Can someone please explain why GoldCoin is a valid investment.

[superbleester]

My father doesn't understand these crypto currencies very well and is skeptical about me mining them, so much that he won't let me buy a decent graphics card to mine. It is my own money and I think that it's a valid investment. Can someone please explain to my dad why investing in GoldCoin is good and mining it is too? He also believes that it is not a real thing and that it is just a fake worthless game or something. He understands computers fairly well but not this; he thinks these cryptocurrencies are a scam/joke. 

TL;DR: Can someone explain to my dad why GoldCoin and other cryptocurrencies are valid investments?

[tadspoles]

For the first time in the history of mankind, true decentralized currencies have emerged.  Previously this was an impossibility because of the "double spend problem."  The truth is no one really knows what will happen because there is nothing to compare it to in the past.  The potential is clear for international money transfers and possibly even as a store of value, however the markets are very volatile. 

Only time will tell if mankind accepts these currencies.  My two cents is it sure beats money created in a secret room somewhere according to the wishes of unknown men.

Having said all that, your dad still has to foot the bill for electricity I suppose.  If it were me, I'd offer to pay any electrical costs over the norm and I'd respect what your dad has to say because 999/1000 things that come along like this are scams.  Perhaps you can make a deal with him to do it for one month and look at the results.  Be warned though that mining is not for the faint of heart.

If after a month you do not have success, you have to take him to his favorite restaurant and wash his car every weekend for 2 months.

[superbleester]

For the first time in the history of mankind, true decentralized currencies have emerged.  Previously this was an impossibility because of the "double spend problem."  The truth is no one really knows what will happen because there is nothing to compare it to in the past.  The potential is clear for international money transfers and possibly even as a store of value, however the markets are very volatile. 

Only time will tell if mankind accepts these currencies.  My two cents is it sure beats money created in a secret room somewhere according to the wishes of unknown men.

Having said all that, your dad still has to foot the bill for electricity I suppose.  If it were me, I'd offer to pay any electrical costs over the norm and I'd respect what your dad has to say because 999/1000 things that come along like this are scams.  Perhaps you can make a deal with him to do it for one month and look at the results.  Be warned though that mining is not for the faint of heart.

If after a month you do not have success, you have to take him to his favorite restaurant and wash his car every weekend for 2 months.

Thank you. I have been mining for a bit with my current cards and they are doing alright, but Nvidia isn't the best for this. 1 month seems a little short to me as the value of GoldCoin rises over time, but thank you for the response.

[Bubba]

It's profitable.

If you have 3x MSI 7950 Twin Frozer cards, they can be tuned to run 2MHz using Ubuntu and cgminer. This equates to approx 500+ GLD/day. At current prices you're making approx $48 per day if you sell them as soon as you get them. (9 cents USD each - see here http://gld.skillerzforum.com/). Do hold onto some though. They are grossly underpriced, and will get to $10 at least at some point. They could even go higher

That's a profit (even including power consumption).
AND
If you want out, you can sell the GPU's. They're valuable, and rare, so as well as making profit you have an out if you ever have enough of mining.
BUT
*The value of your investment can go down, as well as up* (but fortune favours the brave!)

Promise your dad $40/month towards power costs and see what he says.
That's my 2 penneth worth!

[Bubba]

I'll just add (before someone else does!) that 2MHz will probably bring in about 800 GLD/Day but I am ALWAYS conservative when it comes to profit!

[sizzflair]

It is a profitable investment, but a volatile one. Compared to the top crypto currencies right now (BTC, LTC, etc.) Goldcoin is still growing and undervalued in my opinion. However, I do understand his hesitation especially if he's paying for electricity... and he (and the rest of the world) is skeptical of crypto currency's futurre.

It could be today or tomorrow where mining could no longer be profitable.... but you and others on here are hoping to build and invest into the future. It's going to be a bumpy ride, but if the world begins to accept these coins then we are going to be very successful as early investors and adaptors.

I just invested about 4-5k usd to build 2 mining rigs. Bought GLD as well as an investment and it already more than doubled within days. I see a long future ahead of us as long as we as a community continue to support and spread the word to new investors and early adaptors.

Keep us updated on what he says! If you have been mining, you could probably convince him with your earnings if you have had any

[superbleester]

It is a profitable investment, but a volatile one. Compared to the top crypto currencies right now (BTC, LTC, etc.) Goldcoin is still growing and undervalued in my opinion. However, I do understand his hesitation especially if he's paying for electricity... and he (and the rest of the world) is skeptical of crypto currency's futurre.

It could be today or tomorrow where mining could no longer be profitable.... but you and others on here are hoping to build and invest into the future. It's going to be a bumpy ride, but if the world begins to accept these coins then we are going to be very successful as early investors and adaptors.

I just invested about 4-5k usd to build 2 mining rigs. Bought GLD as well as an investment and it already more than doubled within days. I see a long future ahead of us as long as we as a community continue to support and spread the word to new investors and early adaptors.

