Cryptocoin Value and Market Trend Discussion

[trog100]

bitcoin is now at 44K with eth around 3000.. over the last few days the trend has been sideways with some downwards momentum built in..

some people say it had to go down a bit before going back up.. i think this is just whale manipulation but its impossible to know for sure.. time will tell..

trog

ps.. the stock markets looks a bit grim.. there would be a touch of irony here if taliban activity triggered a market sell off.. he he..

 

[80-watt Hamster]

It still seems a bit weird to me that crypto is getting traded/treated like a proper tangible commodity, but it's been happening in the traditional currency markets for years, so I suppose it shouldn't be all that surprising. :-/

 

[lexluthermiester]

some people say it had to go down a bit before going back up..

In this case it did the opposite, it jumped up before going back down some. Kinda weird market situation.

 

[MentalAcetylide]

bitcoin is now at 44K with eth around 3000.. over the last few days the trend has been sideways with some downwards momentum built in..

some people say it had to go down a bit before going back up.. i think this is just whale manipulation but its impossible to know for sure.. time will tell..

trog

ps.. the stock markets looks a bit grim.. there would be a touch of irony here if taliban activity triggered a market sell off.. he he..

If anything, I wonder how the rest of the world's response to the US handling of Afghanistan is going to affect the markets. It seems like all we did was throw a bunch of money & munitions at a country for nothing while enriching the makers of said munitions. Is anyone else seeing a definite pattern here since post WW-II? Vietnam? Iraq? Iraq again?
Crypto will probably just keep on rubber banding like it has been for now unless something earthshattering happens.

 

[80-watt Hamster]

If anything, I wonder how the rest of the world's response to the US handling of Afghanistan is going to affect the markets. It seems like all we did was throw a bunch of money & munitions at a country for nothing while enriching the makers of said munitions. Is anyone else seeing a definite pattern here since post WW-II? Vietnam? Iraq? Iraq again?
Crypto will probably just keep on rubber banding like it has been for now unless something earthshattering happens.

Yeah, it's like we saw how well it went that one time, and now we're all, "Hey, I know: let's keep doing that over and over until it works again."

Back on topic... It may not take something "earthshattering", but society at large doesn't really know what to do with crypto yet. My unfounded and largely uninformed prediction: The bounces will get less severe as more institutions get on board and legitimize crypto as a viable, widespread day-to-day currency, and we'll eventually start to see longer-term trends. That last is a bit meaningless, I suppose; anything starts to show trends as the timescale expands...

 

[trog100]

well bitcoin is now back up near 48K again with eth at 3255.. i think it will keep going up past 50K this time.. the next few days will tell..

the trend is upwards..

trog

 

[Rithsom]

After thinking about it for a bit, maybe the best possible thing for those who are in the market for a graphics card is for BTC to go back up to around $60K and just stay there. Yes, a major crypto crash would free up a ton of GPUs currently being used for mining. However, a crash is only good for the short term, because crypto would inevitably skyrocket in a couple of years, as it always has. A crash just means that the shortage we are stuck in now will happen again in the future.

What we need going forward is stability in crypto. It will still take some time for supply to catch up to demand, but at least we wouldn't have additional shortages after that.

I'd prefer the world governments place a blanket ban on crypto instead, but they just don't seem interested in doing that. So, crypto going higher and leveling off is the next best thing that I can hope for, as strange as that sounds.

 

[cvaldes]

Cryptocurrency price fluctuations don't have any long-term material effect on GPU prices. Cryptocurrencies routinely lose about 50% of their value only to recover months later. This is an ongoing pattern.

Moreover GPUs are used to mine just a few cryptocurrencies. The vast majority of them (including the bellwether bitcoin) cannot be mined with GPUs.

GPU prices are coming down slightly because of government crackdowns (recently China) on mining activities not because the currency prices dropped (note that they have recovered quite a bit in the past month).

It is important to point out that the number of GPUs mining doesn't contribute to cryptocurrency price volatility either. The spot price is driven by cryptocurrency traders: buyers and sellers.

Cryptocurrency mining is for people who don't have the audacity to trade the currency. It's like trying to make money from Amazon by driving a delivery van instead of buying shares of AMZN.

