The State of Cryptocurrency

[trog100]

Everyone and their cousin appear to be wanting to get in on the blockchain thing to get some cryptocurrency going - take the prospect of Amazon and Starbucks hinting at the possibility: https://cointelegraph.com/news/poll...ocurrency-starbucks-hints-of-a-blockchain-app

There are so many starting to pop up now that the whole thing, to me, appears to be stretched out thin and people aren't sure what they should exactly be doing with them. Maybe the best way to describe how I see it, all this is starting to feel gimmicky. Perhaps this is a downward trend for it all?

I've been curiously watching some of the prices on a couple of the higher priced cryptocurrencies:
BTC - down around $1k over the past week (this one swings the most, down $1k one week, up $1.5k another, then down $2k another......then up again)
ETH - down around $100 over the past week
DASH - down around $70 over the past week
LTC - down around $20 over the past week
ZEC - down around $50 over the past week

As you've said before, you're in it for the long haul. Are you still sticking it out to see where it goes or are you starting to second guess your position on it?

i am still long haul.. just a little less optimistic.. he he

trog

ps.. just to add.. apart from mining i have just under 7K invested in eth.. litecoin.. neo and cardano.. my stash at current prices is worth just under 10K... it has been worth near 14K at its best.. but i am still showing a profit..

 

[Space Lynx]

What does everyone recommend as the go to exchange to use these days for Zcash, Monero, IOTA, and Bitcoin?

I have heard Kraken was hacked a week or two ago, Coinbase is having some drama... so where do we go? I am new to this world, just want to keep my bank account transfers safe is all once I get started on everything. I got a 1080 ti coming soon, going to mine Zcash or Monero, not sure which yet.

 

[trog100]

bitcoin has just taken another big dive.. down from around 10700 to 9700.. not a good sign.. no known reason behind any of this.. it just happens.. he he

trog

 

[Space Lynx]

bitcoin has just taken another big dive.. down from around 10700 to 9700.. not a good sign.. no known reason behind any of this.. it just happens.. he he

trog

this is what caused it. https://arstechnica.com/tech-policy...-after-sec-warns-about-unregulated-exchanges/

 

[R-T-B]

Below this certain value no crypto exchange has any money to offer of you willing to take out your money. There is only air value.

Wut? If an exchange says they offer it, they offer it in cash dude. That's the nature of exchanges or they go bust. There's no magic value where they'd stop cashing out.

this is what caused it. https://arstechnica.com/tech-policy...-after-sec-warns-about-unregulated-exchanges/

Yep. That and the coinbase lawsuit probably.

There's always a reason.

What does everyone recommend as the go to exchange to use these days for Zcash, Monero, IOTA, and Bitcoin?

I use shapeshift.io for it's simplicity.

 

[sepheronx]

I hope it goes tits up so I can finally buy a GPU.

 

[neatfeatguy]

bitcoin has just taken another big dive.. down from around 10700 to 9700.. not a good sign.. no known reason behind any of this.. it just happens.. he he

trog

this is what caused it. https://arstechnica.com/tech-policy...-after-sec-warns-about-unregulated-exchanges/

Also a possible glitch with Binance: https://www.marketwatch.com/story/c...t-gox-estate-still-a-bitcoin-whale-2018-03-07

Two things that put a negative spin towards the king of the hill (BTC) and things start to fold inward again for all crypto currencies.

