Bitcoin - What Goes Up Must Come Down

I'm conflicted as well. On one hand I do mine (with my gaming PCs, I don't have a dedicated 6 GPU rig or anything like that) so the $7/day at the present rate is less than half of what I pulled in earlier in the year. On the other hand, the GPU scarcity and subsequent gouging needs to stop if PC gaming is going to continue as my primary hobby.

And this, friends, is how you mine. Sensibly. You use the stuff you already have, and you watch the electricity bill to see if its worth putting your rig through the stress of maybe having some free wampum.

Kudos to YOU, level-headed Sir.
 
Cryptos are the future of money, decentralized / capped number of coins available. If you haven't seen volatility before ( like the DJIA / Nasdaq/ etc) its because they aren't REAL markets. They are high frequency trading algorithims controlled daily. So buy the dip while its on sale folks. BTC will go above 40k this year.

Central tenant, when you can't prove your point, disprove the counters point making the argument a draw. This is known as transitive inverting the statement which is a fallacy.

I can't prove Crypto is valid, so I will claim other currencies are just as invalid.

And if you believe that....
 
You have no clue what XRP is designed to do it seems -- it's a cross border platform that's designed for banks basically. To move money instantly and insanely cheaply vs the SWIFT/NOSTRO system we have internationally now. It's a company and product designed to play by the rules, and move trillions of dollars far faster and far cheaper than ever before. It blew my mind just how fast I was able to transfer value across exchanges in seconds vs hours and sometimes days with BTC.

Judging by your child like mentality to wish failure on something you don't understand, and the fact you can't even spell Ethereum properly... I'm going to guess you are one of the get rich quick kiddos that can't grasp the concept of the right tool for the right job. BTC has enjoyed first to market status in the crypto world, the idea brought about a new way of thinking. Problem is scaling to meet the needs of the world, the constant infighting and forks of the network aren't exactly doing it any favors. Lighting network? hah that's funny.

What's really funny is you are saying the same exact thing that countless people said about bitcoin in it's early days, and we see how that worked out.

Sorry but my spelling is not an argument in favor of Ripple. Ripple is something no one needs or wants. Clearly banks asked for this tech, because they can't move money? Or wait they can do that already...
 
So.....buy now?? I'm willing to jump in at such low prices...can't go much lower, and its boud to jump back up.
It's crashing and going to crash further.

Government regulation is only part of it. The recovery probably would happen sooner.

The main reason the crypto market is collapsing right now? Tether. If you are in the crypto market now and haven't heard about it - GTFO! Convert to fiat! This article sums it up well: https://seekingalpha.com/article/4142131-virtual-sky-falling

I heard about the possible risk months ago of Tether, but did not realize how big the implications were. The likelihood that Tether was being to used to manipulate the market seems almost certain. Tether is supposed to be backed 1:1 with U$D. Basically, every time a person sold crypto on Bitfinex, it was converted to Tether. If the price of the crypto rose 50% and it was converted to Tether again, more Tether was created out of thin air.

Now the US government is trying to audit Tether/Bitffinex. Tether now claims they never had an auditor!

Crypto will recover, but it's going to fall hard right now. If you are in Tether, your money will evaporate if the audit finds it is not backed by USD. If you are in any crypto, it's going to fall, because Tether artificially inflated the price. The largest exchange (Bitfinex) would also collapse. US government may also use it as an excuse to regulate the industry.

Even if you don't believe the FUD, the risk/reward ratio is low. Buy back if this whole thing blows over.
 
Last edited:
Just another opportunity to accumulate. Crypto is not going away.

The smart folks are investing in blockchain technology, not just looking for quick gains.
 
The hardcore old school bitcoin people view it has a middle finger to "the man"... with some idealized mad max style vision for the future financial system. Sorry, long term that just won't fly on a mass scale. Skirting taxes, buying drugs online, that's all well and good but like it or not the vast majority of people don't want the crypto world to be the wild west. As with many other industries, products, or services, going mainstream means going legit and working within the laws setup by whatever government you might have. Short of all governments collapsing rules will exist for things like this. There are already anonymous cryptos out there fully capable of skirting the who/what/where/when points you call out in the regulations part.

