BItcoin Pushing Back Up This Morning

[FrgMstr]

Coindesk is showing us that Bitcoin is feeling a bit of resurgence this morning at its price is back up to over $9200 this morning. It's resurgence is surely based on the fact GPU companies are taking steps to keep video cards out of miners hands. /s In other news I should have put my money where my mouth is when I said I would get into it if it dipped below $6K.

 

[James21]

On the stuff that is GPU mineable it's up a fair bit too, in the 10% to 15% range.
That will probably help bitcoin go up as more people keep mining and wanting to exchange their stuff into bitcoin as they see it start to go back up.

 

[whoismoes]

Um, no. You don't mine bitcoin with GPUs.

 

[James21]

Um, no. You don't mine bitcoin with GPUs.

Read up carefully
The post you are referencing says nothing about mining bitcoin with GPUs (directly)

 

[whoismoes]

I read the post, I was commenting on Kyle's speculation in the first post of this thread.

 

[Probleminfected]

has nothing to do with gpu's

 

[Glyphic]

No you didn't. There was obviously a /s in there you clearly missed.

 

[Probleminfected]

“BItcoin Cracks 9,000: South Korea Publically Steps Away From Exchange Ban

With the announcement that South Korea plans to adopt a cryptocurrency exchange license similar to Bitlicense, Bitcoin emphatically broke through its 9,000 resistance.

We were beginning to see an ascending triangle forming, with the culmination of price action leading to a very important movement in price last night. The break upwards showed bear exhaustion and leads us to believe that the price will reach the next resistance level around 9,400-9,500 USD.

Hong Nam-ki, minister of the Office for Government Policy Coordination for South Korea, posted a video on the presidential website, stating that policy will focus more on making the trading platforms transparent rather than banning them entirely. This suggests that the South Korean government is respecting the petition from over 200,000 South Koreans on the Blue House website of President Moon Jae-in denouncing the justice ministry’s proposal. We believe this is another great step for the crypto-community as it shows the power of the masses being respected.

It is clear to us that this movement has sparked passionate responses from people all across the world. Regulators and Governments everywhere will have to weigh into consideration their approach to these emerging markets because of the potential retribution that may occur if they inhibit access to this budding financial ecosystem.

A few traders in our inner circle are still proceeding with caution as they plan for all variants of BTC’s price movement from here. That being said, a combination of technical and fundamental analysis has strengthened our faith in the state of the cryptocurrency market.”

 

[noko]

The two 1080 Ti's have been making over $10/day since early this morning, peaking at $12/day. Two 1070's around $8/day mining Zcash directly. See if this keeps up. The two Vega FEs are more pitiful at $6.50/day at the moment. All on NiceHash except for the 1070's.

For the US government, Crypto allows money assets to be deployed virtually anywhere now, depending upon currency - utterly untraceable. Especially to areas that don't have banks or reliable financial institutions, corrupt governments. Just a thought.

Even JP Morgan not so secret internal memo indicates they think Crypto is here to stay and a potential future market for investors.

 

[DPI]

Even JP Morgan not so secret internal memo indicates they think Crypto is here to stay and a potential future market for investors.

Yep. The big banks wouldn't be sweating cryptocurrency so hard if they believed their own goofball press statements from their CEO's about it being a "passing fad". They'd simply remain silent, because why waste time on the irrelevant. Instead, every day another one of these clowns gets exposed as having investments in crypto on the DL.

"Trust our bank, not crypto. Even though our bank - and me personally - are investing in crypto." --Every BigBank CEO.

That's the mentality. But mainly they're upset they haven't been able to figure out a way to get their hooks into it and their lips around it so they can ultimately play gatekeeper as they do with fiat -- control the flow of it and attach a logo'd meter to it.

 

[sfsuphysics]

Happy for all you who are making money off this, but I'm just happy things like the DJIA has rallied back up after that 4+% dip a couple days ago. That one cost me about 3k over the course of a few days, granted that was between 1-2% of my investments but still.

 

[RogueTadhg]

The two 1080 Ti's have been making over $10/day since early this morning, peaking at $12/day. Two 1070's around $8/day mining Zcash directly. See if this keeps up. The two Vega FEs are more pitiful at $6.50/day at the moment. All on NiceHash except for the 1070's.

