Crypto TV

Want to find out what we think about crypto currency? The Crypto Pros team will be hosting a weekly video session where we talk different topics related to digital currencies. We will be posting the schedule this week along with our first broadcast, don't worry if you missed the live version we will be recording all sessions and posting them to our youtube channel for later viewer. If you have a topic you would like us to talk about please email it to info@cryptopros.com.

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Overstock.com accepting Bitcoin

Here is an interesting article on the success Overstock has seen in its first day of accepting Bitcoin as a form of payment.

They did $126,000 in their first day!

We at Crypto Pros applaud the retailer for its decision to accept Bitcoin and urge others to wake up and smell the crypto currency coffee and get onboard!

Give it a read here

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To mine, or not to mine, that is the question

I started crytpo currency mining for a handful of reasons.  A little nudge from my friends over at Cryptopros.com , a interest in putting together a Linux based computer, a little room on a credit card, and of course a opportunity to make some cash on the side.  Sounds like a easy and good decision, worst case is I end up with a decent computer that with a few minor upgrades could be a great gaming computer. 

After spending about $700 dollars I had a week to investigate and decide what to due with all the cool new stuff I was getting.   At the time I didn't realize how many different options were available, I just new there were two systems/types of protocol.  SHA256 and Scrypt based currencies.   During my comparisons it became clear that the SHA256 based currencies would not provide a lot of bang for my meagerly equipped system.  Bitcoin is obviously the  big dog in the crytpo world and has a very high valuation attached to it justifying a high amount of computing power, or miners supporting the system.   I was initially confused, as I understood that Bitcoin had a high value and high hash rate, but looking at the secondary currencies (ie mining targets) their hash rates were also very high, but the valuations in some cases were little or nothing.  It took awhile before I understood what was happening and figured out merged mining when I joined CEX.IO (future Blog).

So Scrpyt mining  here I come, and it looks like it will be Litecoin as it has value and my little system theoretically should gain 2 Litecoins per week after electricity.  Not bad, system payed off in a few months, and then I am rolling in the dough!

So I receive my final box from UPS on a late Friday afternoon and begin my work.  I won't go into the gory details here, but lets just say that 4 days later, and several serious considerations of throwing the whole lot in the swimming pool I am mining! WOOT!  This is easy, the pool I signed up with can see my hash and within a hour of getting my rig running I get my first payout!  Just call me easy money! Ok, till the mother board goes up in a puff of smoke.   A power supply and another mother board later that first rig is up an running and has been now steady for 3 weeks with no issues.

The Pool seems to be good though I have nothing to compare it to.  Our average to find a block is about 5 hours, though we have had a few found in minutes, and then the dreaded 36 hour spans, where everyone gets grumpy, but over all it averages out. The pool runs about 97% of the expected time to find a block, so I guess that is good.

So, I have my Linux based rig and I can claim the novelty of being a miner of something that is very similar to air. My family is perplexed as regardless of how I explain it they cannot get past the "you can never touch, see or feel it" aspect of crypto currency.

In the next installment I hope delve into some of the justifications for and against crytpo currency mining. At least those that exist in my mind!

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Welcome to the Crypto Currency world!

Hey everyone, 
 
I received a interesting text message yesterday from a friend of mine over at Crypto Pros asking if I could write?  Now generally such a question is harmless, but the message closely resembled another received right before Thanksgiving "hey dude do you mine" .

The jury is still out on my answer of "nope, mine what?", so I was determined to get the next one correct and hopefully limit my financial and mental stress. Of course I write, everyone writes!  I know all my letters and numbers, I did real good in school, and I am the only member of my family to graduate the 6th grade.  Do I write, sheeesh!

Well, again the jury is out on this answer, because now writing has turned into Blogging.  Great another new experience just what I needed.  The only good thing about blogging is it doesn't cost you anything(so far), but it also doesn't make you anything(sucks).  So my ventures into crypt o currency and blogging should thoroughly confuse my shrink and probably land me in the nut house, or atleast get me a prescription for some good happy pills!

