Let's talk about the crash, the current situation and the future of crypto

Discussion in 'Mining & Cryptocurrency' started by Nebell, Dec 10, 2018.

  1. Nebell

    Nebell [H]ard|Gawd

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    I must admit, 4-5 months ago I didn't believe that Bitcoin would go below $6000 and stay there for long before bouncing back.
    But my expectations were based on the crypto world doing something in terms of development and bringing us closer to the inevitable future.
    However, greed took over. I'm sure most of you have visited bitcointalk.org. That forum is pure shit. 99% of talk there is suckers trying to comfort each other about "prices going up". You can't discuss rationally and people instead only want to hear about HODLing and getting rich in the near future.
    Anyway, crypto trading as a whole is currently only for the rich people. Bankers paradise. They are doing what they always did, except now they found a brand new playground and are sucking money out of the whole world.
    Have we seen the bottom? I don't think so. I'm confident that the market is being manipulated down so we can again see huge gains in the future. Perhaps $2000 - $2500 is the bottom, where we will stay until it's time for another massive rally. Greed never ends and money has to be made. There will be more waves.
    I still believe that crypto is the future and that Bitcoin will one day hit $100.000 (as I claimed here a while ago).

    Disclaimer:
    I got rid of all my crypto holdings and mining equipment back in September and bought a bunch of board games and camera equipment. Looking at it now, it was a good decision. Maybe I will regret it in 5 years. Right now, I have no regrets, living the traders' life was too stressful. I would rather just take photos :)
     
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  2. sgrinavi

    sgrinavi [H]ardness Supreme

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    Funny, I mine as a hobby, but there's a limit to what that's worth to me in the cost of power - I currently have everything shut down - Everything is paid for, more or less, so I'll probably just leave it set up and turn it on when something looks interesting....

    As for the future? Sure, there's some hope, but I don't see the powers that be letting a decentralized currency take over - they'll lose control.
     
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  3. atp1916

    atp1916 [H]ard|DCoTM x1

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    I ain't selling a single satoshi.

    My electrical is .07ish per kwh. I mine to accumulate.

    Nearly 10m USD pass through my hands over the last few years.

    Not this time around.

    No sir.
     
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  4. Nebell

    Nebell [H]ard|Gawd

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    Well, I hope at least people learned about getting played and how harsh trading can be. Our society is not built to benefit the little man.
     
  5. Stoly

    Stoly [H]ardness Supreme

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    I really can't complain as ETH paid for both my GTX1070 and 1070Ti and change

    But I was hoping mining would at least pay for my future Video card upgrades. Seems that's just not gonna happen...
     
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  6. oblox

    oblox Gawd

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    Just accumulating at the moment. I don't expect much until we get 6-9 months out from BTC halving.
     
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  7. Nebell

    Nebell [H]ard|Gawd

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    I guess you're right. But I don't expect any big bull run until around 2022. If we actually see crypto going places.
    But all those forks can kiss my ass. I was always sceptical of forks because they always, always benefited the whales. Those who had the most coins accumulated.

    Crypto earned most of us money. But those old timers are millionaires now and probably gone for good.
    People like Buterin are rare, although programming is his hobby so I'm not surprised he's still sticking around. Almost everyone else was in not for the technology but for the cash and once the correction train started it ended at the crash station.
     
  8. Skillz

    Skillz [H]ard DCOTY 2017

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    Now all you guys who still have those GPUs and don't know what to do with them can help the [H]orde BOINC team in competitions. :)
     
  9. iwhocorrupts

    iwhocorrupts Limp Gawd

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    I also do not think we've seen the bottom. But that being said, I'm holding onto all my crypto. It's either going to 0 or back to the moon. :LOL:
     
  10. blade52x

    blade52x 2[H]4U

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    This guy's ideas are in line with my own, though he forecasts reversal sooner about a year sooner than I expect.

    btc-cycle.png

    It's not a bad time to start cost averaging in, but imo there's also no rush to do so. Prices could still drop another 50% from here, and more if the stock markets dump and people flee to cash.

    Once 2019 rolls around, I'll need to decide how much I am willing to reinvest, and where, and go with it, since I won't be able to tax loss harvest against massive gains. I'll probably just stick with Bitcoin, Ethereum, and Litecoin. I'd like something like Stellar to also appear on Coinbase, as I believe DEXes will drive the next cycle.

