Bitcoin price suddenly surges to 3-year high

[xkm1948]

BTC now at $60k...

 

[lexluthermiester]

BTC now at $60k...

$61k...

 

[Space Lynx]

i still don't understand how bitcoin is any different from fiat. when all 21 million coins are mined and in order to complete transactions on the blockchain--- they just start making up tokens... that is the critical point where it is no longer like gold anymore. eh it's w.e

 

[xkm1948]

i still don't understand how bitcoin is any different from fiat. when all 21 million coins are mined and in order to complete transactions on the blockchain--- they just start making up tokens... that is the critical point where it is no longer like gold anymore. eh it's w.e

You can print flat in unlimited fashion, that is the problem. The US government is doing exactly that, while wanting the rest of the world to play it along, essentially robbing wealth from other countries.

With crypto coins it acts as gold, only finite amount of it but is quite secure and easy to operate versus gold. The decentralized design decides no single government can just “make more”

It definitely has flaws, but a good step towards more efficient currency system

 

[Space Lynx]

You can print flat in unlimited fashion, that is the problem. The US government is doing exactly that, while wanting the rest of the world to play it along, essentially robbing wealth from other countries.

With crypto coins it acts as gold, only finite amount of it but is quite secure and easy to operate versus gold. The decentralized design decides no single government can just “make more”

It definitely has flaws, but a good step towards more efficient currency system

in order for a bitcoin transaction to be mined, there has to be miners. when all 21 million coins are mined (already 18 million mined) so 3 million left, once those 3 million are gone, then how are transactions to be completed? I will tell you how, they are going to make up tokens, who is going to make these up? random people that's who. it's no different than fiat once the 3 million left are mined. because the tokens are created out of thin air basically with no oversight.

thanks for your help!

I am just still kinda worried about the memory as I have it at 1100. Apparently thats low compared to others with the same exact card doing this (they are doing 1400 or more). I did the -200 core just to keep things stable. Temps are now average out to 57C total.

Do you think this is safe?

I know you mentioned before about using phoenix miner, just read this on nicehash website: not sure if its a marketing ploy or if its legit you shouldn't use phoenix miner @trog100 @phill just giving you a heads up.

NiceHash - Leading Cryptocurrency Platform for Mining and Trading

www.nicehash.com

 

[trog100]

lynx.. back when the UK was on a gold standard.. the pound could be considered a "token" it used to say on a UK bank note "i promise to pay the bearer the sum of one pound".. this would have been in gold silver or i suppose copper coins..

the idea was pretty simple.. the amount of notes in circulation was limited by the amount of gold stashed in the bank of england or elsewhere.. the amount of notes in circulation was governed by the amount of gold the country owned.. you could not just print as many notes as you wanted to.. when the UK went off the gold standard this limitation was removed..

its like banks with the fractional reserve lending system.. they are allowed to lend 9 x what they have on deposit.... all in all its one huge ponzi scheme.. unbelievable really..

--------

for sepheronx.. the problem isnt the core temps.. its the memory temps.. eth is memory sensitive.. i run my two 3080 cards at + 1000..

each can vary.. i have one palit card and one gigabyte card.. the palit card shows a nice 94C on the memory the gigabyte card shows a not so nice 110C.. its running too hot or on the verge of too hot..

the thing that affect memory temps most is the power level setting.. my palit is at 71%.. my gigabyte at 60%.. one i have the fans at 45% the other needs 80% to stay even at 110 C.. i cant have too much fan noise on my daily use machines..

i intend to take the gigabyte card apart and fit some thermal pads between the memory chips and the back plate.. this way a fan blowing on the back plate should cool the memory chips..

when the gigabyte card goes over 110 C it throttles down.. it does this by lowering the power setting or wattage used.. this also lowers the hash rate.. gigabyte cards seem to be the troublesome ones..

my hash rate on both cards is around 93 m/hs.. one does this easily the other i have to be very careful with.. i leave a bit in reserve as the norm..

trog

 

[dgianstefani]

The 3080s and 3090s I operate in rigs run at 75% power target for 0% mining performance loss. I use GELID GP Ultimate 15w/MK pads both sides and Cryonaut Extreme on all cards I buy new from factory.

