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.

 

[VirtualLarry]

You make more money just buying tokens directly instead of mining them at a loss.

Well... that kind of assumes crypto will go back up again... at this point, not so sure, unless the gov't turns the money-printers on again.

"Crypto Fundementals" - "Mad Money Go Up".

 

[sdifox]

Use money you already have. When crypto goes up, you cash in, make money to replace what you spent on hydro originally. Sometimes you have to spend money to make money.

You got a winning strategy. You should max out line of credit and go all in on crypto.

 

[Red Squirrel]

You got a winning strategy. You should max out line of credit and go all in on crypto.

It could work but it's high risk. I also wouldn't buy mining equipment on credit right now.

But if you already have the mining equipement, you already paid for it, you may as well use it. The hydro is a rather minor cost.

 

[dlerious]

Well... that kind of assumes crypto will go back up again... at this point, not so sure, unless the gov't turns the money-printers on again.

"Crypto Fundementals" - "Mad Money Go Up".

If crypto goes down, you're losing on both the mining side and the value side opposed to only losing on the value side with just tokens.

 

[sdifox]

It could work but it's high risk. I also wouldn't buy mining equipment on credit right now.

But if you already have the mining equipement, you already paid for it, you may as well use it. The hydro is a rather minor cost.

I was being sarcastic...

 

[Heartbreaker]

But if you already have the mining equipement, you already paid for it, you may as well use it. The hydro is a rather minor cost.

Skill testing question. Which is better?

A: Spending $1000 to buy coins, and get 10 coins.
B: Spending $1000 on Electricity to mine coins, and get 8 coins.

If you answered B, congratulations you are smart enough to be a GPU miner today...

 

[AdamK47]

Buy total market ETFs. Those will go up. May not "wen Lambo" fast

Skill testing question. Which is better?

A: Spending $1000 to buy coins, and get 10 coins.
B: Spending $1000 on Electricity to mine coins, and get 8 coins.

If you answered B, congratulations you are smart enough to be a GPU miner today...

I don't think he gets it yet. Need an MS Paint diagram.

 

[IronWing]

 

[Red Squirrel]

Reality is the same $ amount of electricity will get you more coins than buying outright assuming you already own the hardware, which is the whole point of my original post. $1,000 will get you a bit over half an ether. It's sitting at $1,828 right now. Actually way higher than when I was mining originally. I'd imagine $1,000 of extra electricity on top of your regular bill would yield more but it all depends on the hardware and how much solar power you are generating to offset the hydro usage. It costs nearly nothing to just keep going as it's not like you are handing over $1,000 in one shot, it just comes out of your regular household budget over a long period and you'd be paying your hydro bill either way. Increasing kwh usage does not make much of a dent in the bill, as about half the bill is fixed fees which you're paying either way. When I was mining my bill was around $180/mo if I recall and now it's around $140. So $1,000 in extra usage would be over 2 years of mining. I made around 2.5 eth in the few years that I mined. Around 2 actually, but I don't remember for sure. I should have kept that actually, I'd be sitting on like almost 5 grand right now. Hindsight.

Of course if the coin value never goes up, you lose either way. Mining, or buying outright. My whole point was that if you already own the hardware you may as well just keep going. Some of you missed that and were quick to jump on me as usual.

 

[AdamK47]

View attachment 67789

Wait just one Canadian minute here... Are you telling me that I could lose less money by buying a crypto buck vs. mining a crypto buck?

 

[AdamK47]

Reality is the same $ amount of electricity will get you more coins than buying outright assuming you already own the hardware, which is the whole point of my original post. $1,000 will get you a bit over half an ether. It's sitting at $1,828 right now. Actually way higher than when I was mining originally. I'd imagine $1,000 of extra electricity on top of your regular bill would yield more but it all depends on the hardware and how much solar power you are generating to offset the hydro usage. It costs nearly nothing to just keep going as it's not like you are handing over $1,000 in one shot, it just comes out of your regular household budget over a long period and you'd be paying your hydro bill either way. Increasing kwh usage does not make much of a dent in the bill, as about half the bill is fixed fees which you're paying either way. When I was mining my bill was around $180/mo if I recall and now it's around $140. So $1,000 in extra usage would be over 2 years of mining. I made around 2.5 eth in the few years that I mined. Around 2 actually, but I don't remember for sure. I should have kept that actually, I'd be sitting on like almost 5 grand right now. Hindsight.

Of course if the coin value never goes up, you lose either way. Mining, or buying outright. My whole point was that if you already own the hardware you may as well just keep going. Some of you missed that and were quick to jump on me as usual.

If that's the case, at what point over your monthly fees for hydro would you have to be at in order to be in positive territory? I can't imagine any scenario of mining being worth doing. Pennies gained at most.

 

[Heartbreaker]

Reality is the same $ amount of electricity will get you more coins than buying outright assuming you already own the hardware, which is the whole point of my original post....

Ummm no.

