Wow. Bitcoin is almost $1,500

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VirtualLarry

No Lifer
Aug 25, 2001
54,027
8,243
126
Under $350 total? Is that before, or after, electricity costs? I might be at that after electricity costs, but I'm still paying off some of my cards, so I guess I still haven't made an actual profit yet, although the cash-flow is nice when I'm strapped.
 

Red Squirrel

No Lifer
May 24, 2003
63,506
10,128
126
twitter.com
I'm not even counting electricity costs tbh, as it's a drop in the bucket compared to all the fixed fees on the bill. I think I had worked it out to around 5-10 bucks per month, but I can't recall. So yeah I'm far from making any ROI. I started way too late as the card shortage was just starting so it was too hard to get them. Now they are out there, but prices are still too absurd. I did not cash out yet though so if price goes up I will make more. it's kinda a risk I'm taking since it could just tank too and never go back up.
 

destrekor

Lifer
Nov 18, 2005
28,799
358
126
I'm not even counting electricity costs tbh, as it's a drop in the bucket compared to all the fixed fees on the bill. I think I had worked it out to around 5-10 bucks per month, but I can't recall. So yeah I'm far from making any ROI. I started way too late as the card shortage was just starting so it was too hard to get them. Now they are out there, but prices are still too absurd. I did not cash out yet though so if price goes up I will make more. it's kinda a risk I'm taking since it could just tank too and never go back up.
Are your "fixed fees" truly fixed? Like the cost is the same every month?

Around here, fixed fees are just another consumption-based component. If you use 2000 kWh the fixed rates would be more expensive than someone who uses considerably less. This is true, for my area at least, for all utilities
I'm given a "rate to compare" which says my electric rate is around 6 cents ($0.06) per kWh consumed. Yet after the "fixed fees" my actual bill contains, my $/kWh tends to be practically double. If I used 500 kWh more one month compared to the previous, my bill wouldn't go up only $30 for the month (500 x 0.06), it'd basically go up at least double that.
 

Red Squirrel

No Lifer
May 24, 2003
63,506
10,128
126
twitter.com
Are your "fixed fees" truly fixed? Like the cost is the same every month?

Around here, fixed fees are just another consumption-based component. If you use 2000 kWh the fixed rates would be more expensive than someone who uses considerably less. This is true, for my area at least, for all utilities
I'm given a "rate to compare" which says my electric rate is around 6 cents ($0.06) per kWh consumed. Yet after the "fixed fees" my actual bill contains, my $/kWh tends to be practically double. If I used 500 kWh more one month compared to the previous, my bill wouldn't go up only $30 for the month (500 x 0.06), it'd basically go up at least double that.
More or less I believe. Basically even if you use no electricity at all, your bill is around $100 after all the various fees like delivery and stuff.
 

ultimatebob

Lifer
Jul 1, 2001
25,135
2,432
126
It could be worse, I guess... That 15,000 Nimiq I mined earlier this year is basically worthless now. Last I saw, each one was trading for about 1/5th of a penny.
 

DrMrLordX

Lifer
Apr 27, 2000
19,921
8,865
136
The markets are running red, folks.

Take a look at the Coinbase Pro/GDAX order books for ETH/USD. Zoom out. It is telling that there are so many buy offers in the $79 range. There were still some stubborn holdouts with lingering sell orders in the $700-$1000 range a few days ago . . . they are now gone. Highest sell order listed on the books is in the $550 range.

BTC/USD market is shaping up similarly. Look at how many people want to buy at prices below $5200. A few have already set up buy orders for $1600 and less.

I saw rumblings that the CFTC may choose to finally issue findings on their Tether/Bitfinex investigation this month, possibly on the 15th or 16th. It seems unlikely though, since their release schedule is weekly. It is more likely that they will release findings on the 17th or 24th. I think the CFTC fully understands how much damage negative findings could have on the market. There are signs that they do not wish to kill the market entirely. They have also signaled that they are around 4 years behind on the market research necessary to fully understand the crypto market as a whole. So it could be that they are going to negotiate a back channel solution to unwind the effects of Tether on the market. I would be rather disappointed in such a solution, since it would send no clear signal to institutional investors on when it would be safe to start sending real capital into the markets. If they could just issue their findings and let the market correct itself, there would be room for future growth. A lot of future growth.

