Cryptocoin Value and Market Trend Discussion

[Sithaer]

Well, but you're an odd duck. Most people still use real money on a frequent basis.

About this discussion.
I guess this also depends where you live, cash is still very popular in my country, most likely still more common than digital/card transactions for general stuff.

I do have a bank card/account but I almost only use it for online orders like when I buy hardware and when I buy stuff from Aliexpress 'yeah thats not really a thing anymore tho thanks to the new taxing'.
When I go casual/grocery shopping I only use cash and I see the same from most ppl, I do live in a ~6000 ppl small city/town so it might be different in the capital or bigger cities but I can't say that for sure.

My mother and grandparents doesn't even have a bank account or a smart phone for that matter so they pay with cash everywhere, in case they need something ordered/paid online they ask me or my brother then pay back with cash.
Also my last 3 workplaces paid me in cash 'not illegal jobs mind you' so I had to go to my bank and transfer the cash to my bank account when I needed it. 'this is still the case with my home office job atm'

I was also paying with cash during covid, it wasn't an issue here at least where I shop or even when I ordered hardware the delivery dude acccepted cash. 'Online/card payment was suggested but not a must'

 

[lexluthermiester]

Well then you're* an idiot.

Yup, I definitely struck a nerve. Do you feel better now, hmm princess?

Think smarter not older.

Aww, what an adorable attempt at clever whit. Grow up someday, do.

About this discussion.
I guess this also depends where you live, cash is still very popular in my country, most likely still more common than digital/card transactions for general stuff.

There are a lot of places that still prefer cash. Heck, where I live there is a large food store chain that does not accept credit cards at all. They prefer cash and they are always busy!

 

[moproblems99]

Yup, I definitely struck a nerve. Do you feel better now, hmm princess?

Aww, what an adorable attempt at clever whit. Grow up someday, do.


There are a lot of places that still prefer cash. Heck, where I live there is a large food store chain that does not accept credit cards at all. They prefer cash.

Holy shit batman, royal you. Learn to read.

 

[Outback Bronze]

They prefer cash and they are always busy

I wonder why.. Tax anybody?

 

[lexluthermiester]

I wonder why.. Tax anybody?

No, the company doesn't want to pay the credit card transaction fees nor pay for the equipment to process such transactions.

 

[Outback Bronze]

No, the company doesn't want to pay the credit card transaction fees nor pay for the equipment to process such transactions.

And you believe that? lols

 

[lexluthermiester]

And you believe that? lols

Why would that not be the case? There are a number of companies that charge higher prices for using a credit card, motivating people to use cash. I do that in my shop. If you use cash, you pay sticker price. If you use a card you pay a 4% card fee.

 

[Outback Bronze]

Why would that not be the case? There are a number of companies that charge higher prices for using a credit card, motivating people to use cash. I do that in my shop. If you use cash, you pay sticker price. If you use a card you pay a 4% card fee.

Here down under you would loose money as nobody carries cash. Its all card. People just walk away if businesses (even small) don't have EFTPOS because they wont carry cash on them and cant pay for it.

Every over the counter business here has an EFTPOS machine for this exact reason.

I will give you that every part of the word is different but lets just say that Card has replaced Cash in the modern era no?

All my business purchases are card which makes life easy for me and my accountant. Its much more practical also to carry card and not wads of cash.

Cash come in handy yes, but mainly to get tradies to do cheaper jobs tax free. Cash is the silent killer.

 

[ThrashZone]

Why would that not be the case? There are a number of companies that charge higher prices for using a credit card, motivating people to use cash. I do that in my shop. If you use cash, you pay sticker price. If you use a card you pay a 4% card fee.

Hi,
Debit card or cash discounts for gas is the most common seen lol

 

[Frontino]

Where did Elon Musk buy Bitcoin? Did he use one of those shady websites on the web? Because I don't trust them, what's stopping them from closing your account arbitrarily? Has anyone successfully withdraw millions of dollars from them?

