veganfanatic
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ty_ger07
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Re: bitcoin > $23,000
2020/12/18 04:23:20
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Bitcoin cannot be mined using graphics cards.
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Hoggle
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Re: bitcoin > $23,000
2020/12/18 04:52:38
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It’s got like twice as hard to mine a Bitcoin then it was in the 1080 days so it’s not something people would mine with a GPU. Keep in mind that mining gets more difficult as the number of coins left to mine becomes lower.
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Puddles.
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Re: bitcoin > $23,000
2020/12/18 05:51:01
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What about alt-coins? Are people still mining those. Haven't paid much attention to the crypto scene in a long while.
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veganfanatic
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Re: bitcoin > $23,000
2020/12/18 07:37:47
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Digital coins categorically are higher than ever, so while bitcoin has adopted specialized hardware, others use graphics cards by the thousands
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mooxboon
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Re: bitcoin > $23,000
2020/12/18 12:24:44
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ty_ger07
Bitcoin cannot be mined using graphics cards.
But other coins can be and on exchanges it's pretty easy and cheap to convert them. It's just a matter of if the value is worth it for the miners, ie if they get similar margins as they did before.
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ty_ger07
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Re: bitcoin > $23,000
2020/12/18 14:43:05
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I've been mining ethereum on my laptops using Nicehash. Nicehash pays me in Bitcoin. And then I have been exchanging it for Monero and transfering it to a safe Monero address.
I know how it works. It's simply that the original post is vague and misleading.
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kougar
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Re: bitcoin > $23,000
2020/12/18 22:35:03
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ty_ger07
Bitcoin cannot be mined using graphics cards.
As you yourself said, it can be mined indirectly via NiceHash. https://www.nicehash.com/profitability-calculator/nvidia-rtx-3080 $145 a month for a 3080, $175 a month for a 3090 before electricity costs, at least around $23K BTC prices. Until the BTC price ubble pops again the 3000 cards and even the 6800 cards are going to remain scarce. The longer the hardware remains scarce the longer the bubble will probably remain around, is my bet. With US interest rates at effectively zero and staying that way for the future people are finding other ways to invest now, for better or worse. Even the 10-year bond rate is now half of a percent, if I was invested I'd already have left for something else long ago.
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Brad_Hawthorne
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Re: bitcoin > $23,000
2020/12/20 07:13:35
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When you don't like reality, create your own. People can't earn real money the normal way, so they invent currencies and tell everyone that it's worth real money. People who buy into the idea are exploited to make it a reality.
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Puddles.
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Re: bitcoin > $23,000
2020/12/20 07:57:30
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Brad_Hawthorne
When you don't like reality, create your own. People can't earn real money the normal way, so they invent currencies and tell everyone that it's worth real money. People who buy into the idea are exploited to make it a reality.
Irony being that the value is based on FIAT currency, the antithesis to what crypto is touted to replace.
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ty_ger07
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Re: bitcoin > $23,000
2020/12/20 09:28:51
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The fees are getting high, and the transaction times are slow. It's so broken. It's unusable as a real currency. My fee for my most recent transaction was ~$0.60 on a ~$23.00 transaction, and it took an hour to confirm. The resolution of the Bitcoin experiment | by Mike Hearn | Mike’s blog (plan99.net)Even though I think it is a waste of energy and Bitcoin is useless as a currency, I am hypocritically mining because it is profitable and it lets me ultimately invest in Monero for a fraction of its price. People try to legitimize Bitcoin, but the fact is that every time it has been tested as a currency, it has failed. It can't benefit companies, governments, or banks if it has been proven to not even be usable in a small population, such as when it failed at a Bitcoin conference.
post edited by ty_ger07 - 2020/12/20 10:25:02
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Brad_Hawthorne
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Re: bitcoin > $23,000
2020/12/20 09:32:52
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veganfanatic
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Re: bitcoin > $23,000
2020/12/20 20:41:54
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I consider digital coins to be a ponzi scheme
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ty_ger07
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Re: bitcoin > $23,000
2020/12/20 21:13:15
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Are you going to start another thread about it reaching greater than $24,000?
