Bitcoin price suddenly surges to 3-year high

[moproblems99]

I think it's in the batch file you create unless you use another miner/setup

Yeah, I just ninja'd the edit before you replied. I was just testing with NHOS. Will try HiveOS next.

 

[Space Lynx]

they cant stop printing so we will be looking at runaway inflation.. they may well be intentionally destroying the currency but i just think they are stuck in a corner with no easy way out..

trog

I thought about this as well, when Powell said he welcomed inflation it kind of shocked me (also I feel bad for disabled people on fixed incomes and screw people like him for forgetting such people), anyways, my initial thinking was shock but then later I started wondering, if prices go, maybe so do wages, which means all the money they keep printing without paying back will now have more tax flow going to it (more money you make more taxes you pay which would help cover the cost of endless printing)... but then I just realized they are all dumb as crap and probably blinded by hubris and probably have no idea what they are doing. lol

you have to adjust it manually in nicehash to US server if you are located there. I had to. It auto defaulted to EU for me as well.

you are making that much a month from only 2 cards mining? or just 1 3080 card mining 24/7? not bad if the latter.

also, does switching to US from EU increase your profit any? I'm just curious if latency has anything at all to do with it. lol

Well well. March inflation was 0.71% for the month. April, 0.9%. Excluding food/energy, 3% in 4 months. 4.2% including those 2. That would be 9% annualized or 12.6% including food/energy. And it seems to be accelerating. If inflation were 0% the rest of the year we would have 3% for 2021.

The Fed will have to act and act soon. That means no more free money pump, bond prices will crater, and bond yield (hence interest rates) will skyrocket. Get ready for a massive selloff. Anything less and you can figure they are intentionally destroying the currency.

"Those fears crystallized on Wednesday, after the government reported that headline consumer prices surged by a faster than expected 4.2% last month. Excluding food and energy, prices jumped 0.9 percent in April (SA) and are up 3.0 percent over the year."

Stock market news live updates: Stocks rocked by inflation fears, Dow, Nasdaq, S&P tank by over 2%

Inflation fears are dogging Wall Street at a time when the U.S. rebound is picking up speed.

finance.yahoo.com

And right on que, yield spiking up :

View attachment 200109

we screwed lol.

 

[sepheronx]

you are making that much a month from only 2 cards mining? or just 1 3080 card mining 24/7? not bad if the latter.

also, does switching to US from EU increase your profit any? I'm just curious if latency has anything at all to do with it. lol

Well, I dunno what the first part is reply to, as I am making about $50 - 60 a day with 3 RTX 3070's and 1 RX 6800XT.

As for changing to US from EU, all depends on your location. But yes, you can actually get less stale shares due to latency being reduced. And also you may finish shares a bit quicker as well thus in both cases combined, can slightly increase payout. But small amount. Stale shares are the problem.

 

[RandallFlagg]

I thought about this as well, when Powell said he welcomed inflation it kind of shocked me (also I feel bad for disabled people on fixed incomes and screw people like him for forgetting such people), anyways, my initial thinking was shock but then later I started wondering, if prices go, maybe so do wages, which means all the money they keep printing without paying back will now have more tax flow going to it (more money you make more taxes you pay which would help cover the cost of endless printing)... but then I just realized they are all dumb as crap and probably blinded by hubris and probably have no idea what they are doing. lol

Here's the dirty secret about money printing that nobody talks about.
GDP = M * V where M= Money supply, and V is the velocity of money i.e. how many times a dollar changes hands.

If you forget what the media says and what 'common knowledge' is - which is typically a lie and wrong respectively - these charts explain what they've been fighting. We should have had a deflationary depression after the 2000 .com bust, and for that matter a major debt implosion in asia a few years before the .com bust. They printed us out of it. They are still printing.

There are two inflection points on the M2 money supply in late 1990s and again last year. In both cases the decline in velocity of money nullified the increased money supply. If V ever pops up much - and so far it hasn't - you'll get real hyperinflation.

This will not end well. They short circuited the business cycle and eventually that will come home to roost.

