Bitcoin Has Passed $4,000

Megalith

24-bit/48kHz
Staff member
Joined
Aug 20, 2006
Messages
13,003
It was only last week that Bitcoin passed $3,000 for the first time, but now it’s trading at over $4,000. Some say that the creation of Bitcoin Cash and the adoption of SegWit (which allows for more transactions) were responsible for the recent surge, having boosted confidence in the cryptocurrency’s future. Wall Street’s obsession with Bitcoin and its constant reporting may also be fueling the craze.

So what happens next? No one knows. Bitcoin could crash 50% to $2,000 tomorrow or spike to $5,000 – and I don’t think anyone who truly knows crypto would be surprised at either option. Everyone has a different opinion – some say the bubble is oversized and should have popped months ago – others think that bitcoin is currently just a fraction of what it could eventually trade at. Whichever camp you fall in, here’s one friendly reminder: don’t invest more than you can afford to lose – because if you ask anyone who’s spent more than a few months in the cryptocurrency world they’ll tell you it’s a roller coaster.
 

Galvin

2[H]4U
Joined
Jan 22, 2002
Messages
2,697
Bitcoin attracting big investors now cause of its price, long term I think it'll keep going up. Btw segwit isn't truly active yet, that doesn't happen till the 22nd.
 

RiPpLeeFFecT

Limp Gawd
Joined
Mar 3, 2004
Messages
369
Just staying with mining and riding this.

Once segwit and lightning network goes live, I'll have a full node running.
 

collegeboy69us

Supreme [H]ardness
Joined
Jul 27, 2003
Messages
5,256
Been in and out of bitcoin and altcoin mining for a while now.... and there are usually usually 3 types of opinions on the whole thing:

1) The get rich quick dream chasers that go out and either buy lots of hardware at hyper inflated prices to mine or lots of btc itself (via altcoins), they usually get pissed off and lose in the long run just because they have no idea what the ROI period can really take, mixing in the fact with the insane volatility it's akin to gambling.

2) the butt hurt people who are pissed at the whole thing through a combination of not being able to buy a GPU for dirt cheap, or because they missed out on a lot of essentially free money. In my interactions with them these people lack a basic understanding of supply and demand economics and are generally rude/nasty people.

3) the laid back hobbyist (I like to put myself in this category) it's a hobby that's fun, and happens to line my pocket with a nice wad every month for literally doing nothing. I don't have illusions that I'll be an overnight rich person, and getting started on any worthwhile income is slow and steady. Start with one GPU till it returns its investment cost, put any profits into more GPUs. I'm at the point where I'm running 14 GPUs in my house and will now just be in profit taking mode. (no more re-investment into hardware) It was slow to start but the bonus is that I'm always using the "free" money I generated. Bonus is the fact my electricity only costs 7 cents per kwh delivered. The few times I've expanded my min-farm it's always from used GPUs that are cheap/good (harder to find these days obviously) I can go out and buy $1k worth of 1060s, and the farm wide return on investment time hovers right around 30 days for me.

Even though the mining rush (seems) to have subsided a bit, I'm setup in a position to bring in 500-600 a month after power costs... I'm looking forward to paying off my car 3 years early due to this. Sure, I could hold onto any BTC i get, but I'm not a huge gambler.

Funny anecdote: Facebook reminded me via those "on this day x years ago" from your previous posts... when BTC first hit $20, I sold 1 BTC for a $20 amazon gift card and posted about how cool it was getting free amazon bucks for doing essentially nothing. I did kind of want to slap myself because it's at $4k at this point. I don't get too upset though because it could have just as easily crashed to nothing and never come back, just like now. There are no guarantees, and you take the actions that best suit you with the info you have.

Even if it bombs out tomorrow - I'm still net positive on returns, unloading GPU's that already paid for themselves for dirt cheap is just icing on the cake should I ever choose to exit to whole thing. Not likely though, especially with winter coming up, it's pretty awesome having a house that stays toasty warm from the waste heat and pays you for doing it.
 

cdabc123

2[H]4U
Joined
Jun 21, 2016
Messages
2,359
It needs to stop climbing, I would like to be able to get a new video card sometime this year.
btc has no effect on gpu prices. If ether crashes to the floor that is enough to flood the used markets. If bitcoin falls off the earth but ether stays up gpus will continue to sell for extreme prices
 
Last edited:

M76

[H]F Junkie
Joined
Jun 12, 2012
Messages
10,975
Cryptocurrency needs to die, before it upends the entire economy. We should realize that the rules are there to give stability. If the rules no longer serve the best interests of humanity they should be changed, radically if necessary.
 

tetris42

Supreme [H]ardness
Joined
Apr 29, 2014
Messages
4,518
Cryptocurrency needs to die, before it upends the entire economy. We should realize that the rules are there to give stability. If the rules no longer serve the best interests of humanity they should be changed, radically if necessary.
So what exactly are the rules of the modern economy that give stability? Allowing banks to gamble with everything then taxpayers bailing them out? And who exactly is changing anything?