It's not a Ponzi Scheme, it's just speculation run wild. It's a weird year.
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HiFuRit
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Re: bitcoin > $23,000
2020/12/21 01:26:49
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But you can use bitcoin as currency using paypal
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HiFuRit
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Re: bitcoin > $23,000
2020/12/21 01:28:19
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veganfanatic
I consider digital coins to be a ponzi scheme
Actually i lost 25000 usd in depi platforms but i don't think bitcoin is ponzi but depi is really ponzi scheme.
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veganfanatic
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Re: bitcoin > $23,000
2020/12/25 10:27:18
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checking the latest quotes, Bitcoin has reach 24,000+ yesterday
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ty_ger07
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Re: bitcoin > $23,000
2020/12/25 16:10:49
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veganfanatic
checking the latest quotes, Bitcoin has reach 24,000+ yesterday
And it did 4 days ago as well; as you can see in post #14 above. Are you going to create another thread about it hitting $25k?
post edited by ty_ger07 - 2020/12/26 10:06:40
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gknot
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Re: bitcoin > $23,000
2020/12/28 16:57:07
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...wishing bought bitcoin by the thousands when it was ~40 bucks  
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Xavier Zepherious
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Re: bitcoin > $23,000
2020/12/30 19:59:52
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seth89
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Re: bitcoin > $23,000
2021/01/03 20:00:33
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nvm the USD value, 36% of all money in the USA was printed in 2020. DJI is at 30K+ and nobody is working.
Global economic forum is calling for a "Great Reset" and people like Joe Biden, Pope, Borris, Trudeau are all onboard.
It's called "Build Back Better".
Guys, USD is in the pooper and some of us know it. Buy this bitcoin because the USD is crashing, America is crashing and so then the world.
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ty_ger07
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Re: bitcoin > $23,000
2021/01/03 22:32:56
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It's a bad time to buy Bitcoin; it's at a historic high. Bitcoin has no use, the fees are high, the transaction times are slow, and big quantities are hard to move. It's a great time to sell Bitcoin and pay your debts. If I had any I would be selling it. The process of selling is slow, and I wouldn't want to be caught with my pants down trying to rush it through as the value was crashing again. I know someone who lost a potential $1 million last time it crashed simply because he couldn't get it on the exchange and withdraw it fast enough. I would definitely be starting the process and moving it. There are usually daily, weekly, or monthly limits and it will be tied up. As the bubble pops, the crippled Bitcoin network is overloaded and you are stuck waiting for it to reach the bottom as the transactions before yours are being confirmed and you are bumping up on the transfer limits enacted by KYC laws. Don't be stuck at the bottom. I would be setting goals to sell percentages at various milestones. Anyone who thinks that Bitcoin is a good way to divest their dollars is not educated about Bitcoin's shortcomings and is living in a world of idealism. Speculation and idealism is the only thing keeping Bitcoin's value where it is.
post edited by ty_ger07 - 2021/01/03 23:03:05
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kougar
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Re: bitcoin > $23,000
2021/01/04 00:20:41
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Instead of all the doom and gloom, it I'd bet the biggest factor is because interest rates are practically and effectively zero with no signs of that changing. Savings accounts have never been more superfluous, but it's been a long time coming. CD's are worthless, and why seal money up in a 10-year treasury bond that earns less than 1%? Traditional market investing today isn't like what they taught in my finance and accounting classes, that's for sure. People are looking for investing alternatives, and crypto is providing them for better or worse.
There's zero reason for the NASDAQ, Dow, and S&P to be at or near all-time highs when we're looking at severe economic issues for mainstreet possibly worse than the housing bubble popping 14 years ago. Frankly the real world markets are as much of a joke as the crypto markets at this point.