 

[ZenZimZaliben]

Wage growth never keeps up to inflation and Increasing the bottom (min-wage) only increases inflation. If min-wage goes up the cost of everything else goes up because it has to for companies to maintain margins. Plus if you are in a higher level position like say a manager did you also get a raise? Probably not, so now you've diluted the middle class even further. It is a very hard thing to get out of once in it and we are for sure in it with no end in sight.

 

[moproblems99]

Wage growth never keeps up to inflation and Increasing the bottom (min-wage) only increases inflation. If min-wage goes up the cost of everything else goes up because it has to for companies to maintain margins. Plus if you are in a higher level position like say a manager did you also get a raise? Probably not, so now you've diluted the middle class even further. It is a very hard thing to get out of once in it and we are for sure in it with no end in sight.

That's what I meant when I said no one has the guts. There is a giant reckoning coming for all the people that think they can just tax and spend to fix our issues. Or cut tax's so businesses can thrive. One diverts money to the poor, the other diverts money to the rich. Those that are less poor or not rich get screwed in each case.

 

[ZenZimZaliben]

Yes and it is the middle that drives the country and economy. But no one seems to understand that. Instead the Rich do everything in their power legal or not to get richer and the poor get free handouts paid for by the middle since the Rich don't pay taxes. Printing money, Raising min wage do nothing except increase inflation and lower the middles buying power. Eventually it will crash...maybe some day everyone will just stop paying taxes since none of their tax money goes to anything they want.

 

[trog100]

taxation is no longer used to pay for things if they want money for that they just print some more of it... taxation is now about income re-distribution..

trog

 

[RandallFlagg]

taxation is no longer used to pay for things if they want money for that they just print some more of it... taxation is now about income re-distribution..

trog

Money is (mostly) issued in the form of purchasing debt. In theory, if Fed simply stops buying debt, then the money will all come back to them + interest excepting defaults. Of course, that'll take 30 years or more.

 

[R-T-B]

I'm not honestly viewing fiat as apocalyptically as you guys, but I am enjoying the rise in crypto price associated with the fear generated from it, won't lie.

Of course no one knows what the future holds. All hedged bets, right?

 

[RandallFlagg]

I'm not honestly viewing fiat as apocalyptically as you guys, but I am enjoying the rise in crypto price associated with the fear generated from it, won't lie.

Of course no one knows what the future holds. All hedged bets, right?

I think most everyone knows that it depends on what course of action the Fed takes. So the only thing for the little guy to do is to keep watching the Fed - what they do more than what they say.

Personally I think they will taper within a couple of months, in fact its somewhat likely they have already started.

This is the chart to watch:

Assets: Total Assets: Total Assets (Less Eliminations from Consolidation): Wednesday Level | FRED | St. Louis Fed

Graph and download economic data for Assets: Total Assets: Total Assets (Less Eliminations from Consolidation): Wednesday Level from 2002-12-18 to 2025-01-30 about assets, banks, depository institutions, USA, stock market, and indexes.

fred.stlouisfed.org

 

[R-T-B]

I think most everyone knows that it depends on what course of action the Fed takes. So the only thing for the little guy to do is to keep watching the Fed - what they do more than what they say.

Personally I think they will taper within a couple of months, in fact its somewhat likely they have already started.

This is the chart to watch:

Assets: Total Assets: Total Assets (Less Eliminations from Consolidation): Wednesday Level | FRED | St. Louis Fed

Graph and download economic data for Assets: Total Assets: Total Assets (Less Eliminations from Consolidation): Wednesday Level from 2002-12-18 to 2025-01-30 about assets, banks, depository institutions, USA, stock market, and indexes.

fred.stlouisfed.org

I'm not well versed enough to know whether you are talking out of your ass or not, no offense intended. I just find it unlikely that fiat will fail on the level of some predictions here.

