The State of Cryptocurrency

[lexluthermiester]

Looks like the free-fall continues. Hopefully, tech prices will return to normal..

 

[arroyo]

Today on "Hell's Kitchen" our guest John Mcafee will cook the cock.
... ekhm rooster.

 

[BiggieShady]

Funny how time to validate one bitcoin transaction is 10 minutes ... the vast world bitcoin network can process 6 transactions per hour ... the whole freaking world. Obviously it's not the currency being used much ... other than for exchange from/to alt coins and cash. It's like overblown bubble deflating while being pumped with alt coins at the same time ... and now the balance is off

 

[Space Lynx]

The average miner isn't mining bitcoin though , as far as I know. At this point probably no one mines bitcoin with GPUs from what I gathered , it's mostly just people buying and dumping like crazy. It's part of the reason why it's value is dropping like a stone now. Everyone was just holding onto it for the past year and now that the shit hit the fan it keeps going in a downward spiral but it doesn't really have much to do with mining itself.

Bottom of the line is , no , you still ain't going to find cheap GPUs.

all of the alt coins are crashing in price too... everything is tied to Bitcoin crashing because Bitcoin is the exchange to fiat medium all the alt coins rely on. so its possible GPU's will come back actually... coindesk shows the top ten coins crashing for a week straight now.

@FordGT90Concept your 9 grand bottoming out was wrong. lol its at $6700 now and still falling. dang son...

 

[erocker]

Everything is crashing today. China seems to have backed out of crypto today, Samsung is making a bunch of ASIC chips. US stock market, largest decline in one day. Ouch!

 

[ZenZimZaliben]

No worries. Time to buy...especially alts.

 

[R-T-B]

Shortage of what ~ GPUs? That's an extreme case of supply & demand, due in part owing to a financial instrument that's as yet to be legitimately accepted by most of the world's economies.

And it's happened several times now... it will happen again.

 

[Sasqui]

https://cointelegraph.com/news/all-eyes-on-tether-amid-crypto-pull-back

All Eyes on Tether Amid Crypto Pull Back

"The top 50 cryptocurrencies saw massive price corrections last week, coming to a head on Feb. 2. The total market capitalization dropped to just over $400 bln at the time of writing- amid massive uncertainty across the board. Almost overshadowed, but not forgotten, is the news that Bitfinex along with Tether received subpoenas from US regulators in December, who have had their eyes on the exchange and cryptocurrency.

This in itself is understandable, but industry experts have raised concerns over the last few months in relation to the increase in supply of Tether which correlated with rallies in the market. Bitfinex, which is the largest exchange in the world, threatened legal action to parties that had accused the exchange of misconduct.

The reason for allegation is quite predictable. Bitfinex issues Tether tokens which are issued for US dollars on a 1:1 ratio. In simple terms, Bitfinex were accused of not having 1:1 reserves of dollars to issued Tether tokens.

The problem is that because one Tether token equals one dollar, it has been used to buy other cryptocurrencies because of its standardized value. This culminated in suggestions that the price of Bitcoin and other cryptocurrencies had been inflated because people had been buying cryptocurrencies with Tether and not actual US dollars. If Bitfinex does not have an equal reserve of dollars to back up the amount of Tether tokens in existence, things could end badly."

 

[R-T-B]

Funny how time to validate one bitcoin transaction is 10 minutes ... the vast world bitcoin network can process 6 transactions per hour ... the whole freaking world. Obviously it's not the currency being used much ... other than for exchange from/to alt coins and cash. It's like overblown bubble deflating while being pumped with alt coins at the same time ... and now the balance is off

lolwut? It can do much more than 6 transactions per hour.

 

[FordGT90Concept]

@FordGT90Concept your 9 grand bottoming out was wrong. lol its at $6700 now and still falling. dang son...

I did say "7k or lower." That said, I did expect it to stabilize for a day or two, climbing to a milestone before initiating another sell off.

The new question becomes: is this the bottom? I don't know and my fortune crystal is foggy.


Re Tether: that's going to implode fast. Any exchange that uses coins to facilitate the exchange will. That kind of structure isn't even a stack of a cards: it's a stack of air.


Everything is down today, again, because the fed is going to make money cost more. Free money can no longer flow everywhere (most of it went to risky investments like stocks and crypto). Money is coming out of those accounts and moving to bonds, gold, and other safe havens (assets that are hardened against inflation changes).

 

[trog100]

The average miner isn't mining bitcoin though , as far as I know. At this point probably no one mines bitcoin with GPUs from what I gathered , it's mostly just people buying and dumping like crazy. It's part of the reason why it's value is dropping like a stone now. Everyone was just holding onto it for the past year and now that the shit hit the fan it keeps going in a downward spiral but it doesn't really have much to do with mining itself.