Being a physical entity no longer matters in our day and age as we progress technologically, sure there's utility in what you can do with gold and silver producing this or that, but value can be assigned to anything. The dollars in your wallet aren't backed by anything other than words from the government, it's value is just a collective agreement we all have with each other.

How many time do I have to write out the obvious: IF YOU CAN'T GET HARD PHYSICAL LEGITMATE GOVERNMENT BACKED CURRENCY in EXCHANGE FOR CRYPTO, THEN CRYPTO BECOMES WORTHLESS. I said this like 20 times in previous post. And no one has countered it.

ANY CLEARING HOUSE will have to handle substantial sums of money and they are ALL BECOMNIG REGULATED. If the government tells banks, "No working with a clearing house" you're basically f'd without the reach around.
 
There are more than ten times as many altcoins in the world than there are currencies.

The speed with which new coins are made up is increasing rapidly. That's why this boom is doomed. Well, that and the endless fraud that drives a scary portion of the altcoin market.

The hobby guys will all be fine because they're hobby guys. The dreamers? They get fucked on everything anyway. Endlessly shocked that their latest get rich quick scheme failed like the last one did, and the one before that, etc.
 
Last edited:
Lot's of crypto trading geniuses in here. No one knows what it's going to do, could go back up, could fall further. It's not a normal stock with PE ratios and dividend payouts and earnings reports.
 
I think a lot of people see these coins solely as a currency, which, to be fair, I totally understand. However, that's not the full picture.

Blockchain solves too many real-world issues we currently face for these systems to not be put to work in many, many different industries.
 
I think a lot of people see these coins solely as a currency, which, to be fair, I totally understand. However, that's not the full picture.

Blockchain solves too many real-world issues we currently face for these systems to not be put to work in many, many different industries.

Give me an example where it can be traded for physical goods. If you are using it as a hedge against inflation or market crash, commodities (gold silver) do the same thing, and it's a lot less risky.

At the end of the day, you need wood/steel for a roof. You need electricity for you devices. You need a mining industry and farming industry for all kinds of stuff. You need pipes for plumbing. etc etc. Bitcoin doesn't give you any of that. It's not backed by anything. The US dollar is backed by the US GDP. That means we are producing something called "Product"
 
Because reasons.

dumbevillaugh.gif
 
Give me an example where it can be traded for physical goods. If you are using it as a hedge against inflation or market crash, commodities (gold silver) do the same thing, and it's a lot less risky.
Newegg.com, but you missed my point entirely. I'm not arguing there are limited uses for crypto when compared to traditional currencies.

I'm simply saying, crypto is the future of currencies, and it won't be long before governments are all on board with blockchain tech.
 
Newegg.com, but you missed my point entirely.

No I didn't. If you can't trade it for something of value, it's worthless.

"Here's some dirt. That should get me a new gaming rig right?"

Ummm no. New Egg realizes that risk and why there is a price premium.

You can use block chaining for tracking of all sorts of stuff. But that doesn't have a real monetary value. It's like saying any serial tracking software has value. UPC's have value? Do they?
 
Blockchain solves too many real-world issues we currently face for these systems to not be put to work in many, many different industries.

which does nothing for any of these crypto's :)
 
No I didn't. If you can't trade it for something of value, it's worthless.

"Here have some dirt. That should get me a new gaming rig right?"

Ummm no. New Egg realizes that risk and why there is a price premium.
Again, you are missing the point. I'm not arguing against the fact that there are currently (emphasis here) limited uses for crypto when compared to traditional currencies.

I'm simply saying, crypto/blockchain is the future of currencies. The building blocks are here.
 
Last edited:
Again, you are missing the point. I'm not arguing there are currently (emphasis here) limited uses for crypto when compared to traditional currencies.

