Bitcoin Minus $119B..with a B

FrgMstr

FrgMstr

Just Plain Mean
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Bitcoin has turned a bit of ugly, or pretty, depending on how you look at it. USA Today reports that after its huge rise at the end of last year, Bitcoin has had its worst first quarter in history with over $119 BILLION wiped off its value, with most other cryptocurrencies following suit. You know what we say? Good. Rot in hell you dirty miners. I hope you all choke on a GPU and die. In other news, Raul Swood will tweet about gambling illegally on esports with volatile crypto for half of what John McAfee will do it for.


Bitcoin fell from $13,412.44 to $6,928.85 in the three months ended March 31, marking a more than 48% decline, according to data from industry website CoinDesk, which tracks the price across a number of exchanges. The cryptocurrency's previous biggest decline came in the first quarter of 2013 when it fell 37.9% from $770.44 to $478.72. CoinDesk has only tracked the price since 2010.
 
Using my gaming rigs I mined enough to buy myself a couple hard drives and a sound card. Gotta make them earn their worth when just sitting there. Sure I could be folding proteins, but that seems a bit too selfless for me.
 
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cryptocurrency has its place and i think its a good tech but:
a. needs less scams (ipo)
b. needs to be energy efficient (not worth burning the planet down)
c. needs security, transparency etc

When more energy conserving but valid use cryptos emerge (fast, has a purpose etc) ... bitcoin may not be it.

Or we need more alternatives to gpu mining like the ASIC rigs (which are also hated on).
 
What about the part of the story where many miners made a mint in 2017, and no matter if Bitcoins and cryptocoins in general go to 1% of their all time high, lots of miners are still filthy rich? Timing? LOL
 
oROEchimaru said:
cryptocurrency has its place and i think its a good tech but:
a. needs less scams (ipo)
b. needs to be energy efficient (not worth burning the planet down)
c. needs security, transparency etc

When more energy conserving but valid use cryptos emerge (fast, has a purpose etc) ... bitcoin may not be it.

Or we need more alternatives to gpu mining like the ASIC rigs (which are also hated on).
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a. i dont want it to be heavily regulated but thats the only way to stop bs icos. i would just say be smart.
b. there are preposed solutions and ether is planning on moving twords that
c. its stupic secure right now and some coins are very transperant. (almost all legit cryptos have the sourse code avalible.)

it wont be bitcoin because bitcoin cant update (fork) without messing up everything. it will probrably be ether.

asics dont help much dificaculty jumps with network hashrate so even though a asic does much more then a gpu its not much harder to mine the same coin.
 
trick0502 said:
pc gamers should love bitmain. bitmain makes asics. asics > gpu. once the asic comes out, no more gpu mining.
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nolt really how it works. some coins are pretty difficult to develop asics for and gpus can easily move around (or coins can fork) all a asic does is only moderatly impact profitability.
 
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I bought many GPU's, then mined with them, then sold half of them for a profit. I then took that profit, and the profit made from mining and spent it on luxury products and school fees. The rest are still mining away and I intend on doing the same thing. I've made my investment back many fold already. Not a single one of them has ever played a game, and never will.

The only thing I'm choking on is glee, and money.
 
trick0502 said:
pc gamers should love bitmain. bitmain makes asics. asics > gpu. once the asic comes out, no more gpu mining.
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Not exactly, it's happened with DASH and Siacoin, and there are still profitable coins. Yes, they are less profitable than before. Hate to burst your bubble, but the ASIC has been around a long time, and a smart person keeps up with what is happening so they don't get pooch screwed. Don't let me cause you to question your reality though, I know there are many people that like to have their own facts. Doesn't make it right though.
 
kirbyrj said:
What isn't really mentioned though is that even with the 40% decline, it's still up 1500% or something like that in 5 years. If it goes up 1000% in the next 10 years, that's still a good investment now.
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it was like 1k this time last year. crypto is still doing good.
 
cdabc123 said:
it was like 1k this time last year. crypto is still doing good.
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My point is that even a small amount gained by mining in your gaming rig's spare time still might be worth a decent chunk of money in the future.

Like, "Remember when I let my video card run for 6 months 30 years ago? Well, I just bought a car with that money" type of investment. Of course, it could be worth nothing also...or exactly the same as it is now...
 
davethehedgehog said:
I bought many GPU's, then mined with them, then sold half of them for a profit. I then took that profit, and the profit made from mining and spent it on luxury products and school fees. The rest are still mining away and I intend on doing the same thing. I've made my investment back many fold already. Not a single one of them has ever played a game, and never will.

The only thing I'm choking on is glee, and money.
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Careful where you post that, the IRS will come knocking on your door looking for their cut.
 
kirbyrj said:
My point is that even a small amount gained by mining in your gaming rig's spare time still might be worth a decent chunk of money in the future.

Like, "Remember when I let my video card run for 6 months 30 years ago? Well, I just bought a car with that money" type of investment. Of course, it could be worth nothing also...or exactly the same as it is now...
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do the math if the curent value is greater then electric costs mine if its less jus buy the crypto.
 
