Editorial Bitcoin Drops Below the $40,000-mark, Raises Hopes of Graphics Card Availability

[R0H1T]

We will once Etherium transitions to Proof-of-Stake.

That's just an assumption at this point in time, who knows when another sh!tcoin launches & (GPU) miners won't flock to it? It's essentially free money, for some, so don't bet against this ever lasting tulip crypto mania!

 

[Dux]

it goes up and down, and down and up and on and on and on. Just big players manipulating the market to make people panic sell, so they can buy and sell. Before crypto same was done with gold, grain and whatever sells a lot.

 

[Chrispy_]

Unless I'm really dumb, won't this do nothing for perf/$ for mining with GPUs? No one mines Bitcoin with GPUs now.

Nope, but ETH value is - for whatever reasons - linked very closely to Bitcoin value. If bitcoin crashes and stays low, so will ETH - at least until investors are certain enough that ETH has merits that Bitcoin didn't.

Big swings up and down like this are the nature of cryptocurrency though. I'm still mining and will continue to do so at least until I'm not making profit - and for that to happen bitcoin will need to fall below about $16000 and stay there, dragging ETH down proportionally to around $900. After mining at $900 for a month or two if there's no upturn that is when I plan to stop mining and sell off.

 

[Dux]

No matter how much bitcoin falls, we will no longer see normal prices on video cards ...

I remember when Crysis came out. People thought that giving $2000 for ENTIRE high end gaming configuration was a lot. Now $2000 won't even get you a single high end GPU.

 

[dragontamer5788]

Can I muse for a second here?

With inflation at 7% and BTC crashing, can we at least dispel the myth that BTC is an inflation hedge? Its clear that the cryptocoin community doesn't give a damn about inflation at all.

In 2020, when inflation pulled back to 2% due to the pandemic, BTC grew dramatically. If anything, BTC is inversely related to CPI / inflation. At least over the last 2 years.

 

[WhoDecidedThat]

It's essentially free money, for some, so don't bet against this ever lasting crypto mania!

Yup. Unless all the free market governments in the world collectively decide to devalue cryptocurrency, this fad isn't going anywhere. If even one country hasn't devalued crypto, you can convert crypto into that country's currency which you can then convert into your local currency.

To be fair, if I had a modern desktop PC I could put GPUs in and earn free money I would too. You'd be a fool to not to.

 

[R0H1T]

If anything, BTC is inversely related to CPI / inflation. At least over the last 2 years.

BTC is like pretty much any asset class in the last few years, heck two decades ~ an easy way for millionaires, billionaires to park their money & avoid taxes! The biggest difference here is that even "peasants" can now make millions investing in the right coin, the entry level barrier is almost non existent for crypto which wasn't the case for things like real estate or even stocks to an extent. You tax the heck out of them & see money flee like it did during 2008 bust. Now I'm not saying crypto is bad in that regards, with its allure of riches/anonymity/returns et al but it's just another (giant) manifestation of the evils of the endless supply of cheap money out there! The real tap, that must be closed, IMO is cheap credit/loans & of course sh!t like trillion dollar corporations paying less taxes than the common man

 

[dragontamer5788]

You tax the heck out of them & see money flee like it did during 2008 bust.

You're saying things that make no sense. Taxes didn't change in 2008 in any way that really mattered. The 2008 bust was a free-market activity. Sometimes, the price of things go up, sometimes they go down.

-----------

Look at any asset class that's actually an inflation hedge.

Brent crude oil is a good example. It went down during the lockdowns as people consumed less gasoline, and it goes up during the reopening of the economy.

Now look at Bitcoin's price, or crypto in general. Bitcoin went UP during the lockdowns, as a bunch of armchair enthusiasts had nothing better to do than buy BTC with their savings. And as the economy reopens, BTC seems to go back down as people start spending their money on useful things again (you know, like gasoline)

 

[R0H1T]

I'm saying that BTC & essentially all, or at least the major crypto coins, have appreciated this much because of the "free" (or almost free) money out there. The biggest surges across the world in stock markets have coincided with lowering interest rates, increased money supply & one could argue lowering of taxes the world over. The biggest investors in crypto are also the most wealthy on the planet, it isn't all just a happy coincidence!