Memory doesn't go higher than 85c with a 800mhz + offset.

I also use flow through cooling, so 120mm Arctic P12 Silent on each side of rig per card.

Rigs are very quiet, quieter than my desktop, and are used instead of underfloor heating in certain rooms, moved to garage in summer.

 

[Totally]

in order for a bitcoin transaction to be mined, there has to be miners. when all 21 million coins are mined (already 18 million mined) so 3 million left, once those 3 million are gone, then how are transactions to be completed? I will tell you how, they are going to make up tokens, who is going to make these up? random people that's who. it's no different than fiat once the 3 million left are mined. because the tokens are created out of thin air basically with no oversight.


I know you mentioned before about using phoenix miner, just read this on nicehash website: not sure if its a marketing ploy or if its legit you shouldn't use phoenix miner @trog100 @phill just giving you a heads up.

NiceHash - Leading Cryptocurrency Platform for Mining and Trading

www.nicehash.com

Pretty sure, once it is about to hit 21mil it's going to crash to 0, since when it hits 21m it's going to be technically a dead currency.

 

[dgianstefani]

Hahaha, we'll see. Doubt it very much.

Pretty sure, once it is about to hit 21mil it's going to crash to 0, since when it hits 21m it's going to be technically a dead currency.

 

[trog100]

one thing i have found out for sure is these cards auto throttle at 110 C on the memory.. they simply drop the power used to maintain 110 C... pretty much like an intel cpu does at 100 C..

i am gonna assume the memory chips are okay at 110 C.. in essence these cards are made to be idiot proof..

i am definitely going to fit pads between the back plate and memory chips on my gigabyte card.. my palit card is fine at 94 C.. this is with an ambient temp of around 20 C and case side off..

i have tried sticking a stock intel cpu cooler on the back of the gigabyte card it dosnt do much but then again it wont if the back plate isnt touching the memory chips.. some pads should sort things out..

trog

 

[Totally]

Hahaha, we'll see. Doubt it very much.

Remember beanie babies? Honestly you don't see the parallels?

 

[Space Lynx]

Hahaha, we'll see. Doubt it very much.

so your ok with transactions being printed out of thin air once the 21 million have been reached? or simply creating a new mining blockchain that will act as token for your old BTC? how is that any different than fiat printing, lol.

 

[trog100]

so your ok with transactions being printed out of thin air once the 21 million have been reached? or simply creating a new mining blockchain that will act as token for your old BTC? how is that any different than fiat printing, lol.

i dont think it will work out this way.. its a fair way away from all bitcoin being mined so its all in the future.. the difficulty will keep going up and production of bitcoin slows down..

i simply see bitcoin as store of value independent of any one governments control.. a way to move money anywhere in the world without any government intervention..

i was just watching a bitboy interview with michael saylar.. he seems convinced that bitcoin is the future of money worldwide.. he also seem to think it will just keep going up in value.. he wont give time estimates but he is quite clearly thinking in millions per bitcoin.. he seems a clever chap and he seems to make sense..

fiat will die and eventually will need replacing with something else.. he seems to think that something else could well be bitcoin.. he is thinking years ahead but in truth i dont know..

when bitcoin goes high enough we will be talking in fractions of a bitcoin not whole ones.. saylar sees it as a "bank in the sky" that anybody can use with no third party interventions.. in short the monetary system of the future.. it does seem to fit in with the digital age..

trog

 

[dgianstefani]

Satoshis are the currency - BTC is just the beginning.

 

[lexluthermiester]

Remember beanie babies? Honestly you don't see the parallels?

And bitcoin is almost as worthless.

 

[R-T-B]

This crypto bubble market will crash so hard, in 2018 it crashed 95%, this time will be 99%.

And then it will bounce back twice that. Not that it ever crashed 95%, but hey, numbers...

Isn't it quite late now? BTC is overly and grossly inflated with unbacked Tethers. It's probably not as insolvent as Tether is feared to be, but it could be near 72% (since increase from ~$13K)? According to that graph, Tether was being pumped into BTC even before the 13K mark prior to the November 2020 resurgence. Heck, you could probably say that over $3K, BTC is inflated and backed by nothing, going back to BTC's low in 2018.