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Hoggle
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Re: bitcoin > $23,000
2021/01/04 04:56:19
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kougar
Instead of all the doom and gloom, it I'd bet the biggest factor is because interest rates are practically and effectively zero with no signs of that changing. Savings accounts have never been more superfluous, but it's been a long time coming. CD's are worthless, and why seal money up in a 10-year treasury bond that earns less than 1%? Traditional market investing today isn't like what they taught in my finance and accounting classes, that's for sure. People are looking for investing alternatives, and crypto is providing them for better or worse.
There's zero reason for the NASDAQ, Dow, and S&P to be at or near all-time highs when we're looking at severe economic issues for mainstreet possibly worse than the housing bubble popping 14 years ago. Frankly the real world markets are as much of a joke as the crypto markets at this point.
It really doesn't seem like a good investment when it can go from $5,540 to $31,146 in just three months. It's great if you caught it at the low but it's a bubble and ask those people in the late spring of 2017 when it crashed how that felt.
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Xavier Zepherious
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Re: bitcoin > $23,000
2021/01/04 10:49:33
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Puddles.
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Re: bitcoin > $23,000
2021/01/04 11:27:34
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I do wonder how these miners get so many cards so quickly when the rest of us struggle to buy just one. I'm also intrigued as to wether the 100K plus that rig would have cost to set up would have been better invested in just purchasing the crypto at it's dip and riding the wave. Power companies are making bank right now.
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kougar
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Re: bitcoin > $23,000
2021/01/04 19:30:15
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Hoggle
It really doesn't seem like a good investment when it can go from $5,540 to $31,146 in just three months. It's great if you caught it at the low but it's a bubble and ask those people in the late spring of 2017 when it crashed how that felt.
Well, it took closer to two years for that. And I didn't care about the crash, post-crash I had $70 in bitcoin. Now it's worth 11x that and I'm cashing out. After the next crash I may even invest in it again. Don't get me wrong, I never said it's a good investment and I discourage the notion of investing in crypto. That being said, I've looked at the GDAX trade exchange and a few others... there is an entire crypto-currency exchange market rivaling any traditional stock market, and there are many very real businesses hooking into it. More than I certainly expected to find. As I said before, B&M stock exchange markets are as much of a joke as the crypto ones these days. Stock valuation is almost entirely based on speculation, just look at any of the hundreds of multi-billion dollar IPO's in the last decade. Companies that haven't made a profit since their inception gain IPO's of $50-100 billion dollars... tell me that's not the same fantasy speculation that crypto markets trade on. 
Have water, will cool.
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Xavier Zepherious
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Re: bitcoin > $23,000
2021/01/05 12:13:28
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biz1
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Re: bitcoin > $23,000
2021/01/05 19:09:17
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ty_ger07
It's a bad time to buy Bitcoin; it's at a historic high. Bitcoin has no use, the fees are high, the transaction times are slow, and big quantities are hard to move.
It's a great time to sell Bitcoin and pay your debts. If I had any I would be selling it. The process of selling is slow, and I wouldn't want to be caught with my pants down trying to rush it through as the value was crashing again. I know someone who lost a potential $1 million last time it crashed simply because he couldn't get it on the exchange and withdraw it fast enough. I would definitely be starting the process and moving it. There are usually daily, weekly, or monthly limits and it will be tied up. As the bubble pops, the crippled Bitcoin network is overloaded and you are stuck waiting for it to reach the bottom as the transactions before yours are being confirmed and you are bumping up on the transfer limits enacted by KYC laws. Don't be stuck at the bottom. I would be setting goals to sell percentages at various milestones.
Anyone who thinks that Bitcoin is a good way to divest their dollars is not educated about Bitcoin's shortcomings and is living in a world of idealism. Speculation and idealism is the only thing keeping Bitcoin's value where it is.
I hear that. I think the fear of missing out (FOMO) is totally inflating the value.
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Xavier Zepherious
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Re: bitcoin > $23,000
2021/01/07 12:55:29
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