Bitcoin Plummets Below $7,500

Discussion in 'HardForum Tech News' started by FrgMstr, Feb 5, 2018.

  1. RPKYGK

    RPKYGK n00b

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    I'm loving the stock today. The site I bought my 1050ti at has actually cut the price of the 1070 and 1080 cards they have in stock. Its a miracle. 1080 is $640!
     
  2. Mugato

    Mugato Muh Feelz!

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    Debt is a huge business, they have companies that contract to market Debt itself for petes sake. Why do you think they have cosigners? Seriously, could you imagine making 25% returns on something?
     
  3. tetris42

    tetris42 [H]ardness Supreme

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    Well that used to be true. Now, that still becomes your problem, just in a more roundabout way.
     
  4. Orddie

    Orddie 2[H]4U

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    sorry but i dont 100% follow you here but do agree that debt is the core of the business.
     
  5. Staples

    Staples [H]ardness Supreme

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    This may be good for GPUs. It will level out and rise again one day and I will be ready but I am not so sure that it will rise to its ATH. The market was totally irrational. Shit coins were super valued and the fact that anything got as high as it did is pretty crazy.
     
  6. kirbyrj

    kirbyrj [H]ard as it Gets

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    Hard to say what the market will look like in 5 years. We might all be kicking ourselves because we didn't buy at $6500, or maybe because we did buy at $6500 and it went to $2000.
     
  7. nomas

    nomas Limp Gawd

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    The BTC technicals are pretty bad at this point.

    0.618 rally retracement level is breached (~$8900) decisively. This means the rally from $2K to $20K is considered over, i.e. it's not just a correction.
    All short and long term MA are breached.
    The oscillatory BB bottomed on the daily and hourly basis earlier today at 1PM.
    RSI daily hasn't bottomed yet. Look for a reprieve and opportunity to set a new course once it does.

    Based on pivot points, $5K is the next sign post. If it doesn't hold, $2K is the next sign post.
     
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  8. opfreak

    opfreak Gawd

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    burn burn burn
     
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  9. afropuff

    afropuff Limp Gawd

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    I think this cryptocurrency stuff will help the young generation be better investors than any other generation. There's no generation that has invested at such a young age and learning about the ins and outs of investing. One of the best ways to learn is to fail and learn from your mistakes. So many people will do this at a young age and be better investors for it.

    -fro
     
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  10. ManofGod

    ManofGod [H]ardForum Junkie

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    Odd, I just looked, it is hardly crashing. Oh well, guess whatever you want to believe and all that.
     
  11. nomas

    nomas Limp Gawd

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    It is on the live futures market. S&P500 is down to 2550 level, another 2% drop after the 4PM close.
    https://www.finviz.com/futures_charts.ashx
    https://www.investing.com/indices/us-spx-500-futures

    This wave could exceed 2008's. Don't be surprise to see more rounds of QE. 10 and 30 yrs bond yields must go down. Uncle Sam can't afford higher interest rate... .
     
  12. Elios

    Elios [H]ardness Supreme

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    could take a look at ETH had some odd activity to day too
    https://ethereumprice.org/
     
  13. bugleyman

    bugleyman [H]ard|Gawd

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    $6270.
     
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  14. RPKYGK

    RPKYGK n00b

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    Do I hear a $5K price!
     
  15. Elios

    Elios [H]ardness Supreme

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    6090 now itll be at 5k by morning

    ETH is falling off cliff too
     
  16. FrgMstr

    FrgMstr Just Plain Mean Staff Member

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    Getting a little bounce...

    upload_2018-2-5_23-44-38.png
     
  17. Elios

    Elios [H]ardness Supreme

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    and already back down again this looks more like some group running a pump and dump
     

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  18. Elios

    Elios [H]ardness Supreme

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    over the last 12 hours its almost like clock work some one playing with the market lol
     

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  19. terrybogard21

    terrybogard21 Gawd

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    Almost time to make my vulture dive onto those video card dumpers ^_^
     
  20. Dadebraafsie

    Dadebraafsie n00b

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    to mine 1 bitcoin you need over 6500 usd in china worth of electricity
     
  21. Jon855

    Jon855 [H]ardness Supreme

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    1517825102309.jpg

    Uh... I don't think you'll need to spend 6500 in electric to own a BTC but whatever. If you buy it, then it cost you whatever you spent, if you mined it, then well that depends on a whole lot of other factors...

