Now That's a Crypto Crash

Anyway, back on topic: I can't understand how people think every cryptocurrency under the sun is just going to keep going up. That expectation isn't remotely rational. If one manages to break into the mainstream, it might be have long-term value, but these others? It's only a matter of time.

If you can make a few bucks with your GPUs, good for you, but those of you who think the party will last forever are going to be disappointed.
 
As one person noted this has happened every year for the last 5 years and every time it bounces back up...
 
MrGuvernment said:
As one person noted this has happened every year for the last 5 years and every time it bounces back up...
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Because something has happened for five years it'll happen forever?

Look at it this way: Currency is only worth what you can buy with it. More currencies + same amount of goods and services = ?
 
Bah. Nevermind. Like I said, if folks can make a few bucks before the bubble bursts, more power to them. But it WILL burst, just like every other bubble EVER.
 
I bought a Gigabyte 7950 that had mined bitcoin. It had 1 working fan, 1 slow fan, and 1 dead fan so I would say it was treated poorly. I replaced the fans and used it for over 2 years before selling it for more than I bought it for.
 
SavageThrash said:
Mined for a year solid on a set of 7950s at 70-80C. I suspect the Vram is mad at me, it requires a 2-3 minute warmup on boot until it decides to show up to work. Might try a reflow on it. Otherwise cards run fine.

Lol bubble burst. This is a simple market correction. BTC rose 1000% from this time last year, 50, 100 or 200% is a HEALTHY correction. Fud me when it's a 2000% correction. Otherwise get in or stfu. This is simply the continuation of technology playing its part on the traditional world. The internet changed the way we communicate. Cryptography is changing the way we exchange our digital assets. Unless we decide to go back to a physical (gold) standard crypto has nothing to fear. Anyone saying otherwise is your grandfather being scared of this new 'electronic mail'. In a years time the people whom the "bubble" bursted on will be begging to buy their coins back at a premium.

Get with the times, the pace of change is accelerating. Calling bubbles shows naivety and a lack of understand of the underlying fundamentals of a cryptography based exchange system.
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Crypto will never work. Anyone and everyone makes a new coin every five seconds. BC cannot fulfill any of its promises. It's just a huge bubble. Not decentralized, transactions take so long you might as well not do them, fees are unreal.

It's just a Ponzi scheme. Sorry.
 
Snowdensjacket said:
Crypto will never work. Anyone and everyone makes a new coin every five seconds. BC cannot fulfill any of its promises. It's just a huge bubble. Not decentralized, transactions take so long you might as well not do them, fees are unreal.

It's just a Ponzi scheme. Sorry.
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I understand you're negative sentiment. I will validate your one point that askjeeves wasn't the boom from the dotcom bubble however google was. What you are stating is search query's and data indexing "will never work". You're the laughing stock. Also the "great recession" started under Bush not Obama. I remember, I lost my job at that time. It's also no reason to paint EITHER of them in a negative light. Keep your coloured sentiments to yourself.
 
BloodyIron said:
There is actually proof out there if you want to dig through countless forums of people buying GPUs from mining.

I've actually seen them. If you mistreat your GPU while it's mining, you can actually lead to artifacting and instability. It's tangible dude.

When I was mining though, I took extra precautions to not push them beyond their stable limits. Unstable mining GPUs lead to downtime, which is costly. But there are a lot of fucking morons out there that push for those last 5-10mhz, just to max their hash rate, but it "burns" the GPU.

Maybe you need to actually look this shit up before you yap. There's tonnes there...
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Dumbest post on [H] in 5 years.


Yea there’s tons of proof bro, of course I don’t have any, or links to any, or anything to back up my bs post... but bro, here’s proof. Do you search for Sasquatch?
 
DeathFromBelow said:
Dont buy used mining equipment, make the miners eat their own hardware expenses.

I got burned on a couple 290x cards last time around (one DOA with pieces falling off, the other displayed artifacts and died). Free money schemes attract unsavory people.
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If you got burned on eBay, it's your own fault. They side with the buyer 99.9999% of the time and you had 45 days to return.
 
