Bitcoin price suddenly surges to 3-year high

[lexluthermiester]

Again you could just buy it, some prefer to mine it It's the timing game I think... Get in at the right time you'll be quids in so to speak... Trying to get in now? Wouldn't even bother....

I prefer doing PC building, servicing and upgrading business. GPU based cryptocoin is impacting my business and every business like mine in the entire area. I have employees that need to be paid. Mining isn't going to help that.

 

[freeagent]

I just want to play a game with all the eye candy turned up..

DLSwhat?

RTHuh?



I honestly don't care if you get your coin on, I just want to play a modern game with modern settings

Like they say.. we are all in this together

 

[R-T-B]

That's deceiving and inaccurate. The history of 0.1% of all crypto that managed to survive for at least a couple of years and garner some traction disagrees with that

I'm only talking the "big one" which has governed most of the market since day 1. You can point at shitcoins all you want but they aren't representitive of the market by market cap or any other metric.

I prefer doing PC building, servicing and upgrading business. GPU based cryptocoin is impacting my business and every business like mine in the entire area. I have employees that need to be paid. Mining isn't going to help that.

Honest advice? Adapt. Offer to build open air mining rigs. Until this settles, they will sell like hotcakes even at scalper pricing.

Trying to get in now? Wouldn't even bother....

I dunno. Ether seems set to explode and mining it is only going to get harder. There is always oportunity there if you look enough.

 

[lexluthermiester]

Honest advice? Adapt.

Thanks for the tip, and no. There's nothing wrong with our business model.

Offer to build open air mining rigs. Until this settles, they will sell like hotcakes even at scalper pricing.

Frak that... Besides, this would do nothing for the larger economic, infrastructural and environmental problems... I'm not going contribute to the larger problem.

 

[R-T-B]

Thanks for the tip, and no. There's nothing wrong with our business model.

Didn't mean to imply there was. Longevity wise you are on track. Was just meant as advice to "weather the storm."

Frak that... Besides, this would do nothing for the larger economic, infrastructural and environmental problems... I'm not going contribute to the larger problem.

I can totally respect that. Was just offering the advice for a "business on the brink" situation. It's best to stick to your moral guns, major props for that regardless of how I feel.

 

[moproblems99]

I do wonder why there's such hate behind Crypto.. I mean, its not like you have to worry about it or get involved with it if you don't want to do so?

Bitches gonna bitch man.

 

[ZenZimZaliben]

WTF happened to this thread?

So Litecoin just broke $400 and ETH holding $4k, pretty nice day

 

[moproblems99]

WTF happened to this thread?

So Litecoin just broke $400 and ETH holding $4k, pretty nice day

You forget. It is TPU and it involves crypto or gpus. It is going to be fun.

 

[R-T-B]

WTF happened to this thread?

So Litecoin just broke $400 and ETH holding $4k, pretty nice day

Meh, you know the camps throw spears at each other regularly. I like both of the tribes somewhat so it's really confusing for me some days...

 

[Outback Bronze]

WTF happened to this thread?

Its making for an interesting read nonetheless : )

ETH holding $4k

I know its project is far superior than BTC's but to be honest it's like fiat. I can be printed (mined) that has an endless supply. Not like BTC's cap of 21m.

 

[Vya Domus]

You can point at shitcoins all you want but they aren't representitive of the market by market cap or any other metric.

How convenient. Who says so, you ?

 

[R-T-B]

How convenient. Who says so, you ?

Market cap. It's a metric used by economists well beyond the crypto world. I didn't just cook it up in my basement. Bitcoin is by far bigger than any other coin and has always led the market.

I know its project is far superior than BTC's but to be honest it's like fiat.

That's not really true. The code itself is designed to reign in inflation.

 

[Vya Domus]

Market cap. It's a metric used by economists well beyond the crypto world. I didn't just cook it up in my basement. Bitcoin is by far bigger than any other coin and has always led the market.

When did I even mention market cap ? I am just pointing out that there are droves of shitcoins that are pumped a couple of times and fall into obscurity, there's money in those too, or rather there used to be. Just because we're not talking about trillions doesn't make them any less relevant. Market evaluations are just that, evaluations, they aren't indicative of how much money has actually been poured into these things. People didn't buy 1 trillion dollar worth of bitcoin, they spent far less than that figure in reality.

Putting blinders on and looking at the top coins and ignoring the shitshow on the side, is again, really disingenuous.

 

[R-T-B]

When did I even mention market cap ?

You don't need to. If you are talking about the crypto market globally, it's the only sensible metric to use to choose a representative coin. Yes coins fail. But they are largely due to low market cap, economically insignificant.

 

[phill]

I prefer doing PC building, servicing and upgrading business. GPU based cryptocoin is impacting my business and every business like mine in the entire area. I have employees that need to be paid. Mining isn't going to help that.

Well @R-T-B does bring a good point and depending on how large a 'farm' you'd use, at $4000+ a coin, I'd be surprised at what it wouldn't be able to pay for but as R-T-B says, respect that you don't want to add to the problem, the problem is I don't see it going away any time soon and what with the prices going up, it's just going to continue to grow. Until that bubble bursts, there's nothing much anyone like us can do.

Lets see what the rest of the week brings

 

[Vya Domus]

But they are largely due to low market cap, economically insignificant.

Strange survivor bias fueled logic, every coin was economically insignificant at some point. That still doesn't change the fact that few made it past that and most didn't. It's as if 90% of the S&P500 would go bust every single year and I am supposed to just pretend everything is alright because some companies made it.

I am trying really hard to extract something useful from your arguments but I can't, you're still telling me to basically just ignore every coin/instrument that crashed and burned because they are irrelevant and they are irrelevant due to low market cap.

