My new build just came with a 1060 because I didn't wanna pay the insane-o 1080 prices
Bitcoin going under?
- Thread starter RDJ
- Start date
My new build just came with a 1060 because I didn't wanna pay the insane-o 1080 prices
I remember even a few on here was toting how nations was going to adopt this as a defacto currency. So who again went with Bitcoin as I don't remember and tanked their national money?
I think it was hasselhoff that was up like 200k or something....we all told him to get out. Not sure what happened. The bitcoin thread was honestly the last time I recall seeing him post.
I played that stuff for awhile. Started with 3 or 5k...cant remember. Lost everything in about a week lol. Day traded until I broke even and got the **** out.
Sent from my SM-G950U using the svtperformance.com mobile app
I played that stuff for awhile. Started with 3 or 5k...cant remember. Lost everything in about a week lol. Day traded until I broke even and got the **** out.
Sent from my SM-G950U using the svtperformance.com mobile app
Yeah Ryan was killing it
@DavidHasselhoff how'd you shake out?! (hasn't been on since Oct....so we'll see)
Here’s the deal .. most people got recked because they had zero trading experience. The crypto space is still very volatile and that’s great for making money. Many people are getting rich on both sides if goes up or down. The average guy is the only here that got burned. Bitcoin and crypto is not going away or going to zero, it’s not happening. There will be another bull run and another crash. Rinse and repeat.
Sent from my iPhone using Tapatalk
Sent from my iPhone using Tapatalk
Bitcoin has had highs and lows through splits and government announcements but it's never died.
I was referring to the price crash as in dying. It also dosent split like a stock that you might be thinking of.
Sent from my iPhone using Tapatalk
Here is a funny story. I am still mining Ethereum even with this huge drop in value. I never went into this short term to begin with. I have not yet cashed out any of the cryptos I either bought with cash or mined. In the beginning of the year my profits would have been $40,000 had I converted to USD. But I was hodl'ing lol and at this point I am in the red.
My rigs are actually heating the house. Yes, I am that asshole that bought all the 1070 ti and RX580 cards lol! The furnace barely comes on. And I am getting paid close to 1 ETH per week. Electrical bill is about $750 per month now and gas bill almost zero since we have a 96% energy effiicient furnace as well. Is it risky? Hell yes and sometimes I do regret getting involved. But sometimes you have to take risks. When ETH was close to $1400 in value 1 ETH per week is nothing to sneeze at. Now it is around $90 so I am barely mining $400 of ETH per month. So I am losing about $150-200 in energy cost per month at this price. Now if the price goes up I would do a lot better.
At this point it is more an experiment for me. I have noticed as the price of ETH went down a lot of people shutdown their rigs. And guess what, I started getting more shares and my ETH payments went up due to the drop in difficulty. The same thing happened with Bitcoin mining. As the hash rate goes down due to less people mining the difficulty drops accordingly.
Mining Bitcoin / Ethereum / Monero etc. is just basically computers confirming transactions by decrypting them and then storing on the blochain. The blockchain grows as the number of transactions recorded increases over time. Each crypto currency has their own blockchain. The ethereum DAG is close to 3 GB in size. For this reason you need graphics cards that have at least 4 GB in memory to participate. All my graphics cards have 8 GB memory.
The decryption requires a lot of processing horsepower which is why you need power GPU cards or ASIC devices to work on them. That requires electrical power which generates heat. It the winter is makes sense. Summer, not so much unless the profit is fairly significant. In the summer it is best to exhaust the heat out instead of trying to cool the space with air conditioning. On very hot days I shutdown the rigs.
My rigs are actually heating the house. Yes, I am that asshole that bought all the 1070 ti and RX580 cards lol! The furnace barely comes on. And I am getting paid close to 1 ETH per week. Electrical bill is about $750 per month now and gas bill almost zero since we have a 96% energy effiicient furnace as well. Is it risky? Hell yes and sometimes I do regret getting involved. But sometimes you have to take risks. When ETH was close to $1400 in value 1 ETH per week is nothing to sneeze at. Now it is around $90 so I am barely mining $400 of ETH per month. So I am losing about $150-200 in energy cost per month at this price. Now if the price goes up I would do a lot better.
At this point it is more an experiment for me. I have noticed as the price of ETH went down a lot of people shutdown their rigs. And guess what, I started getting more shares and my ETH payments went up due to the drop in difficulty. The same thing happened with Bitcoin mining. As the hash rate goes down due to less people mining the difficulty drops accordingly.
Mining Bitcoin / Ethereum / Monero etc. is just basically computers confirming transactions by decrypting them and then storing on the blochain. The blockchain grows as the number of transactions recorded increases over time. Each crypto currency has their own blockchain. The ethereum DAG is close to 3 GB in size. For this reason you need graphics cards that have at least 4 GB in memory to participate. All my graphics cards have 8 GB memory.
The decryption requires a lot of processing horsepower which is why you need power GPU cards or ASIC devices to work on them. That requires electrical power which generates heat. It the winter is makes sense. Summer, not so much unless the profit is fairly significant. In the summer it is best to exhaust the heat out instead of trying to cool the space with air conditioning. On very hot days I shutdown the rigs.
AMD needs to deliver but realize it is not easy competing with Nvidia. Intel tried and their GPUs are a joke. Intel nor AMD will catch up to Nvidia soon. I hate it also but they are at the top for a reason. Their shit is the best. I want to see AMD succeed but it would have to be on merit and they need to bring it to Nvidia.
The drug lords and anyone shady will invest enough to keep it going, they need it.
drug lords and middle eastern terrorist
Not really. It is risky yes, but more than a Ponzi scheme. Our economy is the mother of all ponzi schemes then if you want to look at it in this way. If everyone went to the bank tomorrow and tried to withdraw their money what do you think would happen?