Verge said:
If you got burned on eBay, it's your own fault. They side with the buyer 99.9999% of the time and you had 45 days to return.
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Sure, after they go through their whole resolution process. Ebay/PayPal was sitting on my money for a month because both sellers tried to argue with me.

This was even after sending Ebay pictures of the opened box and card with thermal compound and broken board components everywhere. One dumbass had tried to glue the original heatsink on with Arctic Silver since he couldn't find the screws...

Do not buy used mining equipment. Let these guys eat their costs.
 
the problem now and into the foreseeable future is that you can buy in , but you cannot cash out

and unlike stocks, crypto cannot be used as collateral.
 
pff too bad this wasn't ethereum, could have gave gamers a break.
it's sad though to think about the ppl who might have lost it all, all what they invested.
 
i remember seeing this Bitconnect shit on youtube.
Losers were talking about this shit like it was a get rich quick scheme. You had to dump money into it, and you could not withdraw it until far into the future.

I read up on bitconnect briefly, and there was just too much obfuscation. WTF were they doing with the money? no one knows. They just "invest" it.

Dumbass Youtubers were making videos about waking up with more money every morning.
It was just numbers on a screen. 1% interest or more PER DAY?
Idiots deserve to lose all their money if they couldn't see the unsustainable scam.

Legit operations don't fold with just 2 C&D notices.

Now go watch the youtube videos posted the past day. haha
 
theBrownLlama said:
the problem now and into the foreseeable future is that you can buy in , but you cannot cash out

and unlike stocks, crypto cannot be used as collateral.
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My savings account balance, and my friend's 0 balance mortgage disagree with you on the cashing out thing. Besides which, it's not *supposed* to be an investment tool (although I do a bit of trading, mostly for fun as it's more interesting than spread betting fiat).

I mine too, again for fun as a hobby. Yes my GPU's have paid themselves off, and I've had great fun overcoming the engineering challenges getting multiple GPU's. Building the chassis, overcoming cooling challenges. Why is a gamer's fun more important than my own. You could also argue that overclockers pushing their kit to the brink and sometimes blowing up valuable hardware that someone else would have made more sedate use of is a bad thing. I remember buying up loads of coppermine celerons and pushing them to the point of popping for the fun. i'm sure someone else would have got some genuine use out of them, but does that mean I shouldn't have been allowed to do that. A big part of this site is people who like to push their kit to the very edges for something as irreverent as games, and that's fine. And so is someone buying up 6 1070's and having some fun mining out of it.

Crypto as a tool, in my opinion, is supposed to be a new way of thinking about money that removes centralised, sometimes government, control and introduces new features into currency as a means of trade. Crypto can do a million things. Sure 90% of the coins are shitcoins that are just cash grabs, but if you pay attention and do your research it's not all about this "bubble" crap.
 
I still don't see what all this crypto hype is about. Fiat currency works great for me.

so pick your poison? centralized control vs hugely fluctuating decentralization ?
I'd rather have the former.

crypto is premature.
It reminds me of the first time electric vehicles came out in the 90's and failed miserably.

Now electric cars are all the rage.
 
Kdawg said:
I still don't see what all this crypto hype is about. Fiat currency works great for me.

so pick your poison? centralized control vs hugely fluctuating decentralization ?
I'd rather have the former.

crypto is premature.
It reminds me of the first time electric vehicles came out in the 90's and failed miserably.

Now electric cars are all the rage.
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if you're interested, especially in the instability thing, I've been looking at Tether. It's an attempt to bring some stability into the an unstable world. It brings in some elements of centralisation of course, has to do, but it's an interesting attempt to deal with it. I think, personally, there will need to be some kind of decentralised tether in place for crypto to take off. Some kind of reference point, a bit like how I believe the petrodollar works.
 
Snowdensjacket said:
The economy never been better.

Black unemployment? Lowest in history. Brown unemployment? Lowest in history. Everyone getting raises. Economy booming like crazy everyone getting raises.

The real problem is that if you challenge someone's views they just double down on their existing views in response.

