New to Cryptocurrency? Please read this, my advice from following the crypto community.
Hey folks -- Incredibly unexpectedly to me, DogeCoin seems to have struck a chord with the world, and now I'm seeing all sorts of new people into cryptocurrency. Welcome! To me, the cryptocurrency scene is utterly fascinating. However, as it is so new and money is involved, it can be quite dangerous. So, I'd like to share some advice that I've attained through being involved in the community for awhile:
The world of Cryptocurrency is the Wild West 2.0
This is the main point I want to make, and the rest are just supporting details. There are good people and there are scammers. There are opportunities to grow and learn and contribute cool things, and there are sharks that will take advantage of people and fraud them out of money. There are genuine market dynamics as well alongside massive manipulation, and it's hard to tell which is which without studying it for awhile. There aren't any rules, there can be rampant greed a times, there are always bubbles on bubbles on bubbles (see http://www.pbs.org/wgbh/nova/body/mind-over-money.html -- this basically shows that humans naturally make financial bubbles and how the entire market is ruled by psychology). I have no doubt that cryptocurrency will be studied for years, academically, as "what happens in a free market." Fascinating stuff. Just know what you're getting yourself into!
Never "invest" in Cryptocurrency more than you are willing to lose
First of all, buying cryptocurrency is not really investing, it's much closer to gambling. I have never recommended purchase of any crypto with dollars to anyone, but I always recommend mining, because it's quite inexpensive and makes it easier to treat these coins as magic funny money. Pretty much all cryptocurrency "value" is just the amount of bitcoin people are trading it for, and bitcoin is an extremely volatile asset that can and has dropped in value 50%+ overnight, and that isn't any different with DogeCoin. This is why I want to keep the DogeCoin community lighthearted. It's never fun to lose money, but everyone needs to understand that, unless they are just mining, any money they put into it can be lost. Not trying to scare everyone away! Just be careful.
If you decide you want to purchase, use exchanges, ebay/paypal is not generally recommended
Even though I wouldn't recommend purchasing over mining, if you insist, I would always recommend going through http://coinbase.com, purchasing bitcoin, and trading it for dogecoin at market value on one of the major exchanges (bter, vircurex, coinedup, imo. Cryptsy, as you have seen, is a bit of a toilet) as opposed to purchasing anything on ebay/paypal, even though it is faster. First of all, people mark up the price on ebay, because they are targetting newbies. Second of all, paypal will not honor any cryptocurrency agreement, so if the buyer files a dispute, the seller won't get the money - another reason for markup. This goes for selling as well, for the same reasons.
Use different passwords on different sites
The vast majority of people are honest, but not everyone, so be careful and diligent. Don't use the same password twice, set up 2-factor authentication wherever you can. Forums often get hacked and steal passwords, and sometimes site operators aren't safe and have your passwords hidden in plaintext.
Make wallet backups and encrypt your wallet
Your wallet.dat file holds are your coins. If you lose that, you are toast. If someone copies that file from you, they can steal all your coins. You want to encrypt it and use a very strong password, and back it up - on a thumb drive, etc. Or export the private key and write it down somewhere (google paper wallet for how to accomplish this) Note that there is a bug right now for some windows platforms when encrypting the wallet. I'll fix it soon..ish... >_<
Don't leave your coin in online exchanges or pools too long, or too much online wallets
When you're using an exchange, pool, or online wallet, keep in mind that at any point they can go down or be hacked. It's best to keep the payout threshold low in pools and only keep money in online exchanges you find trustworthy with 2-factor authentication. Considering its newness, DogeCoin does not yet have long running trusted services, so of course not saying dogewallet (or any other wallet service that will come about for dogecoin) is untrustworthy, but that it is a risk to keep too much coin in any type of online wallet. (Note - dogewallet turned out to be a unsafe/compromised/maybe a scam)
Consider Mining CPU Coins and GPU coins at the same time
If you're mining Dogecoin with a graphics card, you can also mine with your CPU at the same time (though generally you'll need to use MAX_CPU_THREADS - 1 to avoid issues). There are some coins that are essentially CPU only -- the most interesting of these, I find, are Primecoin and Protoshares. The easiest way to do this is to go through http://www.ypool.net and follow the instructions from that site. Both these coins are well established and have interesting algorithms. Mining two coins at once -- much profit!
Try not to become elitist! Continue being generous, welcoming, and have fun
This is my last piece of advice to all. This is the tone I hope to always keep for DogeCoin. The cryptocommunity is full of elitism and greed, and it makes sense in from a psychological standpoint. People get very invested and want to thwart away anything that entrenches on their territory. I hope that the DogeCoin community will never get that way. I want us to understand how that happens and resist it. Even though 5 new coins just came out that essentially cut and paste DogeCoin, we don't need to trash their coins and feign being superior to everyone - there will be many more popular coins that come out in the future. And really, I mean, c'mon. I slapped a dog on a coin :) Let's remember that and continue to do what I am seeing right now, which is incredibly welcoming, generous, and fun. Thanks folks. Enjoy your holidays :)
Now since mining gets more difficult with time your best option will be to run 4 more of the same thing to mine quickly.