Cryptocurrency isn't the problem, it's only valued so high because everything else is so volatile. If our economy was rock solid, it would be worth as much as Monopoly money.
 

velusip

[H]ard|Gawd
Joined
Jan 24, 2005
Messages
1,577
It needs to stop climbing, I would like to be able to get a new video card sometime this year.
It's ETH and ZEC eating the GPU market right now because the algorithm to verify block hashes for both those coins is newer, more complex and changes over time. A GPU is robust enough to handle it and adapt quickly. BTC hashing can be verified (mined) on much faster, specialized, and cheaper hardware (ASICs), so it doesn't interfere with the GPU market (too much).
 

Krenum

[H]F Junkie
Joined
Apr 29, 2005
Messages
15,958
Can't wait to start seeing William Duavane commercials talking about bitcoin retirement! :LOL:
 

tunatime

2[H]4U
Joined
Sep 15, 2011
Messages
3,471
Just think I spent over 70 of them back in 12 for a whopping $300:( but hey I'm buying a house with Bitcoin money next week who would have thought they would ever get that high
 

velusip

[H]ard|Gawd
Joined
Jan 24, 2005
Messages
1,577
I still have no idea how bitcoin works...even after reading up on it.
There's a lot to it, so that's understandable. Any part that throws you off that you'd like to understand better? e.g. key pair encryption, personal wallet, blockchain, "mining", how it obtains value, et cetera?
 

collegeboy69us

Supreme [H]ardness
Joined
Jul 27, 2003
Messages
5,256
Cryptocurrency needs to die, before it upends the entire economy. We should realize that the rules are there to give stability. If the rules no longer serve the best interests of humanity they should be changed, radically if necessary.
You do realize that part of the reason it even exists is because of the instability of our economy right? Rules? There's a clearly defined set of rules for bitcoin, there are none for the US economy. any govt. can print more money anytime it wishes, not so with Bitcoin. Why aren't you bitching at the banks right now for all the sub-prime lending they are doing in the automotive world again? Or being an internet hero in the current housing bubble that's starting starting to show it's face again.

My guess is you are either really old, really young, or really stupid. (or a combination thereof)

When you boil your rant down - you are basically saying that individuals should not be allowed to buy and sell something they want on the internet. The US dollar is a fiat currency just like BTC, there's absolutely nothing backing it besides the word of the US government (we stopped using the gold standard in 1971)

Please pick up a book or 10 on economics and history.
 

bburk1964

n00b
Joined
Feb 6, 2016
Messages
12
So, how does someone who has no serious interest in mining, but has a 1060 sitting idle at least 18 hours a day get started getting a bit of spare cash out of it?
 

Geno750

Gawd
Joined
Apr 28, 2006
Messages
674
Wish I held onto more of my coins from 2012. Fortunately I'm not in my friend's shoes. He lost the password to his offline wallet containing 53 coins.
 

dvsman

2[H]4U
Joined
Dec 2, 2009
Messages
3,153
I remember way back when they were 2-3 dollars. Didn't take it seriously. Then I looked again and it was 200 hundred, so I figured I'll throw some cash at it. A few weeks (I think, can't even remember for sure now) later they were at 400. Doubled my investment, cashed back out. Fast forward some time later again, one of my co-workers (an economist) brings up bitcoins at lunch, 2000. I was like WHAAAAAT? So yeah, dropped more money back in and today I read from you guys 4000. I figured this time, I'll let it ride long term. It's not like the banks were giving me great interest anyway.

