Tuesday, November 20th 2018
Hodlers Dump Crypto for X'mas? ETH and BTC at Yearly Lows
Prices of the two top crypto-currencies with DIY and small-scale miners, Ethereum and Bitcoin, dropped to yearly lows Monday, with Ethereum falling just a touch below USD $140, and Bitcoin at $4,700. This is in stark contrast to January, when Bitcoin scraped $20,000, making it among the most valuable "currencies" in human history. The direct impact of the crypto-currency slide falls on graphics card prices, at least for currencies which are viable to mine with graphics cards.
Across the board, new graphics card prices are at record lows for the year, with AMD's flagship Radeon RX Vega 64 going for as low as $399 brand-new. These cards were priced upwards of $1,500 and barely available this January. The RX 580, which was priced upwards of $700 in January, can be had for under $200. Prices of NVIDIA "Pascal" graphics cards are similarly low, with the GTX 1070 Ti going for under $400. For whatever strange reason, the GTX 1080 Ti is still marked up, selling for prices on par with RTX 20-series SKUs such as the RTX 2080. You can also expect a torrent of used graphics cards on E-bay and tech forums.
Across the board, new graphics card prices are at record lows for the year, with AMD's flagship Radeon RX Vega 64 going for as low as $399 brand-new. These cards were priced upwards of $1,500 and barely available this January. The RX 580, which was priced upwards of $700 in January, can be had for under $200. Prices of NVIDIA "Pascal" graphics cards are similarly low, with the GTX 1070 Ti going for under $400. For whatever strange reason, the GTX 1080 Ti is still marked up, selling for prices on par with RTX 20-series SKUs such as the RTX 2080. You can also expect a torrent of used graphics cards on E-bay and tech forums.
22 Comments on Hodlers Dump Crypto for X'mas? ETH and BTC at Yearly Lows
even when they part them out they don't sell (ads stay live for 30 days till they expire)
trog
"Across the board, new graphics card prices are at record lows for the yea " - duhh... but I just red few articles back that there is unavoidable price increase because of oversupply :laugh::laugh::laugh: and somehow we should grab now while it is still on the shelves... I mean seriously - can we filter out those fake-news price increase analysis and predictions. because we are not far from point where we will read articles " false=true, code it in your scripts now" and no one will bat an eye anymore
Vega 64 is tempting at $400 but...Navi...
trog
it seems money is just like the badge.. it comes and goes.. looking at it this way is less painful.. i will hodle on and hope it goes up again.. :)
trog
Nah, who am I kidding, all it will take is a minor recession and miners will be throwing gigawatts of power at fake virtual coins again.
nothing is real any more. :)
trog
Bitcoin has nothing, you could say it has artificial scarcity, but then people just forked it and made tons more of it. It's value fluctuates wildly, making it worthless as an actual currency. Bitcoin is more similar to an actual commodity currency, like gold, except that anybody can go dig in their backyard and find another world's supply of gold, and if you dont want to work with the gold currently available, you can just go mine DIFFERENT gold and throw that into the pot as well.
Then there are the long transaction times. By the time you can actually use it to *buy* something, its value has rapidly changed. And there is the slightly damning fact that everybody tries to convert their bitcoin to cash when the value is high enough, even bitcoin is only valuable because you can trade it for real world $$$.
Cryptocurrency is a commodity, not a currency. At best, it is a commodity currency, but it fails spectacularly at that, as the supply of new crypto is endless, and commodity money only works on a scarce resource we all agree has value. Crypto was simply a geek's answer to money, a needlessly over-complicated idea of how something *could* work that in the real world only comes up as a novelty.
Here's my Dutch newspapers' graph
The end is nigh. Finally.
www.volkskrant.nl/nieuws-achtergrond/wat-is-er-toch-aan-de-hand-met-de-bitcoin-~b5877ad7/
If you Google translate it, financial analysts basically say everything I've always said was wrong with this whole business... And there isn't a fix either because greed will always be greed.
OMG.. 6666 messages on TPU :D
Nothing out of the ordinary really... for crypto anyways.