Cryptocurrencies have basically replicated the banking infrastructure. Now you have a means to send a currency to anybody in the world securely with minimal transaction fees. You can exchange from one currency to another with minimal fees. You don't have to go to a bank or deal with someone. You are in charge of your wallet. Mining computers are doing the job that the banks servers do. Confirming transactions and storing the details of the transactions (recipient, date, time, amount etc. on a blockchain). Anybody with a computer can look up the history of every transaction that ever occurred. If a whale sent 5000 bitcoin to another bitcoin address that transaction is visible. It is transparent. You don't get this transparency with banks. The bitcoin or ethereum address is a long number with digits and symbols. It is basically anonymous unless you advertised publicly that this was your address.
Cryptocurrencies' success depends on financial intermediaries. Not the other way around. In order for cryptocurrencies to succeed, it must have a stable purchasing power in place and it also requires the embracement of financial intermediaries whose cryptocurrencies are in circulation. As it currently stands, cryptocurrencies are dependent on other currencies (such as the USD.) Thus they cannot stand alone. Many retailers may accept Bitcoin, but they do not usually keep their holdings in Bitcoins, but rather exchange it for another, more stable currency. It is a horribly volatile "investment."
Sure I agree with you. I do want to be able to convert from any crypto currency to USD.
And it is very risky you are right. You can make money if you sell at the right time and also lose if you don't. But the technology is interesting and it does have a use case. If transaction rates vastly improve as is anticipated for Ethereum and other crypto currencies it could replace Swift or Visa.
The younger generations are more tech savvy and the ease of using cryptocurrencies will improve over time. It is not going away. Not sure what the future of FIAT currencies will be. They have their fair share of failures as well. Things are getting more expensive as the dollar loses purchasing power. And it will continue like this for some time. Relative to many other FIAT currencies the USD might not be losing ground but things are getting more expensive everywhere. A haircut costs more now than it did a few years ago. I am noticing every now and then things get more expensive. Salaries increase to compensate of course for most people. Some more than others.
https://cointelegraph.com/news/how-...f-the-biggest-markets-for-crypto-in-the-world
Venezuela has been living with hyperinflation since at least 2014. Its national currency — the Venezuelan bolívar — hit an official inflation rate of 57.3 percent in February 2014, while independent currency analysts were reporting that, by that September, the real inflation rate had already topped 100 percent. In other words, the bolívar (VEF) was depreciating rapidly in value, and ordinary Venezuelans needed something to fill the void it had left as a one-time viable means of exchange.
By definition, hyperinflation is a state in which, as described by the International Accounting Standards Board, "the general population prefers to keep its wealth in non-monetary assets or in a relatively stable foreign currency." However, due to capital controls that had been in place since 2003, Venezuelans were restricted in their ability to obtain U.S. dollars or any other foreign currency. They had no freely accessible outlet for their devalued VEF, with the Venezuelan economy expected to contract in 2015 by 1 percent, according to the IMF.
It was into this economic quagmire that Bitcoin and altcoins (particularly Dash) entered, providing struggling Venezuelans with stores of value and mediums of exchange they could rely upon more than the nosediving bolívar. Ever since 2014 and the onset of hyperinflation, they've seen marked increases in ownership and trading, with impressive rises being witnessed in the past few months, as Venezuelan inflation topped an eye-watering 46,000 percent and as the IMF predicted an inflation rate of 1,000,000 percent by the end of 2018.
However, as the following will show, the meteoric rise of crypto in Venezuela doesn't simply result from the desire to avoid the worst effects of hyperinflation. It also stems from the proactive attempts certain cryptocurrencies have made to establish themselves within Venezuela, as well as from a desire among the population to resist and circumvent an authoritarian government, which has used capital controls as one way of starving likely opponents of funding.
Venezuela has been living with hyperinflation since at least 2014. Its national currency — the Venezuelan bolívar — hit an official inflation rate of 57.3 percent in February 2014, while independent currency analysts were reporting that, by that September, the real inflation rate had already topped 100 percent. In other words, the bolívar (VEF) was depreciating rapidly in value, and ordinary Venezuelans needed something to fill the void it had left as a one-time viable means of exchange.
By definition, hyperinflation is a state in which, as described by the International Accounting Standards Board, "the general population prefers to keep its wealth in non-monetary assets or in a relatively stable foreign currency." However, due to capital controls that had been in place since 2003, Venezuelans were restricted in their ability to obtain U.S. dollars or any other foreign currency. They had no freely accessible outlet for their devalued VEF, with the Venezuelan economy expected to contract in 2015 by 1 percent, according to the IMF.
It was into this economic quagmire that Bitcoin and altcoins (particularly Dash) entered, providing struggling Venezuelans with stores of value and mediums of exchange they could rely upon more than the nosediving bolívar. Ever since 2014 and the onset of hyperinflation, they've seen marked increases in ownership and trading, with impressive rises being witnessed in the past few months, as Venezuelan inflation topped an eye-watering 46,000 percent and as the IMF predicted an inflation rate of 1,000,000 percent by the end of 2018.
However, as the following will show, the meteoric rise of crypto in Venezuela doesn't simply result from the desire to avoid the worst effects of hyperinflation. It also stems from the proactive attempts certain cryptocurrencies have made to establish themselves within Venezuela, as well as from a desire among the population to resist and circumvent an authoritarian government, which has used capital controls as one way of starving likely opponents of funding.
I've been following crypto for some time now and was an early adopter, I'm fully aware of what the split was. A price crash isn't what I'd consider dying.
Users who are viewing this thread
