THE CRASH OF FEB 2018

oblox said:
So then use a bank... there is no incentive to use a distributed ledger in your case.
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The conclusion you arrived at is not supported by the facts. Lower transaction fees is an incentive to use blockchain instead of a bank, and it is quite applicable.
 
doublejack said:
The conclusion you arrived at is not supported by the facts. Lower transaction fees is an incentive to use blockchain instead of a bank, and it is quite applicable.
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So use LTC or DGB, equally fast and cheap as hell. Sorry, but rolling back the blockchain is fucking stupid, no matter which way you slice it.
 
So, jumped on the mining trend at the beginning of December slowly ramping up to just 7 1080tis. Of my $5,100 investment, i have earned back $2,200 cash in the bank. With the market hot still for cards and they currently earning about $2-3 a day per card. Should I cash a few out? Being so new, I have only see the good times of either consistent $4-$9 per card. Reasonable to expect profits to bounce back north of $4?

Thanks!!!
 
Luckily I sold all the crypto I had about a month ago to pay for my rig. So, even with the crash, I'm still up about $800 total net after 7 months (not that attractive, I know, but in the black).

Only question for me now is the Antminer S9 I purchased. Cost close to $3,000 all-in with the power supply, and I'm not sure it will be profitable in the current market. I guess I could sell it and make a quick $1,000 or just mine and hope Bitcoin bounces back.
 
If you guys are able, I'd mine and hold on until the price increases. Convert to something solid that will be a sure bet (insofar as we get these) in the cryptoworld. If you can't afford to do that, there still is a good market for used equipment - hell, I'd buy a 1080ti at the right price.

It's entirely possible it will take months until we're back up to Nov kinds of prices. It's also possible we see prices spike over a couple weeks. In the past, Bitcoin and other major coins have dropped slowly and built quickly, but with mainstream attention, things may be different now.
 
I started with 12 litecoins I mined years ago, I think if I was to trade everything I have back to litecoin, I would be down to 8 :( .

I traded pretty poorly, but only recovered my wallet right after bitcoin had already started the downward trend in january. Still, I would have been better off just leaving litecoin in my wallet, or better yet selling it even though it had just taken a 30% hit right after I recovered the wallet (so I held onto it) The uptrend never came!

Oh well, at least I didn't have any real money invested I guess.

I tried mining some coins, but I'm losing money because power is more expensive than the coins cost to mine. Oh well kinda fun to get back into it anyways even though it costs me money to wear out my hardware...
 
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stealthballer123 said:
It's been like a youtube stock market video how well the patterns seem to be lining up. It's been easier and easier for me to buy in, set my sell price and walk away and make money. The random massive crashes scared the shit out of me so I had to set alerts on my phone, which ties me to my phone like a teenage girl, or my wife.

I forgot my phone the other day and I had damn near a full on panic attack, I haven't given a shit about my phone since I was myspace pimpin in the good old days.
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I know what you mean. I've been trying to weasel some money out of the trend last week to make up for some of the losses I took in btc and eth. It just makes me even more OCD about this shit than I already am, turning from a fun profitable hobby / additional income to a brutal excercise in futility and patience with a bit of anxiety thrown in. Having the stock market taking it's first somersault over a cliff isn't helping things either. I'd sill rather have the headache and make it my own educated investments in the long run, so when the market shits I don't feel like someone else is screwing me over with gross incompetence. It's not like I'm so wealthy I just give someone else my money to play with while I spend it.

However I'm really happy that all the shitbirds that decided to build mining rigs to make money cause it was free money, who never had a pc for anything in their life outside of work that are shitting their pants right now about their get rich quick investments. Hopefully we can at least get enough of a gpu sell off that memory supply can catch back up with videocard demand so that prices come back down near msrp for the next gen.
 