So, now I am a blogger in addition to being a miner, and get to share the trials and tribulations of my foray into the crypt o currency world. 

I think a good starting point will be to cover why I decided to mine on the first place.



    



   

  

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Simple Trade Bot Configuration.

Save 15% on the Simple Trade Bot by using the discount code "cryptopros"! Get your bot today.

The bot is available here: www.haasbot.com 

I have been getting a log of questions on how to configure the Simple Trade Bot to make it more profitable. One of the hardest thinks to wrap your head around when you are getting started with the trade bot is the indicators and how they work with the bot. The most common mistake is adding more that 3 indicators, this will make trades happen less often if not at all due to the fact each active indicator will have to trigger a buy/sell signal for the bot to execute a trade. When trading LTC/USD on BTC-e we use the RSI and Stochastic indicator at its default values, this will give you a good range of protection and still execute a good amount of trades. We have seen on average $20 a trade profit trading 200 LTC per trade with the settings bellow. 

Advanced Settings:

First you want to set up your "Advanced settings", this will add your drop loss protection, and a new feature as of v0.9.0.7 "Last buy and sell price reset (after sale)" see the image below:

 

In the "Drop-loss adjustment  (time-out)" we set the time out value to 300 seconds (5 min) and leave the percentage value at its default value of 95%. What this does is changes our drop-loss trigger every 5 minutes to avoid selling in a slow dip and protects your profits when the price rises.

We leave the "Last buy and sell price reset (time-out)" disabled at its default value of -1. This is no longer needed with the addition of "Last buy and sell price rest (after sale)".

We also leave the "Disable minimum raise/drop safety" unchecked, you can check if you like, on some trades you will see bigger gains but you will also on some trades see much bigger losses. With our testing we have found this function to be less profitable.

We check the "Last buy and sell price reset (after sale)", this is a great feature that will allow you more profit, simple put it will reset the last buy and sell price after a completed trade cycle. This comes in handy when the price is on the rise and your indicators sell, but the price keeps rising, with a buy signal the bot will buy and start a new cycle to capitalize on the gain.

Indicators:

As stated above we use the RSI and the Stochastic indicators at default values just click on "Add RSI indicator" and "Add Stochastic indicator*" and on the pop-up click save.

With the indicators added your technical indicator box should look like the image below:

After you have all you settings in place add the amount of funds you want to trade (this is done in LTC for this example) or you can click the "All-in" check box to trade 95% of your funds ( when starting out we do not suggest going all in ).

We like to wait about 20 min before checking the "Activate real trading" check box to allow the bot to gather some data, so wait 20 min and then activate trading. Once it is all set up monitor but don't change settings unless there is a mistake, just let the bot do its thing.

Results may vary, but we have had great success with this bot and continue to use it. If you have any question or comments please leave them below.

UPDATE:

Our friends over at Haas Online, the creator of the bot gave us a tip on how to increase profits.

you could improve your trade-momentum a lot by choosing a larger update interval. The above suggestion applies to 20seconds updates, but you should try 60seconds or more. It will give less trades, but the trades itself becomes more profitable because of the bigger price difference.

Stephan de Haas

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A new way to mine.

We have been testing out CEX.IO and must tell you, we like it. One of the many nice things about this service is being able to trade mining power as a commodity. Once you have purchased hash power it immediately starts to work for you with no setup of maintenance. The funds made from mining go directly to your account and with the merged mining setup on the miners you get some extra profit from IXC, DVC, NMC along with BTC. Another feature of this service is the redeem hardware function, with this you can have the mining power that you have purchased in the exchange and have it shipped directly to you.

With the exchange, merged mining, and hardware redemption, this service is hard to beat. This is a unique service and we are looking forward to using this service on more than just a test basis.

We have GPU, FPGA, and ASIC miners at our location each taking time and skill to configure and get up and mining CEX.IO makes the process of mining mindless.

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