Bitcoin Plummets Below $7,500

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rich dad says "never use your money to invest, there are other avenues"

what about the theory of using CC to invest in bitcoin? good time to buy?
 
spacecowboy863 said:
rich dad says "never use your money to invest, there are other avenues"

what about the theory of using CC to invest in bitcoin? good time to buy?
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Rich dad is borderline criminal, and he heavily invests in real estate...

Wonder how rich dad has been doing the last decade.
 
spacecowboy863 said:
rich dad says "never use your money to invest, there are other avenues"

what about the theory of using CC to invest in bitcoin? good time to buy?
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They just fixed that (most major banks), so only debit cards or bank accounts.
 
Please god, let this hodl AT LEAST until 1080TI's are back in stock. My 780's 3GB just aren't cutting it!

P.S.

I don't pay my electric bill so I'm still mining on them. lawl.
 
Looks like the Stock market and Bitcoin are trying to out do each other in the dive to the bottom....yikes!
 
Bowman15 said:
Looks like the Stock market and Bitcoin are trying to out do each other in the dive to the bottom....yikes!
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Well the financial industry is a bit of a house of cards anyway. Its just that bitcoin isn't so much a house of cards, but a pile of cards desperately hanging in the exhaust from all the GPUs.
 
atp1916 said:
What are you talking about?
<snip>
To be not profitable, bitcoin would have to drop to that 1312 price point. That ain't happenin.
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Shhh.. I don't know why you guys insist on explaining yourselves to the angry simples that believe every Bitcoin dip means mining is suddenly unprofitable as if that's the only variable; or that the "flood of cheap GPU's" fantasy is suddenly happening.

Just agree with them.
 
back under 7k now lol yeah real stable .... its like 1920's Germany
 
Master_shake_ said:
i hear it was charge backs that caused that.
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Maybe I don’t know. Just read from multiple sources that most major banks have stopped allowing people to use bank credit cards to purchase crypto.

I can’t blame the them but they were a couple of weeks short. Whoever used credit cards to buy during this parabolic run up is feeling pretty terrible right now.
 
Sycraft said:
More accurate to say USD is backed by the American economy. I suppose you can try to argue that is worthless, but that is a rather losing battle.
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Backed by an 'economy' that borrows almost 1$ for every 1$ produced. Yup, nothing could go wrong there, that's totally sustainable.
 
Bitcoin is still down, but a lot of the more popular GPU mineable coins are heading back up and not too far off their highs before the crash of the past couple days.
Get your cheap video cards while you can.
 
Biznatch said:
Backed by an 'economy' that borrows almost 1$ for every 1$ produced. Yup, nothing could go wrong there, that's totally sustainable.
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No, not at all accurate. The US GDP is in the realm of $19 trillion/year. US government borrowing is in the realm of $500 billion/year.
 
Sycraft said:
No, not at all accurate. The US GDP is in the realm of $19 trillion/year. US government borrowing is in the realm of $500 billion/year.
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I believe Biznatch is mistaking deficit for debt.

There is another issue with common deficit/debt thinking, and to be fair its a common one. People retire, and by that retirement they ideally are debt free and living off saved income, so a persons borrowing declines as they age. Many people apply this to governments as well, yet a government theoretically never dies and continually generates revenue. In theory a government can borrow forever, as long as they acceptably service their debt, there is no point of retirement and thus no point at which the debt needs to be paid.
 
Aireoth said:
I believe Biznatch is mistaking deficit for debt.

There is another issue with common deficit/debt thinking, and to be fair its a common one. People retire, and by that retirement they ideally are debt free and living off saved income, so a persons borrowing declines as they age. Many people apply this to governments as well, yet a government theoretically never dies and continually generates revenue. In theory a government can borrow forever, as long as they acceptably service their debt, there is no point of retirement and thus no point at which the debt needs to be paid.
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That's all true, but isn't the idea that the debt is increasing at a faster rate than the revenue is? Government doesn't need to pay off debt that's perpetually in the future, but if it's getting swallowed by the rate, that's where the instability comes in.
 
tetris42 said:
That's all true, but isn't the idea that the debt is increasing at a faster rate than the revenue is? Government doesn't need to pay off debt that's perpetually in the future, but if it's getting swallowed by the rate, that's where the instability comes in.
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That would be deficit, the debt is total amount owing, the deficit is the amount added per calendar year.

Yes if the deficit is eclipsing revenue problems can occur, the only instance I can think of in the first world was New Zealand, due to a declining economy and expensive social policies, foreign lenders stopped lending to New Zealand, forcing the government to change its policy as they could no longer borrow capital.