I'm simply saying, crypto/blockchain is the future of currencies. The building blocks are here.

Possibly crypto currency is the future. But if that day becomes a reality, then the government will the only one controlling it.

I still think today's crypto will fall on the competing standards issue.

Back in the heyday of mining, companies would issue their own currency to pay miners for their work. The catch was the currency was only good at the company store which charged a lot for basic supplies. Hence for the song, "Another Day Older, And Deeper In Debt. ....Saint Peter I can't go, because I owe my soul to the company store"

The government eventually outlawed that practice as predatory.
 
Possibly crypto currency is the future. But if that day becomes a reality, then the government will the only one controlling it.

I still think today's crypto will fall on the competing standards issue.

Back in the heyday of mining, companies would issue their own currency to pay miners for their work. The catch was the currency was only good at the company store which charged a lot for basic supplies. Hence for the song, "Another Day Older, And Deeper In Debt. ....Saint Peter I can't go, because I owe my soul to the company store"

The government eventually outlawed that practice as predatory.
Mark my words, you can quote me someday if I'm wrong.

Governments not hopping on board here and now, will be the losers in all of this. You already have governments creating coins with existing technology.

Personally, I trust encryption keys a hell of a lot more than I do my government.
 
Didn't read the article did you? Fall is caused by countries announcing outright banning and heavily regulating including India, China, and S. Korea.
This is what I'm talking about. Governments aren't going to let this become a thing without them getting to control and profit from it.
 
How many time do I have to write out the obvious: IF YOU CAN'T GET HARD PHYSICAL LEGITMATE GOVERNMENT BACKED CURRENCY in EXCHANGE FOR CRYPTO, THEN CRYPTO BECOMES WORTHLESS. I said this like 20 times in previous post. And no one has countered it.

ANY CLEARING HOUSE will have to handle substantial sums of money and they are ALL BECOMNIG REGULATED. If the government tells banks, "No working with a clearing house" you're basically f'd without the reach around.

I'll take a stab at it lol. Disclaimer: By no means am I an expert nor do I claim to be, most likely I will be wrong and am seeing this as a learning experience so take it as such :).

Your first capitalized statement is true to an extent. If someone is willing to give up an item for said Cryptocoin, that coin is now worth whatever that item is, in turn making it worth the value of that item in that currency. You don't need a direct fiat to Crypto exchange for it to be worth something, it becomes worth something as soon as someone is willing to trade anything tangible for said coin.
 
IMHO, the whole concept of why block chain currencies have value is based on the assumption that some day regular people are going to want to start using it as cash for their transactions, and thus the demand will go up and it will increase in value.

I'm still not convinced that will ever happen.
 
IMHO, the whole concept of why block chain currencies have value is based on the assumption that some day regular people are going to want to start using it as cash for their transactions, and thus the demand will go up and it will increase in value.

I'm still not convinced that will ever happen.
Honestly, most of the current value comes from investors looking to make a buck.

Give developers a few years to create actually working applications built on a blockchain, and you'll start seeing the real money flow in.
 
Honestly, most of the current value comes from investors looking to make a buck.

Give developers a few years to create actually working applications built on a blockchain, and you'll start seeing the real money flow in.

Well yeah, the investors want to make a quick buck, but the quick buck predictions is based on an assumption of demand growth, and that demand growth would depend on the crytpocurrencies being adopted en masse for regular transactions.
 
i want to see a huger crash than this.

I love how analysts say "it's probably going to rise another 30%" when shit is heading up.
and they say "the selloff probably isn't over" when shit is heading down.

so insightful. They must have PhD's in this shit.
 
Well yeah, the investors want to make a quick buck, but the quick buck predictions is based on an assumption of demand growth, and that demand growth would depend on the crytpocurrencies being adopted en masse for regular transactions.
It's just the definition of "regular transactions" that I'm trying to point out here.

People should understand there's more to it than a dollar value.
 
