The State of Cryptocurrency

FordGT90Concept · Feb 6, 2018

For the seller, not the buyer; hence, months to recover. It's the would-be buyers that are furious.

trog100 · Feb 6, 2018

Bitcoin is now down near 6300 at the moment.. i am beginning to wonder just how low it can go.. he he..

i will hodle down to zero if i have to but its getting a bit scary.. he he

trog

FordGT90Concept · Feb 6, 2018

trog100 said:
Bitcoin is now down near 6300 at the moment.. i am beginning to wonder just how low it can go.. he he..

The price doesn't actually matter so much as the inability to find a buyer.

R-T-B · Feb 6, 2018

FordGT90Concept said:
The price doesn't actually matter so much as the inability to find a buyer.

Inability? Exchanges are still running buy orders last I checked...

yotano211 · Feb 6, 2018

I sold my last of my ETH coins (7.62) yesterday when it was $824, has of this time, still falling to $612.

FordGT90Concept · Feb 6, 2018

R-T-B said:
Inability? Exchanges are still running buy orders last I checked...

I'm not saying now, I'm saying when BTC is done for. It could be at $1 or $100,000 but in either case, it will be that no one is buying anymore. The floor only matters to those looking to buy; doesn't matter when no one is looking.

R0H1T · Feb 6, 2018

R-T-B said:
And it's happened several times now... it will happen again.

Yes, but what if central banks accept it as a legitimate form of payment, exchange rate problems & international regulations aside? Will the GPUs then perennially be short in supply, or does the market then accept $1000 GPU as the new normal? Assuming you can still make money from mining various coins.

FordGT90Concept · Feb 6, 2018

Not worth considering because they won't. Cryptocurrency is a commodity, not legal tender. Commodities swing according to supply and demand.

R0H1T · Feb 6, 2018

FordGT90Concept said:
Not worth considering because they won't. Cryptocurrency is a commodity, not legal tender. Commodities swing according to supply and demand.

That's debatable because right now they're neither here nor there, just dangling small buyers/traders/investors with a hope of making it real.

R-T-B · Feb 6, 2018

FordGT90Concept said:
I'm not saying now, I'm saying when BTC is done for. It could be at $1 or $100,000 but in either case, it will be that no one is buying anymore. The floor only matters to those looking to buy; doesn't matter when no one is looking.

I don't think you can honestly comprehend how unlikely that is, but time will show...

FordGT90Concept · Feb 6, 2018

R0H1T said:
That's debatable because right now they're neither here nor there, just dangling small buyers/traders/investors with a hope of making it real.

I suggestion you look into the Automated Clearing House system. There's literally no reason for blockchain to exist in the finance industry.

Even if blockchain tech were to be implemented (which it won't), it wouldn't look anything like the cryptocurrencies available now. Namely, it requires a mechanism of creating and destroying unique units inside the system in order to stabilize it for physical legal tender parrallelism. In other words, it *can't* be a liberalist system: it has to be strictly controlled by the Fed (or whichever central bank is in control of it).

xkm1948 · Feb 6, 2018

Come on baby, I am ready for some cheapo TitanXp or 1080Tis. Come at me!

https://media0.giphy.com/media/yZaiNB8rIoJlm/200.gif#15-grid1

R0H1T · Feb 6, 2018

FordGT90Concept said:
I suggestion you look into the Automated Clearing House system. There's literally no reason for blockchain to exist in the finance industry.

I said a legitimate form of payment ~ so in theory it could be traded like gold, with it's real value tied to dollars or say the Euro. It will not replace or augment national currencies because that's a socio-political & economic disaster which'll impale the world beyond recognition, much worse than 2008 or 1929. For instance we have gold loans in India, mortgage your gold & take up to ~80% of the value as loans. Something like that is plausible, given how many people are entangled in crypto atm & the alternatives are probably much worse.

FordGT90Concept · Feb 6, 2018

BTC market cap = $106 USD
QUALCOMM market cap = $97 billion USD (employees: 33,500)

Cryptocurrency is small fish.

yotano211 · Feb 6, 2018

FordGT90Concept said:
I suggestion you look into the Automated Clearing House system. There's literally no reason for blockchain to exist in the finance industry.

Even if blockchain tech were to be implemented (which it won't), it wouldn't look anything like the cryptocurrencies available now. Namely, it requires a mechanism of creating and destroying unique units inside the system in order to stabilize it for physical legal tender parrallelism. In other words, it *can't* be a liberalist system: it has to be strictly controlled by the Fed (or whichever central bank is in control of it).

ACH is kinda slow. A better version of the blockchain can be much faster, the tech just has to get better.

FordGT90Concept · Feb 6, 2018

On purpose: it gives all parties a chance to throw a flag on the transaction before it clears.

hat · Feb 6, 2018

I'm barely making over $3/day mining now. It wasn't too long ago I was getting over $10. It seems I'm still getting roughly the same BTC as I was before from my mining, only it's worth much less now.

ShiBDiB · Feb 6, 2018

Papahyooie said:
You see that giant wall at 6550? Yea... that's why I'm not worried.

