Bitcoin - What Goes Up Must Come Down

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

  1. I'm going to neither laugh or cry, but shake my head at people whom think "They are earning that money for nothing."
     
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  2. Imhotep

    Imhotep Gawd

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    Haha, I can assure you. You will not be the one laughing. Just a bit more bitter as time goes by. :D
     
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  3. natos

    natos Limp Gawd

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    I've been watching the trends and analyzing them myself.....I honestly am amazed how some things are dropping. I'm watch quite a few coins besides Bitcoin, such as litecoin, ETH, Ripple, and Dodgecoin, and those trends are at an all time low as well. Lower than december's correction for all of them.

    If all of or any of them were to rebound, it would be soon, as I feel we've reached a low point.

    Would I buy a sh*t ton? NO, definitely not as I agree, its gambling, and can go even further. But.....I am willing to maybe gamble maybe 500....maybe 1 or 2k.if it plays ok.


    Just a thought. Anybody thinks its a totally bad idea?
     
  4. bugleyman

    bugleyman [H]ard|Gawd

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    Hell, no one knows what normal stocks are going to do, at least not in the short/medium term...let alone crypto!
     
  5. iamjanco

    iamjanco Limp Gawd

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    I've got a hoard of cash doing absolutely nothing but serving as cussion for the pushin' in my mattress. A bit ripe after nine years of makin' bacon, but if you let me know when cc gets down to four bits a coin (or four coins a bit?), I might buy a new one.
     
  6. Hakaba

    Hakaba Gawd

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    Even if al these cards start flooding eBay/Craig’slist. I thought none of you would buy a video card that was used for mining.

    Something something 100% usage, 99c, overvolted, 24/7, insert more excuses...
     
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  7. griff30

    griff30 I Lower the Boom!

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    When they start flooding Craigslist and ebae, the retail price drops and shelves will be full again.

    That's when I'll buy new only.
     
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  8. I won't touch them.

    New or nothing for me. Before the mining craze, maybe if it still had a warranty and original receipt.
     
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  9. Chimpee

    Chimpee [H]ard|Gawd

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    The only used card I would consider is EVGA cards since it is transferrable as long that person gotten the original receipt.
     
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  10. ~CS~

    ~CS~ Limp Gawd

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    it's amazing with everything, that happened in crypto space, even mainstream institution involvement, people are still willing to believe crypto is going away.

    Bitcoin came out 9 years ago, time to wake up boys. ...at least have a read or watch some youtube vids, and have someone else chew it for you.
     
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  11. triwolf

    triwolf Gawd

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    Uh oh, looks like Miners are not the only bugbear making GPUs scarce, so used may be your only possibility, it seems RAM is even more to blame!


    "Su also noted that GPU supply in the channel is low, which isn't a surprise to anyone who has shopped for a graphics card lately, but the company is ramping up GPU production. Su specified that the company has plenty of silicon supply from its foundry partners, meaning GPUs aren't the limiting factor--instead, it's the ongoing GDDR5 and HBM shortages that are primarily to blame. Su expects graphics demand to be strong throughout the first half of 2018, with blockchain (mining) continuing to play a big role. Su also noted that although it's hard to quantify accurately, crypto mining contributed roughly 10% (or possibly more) of the company's annual revenue and a third of the company's $140 million in sequential growth."

    http://www.tomshardware.com/news/amd-stock-financials-earnings-cpu,36430.html
     
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  12. Krenum

    Krenum [H]ardForum Junkie

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    I'd rather have no card than a filthy miner card!
     
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  13. nightanole

    nightanole [H]ard|Gawd

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    But they are normally under volted with fans running at 60% because they want efficiency, some flashed with custom bios's that turn off the sections not used for mining so they run even cooler....

    Miners dont over clock, WE DO!
     
