The bitcoin pyramid scheme How is that working out, where are the Lambos?

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Apr 8, 2002
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#76
bitcoin is down to $3k?!

lol.. it costs more than $3k to mine a bitcoin nowadays.
i can see all those bitcoin farms going bankrupt
I believe a few have or are about to file for bankruptcy.
 
May 24, 2003
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www.uovalor.com
#77
Will be interesting to see what happens when there's only a couple super powers that are mining. If not enough people mine it means the accountability to the system starts to go down I think. Ex: if they are corrupt they could start manipulating stuff.
 
Jun 15, 2001
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#78
When everyone is mining for gold, don't join them, sell them mining picks.
 
Jul 1, 2001
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#79
When everyone is mining for gold, don't join them, sell them mining picks.
They didn't follow that advice, though. A lot of the ASIC miner guys realized that they can make more money mining with their hardware than they could selling it while Bitcoin was going up. Now that it's plummeting, they're just as screwed as everyone else.
 
Apr 27, 2000
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#80
They didn't follow that advice, though. A lot of the ASIC miner guys realized that they can make more money mining with their hardware than they could selling it while Bitcoin was going up. Now that it's plummeting, they're just as screwed as everyone else.
Depends on the development cycle. ASIC manufacturers typically only mine off their own hardware for a few months before selling to customers. They've always got a new model in the works, so they have a relatively good idea of what's coming down the pipe. Why maintain a bunch of old Antminers (for example) when new models are coming out every 6-12 months? They are constantly turning over their own hardware. The only thing they can't predict are price swings. So if the market crashes just as they start to mine with a new model, then yeah they are kinda screwed, at least until prices go back up.
 

Braznor

Diamond Member
Oct 9, 2005
3,771
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#81
The US dollar is backed ultimately by the US armed forces. Try beating that. Every nuclear missile manufactured is ultimately to shore up currency value. Try beating that. Crypto is shit currently except for illegal transactions that need secured value transfers.
 
Apr 27, 2000
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#83
I'm surprised they have any CryptoNight miners listed there, since they can't mine on the main chain anymore. Otherwise very informative.
 
Jul 1, 2001
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#84
Nimiq (one of the cryptocurrencies I used to play with) apparently paid their developers $180K a year and paid for their room and board in a Costa Rican beach house while they were developing their coin.

Meanwhile, the value of their cryptocurrency dropped 95% six months after it launched and the people who funded their ICO basically lost everything.

But, hey, I got a t-shirt out of the deal, so it's not all bad :)

One of their developers apparently went rogue and posted a lot of the team's dirty laundry on Reddit:

https://www.reddit.com/r/Nimiq/comments/ado73k
I wonder how many other stories we'll hear like this in 2019 while many of the various copycat coins go bust.
 
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Apr 27, 2000
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#85
Nimiq is one of the more infamous examples of ICO scamming. There are other projects that have lost the same amount of value (or more) since launch that are still updating their project. Either way, investors got hammered.
 

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