There's a few things happening across the world, which IMO are absurd but won't change in our lifetimes.

The amount of time we're spending to make our lives "better" or secure is ever increasing ~ that's true for the vast majority of people out there. You could very well say life is cheaper than ever. That's not even a philosophical take on things it's literally that bad.

Consumerism ~ more people are being led to believe they "need" things which in reality they can easily live without. Now it isn't totally the fault of corporations since most adults should be able to resist this itch but then there's this thing called (big) tech which has made it hard to take your mind of such things which in the past we could easily ignore. The cheap credit lines are just a way to ensure the bean counters keep running!

With natural resources being exploited at the rate they are & ever increasing poverty across most places across the globe, plus concentration of wealth at the top, the only way normal people feel they can get out of this never ending cycle of 24*7*365 work/slavery is by becoming rich & quickly! Except they're just perpetuating the cycle.

Do you understand what I'm getting at? The only way to stop the wheel, or break it, is to make all the monies in the world worth less than humans lives ~ now how do we achieve that is the priceless answer!

And as the economy reopens, BTC seems to go back down as people start spending their money on useful things again (you know, like gasoline)

There's probably already a tipping point (or bottom) beyond which BTC won't crash under like it did in the past. Armchair hobbyists/enthusiasts/investors exiting wont make a difference anymore!

 

[lexluthermiester]

Unless I'm really dumb, won't this do nothing for perf/$ for mining with GPUs? No one mines Bitcoin with GPUs now.

While true, ASICs can do the same work as GPUs and do that work better. ASICs are the answer for all future mining. GPUs are not. The writing is on the wall.

I see no end to the intentional volatility of BTC until it's neutered by regulation or other means.

This! I've been saying this for how many years now? Governments need to regulate cryptocoin and be snappy about it.

 

[dragontamer5788]

While true, ASICs can do the same work as GPUs and do that work better. ASICs are the answer for all future mining. GPUs are not. The writing is on the wall.

Business wise, the idea is that they can sell GPUs if the crypto coins ever crash.

ASICs will be fully worthless after a crash. GPUs are supported by a bigger market.

 

[mechtech]

bahahahhaa ya right

March 2019 I think it was about $4000 and early 2020 was about 8-9k

40k is still quite a bit above that.

 

[lexluthermiester]

bahahahhaa ya right

March 2019 I think it was about $4000 and early 2020 was about 8-9k

40k is still quite a bit above that.

You need to go recheck your info. Your whole statement is flawed.

 

[mechtech]

Nope, but ETH value is - for whatever reasons - linked very closely to Bitcoin value. If bitcoin crashes and stays low, so will ETH - at least until investors are certain enough that ETH has merits that Bitcoin didn't.

Big swings up and down like this are the nature of cryptocurrency though. I'm still mining and will continue to do so at least until I'm not making profit - and for that to happen bitcoin will need to fall below about $16000 and stay there, dragging ETH down proportionally to around $900. After mining at $900 for a month or two if there's no upturn that is when I plan to stop mining and sell off.

There you go folks, and that's UK std of living. With other places like Kazakhstan, etc. prices would have to drop even lower before not profitable.

You need to go recheck your info. Your whole statement is flawed.

https://www.nasdaq.com/market-activity/cryptocurrency/btc/historical

 

[lexluthermiester]

https://www.nasdaq.com/market-activity/cryptocurrency/btc/historical

Coinranking.com
The Nasdaq does not keep track of the cryptocoin market are a whole and their data is not all-encompassing. Stockmarket data, sure, cryptocoin.

 

[Space Lynx]

This has already happened more than once with North Korea... Just sayin'

you can't really use north korea as an example as a rebuttal here, as it is a singular example of a puppet nation for China. and that is the only reason we have no power. other situations, and other countries are far more in multitude of the Western Allies freezing their funds to make them comply. you are taking the entire flow of argument out of context due to one puppet nation. we agree to not mess with China and everyone knows this

It takes some impressive mental gymnastics to be as confused and mislead as you are.

so you don't remember USA freezing the billions of dollars from Iran? how about "Mar 5, 2014 — U.S. Freezes More Than $458 Million Stolen by Former Nigerian Dictator in Largest Kleptocracy Forfeiture Action Ever Brought in the U.S.." justice.gov

I can cite at least 15 more if you wish to continue to insult me, enjoy your illusions while they last.

