Bitcoin price suddenly surges to 3-year high

[sepheronx]

If I had money to buy em, I would have. I should move over to hiveOS and start mining then directly.

 

[ZenZimZaliben]

I thought 20% off was a good deal! Now this morning everything was 40%+ off. And now we are climbing again.

More so ETH. Low of 2k and already pushing 3k.

 

[trog100]

Did you grab some Eth too @trog100 when it hit 1900?? lol

i am not buying or selling phil.. i did splash some cash out on cards to get my current 730 m/sh so basically i am just mining and watching what happens..

trog

 

[Mescalamba]

I would probably wait till it decides to stop dipping.

It stopped exactly at S1 of weekly, I suspect it wont in longer term (weeks) stop there, but it probably goes to base of weekly, which is around 23k.

Ofc its possible that it was just flash dip, we end at weekly R1 at 36k and happily continue upwards from there.

Or bottom at 16k. Who knows really, just theories.

Either way, even at bottom of 16k, ETH will be valuable enough to not stop mining (same goes for basically everything else worth mining). So dont hold breath for cheap GPUs. I suspect most wont sell GPUs anyway.

 

[lexluthermiester]

No, keep watching. It isn't over yet... The last crash did this exact same thing before plummeting into the depths.

 

[Space Lynx]

Give it time. Like I said, before midnight it will be under 30k. These things take time, those whales are panicking still, buying up all the quick sellers to artificially inflate it back up. Then they will topple over themselves when they see the buyers are much less this next round LOL

Not sure what Elon's latest tweet means, thanking the master of coins? By supporting BTC in anyway though he damaged climate change, reversing all gains Tesla and Solar Roofs and Powerbanks have accomplished, so he can fool himself all he wants, he is not the climate hero again just because he refused to accept Bitcoin finally. Damage was done. 15 countries of electricity worth was done. He is no longer a hero in my book. Anyone who still listens to his tweets is a fool of fools.

 

[R0H1T]

These things take time, those whales are panicking still, buying up all the quick sellers to artificially inflate it back up

Let's be clear ~ the whales, or wooly mammoths, don't lose money here! They rarely do, the retail i.e. small time investors, part time(s) miners et al will lose a sh!t ton

 

[Space Lynx]

Let's be clear ~ the whales, or wooly mammoths, don't lose money here! They rarely do, the retail i.e. small time investors, part time(s) miners et al will lose a sh!t ton

They will now, many of the small timers they build off the back of through manipulation will now be a bit smarter about investing. When the whales run out of fools, is the day they fall, only 7 billion humans in world, they have to run out of fools to manipulate eventually.

 

[lexluthermiester]

Give it time. Like I said, before midnight it will be under 30k.

Yeah, it's already starting the next downward swing...

 

[RandallFlagg]

^^^^^

Markets do not move in a straight line.

Also statistically, when there is a 'gap' the market moves to cover at least 50% of the gap around 90% of the time. Most people do not take advantage of that because they think the good times are back.

This gap covering bounce is likely to happen to all of the gaps down that occurred over the last 24 hours. That will not change the trend.

^^^^^

 

[Hemmingstamp]

I won't expect GPU's to come back at the MSRP we once knew despite the dip.

 

[dragontamer5788]

I won't expect GPU's to come back at the MSRP we once knew despite the dip.

Depends how bad the crash is. Mining-cards will flood Ebay if it crashes low enough. That probably won't make new-cards come down in price, but Ebay listings will be great.

Used is a fun market to participate in: if you know that a hyperscaler (ex: Facebook or Amazon) is selling off some of their stuff, you can buy up ~5-year old servers and/or equipment at cheap prices. Same thing with miners: they don't buy/sell on a schedule though, they buy/sell based off of mining profitability.

 

[R0H1T]

There's still not enough supply from AMD & Nvidia. At least AMD will take ~6 months to get anywhere near what one could expect normally from them.

 

[dragontamer5788]

There's still not enough supply from AMD & Nvidia. At least AMD will take ~6 months to get anywhere near what one could expect normally from them.

Its not AMD / NVidia that's the bottleneck. Its TSMC, Samsung, GloFo. The foundries are swamped with orders. Remember: even car companies (Ford / GM / etc. etc.) are idling factories and cutting back work because they've run out of chips. Appliances, cars, computers... supply chains are busted at the moment.

AMD/NVidia do not have any production capabilities at all. They just send their designs to TSMC or Samsung, and then get a chip a few months later. If these foundries have backlogs, there's nothing AMD or NVidia can do.

Intel owns their own foundries, so they benefit in these times of tight supply chains.

 

[Hemmingstamp]

Depends how bad the crash is. Mining-cards will flood Ebay if it crashes low enough. That probably won't make new-cards come down in price, but Ebay listings will be great.

Used is a fun market to participate in: if you know that a hyperscaler (ex: Facebook or Amazon) is selling off some of their stuff, you can buy up ~5-year old servers and/or equipment at cheap prices. Same thing with miners: they don't buy/sell on a schedule though, they buy/sell based off of mining profitability.

