@Schneider so trading mining cost is technically the transaction fees you need to pay for trading between yourself
Posts made by CryptoLily
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RE: 2nd Post! How I made 1 BTC in 4 mth on ViteX
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RE: 2nd Post! How I made 1 BTC in 4 mth on ViteX
one of the VX mining methods is to trade. whenever a trade is executed, there yields a transaction fee (the rate differs by trading pairs). your accumulated trading fees will mine you VX, which means you don't necessarily need to buy VX. transaction mining isn't too new of a concept.
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RE: 2nd Post! How I made 1 BTC in 4 mth on ViteX
@felicity said in 2nd Post! How I made 1 BTC in 4 mth on ViteX:
@CryptoLily making money is never easy. mm could be executed anytime,due to the market fluctuations, so trader (mm-er) has to keep a close eyes. But I agree mm is the easiest and cost-0-fee for placing an order. Thanks for sharing your story. do you use other media platforms? don’t let this story stay only in this forum.
nah, my first two posts ever.
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RE: 2nd Post! How I made 1 BTC in 4 mth on ViteX
@1s1do1
Like I said, I believe Vite has a valuable system in which everyone can truly benefit from it. Sharing my story would only make us benefit more, if more people discover that ofc -
RE: 2nd Post! How I made 1 BTC in 4 mth on ViteX
BTW I didnt expect so many views with my last post, thanks to those who spent the time reading it
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2nd Post! How I made 1 BTC in 4 mth on ViteX
Lily here
I’ve been chatting with several community members since my last post and decided to share a bit more on my investment strategy as been requested. Before I get started, I want to mention several things:
- I didnt purchase all my VX in one day, I managed to invest in both Vite and VX over a long period of time. You can though, ofc, and its not a bad deal as I see it. The return I calculated in my last post did take into account VX price variations. As of today my returns has further gone up by quite a bit since BTC ETH price went up, which is why I like ViteX, a DEX that gives you dividends. Im literally making money when I sleep, who doesn’t like that?
- Purchasing VX directly from the market is definitely the easier way to start earning dividends (which is what I've been doing lately with my daily dividends since im comfortable with the amount of VX I own). If you’re tight in funds or really motivated, however, try mining by yourself since at most times, the cost of mining a VX through trading is lower than purchasing from the market.
- Market-making as mining, as they call it, doesn’t cost you anything but requires your attention so your mm orders don’t end up actually being executed.
- I would suggest you to have at least several different assets in ViteX for either mining methods, which will make the process more efficient.
- Make sure to DYOR and read the basic rules before start mining. They have pairs that may either eligible for trading mining, mm mining or both. You will be able to tell the differences by looking at the mining icon.
- There have been questions on referral codes, I’ve covered most about it in my last post. You should try to find answers to questions such as how to make and use a referral code on your own..... But since I’m writing this, might as well share these link with you all:
Referral code: https://forum.vite.net/topic/3884/how-to-acquire-or-use-a-referral-code
Mining guide: https://forum.vite.net/topic/3708/beginner-s-guide-to-vitex-mining
General Info: https://forum.vite.net/category/95/user-guides-tutorials - I’m sharing these because I believe a project is able to live and succeed only when everyone from the community can benefit from it and support it. ViteX has won me, and I hope it can do the same for you all too.
Going into my strategies, there are two parts to it.
With trading mining, the key is to compare VX mining cost to its current market price as time getting close to 12pm (when VX are released everyday). On ViteX website, the mining dashboard tells you the real-time expected mining cost . If cost of mining a VX is lower, start trading. This is why its better to hold different assets. If market price is lower, you are probably better off just buying it from the market.
With market making mining, the key is to place large orders as close as possible to the best sell/buy order in the order book and spread out your orders as much as they are within the mining range. According to official rules, “The VX mining reward for market-making has a linear relationship with the order amount and order duration (i.e. amount of time the pending order stays on the order book). However, the mining reward has an exponential relationship with the order distance (i.e. the deviation from the best bid offer)”.
This graph is just a simple demonstration of how I mine through MM. So, if the order book is empty, fill it up; if there is no sell or buy order close to your orders, make one. Ofc in reality I place larger orders and seize more market shares. Bottom line, mark your presence. Make sure you follow closely on changes in the market so your orders don’t get eaten up.
And a last tip, always check for special mm mining events. ViteX has, from time to time, weekly extra rewards for market making specific trading pairs, usually of newly listed assets.
That’s about it for now. As always, I’m open to messages and discussions. Chat me up if you got questions or insights to share with me.
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RE: ViteX Made Me 1 BTC (70% ROI) in 4 Months!
I believe the scott comment above me is a scam, be alert guys
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RE: Constructive discussion - bonus mining rewards
Haha, not a problem.