 

[trog100]

i dont go for any of the reason mentioned so i am still gonna stick to the no known reason.. other than maybe a whale dumping a huge sell into the market.. i still hold the view the whole game is rigged.. they knock it down and then buy back at lower prices as an when it suits them.. we have had two separate 1000 dollar drops.. very much like the last big crash down..

i dont mind it being rigged because i dont believe for one second they would take it down much beyond what they are doing..

my miner is down to just under 17 US dollars per day.. he he.. i wonder just how low it would have to get before i just switch the f-cking thing off..

trog

 

[ZenZimZaliben]

i dont go for any of the reason mentioned so i am still gonna stick to the no known reason.. other than maybe a whale dumping a huge sell into the market.. i still hold the view the whole game is rigged.. they knock it down and then buy back at lower prices as an when it suits them.. we have had two separate 1000 dollars drops.. very much like the last big crash down..

i dont mind it being rigged because i dont believe for one second they would take down much beyond what they are doing..

my miner is down to just under 17 US dollars per day.. he he.. i wonder just how low it would have to get before i just switch the f-cking thing off..

trog

That is why I stopped mining. It is less hassle/frustration/anger to just play the market. %10 swings are normal and don't alarm me. Plus I don't monitor the market every 30 seconds like I used to...now I just expect the swings. Since you posted it's already above $10k.

 

[R-T-B]

That is why I stopped mining. It is less hassle/frustration/anger to just play the market. %10 swings are normal and don't alarm me. Plus I don't monitor the market every 30 seconds like I used to...now I just expect the swings. Since you posted it's already above $10k.

I'd be doing the same if mining wasn't fascinating enough to be article worthy...

 

[trog100]

one such bitcoin whale here i think..

http://bitcoinist.com/tokyos-bitcoin-whale-has-sold-400-million-and-thats-just-the-start/

trog

 

[trog100]

a little more on the bitcoin sudden prices crashes.. i have always thought they looked too neat to be anything other than manipulation.. it seems i wasnt far out..

https://steemit.com/bitcoin/@sacred...y-mt-gox-trustee-during-last-3-months-exposed

https://www.trustnodes.com/2018/03/...n-trustee-sold-bottom-blockchain-data-reveals

trog

 

[basco]

https://www.qarnot.com/crypto-heater_qc1/

 

[trog100]

https://www.qarnot.com/crypto-heater_qc1/

they are getting ready for when skynet takes over the world.

trog

 

[hat]

On the upside of things, I'm getting nicehash payments far more frequently than I was in the past. I'm also in a situation now where I can probably hold my BTC for a while instead of selling them all the time...

 

[trog100]

On the upside of things, I'm getting nicehash payments far more frequently than I was in the past. I'm also in a situation now where I can probably hold my BTC for a while instead of selling them all the time...

once these big orchestrated sell offs are out of the way i think the only way now will be up..

trog

 

[moproblems99]

once these big orchestrated sell offs are out of the way i think the only way now will be up..

trog

I'll think you'll find these sell offs to be a semi regular occurrence. I think there is a group working together in order to keep a cycle of funds and consolidation going. The key will be timing your purchasing/your selling just right. If you can, you can game the sell offs and be a silent partner so to say.

 

[FordGT90Concept]

once these big orchestrated sell offs are out of the way i think the only way now will be up..

trog

You've said that before. I think crypto-currencies have found their permanent ceiling. The market isn't growing anymore. It's the same people buying, selling, and mining.

 

[trog100]

i think someone for sure wants to keep hammering the price of crypto..

this isnt normal market selling its deliberate knock downs.. down from 9800 to 9200 and maybe more in a couple of hours..

https://coinranking.com/coin/bitcoin-btc

as for what the permanent price ceiling of crypto is ford there are lot of people would love to know that.. he he

i think its a lot higher than what it currently is but every time it tries to go up it gets wacked right back down.. who and why is still the big unknown..

trog

 

[ppn]

the price is driven by electricity costs. there are 8 million cards mining ETH you know. 40% of ETH shifts to BTC. then it is just everybody's personal choice when to sell.

 

[ZenZimZaliben]

the price is driven by electricity costs. there are 8 million cards mining ETH you know. 40% of ETH shifts to BTC. then it is just everybody's personal choice when to sell.

Correct...but let me expand that by saying "Mining Costs" - startup costs (hardware, software, infrastructure), personal time, electricity, maintenance all work into the profitability calculation and whether mining makes sense.

