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.

 

[Timmah!]

He must have meant $12. Crypto 'enthusiasts' tend to exaggerate things (quite) a bit, even the longtime youtube guys. Right now on Whattomine with a 3090 (very optimistically if you don't run into overheating issues with that card: 100MH/s, 225W) you will get $6.47 USD mining straight Eth, $6.03 USD with Nicehash, after power costs.

With power factored out it's still only $7. Also, Whattomine is VERY inaccurate ATM. I've been getting about 0.0029 eth/day on Ethermine with 145MH/s avg on 3 cards. That equates to about $8 USD per day before power costs. So a lot less than what Whattomine is reporting.

What I don't get is with all these supposed articles about the imminent collapse of crypto as a fraud (posted earlier), and the massive drop in daily earnings in the last month (I was getting 0.1 eth per day), why are miners still lining up to buy my new 3070 for $1,300 USD that I just picked up (for $720 USD)? Do they know something I don't?

No, he surely did 120, cause he literally said i could earn 3500 per month, which obviously would be worth it. I mean, half of that would be, at least to me. Not sure, where he got that number from, cause he sent me some graphs regarding the crypto value, talked something about "W" and "M", etc... clearly knew his stuff. At the same time, i dont think he would lie to me about that on purpose. I havent spoken to him since then, so i dont know - will ask him about that at next opportunity.

 

[aleader]

No, he surely did 120, cause he literally said i could earn 3500 per month, which obviously would be worth it. I mean, half of that would be, at least to me. Not sure, where he got that number from, cause he sent me some graphs regarding the crypto value, talked something about "W" and "M", etc... clearly knew his stuff. At the same time, i dont think he would lie to me about that on purpose. I havent spoken to him since then, so i dont know - will ask him about that at next opportunity.

It's known and accepted that the average person will exaggerate his income by upwards of 25%, but these days with social media it seems that exaggeration in all things has almost become sport. You'd need at least twenty 3090's to even come close to those kind of 'profits', just don't forget to factor in all of the costs.

 

[VirtualLarry]

He may have said "3090 rig", which, to a crypto-miner, means like 6-8-10 cards in one mining rig, whereas you may have assumed one card in a gaming rig.

 

[beginner99]

the collapse this time will be even more spectacular (yet people bleat on about how wonderful it is when it's at all-time highs).

Maybe. But given the speed the printing presses are printing money, not just in US, I doubt the market will collapse anytime soon. That money has to go somewhere and "normal" stuff like savings account simply isn't worth it. So people put it into stockmarket meaning higher and higher prices. But yeah, it's not really any different or more "secure" than crypto. Next crash will be very, very big.

 

[Timmah!]

He may have said "3090 rig", which, to a crypto-miner, means like 6-8-10 cards in one mining rig, whereas you may have assumed one card in a gaming rig.

Its definitely not that, he knows i just have a single 3090, and for what purpose i have it (archviz rendering), we used to work together. And while he is invested in it, he does not mine himself nor does own the hardware to do. He bought some crypto though, as far i can tell.
Its truly a mystery to me. Perhaps just an innocent little lie to excite me a bit to give it a try, i was fairly resistant to it. I tried it out of curiosity about 3 years back, with a crypto called Vertcoin, which was tipped to become the next big thing at the time, so i let it run for halfday, mined about 0,25 coin, which was worth about 2 USD, thought myself not worth it and never tried again. BTW, Vertcoin turned out to suck anyway, its literally worthless now - the amount i have anyway

 

[VirtualLarry]

And while he is invested in it, he does not mine himself nor does own the hardware to do.

Then he probably just made an honest mistake, or a slight exaggeration.

Edit: Though mining profits were up to "insane" levels 2-3 weeks ago.

I have almost 700MH/sec with all my rigs. I am making $40-50/day right now, but a few weeks ago I was making $125-150/day. It was glorious, but as a semi-seasoned miner, I knew that it probably wouldn't last.

 

[SaltyNuts]

Soar like an Eagle... then dive like one. DIVE YOU MOFO, DIVE, GIVE ME BACK MY REASONABLY PRICED VIDEO CARDS!!!!

 

[Insert_Nickname]

Soar like an Eagle... then dive like one.

I was kind of hoping for a Stuka-like performance. I wouldn't mind it hitting the ground either.

But I don't think we're that lucky.

 

[Stuka87]

I was kind of hoping for a Stuka-like performance. I wouldn't mind it hitting the ground either.

But I don't think we're that lucky.

I agree.

 

[ultimatebob]

He may have said "3090 rig", which, to a crypto-miner, means like 6-8-10 cards in one mining rig, whereas you may have assumed one card in a gaming rig.

Short of robbing a video card warehouse in China, where are you going to get your hands on that many high-end graphics cards?

 

[VirtualLarry]

Short of robbing a video card warehouse in China, where are you going to get your hands on that many high-end graphics cards?

One way I've heard, is get a business TIN here in the USA, and then simply contact a distributor, set up an account, and order a retail-box OEM qty. Pretty straight-forward.

 

[jpiniero]

Norton 360 antivirus now lets you mine Ethereum cryptocurrency

NortonLifelock has added the ability to mine Ethereum cryptocurrency directly within its Norton 360 antivirus program as a way to "protect" users from malicious mining software.

www.bleepingcomputer.com

Norton "Antivirus" is adding a mining app for Ethereum. It sets you up to be in a pool, of course administered by Norton.