View attachment 96797

As it tumbles to 6000

lol.. the only thing worse than the bitcoin haters are the bitcoin super fans

R-T-B · Feb 6, 2018

ShiBDiB said:
As it tumbles to 6000

lol.. the only thing worse than the bitcoin haters are the bitcoin super fans

I've said it before and I'll say it again: It going lower is long overdue and is probably a good thing in the longterm.

BiggieShady · Feb 6, 2018

R-T-B said:
lolwut? It can do much more than 6 transactions per hour.

Yeah, oops, I realized later that it's 10 minute per transaction ... and that it doesn't limit the throughput because it's not serial processing - many transactions get added to a chain at the same time. Now I'm wondering how can we calculate how many transactions need to be added to a blockchain to saturate the network.

xkm1948 · Feb 6, 2018

$1 = 10 BTC would be about right.

R-T-B · Feb 6, 2018

xkm1948 said:
$1 = 10 BTC would be about right.

For you maybe.

Ultimately, the market will decide. That buy wall is only getting tougher as we go down.

BiggieShady said:
Yeah, oops, I realized later that it's 10 minute per transaction ... and that it doesn't limit the throughput because it's not serial processing - many transactions get added to a chain at the same time. Now I'm wondering how can we calculate how many transactions need to be added to a blockchain to saturate the network.

You just need to know the block limit. Bitcoins is smallish because devs like it that way (part of why bitcoin cash was created), and largely already saturated.

Space Lynx · Feb 6, 2018

Bitcoin at $6,053 USD.... wow, I wonder if it will hit 5k, maybe even lower, I think 5-6k is its limit, before the big boys like John Mcfee and companies in China buy it in mass, they are no different than people in stock markets who own 80% of a single company and then use the 20% leftover to trick the buy low and sell high peasant boi's. lol its a dead currency at this point as far as im concerned. looks like all crypto's are crashing still, I didn't think the crash would last this long honestly. but yeah 1080 ti's on Ebay might be a thing soon if this lasts another week or so... I could def use one

R-T-B · Feb 6, 2018

lynx29 said:
lol its a dead currency at this point as far as im concerned.

It's up %400+ from last year still... I mean if it's dead now, what was it then? Super dead? Undead? Permakilled?

RCoon · Feb 6, 2018

Papahyooie said:
You see that giant wall at 6550? Yea... that's why I'm not worried.

View attachment 96797

Careful what walls you rely on.

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Power Supply	EVGA 850 watt..
Mouse	Logitech G700s
Keyboard	Logitech K270
Software	Win 10 pro..
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System Name	BY-2021
Processor	AMD Ryzen 7 5800X (65w eco profile)
Motherboard	MSI B550 Gaming Plus
Cooling	Scythe Mugen (rev 5)
Memory	2 x Kingston HyperX DDR4-3200 32 GiB
Video Card(s)	AMD Radeon RX 7900 XT
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Display(s)	Nixeus NX-EDG274K (3840x2160@144 DP) + Samsung SyncMaster 906BW (1440x900@60 HDMI-DVI)
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Mouse	Nixeus REVEL-X
Keyboard	Tesoro Excalibur
Software	Windows 10 Home 64-bit
Benchmark Scores	Faster than the tortoise; slower than the hare.

System Name	Pioneer
Processor	Ryzen 9 9950X
Motherboard	GIGABYTE Aorus Elite X670 AX
Cooling	Noctua NH-D15 + A whole lotta Sunon, Phanteks and Corsair Maglev blower fans...
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The State of Cryptocurrency

FordGT90Concept

"I go fast!1!11!1!"

trog100

FordGT90Concept

"I go fast!1!11!1!"

R-T-B

yotano211

FordGT90Concept

"I go fast!1!11!1!"

R0H1T

FordGT90Concept

"I go fast!1!11!1!"

R0H1T

R-T-B

FordGT90Concept

"I go fast!1!11!1!"

xkm1948

R0H1T

FordGT90Concept

"I go fast!1!11!1!"

yotano211

FordGT90Concept

"I go fast!1!11!1!"

hat

Enthusiast

ShiBDiB

R-T-B

BiggieShady

xkm1948

R-T-B

Space Lynx

Astronaut

R-T-B

RCoon

System Name	Virtual Reality / Bioinformatics
Processor	Undead CPU
Motherboard	Undead TUF X99
Cooling	Noctua NH-D15
Memory	GSkill 128GB DDR4-3000
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Power Supply	Seasonic 850watt
Mouse	Logitech Master MX
Keyboard	Corsair K70 Cherry MX Blue
VR HMD	HTC Vive + Oculus Quest 2
Software	Windows 10 P

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Motherboard	ASUS P8P67 Pro :: ASUS Prime H570-Plus
Cooling	Cryorig M9 :: Stock
Memory	4x4GB DDR3 2133 :: 2x8GB DDR4 2400
Video Card(s)	PNY GTX1070 :: Integrated UHD 630
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Power Supply	FSP Hydro GE 550w :: EVGA Supernova 550
Software	Windows 10 Pro - Plex Server on Dragonfly
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Mouse	[Logitech G Pro Wireless]
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Software	Win 10 Pro