  14. Etherton

    Etherton Will Bang for Poof

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  15. triwolf

    triwolf Gawd

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    I know I'm only one person, but I can assure you I have 5 old nvidia cards that I still game on and work fine after mining on them for years. I did take care of them and lower the voltage and clean them regularly of dust. They all work, playing Skyrim SE and Spec Ops The line perfect.
     
  16. gglenn

    gglenn [H]Lite

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    Buy now! It's constrained by zero on the bottom end, but unlimited on the top end.
     
  17. trasixes

    trasixes Gawd

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    Most overclock for mining. I personally undervolt, AND overclock. Tweak it till it bleeds!
     
  18. reaper12

    reaper12 2[H]4U

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    People didn't understand your point, too busy hating I guess.

    Blockchain is already in use. It's going to keep growing and it's going to be used in more and more ways.
     
  19. Verge

    Verge [H]ardness Supreme

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    Which contributes nothing to it’s value in any way.
     
  20. reaper12

    reaper12 2[H]4U

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    He wont care, he is more than likely buying those cards with money he made already from mining. Then he still has all those cards that he made a profit on already. You are laughing at a guy who is going to end up well ahead of the game no matter what happens. Well done.

    People have been proclaiming the death of mining for 9 years now, isn't time to for you people to start realising that it isn't going away.
     
  21. Verge

    Verge [H]ardness Supreme

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    People don’t use gpus to mine bitcoin. So bottom falling out is not relevant.
     
  22. WhoBeDaPlaya

    WhoBeDaPlaya 2[H]4U

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    Mmm... sloppy seconds are warm and gooey!
     
  23. doz

    doz [H]ardness Supreme

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    I decided to try doing a little mining about 10 days ago. First time every sadly. With my 1080Ti overclocked @ 85% power, card never goes above 70c with custom fan profile. Probably late to the party but fuck it. If bitcoin goes up, great. If not, fuck it, I lost a few dollars in energy.
     
  24. Aireoth

    Aireoth 2[H]4U

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    Same here, been meaning to do so for a while.
     
  25. Etherton

    Etherton Will Bang for Poof

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    I need to look into it. My PC runs 24/7 anyway and all I do is browse [H] and a few other sites (sad but pretty accurate to the truth).
     
  26. motqalden

    motqalden [H]ard|DCOTM Feb 2018, June 2019

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    While that is true, pools like nicehash pay in bitcoin for you to rent out your GPU's to mine whatever coin is profitable to the person renting your rigs. This means a drop in bitcoin price affects alot of gpu miners.
     
  27. MrRuckus

    MrRuckus Limp Gawd

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    Cryptocurrency cant be compared to stocks IMO. They are a completely different animal. The stock market has plunged when bitcoin has not in the past. Being that its a world wide currency, its not held back by any one entity. I think Ethereum has a good chance to grow larger then Bitcoin and probably surpass it. Bitcoins problem is it has a coin cap, which is going to be reached in something like 2 years. Once that happens, it will be interesting to see what happens. People think its worth will skyrocket, others think it will tank. Who knows. But the current trend has happened year after year. In the fall would be a better place to see where we stand. Im HODL at least until then. Im also just mining with my current rigs, so Im not putting in anything but profit (besides a slight bump in power). Power bill went up a bit, but I can spot that and ride the wave. We'll see what it looks like in 6-8 months.. In the meantime, its fun to see money grow from basically nothing. I went through the process and cashed out my first $80 or so just to get actual green in my hand to figure out the process from bits to dollars. Then proceeded to buy some Pizza/alcohol with it, went over to my brothers house and had a fun time funded by cryptocurrency..

    Just stay below the $20k a year that are reported to the government by exchanges, and its a fun little hobby.
     
