The anti-crypto thread

[BFG10K]

Great news, crypto's collapsing across the board: https://www.techpowerup.com/282380/...ions-in-less-than-24-hours-did-the-bubble-pop

Also China's banned crypto, though individuals can still have it: https://finance.yahoo.com/news/chinese-financial-payment-bodies-barred-122712260.html

The sooner this cancerous parasite is wiped out, the better.

 

[beginner99]

But, yeah, if that stops to under $1,000, eBay will be flooded with cheap GPU's.

And I will still not be able to buy one because I will then put the money into ETH.

 

[mohit9206]

Any collapse will be temporary. Bitcoin is here to stay.

 

[Borealis7]

a coin going down to the verge of unprofitability does not equal a mass exodus of GPUs, that makes no sense. why sell your gpu low (since the coin is unprofitable) and then buy a new GPU when the coin is profitable again and the GPU price rises with it?
in any case, you don't get paid instantly when completing a "satoshi" or any part of a coin, you only get paid when you sell it. it would be wiser to keep mining on the verge of unprofitability in the hope that, someday, the coin would be profitable again. another option would be to shutdown and cut losses while waiting for the coin to go back up.
selling your GPU would only create future expenses.

 

[ultimatebob]

a coin going down to the verge of unprofitability does not equal a mass exodus of GPUs, that makes no sense. why sell your gpu low (since the coin is unprofitable) and then buy a new GPU when the coin is profitable again and the GPU price rises with it?
in any case, you don't get paid instantly when completing a "satoshi" or any part of a coin, you only get paid when you sell it. it would be wiser to keep mining on the verge of unprofitability in the hope that, someday, the coin would be profitable again. another option would be to shutdown and cut losses while waiting for the coin to go back up.
selling your GPU would only create future expenses.

If things go according to schedule, there won't be another time period where ETH will be super profitable to mine. It's switching over to Proof Of Stake soon.

Of course, they were promising that conversion since the last crypto boom in 2018, so take it with a grain of salt.

 

[thilanliyan]

are they still problematic if they were undervolted and were run 100% 24/7? seems to me like that would not damage the card in the short term.

Yeah I wouldn't think the card itself would be problematic, but the fans might. However, if mem temps weren't kept under control that might cause issues too.

 

[Leeea]

It is still gliding toward the ground. Let us hope the landing wheels are broken!

Sadly, it is a slow glide and a long long way to go.

 

[Magic Carpet]

Do you have a crystall ball, how low it will go... before shooting back to the moon 😂 /sarcasm

 

[Leeea]

Do you have a crystall ball, how low it will go... before shooting back to the moon 😂

View attachment 47440

sometime after an unsourced graph claiming to show inflation?

 

[Magic Carpet]

sometime after an unsourced graph claiming to show inflation?

Fixed

 

[Magic Carpet]

Yeah, it sucks, but Bitcoin isn't going anywhere... It won't be banned in the US, I really doubt it. Now, its seen by some people as a necessary evil.

 

[Leeea]

Fixed

thank you.

Looks like that graph is very misleading in its original presentation. It makes it look like inflation is increasing every month by an increasing amount. While in truth, what it is actually showing is the total inflation for the past year is 5%.

 

[Magic Carpet]

thank you.

Looks like that graph is very misleading in its original presentation. It makes it look like inflation is increasing every month by an increasing amount. While in truth, what it is actually showing is the total inflation for the past year is 5%.

That is correct, but you also have to factor in the future inflation and constant money printing by the whole world. The virus is still here. If anything, this pandemic has helped the crypto to widespread more than anything, imho.

 

[Leeea]

That is correct, but you also have to factor in the future inflation and constant money printing by the whole world. The virus is still here. If anything, this pandemic has helped the crypto to widespread more than anything, imho.

Inflation is absolutely necessary to adequately reflect economic expansion. With more work units being created ever year, inflation is necessary to preserve the value of work units. Otherwise the value of work plummets and economic contraction occurs.

The ultimate value of a dollar is how many US work units it will buy. Its purpose to represent and enable value in the economy. It is not designed to be something someone can get rich off of by putting in a box underneath the bed where it will provide no value to society.

The purpose of money is to benefit society by enabling economic expansion. For said expansion to occur, inflation must also occur. If said expansion did not occur, the growing population base would exceed the economic resources available and starve.

A monetary system without inflation has no value to society. There is a reason gold and silver prices have been in steady decline verses the US dollar. The economic work units represented by the US dollar are simply more valuable then a "currency" that represents nothing at all besides being shiny. Those economic work units that make a dollar gain value vs "precious" metals over time are enabled by inflation.

Inflation only becomes a problem when it exceeds the rate of economic expansion.