SomeoneElse said:
Careful where you post that, the IRS will come knocking on your door looking for their cut.
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They're welcome to. I'll make them a brew and tell them all about it. I don't live in the US. I also declared all capital gains on my return and fully paid taxes due. Cleared it with my accountant also. Not everyone is a tax dodger, people should be applauding this, rather than international companies doing it and avoiding any taxes due.
 
Oh man is this good news! 5 months of this insanity, no GPU's in stock that aren't 300% over MSRP. Hope the bottom falls out and we don't have to go thru this bullshit again in a few years. Twice is enough
 
Perhaps AMD and Nvidia created Bitcoin. Can you imagine how crazy that would be? They both are making bank off GPU purchases so if I was the conspiratorial type then I would posit that probability.
 
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zamardii12 said:
Perhaps and Nvidia created Bitcoin. Can you imagine how crazy that would be? They both are making bank off GPU purchases so if I was the conspiratorial type then I would posit that probability.
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I doubt it as Nvidia sucked at mining until recently.
 
zamardii12 said:
Perhaps and Nvidia created Bitcoin. Can you imagine how crazy that would be? They both are making bank off GPU purchases so if I was the conspiratorial type then I would posit that probability.
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Did I say you could use any of my tin hats!?!?!? Kudos though,...best conspiracy thought of the day!
 
oROEchimaru said:
cryptocurrency has its place and i think its a good tech but:
a. needs less scams (ipo)
b. needs to be energy efficient (not worth burning the planet down)
c. needs security, transparency etc

When more energy conserving but valid use cryptos emerge (fast, has a purpose etc) ... bitcoin may not be it.

Or we need more alternatives to gpu mining like the ASIC rigs (which are also hated on).
Click to expand...

a. There are countless (really) scams that deal in cash and credit cards, this is a people problem and not a crypto problem.
b. for its value and use Bitcoin and the like use quite little energy, which dies off after a given point when all coins have been mined.
c. Bitcoin and its blockchain are secure as any other form of currency people use today, the problems came from people keeping or giving coins to people and places that were well known not to be trusted. And on the transparency front the source code is available for those that want to review it and the block chain is a permanent and public ledger. Show me a credit card or bank that has that sort of transparency.
 
triwolf said:
Not exactly, it's happened with DASH and Siacoin, and there are still profitable coins. Yes, they are less profitable than before. Hate to burst your bubble, but the ASIC has been around a long time, and a smart person keeps up with what is happening so they don't get pooch screwed. Don't let me cause you to question your reality though, I know there are many people that like to have their own facts. Doesn't make it right though.
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my point is that asics make gpu mining less profitable. hence the reason game should love bitmain. because they make asics for miners to buy.
 
kirbyrj said:
I doubt it as Nvidia sucked at mining until recently.
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There are too many people in the world posting about things they are not qualified. That is not true, since 2014 Nvidia could be used to mine lots of coins, DASH, Litecoin, etc etc etc. It was marginally slower than ATI, but was still extremely profitable, especially after the exponential price increases. Sorry to have to correct things so much on here, it burns my biscuits to see so much FUD on the internet, hopefully most smart people will question most of the things written and research to see if the poster has any clue whatsoever about cryptocurrency.
 
trick0502 said:
my point is that asics make gpu mining less profitable. hence the reason game should love bitmain. because they make asics for miners to buy.
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Look into it, Monero is changing their coin to be resistant to the ASIC, Ethereum may go Proof Of Stake soon, it's all very volatile, it may make some miners sell cards and get out of the business, to what extent it really pushes GPUs out is unknown, historically, miners switch to another coin, and it doesn't cause GPU mining to completely go away, but does impact it. Something that may impact it more is a new Nvidia GPU, as miners buy all those up becuase even with a higher difficulty, the higher hash rate on the new card makes it miner bait.
 
triwolf said:
There are too many people in the world posting about things they are not qualified. That is not true, since 2014 Nvidia could be used to mine lots of coins, DASH, Litecoin, etc etc etc. It was marginally slower than ATI, but was still extremely profitable, especially after the exponential price increases. Sorry to have to correct things so much on here, it burns my biscuits to see so much FUD on the internet, hopefully most smart people will question most of the things written and research to see if the poster has any clue whatsoever about cryptocurrency.
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You're right...I'm somehow not qualified but every other person is :rolleyes:.

First, the initial comment was about Bitcoin...Nvidia was never "marginally slower" than ATI at mining bitcoin. It was dramatically slower by every metric. Your own statement "since 2014" implies that in the 5 years between the launch of bitcoin and 2014, Nvidia sucked just like I said. Maybe since 2014 Nvidia could be said to be marginally slower depending on what you were mining, but I don't know who would argue Kepler or Maxwell were really good at mining in general compared to their AMD counterparts such as the 79XX/R9 290 series. It wasn't until Pascal that Nvidia is a better option in price/performance/power usage.
 
kirbyrj said:
You're right...I'm somehow not qualified but every other person is :rolleyes:.

