The State of Cryptocurrency

[R-T-B]

This is the absolute binary truth. Investment is the act of inputting your cash (in normal terms) into a product you feel, based on promise of anticipated performance, will increase its worth. So, I invest money into, lets' say Nvidia because their work in AI is looking pretty solid (I was going to buy shares when they were at $95, they doubled in a year). The more people invest, the higher the share price goes (scales of demand in the investment world). Speculating is hand in hand with investment whereby you speculate on a products worth or where its value will end up.

People consistently confuse cryptocurrency as a real mathematical solution and a value based commodity. It is the former, not the latter. The fact that people mined it at the beginning is very cool. Then however, bigger, richer people started buying larger mining rigs. Then the price of each coin increased as the pool slowly diminished. Then before you know it, wankingly rich turd burglars of companies and investors starting creating monstrous mining farms, thus increasing the BTC rarity and increasing the value. This is accompanied by sudden investment from people sniffing a ballooning value.

It is the investors buying into BTC, not the miners that have destroyed our graphics card market and destabilised the product. As the value of crypto has increased, more 'coins' appear and more people create ideas to sell (go google 'prodeum'). This lazy ass get rich mentality is what deserves our anger - not the mining, per se. All that being said, the power usage is unnacceptably high for working model so crypto needs more efficiency and it is those coins that will become more 'valuable', I think.

@R-T-B, you must be getting tired of all this

Yeah. Mainly repeatedly parroted misconceptions. I feel like fords "freefall! Investors burned, never again!" comments came straight from a year or two (or three, or four) ago.

 

[Vayra86]

If I go back to the way crypto (Bitcoin) started, it was all about this idealistic approach of 'a currency quick and easy to trade with no influence from the big bad elite'. Its the same sentiment that got Trump in power, its a utopian way of thinking that has no bearing on reality. I understand where its coming from, at the same time, its a sentiment you see everywhere not just in currency, and its just that: a sentiment. Or put in different wording: a knee-jerk reaction to the state of the world, one that is heavily abused by those who really understand how things work. Those vulnerable would then be called naive (which is what I was alluding to when I said 'not so intelligent' earlier - people who bought in early, bought in on the premise of the above idea).

That sentiment has mutated into the behemoth it is today, and at the very basis of it lies the idea of mining a currency. Its a carbon copy of the gold rush, except gold actually does represent a value (back in the day, it had different purpose - but it hád purpose) and today gold is a valuable resource not just for jewelry but for the very machines we mine on, among a load of other products.

Crypto however, is mined like gold, but its value lies simply in the technology behind it. The technology is NOT crypto currency though, we already have digital currency realistically, the technology is the blockchain, which enables a thing like crypto to exist. And thát is the crucial difference here that people who invested in crypto failed to see. They banked on the current crypto coins becoming part of a new world order while in fact recent history proved time and time again that a non-regulated currency will never be useful as such.

Does that make our current monetary system perfect? Of course not, but like democracy, it is arguably the best system we can think of, with its drawbacks, and therefore requires safeguards, checks and balances, which are also present and are often under pressure because they prevent that 'quick buck' that crypto today is so fond of. All I can see in conclusion to this is a massive, utterly ridiculous irony: we want to be free of regulated currencies, but at the same time, the lack of regulation brings out the worst in people and damages us all.

 

[trog100]

soon it will become very apparent that those checks and balances you talk about are honored more in the breach than the actuality..

corruption and fraud rules the day.. only "the less intelligent" believe otherwise..

as for democracy its not been around that long and i am sure it will turn out to be another fraud.. politicians are bought and paid for.. enter the "big fat controler" again.. there always seems to be one..

why the f-ck am i quoting from Thomas the Tank Engine.. he he

trog

 

[OneMoar]

O yay mining crashed hello abundance of gpus

O wait they are still 2x there MSRP

 

[yotano211]

O yay mining crashed hello abundance of gpus

O wait they are still 2x there MSRP

Give it some time, people are just finding out that prices are crashing and will soon put their cards on ebay for sale. I noticed there are about 10% more listings for 1070s than from last week.

 

[OneMoar]

Give it some time, people are just finding out that prices are crashing and will soon put their cards on ebay for sale. I noticed there are about 10% more listings for 1070s than from last week.

hahahahhaha NO

 

[FordGT90Concept]

Yeah. Mainly repeatedly parroted misconceptions. I feel like fords "freefall! Investors burned, never again!" comments came straight from a year or two (or three, or four) ago.