Well, back in January my portfolio was worth $33k. Now it's below $10k. It dropped a lot, although those $33k is what I earned by mining and trading during my first 4 months. So the real investiment is only about $3k for 13 cards and other computer parts.
I'm sad, but I'm hopeful that it will go back again to $35k mid 2018 and then perhaps close to 100k late 2018 or early 2019 :)
I will continue mining, and most likely buy new cards once next gen Nvidia is out.
Mining is addictive. I bought a 4k gaming PC with 1080Ti but I ended up mining with it and using my laptop with GTX 1050 to game with XD

I'm going to Thailand in 3 weeks. Almost all my vacation money is in Bitcoin. I was waiting when it was worth $11k to go up to $13k so I can have some more money, but it just kept dropping. Oh well, hopefully it goes back above $10k in early March so I don't have to sell my altcoins. That would be bad.
 
The very small amount I have before I shut my operation down is almost fun to watch go down. It's only .217 ETH and .002 BTC, so it was like $50 before the crash. It didn't pay for the cheap R9 270X cards I bought but so little invested I really don't care. It's too much a loss though that I can't just sell out now. It's like $19 right now so I might as well ride it out.
 
oldmanbal said:
I know what you mean. I've been trying to weasel some money out of the trend last week to make up for some of the losses I took in btc and eth. It just makes me even more OCD about this shit than I already am, turning from a fun profitable hobby / additional income to a brutal excercise in futility and patience with a bit of anxiety thrown in. Having the stock market taking it's first somersault over a cliff isn't helping things either. I'd sill rather have the headache and make it my own educated investments in the long run, so when the market shits I don't feel like someone else is screwing me over with gross incompetence. It's not like I'm so wealthy I just give someone else my money to play with while I spend it.

However I'm really happy that all the shitbirds that decided to build mining rigs to make money cause it was free money, who never had a pc for anything in their life outside of work that are shitting their pants right now about their get rich quick investments. Hopefully we can at least get enough of a gpu sell off that memory supply can catch back up with videocard demand so that prices come back down near msrp for the next gen.
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I originally invested $2,500 and spent $5,100 in mining gear. Been building PCs for 20+ years, so getting to snag a bunch of high end gpus, building a rig, figuring out how to mine, all was a blast for me. Now the investment was fun when it was going up, but not so much when it was coming done. I was constantly checking my phone as i watched my gains drop and sold out just because I hated i was watching it constantly. It also was great that the mining was still very profitable and I was planning on using that to build more PCs more regularly. If my rigs could make $1k a month, i could build a new pc every few months, sell them used below "costs" but still not cost me a dime. Now, I am worried I might not even cover the original costs. Yea, I can chalk it up to cost of my PC hobby but would love to still min/max the use of my money.
 
stock market tanking seems to have brought some money into the crypto market at the moment.

I should say I only watch xrp closely so maybe it's just one of it's normal runs
 
mithiral67 said:
I originally invested $2,500 and spent $5,100 in mining gear. Been building PCs for 20+ years, so getting to snag a bunch of high end gpus, building a rig, figuring out how to mine, all was a blast for me. Now the investment was fun when it was going up, but not so much when it was coming done. I was constantly checking my phone as i watched my gains drop and sold out just because I hated i was watching it constantly. It also was great that the mining was still very profitable and I was planning on using that to build more PCs more regularly. If my rigs could make $1k a month, i could build a new pc every few months, sell them used below "costs" but still not cost me a dime. Now, I am worried I might not even cover the original costs. Yea, I can chalk it up to cost of my PC hobby but would love to still min/max the use of my money.
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I love the fact that you tie in your pure enjoyment of building pc hardware and components as a priority in your experience. I can attest that I felt the same way, the first time I was able to order a few videocards with profits and build them into rigs was almost life changing. At the core of the experience is working with hardware, as a hobby, on your own clock, at your own leisure. Being able to experiment nonstop with expensive new components on a regular basis is a luxury in the past afforded only to review sites and boutique system builders (and the wealthy). For a lot of us hardcore hardware nuts crypto was like finding out there was a b side on your favorite record. 2017 aside, pc gaming had grown incredibly stagnant for me. Good titles were fewer and far between, and I found my obsession with competetive FPS waning, to the point that It felt like work putting in the time. Still I kept building a new HEDT rig every year with dual cards and the like. I found myself putting all this time into building gaming pc's, but not getting the same enjoyment out of gaming on them. For me the rush of getting new components and kitting them out was still as exciting as ever. Once crypto started affording me the ability to make that hobby affordable enough to do regularly, I was hooked on the fringe benefits of crypto.