Either way, a lot of money is leaving crypto right now, and it isn't just ETH getting beaten up. A lot of the alts are actually doing substantially worse. VET, IOTA, and NEO have all lost more by percentage than even ETH in the last 24h, and ETH is taking quite a beating itself.

If you have money on the sidelines, good hunting. Keep your eyes on where the highs were this January and make your move accordingly.
 

ponyo

Lifer
Feb 14, 2002
19,688
2,800
126
Geez, Ether is taking a beating. At $274 right now.
Yep. It's getting ugly. Especially with the altcoins.

Current bitcoin price: $6,047
Current ethereum price: $262

How many here have stepped up to the plate and buying or bought this ugly decline? I'm still just market observer with $0 invested in this space.
 

gorcorps

aka Brandon
Jul 18, 2004
30,735
442
126
Yep. It's getting ugly. Especially with the altcoins.

Current bitcoin price: $6,047
Current ethereum price: $262

How many here have stepped up to the plate and buying or bought this ugly decline? I'm still just market observer with $0 invested in this space.
I bought a mix of several when it started coming down, but didn't realize how much it was going to tank... so I have maybe about 1/3 of the value that I started at. It was just a small amount of "what if" money so I won't miss it, but I'm not sure if I want to continue dumping money into hole that doesn't yet have a visible bottom.
 

Red Squirrel

No Lifer
May 24, 2003
63,506
10,128
126
twitter.com
Sitting at 0.77eth so far mined, which is worth a whooping $263 at the current prices lol. I remember when I was in the $400 range. I'll just keep mining and keep the eth and hope it goes back up. Once the ASICs come out that will be my cue to call it quits.
 

preslove

Lifer
Sep 10, 2003
16,755
61
91
lmao

crypto is just 1. some tech nerds inventing a fake asset to scam a bunch of money out of people, and 2. a conspiracy theory based asset for libertarian idiots to get scammed by the nerds for #1

If you srsly bought into the whole "revolutionary" bs about crypto, please never vote.
 

destrekor

Lifer
Nov 18, 2005
28,799
358
126
lmao

crypto is just 1. some tech nerds inventing a fake asset to scam a bunch of money out of people, and 2. a conspiracy theory based asset for libertarian idiots to get scammed by the nerds for #1

If you srsly bought into the whole "revolutionary" bs about crypto, please never vote.
Uh, there are plenty of valid points to the "revolutionary" nature of the concept. But I agree, the vast majority of the crypto assets out there are junk or destined to be junk. There are also quite a few good ones that will still become junk in the end, though the ideas and tech will survive in a much more mature product.

Some of the best uses of "blockchain" tech won't even need any assets that can be traded. But there is still a lot of promise for maybe a handful to actually survive as a currency in the end. We'll see though - the tech and market is very immature, we'll get there eventually. Until then, there's going to be a ton of ups and downs, mostly downs for the vast majority of coins, while a few should rise above the current bloody red trend.
 

VirtualLarry

No Lifer
Aug 25, 2001
54,027
8,243
126
If you srsly bought into the whole "revolutionary" bs about crypto, please never vote.
If you don't understand how revolutionary blockchain-based technologies are, then please, don't procreate.

Edit: Not specifically singling YOU out, just posting a similar counter-point to your original post.
 
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Craig234

Lifer
May 1, 2006
38,548
346
126
lmao

crypto is just 1. some tech nerds inventing a fake asset to scam a bunch of money out of people, and 2. a conspiracy theory based asset for libertarian idiots to get scammed by the nerds for #1

If you srsly bought into the whole "revolutionary" bs about crypto, please never vote.
I don't think that's quite accurate, but close to my view of the actual value.

It's simply one of the most artificial bubbles ever - something with no actual value, only actual scarcity. The value is based entirely on people's agreement to give it value.

That sounds like cash, except that cash has such strong broad support, with a government guaranteeing its value, that it's quite different; SOME currency makes sense. No bubble.

This is orchids (the orchid craze and bubble centuries ago, the classic 'bubble') all over again, except that even orchids were more 'real' than crypto currency.