I'll take a stab at it lol. Disclaimer: By no means am I an expert nor do I claim to be, most likely I will be wrong and am seeing this as a learning experience so take it as such :).

Your first capitalized statement is true to an extent. If someone is willing to give up an item for said Cryptocoin, that coin is now worth whatever that item is, in turn making it worth the value of that item in that currency. You don't need a direct fiat to Crypto exchange for it to be worth something, it becomes worth something as soon as someone is willing to trade anything tangible for said coin.

Your theory is fine. But at the end of the day, it's US currency that buys things in the USA. The government won't let that control go. That means losing control of the economy via the Fed. You could prosecute any business that deals in illegal currency.
 
Your theory is fine. But at the end of the day, it's US currency that buys things in the USA. The government won't let that control go. That means losing control of the economy via the Fed. You could prosecute any business that deals in illegal currency.

US currency is the most widely accepted form of payment that buying things in the USA. Bartering and trading is a thing. You can buy things with other things, it's not a theory. By trading or bartering one item for another, the item that is viewed to be valueless (in this sense crypto), it then has a value because the people conducting the transaction give it said value. Value is not decided by some magical over ruling power, it is decided based on demand and supply and the value people assign to the item.

And they could prosecute, if they are able to see it happen, but I'm not here to debate that matter as that is a very deep rabbit hole I would rather not waste both of our time on :).
 
How many Vegas and 1080s will we see in the FS/FT forum before the end of the day?? Lolz.
I think I'll pass on those.
Thanks for the GPU price inflation, but I'll wait till the new ones are in stock and plentiful. Which by the looks of things, will be shortly....
 
Well, the dow is down 600 points today too because of the Fed, so just not a good day for investors period ;)
 
What a ride ;)
I "almost" feel sorry for those heavily invested types who might be asleep right now.

But but but block chain.......
Muh coins are worthless now.....

Serves the hoarders right
 
How many Vegas and 1080s will we see in the FS/FT forum before the end of the day?? Lolz.
I think I'll pass on those.
Thanks for the GPU price inflation, but I'll wait till the new ones are in stock and plentiful. Which by the looks of things, will be shortly....

Why would we see any more than usual?

Bitcoin going on sale doesn't have a direct corollary to mining revenues (in fact conditions are more ideal right now for mining in a bear market than when BTC is closer to ATH) or what's contributing to the shortage of luxury class GPU's for a few weeks.

Still it's adorable to watch disinterested or just misinformed observers seem to assume every BTC dip means something for their "flood of cheap GPUs" fantasy.
 
Last edited:
I mine and own a pretty good amount of GPU's. Could not be happier about this temporary down turn. It will allow me to pick up another 30 -40 cards.at reasonable prices. :D
 
US currency is the most widely accepted form of payment that buying things in the USA. Bartering and trading is a thing. You can buy things with other things, it's not a theory. By trading or bartering one item for another, the item that is viewed to be valueless (in this sense crypto), it then has a value because the people conducting the transaction give it said value. Value is not decided by some magical over ruling power, it is decided based on demand and supply and the value people assign to the item.

And they could prosecute, if they are able to see it happen, but I'm not here to debate that matter as that is a very deep rabbit hole I would rather not waste both of our time on :).

Bartering involves physical exchange of goods or services.

The concept you are speaking of is a promissory note that says "I'm worth XYZ" The states had the same issues when they each issued their own tender. (And no one used it over the British pound)

It's splitting hairs, but the problem with it, one has a physical backing or some sort: Work or objects. Cypto does not.

The US Dollar is backed by the GDP where we actually produce product to back up our value.
 
I mine and own a pretty good amount of GPU's. Could not be happier about this temporary down turn. It will allow me to pick up another 30 -40 cards.at reasonable prices. :D
To be a blunt asshole, when the bottom falls out the rest of the way and you start selling those gpus at a loss, I am going to laugh until I piss myself.
 
Back
Top