    Seriously - I've not ever seen such a WAVE of n00bies on HF, not until the mining/crypto-currencies craze... Nonetheless, welcome to HardForum.
     
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  22. Dadebraafsie

    Dadebraafsie n00b

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  23. Dadebraafsie

    Dadebraafsie n00b

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  24. Jon855

    Jon855 [H]ardness Supreme

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    That wasn't the point of my claim... You're talking about the entire BTC network - duh. I'm talking about solo and such. Hardforum doesn't take take insults or smearing snarky attitude very much, so I would encourage you to be mindful of the rules on HF.

    You're technically correct and while that wasn't the premise of my claim. You getting what I'm saying though?
     
  25. tetris42

    tetris42 [H]ardness Supreme

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    Well thank god we can still rely on the stability of the stock market through all this.
     
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  26. Blade-Runner

    Blade-Runner 2[H]4U

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    Did anyone pay heed to my posts back on 6 November 2017 and 28 November 2017?

    You might have made yourself some decent coin bailing at the top before this orchestrated pump and dump started to unwind.
     
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  27. atp1916

    atp1916 [H]ard|DCoTM x1

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    What are you talking about?


    With my GPUs, I mine out .013 btc per day. To get 1 whole bitcoin that would be ~77 days.

    Electric is ~.013kw/h for ~525 per month.

    77 days is roughly 2.5 electric bill payment periods.

    2.5 * 525 = ~1312 && 1312 != 6500.


    Give me 6500 worth of electric and i can mine out nearly 5 BTC which at time of this post would be worth 32K.

    To be not profitable, bitcoin would have to drop to that 1312 price point. That ain't happenin.
     
  28. Nebell

    Nebell [H]ard|Gawd

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    So many hoping that Bitcoin will disappear are so very wrong.

    There has been a lot of changes in the past year. Countries have started regulating crypto but also many countries have accepted it.
    This alone makes sure that the lowest value of Bitcoin will still be higher than when it was this summer (around $2000). That is still x2 gain from beginning of 2017.
    The huge drop right now is because there was a bubble that blew up from mid December to mid January. It was crazy how much money entered crypto in one month. 500 BILLION dollar.

    Also, mining is here to stay because crypto is here to stay.
    If anything, people will buy even more GPUs to make up for lost income.
    I myself have plans to expand my mining operations. I plan to earn at least $2000/month, regardless if I need 5 GPUs or 50 GPUs.
     
  29. rgMekanic

    rgMekanic [H]ard|News Staff Member

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    That sounds like something from "Zap Brannigan's Big Book of Mining"
     
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  30. Orddie

    Orddie 2[H]4U

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    this seems to be a bit off. either the amount of electricity or btc per day is off IMO. what is your farm made up of?
     
  31. Blade-Runner

    Blade-Runner 2[H]4U

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    Seems people still don't understand the difference between market capitalisation and actual cash invested.
     
  32. Dadebraafsie

    Dadebraafsie n00b

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    if you could only read a bit further , you would see thats it includes the whole package , not just electricity .....
     
  33. atp1916

    atp1916 [H]ard|DCoTM x1

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    15 1070s, 26 1070 Ti's.

    Last month electric: (actually paid $263 lol)

    ee.png
     
  34. northwoodsf

    northwoodsf [H]Lite

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    1 BTC = 6,435.0050 USD -472.27000 (-6.837%)

    at the moment
     
  35. atp1916

    atp1916 [H]ard|DCoTM x1

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    :D Building 2 more rigs of 9 1070 Ti's each. Already gotten some deals.
     
  36. Putz

    Putz I have a custom title

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    also in for a vega 64 ... lol
     
  37. nightanole

    nightanole [H]ard|Gawd

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    Its impossible for it to reset to jan 2017 prices, or dec 2013 prices?

    And isnt difficulty going up 10-15% a month?