 

[simas]

Norton 360 antivirus now lets you mine Ethereum cryptocurrency

NortonLifelock has added the ability to mine Ethereum cryptocurrency directly within its Norton 360 antivirus program as a way to "protect" users from malicious mining software.

www.bleepingcomputer.com

Norton "Antivirus" is adding a mining app for Ethereum. It sets you up to be in a pool, of course administered by Norton.

WOW, is your haircutter (lawn guy) also now recommends the right 'pools' to mine from? I thought it was a clear signal to RUN AWAY previously (when applied to stock, real estate, or any other asset) - when people with zero experience start feeling confident in field they no nothing about , start to be fearful when others are greedy..

 

[aleader]

This is interesting. Memory Express (where I've managed to get three 3070's, a 3060ti, and a couple 1660 Supers) have just changed their policy:

Due to overwhelming demand and prolonged global shortages for Graphics Cards, we are no longer taking backorders (instore or online) for ALL Graphics Cards until further notice. Inter-store transfers are also unavailable for graphics card until further notice.

For those with existing backorders, we will continue to fill those backorders as inventory arrives. Due to market conditions. we cannot guarantee pricing for backorders; pricing will be confirmed when your backorder is filled.

Real-time inventory has also been disabled for most locations; incoming inventory will be used to fill existing backorders. Any remaining inventory after backorders are filled, will be reserved for complete system builds. System build inventory may vary by location. Please contact your closest Memory Express location for details.

They were honouring the price when you put in a backorder (i.e. I paid $499 USD for the ASUS TUF 3060ti, even though the price had jumped to $550 USD), but it looks like that's out the window now. The way I read it, they are only going to be selling them with new systems. So it would seem they've also jumped on the greed-train with everyone else.

 

[BFG10K]

JPR says 25% of GPUs went to miners:

Crypto-mining’s half a billion dollar impact on AIB sales

Bots, scalpers, miners, and speculators drain the AIB supply and inflate prices

www.jonpeddie.com

ASRock says GPU pricing is dropping due to less demand from miners:

ASRock says graphics card prices are falling amid lower demand from Chinese cryptominers

It was back in May when a Chinese State Council committee led by Vice Premier Liu He announced the crackdown on virtual currencies as part of efforts...

www.techspot.com

 

[scineram]

The end is nigh. Eventually it will be worth to just dump your cards before prices start to decline fast.

 

[fleshconsumed]

Only if Crypto prices continue to fall. At the current ETH price it is still profitable to mine.The current video card resale prices are still sky high even if they're slowly going down. We're still a long long way from returning to normalcy. And again, that is if, and that's a big if, ETH continues to decline/moves to PoS.


EDIT: I'm looking for a quadro card for my PLEX server, and even those are 50-100% higher than they used to be despite being completely useless for mining. P400 used to cost in the $50's, it's around $100 now.

 

[Fanatical Meat]

Yeah I have a feeling it will be a long slow slide not a crash regarding mining.
We will probably see costs of cards slowly return to normal.

 

[Leeea]

Yeah I have a feeling it will be a long slow slide not a crash regarding mining.
We will probably see costs of cards slowly return to normal.

This is what I am feeling to. I am selling as I mine now.

 

[DrMrLordX]

Soar like an Eagle... then dive like one. DIVE YOU MOFO, DIVE, GIVE ME BACK MY REASONABLY PRICED VIDEO CARDS!!!!

Please remember that some of us are involved in blockchain projects either as developers or investors that do not rely on mining of any kind. Other projects are moving to staking as opposed to mining. Asking for index-wide corrections rather perversely disincentivizes the investment of time and money that will help public blockchains to move beyond Proof of Work and (in the long run) stabilize prices for consumer hardware like video cards and harddrives.

 

[VirtualLarry]

I have almost 700MH/sec with all my rigs. I am making $40-50/day right now

Now I'm only making $30-40/day. That's barely enough for Pizza Replacement Rate (*).

(*) Defined as enough money to order pizza delivery every two days or so, such that I have enough pizza and soda to live off of.

 

[cytg111]

Now I'm only making $30-40/day. That's barely enough for Pizza Replacement Rate (*).

(*) Defined as enough money to order pizza delivery every two days or so, such that I have enough pizza and soda to live off of.

You cant live off soda and pizza. You can die of it though.

 

[GodisanAtheist]

Now I'm only making $30-40/day. That's barely enough for Pizza Replacement Rate (*).

(*) Defined as enough money to order pizza delivery every two days or so, such that I have enough pizza and soda to live off of.

- I call dibs on Larry's stuff after he dies... Which should be any minute now according to this post...

 

[SteveGrabowski]

- I call dibs on Larry's stuff after he dies... Which should be any minute now according to this post...

Meh it's useless if it can't even pay for pizza and soda, I need it to be in the hookers + cocaine replacement rate to survive off it.

 

[NTMBK]

Now I'm only making $30-40/day. That's barely enough for Pizza Replacement Rate (*).

(*) Defined as enough money to order pizza delivery every two days or so, such that I have enough pizza and soda to live off of.

Eat some real food and drink some water, Larry. You need to look after yourself!