that you do your own research.
Na you start the name calling, the discussion really didnt have to take the direction it did. I can be accused of having a big mouth but I intervened primarily out of concern for Oga Kingojames.

I do not believe in information assymetry cos I just consider it a way of cheating other people. Anything that hides details so that it only benefits only a few as far as I am concerned is not right......if someone is an inventor, pioneer or early adopter, different matter entirely.
Our discussion still has provided information for people. I agree mining can be an interesting hobby and additional source of income, he might even hit it big if for example the cryptocurrency he mines makes a lot of traction as a payment system but that is a lot of ifs and buts and not so clear a path. I thought he should be made aware of all that and my major concern was if it would be profitable for him in Nigeria.

I just didnt think it the better option for someone looking to strike out after his first major breakthrough which he was so excited to share with all of us.
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  #34719 (permalink)  
Old 26th April 2017, 02:28 PM
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Default Re: MarketWatch

Quote:
Originally Posted by duduspace View Post
Na you start the name calling, the discussion really didnt have to take the direction it did. I can be accused of having a big mouth but I intervened primarily out of concern for Oga Kingojames.

I do not believe in information assymetry cos I just consider it a way of cheating other people. Anything that hides details so that it only benefits only a few as far as I am concerned is not right......if someone is an inventor, pioneer or early adopter, different matter entirely.
Our discussion still has provided information for people. I agree mining can be an interesting hobby and additional source of income, he might even hit it big if for example the cryptocurrency he mines makes a lot of traction as a payment system but that is a lot of ifs and buts and not so clear a path. I thought he should be made aware of all that and my major concern was if it would be profitable for him in Nigeria.

I just didnt think it the better option for someone looking to strike out after his first major breakthrough which he was so excited to share with all of us.
And all I am saying is that with enough capital and proper research into the right equipment it is a very lucrative business.

The biggest bitcoin mining companies in 2016 - Business Insider

https://www.nytimes.com/video/busine...n-iceland.html

Bitcoin Mining is a Family Business for This Father and Son - CoinDesk

https://99bitcoins.com/bitcoin-minin...s-explanation/

If you do not have the money to invest or, more importantly, time to do the research then it is best to stay away from cryptocurrency mining. However it is VERY WRONG TO SAY IT IS A HOBBY
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  #34720 (permalink)  
Old 27th April 2017, 04:29 PM
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Default Re: MarketWatch

https://www.bloomberg.com/news/artic...xchange-window

What Investors Need to Know About Nigeria's Exchange Window


There’s a lot riding on Nigeria’s new foreign-exchange platform.

The system -- called the Investors’ and Exporters’ FX Window -- is the central bank’s latest attempt to lure back traders who fled in the past two years. The idea is that by creating a market for some types of investment transactions, policy makers can satisfy calls to float the currency without risking an inflationary spiral that may come from a devaluation. Eventually, it would attract foreign funds and alleviate a shortage of dollars.

While analysts warn that it may be weeks before they’ll have a clear idea of how it’s functioning, here is what traders need to know:

What is it?

Nigeria, unlike other crude exporters such as Russia, Colombia and Kazakhstan, has .........
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