Remember that the vast majority of the world's wealth was created from investments not earned wages. I would guess that 98% of people in these type of tech forums get this wrong and thus prattle on and on about GPUs.

If you really want to make crypto profits, trade the currency.

 

[Mescalamba]

No GPU cause no chips. In general. Cause some mofo thought its good idea to have fabs almost all in one place. Its not like one couldnt forsee it.

 

[trog100]

its close.. he he

Bitcoin Price Today - BTC to US dollar Live - Crypto | Coinranking

View the Bitcoin (BTC) price live in US dollar (USD). Today's value and price history. Discover info about market cap, trading volume and supply.

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trog

 

[lexluthermiester]

its close.. he he

Bitcoin Price Today - BTC to US dollar Live - Crypto | Coinranking

View the Bitcoin (BTC) price live in US dollar (USD). Today's value and price history. Discover info about market cap, trading volume and supply.

coinranking.com

trog

Yeah, kinda wild!

 

[Mescalamba]

It will probably get there, but first small correction. I guess.

 

[trog100]

bitcoin now at 50108.. eth at 3335..

where to next i wonder.. ?? will it take a little dip or go higher..

trog

 

[Space Lynx]

bitcoin now at 50108.. eth at 3335..

where to next i wonder.. ?? will it take a little dip or go higher..

trog

yeah I love how the ETH founder keeps "delaying" his transition to proof of stake for ETH because "he cares" about the environment. lol same as Elon Musk being like oh yeah I like Bitcoin again everyone, because all these ANON users told me they use "green energy" and they provided no irrefutable proof for their claim, but I believe them everyone!

humans had their chance, mother Earth is about to teach us a lesson in hubris though. within the decade I expect we will all be begging for food. not only did we fail to address all facets causing climate change quick enough, we literally added 10 countries worth of electricity that never existed in a 13 year period. I don't blame crypto, even without crypto humans would not have changed their ways quick enough.

crypto will also be worthless though, only thing that will matter is food in the end. and there won't be enough good soil to go around that doesn't get hit by extreme weather events.

 

[R-T-B]

yeah I love how the ETH founder keeps "delaying" his transition to proof of stake for ETH because "he cares" about the environment. lol same as Elon Musk being like oh yeah I like Bitcoin again everyone, because all these ANON users told me they use "green energy" and they provided no irrefutable proof for their claim, but I believe them everyone!

humans had their chance, mother Earth is about to teach us a lesson in hubris though. within the decade I expect we will all be begging for food. not only did we fail to address all facets causing climate change quick enough, we literally added 10 countries worth of electricity that never existed in a 13 year period. I don't blame crypto, even without crypto humans would not have changed their ways quick enough.

crypto will also be worthless though, only thing that will matter is food in the end. and there won't be enough good soil to go around that doesn't get hit by extreme weather events.

You really need to learn to stay on a subject and quit enviroshaming everyone everywhere, man.

 

[Space Lynx]

You really need to learn to stay on a subject and quit enviroshaming everyone everywhere, man.

ok, sure

 

[Mescalamba]

World’s countries biggest carbon polluters - ClimateTrade

Not all countries face the same level of responsibility regarding the climate crisis. The biggest polluters need to take action to reduce their carbon emissions, but also to offset their carbon footprint by supporting environmental projects around the world. Each year more than 50 billion metric...

climatetrade.com

Just 100 companies responsible for 71% of global emissions, study says

A relatively small number of fossil fuel producers and their investors could hold the key to tackling climate change

www.theguardian.com

And quit that energo nonsense.

You can find it yourself, but impact of mining crypto is basically close to zero compared to real sources of environmental problems. Which wont be fixed anyway, cause there is pretty much no will or no way to force them to do it. Crypto mining in current state of the world is basically completely unimportant thing.

As for weather events. Heh, humans are blessed with short time memory. I have access to sum of few chronicles with focus on weather (especially where I live). It has almost yearly summary from around 900 A.D. Im kinda surprised that Europeans even survived what weather did in the past. Compared to history our past 100 years was walk in the park. If anything weather was from historical point of view remarkably stable and friendly.