So, how does someone who has no serious interest in mining, but has a 1060 sitting idle at least 18 hours a day get started getting a bit of spare cash out of it?
Do you have free electricity? Maybe solar panels or all-utility inclusive condo / rental? Because that's about the only case that would work right now for BTC. You might want to look into ethereum or litecoin which I think can still mine on a GPU but even then a 1060 isn't going to be very efficient.
 

dvsman

2[H]4U
Joined
Dec 2, 2009
Messages
3,153
From what I've heard, the Chinese. Normally, the communist government restricts private citizens from moving large amounts of their personal money out of the country, so crypto (among other things) is a great way to sneak money out and bypass the normal currency and banking controls.
 

Cecil

Supreme [H]ardness
Joined
Jun 17, 2009
Messages
4,741
So, how does someone who has no serious interest in mining, but has a 1060 sitting idle at least 18 hours a day get started getting a bit of spare cash out of it?
You can get about 25Mhash from it if the memory OCs well, and it should only be around 75W.
Go to nanopool and it will generate a script for you, and download claymore miner. Nanopool has very easy to follow instructions. Then make an account at bittrex.com and coinbase.com. Use the wallet at bittrex to get your payments from nanopool, then withdraw from bittrex to coinbase to sell them for cash and transfer to your bank. You should be able to get about $1/day at least.
 

bburk1964

n00b
Joined
Feb 6, 2016
Messages
12
You can get about 25Mhash from it if the memory OCs well, and it should only be around 75W.
Go to nanopool and it will generate a script for you, and download claymore miner. Nanopool has very easy to follow instructions. Then make an account at bittrex.com and coinbase.com. Use the wallet at bittrex to get your payments from nanopool, then withdraw from bittrex to coinbase to sell them for cash and transfer to your bank. You should be able to get about $1/day at least.
Thanks. The system is already left on 24/7 for other reasons. Might the extra load of running this increase the electric cost more than it would be worth?
 

collegeboy69us

Supreme [H]ardness
Joined
Jul 27, 2003
Messages
5,256
Thanks. The system is already left on 24/7 for other reasons. Might the extra load of running this increase the electric cost more than it would be worth?
I run my farm via NiceHash (automatically mines the most profitable coin, and cashes you out in BTC at the end of every day).

Your single 1060 will generate about $1 to $1.53 a day and consume about 100-120W of power. Long as you aren't paying something insane like 30 cents per kilowatt hour you are in the profit zone. I pay 7 cents per kwh her in TX so profits are still pretty good for me.
 

odditory

Supreme [H]ardness
Joined
Dec 23, 2007
Messages
6,143
I run my farm via NiceHash (automatically mines the most profitable coin, and cashes you out in BTC at the end of every day).

Your single 1060 will generate about $1 to $1.53 a day and consume about 100-120W of power. Long as you aren't paying something insane like 30 cents per kilowatt hour you are in the profit zone. I pay 7 cents per kwh her in TX so profits are still pretty good for me.
Shhh.. first rule of mining club is don't talk about mining club. Already way too many kiddies coming in from "get free money with your gaming PC" YouTube videos, people that couldn't care about learning how block chain works and just want to click 1 button for EZproffitz
 

Reality

[H]ard|Gawd
Joined
Feb 16, 2003
Messages
1,890
I don't have any now, though I did make a few hundred back in the day

I just think it's hilarious that every.single.person who came on these forums to troll about how "pointless" and "scammer" and whatever other negative connotations they could come up with, has to sit here and be wrong time and time again

Keep trying to be right though

lol
 
D

Deleted member 133315

Guest
This is where I wish i continued to mine when it first started instead of thinking, ah this shit will never take off. How sick am I ?

I also wish I was steve gibson, he was given a big pile of bitcoin for nothing by a friend when it first started, dude would be a millionaire now if he wasnt/isnt already.
 

Retronym

Something big is coming.
Joined
Mar 5, 2007
Messages
12,948
Cryptocurrency needs to die, before it upends the entire economy. We should realize that the rules are there to give stability. If the rules no longer serve the best interests of humanity they should be changed, radically if necessary.
oh dear
 

NeoNemesis

2[H]4U
Joined
Mar 10, 2004
Messages
2,452
Genuinely interested to see what happens to bitcoin when quantum computing goes mainstream.
 

Ironchef3500

Weaksauce
Joined
Sep 26, 2006
Messages
64
Been in and out of bitcoin and altcoin mining for a while now.... and there are usually usually 3 types of opinions on the whole thing:

1) The get rich quick dream chasers that go out and either buy lots of hardware at hyper inflated prices to mine or lots of btc itself (via altcoins), they usually get pissed off and lose in the long run just because they have no idea what the ROI period can really take, mixing in the fact with the insane volatility it's akin to gambling.

