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Aug 20

Coinbase Works!

So, I accumulated a good amount of Litecoins, before LTCRabbit shut down.  I’m still  not 100% sure why it did even, except their released information that the “Stratum servers shut down.”  Which is fine, but so far at least, there’s no additional information via Google; I didn’t even think that they were even entirely dependent on the Stratum servers.  It was a great service, and I ran it on at least 1 dedicated miner, that I purchased on impulse – in ~2014 – off of Craigslist.  I used Coinbase to convert a small test amount of LTC (1) to USD.  I discovered you have to use their mobile app – at least currently.  Doing so via their website (on a desktop) doesn’t appear to be currently possible.  Even with a verified Paypal payment method, the option to Sell doesn’t even appear to be available, from their interface (again, this may change, and should change frankly, just no idea when).  It appears to have to do with a linked bank account not yet being verified; but, two things about that:

  1. You shouldn’t need a verified bank account to sell a cryptocurrency (convert it to USD).  I could understand needing one to buy, but not sell.
  2. Their system appears to require you wire money, from your bank account that’s not yet verified, to Coinbase.  This makes sense – on a level – but, most banks charge fees for outgoing wires, and it seems completely unnecessary, since other sites verify your bank account without the same requirement.

I don’t like that LTCRabbit is gone (now seemingly for good – it came back once, briefly).  I still think there’s profit potential mining Litecoins, or other crytocurrencies for that matter.  Ethereum‘s smart contracts were a great start, by providing potentially-tangible real-world value, rather than essentially wasted processor cycles, “mining” products with little (arguably zero) real-world value or utility.  The idea of a globally-distributed network, of what essentially amounts to unused computer cycles, that can be utilized, seems like the right direction for everything.  And the idea of doing so, is the first I can really get behind.  LTC miners were frankly an impulse buy, to obtain their graphics cards (five 7950’s, and three 280x’s); they’re currently idle, but hopefully not for long.

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