Keep us updated on what he says! If you have been mining, you could probably convince him with your earnings if you have had any

Thank you for the response! He said he doesn't care about the electricity, and I offered to pay what I use. He thinks it is a waste of effort, which it takes non. I honestly thought that my dad would be proud of me for trying to invest and earn money at such an age. I guess not.

[ipaint]

Maybe the best thing to tell your father is GoldCoin and other currencies are like stocks and commodities, more like commodities. Yes it can be risky but you won't be out much other than the power to run everything and the cost of the video card(s).

Myself I don't even think about my electric bill. I get one every month anyway so it's no big deal, I just pay it. I'm not into adding up every penny like whats this cost, whats that cost, breakeven point etc.. Just do it. Yes it's good to know but really who cares? Unless your a business in it for profits right now. You either like the coin your mining or move on if the profit isn't there for you.

Some people think all the coins are a scam, not all of them are. I can't say for sure which ones are and which ones aren't. I've been with GoldCoin almost from the start. It has had it problems and the new Dev team is doing everything it can.

I would bet your father is younger than I am and trust me I thought all of this was some kind of joke until I started watching the value of the coins and doing a lot of reading and I found out I could mine them, slow as it maybe and now I have a few dollars in value just from playing around. Look at GoldCoin a few weeks ago you could get them for a half a cent each and now they are around 10 cents each. Your dad should understand that part of it. Just like a stock buy low sell high. Right now GoldCoin is buy and hold.

You can even have him look on Forbes http://www.forbes.com/sites/reuvencohen/2013/11/27/the-top-30-crypto-currency-market-capitalizations-in-one-place/

GoldCoin is on that page. I don't think Forbes is going to talk about different coins in a good way if they thought it was all one big scam.

You need to get your dad into it with you. Show him different prices of the coins. Mine some and show him what you can make.

Use http://preev.com/ it gives you BTC = USD and use this page for GLD = USD http://gld.skillerzforum.com

Use Cryptsy to find out how much BTC you can get for your coins and use the page to get a BTC = USD dollar amount. Then use the other page for GLD = USD. He'll start to understand how it works.

Just have your father do it with you and have him ask some questions. I'm sure the members will be willing to help in anyway they can.

He can't really lose anything other than a few dollars. I bet he might spend more on coffee each month. Plus there's an upside he'll get to learn about something new and help you at the same time.

So you and your dad can mine, make a few dollars (I hope) learn something and spend time with each other and best of all you'll  get mad at each other I know that will happen LOL It's a family thing you just can't help it. But it'll workout in the end and I bet he'll smile from ear to ear.

Now that I wrote a book. Tell him he can ask questions on the forum.

[superbleester]

Maybe the best thing to tell your father is GoldCoin and other currencies are like stocks and commodities, more like commodities. Yes it can be risky but you won't be out much other than the power to run everything and the cost of the video card(s).

Myself I don't even think about my electric bill. I get one every month anyway so it's no big deal, I just pay it. I'm not into adding up every penny like whats this cost, whats that cost, breakeven point etc.. Just do it. Yes it's good to know but really who cares? Unless your a business in it for profits right now. You either like the coin your mining or move on if the profit isn't there for you.

Some people think all the coins are a scam, not all of them are. I can't say for sure which ones are and which ones aren't. I've been with GoldCoin almost from the start. It has had it problems and the new Dev team is doing everything it can.

I would bet your father is younger than I am and trust me I thought all of this was some kind of joke until I started watching the value of the coins and doing a lot of reading and I found out I could mine them, slow as it maybe and now I have a few dollars in value just from playing around. Look at GoldCoin a few weeks ago you could get them for a half a cent each and now they are around 10 cents each. Your dad should understand that part of it. Just like a stock buy low sell high. Right now GoldCoin is buy and hold.

You can even have him look on Forbes http://www.forbes.com/sites/reuvencohen/2013/11/27/the-top-30-crypto-currency-market-capitalizations-in-one-place/

GoldCoin is on that page. I don't think Forbes is going to talk about different coins in a good way if they thought it was all one big scam.

You need to get your dad into it with you. Show him different prices of the coins. Mine some and show him what you can make.

Use http://preev.com/ it gives you BTC = USD and use this page for GLD = USD http://gld.skillerzforum.com

Use Cryptsy to find out how much BTC you can get for your coins and use the page to get a BTC = USD dollar amount. Then use the other page for GLD = USD. He'll start to understand how it works.

Just have your father do it with you and have him ask some questions. I'm sure the members will be willing to help in anyway they can.

He can't really lose anything other than a few dollars. I bet he might spend more on coffee each month. Plus there's an upside he'll get to learn about something new and help you at the same time.

So you and your dad can mine, make a few dollars (I hope) learn something and spend time with each other and best of all you'll  get mad at each other I know that will happen LOL It's a family thing you just can't help it. But it'll workout in the end and I bet he'll smile from ear to ear.

Now that I wrote a book. Tell him he can ask questions on the forum.

I shall show him this response thank you. I think it would be awesome to do it, but he thinks otherwise. I will see if he will create an account on here. Thank you very much again. Donation incoming to you

[superbleester]

Looks like he changed his mind about this whole thing. Thanks everyone!

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