Bottom of the line is , no , you still ain't going to find cheap GPUs.

yes it does.. bitcoin seems to drag everything else up or down with it.. a couple of weeks back before bitcoin tanked and took the other cryptos down with it.. my eth miner was making 50 dollars per day now its making less than 20 dollars per day.. that is one hell of a difference.. all down to bitcoin tanking and dragging everything else down with it..

but cryto isnt dead yet.. i think its being manipulated down.. it will reach a genuine bottom.. i thought it would be 8000 but it seems not.. but it will bottom and when it does the only way will be up..

i am mining and holding eth but i also have about 12 k invested in other coins.. eth litecoin neo and cardano.. they have all followed bitcoin down.. i have taken a big loss. apart from that i dont really care what bitcoin does.. i expected it to go down i just didnt expect it to take everything else down with it like it has.

my thinking might be a little biased.. but i still think once the markets are flushed of all the weak players the prices will go up and at the same time become less volatile.. its the panicky noobs selling at the the least fud mongering that causes the volatility.. once they are flushed out of the system things will get better.. or worse for those waiting for gpu prices to drop..

only a fool or a hard core seasoned player would throw money at crypto now.. the market is better off without the fools and the volatility they cause..

trog

ps.. the month figure at its peak was showing close to 1500 dollars.. now its near 600 dollars.. all due to the slavish way eth follows bitcoin during these big up or down movements..

 

[jaggerwild]

Look, its RAINING 1080TI"S^^^^^^^^^

Stock market went down 600 points Friday.

 

[R-T-B]

Look, its RAINING 1080TI"S^^^^^^^^^

Yeah, links or it didn't happen.

 

[Space Lynx]

Look, its RAINING 1080TI"S^^^^^^^^^

Stock market went down 600 points Friday.

stock market when down 1500 points today. 600 is nothing. Trump isn't tweeting about it though, Kappa.

 

[neatfeatguy]

stock market when down 1500 points today. 600 is nothing. Trump isn't tweeting about it though, Kappa.

Sucks when you have stock in a few companies and you were up 15-20% around middle of last week and now are breaking even after last Friday and today......makes one want to dump what they have to save face. Thankfully I don't have too much into it; I'll sit and see where it goes from here. Hopefully the fears of inflation and possible interest rate hike taper off.

 

[trog100]

people have been predicting a stock market "correction" for a long time..

the predictions could well be coming true.. when it does blow the price of a graphics card will be the last thing on peoples minds.. he he

trog

 

[FordGT90Concept]

That's 7.5% compared to BTCs, what, 65% plunge since the bubble burst? Everyone and their dog knows DJIA/NASDAQ has been a bull market way too long.

 

[trog100]

That's 7.5% compared to BTCs, what, 65% plunge since the bubble burst? Everyone and their dog knows DJIA/NASDAQ has been a bull market way too long.

crypto can stand it.. the stock markets cant.. when/if that bubble bursts as it may well be doing it dosnt bear thinking about.. the rest of this week should be interesting..

trog

 

[dorsetknob]

Sometimes i wonder if its a CIA plot to Punish NK for all the Crypto hacks they Allegedly perpetrated and ruin the value of NK Crypto holdings

 

[xkm1948]

where do you guys check for the bitcoin-usd? I am still seeing >$7000

Sell all your 1080/1080Tis miners, hahahahaha.

I will pay $100 for mined 1080 and $125 for mined 1080Ti.

Hey I can dream!

Sometimes i wonder if its a CIA plot to Punish NK for all the Crypto hacks they Allegedly perpetrated and ruin the value of NK Crypto holdings

CIA is a lot more interested in in-fighting between different western political/enterprise monopolies than focusing on NK.

 

[Papahyooie]

where do you guys check for the bitcoin-usd? I am still seeing >$7000

Sell all your 1080/1080Tis miners, hahahahaha.

I will pay $100 for mined 1080 and $125 for mined 1080Ti.

Hey I can dream!



CIA is a lot more interested in in-fighting between different western political/enterprise monopolies than focusing on NK.

https://www.gdax.com/trade/BTC-USD

 

[R-T-B]

I will pay $100 for mined 1080 and $125 for mined 1080Ti.

Good luck telling the difference...

 

[ShiBDiB]

No worries. Time to buy...especially alts.

el o el

If you did any actual investments in crypto and not just speculative gee wiz expendable money purchases, nows the time to cut your losses and never come back. The big money investors are pulling out, they control the price.

 

[R-T-B]

el o el

If you did any actual investments in crypto and not just speculative gee wiz expendable money purchases, nows the time to cut your losses and never come back. The big money investors are pulling out, they control the price.

Said every year about this time...

 

[ShiBDiB]

It'll dead cat bounce at some point, more low level investors thinking they can save themselves by doubling down will jump in and then this thing will tank even further.