Regarding profitability for crypto, in 2017 I went on more vacations in one year than I ever had before. Overall I spent between 3-4 months away from home, essentially all the days my son wasn't in school (and some of them he was supposed to be). I live in Vermont and I still have a deep tan on the visible parts of my skin, this deep into the winter. Unfortunately it looks like the honey moon is coming to an end for my free money adventures, and I'll probably have to start thinking about putting in more hours in a less favorable field at some point.

Getting back on track with gaming in 2017, it's really unfortunate that gpu's took such a massive price spike this year. 2017 might have been the best year for pc gaming, and especially console/gaming in general in the last decade. The number of exceptional quality rpg's especially will never be forgotten. I've got so many titles on my backlogs it's almost comical. Also the fact that for a short period we had affordable 4k gaming on a 1080ti was game changing for the industry. For a lot of people the ridiculous prices of gpus have tainted a year that otherwise should be a watershed moment for gaming in general.
 
oldmanbal said:
Unfortunately it looks like the honey moon is coming to an end for my free money adventures
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<pssssst> r/churning </pssssst> While I don't travel quite as much as you, I've been to Europe 3 times in the last 3 years, Mexico all-inclusive, Charleston SC and Phoenix AZ twice, and i didn't pay a dime for any of it.

oldmanbal said:
I love the fact that you tie in your pure enjoyment of building pc hardware and components as a priority in your experience.
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I think it should be, other wise you may as well spend the equivalent money on cryptocurrency itself. I personally had an itch to build a computer, but zero need for one. Enter mining.
 
yowen said:
<pssssst> r/churning </pssssst> While I don't travel quite as much as you, I've been to Europe 3 times in the last 3 years, Mexico all-inclusive, Charleston SC and Phoenix AZ twice, and i didn't pay a dime for any of it.



I think it should be, other wise you may as well spend the equivalent money on cryptocurrency itself. I personally had an itch to build a computer, but zero need for one. Enter mining.
Click to expand...

Honestly crypto could have the silver lining of being a gateway experience for a whole new generation of pc enthusiasts. With kids growing up on tablets and smartphones, and the applizing of taking hardware out of buying decisions for consumers, we might just get one last generation of pc nuts before form factors and other mitigating circumstances make pc system building obsolete for 99% of users.
 
oldmanbal said:
I love the fact that you tie in your pure enjoyment of building pc hardware and components as a priority in your experience. I can attest that I felt the same way, the first time I was able to order a few videocards with profits and build them into rigs was almost life changing. At the core of the experience is working with hardware, as a hobby, on your own clock, at your own leisure. Being able to experiment nonstop with expensive new components on a regular basis is a luxury in the past afforded only to review sites and boutique system builders (and the wealthy). For a lot of us hardcore hardware nuts crypto was like finding out there was a b side on your favorite record. 2017 aside, pc gaming had grown incredibly stagnant for me. Good titles were fewer and far between, and I found my obsession with competetive FPS waning, to the point that It felt like work putting in the time. Still I kept building a new HEDT rig every year with dual cards and the like. I found myself putting all this time into building gaming pc's, but not getting the same enjoyment out of gaming on them. For me the rush of getting new components and kitting them out was still as exciting as ever. Once crypto started affording me the ability to make that hobby affordable enough to do regularly, I was hooked on the fringe benefits of crypto.

Regarding profitability for crypto, in 2017 I went on more vacations in one year than I ever had before. Overall I spent between 3-4 months away from home, essentially all the days my son wasn't in school (and some of them he was supposed to be). I live in Vermont and I still have a deep tan on the visible parts of my skin, this deep into the winter. Unfortunately it looks like the honey moon is coming to an end for my free money adventures, and I'll probably have to start thinking about putting in more hours in a less favorable field at some point.

