Wow. Bitcoin is almost $1,500

[DrMrLordX]

If I were a betting man - which I kind of am - I would estimate that ETH will continue to decline until sometime in 2020 or 2021. Unless the hype party starts up again.

The real shellacking right now is XRP. Pity anyone HODLing that.

 

[ultimatebob]

Ethereum has been slowly declining. It's actually kinda funny since as I mine more, my overall dollar amount is still going down. I'm at 0.99 eth now, which is worth a wooping $247.55 meanwhile I put in over $1,600 to buy my two GTX 1070's. *Cries in SHA-3*

I already invested in the hardware and it's setup and set and forget, so may as well just keep going. There's still an odd chance it goes back up.

Keep up the good work, Red! I can't send out Coolcoins if miners like you aren't keeping the Ethereum network running!

As bad as Ethereum is doing this year, it still looks great compared to Nimiq. Last I saw, each one of those is currently worth about 1/10th of a penny. Even Dogecoin is worth five times more per coin.

 

[Red Squirrel]

Keep up the good work, Red! I can't send out Coolcoins if miners like you aren't keeping the Ethereum network running!

As bad as Ethereum is doing this year, it still looks great compared to Nimiq. Last I saw, each one of those is currently worth about 1/10th of a penny. Even Dogecoin is worth five times more per coin.

Yeah I figure I may as well help the network out. I need to get a couple fast hard drives and do a local raid 0 and try to actually sync the blockchain. The case was originally built so I can fit 8 GPUs but that's not going to happen so I may as well put some HDDs in the unused sections.



I still kinda want to redo the wiring, as that was temporary. Bought molex crimpers and everything so I can make my own splitter harnesses for GPUs and never got around to it. Want to make a fan controller too and put in some beefier fans. The project kinda got put to the backburner though as it's still working fine as is and don't really plan to add more GPUs. But might still put the wiring in place to at least add a few more, as if I land on some good deals I might do it for shits and giggles. If anything the machine would be cool to send render jobs to, if I get into 3D stuff or whatever. Don't know much about that stuff but I imagine it can make use of GPUs.

 

[Craig234]

Ethereum has been slowly declining. It's actually kinda funny since as I mine more, my overall dollar amount is still going down. I'm at 0.99 eth now, which is worth a wooping $247.55 meanwhile I put in over $1,600 to buy my two GTX 1070's. *Cries in SHA-3*

I already invested in the hardware and it's setup and set and forget, so may as well just keep going. There's still an odd chance it goes back up.

How much is the power bill monthly?

 

[Red Squirrel]

How much is the power bill monthly?

It's the delivery and all the fixed fees where they really get us here, so the bill did not really go up noticeably. I pay around $170/mo last I checked but I'm on equal billing so it takes a bit of time to really see if something makes a difference. It might have gone up since we had a really hot summer so I used the A/C a lot.

Now whatever I use more in power I save on gas (which is going to be a super tiny amount)... though gas heat is way cheaper than electric so it's kind of a moot point.

 

[DrMrLordX]

So, as of five days ago, USDT lost its dollar peg. It has traded for as little as $.85 recently. Right now it's at $.97 . What's interesting is that Tether, Ltd. offers no guarantee of 1-to-1 exchange for USDT to dollars, so I'm not sure if there's an opportunity for arbitrage here.

Not sure if the peg will be re-established. The situation is getting interesting. I did not expect the market as a whole to bring Tether to its knees, and yet it may happen. The CFTC still has done nothing.

 

[DrMrLordX]

Tether Ltd./Bitfinex limiting arbitrage, etc.:

Meanwhile, many traders have now complained that it’s not possible to get fiat money for their USDT tokens - even though Tether’s whitepaper clearly states that those who hold its stablecoin may “redeem” it for USD.

https://www.cryptoglobe.com/latest/...dt-from-crypto-market-as-token-falls-below-1/

Hah!

 

[Red Squirrel]

I wonder if pot legalization is actually going to cause our dollar to go up lol. I don't think it will have much effect though as it won't really change import/exports much, but it will boost our local economy.

 

[DrMrLordX]

I wonder if pot legalization is actually going to cause our dollar to go up lol. I don't think it will have much effect though as it won't really change import/exports much, but it will boost our local economy.

It might help Potcoin . . .

 

[ponyo]

Bitcoin and Ethereum have been pretty stable lately. Current Bitcoin price =$6,386. Ethereum = $212. It looks like it's basing here. If you're early adapter, you're still up huge even after this year's crash. I would feel pretty good at this point about the legitimacy and future of crytocurrency.

 

[OverVolt]

Mining will always be a razor thin margin activity.

 

[Red Squirrel]

I keep checking GPU prices for fun, I'm surprised they're still so high. Is there actually lot of people buying them out to mine at this point? I kinda want to expand my rig but considering I'm not really making money it's not really justifiable. At current prices I'm at $318.06 mined dollar value. That's not even enough to buy half a GPU.