 

[trog100]

well my nicehash estimated daily payout is now showing $140 dollars that is 980$ per week or close to $4000 dollars a month or $47000 dollars per year..

will it last.. i havnt a clue but its nice while it does..

having said that my biggest gain so far this year is coming from the crypto i acquired back in 2017/18 and didnt sell.. i repeat didnt sell..

bitcoin is still stuck just under 60k.. eth is now just under 4200 and litecoin is showing nice gains and around $400.. litecoin has been lagging but i recon its about to take off..

happy cryptoing or happy hating depending on which camp you are in and may your spears fly true.. he he

trog

 

[Hemmingstamp]

I don't pay scalper prices either and I try to only buy from a reputable source or company

The UK electric prices aren't good but they are still profitable just not as much as if your in the States or in China... And then it comes to how much you wish to mine, 24/7, 12/3 or whatever it is. I always would suggest budget for what you can do don't over push just in case. There's always the off button

Keep the 2070 and the 980 Ti I'd say... You never know when a decent GPU might be needed, regardless of the crap going on right now with pricing.. Having that spare just in case is always a bonus Could always knock up a spare rig and let it run WCG or FAH if you wished to give it a go


Again you could just buy it, some prefer to mine it It's the timing game I think... Get in at the right time you'll be quids in so to speak... Trying to get in now? Wouldn't even bother....

Thanks again Phill,

I've seen the prices of my GPU's go through the roof and was considering selling at least the 980Ti. It's in mint condition and hasn't been tinkered with only repasted. Still, it's hard to let go. I used to buy from Scan but they haven't had cards in for some time, they didn't even reply to my query.
CCL will drop some returned cards on their clearance page but they are overpriced and usually gone in seconds.

With my very limited knowledge I came across Nicehash and entered my hardware details, the gains were just too low to even consider mining on my hardware.
I would earn around £2.70 a day on the 2070 and a lot less on the 980Ti...Or am I reading it all wrong? I'm in Blighty

 

[trog100]

Thanks again Phill,

I've seen the prices of my GPU's go through the roof and was considering selling at least the 980Ti. It's in mint condition and hasn't been tinkered with only repasted. Still, it's hard to let go. I used to buy from Scan but they haven't had cards in for some time, they didn't even reply to my query.
CCL will drop some returned cards on their clearance page but they are overpriced and usually gone in seconds.

With my very limited knowledge I came across Nicehash and entered my hardware details, the gains were just too low to even consider mining on my hardware.
I would earn around £2.70 a day on the 2070 and a lot less on the 980Ti...Or am I reading it all wrong? I'm in Blighty

my nicehash daily estimated return is now showing a ridiculous $228 dollars.. all i am gonna say is what you are currently seeing is way low.. how long it stays this way is an unknown..

trog

 

[R-T-B]

Strange survivor bias fueled logic,

I'd like to think of it as just averaging things out weighted by market cap, but ok.

you're still telling me to basically just ignore every coin/instrument that crashed and burned because they are irrelevant and they are irrelevant due to low market cap.

No, I'm telling you if you are investing in crypto, to invest in the big boys or get burned. The others are a frigging slot machine, and basically say so on the tin. It's no different than dumping your retirement in a random penny stock.

I mean, technically it's all a bit of a gamble, but no need to add to it IMO. Just my way of investing. Some people like a larger gamble though.

 

[Zach_01]

With my very limited knowledge I came across Nicehash and entered my hardware details, the gains were just too low to even consider mining on my hardware.
I would earn around £2.70 a day on the 2070 and a lot less on the 980Ti...Or am I reading it all wrong? I'm in Blighty

Nicehash calculator says that a 2070 will gain £4.7 a day minus the electric cost. How much do you pay per KW/h?

 

[Vya Domus]

No, I'm telling you if you are investing in crypto, to invest in the big boys or get burned.

Which also crash from time to time, quite badly. And then you have two kinds of people, those who get burned really bad and those who keep holding based on the aforementioned irrational belief that the price is always going to go back up.

 

[Space Lynx]

Which also crash from time to time, quite badly. And then you have two kinds of people, those who get burned really bad and those who keep holding based on the aforementioned irrational belief that the price is always going to go back up.

I think it's fairly stable now, 45 to 60k range I think it stay for many years. Thing is now that big banks and investment firms from BlackRock to Goldman Sachs are involved, they won't let it get to low and ruin their own investments. The big boys can keep it stable, Bitcoin that is. This is key difference then in years past. They see as another diversifying option for their clientele, alongside art work, etc. In case fiat fails.

that being said, I have none and want none.

 

[Vya Domus]

I think it's fairly stable now, 45 to 60k range I think it stay for many years. Thing is now that big banks and investment firms from BlackRock to Goldman Sachs are involved, they won't let it get to low and ruin their own investments. The big boys can keep it stable, Bitcoin that is. This is key difference then in years past. They see as another diversifying option for their clientele, alongside art work, etc. In case fiat fails.

that being said, I have none and want none.

They are stable until they aren't, both ways. Through the nature of the crypto world if a coin becomes stable then it will be abandoned, because people don't want to invest into a coin that will become stable, they want profits. There is no way bitcoin could stay at 60K for years, people would cash out and move on to something else, driving the price down. There are also technical reasons why crypto such as bitcoin simply cannot stay at a fixed price for to long.

Banks and corporations, again, have no interest in making bitcoin stable because they can't do anything with it if that's the case.

 

[Outback Bronze]

people don't want to invest into a coin that will become stable

Then how come Tether (stable coin) is so popular?