    I do believe we will see $100K+ Bitcoin in the future. It turning into a self fulfilling prophecy. It doesn't matter that people got burned this year. People also got burned in 2012, 2013 and 2014. There's only so many Bitcoin in existence, a seemingly infinite amount of money, and no shortage of human greed. Since it does have intrinsic value, and the masses realize still haven't figured out where to price, expect more of history to repeat. If you've sat on the sidelines since whenever, and still haven't figured out that now is the
     
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  11. thebufenator

    thebufenator [H]ard|Gawd

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    The current downturn matches with prior up/down cycles......

    The drop has no effect on the technology, and the use is getting easier and more places are adopting it.

    I am more interested in what is driving all the crypto hit pieces. You see it even on this site.

    "RABBLE RABBLE DOWN WITH CRYPTO"
     
  12. pclausen

    pclausen Limp Gawd

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    What a difference 8 days can make. BTC is back to $4,200 and ETH has doubled in value from around $75, to a current value of around $155.

    I'm starting to bring my rigs back online, starting with the 1080Ti based ones and working my way down to the 1060's. I sold one EVGA 1080Ti Hybrid and one MSI 1070 Sea Hawk EK while I had my rigs shut down. So I'm still sitting on about 80 GPUs, mostly 1080Tis.
     
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  13. thebufenator

    thebufenator [H]ard|Gawd

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    I never turned anything off..... Though I did sell a few video cards to help with my electric bill
     
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  14. illram

    illram [H]ard|Gawd

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    I honestly feel like the big players--BTC, ETH, maybe some others--are a solution without a clear problem right now. But there will be a more clear utility in the future for more people, it just isn't here yet. And I do not mean that as investment advice, honestly their utility may also be tied to their price going way down, who knows. But I do think the tech itself has a place.

    The people who really got burned are the people who bought a ton of shitcoins. Those I think are mostly doomed. Which isn't new. This is what, the 3rd, 4th cycle of shitcoin boom and bust now? And it will probably happen again!
     
  15. SamirD

    SamirD 2[H]4U

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  16. oblox

    oblox Gawd

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    MyNameIsAlex, cyclone3d and SamirD like this.
  17. SamirD

    SamirD 2[H]4U

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    It's a bad deal when a plastic penny costs more than a real one. :ROFLMAO:
     
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  18. Verge

    Verge [H]ardness Supreme

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    These patterns are designed to mimic algorithmic trading, something YOU CANT do with crypto.


    You'd be better off giving a crayon to a 3 year old and saying draw me a chart. People will believe anything these days.
     
  19. Verge

    Verge [H]ardness Supreme

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    A real penny costs more than a penny, it has for quite some time.
     
  20. SamirD

    SamirD 2[H]4U

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    But not to us--we can go to the bank and get 100 for $1. The plastic ones seem to cost much more. :ROFLMAO:
     
  21. atlas101

    atlas101 n00b

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    Are you a forex trader by chance? Where would you see the difference in that chart in relation to yours? Do you know who analyzed that chart?
     
  22. mkrohn

    mkrohn 2[H]4U

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    The american dream is get just large enough to squish somebody else and take from them until you do it enough to squish bigger people then you can commit rampant fraud and have prostitutes and mistresses and become the president of a once proud nation which has become a laughingstock. You just haven't figured out "winning" yet.
     
  23. noko

    noko [H]ardness Supreme

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    WUT? Nope that sounds more like Russia.

    With Visa actively pursueing cryptocurrency, IBM using Sellar now for financial transaction services. The success of Bitcoin and Dash in Venezuela during the turmoil. A new day is happening.

    Looks like mining is profitable again as a note so I may start using GPUs again.
     
  24. MyNameIsAlex

    MyNameIsAlex Limp Gawd

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    That's everywhere to be honest, humans are humans.
     
  25. mkrohn

    mkrohn 2[H]4U

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    it really is... All the way to add a puppet in control of your enemy nations. We've been doing it for a very long time in the US funding regime changes. This recent one is the first time it has publicly happened to us though.
     
  26. noko

    noko [H]ardness Supreme

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    Bitcoin for several weeks is having an overall positive trend which of course is pulling the Altcoins up, at least the better ones.

    Got a Bitmain Z11 ASIC mining now, at the moment ZCash, pulling in around $15/day - noisy as hell compared to the Innosilicon A8+ ASIC. Figuring out ways to deaden the sound - probably be best if I built or bought a shed for outback and stick the ASICs in there. With the current Nvidia ridicules prices for GPU's and not so seller mining ability - hard to justify anything new at the moment. Maybe Navi will be the killer mining cards. It is now cheaper to buy ASICs, better hash rates/$, take up less space etc. compared to GPU's.