 

[DisarmedDespot]

a coin going down to the verge of unprofitability does not equal a mass exodus of GPUs, that makes no sense. why sell your gpu low (since the coin is unprofitable) and then buy a new GPU when the coin is profitable again and the GPU price rises with it?
in any case, you don't get paid instantly when completing a "satoshi" or any part of a coin, you only get paid when you sell it. it would be wiser to keep mining on the verge of unprofitability in the hope that, someday, the coin would be profitable again. another option would be to shutdown and cut losses while waiting for the coin to go back up.
selling your GPU would only create future expenses.

That works for people doing it on a small scale at home, they can just box the GPU up and shove it in a closet.

It doesn't work for the massive mining cartels out in Turkmenistan or wherever they all went after China cracked down. They have rent for warehouses and bills to pay (and officials to bribe) to stay in business. If the price falls below the profit point for long enough, a lot of them will sell GPUs they have to keep the lights on and make up for lost revenue. There were already a bunch of sales of 100k lots of mining GPUs after it dropped from 60k. If it keeps slowly dropping, more and more of those big mining orgs will drop cards as well.

If it crashes, then all bets are off.

 

[beginner99]

There is a reason gold and silver prices have been in steady decline verses the US dollar.

Except gold price is about 4x that of early 90ties. It has actually a steady increase since the 70ties and is currently almost on an all-time high.

 

[Mopetar]

It does have some actual industrial uses so it's valuable for more than just jewelry or as a lump of precious metal. But it's really the same reason as with something like Bitcoin where the economy will expand faster than the supply of gold, which will gradually drive the prices up for that simple reason.

However, that doesn't necessarily make it a good investment. There are a lot of stocks that have significantly outperformed gold over that same interval. Even more mundane stocks like Walmart did significantly better.

 

[beginner99]

It does have some actual industrial uses so it's valuable for more than just jewelry or as a lump of precious metal. But it's really the same reason as with something like Bitcoin where the economy will expand faster than the supply of gold, which will gradually drive the prices up for that simple reason.

However, that doesn't necessarily make it a good investment. There are a lot of stocks that have significantly outperformed gold over that same interval. Even more mundane stocks like Walmart did significantly better.

All true my point was simply to easily show that said comment about gold price declining was clearly wrong and simply choose to suit said users agenda.

Gold is often used as a security investment as it tends to run in opposite cycles to stock market which right now isn't true at all but that is what you get with endless moneyprinting.

 

[DrMrLordX]

Meanwhile, Mastercard is embracing USDC (and by extension, Ethereum):

Mastercard to Test USDC for Payments as Stablecoin Scrutiny Intensifies

Mastercard will use the USDC stablecoin as a bridge asset for cardholders who want to pay for goods using cryptocurrencies.

www.coindesk.com

 

[aigomorla]

BTC floored below 30k.

ETH however went up.

hy sell your gpu low (since the coin is unprofitable) and then buy a new GPU when the coin is profitable again and the GPU price rises with it?

cuz it costs on average 160-250W of power each GPU that mines.
Add the heat factor, and the fact you need to pull in rent to offset previous months electricity bill.
It would make sense trying to unload cards at near MSRP, or slightly below instead of holding onto them, and not mining.

Someone hurry up and please invent Mr. Fusion.

 

[aigomorla]

ARGH take that back bitcoin is surging.... everything is surging..

 

[amenx]

ARGH take that back bitcoin is surging.... everything is surging..

Doesnt look like it to me.

Bitcoin Price Daily Insights: CoinGecko Cryptocurrency Prices | YCharts

In depth view into Bitcoin Price including historical data from 2014 to 2024, charts and stats.

ycharts.com

 

[aigomorla]

Doesnt look like it to me.

Bitcoin Price Daily Insights: CoinGecko Cryptocurrency Prices | YCharts

In depth view into Bitcoin Price including historical data from 2014 to 2024, charts and stats.

ycharts.com

Bitcoin

Bitcoin USD price, real-time (live) charts, news and videos. Learn about BTC value, bitcoin cryptocurrency, crypto trading, and more.

www.coindesk.com

:\

why is the two so different?

 

[amenx]

Bitcoin

Bitcoin USD price, real-time (live) charts, news and videos. Learn about BTC value, bitcoin cryptocurrency, crypto trading, and more.

www.coindesk.com

:\

why is the two so different?

Seems your link is more up to date and shows hourly performance, and indeed it looks like an uptick in price. But thats not unusual, fluctuations of that sort are common. If it continues an upward trend over next several days, then we may have something interesting.

 

[Roger Wilco]

Today, Musk said that Tesla will probably start allowing bitcoin payments again, which is a large part of the spike in price today.

Oh, and he also said that he personally holds Ethereum.

Good luck with the collapse.



It sucks ( I would love to upgrade my 2060 S), but it doesn't make sense to hope for a crypto collapse that isn't happening any time soon.

Once semiconductor shortages finally alleviate, proof of stake becomes the norm, and Intel enters the GPU arena, then maybe things will get better.

 

[DrMrLordX]

Good luck with the collapse.

The USD is also undergoing inflation while the Fed keeps printing money. A lot of that money is finding its way into investment instruments, including unregulated ones like cryptocurrency. It's a double-whammy.