Wow. Bitcoin is almost $1,500

[Hugo Drax]

I wonder how many mom and pops liquidated 401ks, took on second mortgages and loaded up on credit card debt to buy at the tops 17-20k. They must be shitting bricks right now watching losses over 50% in a manner of weeks. I smell lots of attorneys in the future.

What is sad is the Media/News organisations did a big disservice not reporting the facts and hyping up the story. Which probably led a bunch of people to ruin.

 

[Crono]

Anyone else CPU mining? Thinking of starting a thread in CPUs and Overclocking, but don't want to risk the ire of mining haters if no else does it.

 

[FelixDeCat]

l

 

[VirtualLarry]

I wonder how many mom and pops liquidated 401ks, took on second mortgages and loaded up on credit card debt to buy at the tops 17-20k. They must be shitting bricks right now watching losses over 50% in a manner of weeks. I smell lots of attorneys in the future.

What is sad is the Media/News organisations did a big disservice not reporting the facts and hyping up the story. Which probably led a bunch of people to ruin.

I hear ya!

I mean, I'm kind of a "believer" in this whole idea of a decentralized internet-based currency, but ... it's also a bubble, IMO. When the bubble bursts, hopefully, then, usage as a real (and not purely speculative investment) sort of online currency can begin. Oh, and yeah, "blockchain is a thing", definitely. Though, I don't quite agree with burning TWh of electricity just to maintain it, that seems... a bit wasteful?

I've just been mining ("Hobby mining" - I've got a bunch of PCs with 1 and 2 GPUs in them. Ok, one has 3.), and not investing, and cashing out as soon and as often as I can. (Well, as long as the gravy train lasts.)

I've "invested" in a pair of GPUs in Jan., to the tune of over $800. Thankfully, I got them with only slightly over MSRP prices, before Newegg themselves went gouge-city on GPUs. So I'm not upset I spent that money. I've probably made back $400 (revenue), before accounting for electricity and taxes, this month. So, even if my net is half that, it will take maybe 4-5 months to make it all back, and then, I've got nice GPUs for some really nice gaming, that paid for themselves.

I may not have made "house money", or even "car money", but "GPU money" or even "pizza and soda money" is good by me.

Keep the good times rolling, and the mining money rolling in!

Oh yeah, and DONT "day trade" in cryptocurrency. (Not with a second mortgage, that's for darn sure.)

 

[VirtualLarry]

Anyone else CPU mining? Thinking of starting a thread in CPUs and Overclocking, but don't want to risk the ire of mining haters if no else does it.

NiceHash will make use of Ryzen CPUs to CPU mine XMR. Of course, results aren't great. I don't know how many shares I get lately (and thus actually get paid for my compute time), it seems less and less as the days pass. I guess the difficulty must be going up. Also, NiceHash seems like it doesn't optimize the XMR miner that well. I'm getting around 287 H/s on this box right now, mining on CPU. Some people have said in other threads, that they have an 8-core / 16-thread Ryzen, and they get 600-650 H/s on XMR. So I'm way behind, with my 6-core / 12-thread Ryzen.

 

[Crono]

NiceHash will make use of Ryzen CPUs to CPU mine XMR. Of course, results aren't great. I don't know how many shares I get lately (and thus actually get paid for my compute time), it seems less and less as the days pass. I guess the difficulty must be going up. Also, NiceHash seems like it doesn't optimize the XMR miner that well. I'm getting around 287 H/s on this box right now, mining on CPU. Some people have said in other threads, that they have an 8-core / 16-thread Ryzen, and they get 600-650 H/s on XMR. So I'm way behind, with my 6-core / 12-thread Ryzen.

Getting about ~1300 H/s with my 1950X, which amounts to a few dollars a day. Nicehash isn't great and doesn't give good consistent reporting, but I'm just using it temporarily while testing other things. I've been considering adding a Xeon (scalable Silver, or otherwise an older dual Xeon) server to the mix, rather than trying to get more 1070Tis (only have 1 GPU mining at the moment in my Threadripper build, which I built to accommodate 3 or 4).

It's not the most profitable option for mining, but I can kill two birds with one stone since I want a power efficient server, anyway, for a myriad of other things.

 

[VirtualLarry]

Yeah, most of my "mining rigs", are just Ryzen R5 1600 desktops that I built... just because... Ryzen is such a great CPU. The board(s) I picked out, the ASRock AB350M Pro4, are decent and cheap, relatively-speaking (although recent UEFI releases haven't been so good for me), and it has two PCI-E x16 slots, one 3.0 x16, one 2.0 x4. Sadly, they are only 2 slots apart, so there's like NO airflow between them for cards. So my main rig with an RX 470 and an RX 570, I have to set them to -50% power target, and set temp max to 83C, just to keep them from cooking themselves. (Which lowers hashrate pretty dramatically. Between the both of them, I'm getting 30-32Mh/s on Eth.)