No wait you've convinced me. Let us please go back to the great recession we had under Obama. Yeah that was a really good time in my life... Couldn't even get a job since I used to sell private insurance on the market, the market that was destroyed as insurance plans turned to garbage under the commie plan.

But hey everyone is killing it now. Say whatever you want their paychecks tell them the truth.

My wife even got a huge 20% raise. Weird right? Can you tell me your no argument again?
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Short term bubble. Same thing happened under Reagan: He implemented tax cuts the country simply could not afford to prop up the markets. Fast-forward eight years, and his successor had to abandon his "no new taxes" pledge because the national debt literally TRIPLED and the Debt/GDP ratio doubled (debt rose twice as fast as economic growth).

What you're seeing is simply a reaction to an immediate increase in corporate profits by investors. It's not sustainable long term.

We're overdue for a recession anyways; the US averages one recession per eight years, so we're basically due. Combine an overheated stock market, lack of regulation, and a rapid increase in federal debt, and I fully expect a recession to hit right as the 2020 election cycle heats up.
 
With the large transaction fees, bitcoin is closer to being more like bullion then a true currency. Except in this case, the stuff the bullion is made from has little other use. At least gold is pretty to look at and has industrial use. Same for silver + useful for the occasional werewolf. A few bits in a file on a storage device have little other use. There is no underlying supporting use for bitcoin.
 
theBrownLlama said:
the problem now and into the foreseeable future is that you can buy in , but you cannot cash out

and unlike stocks, crypto cannot be used as collateral.
Click to expand...
paid for my 1070 in ~2.5months, cashed out, money in bank account. Cashed out my initial investment of all other crypto on Dec 30/31st, and now everything I sit on is gains. That said, if I want to liquidate everything I have now it would take hours with all the weird exchanges I have them in.
 
I just want this cryptocrapcraze to end. I need a video card update for my personal system, damn it! Oh, I actually want to use the graphics card to do,.....wait foir it,.....GRAPHICS!
 
Snowdensjacket said:
Crypto will never work. Anyone and everyone makes a new coin every five seconds. BC cannot fulfill any of its promises. It's just a huge bubble. Not decentralized, transactions take so long you might as well not do them, fees are unreal.

It's just a Ponzi scheme. Sorry.
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Ponzi scheme you say?

Better check your government officials.

The greatest irony of all is that the very technology you demonize is what makes catching these a-holes possible in an efficient and dead-to-rights manner.
 
now if the rest would follow suit ill take one of those 1080ti' left over from the monopoly money
pyramid scheme
 
I don’t blame miners fully, while they are the problem YouTube made it so easy for non IT people to print money it’s ridiculous...

All I think people can hope for is AMD/Nvidia to attempt to block mining from Bios/Drivers and push headless “Mining” cards. It may work long term, highly doubt it though, pretty sure the community would figure out how to bypass it.

Also on used mining GPUs, till a uninterested party starts up a Backblaze like tracking service and for every video card death. I won’t take people’s bias/lie/truthful experience seriously. I’ve had components arrive DOA, bought from a store messed up, even used “good condition” items die out sooner than they should. But none of my cards have died due to mining.

My 1070s are pulling an above average hash on Mona, every 1070 is 65% power, 50% fan, -core/mem, and run all day at 55c.... Just take em down every month to blow out dust, other than that, running solid month after month. My damn 1080ti FE sees way higher temps than that just gaming.
 
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Krenum said:
Don't buy em. Those cards have been rode hard and put up wet. I wouldn't take the risk. If you're going to buy used, buy from EVGA's B Stock. Atleast they have a 1 year warranty.
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You don't buy overclocked cpus either, do you?
 
Kdawg said:
I still don't see what all this crypto hype is about. Fiat currency works great for me.

so pick your poison? centralized control vs hugely fluctuating decentralization ?
I'd rather have the former.

crypto is premature.
It reminds me of the first time electric vehicles came out in the 90's and failed miserably.

Now electric cars are all the rage.
Click to expand...
The world wasn't ready for electric cars. It took Toyota and musk to really push electric and hybrid vehicles.
 