25BTC oh wow.... Well, trading mining rewards is 60% whereas mm mining is only 10% if that makes you feel better lol. -
RE: Constructive discussion - bonus mining rewards
Hey Michi,
I read your article but not sure if you were talking abt trading mining or market-making mining. All bonus events on ViteX I've seen so far are MM mining events. Basically you are rewarded for placing buy and sell orders of the bonus pair without actually trading them, so operators aren't necessarily involved? And market make wouldn't really have an impact on the mining cost I assume, unless the orders are filled.
But this logic seems to apply for both mining methods, maybe I just didnt think deep enough haha. Wonder what the officials have to say about this too. -
RE: ViteX Made Me 1 BTC (70% ROI) in 4 Months!
Hi. You can check out their rewards calculation details, which is attached in almost any of their announcements... The key is to place you orders as close to the best sell as possible, and increase the spread, total amount, and time of orders. It's not that hard if you are doing it right, but it does require your attention so you don't end up trading when you just wanted to market make. And those pairs that have extra rewards....
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RE: ViteX Made Me 1 BTC (70% ROI) in 4 Months!
Thats definitely a YES. Like I said, ViteX has no KYC so it won't even know where you opened your account at so how can location become a problem . And of course you can use my referral code, But I would recommend you to get your own and invite yourself. It costs only 1000 VITE, like 10 bucks. Do msg me if you want a referral code tho, id be happy to share it.
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RE: ViteX Made Me 1 BTC (70% ROI) in 4 Months!
That's very interesting. I also noticed that price bump but didn't bother so much to test it out. Maybe I should try that as well! Thanks for sharing
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RE: ViteX Made Me 1 BTC (70% ROI) in 4 Months!
Congrats! 0.03 return on a 0.09 investment in only 2 days sounds too like a dream to me, maybe you should be teaching me how to profit so quickly now haha.
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RE: ViteX Made Me 1 BTC (70% ROI) in 4 Months!
@Michi
Hi,
Regarding your questions, I staked most of my VX for dividends but yes I kept some for trading and MM. There are several VX trading pairs that I mm quite often. I can indeed mine a lot more through MM since VX daily release has spiked going into the circle, comparing to how it used to be. But to mine that many VX requires time and effort, I don't devote that much. And you won't be able to mine big if you only have VX, use wise your BTC ETH and other mining eligible altcoins. -
RE: ViteX Made Me 1 BTC (70% ROI) in 4 Months!
@felicity I prefer staking VX and make real deal coins lol. 38k is how much I own now, acquired through both mining and purchasing
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ViteX Made Me 1 BTC (70% ROI) in 4 Months!
As you all know, ViteX is a decentralized exchange created by Vite Labs on its Vite-chain. You can view ViteX info on either CMC and CoinGecko. There are a series of products developed by the team and various ways to make profits, but this article will focus on the DEX ViteX and its mining functions, that’s how I made money!
I started using ViteX since October of 2019. It is a young exchange that’s launched less than a year ago. Now I have over 38,000 VX (still growing) and received 1.09 BTC in dividends so far, that’s about 70% return on investment in less than 5 months and my annualized return is expected to be over 130%. It used to have only 18 BTC in its dividend pool, now this number has grown to 36 BTC.
I won’t say my exact investment but it’s probably lower than you think. To get to where I am today, I took several steps:
#1. Got a referral code (costed 1K VITE) and invited 7 address (mostly mine). Both the main account and the invited accounts will be rewarded with extra VX when the associated accounts trade or market-make. Good to have friends right?
#2 Trade mining eligible pairs.
It’s as simple. Make sure you use a referral code since besides rewarding extra VX it also lowers your trading fee. In addition to my mining proceeds, I also bought VX at times. But I stopped adding direct investment when I had about 20,000 VX and only continues to buy VX with my dividends. There will be surprises for you if you look up current VX price.#3. Market-make.
I have been playing around this function for some time now, but arrived at a better understanding only recently. I can mine about 2,000 VX each day if I really put in my time and effort, but I’m happy with my proceeds even with less attention.ViteX has both a web-end exchange (x.vite.net) and a wallet + exchange 2-in-1 APP (app.vite.net). The APP is a little more complicated to use than the web exchange as it has also a wallet function, but I found both helpful and smooth to operate and they make a good complement for each other.
When you login to the exchange, you will see a notice saying that it doesn’t serve users in many countries. But ViteX requires no KYC so no personal information will be exposed, don’t get scared off by the regional notice. Do know that you will start receiving dividends only when you stake more than 10 VX though.
I can share more on my mining techniques later if you guys are interested. Message me too if you have other ideas you wish to discuss with me!
On Lily