 

[VirtualLarry]

https://arstechnica.com/information...-ads-with-cpu-draining-cryptocurrency-miners/

The future of advertising / site revenue? No more "in your face" ads - just CPU/electricity-using cryptocurrency mining for the site your visiting?

 

[DrMrLordX]

The claim in the bloomberg article "Trading the token for Bitcoin at Bitfinex has helped drive up Bitcoin prices", is a dubious claim.

They are alleging, either mistakenly, or without clear proof, that not every token of tether used to buy bitcoin was previously a USD deposited through bitfinex. They acted as a fractional reserve bank used to pump the price, when the main aspect of tether is it is 100% reserve, Bitfinex receives a deposit through wire or ACH, transfers to USDT, and in turn USDT issues a token. USDT cannot pump the price in a full reserve, as there is no extra demand coming from nowhere.

So when Tether Ltd. is separated from their auditor who is responsible for providing verifiable proof that actual dollar-indexed assets back all that USDT, do you still believe them? The evidence of shady dealings between Bitfinex and Tether Ltd. has been piling up for months.

It's also funny when people say, "I'm holding BTC not USDT, so I'm safe if it's a fraud". Sure you are, pal. Sure you are.

Anyone else CPU mining? Thinking of starting a thread in CPUs and Overclocking, but don't want to risk the ire of mining haters if no else does it.

I mine XMR with my R7 1800X @ 4 GHz. I'm getting ~670 H/s which is good for 583 H/s according to my pool (that's $25/month, yay).

Prodeum ICO turns out a scam, owners leaves ‘penis’ on blank website

January 30, 2018
https://pageone.ng/2018/01/30/prodeum-ico-scam/

Probably one of the funniest ICO scams out there. They managed to con people out of $11. Oh snap!

 

[zinfamous]

Prodeum ICO turns out a scam, owners leaves ‘penis’ on blank website

January 30, 2018
https://pageone.ng/2018/01/30/prodeum-ico-scam/

Now that's a hilarious headline.

When NEFcoin is discovered to be a scam and we are ready to flee, do we leave a photo of diesel jeans? Link to the bulk beef thread? Greatest Joke Ever? Maybe just brianmanahan's study of Alky during his ballet phase?

 

[momeNt]

So when Tether Ltd. is separated from their auditor who is responsible for providing verifiable proof that actual dollar-indexed assets back all that USDT, do you still believe them? The evidence of shady dealings between Bitfinex and Tether Ltd. has been piling up for months.

It's also funny when people say, "I'm holding BTC not USDT, so I'm safe if it's a fraud". Sure you are, pal. Sure you are.



I mine XMR with my R7 1800X @ 4 GHz. I'm getting ~670 H/s which is good for 583 H/s according to my pool (that's $25/month, yay).



Probably one of the funniest ICO scams out there. They managed to con people out of $11. Oh snap!

That may be true, but in a lot of the "examples" quoted (specifically the 100 houses for $1 example) on how USDT could have pumped the market, they are failing to realize the overall size of the bitcoin market.

Premise - 2.2b USDT "created", some argue that this creation apparently is not backed dollar for dollar by USD in reserve.

Somehow, this 2.2b is responsible for a two-month long run-up in the price of a currency that has volume of nearly 5 times that in a single day.

So let's divide that 2.2b evenly over the 60 days as a quick experiment. Thats 36.66m of liquidity pumped into the market, assuming that 100% of the USDT did not have a single cent of backing. so you have 36m of liquidity back in november when the volume was 12b a day. That is .3% of the days volume somehow "pumped" the price. So no, 100 houses are not sitting on a street, never getting sold, and somebody comes along and buys a house for $100 dollars instead of $1 and now suddenly all the houses are worth $100. A better example would be. 1000 houses in a neighborhood are being bought and sold every day, and somebody comes and buys 3 over market value. Those 3 do not set the market, they have essentially zero impact on the market cap, they are a blip in the order book that nobody will peg off of because it will be gobbled up by a market order almost instantaneously that no human would notice it, and a market algo would simply ignore it.

 

[Red Storm]

Prodeum ICO turns out a scam, owners leaves ‘penis’ on blank website

Didn't they only make off with like $11 or something? Funny stuff.

 

[DrMrLordX]

Thats 36.66m of liquidity pumped into the market, assuming that 100% of the USDT

Trading volume is not always a good indicator of actual market liquidity, since it indexes all trades, irrespective of those who trade the same tokens over and over again (bots). Most of those arguing the case that USDT could cause the market to collapse argue that actual crypto market liquidity is in the rangeof $22 billion, not $36 billion or any such number.