  28. tunatime

    tunatime 2[H]4U

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    Eer even if they crash to 0 while it would suck i still paid my house off and took about 100k out. So im basically set for a while as long as i don't buy too many lesbian ex gf cars lol
     
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  29. rgMekanic

    rgMekanic [H]ard|News Staff Member

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    While I would not buy a card used for mining

    If some 1080ti's start popping up for $50 each I'll report my experiences with them
     
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  30. trasixes

    trasixes Gawd

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    I could give away my GPUs, and still be wayyyy up. This "downturn" is an upswing for smart people - I sold high, put some cash aside, and bought double the amount BTC I sold high. I have done this every major downturn, such as last July when the price dropped to $1,800. Next upswing, I will rinse/repeat. "One day there won't be an upswing neener neener neenerrrr!!", maybe but the cash I put aside? It will still be here, and it is there to ensure that I can't lose.
     
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  31. tunatime

    tunatime 2[H]4U

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    Why? I only had one gpu die mining out of i couldn't tell you how many over the years...now psus that's a different story.
     
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  32. trasixes

    trasixes Gawd

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    I think many mistakenly believe there is appreciable/measurable wear on the actual components of the GPU. I also think most non-miners imagine a Chinese sweatshop type of environment/abuse.
     
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  33. rgMekanic

    rgMekanic [H]ard|News Staff Member

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    I just know the experience from the 1 mined on card that I purchased during the last crash.
     
  34. trasixes

    trasixes Gawd

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    Just like any "used" GPU, whether it be a card used for mining, or just gaming, it all depends on how it was cared for.
     
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  35. haste.

    haste. [H]ard|Gawd

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    I agree and disagree. When consumer sentiment is solid all markets are going to perform well, but as we saw today a single terrible decision can tank the equity markets (6th largest drop of all time). Crypto is going to follow the stock market because the same investors are in both now, but crypto has the unknown of hacks and no regulation which makes it more volatile (yeah yeah there are unknowns in equity markets such as corruption but both markets share them). I don't have any investments in it, but your advice is most likely solid... if you took the risk, don't panic and hold on tight - likely it will go back up. I do feel sorry for those that bought at the obvious peak, at least for quite a while, basically tossing away money.
     
  36. tacos4me

    tacos4me Gawd

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    It absolutely does, to anyone with a little bit of forethought (which is the problem).

    Like some of these guys. Fortune 500 is gobbling these developers up.

    I mean, whatever though. I'm wrong, worst case scenario, I lose some expendable income. Best case, I'm rich and don't have to work anymore.
     
    Last edited: Feb 2, 2018
  37. triwolf

    triwolf Gawd

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    Why don't you haters learn from this guy and profit some big bucks. I have done quite well with nothing but batch files and crappy hardware and made more than you would believe. If it goes to zero, which I doubt, I am really out nothing and had a good time and can still game on the hardware, win-win.

    Also while the price of Bitcoin may affect other coins, many just mine and hold the coins, and will eventually sell, so even day to day prices don't matter to us. I have other investments it's called knowing how to invest and spread risk. It's all out there for anyone to research and it's a way of thinking any person with a moderate amount of intelligence can grasp.
     
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  38. Riptide_NVN

    Riptide_NVN [H]ard|Gawd

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    The IRS is ruining mining anyway. Taxing income on every single payout over the entire day. They literally want you to track what can be dozens of individual payouts from pools over the entire day. 365 days a year. In USD and then report that as income. It is a total ripoff and is ridiculous.

    Then you get hit with capital gains when you go to sell.

    The only way to minimize exposure is to claim business expense, write things off like internet bill, electricity, equipment, etc.. Even then you could still end up owing. And if you hold an alt coin too long and it ends up being worthless you'll have paid taxes for a completely worthless asset.

    Total bullcrap.
     
  39. Hypernova

    Hypernova [H]ard|Gawd

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    Ditto,

    Those of us that started any time before June last year have already ROI'ed on our equipment many times over. I personally took the low risk approach and sold as I mine and didn't start hodl'ing until September. Even then I am still at 200% return on investment. For us early birds it's literally impossible to lose.
     
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  40. triwolf

    triwolf Gawd

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    Here is an article to help out, it's true the tax man will want his cut.

    https://www.theverge.com/2018/1/29/...-how-to-file-taxes-2018-return-compliance-irs
     
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