Each server costs $20. So $20*5 = $100. $100/30 = $3.33 each day You have $10 credit so you have ~3 days worth of mining that you can do for free. If you go over you will only be be charged the extra by the hour so don't worry about getting a huge charge on your creditcard unless you forget for a month. WHAT IF I WANT BITCOINS OR ANOTHER CURRENCY NOT PROTOSHARES? Well you can try to find other guides online to use these servers, but unless it is a CPU only coin the results won't be worth it. You can also trade them on Cryptsy for other coins including bitcoins. Cryptsy non-refferal
"The Correct Strategy of Bitcoin Entrepreneurship" by Daniel Krawisz | Satoshi Nakamoto Institute Mempool
The Correct Strategy of Bitcoin Entrepreneurship by Daniel Krawisz We're All in This Together Bitcoin entrepreneurs have yet to appreciate fully collaborative nature of the Bitcoin economy and its implications for entrepreneurial strategy. Every successful entrepreneurial act improves the Bitcoin economy and attracts more people in, thus raising the value of the coins. Each new service benefits everyone else who is already invested. Consequently, Bitcoin businesses do not necessarily need to see themselves as competitors to one another. Even if they have the same business model, they both have more to gain from the influx of new users from outside than by taking customers from one another. Furthermore, the growth of any Bitcoin business is limited ultimately by the growth of Bitcoin itself. Since the number of coins is strictly capped, the currency must grow with its price. This means that few business can be expected to earn a much better return than the coin itself over time. Entrepreneurs should therefore invest in coins, not businesses, because coins are where the profit is. In addition, if Bitcoin fails, then the Bitcoin businesses fail—so Bitcoin is less risky than any Bitcoin business too. Thus, Bitcoin entrepreneurs should be less interested in making money than in making bitcoins into money. An entrepreneur who follows that precept should generally be expected to be more successful than otherwise because the potential for Bitcoin itself is so much greater than any Bitcoin business he could invest in. Of course, Bitcoin cannot succeed without businesses, or at least some sort of entrepreneurship. What is the best way to fund ventures in an environment in which they are relatively poor investments? The trick, I propose, is to think of these ventures more as donations to the Bitcoin economy than as profit-seeking ventures. Any useful Bitcoin service will tend to make the Bitcoin price increase because it adds value to the network. It may, therefore, be perfectly rational for a Bitcoin investor to contribute the service to the economy for free. Furthermore, the success of such a business being desired by everyone who holds coins, such a business can be run more like a non-profit or open-source project than an business. Thus, a new venture may attract investment even if it is not profitable as long as it provides a service the Bitcoin world needs. In mid 2013 Armory, an open-source Bitcoin wallet project, received $600k in seed funding without even though nobody knows how it will eventually be monetized. These people have the right idea, but they shouldn't try to monetize it at all—it is obviously making all the coins more valuable. Don't be a venture capitalist—be a speculative philanthropist. Labor Is Scarcer than Ideas The task ahead of us is monumental—the construction of a new financial economy to replace the one built around the national currencies. This will take a lot of work. Unfortunately, a lot of work is being wasted right now. The venture capitalists are looking to invest in a sharp team with a cool idea but the group of people that matters most is the entire network of Bitcoin users, and the idea that matters most is Bitcoin itself. Big new ideas get hyped up almost every week around here, and the Bitcoin economy will work a lot better if people would try harder to ignore them. There are lots of business ideas floating around and limited time to create them. Only ideas that have a very high probably of being an important part of the future Bitcoin economy should be implemented because that is all we have time for and those are the only ideas worth risking Bitcoins on. The proof that ideas aren't scarce is that anybody can make his own altcoin at any time. Already there are hundreds, and every one of them a bad idea from people who don't understand the cumulative benefits of cooperation. Since entrepreneurs don't understand Bitcoin very well yet, it is easy to dazzle them with technobabble and funnel investment into flawed projects like Protoshares, Mastercoin, and Ethereum that have a very low probability of furthering Bitcoin adoption to any significant degree. There is no real reason to keep secrets because the more that everyone knows about what everyone else is doing, the more easily they can decide what the Bitcoin economy most needs of them. Everything about a business can be done openly for the benefit of the entire industry. Product development, future plans, market research, finances; everything except private customer data, which shouldn't be collected anyway, and, in the case of illegal Tor businesses, the real identities and locations of the owners. We need open business and open businesses. Entrepreneurship as a Collaborative Scientific Enterprise In an open-business world, less experimentation is necessary to produce a workable system than among other businesses because there is no reason to keep secrets from one another. All trial-and-error should immediately benefit all the other Bitcoin entrepreneurs so that everyone can more easily figure out the most effective way to work. Open business as a generally accepted best practice would have eliminated terrible businesses like MtGox and Butterfly Labs early on. But even that would have been too late. Everything possible should be done to try to eliminate ideas before they can turn into failed businesses. That means sharing all ideas with the community, and investing in nothing that does not already have widespread community