You've earned nothing until you've exchanged the money for usable currency.

 

[tacos4me]

Where's all the crypto-haters around here today?

I love the doom and gloom every time the markets take a dip. I'll continue to take stupid profits from it all. Keep the FUD coming.

 

[Elios]

more pump and dump lol real markets do now move like this

 

[idiomatic]

Where's all the crypto-haters around here today?

I love the doom and gloom every time the markets take a dip. I'll continue to take stupid profits from it all. Keep the FUD coming.

Your profits are predatory, not constructive. Its fine if one is not into self-reflection.

 

[Deleted member 184142]

You've earned nothing until you've exchanged the money for usable currency.

Many cryptos are, including BC. Not sure what you are talking about.

 

[HockeyJon]

Yep. The big banks wouldn't be sweating cryptocurrency so hard if they believed their own goofball press statements from their CEO's about it being a "passing fad". They'd simply remain silent, because why waste time on the irrelevant. Instead, every day another one of these clowns gets exposed as having investments in crypto on the DL.

"Trust our bank, not crypto. Even though our bank - and me personally - are investing in crypto." --Every BigBank CEO.

That's the mentality. But mainly they're upset they haven't been able to figure out a way to get their hooks into it and their lips around it so they can ultimately play gatekeeper as they do with fiat -- control the flow of it and attach a logo'd meter to it.

Yeah, every crypto enthusiasts parrots this constantly as if they feel so satisfied for sticking it to “the man” because the investment banks are “oh so scared” of Bitcoin, seemingly ignoring the fact that they’re participating by making money on Bitcoin futures that now trade on the open market and earning commissions from clients who want to invest in crypto.

Just because you want it to be true doesn’t make it true. The “stick it to the banks” manifesto from Satoshi is collapsing at a rapid rate. You have to remember that investment banks make their money from commissions, and they’re now trading crypto for their clients, or setting up the infrastructure, at a profit, just like they are any other commodity on the market. Sorry, but JP Morgan and Goldman Sachs aren’t the least bit afraid of crypto regardless of what some dude on twitter thinks to the contrary.

 

[Rahh]

Where's all the crypto-haters around here today?

I love the doom and gloom every time the markets take a dip. I'll continue to take stupid profits from it all. Keep the FUD coming.

I love the people that claim they're making "stupid profits" from crypto in an online forum. Hey, that's great if you are but I wouldn't be going around letting people know that just like I'd stay anon if I won the lottery. "Stupid profits"? Well, you got one part of that correct.

 

[tacos4me]

I love the people that claim they're making "stupid profits" from crypto in an online forum. Hey, that's great if you are but I wouldn't be going around letting people know that just like I'd stay anon if I won the lottery. "Stupid profits"? Well, you got one part of that correct.

I just find it hilarious the frequency of these articles all over the web. Don't hack my bank account plz.

 

[tacos4me]

Your profits are predatory, not constructive. Its fine if one is not into self-reflection.

I don't condone market manipulation whatsoever, nor do I have the means to do that.

Personally, seeing the value in the technology anyway, I'm not going sit back and do nothing during these crazy swings. That's just foolish. I have been lucky pretty much, nothing more. Funds my PC hobby for sure.

 

[bugleyman]

I've said it before and I'll say it again: If you make money in crypto, more power to you. But make no mistake: The Bitcoin bubble will pop...the only question is when.

 

[Aireoth]

I've said it before and I'll say it again: If you make money in crypto, more power to you. But make no mistake: The Bitcoin bubble will pop...the only question is when.

I've said it before, and i'll say it again: A broken clock is still right twice a day.

 

[Wiffle]

Seeing how bitcoin prices fluctuate week to week, I wonder if there is any correlation to its pricing and the amount of active viewers of porn sites considering how 50% of all crypto-jacking happens on porn sites...

 

[bugleyman]

I've said it before, and i'll say it again: A broken clock is still right twice a day.

Uhm...bubbles only pop once?