No, not really too late. I don't know who issues tether but most have been avoiding them since this news. I doubt they have the impact people claim they do today, as most legit exchanges shun them.

Pretty sure, once it is about to hit 21mil it's going to crash to 0, since when it hits 21m it's going to be technically a dead currency.

Nothing is a "dead currency" that is traded / used. Bitcoin is traded and used.

Mining is not it's lifeblood anymore.

And bitcoin is almost as worthless.

It's a very useful idea, but it's struggling with it's own growth and has become a negative thing as a result of it in environmental impact, gaming impact, etc.

One could hope this will lessen with time and we could view it for it's intended good. Honestly, it's hard to do that right now with the GPU shortage, I totally get that. Sour grapes are both justified and called for.

 

[lexluthermiester]

and has become a negative thing as a result of it in environmental impact, gaming impact, etc.

I'm glad I'm not the only person seeing this. It needs to be put to a stop.

 

[R-T-B]

I'm glad I'm not the only person seeing this. It needs to be put to a stop.

I don't want to see it killed entirely, but I am of the opinion it's grown far beyond what is healthy and severe regulation and enforcement to bring the tech back down to sensible consumption levels is needed. Hopefully Biden's admin will do something in that regard, but not sure. We'll see.

 

[Space Lynx]

Satoshis are the currency - BTC is just the beginning.

where can I get these satoshi's now? or I can't? who makes them? when? will it be open source? what if multiple people make multiple satoshi's? who gets to decide who's is more legit? sounds a lot like fiat endless printing to me. but keep fooling yourself all you want.

and its not beginning, yellen and IMF gonna tax living crap out of it, so all your gains will be null and void moment you try to buy from a legit business in future. wait and see.

 

[xkm1948]

Linus:
shits on Nvidia's 3060 decision to cripple Eth mining

Also Linus:
Nicehash sponsored this episode

Also MAJOR shilling for NHQM. First they accuse Phoenix Miner of planting backdoors and shut it out, now they want to advertise ONLY their Excavator. I smell BS

 

[Space Lynx]

Linus:
shits on Nvidia's 3060 decision to cripple Eth mining

Also Linus:
Nicehash sponsored this episode

Also MAJOR shilling for NHQM. First they accuse Phoenix Miner of planting backdoors and shut it out, now they want to advertise ONLY their Excavator. I smell BS

greed and envy rule the hearts of all men, nothing new here

 

[Totally]

Mining is not it's lifeblood anymore.

It has been replaced with greed and hype, once the mania dies down well know what is going to happen. Mining may not be the lifeblood but it's the hope keeping the greed alive.

 

[Space Lynx]

It has been replaced with greed and hype, once the mania dies down well know what is going to happen. Mining may not be the lifeblood but it's the hope keeping the greed alive.

its also the fear of fiat's failure keeping it alive. which is foolish of them, cause I assure you if fiat fails so does crypto. they will tax living crap out of it before they allow fiat to fail.

I imagine part of it is also corruption keeping it alive, rich people thinking they can wash their bitcoin with anon currencies like monero, then back out again from a clean btc wallets. sadly this is probably true. i'll never understand why so many people struggle to simply enjoy the small things in life, but hey that's hyper-capitalism state we live in baby!

 

[R-T-B]

It has been replaced with greed and hype, once the mania dies down well know what is going to happen.

It will fall a bit again only to rise even higher at the next block halving?

That's what I see happening if no one steps in.

You all thought I was mad, but I basically told you this was going to happen what, 2 years ago? And it did. I assure you without action from the government this will happen again.

 

[xkm1948]

greed and envy rule the hearts of all men, nothing new here

greed drives evolution. even in bacteria the competing bacterial cells will go out of their cilia to make potent toxin to kill as many its relatives as possible, in the name of making sure its own genetic materia have access to all the space and nutrients. That is way before those bacteria run into resources ceiling. Basically the moment they senses another bacteria cells nearby they switch on killing mode. We human are just a few more steps down the evolutionary tree. I mean we behave a bit better than bacteria cells but still, greed at the very foundation of genetic makeup.