 

[trog100]

to get back on topic slightly bitcoin is now up over 46K and etherium up over 3200.. the trend looks to be upwards..

up over 60% over the last month from the 30K lows and talk of a 10K bitcoin.. quite a change..

trog

 

[R-T-B]

you won't be so cocky when climate change puts United Kingdom at negative 80 faren in a new ice age due to the Atlantic Ocean current no longer bringing warm water to Ireland/UK region year round.

mining is not the only source of the problem, but it exacerbated it.

Study warns of 'irreversible transition' in ocean currents that could rapidly freeze parts of North America

A large system of ocean currents in the Atlantic has been disrupted due to human-caused climate change, scientists reported in a new study.

www.usatoday.com

I'm not even sure mining is a drop in the bucket at this point, but scapegoats gottta be the goat.

See the other thread for some power metrics.

And you believe that? lols

There are other reasons too. Semilegal but harmless things (pot comes to mind) many CC vendors won't touch... but crypto works.

Where did Elon Musk buy Bitcoin? Did he use one of those shady websites on the web? Because I don't trust them, what's stopping them from closing your account arbitrarily? Has anyone successfully withdraw millions of dollars from them?

1.) He bought them off an exchange. 2.) Because it's decentralized and you are the account? 3.) Yes, good god man there have been several instances of that probably in the last month.

No offense but this seems like you really need to understand bitcoin better (and that's ok, several do, it's complicated).

 

[Space Lynx]

I'm not even sure mining is a drop in the bucket at this point, but scapegoats gottta be the goat.

See the other thread for some power metrics.

I have already stated I disagree with those metrics, there is no way any human could possibly calculate it all, all 7000 coins from beginning to end, all exchange infrastructure, all crypto related events and fundraising events, the people with a hidden miner at a random office, etc etc, etc.

 

[lexluthermiester]

to get back on topic slightly bitcoin is now up over 46K and etherium up over 3200.. the trend looks to be upwards..

up over 60% over the last month from the 30K lows and talk of a 10K bitcoin.. quite a change..

trog

Yeah, things are really picking up.

 

[R-T-B]

I have already stated I disagree with those metrics, there is no way any human could possibly calculate it all, all 7000 coins from beginning to end, all exchange infrastructure, all crypto related events and fundraising events, the people with a hidden miner at a random office, etc etc, etc.

I explained to you how those metrics are derived. And there isn't much more volume in coins other than bitcoin/ethereum even if your theory held true.

 

[trog100]

bitcoin is now very close to 48 K... eth just over 3300..

people that follow charts seem to think 47K is of special importance.. once bitcoin breaks and holds above that its up up and away.. ether way the trend still seems to be up..

trog

ps.. since writing this post bitcoin briefly hit 48 K then immediately dropped back down to 46 K.. i think it will go back up again but it may go sideways for a while before it does..

 

[lexluthermiester]

ps.. since writing this post bitcoin briefly hit 48 K then immediately dropped back down to 46 K.. i think it will go back up again but it may go sideways for a while before it does..

Tell me that's not funny, I dare you!

 

[LFaWolf]

So I am curious, with the coins’ prices up, are mining profits up as well? Are miners buying up GPUs once again?

 

[Metroid]

I remember when cryptocoins came, it was to replace credit cards, very lows fees, look today, enormous fees, cryptocoins failed in that regard, now they say store of value hehe

 

[R-T-B]

enormous fees,

You must be doing something wrong. The fees aren't bad at all vs swipe fees.

I mean they can be if you are doing something dumb like using a primary onchain ethereum or bitcoin transaction, but there are so many other ways at this point. Don't even get started on the cost of many American banks to send a wire transfer...

 

[Metroid]

You must be doing something wrong. The fees aren't bad at all vs swipe fees.

I mean they can be if you are doing something dumb like using a primary onchain ethereum or bitcoin transaction, but there are so many other ways at this point. Don't even get started on the cost of many American banks to send a wire transfer...

