I just registered with Altcoin.com the other day as I want to start trading in Cryptocurrency and was introduced by a friend to an online miner called Litecoin Miner which pays out into my Altcoin account. i have been using it for some days now and i am receiving good payouts.
Has anyone got any expierience with this site? Any pro’s and Con’s?
Unless you physically own an ASIC, those cloud-mining schemes can be susceptible to MLM and deceitful practices. They can disappear. I stay away from them.
If you want to mine, buy a miner. You can find people to host it for you - though their space goes fast
i have to pay tax man 50% (41% really for fed/state/soc sec…I use 50% set aside USD each month as to NOT
have to hire a bookeeper…the other 9% (about) will be applied to next years health insurance (taken off
gross income, if self-employed) I also do this month to month…no more 1 month shot doing this at the end of the year…stressful
thus, my situation is 50% goes to tax man or I can take that same 50% and apply it to ASIC equipment with
the same result. You also get 25% equipment deduction (compressed 5 years) off ASIC equipment…on taxes
you would pay anyway at the end of the year…if you don’t pay taxes, you can’t take this off, because you’d be over at a loss…
Thus when I buy equipment …considering 50% is gonna go to tax man anyway .and the 25% I am 90% sure I’d pay anyway …off taxes due to the tax man…for another 25% risk over just paying the 50% to the tax man I can get equipment
So far I have found (even with bitmain coupons) with the expected difficulty jump of bitmain products dumped march/april…(5 or more batches of many asic flavors from dec to marh held by bitmain)
I …even at a 25% risk am walking away till after probably June 2018…
NOW for a newbie who is putting $$$ into this from say his job…(not mining legacy equipment) and ONLY probably going to get the 25% equipment deduction…well…your risk is 75% vs my risk of 25%, with me
being mining and having the above tricks around the tax man and equipment deduction
so if you are a 1st time buyer, w/o tax advantages like me, DON’T DO IT…ITS A TRAP! you are
better off at this point just HODL’ing LTC and waiting like me till June 2018
If we are all betting on a price pump of LTC to justify equipment…well…you have less risk just getting
LTC and holding for the price pump…then using LTC that may go up 2x to buy dubious equipment
that arrives 3 months later…my view AT THIS TIME ANYWAY after the march/april dump of scrypt-
pow equipment from bitmain and other sources…well we will see
brad