Why should you be able to make money yourself?

[Megabikerjoe]

Hi,

I have a question: Why should you be able to make money yourself like many people are doing with cryptocurrencies? I started mining litecoin a few days ago and told my dad about it today. He thinks there has to be a catch. He says that there's no way you can just 'mine' money. 

So, can anyone explain me(and him) why it's possible to make money without a catch? Or is there a catch?

Thank you!

[SJBijzitter]

You're essentially turning your computer into a small cog for a large machine, what is normally known as a bank.

That is the VERY simplified and short version of it all.

[Ryan Leech]

You are basically converting electricity to money

[Shd0w2]

Are you mining with your rig in the sig? THE 760 SUCKS for mining btw.

[Luc401]

You are supporting the network... its hard for some people to understand and can be stuborn about it.. July 2012 i told my dad about it and he said it never made sence. If i did it then , i could have made many moneys..

[Suika]

The only catch that I'm aware of is the fact that you're taking a risk. What you mine now could be worthless tomorrow, or be worth hundreds the next day.

 

It also wears down your hardware some and consumes a heavy amount electricity compared to an average gaming PC.

 

If I may make a recommendation, however, you shouldn't mine with a GTX 760. You acquire too little and risk too much (GPU will die plenty fast etc).

[Megabikerjoe]

Are you mining with your rig in the sig? THE 760 SUCKS for mining btw.

I know that's why I told my dad because I eventually gonna buy a r9 280x

[Luc401]

Also dont invest any thing that you dont mind loosing!

[Eddyall]

The catch is that the value of a coin can go from 1000$ to 100$ in a day.

And that there is a finite amount of them versu real currency.

[Shd0w2]

I know that's why I told my dad because I eventually gonna buy a r9 280x

Good.

[Luc401]

Good.

I found a few people who got 350 KH from a 670 , not as good but still not horrible!

[SMURG]

You're not really 'mining money', you're 'mining' something which you then intend to sell for money. Crucial difference. If you went out and dug some gold up, you wouldn't have therefore got money for free. Firstly getting the gold required effort (as does mining a cryptocurrency) and secondly the only value the gold has to you is that somebody will exchange some money for it.

[Megabikerjoe]

I found a few people who got 350 KH from a 670 , not as good but still not horrible!

The one I have is locked from overvolting and when I overclock higher than 100mhz, It crashes after a few hours of mining

[Me1z]

Mining crypto currency isn't just turning electricity into money like most people assume. The algorithms that your computer is crunching are essentially the paperwork for the bank of that currency. By "mining", your computer gets a job at a bank and the litecoins/dogecoins/whatever you get in return is basically your computer's paycheck. That's why once all of any given currency has been created, there will still be miners and they will still get paid, just not much. Miners are necessary for the currency to exist and rather than the currency being created in return for mining, at this point the bank will pay you directly using the money its making off people using the currency. Tahdah