For a "currency" to work, a loaf of bread needs to cost a fixed amount of said currency, and you need to be paid a fixed about of said currency, regardless of what fiat currencies are doing. This "currency" is so bad you can not even use to buy tickets to this "currencies" events.
 
viscountalpha said:
The world wasn't ready for electric cars. It took Toyota and musk to really push electric and hybrid vehicles.
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The world was aways ready for electric cars. Every time a major auto manufacture came out with one, they had to pry the leases from the owners cold dead hands, make it so you could not buy out the lease, and in several cases, destroy the EV after the lease so it could not end up in the used market. Oh and only release Evs in markets were it was mandatory by state law. People have wanted evs for decades, auto makers do not want evs.
 
Snowdensjacket said:
Crypto will never work. Anyone and everyone makes a new coin every five seconds. BC cannot fulfill any of its promises. It's just a huge bubble. Not decentralized, transactions take so long you might as well not do them, fees are unreal.

It's just a Ponzi scheme. Sorry.
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Bitcoin is gen1 in the crypto world - and indeed, it's slow, expensive, and not very useful. The next generation cryptos are out there though and growing. My personal bets are on ETH and XRP. Especially Ripple (XRP) you can't mine it, several seconds to settle a transaction, fee of pennies even if you are sending millions or billions of dollars, their approach is as a legitimate international settlement system and have made significant inroads with major banks/companies since it's a cost saving measure. Already made a boatload of money with it since I got in when it was 20 cents. (ATH was 3.50 before the last correction)

Like most people crying about GPU shortages, just need to educate yourself on the tech, there are some amazing things out there. Lots of shitcoins, but lots of good ones too. Blindly putting money towards this or that is a sure way to watch it disappear.
 
Master_shake_ said:
What? Thought is was 120 now?
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Thats to file a claim, not a return. its a new trick. Yes almost 6 months after the transaction, they can say they never received the item etc via paypal. This is different vs the "i changed my mind and dont want it" 45 day policy.

And yes ive had people bend the pins of my lga boards, and one guy had me eat $45 in to and fro shipping because my used phone had scuffs on the side (and yes he claimed that the front and back were mint on said 2 year old phone). I havent sold on ebay since...
 
nightanole said:
For a "currency" to work, a loaf of bread needs to cost a fixed amount of said currency, and you need to be paid a fixed about of said currency, regardless of what fiat currencies are doing. This "currency" is so bad you can not even use to buy tickets to this "currencies" events.
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If I go less than 200 miles from my house the currency in my pocket wouldn't buy me a loaf of bread. In fact it wouldn't buy me anything, it would be worthless. And yet, here it could buy me bread, a car, a house or more! Currency isn't the symbol on the front, it's the value it has, or maybe we bind it to something like gold. Cryptocurrency has a "value" because we assign it one, much like normal currency. But the difference with Crypto is that you can do so much more.
 
collegeboy69us said:
Bitcoin is gen1 in the crypto world - and indeed, it's slow, expensive, and not very useful. The next generation cryptos are out there though and growing. My personal bets are on ETH and XRP. Especially Ripple (XRP) you can't mine it, several seconds to settle a transaction, fee of pennies even if you are sending millions or billions of dollars, their approach is as a legitimate international settlement system and have made significant inroads with major banks/companies since it's a cost saving measure. Already made a boatload of money with it since I got in when it was 20 cents. (ATH was 3.50 before the last correction)
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Ripple is the epitome of everything crypto was created to combat.

If they can get the Lightning Network off the ground, it will instantly make a ton of shitcoins completely unnecessary. Bitcoin is the future. It's just not the present.
 
Randall Stephens said:
This mining shit isn't going away unfortunately. Now is a good time to hop in. At least that's what a lot of folks will think.
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It keeps going back up because people keep propping it back up figuring "oh look it's down great time to buy more."

99% sure this cycle won't last forever.
 
motomonkey said:
dunno, to counteract all the leftwing bs?
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Yeah because that's totally how it works! Instead of just ignoring all the jibber jabber type speak, you need to counter it with your own views, because there will be hell to pay if anyone is wrong in your eyes on the internet!
 
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