A reflection how this all started and how it works now, everything out of my perspective.



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How i got into Bitcoin and Altcoins

It got more quiet here since i am involved in more private projects and just finishing my graduation what also needs a lot of time. But in the last weeks i started to remember how that cryptocoin things began for me. Just a few years before, and how everything had changed in the crypto scene since then. I wont get into detail what Bitcoin or cryptocoins generally are, please use your Google skills if you are interested.

How everything began…

One day … in a 10 minute cigarette break … i was outside telling people enthusiastically what i have just read. Everybody had big eyes and was listening (if i remember that right) while i was arguing that you can actually use your spare computing power to generate money. The next day we had our miners setup and did constantly check on our stats. Pools that days were just bare HTML sites with a few long tables and graphs on them. Most of them were dissappointed to only get like 0.01 in a few hours with their CPU while you would get like 0.1 from the only known Faucet that time. Daily!. Surrealistic if you view it from today, but you couldnt do much with that new coin thing anyway.

As a young paranoid script kiddie i found a VPN service that took BTC, so i used my mined BTCs to rent my VPN there. I felt so anonymous and super smart those days. I mean, i made money from nothing and purchase things i need without a CreditCard. I paid like 0.2 for 7 days VPN. That was just a few dollars if even.

That was fun. I mined about 2.5BTC while difficulty was constantly rising. And spent nearly all on VPNs and Gambling. (How much money i put in BitcoinKamikaze ist just crazy from todays POV.). I did that with my CPU. Just to remember, GPU mining was not even a thing back then.

We did that for some time while difficulty got always harder and people started to invest in graphic cards for more efficiency. I bought one aswell, not the best one but it seemed like a good investment. Some day we reached the point where electricity was more expensive than we were able to earn, so we all stopped mining. I had like 0.2 or 0.3 left in my wallet, what for sure was not more than 5$, if even.

It wont die…

Every other day when i got bored i checked what was new in the cryptoworld and did some gambling as well. My collegues were mostly sitting on their coins and did nothing special with it. I lost most of it on Dices, Poker and Kamikaze. At one point i started to gamble Dices every free minute, until i thought i had a system, which worked out as long as i did it manually. I wrote a bot to use the same sheme, some of you probably have even used my peerbet api ruby gem (which does not work any more since they were aquired by another casino) and the bot lost his whole stack in one night. Once again motivation faded away

On a bored weekend i created a Second Life account, and started to create silly items. I found a very nice niche market and started to make a few hundred linden dollars a week. I dont remember where (probably MtGox) allowed to exchange SL Lindens into Bitcoins, what also provided me with a steady income i did not have to do anything for. Not very lucrative, but as said i didnt have to do anything at all except for creating (or buying) the products in first place. This worked until the Linden Labs decided that you cant sell your Lindens outside from Second Life… Well…

The raise…

At some point Bitcoin was rising. Enormously. There started to be real services, you could buy real things with it or change it into fiat money easily (I actually never exchanged coins for fiat or the other way. None of us did until it reached 1k when atleast one buddy started to buy). Our interest was back again at this point. I remember when my Buddy was like, “you remember those BTCs i mined? They are like 2k now”. We again started to plan how we could profit of this hype. But we didnt do anything in the end.

The altcoin mania…

In early december / late november 2013 i noticed the altcoin hype. Motivation was back instantly, “what if any of those coins does the same like bitcoin had?” and i read, bought, sold coins any free minute. I doubled my funds, halved them and doubled them again, i was daytrading without knowing what i actually was doing. But it kinda paid out. In the end i always stood on my 0.2 while buying random things occasionally.

F*ck trading, make services!

I thought, and kinda still think this is a good idea. Once again i was kinda early. Each new coin had up to 30 nearly same looking pools who tried to get more and more user. I thought about it and counted the facts. I know server administration, am a well programmer, sometimes nice designer and use pools on my own aswell. So lets do pools

What a stupid idea. But well, i created a unique design learned about how MPOS works and got online with smaller coins. Until the point Coinyecoin or whatever it is called now arrived. I thought its funny to have a gay fish pool so i made one. The next 2 days i got nearly no sleep, people wer constantly attacking my whole infrastructure. I have never seen something like this before. My hoster wasnt able to do anything than telling me its most likely a DNS or NTP reflection attack, and a damn huge one. The “DDoS Protection” my hosting service provides has no chance against such an attack.

I stopped it and gave people the time to get their funds back, until i shut all the pools down and sold the design. I sold the design for some doge which i stupidly was holding on its high peak until about -40%. But i sold them, had like 0.2 more to invest and did that.

Slowly i got an idea how this all works and started to invest in specific coins without worrying about the daytrading factor. I think my first bigger investment was on Mintcoin. I mined some, bought even more, waited just a few days and quadrupled my investment. I reinvestet those money in varius coins, but a lot of it to rent miners for Blackcoin. Which again quadrupled my investment. At some point i had 2.5BTC in other coins, but when i woke up it was only 1, the next day even less. Now i am currently back at my 0.2 but those 0.2 are in BTC only :) I have varius investments floating around, hopeing that i dont forget about them.

I created some websites, host a reddit tipbot, IRC bots, doing promotion on Twitter and IRC and whatsoever. Currently i am somewhat involved in some coins while dont feel like i need to track them every hour what was my problem in early trading days. I did that with my name, or other random names that i had to gain trust for before

Just a few years!

All this, and this is not remotely all. Happened within a few years. Keep that in mind. I was Webdev, Pool owner, Investor, (Day)-Trader, Marketer, Enthusiast, forked my own Coin (which i never released as someone stole my name [fu Unicoin, i had the github and a better logo before!]) and probably much more in a very short Timeframe. Its a micro environment in my eyes, and one thing that makes it so intersting is that its real. If i fail, i fail, there is no bank which holds me. If my product is good, people will use it and i will (probably) make money. No goverment regulating that. Nobody that tells me what i have to do. I had a lot of fun in this scene, and i will have even more.

This is basicly my BTC story. I never got rich, nether did i get poor, i won a lot, lost even more, but i had a lot of fun.


Written: 26.03.2014
Keywords: bitcoin, btc, altcoins, cryptocoins


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About me

My name is Roman Pramberger, i am a 20something years old developer from Austria, spending my youth in Bern, Switzerland. I spend my days creating *things.

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