It should be recognized there was some 'actual value' in terms of there being some people who would pay real money at some points because they wanted this, and there was some real money if you guessed when the 'up' periods would be, and the amount of demand at different times. That - there people people who will fund this - is 'real'.

But it's quite a bubble based on no actual value. You could even say the same about gold - what if people suddenly decided gold was just a piece of worthless metal like steel and wouldn't want it as jewelry or for an investment and it became worthless? Except that's very unlikely, again given the breadth of its strong support. But even it fluctuates a lot.

For that matter, even some official government currencies fluctuate drastically - ask Venezuela.

I don't find trying to guess the movement of a bubble an attractive investment, even though there was a lot to be made. So I haven't had a penny in them.

It can be harsh for people to see they can go to zero. I'm not sure they should even be allowed given the danger to people, but banning them would raise issues of 'freedom' and people thinking it was a corrupt action by the government trying to protect its own power and limit freedom. So they have stayed out.

I don't think the motive was likely 'nerds wanting to scam people'. There has always been an interest in such 'alternative currencies' and a 'nerd' just found a way to do it finally, and that was that, and then it was copied. Probably some later currencies were 'just to make a buck'.

The hype was how much this would allow an 'alternative economy' - and again, as long as people would agree to give real things for cryptocurrency, that was value, but it seems to be the hype was based more people wanting it to happen, and only secondarily hype by people trying to inflate the bubble to make a buck.

I suspect there will continue to be some cryptocurrency activity and value, but the bottom line that it has no value will limit it, and make it especially used by people trying to sell things who will accept cryptocurrency with 'inflated prices' trying to gamble.

In other words, think about some 'inflated value' scam products - maybe like herbal products or those 'make money' seminar memberships that sell for thousands. Those are the kinds of things that seem especially suited to sell at 'discounted prices' accepting cryptocurrency hoping to make a buck, but the buyers likely ripped off.

Or maybe a restaurant who wants to drum up business might instead of having a 'free meal day' promotion might have a 'we'll take crypto currency' marketing activity.

I'm not sure when you could walk into a car dealer and buy a car with it. I'm not a fan of such a valueless bubble, though I have some sympathy for people who want to create an alternative - but they might have some thinking to do about how to make it more 'solid'. It's not clear how to do that without being a government.

And people already accuse the dollar of issues, given our $20 trillion in debt.
 

ultimatebob

Lifer
Jul 1, 2001
25,135
2,432
126
Thankfully, the price of Coolcoin is still holding steady at the price of one Coolcoin!

Coolcoin... it's priceless. Or worthless. Whatever.
 

ultimatebob

Lifer
Jul 1, 2001
25,135
2,432
126
Just in time for the GTX 2070? Sure.:p
Checking eBay, the prices for GeForce 1070's that are actually selling for is pretty decent. I see them going for around $330, which is about what I would expect a used card that now retails for around $400 to go for.
 

Red Squirrel

No Lifer
May 24, 2003
63,506
10,128
126
twitter.com
Checking eBay, the prices for GeForce 1070's that are actually selling for is pretty decent. I see them going for around $330, which is about what I would expect a used card that now retails for around $400 to go for.
Yeah they seem to be coming down, the danger is we are also in the "is this just a really good price or a scam?" territory. Saw one going for like $200 but that is super low. I almost fell for a scam myself a while back for a card that was going at that price. Turned out it was a hacked account or something like that. I don't ebay enough to really know how to tell that kind of stuff. Someone else had pointed it out to me so I was able to cancel the order in time.

I kinda want to finish my rig just to say that it's finished, especially because I invested in a molex crimper and everything so I can do my own wiring harnesses, but on the other hand, it's probably pointless to put more money into it and I should cut my losses. The hardware itself is usable as a gaming machine, and other than being stuck with two GPUs I don't need, one of them would make a good upgrade, and the other well, I can always just try to sell or whatever. I'm even starting to wonder if I should do that now. Probably get more for it right now than the coin I will mine with it from this point forward. On the other hand I would not expect more than like $400 for it and I paid over $800 so it's still a loss either way. May as well keep them both.
 

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