Hodlers Dump Crypto for X'mas? ETH and BTC at Yearly Lows

[btarunr]

Prices of the two top crypto-currencies with DIY and small-scale miners, Ethereum and Bitcoin, dropped to yearly lows Monday, with Ethereum falling just a touch below USD $140, and Bitcoin at $4,700. This is in stark contrast to January, when Bitcoin scraped $20,000, making it among the most valuable "currencies" in human history. The direct impact of the crypto-currency slide falls on graphics card prices, at least for currencies which are viable to mine with graphics cards.

Across the board, new graphics card prices are at record lows for the year, with AMD's flagship Radeon RX Vega 64 going for as low as $399 brand-new. These cards were priced upwards of $1,500 and barely available this January. The RX 580, which was priced upwards of $700 in January, can be had for under $200. Prices of NVIDIA "Pascal" graphics cards are similarly low, with the GTX 1070 Ti going for under $400. For whatever strange reason, the GTX 1080 Ti is still marked up, selling for prices on par with RTX 20-series SKUs such as the RTX 2080. You can also expect a torrent of used graphics cards on E-bay and tech forums.



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[hat]

Yeah... I kinda noticed that... hopefully it will go back up, eventually. I've got a decent amount of BTC stored away at this point with two 1070s mining and no withdrawals since like... Feburary?

 

[Outback Bronze]

Yeah, super correction in the market id say....

 

[punani]

Many "hobbyminers" selling their hardware lately as iv'e seen quite many used 1070s and 580s for sale.

 

[R-T-B]

Yeah, super correction in the market id say....

That would be my bet if I were still playing.

 

[kastriot]

In my country here they are selling their rigs but still are expensive

 

[dorsetknob]

i check my local gumtree Regulary and i see a few mining rigs up for sale and they stay "for Sale" no one is buying them
even when they part them out they don't sell (ads stay live for 30 days till they expire)

Spoiler: Here is one that been for sale for 10 weeks

https://www.gumtree.com/p/desktop-w...g-rig-nvidia-1070-ethereum-bitcoin/1320697741

and this one 3 months
https://www.gumtree.com/p/desktop-w...g-frame-for-6-graphics-processors-/1318542928

 

[trog100]

ouch..

trog

 

[techy1]

good, when btc and eth will cost around 1/10 of current price - I might buy some for longterm hold, lets hope it will hapen in next 52 weeks (and lets hope eth will be alive at that point ).
"Across the board, new graphics card prices are at record lows for the yea " - duhh... but I just red few articles back that there is unavoidable price increase because of oversupply and somehow we should grab now while it is still on the shelves... I mean seriously - can we filter out those fake-news price increase analysis and predictions. because we are not far from point where we will read articles " false=true, code it in your scripts now" and no one will bat an eye anymore

 

[FordGT90Concept]

It makes sense if you think about it. People are trading alt coins for BTC which they then exchange to dollars. This flow is keeping BTC steady while the rest deflate. BTC will be the last to deflate because everything else is flowing through it.

Totally called it.

For whatever strange reason, the GTX 1080 Ti is still marked up, selling for prices on par with RTX 20-series SKUs such as the RTX 2080.

Increased demand (RTX disappointing) + reduced supply (NVIDIA wants GTX inventory gone) = inflated price.


Vega 64 is tempting at $400 but...Navi...

 

[The Quim Reaper]

Burn you bastards, burn.

 

[trog100]

there was a time when this place rated me as crypto master.. now i am just a loser.. but i can still afford a nice 2080ti graphics card.. he he

trog

 

[dorsetknob]

there was a time when this place rated me as crypto master.. now i am just a

Harsh thoughts about yourself Badges come and Badges go ( at least it shows your not post whoring for the Badge )

 

[trog100]

Harsh thoughts about yourself Badges come and Badges go ( at least it shows your not post whoring for the Badge )

true but i am down about £10000 in real money crypto wise.. but there was a point i was up £20000.. he he he..

it seems money is just like the badge.. it comes and goes.. looking at it this way is less painful.. i will hodle on and hope it goes up again..

trog

 

[TheinsanegamerN]

Perhaps investors finally clued into the fact that crypto currency is a commodity, not a currency, and has 0 value if consumers are not demanding it?

Nah, who am I kidding, all it will take is a minor recession and miners will be throwing gigawatts of power at fake virtual coins again.

 

[trog100]

if you look at the way money really works you will find its pretty much all a fake virtual currency based on nothing other than faith as regards its buying power

nothing is real any more.

trog

 

[TheinsanegamerN]

if you look at the way money really works you will find its pretty much all a fake virtual currency based on nothing other than faith as regards its buying power

nothing is real any more.

trog

The difference between virtual fake money and FIAT fake money, is that the FIAT money, in this case the US dollar, has the will of a stable country, and the might of the US military and economy behind it, and the rest of the world's currencies are pegged to that. We agree that the US dollar is worth a dollar, and thus that dollar continues to be worth a dollar.

Bitcoin has nothing, you could say it has artificial scarcity, but then people just forked it and made tons more of it. It's value fluctuates wildly, making it worthless as an actual currency. Bitcoin is more similar to an actual commodity currency, like gold, except that anybody can go dig in their backyard and find another world's supply of gold, and if you dont want to work with the gold currently available, you can just go mine DIFFERENT gold and throw that into the pot as well.

Then there are the long transaction times. By the time you can actually use it to *buy* something, its value has rapidly changed. And there is the slightly damning fact that everybody tries to convert their bitcoin to cash when the value is high enough, even bitcoin is only valuable because you can trade it for real world $$$.

Cryptocurrency is a commodity, not a currency. At best, it is a commodity currency, but it fails spectacularly at that, as the supply of new crypto is endless, and commodity money only works on a scarce resource we all agree has value. Crypto was simply a geek's answer to money, a needlessly over-complicated idea of how something *could* work that in the real world only comes up as a novelty.

 

[Deleted member 158293]

Great time of the year, perfect timing to acquire some as gifts too.

 

[intelzen]

I split and sold my rig: 8x gtx 1080 for 700$ a piece 7 months ago and just few weeks ago bought 1 used gtx 1070 ti for 250$, but I did spare my self a little ETH wotrht of 500$ at that time, now it is100-ish$ and change, I guess I will never bother to exchange these. As it has been said before - these coins was, are like that Tulip mania in Netherlands in 17th century - it was real, real value, real profits... till it was not. Here is nothing new, "blockchain 21th century tehcnology future curency"-my azz - it was, is and will be only greed and stupidity - look these two up before next wave of whatever and one thing is for sure - next wave of next-big something will come and it will trigger all our senses, but that time it will really be real

 

[Vayra86]

Yearly low? You need to zoom out a little bit more I think

Here's my Dutch newspapers' graph

The end is nigh. Finally.

https://www.volkskrant.nl/nieuws-achtergrond/wat-is-er-toch-aan-de-hand-met-de-bitcoin-~b5877ad7/

If you Google translate it, financial analysts basically say everything I've always said was wrong with this whole business... And there isn't a fix either because greed will always be greed.

OMG.. 6666 messages on TPU

 

[Deleted member 158293]

BTC is down 77% from its ATH on track for 80%+ but it's also still up 340% since beginning of last year.

Nothing out of the ordinary really... for crypto anyways.

 

[FordGT90Concept]

Out of the ordinary for something that claims to be a currency.

 

[Deleted member 158293]

Been this way for the last 10 years since inception, and needs to continue this way for many years to come as the market determines value without bailouts or artificial quantitative easing.