Some might argue that Greece's situation is similar but that is really more of an issue with the European union having a unified currency, without unified taxation, and allowing countries that shouldn't join to join. In a traditional world Greece's currency would be devalued allowing their exports to be more competitive and turning them into a cheap travel destination.
 
triwolf said:
Like most things, when news is bad, they report it, when good they forget to let others know. At the moment Bitcoin is up 25% to $8300 from the low. Is this [H] worthy for a news headline???
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When it's up they belly crawl back into the shadows and weep about vid'ya cards.
 
DPI said:
When it's up they belly crawl back into the shadows and weep about vid'ya cards.
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Jokes on you, I can't afford a video card even at MSRP.. so HA!

Seriously tho, it hasn't mad enough of a comeback to write home about. Suddenly shoots back to 15k, yeah I'll write about it. Still sitting at less than half its value from 2 months ago, not so much
 
rgMekanic said:
Jokes on you, I can't afford a video card even at MSRP.. so HA!

Seriously tho, it hasn't mad enough of a comeback to write home about. Suddenly shoots back to 15k, yeah I'll write about it. Still sitting at less than half its value from 2 months ago, not so much
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Except I saw so many Nostradamus types saying $5K or zero all over the web, so like I said before, no one knows. Making decisions based on one day's price is uber dumb.
 
triwolf said:
Like most things, when news is bad, they report it, when good they forget to let others know. At the moment Bitcoin is up 25% to $8300 from the low. Is this [H] worthy for a news headline???
Click to expand...
Correction, I read the wrong line, Bitcoin is actually up about 15% and DASH is up about 20%. Best bet is to go long on crypto, although lots of people will tell you otherwise. Chaos never sleeps though, don't expect miracles. Even analysis can be way wrong in crypto, although some of it is valid. It's a new animal.
 
Aireoth said:
I believe Biznatch is mistaking deficit for debt.

There is another issue with common deficit/debt thinking, and to be fair its a common one. People retire, and by that retirement they ideally are debt free and living off saved income, so a persons borrowing declines as they age. Many people apply this to governments as well, yet a government theoretically never dies and continually generates revenue. In theory a government can borrow forever, as long as they acceptably service their debt, there is no point of retirement and thus no point at which the debt needs to be paid.
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*ideally* people of retirement age would be debt free and living off savings. Of course the reality is that a huge % of the population is racking up personal debt, spending excessively when they should be saving, and are going to be effectively penniless and relying on Social Security when they reach 'retirement' age. And the theory is that the government can continue to borrow forever, but this comes at an inflationary price that seriously harms responsible savers. Coincidentally enough, Bitcoin was created as a response to this.
 
let you all know the ONLY thing keep crypto alive now is wash trading and pump and dump trading ... think about that
 
Elios said:
let you all know the ONLY thing keep crypto alive now is wash trading and pump and dump trading ... think about that
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I think copy pasted buzzwords you don't even understand comes across like a five year old that just learned the F word.
 
Here's hoping crypto is the Cuecat of tomorrow.
Don't worry miners, you can use the excess GPUs for physix like the old "PPU".
The reality is AMD and Nvidia would be fucked if crypto fails. The shelves would sit dusty for a while as gpu hoarders from China and elsewhere swap the market with used products of dubious reliability.
 
Elios said:
let you all know the ONLY thing keep crypto alive now is wash trading and pump and dump trading ... think about that
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Look, most of us have had to pay huge interest rates at some point, or know someone who has, so the fact that money or value can be sent so quickly securely etc. with crypto is a good thing, if you have a better idea go ahead and try that. The world is free and choose not to participate, you don't have to do do anything with crypto.

Why would you pay a high interest rate if somehow crypto can be lent at a great rate, would you try it? I know I would, why pay more in interest if you don't have to, if there is a crypto bank that could lend and therefore cost them less money and they can lend for less and you benefit. Or lots of other things that may come from crypto that help the whole world economy.

All the negative will come back, there is negativity that spreads and ultimately you end up shooting yourself in the foot. The banks only want no or hardly any competition so they can destroy you in interest and fees.

If you care to know, In Greece and recently Venezuela the people were starving and Bitcoin is and was used to save people's lives. They are down an average of 20 pounds, from their idiot leader. There is so much out there to see and know about now daily it is impossible to keep up.
 
triwolf said:
Like most things, when news is bad, they report it, when good they forget to let others know. At the moment Bitcoin is up 25% to $8300 from the low. Is this [H] worthy for a news headline???
Click to expand...

Yeah, I don't even watch Bitcoin but I totally missed the national headlines when it hit $17k and people were getting second mortgages to buy
 
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