Getting back on track with gaming in 2017, it's really unfortunate that gpu's took such a massive price spike this year. 2017 might have been the best year for pc gaming, and especially console/gaming in general in the last decade. The number of exceptional quality rpg's especially will never be forgotten. I've got so many titles on my backlogs it's almost comical. Also the fact that for a short period we had affordable 4k gaming on a 1080ti was game changing for the industry. For a lot of people the ridiculous prices of gpus have tainted a year that otherwise should be a watershed moment for gaming in general.
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Oh yea, I have always built my pc's aiming for the best bang for your buck. After this experience, I am planning out my next build, going to go full customer water loop (never done that before). I get more excited for this than games as of late. Oh well, see if I can get made whole on my rigs and then figure something out. I do need to try some new games, only been playing blizzard games as of late.
 
mithiral67 said:
Oh yea, I have always built my pc's aiming for the best bang for your buck. After this experience, I am planning out my next build, going to go full customer water loop (never done that before). I get more excited for this than games as of late. Oh well, see if I can get made whole on my rigs and then figure something out. I do need to try some new games, only been playing blizzard games as of late.
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Games? whats that?

Haha i haven't had this bad ass of a video card setup since i had dual 12MB voodoo 2 sli back in the day! I have had my 1080ti for over a month and i haven't played a single game yet :D
 
oldmanbal said:
Honestly crypto could have the silver lining of being a gateway experience for a whole new generation of pc enthusiasts. With kids growing up on tablets and smartphones, and the applizing of taking hardware out of buying decisions for consumers, we might just get one last generation of pc nuts before form factors and other mitigating circumstances make pc system building obsolete for 99% of users.
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In the traditional sense of building a PC, I agree with you. Places like Microcenter and Fry's are always busy but it seems like the crowd buying parts skews older. Mining has introduced a younger generation to the ~30 year old tradition of building an x86 PC from the motherboard up.

However, the kids these days are building "PCs" in other ways, new ways. For example, the raspberry pi. I've seen kids as young as 8 or 10 doing incredible things with a pi. New form factors and new technologies have redefined what a computer is, and what they can do. The next generation is building, they just use different tools than we do and they build with different goals in mind. For web surfing and emailing, yeah they are almost certainly using something completely preassembled.
 
mithiral67 said:
So, jumped on the mining trend at the beginning of December slowly ramping up to just 7 1080tis. Of my $5,100 investment, i have earned back $2,200 cash in the bank. With the market hot still for cards and they currently earning about $2-3 a day per card. Should I cash a few out? Being so new, I have only see the good times of either consistent $4-$9 per card. Reasonable to expect profits to bounce back north of $4?

Thanks!!!
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Sell em IMO. Difficulty is rising and new cards are right around the corner. $900 x 6 = $5400 + $2,200 = $7,600 (you're gonna keep one, right?). At the very least sell enough to be back even.
 
I keep'em. Stay mining. Difficulty is always going to be up and down. Without difficulty I think the value of crypto would be down. Yes new cards are coming around June/July and you'll be lucky if you can just get "1".
 
I have earned around 5k mining since last June. I cashed out when BTC was around 14k thank god. I paid off my little 5 card 1060 6GB rig.

I plan on mining through out the year and will hold until BTC hits 20k again.
 
I miss hitting my auto withdrawals every day. I was @ .1 litecoin a day there for a while and it was pretty nice.

It's crazy saying that because when I started mining I was pulled a couple ltc a day and thought it wasn't enough. Ohh if only I could get a message to 2012 me.

Or a time machine for video cards, if I could just appear and hand myself a couple vegas.
I wouldn't have believed you that you could mine on NVidia cards at all.
 
Time machines, yeah. My brother sent me $5 USD in Bitcoin around 2013, with a message "this might be worth something one day, you should buy some."

I didn't open that message until I logged into Coinbase in 2017. And the $5 was worth like $125. Really wish I would have bought some back then.
 
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