Cryptocurrency Market Sucks Hardest Yet in 2018

FrgMstr

FrgMstr

Just Plain Mean
Staff member
Joined
May 18, 1997
Messages
55,601
Bitcoin is falling, Ether is falling, and all but two of the top 100 cryptocurrencies were in the red in the past 24 hours (Archive). Bitcoin only fell 5%, and keep in mind that Bitcoin makes up 54% of the entire crypto market. Bitcoin while dropping below $6000 is still up more than 40% in the past 12 months. Lots of blame going around as to why. Worth mentioning that @UnikoinGold, the crypto based on esports gambling, both in terms of market cap and coin price continues to slide into the dumper. Its price is down from a high of $2.18 to $0.045 today. Bummer


A broad selloff in digital currencies has pushed the value of the entire market below $200 billion for the first time this year, according to research site CoinMarketCap, erasing more than 70% of its worth seven months ago.
 
  • Like
Reactions: _l_
like this
I wasted about $300 on a one time purchase, and my gpu mining for about 7 months on crypto. Maybe it bounces back, but I've pretty much written it off at this point. Going to keep mining with burstcoin though, because it costs me nothing as my file server is on 24x7 anyway.
 
Not the first time its done this, and probably not the last. The fact that btc is ~6000 is nuts to me, never thought it would go that high so fast
 
People forget that btc did 20x last year. A huge down move is not surprising.
 
an interesting scenario is a global recession in 2020, which would be happening during the next halving.
 
Galvin said:
People forget that btc did 20x last year. A huge down move is not surprising.
Click to expand...

They literally churn out articles on the crypto markets by the hour because the market it so volatile. It's amusing, too, because it's all written as though crypto is a living thing with wants and desires: "Bitcoin tries to eclipse the $7,000 mark" or "Bitcoin bullish as market gets hot."

Meanwhile, it's mostly just speculators moving money around. "Bitcoins loses $25B in 5 hours." Fucking lol. It will for sure rocket back up to new heights at some point, and it will also continue to be a complete pump 'n' dump scam.
 
Galvin said:
People forget that btc did 20x last year. A huge down move is not surprising.
Click to expand...
Pretty sure we mentioned just how well it was doing right in the news post. So maybe you forgot to read?

Bitcoin while dropping below $6000 is still up more than 40% in the past 12 months.
 
shad0w4life said:
Well I got about $20,000 worth of GPUs and Hardware all paid off, along with some profit from the mining craze so thank you crypto
Click to expand...
bragging about helping destroy an industry is why miners get shit on...

upload_2018-8-14_15-18-25.png
 
GoldenTiger said:
GPU mining didn't destroy the industry. It's so not destroyed that Nvidia is launching new cards this coming Monday. :p
Click to expand...
i said destroying, as in ongoing, its not done yet.
those will get savaged too. look at the last 2 years, they ate up everything they could get their dirty hands on, destroyed availability and drove prices through the roof.
 
and yet retailers, at least in france still won't bring AMD cards to MSRP, they are about 30-35% over for the good brands, only the crapy MSI Armor gets close to it.
like a retailer who made a -16% discount for the first 40 units, and forward 2 weeks later, the deal is still up, meaning they didn't even manage to sell 40 units at those prices.
why ? they have stock, and AMD didn't raise the prices, crypto have been dead for months now, so why keep the 35% markup ?
nvidia cards are back to msrp, and they are selling, RX580 is selling almost at the GTX1070 price, seriously i don't get it.
 
I think I'll keep my little piece of a bitcoin left over from some early mining I did.

If it goes back above $15,000 it will be worth selling for a few bucks.
 
I still trade on Bittrex about twice a week and pull down a positive return. I never invested in Bitcoin because it was too popular and lacked the fundamentals to make in a long lasting crypto currency. I'm not certain I've found a lasting crypto, but the market as a whole is still as trade-able as the small cap stocks that I spend most of my trading time on.
 
pretty soon we'll be reading comments posted by miners telling how they only spend a small amount on hardware and the millions of dollars they made and bla bla bla :ROFLMAO:
 
Excellent news! And GPU prices are finally back to normal.

All is good in the PC world again...
 
Motley said:
Excellent news! And GPU prices are finally back to normal.

All is good in the PC world again...
Click to expand...

Yeah....Until Nvidia launches their new cards, then bang, zoom strait to the moon Alice!
 