 

[trog100]

I'm not well versed enough to know whether you are talking out of your ass or not, no offense intended. I just find it unlikely that fiat will fail on the level of some predictions here.

the thought is the fed have lost control.. inflation will kick in big and they wont be able to stop it.. what happens then is a genuine unknown but the outcome aint expected to be good..

trog

 

[RandallFlagg]

the thought is the fed have lost control.. inflation will kick in big and they wont be able to stop it.. what happens then is a genuine unknown but the outcome aint expected to be good..

trog

Taper means the fed stops buying MBS' and treasuries on the market - that turns off the money spigot. Typically money is injected into the economy by the Fed purchasing debt - US Treasuries, and recently Mortgage Backed Securities (MBS) and with Covid even some corporate debt.

To contract money supply, they start selling their treasuries and bonds. That sucks money right out of the economy as the money people use to buy those assets goes to the Fed and thus isn't available in the economy anymore.

That circled area on the chart - where the assets held by the Federal Reserve declined - that is the fed selling assets and thus sucking money out of the economy.

If you look at the chart it shows that they sold somewhere around 750B in assets over an 18 month period from 1-2018 to ~8-2019. This is likely why the markets go so choppy from 2018 through middle of 2019.

Their net assets began to climb a little bit again looks like Q3 2019 and then levelled off until Covid hit. Since Covid hit they have bought looks like about 3.5 Trillion in assets.

 

[moproblems99]

I'm not well versed enough to know whether you are talking out of your ass or not, no offense intended. I just find it unlikely that fiat will fail on the level of some predictions here.

Listen, if fiat fails, the last thing you are worrying about is the fact fiat failed. Although, I am covered by my copper and brass investments in that scenario too.

Also, @RandallFlagg , thanks for contributing awesome posts. Either by being genuine information, or artfully crafting total horseshit into genuine information. In either case, I enjoy it.

 

[RandallFlagg]

This guy just loves to put a target on himself in the media. He's clearly not stupid, but there's some aspect of stupid to him.

I don't believe the news moves the markets, I think it's the other way around, but here it is :

Bitcoin, Dogecoin sink after Elon Musk walks back Tesla's support for crypto transactions

Elon Musk said on Wednesday that Tesla would stop accepting Bitcoin in car purchases.

finance.yahoo.com

 

[Space Lynx]

I'm not well versed enough to know whether you are talking out of your ass or not, no offense intended. I just find it unlikely that fiat will fail on the level of some predictions here.

in a way fiat already has failed for some people in United States. imagine you are on a fixed income of $850 a month (lot of people on disability get around this, maybe a little more maybe a little less)

now imagine 2 years ago you went to grocery store and bought a pound of beef for $3.50, and now you go and it's $6.99 --- yet your disability income only went up like an extra 10 or 20 a month. but the prices raised for products across the board...

so for some people fiat has already failed them. it's a very fragile system, those people barely got by even before inflation increases / covid increases.

if fiat fails for the middle class, the rich will feel it slightly but even then not much. fiat failing is on a spectrum imo depending on your personal situation. when Powell says, "frankly I welcome inflation, it will only be temporary" he is just a wanker cause he has no idea what it's like to struggle, and he should know it won't be temporary, capitalism is notorious for never lowering prices once they have an excuse to initially raise them.

 

[phill]

I think he likes the attention, good or bad it seems.... That Bitcoin dropping a bit now!!

 

[moproblems99]

This guy just loves to put a target on himself in the media. He's clearly not stupid, but there's some aspect of stupid to him.

I don't believe the news moves the markets, I think it's the other way around, but here it is :

Bitcoin, Dogecoin sink after Elon Musk walks back Tesla's support for crypto transactions

Elon Musk said on Wednesday that Tesla would stop accepting Bitcoin in car purchases.

finance.yahoo.com

I have been trying to understand this phenomenon myself. And I can't. Elon Musk is to the crypto, and some micro extent the financial, world as Kim Kardashian is to the YouTube world. It just drives shit nuts and I can't figure that out.