2) the butt hurt people who are pissed at the whole thing through a combination of not being able to buy a GPU for dirt cheap, or because they missed out on a lot of essentially free money. In my interactions with them these people lack a basic understanding of supply and demand economics and are generally rude/nasty people.

3) the laid back hobbyist (I like to put myself in this category) it's a hobby that's fun, and happens to line my pocket with a nice wad every month for literally doing nothing. I don't have illusions that I'll be an overnight rich person, and getting started on any worthwhile income is slow and steady. Start with one GPU till it returns its investment cost, put any profits into more GPUs. I'm at the point where I'm running 14 GPUs in my house and will now just be in profit taking mode. (no more re-investment into hardware) It was slow to start but the bonus is that I'm always using the "free" money I generated. Bonus is the fact my electricity only costs 7 cents per kwh delivered. The few times I've expanded my min-farm it's always from used GPUs that are cheap/good (harder to find these days obviously) I can go out and buy $1k worth of 1060s, and the farm wide return on investment time hovers right around 30 days for me.

Even though the mining rush (seems) to have subsided a bit, I'm setup in a position to bring in 500-600 a month after power costs... I'm looking forward to paying off my car 3 years early due to this. Sure, I could hold onto any BTC i get, but I'm not a huge gambler.

Funny anecdote: Facebook reminded me via those "on this day x years ago" from your previous posts... when BTC first hit $20, I sold 1 BTC for a $20 amazon gift card and posted about how cool it was getting free amazon bucks for doing essentially nothing. I did kind of want to slap myself because it's at $4k at this point. I don't get too upset though because it could have just as easily crashed to nothing and never come back, just like now. There are no guarantees, and you take the actions that best suit you with the info you have.

Even if it bombs out tomorrow - I'm still net positive on returns, unloading GPU's that already paid for themselves for dirt cheap is just icing on the cake should I ever choose to exit to whole thing. Not likely though, especially with winter coming up, it's pretty awesome having a house that stays toasty warm from the waste heat and pays you for doing it.

I would love to know your exact setup if you care to share? I always seem to come across different setups and can't ever decide on one. What did you start with? How much initial cost? No rush or biggie if you don't have time.

Thanks
 

M76

[H]F Junkie
Joined
Jun 12, 2012
Messages
10,975
You do realize that part of the reason it even exists is because of the instability of our economy right? Rules? There's a clearly defined set of rules for bitcoin, there are none for the US economy. any govt. can print more money anytime it wishes, not so with Bitcoin. Why aren't you bitching at the banks right now for all the sub-prime lending they are doing in the automotive world again? Or being an internet hero in the current housing bubble that's starting starting to show it's face again.
How do you know I'm not bitching about those things as well?

My guess is you are either really old, really young, or really stupid. (or a combination thereof)
And I Don't have to guess, I know you're very arrogant who pretends to know everything. Yet offers absolutely no insights. So that leaves me in doubt as to your actual level of insight.

When you boil your rant down - you are basically saying that individuals should not be allowed to buy and sell something they want on the internet.
Sure if you disregard everything that contradicts your point and assume that cryptocurrency is a form of goods. Then that's what I'm saying. Only that's not how reasoning works, you can't just ignore certain aspects that doesn't suit your argument.

The US dollar is a fiat currency just like BTC, there's absolutely nothing backing it besides the word of the US government (we stopped using the gold standard in 1971)
That's exactly what's backing currency, the economic power of governments behind it.
 

Retronym

Something big is coming.
Joined
Mar 5, 2007
Messages
12,948
Yeah. I'm the last guy on earth that's going to work on.
 

aaronspink

2[H]4U
Joined
Jun 7, 2004
Messages
2,122
Careful with that argument, it's an antique.
What? that literally 75% of the value of bitcoin is in the illegitimate criminal use? Or that the rest is in people playing craps? Just because it is antique, doesn't mean it isn't true. The reality is that cryptocurrencies serve no legitimate purpose: No consumer would use them instead of other available systems unless they are doing it to do things that are illegal and not allowed by the legitimate monetary systems which actually have significant safe guards and reversibility.

It is only an issue of time before bitcoin and other cryptocurrencies are blackballed from the international monetary markets and then it will be worth basically nothing.
 
Top