Krenum said:
Yeah....Until Nvidia launches their new cards, then bang, zoom strait to the moon Alice!
Click to expand...

If thats the case, then nobody will buy them. Everyone is so tired of high gpu prices. When a single card costs as much as an entire system, somethings wrong.
 
_l_ said:
pretty soon we'll be reading comments posted by miners telling how they only spend a small amount on hardware and the millions of dollars they made and bla bla bla :ROFLMAO:
Click to expand...
LOL, my GTX 480 GTX 580 and GTX 680 made me six figures, laughing all the way to the bank! Anyone ever hear of buy low sell high, or doing the opposite of what the masses do? LOL
 
Kdawg said:
up 40% haha.
Not for those who bought at $18,000.
Click to expand...
They did it wrong, thinking it would go to $100K per coin, with absolutely no data to back it up, pure exuberance.

Also today, the market is up about 15%, so rinse and repeat, Lady Luck can smile on you or frown. It's all a gamble in life anyway, use what brains God gave you. Win or lose at least you tried.
 
arnemetis said:
I wasted about $300 on a one time purchase, and my gpu mining for about 7 months on crypto. Maybe it bounces back, but I've pretty much written it off at this point. Going to keep mining with burstcoin though, because it costs me nothing as my file server is on 24x7 anyway.
Click to expand...
Lots of people mined Dash Monero and all types of coins when they were sub $1 to 5, and later sold for up to $1500. I wouldn't delete my wallet if I were you.
 
triwolf said:
Lots of people mined Dash Monero and all types of coins when they were sub $1 to 5, and later sold for up to $1500. I wouldn't delete my wallet if I were you.
Click to expand...
Not deleted of course, but I'm not holding my breath for my zclassic or bitcoin private to regain value.
 
arnemetis said:
Not deleted of course, but I'm not holding my breath for my zclassic or bitcoin private to regain value.
Click to expand...
Encypt it and store it in three places and check every year or so on the markets, then hope (not bank on) being pleasantly surprised. Sometimes being pessimistic is good as you get to be happy when the world doesn't take a crap on you.

Do some research on Bitcoin and Ethereum, probably wouldn't hurt to diversify a bit, no matter how small. Ethereum has some problems, yet has some pretty large backers and does have quite a few usage scenarios.
 
viper1152012 said:
So many crypto cards on eBay and so not many ways to tell them from actual light use.
Click to expand...

Wouldn't it be cool to have a color-coded paint on the gpu's, vram, and vrm's so you could tell how hot and hard they were ridden? Some car brakes have temperature sensitive paints so you can tell if you overtemped them during a track day. Or getting groceries. ;)

Just thinking... Or an embedded chip with usage time/hardness recorded on it. "Oh, I see you ran this for 11,356 hours at 107C. Perhaps you'd lower your price to $10?"
 
c3k said:
Wouldn't it be cool to have a color-coded paint on the gpu's, vram, and vrm's so you could tell how hot and hard they were ridden? Some car brakes have temperature sensitive paints so you can tell if you overtemped them during a track day. Or getting groceries. ;)

Just thinking... Or an embedded chip with usage time/hardness recorded on it. "Oh, I see you ran this for 11,356 hours at 107C. Perhaps you'd lower your price to $10?"
Click to expand...
I see what you are saying. A few things to consider, modern CPUs and GPUs will usually shutdown before damage occurs. Things can go wrong though. I often tell this story, so I will again, I mined for years taking care of my Nvidia cards and I still have them and they work fine, I ran them with lower voltage, I did dust regularly and keep an eye on temps though, so YMMV. AMD cards tend to run hotter, so there's that.
 
I am worried about those cards that do get over worked getring into a system or even a diffrent bios causing issues
 
viper1152012 said:
I am worried about those cards that do get over worked getring into a system or even a diffrent bios causing issues
Click to expand...
As has been said for thousands of years: buyer beware.

It can pay to get brand new for the peace of mind, especially if the price is just a little more than used cards are getting.

I've had very good luck buying used hardware, although it's hard to ever know exactly what it may have gone through, and I bid accordingly. I bid low :D

I see many used AMD RX series cards for sale right now, I would not pay even close to the original MSRP for (~$190), especially if brand new AMD RX series cards will soon have downward pressure on their prices based on Nvidia dropping a new architecture. The RX series won't look so good against the new Nvidia flagship.
 
You must log in or register to reply here.
Back
Top