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Lite Coin Skepticism

xrex64
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So I want to get a Radeon 7950 for some Litecoin mining. However, my dad thinks that making around $300 dollars a month is "too good to be true." 

 

My method is Pool > Wallet > BTC-e site (covert to USD) > Paypal  <-- Anything wrong or any catches to this?

 

So has anyone actually made money in a similar way and are they any catches or anything I should know about? Any information would be really helpful. 

"When in doubt, don't take your wallet out." - Dad


 


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Nothing wrong with it, just hope litecoin doesn't crash (most likely won't.) In fact, you may be making a lot more than just $300 a month.

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Don't use paypal. It's not very secure, has high fees, charge backs, and chance of frozen/seized funds.

 

When you want to cash out, currently the best method is to sell the coins into Bitcoin, then move the Bitcoin to a local exchange. You can find local exchanges here. http://howtobuybitcoins.info/ Get verified on your local exchange and withdraw directly to your bank account.

 

The free market is still finding it's price, the difficulty to acquire the coins will make mining less profitable over time. An argument for getting a new card (I'd recommend 7970 I think) you get 3 free games which you're able to sell and the card has use/value outside of mining.

 

Everyone will look at Crypto-Currencies and believe it's a scam at first glance. Take the time to learn and teach about the world changing technology driving the digital economy.

You keep using that word. I do not think it means what you think it means.
Users cannot, and will not securely manage key material. Most users can't and the ones that can, wont.

Ask me about Bitcoin, Litecoin, Crypto-Currencies, and/or Mining them.

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The difficulty will skyrocket... So don't imagine you'll be making that much for long. It probably won't drop as Bitcoin isn't.

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The difficulty will skyrocket... So don't imagine you'll be making that much for long. It probably won't drop as Bitcoin isn't.

How long would you guess "much long" would be?

"When in doubt, don't take your wallet out." - Dad


 


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How long would you guess "much long" would be?

The difficulty can't spike as insanely as Bitcoin since Litecoin doesn't have ASICs, difficulty spikes aren't as much danger to litecoin mining as price drops are.

http://ltc.block-explorer.com/charts

Also a lot of altcoins are scrypt so if profitability drops on Litecoin you can always switch to a different coin.

But as always there is a risk. It just isn't nearly as much as Bitcoin mining.

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