 

[whoismoes]

I love the people that claim they're making "stupid profits" from crypto in an online forum. Hey, that's great if you are but I wouldn't be going around letting people know that just like I'd stay anon if I won the lottery.

Crypto is pretty safe from hacking if you know what you are doing.

 

[Dadebraafsie]

a few people hold the majority of those coins , mining for your own is pretty useless these days ,
You actually own a few 1's and 0's

 

[FrgMstr]

you can't mine bitcoin with a GPU...


derp

derp

derp

Guess you did not see the "/s"?

 

[tetris42]

I've said it before and I'll say it again: If you make money in crypto, more power to you. But make no mistake: The Bitcoin bubble will pop...the only question is when.

So uh, if an asset loses over 70% of its value at one point, just how much does it need to drop to be considered a pop?

 

[matt167]

Crypto will pay my car ins this month, and I'm just toying with crypto with my gaming computer mining a 1060 6gb and 2 R9 270X in a dedicated rig.. Litecoin shot up too but it's going down quickly

 

[thebufenator]

Fake news

Says the guy with a crypto as his username

 

[bugleyman]

So uh, if an asset loses over 70% of its value at one point, just how much does it need to drop to be considered a pop?

In the case of Bitcoin? I would define a pop as 99.9%+, because Bitcoin doesn't actually work well for it's intended purpose (letting people buy stuff).

The barrier to entry in crypto is incredibly low...why would something that is not fit for purpose end up being the winner (and there will be a winner)?

 

[tetris42]

In the case of Bitcoin? I would define a pop as 99.9%+, because Bitcoin doesn't actually work well for it's intended purpose (letting people buy stuff).

The barrier to entry in crypto is incredibly low...why would something that is not fit for purpose end up being the winner (and there will be a winner)?

So you're saying $20 or less for bitcoin huh? I think you're going to be waiting a long time before it pops by that definition. I expect to see more "just a matter of time" posts for years to come. And yes, I agree Bitcoin is unlikely to be the winning candidate as a general-use cryptocurrency, but it is currently leading the pack as an investment medium, despite there being better cryptocurrencies for that purpose. Better isn't always the winner though, being first sometimes counts for a lot.

 

[Aireoth]

Uhm...bubbles only pop once?

No they do not, because the bubble analogy is not actually a good financial analogy, it just sells well to laymen.

Financial 'bubbles' pop and form and pop and form and pop and form. On and on the merry go round goes, where it stops is, well probably after we are dead. The bitcoin bubble did pop, 20k to 6k, now its hovering, and likely will balloon up again and 'pop' again sometime this year.

I mean if bubbles only pop once, then US houses should be worth nothing.

So again, not only is a broken clock right twice a day, but someone saying the bubble will pop is... of course it will, the only questions is what bubble/market and when, then when will it come back.

 

[bugleyman]

No they do not, because the bubble analogy is not actually a good financial analogy, it just sells well to laymen.

Financial 'bubbles' pop and form and pop and form and pop and form. On and on the merry go round goes, where it stops is, well probably after we are dead. The bitcoin bubble did pop, 20k to 6k, now its hovering, and likely will balloon up again and 'pop' again sometime this year.

I mean if bubbles only pop once, then US houses should be worth nothing.

So again, not only is a broken clock right twice a day, but someone saying the bubble will pop is... of course it will, the only questions is what bubble/market and when, then when will it come back.

Housing bubble popped, but a new bubble may form. Is it the same bubble? No, not really. But we're arguing semantics.

Bitcoin has no future, because it sucks as a currency. It was the first to get hyped...that's it. 99.9% of the value of Bitcoin is belief in the idea of cryptocurrency, not in Bitcoin per se. Meanwhile, the barriers to creating a new cryptocurrency are exceedingly low. Someone will -- or already has -- gotten it right.

Hell, I could be wrong -- this could be LITERALLY THE FIRST BUBBLE IN HISTORY to NOT pop -- but I doubt it.

As for "laymen": At my school, finance was were the business majors went when they couldn't get into Info Systems. Just sayin'. Of course, it could be worse: We could be talking about marketing. *shudder*

Edit: Sorry to be a smart ass, but most "financial expert" talking heads on TV can't even get basic economics right. Doctors they ain't.