Those plagues and famine in the history were caused mostly by weather (which often was impacted by quite heavy seismic activity). Weather mostly went to cold, absurd cold, switched to floods, then to droughts and ofc followed by famine + plague. Some normal years inbetween and rinse + repeat.

Weather in past years wasnt particularly friendly, but based on view 1000 years back Im not exactly sure we have that much impact. Maybe we fast-forwarded cycle to non-stable weather, but from really long time perspective, it would happen anyway no matter what we did.

And even taking into account this year weather, compared to the past, we still have nice weather. Cause it can go a lot worse than this.

 

[lexluthermiester]

World’s countries biggest carbon polluters - ClimateTrade

Not all countries face the same level of responsibility regarding the climate crisis. The biggest polluters need to take action to reduce their carbon emissions, but also to offset their carbon footprint by supporting environmental projects around the world. Each year more than 50 billion metric...

climatetrade.com

Just 100 companies responsible for 71% of global emissions, study says

A relatively small number of fossil fuel producers and their investors could hold the key to tackling climate change

www.theguardian.com

And quit that energo nonsense.

You can find it yourself, but impact of mining crypto is basically close to zero compared to real sources of environmental problems. Which wont be fixed anyway, cause there is pretty much no will or no way to force them to do it. Crypto mining in current state of the world is basically completely unimportant thing.

As for weather events. Heh, humans are blessed with short time memory. I have access to sum of few chronicles with focus on weather (especially where I live). It has almost yearly summary from around 900 A.D. Im kinda surprised that Europeans even survived what weather did in the past. Compared to history our past 100 years was walk in the park. If anything weather was from historical point of view remarkably stable and friendly.

Those plagues and famine in the history were caused mostly by weather (which often was impacted by quite heavy seismic activity). Weather mostly went to cold, absurd cold, switched to floods, then to droughts and ofc followed by famine + plague. Some normal years inbetween and rinse + repeat.

Weather in past years wasnt particularly friendly, but based on view 1000 years back Im not exactly sure we have that much impact. Maybe we fast-forwarded cycle to non-stable weather, but from really long time perspective, it would happen anyway no matter what we did.

And even taking into account this year weather, compared to the past, we still have nice weather. Cause it can go a lot worse than this.

While that is very interesting info, it is very off-topic for this thread.

Let's please get back on topic.

(And before any whiny special-snowflakes accuse me of mini-modding consider the following: If we can rope in and manage ourselves in a civilized fashion, the mods don't/won't have to do so and be annoyed at us or close the thread.)

 

[ThrashZone]

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.

Hi,
How do you pay panhandlers do they have somewhere to swipe

 

[Outback Bronze]

Hi,
How do you pay panhandlers do they have somewhere to swipe

Nope, they are unlucky..

 

[trog100]

well bitcoin is trading sideways between 48 and 49K.. not a lot happening to be honest..

it needs to break the 50K barrier to maintain its upwards trend.. i think it will but it could break lower first..

trog

 

[lexluthermiester]

well bitcoin is trading sideways between 48 and 49K.. not a lot happening to be honest..

it needs to break the 50K barrier to maintain its upwards trend.. i think it will but it could break lower first..

trog

What's weird is that this recent trend is nothing like a few years ago or a few years before that. I think the overall dynamic for the crypto market has changed.

 

[trog100]

What's weird is that this recent trend is nothing like a few years ago or a few years before that. I think the overall dynamic for the crypto market has changed.

i think it has changed what has happened in the past can no longer be applied to the future.. i think the dynamic is more long term now..

trog

 

[trog100]

bitcoin has dropped another bit its now at 47K.. i think its likely to trade between 47 and 49K for a while.. the volatility has gone out off the bitcoin market no more unexpected big ups and downs.. boring sideways it looks to be..

the other thing to note is that eth has broken away from bitcoin and is now on the rise.. big money may be moving away from bitcoin and into eth..

trog

 

[lexluthermiester]

the other thing to note is that eth has broken away from bitcoin and is now on the rise.. big money may be moving away from bitcoin and into eth..

I have a theory about that. With the Proof of Stake transition having begun, I think there is a rush to harvest as much as possible from the Proof of Work side before the change is finished. This is having the effect of driving up the price. Whether this level will be maintained is open for debate, but is seems clear people know the change is coming soon.