Bitcoin - What Goes Up Must Come Down

Discussion in 'HardForum Tech News' started by FrgMstr, Feb 2, 2018.

  1. HeadRusch

    HeadRusch [H]ard|Gawd

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    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.
     
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  2. 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....
     
  3. griff30

    griff30 I Lower the Boom!

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    Don't. Buy. Used. Gpus.
    Make them eat them for the shortage they caused!
     
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  4. ~CS~

    ~CS~ Limp Gawd

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    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...
     
  5. sleepeeg3

    sleepeeg3 [H]ardness Supreme

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    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: Feb 2, 2018
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  6. tacos4me

    tacos4me Gawd

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    Just another opportunity to accumulate. Crypto is not going away.

    The smart folks are investing in blockchain technology, not just looking for quick gains.
     
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  7. 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.
     
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  8. Twisted Kidney

    Twisted Kidney 2[H]4U

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    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: Feb 2, 2018
  9. KarsusTG

    KarsusTG 2[H]4U

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    Weeeeeeeeeee!!!!!
     
  10. Eickst

    Eickst [H]ard|Gawd

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    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.
     
  11. tacos4me

    tacos4me Gawd

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    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.
     
  12. 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"
     
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  13. Retronym

    Retronym Something big is coming.

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    Because reasons.

    dumbevillaugh.gif
     
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  14. tacos4me

    tacos4me Gawd

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    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.
     
  15. And Newegg hedges their bets very nicely over the dollar. You pay quite a large premium to use that bitcoin.
     
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  16. 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?
     
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  17. Verge

    Verge [H]ardness Supreme

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    which does nothing for any of these crypto's :)
     
  18. tacos4me

    tacos4me Gawd

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    Ethereum is already the building blocks for many projects you will see in the coming years.
     
  19. tacos4me

    tacos4me Gawd

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    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: Feb 2, 2018
  20. 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.
     
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  21. tacos4me

    tacos4me Gawd

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    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.
     
  22. Rahh

    Rahh [H]ard|Gawd

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    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.
     
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  23. AliceCooper

    AliceCooper [H]ard|Gawd

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    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.
     
  24. Zarathustra[H]

    Zarathustra[H] Official Forum Curmudgeon

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    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.
     
  25. tacos4me

    tacos4me Gawd

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    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.
     
  26. Zarathustra[H]

    Zarathustra[H] Official Forum Curmudgeon

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    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.
     
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  27. Kdawg

    Kdawg Gawd

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    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.
     
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  28. tacos4me

    tacos4me Gawd

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    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.
     
  29. 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.
     
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  30. griff30

    griff30 I Lower the Boom!

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  31. AliceCooper

    AliceCooper [H]ard|Gawd

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    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 :).
     
  32. Lizard Testes

    Lizard Testes Gawd

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    Lol @ a 60% drop in ANYTHING being described as "just profit taking."
     
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  33. griff30

    griff30 I Lower the Boom!

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    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....
     
  34. BitMaster

    BitMaster Limp Gawd

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    What a ride ;)
     
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  35. xrealm20

    xrealm20 Gawd

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    Well, the dow is down 600 points today too because of the Fed, so just not a good day for investors period ;)
     
  36. griff30

    griff30 I Lower the Boom!

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    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
     
  37. odditory

    odditory [H]ardness Supreme

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    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: Feb 2, 2018
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  38. Imhotep

    Imhotep Gawd

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    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
     
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  39. 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.
     
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  40. FearTheCow

    FearTheCow [H]ardness Supreme

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    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.
     
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