 

[lexluthermiester]

It takes some impressive mental gymnastics to be as confused and mislead as you are.

Yeah, you can stop with the insults. And for the record, Lynx is right.

 

[ir_cow]

Now that russian is banning crytpo we can only hope the US follows.

 

[Gasaraki]

Do want to be rude but this is written by someone that doesn't know how mining and the mining scene works. NO ONE mines Bitcoin with graphic cards anymore.

 

[Space Lynx]

Do want to be rude but this is written by someone that doesn't know how mining and the mining scene works. NO ONE mines Bitcoin with graphic cards anymore.

everyone on this site knows that... but everyone here also knows that other coins are mined with cards, in particular ETH, which is then traded for BTC... they all have a symbiotic relationship.

anyways back to sleep for me, this thread is starting to bore me immensely.

 

[lexluthermiester]

NO ONE mines Bitcoin with graphic cards anymore.

The term "Bitcoin" is used as a reference to all cryptocoin. Context is important.

 

[Caring1]

Exactly. The bitcoin ASIC boat sailed in 2016, @btarunr

I think you meant the GPU boat, but we all know what you mean.
Unless Bitcoin value somehow ties to other coins that can be mined on GPUs, they will remain at unobtainium prices for the average consumer.

 

[R-T-B]

you can't really use north korea as an example as a rebuttal here, as it is a singular example of a puppet nation for China. and that is the only reason we have no power. other situations, and other countries are far more in multitude of the Western Allies freezing their funds to make them comply. you are taking the entire flow of argument out of context due to one puppet nation. we agree to not mess with China and everyone knows this

Ok, what if I told you Iran uses crypto to fund itself too, and that has already been an issue as well?

 

[Adam Krazispeed]

Mining GPUs are run at a constant temperature, rarely power or temperature cycled, and run far below maximum power. Not to mention the person running the mining card has alot more reason to keep that card in good condition than the average gamer. I would choose an ex-minig card, over a general use card every time without question.

NOT ME!!! Iv bought mined RX 6800XT (used for only 2 months and it failed..... Lickily sapphire RMA did Replace it so i got lucky!1 but yeah ill never buy a GPU taht was used for mining unless and only if said GPU is still under usable warrenty and #2: is very cheap compared to New, @ MSRP or 30-40% Below MSRP or more.... so say my RX 6800XT, is pay $479usd for one used on ebay mined on or not!!! if it works fine ill take it.. but more than 480usd ..no thanks. im just not willing to chance warrenty will/can be transfered or if card is sold as is, no way... if i can return it if it is DOA or failes with on few days of recieving it cool. if not no thanks

WON'T BE PLAYING SQUARE ENIX OR UBISOFT GAMES IN THE FUTURE DUE TO THEIR USE/ACCEPTANCE OF NFT'S.
MY MONEY WILL BE GOING TO INDIE GAME DEVELOPERS, NON-NFT AND NON-CRYPTO GAME COMPANIES.
JOIN ME, HAVE RESPECT FOR YOURSELF, REMEMBER THE JOY OF GAMING FOR GAMING'S SAKE.

I AGREE... but not all ubisoft games are using NFTs, AKA Tom CLancys : The division 1 & 2 Dev/Creative Director, has said we are not using NFTs and or do not plan to use / have NFTs

 

[DeathtoGnomes]

Nope, but ETH value is - for whatever reasons - linked very closely to Bitcoin value. If bitcoin crashes and stays low, so will ETH - at least until investors are certain enough that ETH has merits that Bitcoin didn't.

Big swings up and down like this are the nature of cryptocurrency though. I'm still mining and will continue to do so at least until I'm not making profit - and for that to happen bitcoin will need to fall below about $16000 and stay there, dragging ETH down proportionally to around $900. After mining at $900 for a month or two if there's no upturn that is when I plan to stop mining and sell off.

I'm putting some $$$ aside for when Eth dips that low, not that I want to see that since it affect many other fiat(?) coin