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      "author": "livermushman",
      "body": "Hi everyone !\n\nI thought I would combine my introduction post with some of the mistakes that I made starting out in the cryptocurrency mining community.  I stalk reddit, discord, and twitter and usually go by the tag Livermushman, maybe you seen me around? If not a little explanation of the user name might be in order.\n\nLivermush is a local staple of breakfast in North Carolina where I grew up.  Sometimes called liver pudding , it is a combination of pig liver, cornbread, and other parts of a pig we won't mention. Short story it is awesome, and being in another part of the country I only get this delicacy when family from back home visits.  If they don't bring it I would have to consider not letting them into the house.  Now with that explanation out of the way let's get into the post.\n\nMistakes I've made since starting my mining experience.\n\nNot selling immediately.  \n\n Hear me out, the internet is overrun with hodl, lambo, moon, and other crazy sayings and stories telling you to hold your coins.   But in my experience moving your earnings to fiat is the one thing that may save your ass in crypto, especially if you are mining alt coins, or coins very early in development.  \n\nOne of my biggest mistakes was deciding to mine and hold a popular alt coin and setting a goal at 10,000 coins. At first it seemed like a good decision until the only exchange took their wallet offline for over a month and a half, leaving me holding a bag of coins at a quarter of the value it was if I would have just sold them when mined.\n\n  If you are in a ROI situation (as I am) where you need to pay your mining equipment off consider keeping at the most 25% of your earnings. I'm sure I'll get a lot of disagreement on this point I'm just telling you how it worked out for me.  If you want to hold consider just buying some coin instead of equipment. \n\nUsing a method that Makes you lose money just because it is easy. \n\n Exchanges don't get me started, It literally is like dealing with drug dealers. ( Don't ask how I know that, let's just say I've been around).  Sometimes you don't have a choice with exchanges, you have to use whatever exchange that will allow you to sell your coin, but other times you might have choices.  Consider them carefully, especially when it comes to moving you funds out. I know signing up for another exchange is a huge pain in the ass, but take the time to see if it will save you money. Fees are not your friend, avoid them at all cost's easy or not. \n\nFor example if you move your bitcoin from coinbase to gdax, sell them on the exchange as a taker or maker order there is no fee.  It cost nothing to transfer the bitcoin there and the fiat back, and it costs nothing to withdraw from your usd wallet once the fiat is back on coinbase.  \n\nCan you click one button and sell your bitcoin there?  Hell yeah easy cheesy, but look at the fee once you do that....maybe take 5- 10 minutes more to save that money. I understand just getting from point a to point b in crypto can be scary and you just want to do that without losing your coins, but there is a way to lose your coin before it ever gets there and its called fees.\n\nAnother thing that I both got lucky on and realized early is the actual mining method I used.  I realize it is hard to get started and just being able to see coins being mined is a big deal when you start, and that is exactly how services like nicehash and minergate are able to do so well. \n\n Getting started is not easy, my first coin of choice was Monero and the road to getting from not mining to mining was a three day slog through the dregs of the internet trying to find a good miner with a learning curb easy enough for me to get started.  On the third day I finally got xmr stak up and running, hooked up to pool, got a wallet and was on my way to mining where I am in control.  \n\nJust take the time to learn it, go on reddit and ask questions, set up your own wallets, take the time, make more coins\n\nMoving too slow\n\nThis is the most important lesson I've learned, is that card on sale at a good price? Just buy it.  Is a coin coming out that you are thinking about mining? Just mine it.  I'm not suggesting you jump in half cocked on everything that comes up, just saying do your research, and make a decision. Crypto is fast, super fast.  Stay informed  but make your move or get left behind. \n\nBuying the hype.\n\nIf the fundamentals are not there stay away period.  For a miner that may mean different things than a investor, but some things are universal.  Can I mine it?  Is there somewhere to sell it?  Am I making more money than the electricity it takes to mine it?  How many steps to get it to fiat with what cost in fees?  Never lose money mining if you want to speculate, try to do it separately. \n\nHave fun\n\nI started out taking everything too damn seriously,  expected too much,  worried about a payment for a coin that was late and would have only lost me 3 dollars if it was lost forever.  We are getting in early, starting something that will change the world I realize this.  Just take the time to breathe, maybe be part of a community, go on a pool chat and learn something.\n\n  I started this journey because it was fun and have made a lot of friends along the way.  Let's do this! Being a miner in crypto is an important job we keep the networks secured and generally kick ass. Always remember that.\n\nOk thanks for reading, I plan to post some nooby guides like the ones that got me started, stay tuned and please comment on your mistakes below.  I hope to be a contributing part to this community am happy to be on Steemit.\n\nLivermushman",
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