Bitcoin price suddenly surges to 3-year high

[Metroid]

That would explain a lot. Why on earth are you talking about ada in the bitcoin price thread?


You can math. It's an 85% crash.

I gave examples how that 95~99% will fit in, bitcoin 85% altcoins 95~99% crash.

 

[R-T-B]

I gave examples how that 95~99% will fit in.

Of an irrelevant coin no one holds?

Yeah.

 

[Metroid]

Of an irrelevant coin no one holds?

Yeah.

This time will be no different, enjoy your bullrun while it lasts ehhe and do not sell, hold hold and hold ehhe

 

[R-T-B]

This time will be no different, enjoy your bullrun while it lasts ehhe and do not sell, hold hold and hold ehhe

I'm not holding anything buddy.

 

[hat]

It would be nice to have some altcoins, unfortunately coinbase doesn't support a lot. It looks like Monero in particular is tough to use, but there's some bad juju surrounding that one anyway.

Not sure what's going on with Ethereum. I keep hearing there's supposed to be some fork or something, but it looks like Ethereum Classic already exists?

 

[Metroid]

I'm not holding anything buddy.

I did not say explicit to you, I said to all you trolls in general, do not sell ehhe, hold hold and hold eheh

 

[R-T-B]

but it looks like Ethereum Classic already exists?

You can have more than one fork.

 

[trog100]

i bought a 1000 ada back 2018.. he he..

but bitcoin is a long term thing.. the longer you hold it the less risk there is of ever being at a loss.. anyone that has held it over four years cant be at a loss.. hold it for longer and the risk gets less..

in a six month time frame you can get wrecked.. in a six year time frame you can only win..

i have been holding bitcoin for four years now.. my main mistake is i have not been buying more at the low crash points.. i should have..

of course this does leave a problem of when to cash out.. it also helps if you dont need the money so that you dont need to cash out..

the losers are.. people who think too short term and people who need the money... i am nether of these..

i m lucky.. i have enough money to cater for my every day wants.. i dont long for anything i cant afford to buy.. i really do believe that over the long term bitcoin will keep going up.. i have no idea where it will end up but long term the only way is up..

my $200000 by the end of the year figure was just something i aimed at metroid to offset his constant crash talk.. you should not take it seriously mr frog..

bitcoin does have a history of short term crashes but long tern it simply keeps going up.. most people in this thread are thinking short term i am thinking long term..

one thing i learned from the 2018 crash was.. dont worry about what the price is now just think where it will be in the future..

trog

ps.. one other mistake i made was i sold 25 of my 50 litecoin and bought 25 neo.. neo seem one coin that has definitely tanked..

 

[lexluthermiester]

I don't want to see it killed entirely

Allow me to share more detail about my sentiments, I want to see GPU base mining die a fiery death. The rest of cryptocoin I couldn't care less about. GPU based crypto is what is causing severe problems to whole sections of the PC ecosystem. It needs to be destroyed entirely.

 

[R0H1T]

but bitcoin is a long term thing

Depends on when you've bought it & how long you can hold it. Buying at $60k when you have a mortgage to pay off one year down the road isn't probably the smartest idea for instance.

 

[hat]

Allow me to share more detail about my sentiments, I want to see GPU base mining die a fiery death. The rest of cryptocoin I couldn't care less about. GPU based crypto is what is causing severe problems to whole sections of the PC ecosystem. It needs to be destroyed entirely.

Aren't you forgetting something?

 

[Mescalamba]

History usually isnt good in showing future profits, or how is that "non financial advice" saying.

But in general even if you bought at last ATH, you would have x3 of that if you held till recent ATH. So, yea even if holding seems as stupid (kinda is) it works. Also buying bit-by-bit strategy works rather well too (basically buying for some reasonably money every month, you can try to time it for month low, or just buy whenever). In long term it should be rather profitable (but nobody and nothing will guarantee that it will).

Yea, buying now at 60k aint best, but.. good chance it will be 100k too one day. While mere 67% gain aint that groundbreaking it still surpasses basically any other kind of investing. And beats inflation of I think all civilized countries.