 

[momeNt]

Trading volume is not always a good indicator of actual market liquidity, since it indexes all trades, irrespective of those who trade the same tokens over and over again (bots). Most of those arguing the case that USDT could cause the market to collapse argue that actual crypto market liquidity is in the rangeof $22 billion, not $36 billion or any such number.

I'm saying the average is 36MILLION a day, for 60 days to cause the historic run up in price through november to december, on 2.2billion of liquidity.

Basically what I'm saying is 2.2b isn't enough to move the market the way it moved in the timeframe it moved. Moreover, it's not even like exchanges that pair USDT are even the most expensive places for bitcoin. South Korea and China create higher demand and pay a higher price for their bitcoin. So is the argument that USDT lead from behind? I think it makes no sense personally. Even if they created extra USDT to cheat or borrow against existing deposits, it was not responsible for the price runup. If it does collapse, there will definitely be a shock to the market. It will likely be an overreaction though, as most things are.

 

[FelixDeCat]

Didn't they only make off with like $11 or something? Funny stuff.

That's Wendy's Baconator with large fries, large drink and a frosty for desert! Where is the justice?!

 

[Yakk]

Twitter CEO supports Bitcoin.

http://westerndawn.fr.nf//index/co-...itcoin-path-towards-greater-financial-access/

 

[DrMrLordX]

I'm saying the average is 36MILLION a day, for 60 days to cause the historic run up in price through november to december, on 2.2billion of liquidity.

Why not? Do you assume the market has 2.16 trillion in liquidity? Also it's not 2.2 billion in liquidity, it's over $22 billion in liquidity. You don't know which trades involve new money entering the system (or potentially USDT being printed and spent by BitFinex) and which trades involve money that's already been in crypto for awhile.

Market volume tells you nothing about liquidity. Nothing.

You have to track fiat entry points, such as Coinbase.

 

[momeNt]

Why not? Do you assume the market has 2.16 trillion in liquidity? Also it's not 2.2 billion in liquidity, it's over $22 billion in liquidity. You don't know which trades involve new money entering the system (or potentially USDT being printed and spent by BitFinex) and which trades involve money that's already been in crypto for awhile.

Market volume tells you nothing about liquidity. Nothing.

You have to track fiat entry points, such as Coinbase.

How is it 22 billion? 2.2b USDT have been created, how is possible that USDT is responsible for 22b in liquidity with only 2.2b?

The fudders are literally just throwing numbers around. That's assuming that literally every USDT created wasn't initially a USD deposit.

Can you provide any sort of analysis or explanation that you aren't simply repeating from a market "expert"?

My point about market volume is simply to illustrate that the amount of orders being fulfilled dwarfs the amount of potential liquidity that USDT printed. Coinbase and GDAX don't even list tether, tether is bitfinex or the coin exchanges like binance.

And yes, they are related. Markets with high volume are very liquid, can you point to me of an example of a stock or something with very high liquidity, as seen by a bid/ask spread but yet trades with relatively low volume? Volume is basically aggregate supply and demand, without that the bid / ask spread will creep because there is no pressure to move.

Bitcoin has had high trading volume both before / during / and after this alleged pump.

Show me on the bid ask spread graphs where the liquidity pump began with USDT?

https://data.bitcoinity.org/markets/spread/6m/USD?c=e&f=m10&st=log&t=l

 

[ultimatebob]

It sounds like India just banned cryptocurrency today. Bitcoin didn't take the news well, and is trading below $10,000 now.

Now is the time to diversify into NEFCoin, people!

 

[JM Aggie08]

One of my buddy's is in hot water with his wife for purchasing $10k when it was near its peak at ~$17k.

Really been enjoying the roller coaster of emotions of folks that bought in high. Would have been neat to have mined back in 2011.

 

[JM Aggie08]

Garlicoin will be the true replacement for fiat.

 

[ultimatebob]

Garlicoin will be the true replacement for fiat.

I'm disappointed that TulipCoin didn't take off. Some people just don't have a good appreciation for historical irony, I guess.

 

[IronWing]

There already is a MadoffCoin.

 

[PricklyPete]

One of my buddy's is in hot water with his wife for purchasing $10k when it was near its peak at ~$17k.

Really been enjoying the roller coaster of emotions of folks that bought in high. Would have been neat to have mined back in 2011.

One of the guys I play pickup hockey with was going on and on about how well he had been doing in crypto and convinced a number of the other guys to join in on the fun. This was sometime in mid-December. Those guys are pretty butt hurt right now and the original guy is freaking out a bit (wife is apparently really mad at him as he is “in the red”. I don’t know any of their positions or whether they got out and realized their losses, but it seems sad what people will throw their money at with virtually no understanding of what it is.

 

[Yakk]

Boggles the mind people with no knowledge of a given industry, or any industry, would think to invest at All Time Highs is a good idea and expect to make a profit short term...