Agreed. Been a buyer / seller on the Bay for 20 years buddy. seen it all come and go but things have changed over there. Not for the buyer but the seller, It's driven a lot of people away. Those bargains we once knew just might not be there like they used to....

 

[R0H1T]

AMD/NVidia do not have any production capabilities at all.

Yes of course & do you see AMD's order book shrinking in the next 6 months, if at all? No to mention AMD will prioritize their CPU & APU production over GPUs, heck even Xilinx over consumer GPUs.

Nvidia is more interesting because they have Sammy for their 8nm consumer GPUs but who knows if they'll lower the prices much, if at all.

 

[moproblems99]

These things take time, those whales are panicking still

The whales are not panicking. Unless you mean them from having heart attacks laughing or choking on shit. That is exactly who started all this.

The panickers are the ones that don't know what to do.

 

[dragontamer5788]

Yes of course & do you see AMD's order book shrinking in the next 6 months, if at all? No to mention AMD will prioritize their CPU & APU production over GPUs, heck even Xilinx over consumer GPUs.

Nvidia is more interesting because they have Sammy for their 8nm consumer GPUs but who knows if they'll lower the prices much, if at all.

When we are talking about things the country cares about... ie: what gets put onto the President's Desk tomorrow... its not GPUs from AMD or NVidia.

Chip Crisis in ‘Danger Zone’ as Wait Times Reach New Record

Shortages in the semiconductor industry, which have already slammed automakers and consumer electronics companies, are getting even worse, complicating the global economy’s recovery from the coronavirus pandemic.

www.bloomberg.com

Its things like Ford idling 8-factories due to a lack of chip supply.

Chip shortages are rippling through industry after industry, preventing companies from shipping products from cars to game consoles and refrigerators. Automakers are now expected to lose out on $110 billion in sales this year, as Ford Motor Co., General Motors Co. and others have to idle factories for lack of essential components. That’s undercutting economic growth and employment, as well as raising fears of panic ordering that may lead to distortions in the future.

And...

Ford to halt production of F-150, Bronco Sport and other vehicles due to chip shortage

Ford will halt production at eight North American plants for varying periods of time through early July due to an ongoing shortage of semiconductor chips.

www.cnbc.com

DETROIT – Ford Motor will halt or cut production at eight North American plants for varying periods of time through June due to an ongoing shortage of semiconductor chips impacting the auto industry.

GPUs and stuff are cool and all, and as a hardware enthusiast I definitely care about them. But there's bigger fish to talk about right now. Remember: halted production means no jobs. No jobs means layoffs possible.

---------

Why are there so many chip shortages?

* Samsung's chip factory in Texas got obliterated for a few weeks because of the Texas power-outage.

* TSMC exists in Taiwan. After holding off COVID19 for over a year (not needing any form of Lockdown), Taiwan suddenly gets a huge uptick in COVID19 cases, and now that country is beginning to issue rumors of a potential shutdown / lockdown. That's not good for the chip industry at all.

* Ever Given blocks the Suez Canal, which causes major delays on a lot of unrelated shipping randomly. The chips that were made suddenly were stuck on boats around the world and schedules slipped.

* Etc. etc. Lets not be blind to the huge, global-scale problems happening right now. The GPU-picture is actually a very small piece of the problem right now.

 

[Hemmingstamp]

Nvidia is more interesting because they have Sammy for their 8nm consumer GPUs but who knows if they'll lower the prices much, if at all.

Doubt it. I think the new prices are here to stay putting cards out of reach for many gamers.

 

[Jetster]

Doubt it. I think the new prices are here to stay putting cards out of reach for many gamers.

Which will push people to console gaming, then the market will correct it and priced will return, it just goin to take some time

 

[Hemmingstamp]

Which will push people to console gaming, then the market will correct it and priced will return, it just goin to take some time

Not sure about the market correction mate. I don't think hardware (GPU's especially) are going to be the same price as they were in 2019.
Of course I might be wrong but I'm pretty sure this will be the case looking forward.

 

[ShiBDiB]

Anyone who had an unbiased opinion saw this price correction coming from a mile away. The people who racked up credit card debt to buy scalp priced cards to make a mining rig are going to be offloading their hardware asap to try and recoup losses.

 

[Space Lynx]

Anyone who had an unbiased opinion saw this price correction coming from a mile away. The people who racked up credit card debt to buy scalp priced cards to make a mining rig are going to be offloading their hardware asap to try and recoup losses.

yep, the whales rely on a certain percentage of people who are just dumb and living beyond their means. and since they have no regulation, they get away with the exploitation.

doesn't matter anyway. we will see 1-2 billion people mass migration in next 10-15 years, crop failure and famine on a scale we can't imagine. humans have not been paying attention to the ice caps... melting so fast the oceans are changing pattern faster than anyone ever anticipated. crop failure is coming. money will be useless.

 

[Mescalamba]

Taiwan has other issues too, mostly fact that its without water. No water = no chips.

 

[erocker]

Sell now unless you're really... really long-term. I see a panic sell dip happened today followed up by some buyers trying to get in early on the panic selling. Tomorrow is going to be worse.