Aren't you forgetting something?

He probably thinks that those GPUs are stolen. And that PC ecosystem doesnt need money to be profitable. And that those miners will never sell their gear for peanuts.

 

[lexluthermiester]

Aren't you forgetting something?

What am I forgetting?

He probably thinks that those GPUs are stolen. And that PC ecosystem doesnt need money to be profitable. And that those miners will never sell their gear for peanuts.

That statement shows clearly that you fail to understand the bigger picture.

 

[hat]

What am I forgetting?

Miners are buying up video cards, yes. It contributes, in part, to the problem (especially when you have vendors selling product out the back door, before it ever hits store shelves). However, a bigger part of the problem lies with the effects of the pandemic we're (still) living in. The whole world has been getting pounded for over a year now. Thanks to the pandemic, we have reduced manufacturing capacity, resulting in supply shortages in a time where demand is higher than ever, due in large part to various lockdowns observed all over the globe.

Remember that even car manufacturers are having a hard time getting circuity bits for their cars. Miners aren't buying whatever ICs that are going into cars.

 

[lexluthermiester]

However, a bigger part of the problem lies with the effects of the pandemic we're (still) living in.

Incorrect. Last year, before the cryptocoin resurgence, business was good and steady. Right now, no one is buying or even upgrading PC's because no one can get GPU's to put in them. No PC sales also has an effect on the software market. The problems being caused by the GPU based cryptocoin mining is having a detrimental effect on a wide range of the technology industry, not just gamers.

Remember that even car manufacturers are having a hard time getting circuity bits for their cars.

Then perhaps car makers should worry less about computers in cars and go back to the basics. Cars are modes of transportation, not media-center appliances that need constant internet connectivity.

 

[hat]

Incorrect. Last year, before the cryptocoin resurgence, business was good and steady. Right now, no one is buying or even upgrading PC's because no one can get GPU's to put in them. No PC sales also has an effect on the software market. The problems being caused by the GPU based cryptocoin mining is having a detrimental effect on a wide range of the technology industry, not just gamers.

RTX3k series availability has pretty much been in the toilet from day 1, and even that has been better than the competing RX6k series offerings from AMD. A lot of people skipped Turing because the price/performance ratio was terrible, but even those are sold out now. Let's also not forget the AMD Ryzen 5k series, which has been very difficult to find, and CPUs have almost nothing to do with mining (besides just having one of any old CPU to allow the system to function).

But, for the sake of this argument, let's assume mining is 100% responsible for the video card shortages. How do you explain, then, the PS5 and the new Xbox Series X being sold out everywhere, considering nobody is using those for mining?

Then perhaps car makers should worry less about computers in cars and go back to the basics. Cars are modes of transportation, not media-center appliances that need constant internet connectivity.

While I mostly agree with this, even my old 02 Taurus had a computer control system, and there was no media center (besides the CD player/radio) or internet connection to speak of. My 04 Civic is the same way, despite being even less fancy. Although, I'm not a fan of all the new "features" they keep adding on over the years, which probably requires "more computer stuff" to function. Still, however agreeable it may be, your comment still conveniently dodges the point of my comment: if mining is to blame for GPU shortages, why are even car manufacturers having trouble? They don't run on standard GPUs.

 

[ZenZimZaliben]

You have to buy the dips. Like today.

 

[lexluthermiester]

RTX3k series availability has pretty much been in the toilet from day 1

That is incorrect. During the first few months of release I had a number of them in my shop for sale. After the turn of the year that changed. Haven't been able to get them at all since January. I've only been able to stock the Radeons, but still just a few. I am FAR from alone in these troubles.

But, for the sake of this argument, let's assume mining is 100% responsible for the video card shortages.

Let's not. While is a major contributor, it's not the exclusive cause.

How do you explain, then, the PS5 and the new Xbox Series X being sold out everywhere, considering nobody is using those for mining?

That question can not be answered as it's based on an assumption that has no merit.