Actually no, that was the first time I've said it. Cryptocurrency has been outed for being smoke and mirrors and whatever confidence it had is lost for good. The cryptocurrency bubble has burst. The only question now is "where is the floor?"

Dot-com bubble

 

[yotano211]

hahahahhaha NO

No what, no to mining cards or that stock might go back to normal very soon.

 

[OneMoar]

No what, no to mining cards or that stock might go back to normal very soon.

and it may rain pizza tomarrow ...

 

[Papahyooie]

Actually no, that was the first time I've said it. Cryptocurrency has been outed for being smoke and mirrors and whatever confidence it had is lost for good. The cryptocurrency bubble has burst. The only question now is "where is the floor?"

Dot-com bubble

While I will readily admit that you may be right, I find it hilarious that you think you have some sort of divine truth. You're not the first to say crypto is dead. You won't be the last.

People also said Bitcoin had lost all confidence right about...

So how about instead of pretending that you hold the keys to righteous truth, you let those who want to play the game do it. Seems to me, someone wants to make themselves feel better for having missed out on striking it rich early, and is taking it out by ridiculing others for buying in.

 

[FordGT90Concept]

"People" were not me. Have a source:
https://www.reuters.com/article/us-...d-broad-cryptocurrency-sell-off-idUSKBN1FM11M

The currencies have come off their lows but analysts said the sell-off was probably not over.

 

[Papahyooie]

Sources matter not. I'm talking specifically about your seemingly 100% confidence that you are correct, and the fact that you present your analysis as irrefutable fact.

 

[FordGT90Concept]

Time will tell. I don't care either way because I have no dog in this race.

 

[R-T-B]

Actually no, that was the first time I've said it.

Not reffering to you neccesarily, just saying it has been said time and again.

 

[FordGT90Concept]

For the record, it has lost more than 60% from the December peak and the forecast is it will shed more.

 

[R-T-B]

For the record, it has lost more than 60% from the December peak and the forecast is it will shed more.

And where was it in say, October?

I remain very unconcerned.

 

[eidairaman1]

Was in my local Town this morning and spotted a Street Begger with Sign saying
" will Accept Bitcoin"

That's bad

 

[R-T-B]

That's bad

Meh, he's just capitalizing on the news for attention.

 

[eidairaman1]

Meh, he's just capitalizing on the news for attention.

He does it for comedy.

 

[R-T-B]

He does it for comedy.

Didn't used to be so comedic.

Homeless used to frequently use bitcoin to buy meals, back when it was lower, because they could watch ads on cellphones and get paid in small bitcoin amounts.

No, I am not kidding. This was big circa 2013-2014 or so.

https://www.wired.com/2013/09/bitcoin-homeless/

 

[eidairaman1]

Didn't used to be so comedic.

Homeless used to frequently use bitcoin to buy meals, back when it was lower, because they could watch ads on cellphones and get paid in small bitcoin amounts.

No, I am not kidding. This was big circa 2014 or so.

Yeah I never jumped on the coin mining bandwagon myself.

 

[R-T-B]

Yeah I never jumped on the coin mining bandwagon myself.

Don't worry about it. It honestly isn't any better than a minimum wage job if you tally hours, unless you go really big anyways.

Bitcoin dipping I actually see as a good thing, honestly. Maybe not for me in particular, but for the sanity of the ecosystem as a whole.

 

[Toothless]

I personally want bitcoin to drop and die so people can stop making threads about it.

 

[eidairaman1]

Don't worry about it. It honestly isn't any better than a minimum wage job if you tally hours, unless you go really big anyways.

Bitcoin dipping I actually see as a good thing, honestly. Maybe not for me in particular, but for the sanity of the ecosystem as a whole.

Not worth my time or effort either. I make almost twice the minimum wage amount here anyway, but It goes to bills either way. Also I have no room to setup a rig dedicated 24/7 for coin mining let alone cost of power to run AC to keep it cool and run the rig itself.

 

[trog100]

Actually no, that was the first time I've said it. Cryptocurrency has been outed for being smoke and mirrors and whatever confidence it had is lost for good. The cryptocurrency bubble has burst. The only question now is "where is the floor?"

Dot-com bubble

i think we have just found the floor about 8000.. its up and away from here on in.. he he..


trog

I personally want bitcoin to drop and die so people can stop making threads about it.

if you dont like them dont read them.. sadly there aint much else of interest going on at the moment..

trog