 

[Papahyooie]

https://www.qarnot.com/crypto-heater_qc1/

I haven't even considered my electricity costs to be "costs" this winter, because my gas bill for heating hasn't risen more than a few dollars a month. My miners have been effectively heating my house, and money saved is money earned. Now that it's starting to warm up, I'll just throw them outside in the shop and simply have to consider the electricity used as cost of operating again.

 

[dorsetknob]

Another Knock for Crypto Mining ( as if it needed its knockers English pun/slang)

Story here
http://www.theregister.co.uk/2018/03/16/plattsburgh_new_york_bans_crypto_mining/
and a little Culling of Content

A city in upstate New York has become the first in America to effectively ban any new commercial-grade cryptocurrency miners from powering up.

Mayor Colin Read and the city council of Plattsburgh this month signed off on a measure to place an 18-month moratorium on any new industrial-scale crypto-coin crafting operations within the city limits. Alt-cash mining companies typically require a permit to operate within Plattsburgh – now no more applications will be approved for a year and a half.

Located on the banks of Lake Champlain near the border with Canada, Plattsburgh has a population of 19,000 people, and is a hotspot for boating and bass fishing. Its proximity to the lake also means Plattsburgh is able to enjoy low-cost hydroelectric power, making it extremely attractive to large-scale crypto-mining operations. As Reg readers know, alt-coin crafting rigs can be tremendous power hogs.

When those mining operations came to town, though, the normally cheap power became more expensive, due to the soaring demand, and residents saw their electric bills climb by an average of $10 apiece in January alone. Just two of the registered miners accounted for around 10 to 15 per cent of the city's entire power consumption, we're told.

 

[CAPSLOCKSTUCK]

i cant go to the supermarket and buy my food with bitcoin but i can get a 25% discount if i use it to buy cannabis seeds.........speaks volumes.

i dont buy cannabis seeds btw

 

[the54thvoid]

Another Knock for Crypto Mining ( as if it needed its knockers English pun/slang)

Story here
http://www.theregister.co.uk/2018/03/16/plattsburgh_new_york_bans_crypto_mining/
and a little Culling of Content

A city in upstate New York has become the first in America to effectively ban any new commercial-grade cryptocurrency miners from powering up.

Mayor Colin Read and the city council of Plattsburgh this month signed off on a measure to place an 18-month moratorium on any new industrial-scale crypto-coin crafting operations within the city limits. Alt-cash mining companies typically require a permit to operate within Plattsburgh – now no more applications will be approved for a year and a half.

Located on the banks of Lake Champlain near the border with Canada, Plattsburgh has a population of 19,000 people, and is a hotspot for boating and bass fishing. Its proximity to the lake also means Plattsburgh is able to enjoy low-cost hydroelectric power, making it extremely attractive to large-scale crypto-mining operations. As Reg readers know, alt-coin crafting rigs can be tremendous power hogs.

When those mining operations came to town, though, the normally cheap power became more expensive, due to the soaring demand, and residents saw their electric bills climb by an average of $10 apiece in January alone. Just two of the registered miners accounted for around 10 to 15 per cent of the city's entire power consumption, we're told.

Although a small drop in the ocean in terms of locational bans, it's another identifier to Cryptocurrency mining failings. Almost all power reources these days are being scaled down through technology but the larger scale crypto mining processes (along with server farms etc) are a huge 'unseen' cost to everybody else. The rush to profit from a low labour economy of income with little overhead bar initial investment is bound to have a cost. I dont think we should worry about hobby miners like @R-T-B mining with a couple of cards. Even Trog is still burning through a domestic oil heater per day. But the large scale operations, the ones responsible for gfx card price inflation should be mitigated. I think large scale mining above a certain power envelope should be hit hard but hobby farmers should be ignored in the main.

If my power bill went up because of massive resource hogging by a crypto farm, I'd be furious. I'd probably get quite political about it, if not outright militant.