support. Much of the Bitcoin world already works very openly. Lots of terrible ideas get shot down all the time in the Bitcointalk.com forums. All the software is open source. However, more is required: Bitcoin entrepreneurship should be run more like scientific research than a gold rush or an Internet bubble. There should be open research into the future Bitcoin economy, complete with peer review and consensus over which ideas are the most useful and important. Investment should focus on ideas that already have been vetted by the community. It should be considered reprehensible for startups to inventtheir own cryptographic algorithms. It is too much of a waste of resources to test ideas in experiments with real businesses. All business models ought to be carefully critiqued beforehand and only the most necessary ones that we have time for should be created. This is not central planning; it is consensus-based entrepreneurship. No one shall be forced to follow any idea at all; it is simply in everyone's best interest to cooperate. If I am right, then soon investors will learn to back only heavily vetted ideas and entrepreneurs will it as well. In the early Renaissance, mathematics was practiced in secret and mathematicians carefully guarded their own discoveries because a mathematicians' career depended on being able to show patrons that he could solve problems other mathematicians could not. However, in 1545, Gerolamo Cardano sparked a new trend with Ars Magna, the first published work to include the general solutions of the cubic and quartic equations. He even included secret work (with citation) by Niccolò Fontana Tartaglia, which whom Cardano had promised not to reveal. Gradually, mathematics transformed into a tradition characterized by publication rather than secrets. Open-access publishing is now demanded. Entrepreneurship is in its Renaissance still. Conclusion In a low-growth economy, one grows rich by carefully leveraging one's skills and assets so as to negotiate the most profitable trades. In other words, wealth comes from performing better than everyone else. It makes sense to guard closely any edge that one might have. Whereas in a high-growth economy, wealth comes from doing as well as everyone else. It is more difficult to improve one's state relative to everyone else than to enjoy the overall growth that improves everybody's state. The Bitcoin world understands this instinctively, but needs to take it to its logical conclusion. The entire Bitcoin economy needs to be open-sourced. This is how to make Bitcoin succeed most quickly and with the least effort, which is the best outcome for everyone. Let's get to work.  In a post-singularity world, everything should be expected to grow at a phenomenal rate, similar to the growth of the Bitcoin economy today. Thus, I would expect the attitude of sharing and collaboration should apply generally.↩
NEUVIRA (BETA) - Online Wallet for all your cryptocurrencies, to sync with all devices connected to the Web
Before we get into this, please keep in mind that Neuvira is still in BETA at the moment. It doesn't seem to be fully functional! More features and coins will be added in the future, but for now the things are there do work. Neuvira is an online wallet supporting many different cryptocurrencies , provided by the people behind The Nexus Protocol, which we talked about a while ago. For now, there are a dozen of coins listed, but we have received word that more will be added in the future. The objective of this beta is to simply show the possibilities of the system. Neuvira lets you store (some of) your coins online, in a secure fashion. Deposits and withdrawals can be made through the website, on any internet-connected device. They also offer the option to scan a QR code, so you can sync your web wallet with your mobile phone. The coins currently supported are : Bitcoin, Litecoin, Peercoin, Primecoin, Feathercoin, Novacoin, InfiniteCoin,Megacoin,Quark, Protoshares, Worldcoin and DogeCoin. A good list of popular coins to get things rolling. Make sure to check back on the Neuvira site regularly, as one of the upcoming features will allow users to print paper wallets with one click, through Neuvira. The Nexus Protocol is delivering some quality stuff here so far, and many more great things are scheduled for the coming weeks and months! https://neuvira.com
[BOUNTY] 5+BTC for Protoshares (PTS) conversion of Armory Wallet
Protoshares is a new bitcoin derived cryptocurrency from Invictus Innovations. It is unique among cryptocurrency because there is a private company who has put a social contract in place that when it releases the products on its roadmap (Bitshares, Domainshares, etc.), whomever holds Protoshares (PTS) will be given shares of the newly released product at a 1:1 ratio to their PTS holdings. This means that instead of being a currency that trades on the merits of the currency or its network, it trades on the future value of the products that Invictus will deliver to whomever holds them. It is unique among coins in that it has a tangible reason to hold it, periodic and significant payouts of new cryptocurrency. This unique value proposition and the fact that only 2 million will be mined has led to a very high price even only 12 days after the start of mining, and the adapted BitcoinQT client is insufficient for the task of securely storing. I have started a bounty which has a minimum value of 5BTC or 150PTS, and which might wind up being higher than that if I can convince some larger holders of PTS to contribute. The most secure bitcoin wallet is http://www.bitcoinarmory.com, it is open source and supposedly not that difficult to convert to a bitcoin based altcoin. Protoshares at a technical level is the latest version of Bitcoin with a new proof of work and modified difficulty/block reward settings. Invictus Innovations – http://www.invictus-innovations.com You can learn more at https://github.com/InvictusInnovations/ProtoShares Armory Github: https://github.com/etotheipi/BitcoinArmory The Version of Armory you should convert: https://bitcointalk.org/index.php?topic=299684.0
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