 

[P4-630]

India to propose cryptocurrency ban, penalising miners, traders - source

India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official told Reuters in a potential blow to millions of investors piling into the red-hot asset class.

www.reuters.com

 

[hat]

That is incorrect. During the first few months of release I had a number of them in my shop for sale. After the turn of the year that changed. Haven't been able to get them at all since January. I've only been able to stock the Radeons, but still just a few. I am FAR from alone in these troubles.

Have you forgotten the articles with Mr. Huang stating something like "supply is just fine, demand is too high"? This was before the mining boom we're currently in. And here's an article about bad availability from camp AMD, also before the mining boom. Note, not one instance of the word "mining" can be found on any of the 5 pages.

Surprising Absolutely No One, AMD RX 6800 Series Pretty Much Out of Stock, And Scalping Becomes a Pervasive Industry Problem

The title says it all, really. We've only just been able to add AMD's latest RX 6800 and 6800 XT graphics cards to our shopping carts in multiple etailers, but the cat is already out of the bag and into scalpers' pockets. This has been a recurring event for all gaming-related tech, from DIY PC...

www.techpowerup.com

Here's an even earlier article from the Nvidia side of things, only one mention of the word mining, and it's about one of the previous mining booms. It also mentions the supply/demand issue I mentioned above:

NVIDIA GeForce RTX 3080/3090 Founders Edition Sales Limited to BestBuy in the US

The supply of NVIDIA's newly announced GeForce RTX Ampere lineup has been quite controversial since the beginning. Demand for the new GeForce RTX 3080 and 3090 GPUs has been rather high and NVIDIA experienced big "demand issues" as the CEO Jensen Huang says. The company didn't expect such high...

www.techpowerup.com

Let's not. While is a major contributor, it's not the exclusive cause.

Which is my point, although I'm not sure how major of a contributor it is when faced with the effects of the pandemic.

That question can not be answered as it's based on an assumption that has no merit.

Nah, that assumption has merit. Otherwise we would have heard about it. We would have seen a picture of some mining farm somewhere filled with PS5s and Xboxes and 100 casefans in a window. And if and when the day comes that it does happen, well, I won't be surprised, because I was surprised once by people buying laptops for mining, so a stack of consoles won't surprise me... but so far we haven't seen nor heard of it.

The shortages of PS5s and Xboxes are therefore explained by supply not meeting demand, and considering you can't mine on a console, that leaves only the pandemic contributing to unusually high demand and unusually low supply.

India to propose cryptocurrency ban, penalising miners, traders - source

India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official told Reuters in a potential blow to millions of investors piling into the red-hot asset class.

www.reuters.com

Now if China will follow...

Your own article mentions that China bans mining and trading, but not possession. So definitely nobody is mining in China.

Interestingly, not sure why possession of cryptocurrency is legal when it's illegal to move it. What good is currency if it's illegal to trade?

 

[P4-630]

Your own article mentions that China bans mining and trading, but not possession. So definitely nobody is mining in China.

I was reading it on a Dutch site, they didn't mention China and I posted their source which was this from reuters.

 

[lexluthermiester]

India to propose cryptocurrency ban, penalising miners, traders - source

India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official told Reuters in a potential blow to millions of investors piling into the red-hot asset class.

www.reuters.com

YES! This! All over the world!

 

[Mescalamba]

YES! This! All over the world!

Yea, keep all money for less than 1% of the world. That will surely make world better place. Indian government is probably one of worst of civilized world.

You are missing big picture.

Fact that poor PC players cant upgrade their PCs (selfish much?) is meaningless and non-important. Beside that its temporary situation, much like last time. Ofc impatient kids like you cant wait couple months and their greedy paws must have new HW or world will end. So they could waste their time gaming and fuel stupid greedy companies like Activision for example (to each its own, eh..).

Like definition of first world problems..

 

[basco]

they stop it to make their own crypto whithout protection so they can see what+where ya paid for controlling even more but thats only relevant for old peeps like me which only pay in cash if i have some

 

[trog100]

if bitcoin truly becomes a universally accepted store of value countries are gonna gave to mine it.. its money.. those that dont will be left behind..

trog