The GPU profitability calculators already ignore the cost of the mining rig. If they say your returns are Negative, then you get more coins just buying them, than burning the power mining them. They are only counting the power cost vs the returns. Which is why the guy with the massive GPU rig is shutting down, and buying coins instead paying $1000/month extra on power bills. He will get more coins spending the money directly on coins.

So your whole point is WRONG. Stunning failure of basic math here. I guess that not only were the MS Paint Art necessary, but clearly still wasn't sufficient.

If you spend $1000 on electricity mining, you only get $800 worth of coins.

Which is obviously less than the $1000 worth of coins if you just buy them.

It doesn't matter if it's small amounts, or large amounts, mining is still a losing proposition.

You can change that to $100 of electricity and $80 worth of coins, or $10 of electricity and $8 worth of coins, the point is the same:

The cost of electricity is MORE than the cost of the coins mining returns right now. Maybe you missed the link last time:

These guys are sensibly shutting down mining rigs and cleaning them up, while figuring out what to do next.

 

[MrSquished]

Ummm no.

The GPU profitability calculators already ignore the cost of the mining rig. If they say your returns are Negative, then you get more coins just buying them, than burning the power mining them. They are only counting the power cost vs the returns. Which is why the guy with the massive GPU rig is shutting down, and buying coins instead paying $1000/month extra on power bills. He will get more coins spending the money directly on coins.

So your whole point is WRONG. Stunning failure of basic math here. I guess that not only were the MS Paint Art necessary, but clearly still wasn't sufficient.

If you spend $1000 on electricity mining, you only get $800 worth of coins.

Which is obviously less than the $1000 worth of coins if you just buy them.

It doesn't matter if it's small amounts, or large amounts, mining is still a losing proposition.

You can change that to $100 of electricity and $80 worth of coins, or $10 of electricity and $8 worth of coins, the point is the same:

The cost of electricity is MORE than the cost of the coins mining returns right now. Maybe you missed the link last time:

These guys are sensibly shutting down mining rigs and cleaning them up, while figuring out what to do next.

and you're being better for the environment by not being stupid as well

 

[MrSquished]

So how is Eth doing after the great big Merge?

 

[VirtualLarry]

So how is Eth doing after the great big Merge?

It has become a centralized security... and is about to be sued out of existence by the SEC... at least in theory.

 

[Zorba]

Some of us:
1) Don't pay separately for power.
2) Have electric heat.

So why not heat with mining rigs, and offset the cost of heating with the mining. It's a win-win (compared to spending that much power on "dumb heaters".)

Get a heat pump instead of GPUs.

 

[MrSquished]

Didn't pony0 the Elon cultist say he was putting a bunch of money into Bitcoin and Doge before Elon helped tank Doge and when Bit was near 60K?

 

[Brainonska511]

Get a heat pump instead of GPUs.

Indeed. A heat pump is much more efficient than straight electric heating.

 

[DrMrLordX]

Well... that kind of assumes crypto will go back up again... at this point, not so sure, unless the gov't turns the money-printers on again.

"Crypto Fundementals" - "Mad Money Go Up".

As others have said, if you're comparing buying tokens to mining them, you're not really making a compelling argument in favor of mining.

 

[AdamK47]

Didn't pony0 the Elon cultist say he was putting a bunch of money into Bitcoin and Doge before Elon helped tank Doge and when Bit was near 60K?

He also went big on Peloton stock last year.

 

[MrSquished]

He also went big on Peloton stock last year.

I'm sure he's doing ok as he has a huge chunk of Tesla stock - but basically the guy got lucky, struck lightning once and every major decision he posted about since on here has all bombed, and he thought he was some stock god. No bro, it was a one time thing.

 

[BFG10K]

C.E.O. of Celsius, the Crypto Bank, Resigns (Published 2022)

Alex Mashinsky, the founder of Celsius, which filed for bankruptcy in July, said his role had “become an increasing distraction.”

www.nytimes.com

The whales are bailing.

 

[Lost_in_the_HTTP]

KimShe did a Big BooBoo?

Kim Kardashian Crypto Bust: How Great Depression Law Was Used to Charge Her

According to the SEC, Kardashian reportedly promoted EthereumMax's crypto asset security without disclosing the $250,000 she had received.

..

 

[AdamK47]

KimShe did a Big BooBoo?

Kim Kardashian Crypto Bust: How Great Depression Law Was Used to Charge Her

According to the SEC, Kardashian reportedly promoted EthereumMax's crypto asset security without disclosing the $250,000 she had received.

..

There were plenty of idiots that based their cryto purchases on a reality TV celebrity tweets. The SEC needs to protect these morons from the devilish greed of reality stardom.

 

[JM Aggie08]

There were plenty of idiots that based their cryto purchases on a reality TV celebrity tweets. The SEC needs to protect these morons from the devilish greed of reality stardom.

Nah, fuck'em. They get what they deserve. Lol.