Coins have a proportional fee demand. I guess the market does that, people look for cheaper fees and end up making that coin more expensive than what actually is and in the end the fee is almost the same as others or a little bit cheaper, also there is the exchange fee which in most cases is up to 10 times more expensive than what actually is. At moment I use only ltc, used to use xrp, truth is you have to look at moment what is your best option calculating many coins.

If talking about international wire transfer, each country has its own fee based, in that regard cryptocoins are way better than any bank worldwide. If talking about local wire transfer then no, where I live banks don't charge local wire transfer, international yes and is around 4%, western union I think is also 4%.

 

[trog100]

So I am curious, with the coins’ prices up, are mining profits up as well? Are miners buying up GPUs once again?

eth mining isnt as profitable as it was at its peak.. this reflects directly on the price of ebay graphics cards.. they are a lot cheaper than they were..

people are still buying them just not prepared to pay as higher price..

bitcoin is seen as a store of value it competes with gold in this respect.. the value if bitcoin goes up a lot more than gold though.. he he

bitcoin is now worth 10 times more than when i first looked at it back in 2017.. no other asset comes anywhere near it.. its gone up over 60% in the last month alone..

i think it will hit 100K before this year ends.. but that is just my oppinion.. i aint selling the small amount i have and thats for sure.. the same applies to eth..

for reference sake i recon a 3080 card would now be making maybe 6 dollars a day before power costs.. maybe half what it was at its peak..

trog

 

[R-T-B]

Coins have a proportional fee demand. I guess the market does that, people look for cheaper fees and end up making that coin more expensive than what actually is and in the end the fee is almost the same as others or a little bit cheaper, also there is the exchange fee which in most cases is up to 10 times more expensive than what actually is. At moment I use only ltc, used to use xrp, truth is you have to look at moment what is your best option calculating many coins.

If talking about international wire transfer, each country has its own fee based, in that regard cryptocoins are way better than any bank worldwide. If talking about local wire transfer then no, where I live banks don't charge local wire transfer, international yes and is around 4%, western union I think is also 4%.

If you really want to go cheap, convert to BCH and send. It's slow but very cheap. Of course they'll probably try to make that conversion taxed at some point, but right now it works.

 

[MentalAcetylide]

You must be doing something wrong. The fees aren't bad at all vs swipe fees.

I mean they can be if you are doing something dumb like using a primary onchain ethereum or bitcoin transaction, but there are so many other ways at this point. Don't even get started on the cost of many American banks to send a wire transfer...

Not to mention how the credit unions & banks on US military bases ripped off our soldiers(and probably still do). Back during the first Gulf War, they were charging a $1.00 fee on at least two bases that I know of for every withdrawal, which was ridiculous considering it was mandatory to have direct deposit in order to get paid. Completely screwed up that you have to pay a fee in order to get payed by your employer.

 

[Sandbo]

eth mining isnt as profitable as it was at its peak.. this reflects directly on the price of ebay graphics cards.. they are a lot cheaper than they were..

people are still buying them just not prepared to pay as higher price..

bitcoin is seen as a store of value it competes with gold in this respect.. the value if bitcoin goes up a lot more than gold though.. he he

bitcoin is now worth 10 times more than when i first looked at it back in 2017.. no other asset comes anywhere near it.. its gone up over 60% in the last month alone..

i think it will hit 100K before this year ends.. but that is just my oppinion.. i aint selling the small amount i have and thats for sure.. the same applies to eth..

for reference sake i recon a 3080 card would now be making maybe 6 dollars a day before power costs.. maybe half what it was at its peak..

trog

Part of it is EIP1559 where people were worried and sold their cards before so, though the recent ETH price surge has largely offset its effect, at least for now.
Another factor being the imminent "threat" of moving over to PoS (2022 for now, iirc) which once implemented GPU price can fall off the cliff; some people rather play safe and sell their GPU while the price is still kind of good. This is also supplemented by the fact that getting ROI could be tricky given PoS might drop before it is possible.

There are other options than ETH to mine such as ETC, but profitability will further decrease. My guess is the peak of GPU mining has ended which hopefully means more cards are available for gaming.