 

[R-T-B]

the thought is the fed have lost control.. inflation will kick in big and they wont be able to stop it.. what happens then is a genuine unknown but the outcome aint expected to be good..

trog

And see, I'm saying I don't buy that. But we shall certainly see! That's the way the cookie crumbles and all that...

in a way fiat already has failed for some people in United States. imagine you are on a fixed income of $850 a month (lot of people on disability get around this, maybe a little more maybe a little less)

now imagine 2 years ago you went to grocery store and bought a pound of beef for $3.50, and now you go and it's $6.99 --- yet your disability income only went up like an extra 10 or 20 a month. but the prices raised for products across the board...

so for some people fiat has already failed them. it's a very fragile system, those people barely got by even before inflation increases / covid increases.

if fiat fails for the middle class, the rich will feel it slightly but even then not much. fiat failing is on a spectrum imo depending on your personal situation. when Powell says, "frankly I welcome inflation, it will only be temporary" he is just a wanker cause he has no idea what it's like to struggle, and he should know it won't be temporary, capitalism is notorious for never lowering prices once they have an excuse to initially raise them.

I meant "fail" as in "worthless / unusable"

 

[moproblems99]

I also want to write a trading program that trades crypto based off musk's tweets. Anyone wanna stop, collaborate, and listen?

 

[Space Lynx]

I have been trying to understand this phenomenon myself. And I can't. Elon Musk is to the crypto, and some micro extent the financial, world as Kim Kardashian is to the YouTube world. It just drives shit nuts and I can't figure that out.

he did admit on SNL he has asperger's. my best friend also has asperger's. my guess is this is the reason he does what he does... he is a rich billionaire, genius at some things... but other things like emotional intelligence, he probably struggles with immensely. probably effects some of his decision making in this regard.

 

[RandallFlagg]

I have been trying to understand this phenomenon myself. And I can't. Elon Musk is to the crypto, and some micro extent the financial, world as Kim Kardashian is to the YouTube world. It just drives shit nuts and I can't figure that out.

Well Bitcoin was already down, about 40% of todays decline corresponds to the timing of that tweet, the other 60% of the decline had already happened.

I would wager that at least 2/3 of the sudden decline from his tweet will be retraced though, if it hasn't already been. 'Gaps' in market prices as they say are almost always 50%+ filled regardless if the gap is up or down - some people actually just trade gaps.

There may be more lasting structural damage from Bitcoin not being accepted as payment, I have no idea what % of Tesla's were sold for bitcoin. That tweet also makes me think Tesla is liquidating its Bitcoins.

he did admit on SNL he has asperger's. my best friend also has asperger's. my guess is this is the reason he does what he does... he is a rich billionaire, genius at some things... but other things like emotional intelligence, he probably struggles with immensely. probably effects some of his decision making in this regard.

I was not aware of that (that he has Asperger's). Good info thanks.

 

[trog100]

the tweet basically said they were no longer accepting bitcoin as payment but were not selling their bitcoin.. concerns about excessive power usage was mentioned.. or in simple terms bitcoin isnt green enough for them..

what the guys motivations are for saying what he said i havnt a clue and i aint gonna speculate on them ether..

trog

ps.. bitcoin does look under threat at the moment..

 

[RandallFlagg]

the tweet basically said they were no longer accepting bitcoin as payment but were not selling their bitcoin.. concerns about excessive power usage was mentioned.. or in simple terms bitcoin isnt green enough for them..

what the guys motivations are for saying what he said i havnt a clue and i aint gonna speculate on them ether..

trog

ps.. bitcoin does look under threat at the moment..

If you take this tweet literally it makes absolutely no sense. They're going to hold them until bitcoin... "transitions to more sustainable energy"? How's bitcoin going to do that when most of it is "made" in China, which is still gangbusters on coal?

I think they will get rid of it. They're under no obligation to tell people when. It will be interesting to see how this looks on their balance sheet in another quarter.

I think it's a lot more likely they'll go to something like the Chinese yuan crypto, China would love that as it would legitimize their "crypto". Crypto is a buzzword now, but most people have no idea why it was favored in the darker reaches of the internet (anonymity and security).

But that's not what the Chinese crypto is, this crypto will track your ass and keep a log of everything you do. Secure from everyone, except the Gov't. That's where this will end up.

The most secure transactions are still in cold hard cash.