First, the initial comment was about Bitcoin...Nvidia was never "marginally slower" than ATI at mining bitcoin. It was dramatically slower by every metric. Your own statement "since 2014" implies that in the 5 years between the launch of bitcoin and 2014, Nvidia sucked just like I said. Maybe since 2014 Nvidia could be said to be marginally slower depending on what you were mining, but I don't know who would argue Kepler or Maxwell were really good at mining in general compared to their AMD counterparts such as the 79XX/R9 290 series. It wasn't until Pascal that Nvidia is a better option in price/performance.
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I said DASH and other coins, not Bitcoin. I myself used Nvidia cards to mine during that time and it was extremely profitable, on altcoins.
Also, it depends on when you actually price the coins, or sold. Sure, ATI was better before 2014 or so, but after 2014 and if you already owned the Nvidia cards, as the investment was way less to mine altcoins, you didn't have to buy ATI cards to mine. I was disputing the "recently" comment, as I and many other used Nvidia since 2014 to great success to mine altcoins.

Good at mining in general is a concept that can change based on the price. If you mined, got out at the right time, Nvidia worked very well for myself and others. I for one didn't spend hardly anything to mine, and came out way ahead.
 
Crypto will never die cause it serves a purpose, and that purpose is to bypass banks. That is literally why it was made. So long as banks fuck around with peoples money, then crypto-currency will exist. I wouldn't call the death of Bitcoin so soon.

 
Might explain why I see higher availability and slightly lower prices on cards of late.

Newegg and BestBuy can choke on their $450 RX580's 4 GB for all I care.
 
oROEchimaru said:
cryptocurrency has its place and i think its a good tech but:
a. needs less scams (ipo)
b. needs to be energy efficient (not worth burning the planet down)
c. needs security, transparency etc

When more energy conserving but valid use cryptos emerge (fast, has a purpose etc) ... bitcoin may not be it.

Or we need more alternatives to gpu mining like the ASIC rigs (which are also hated on).
Click to expand...
When that day happens, I'll happily jump in with both feet.
 
zamardii12 said:
Perhaps AMD and Nvidia created Bitcoin. Can you imagine how crazy that would be? They both are making bank off GPU purchases so if I was the conspiratorial type then I would posit that probability.
Click to expand...
Furthermore, imagine if NV bought stock in their GPP companies and/or resellers. Talk about reinvesting in yourself.
 
Looking forward to the day when gpu hoarders, unsympathetic victims, resign to flood the market at loss like .22lr hoarders years ago. Subsidized GTX 1070's and 1080 TI's for every gamer!

And you can keep your cruddy american eagle 480/580's.
 
zamardii12 said:
Perhaps AMD and Nvidia created Bitcoin. Can you imagine how crazy that would be? They both are making bank off GPU purchases so if I was the conspiratorial type then I would posit that probability.
Click to expand...

Doubt they'd want to because soon they won't be able to give their cards away because the used market is about to be flooded with cards. Not to mention all the bullshit warranty claims that miners will make to try and unload some of them.

Gamers don't buy as many cards at one time as miners do but they're a solid and steady segment of the market that they can bank on.
 
If I didn't know better, I might get the idea that this site has a problem with cryptocurrency miners like me.

I only have four 1080s, four 1070tis, six 1070s, four 1060s, and a TitanXP mining. Don't hate on me.
 
EJ42 said:
If I didn't know better, I might get the idea that this site has a problem with cryptocurrency miners like me.

I only have four 1080s, four 1070tis, six 1070s, four 1060s, and a TitanXP mining. Don't hate on me.
Click to expand...

Mainly I just think crypto currency encourages organized crime, ransomeware, and people trying to hide their tracks like terrorist and sex trafficers. And then there are people who think they are sticking to the system and getting rich for free. It's legitimate uses are limited and it's too unstable. Fees for processing it are also outragious.

Truth is I can drop $2k on a video card and not bat an eye. But it's a matter of principal. I'm not going to encourage this kind of market. I'll invest about $500 for near top of the line and no more and if crypto wasn't here I'm sure 1080tis would be that much by now given pascals age and new line around the corner. Theres just no justification for these hikes other than greed.
 
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DigitalGriffin said:
Mainly I just think crypto currency encourages organized crime, ransomeware, and people trying to hide their tracks like terrorist and sex trafficers. It's legitimate uses are limited and it's too unstable. Fees for processing it are also outragious.
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You forgot people wish you go to the seventh level of hell.

If simply using a video card to mine a code that gives me some sort of item that can be traded and are sometimes called credits, then all banks, video games etc., heck buying a pizza would also get you in hell.

The fees are way down now that every person with a PC isn't trying to mine or send Bitcoin.

Is cash next to go away after crypto? All the negatives are true for cash and really lots of other types of currency too. Anyway, when cash is gone, let me know.

Basically this board is not a place for a gamer and miner to feel too welcome. That's OK, I still hold my head up and defend my position, I've learned a thing or two on these boards and it's been worth the occasional hater. I just try to educate, except not sure there are many potential converts, they have some real hate. Didn't a puppet once say:

“Fear is the path to the dark side. Fear leads to anger. Anger leads to hate. Hate leads to suffering.”
 
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