I'd have to sit down and rework the hydro cost to see if I'm at least breaking even though. If I'm breaking even, then it means it's basically free heat.

 

[DrMrLordX]

Mining Ethereum in particular does not seem lucrative at this point unless you've already sunk a lot of money into GPUs. The ASIC juggernaut looms in the distance, and we still have no idea if the EF will act to block them. With PoS pushed back to possibly 2021, you might think they'd show more interest in an algorithm switch.

The main profit driver for mining in the past was the general expectation of increasing token value. Anyone who mined extensively in 2016 saw enormous gains by the end of 2017. Anyone mining now sees doldrums. No clue if the price will move anyway next year. If it does, it likely will not be due to feature expansion of the Ethereum blockchain (there won't be much progress).

 

[Red Squirrel]

Yeah right now I'm banking on the fact that the price might shoot up at some point, then I can cash in. It may not happen so if not, oh well, I tried. In the meantime I'll basically just keep going with my existing setup.

Though I am contemplating building a new VM server and if I do that I'll probably use the mining machine for that. I'll have to find a purpose for that overkill case I built though. Maybe find some kind of crazy port count SAS expander and build a storage pod.

 

[ViRGE]

Dive dive dive!

 

[DrMrLordX]

Yup, still dropping. It's been a painful run down, but really it should have kept dropping in August and September instead of stabilizing/trying to rally. A true correction would see most of the 2017 gains erased. Once we are sitting at Feb/March 2017 price levels, that is when healthy growth may resume. Of course that will be difficult for projects that simply didn't exist at the time - where are they supposed to be priced? $0? Maybe, maybe not. There are probably a few good projects out there among those that have launched in the last year or so.

Already I see speculators publicly encouraging people to try to catch the falling knife. Watch out. The last time ETH crashed this low, it bottomed out at maybe $171 and has shown little for it since. It easily could have (and should have) kept falling. There was no upside to buying "cheap" ETH at that time. The highest it went (briefly) was $250. If you go into a titter over 46% gains in a ultra-high-risk market then have at it, maybe we'll see a repeat of what we saw in August/September. For me, I do not think the price levels justify purchasing anything yet.

NEM and REQ maybe worth watching. They are so far off their all-time highs that it is a bit stunning. There was a run on REQ last month that saw maybe 100% gains for REQ buyers who got in during the August lows. Those gains are mostly gone.

 

[ultimatebob]

Those 1 year price charts for Bitcoin and Ethereum are going to start looking even worse once we get to December. It's been an ugly downhill slide since mid December 2017.

Coolcoin, on the other hand, has stayed steady in value! It's still worth 1/1000th of a Space Kitty t-shirt, just like it has for months!

 

[Red Squirrel]

I just bought 25 thousand shares in a local gold mining company.

Between that, and my ethereum mining, we'll see which one loses me more money.

Hey, it's probably better than blowing that money in a casino.

 

[ponyo]

And last week I thought Bitcoin, Ethereum , and altcoins were basing and stabilizing. Pretty decent drop last week for crypto across the board. Seems out of the blue.

 

[AdamK47]

I'm liking the trajectory cryptocurrency is going in.

 

[DrMrLordX]

I'm liking the trajectory cryptocurrency is going in.

Why, because some crypto projects use PoW involving video cards?

Bitcoin doesn't use video cards, and hasn't since maybe 2013. Most of the other projects that still allow video card mining are either being "polluted" by ASICs and/or are planning to move away from PoW entirely.

So you must really hate XMR.

 

[ultimatebob]

Bitcoin might not be mined with video cards anymore, but those ASIC miners waste a ton of electricity. Even if you're not one of those Save The Earth Eco Hippie types that cares about global warming, you should still be annoyed that the miners might be driving up your electricity prices depending on where you live.

The funny thing is that more energy efficient crypto algorithms already exist, but Bitcoin is still stuck in it's 2009 era "Proof Of Work" mindset for transaction verification.

 

[DrMrLordX]

I agree that Bitcoin's particular PoW situation is undesirable. The ASIC miners will never vote to change the consensus model (or much of the codebase, at all), so I doubt that there is much hope for reform. Still, much of the hatred of crypto around this forum stems from the belief that crypto projects keep dGPU prices high.

 

[Craig234]

I agree that Bitcoin's particular PoW situation is undesirable. The ASIC miners will never vote to change the consensus model (or much of the codebase, at all), so I doubt that there is much hope for reform. Still, much of the hatred of crypto around this forum stems from the belief that crypto projects keep dGPU prices high.

My dislike of crypto is mainly from its being a bubble, no 'real value'. governments back currencies as imperfect as they are, nothing backs crypto value.

A secondary concern is that wasted energy.

 

[AdamK47]

My dislike of it comes from two factors. The increase of video card pricing and the droves of mainstream buying into it at all time highs based off of hype and greed.