cryptocurrency

[fallacy]

I just spent $5,000 for 6.5 coins of Ethereum. Anyone else gambling with the Crypto for some easy money.

I will update this post when I sell the stuff one way or another to see how I did. Let the dice roll!

[Malenko]

should have spent that money on photobucket so your lame avatar would be there instead of the account notice.

[BadMouth]

My father sells silver to people when the TV is telling people it's crazy high and then the same people sell it back to him at a lower price when the TV tells them the bottom has fallen out.

  That's kind of what you're doing here.

Sent from my Life One X2 using Tapatalk

[Howard_Casto]

Yeah the problem with perceived value as opposed to actual value is, sooner or later, people will wise up and the market will adjust. 

[Ken Layton]

Bitcoin is a ponzi scheme.

[yotsuya]

My father sells silver to people when the TV is telling people it's crazy high and then the same people sell it back to him at a lower price when the TV tells them the bottom has fallen out.

  That's kind of what you're doing here.

Sent from my Life One X2 using Tapatalk

I love this post so much, I want to have its babies.

[RayB]

An interesting read on how cryptocurrency is most likely unsustainable: http://www.motherjones.com/environment/2017/12/climatedesk-bitcoin-is-really-bad-for-the-environment/

Skimmed it a while back so I may have missed if they bothered to take Moore's law into consideration.

[fallacy]

That went up quick, my new predication is that number will be 9 something thousand by Jan 18.

[Loafmeister]

Sell now and be happy with what you've got.

[fallacy]

So far looking like I am on point with my Jan 18 prediction.

[danny_galaga]

Lock it in buddy!

[fallacy]

Don’t panic and …

[yotsuya]

Yeah, I dunno --- this reminds me of the early 2000s, when investors were funneling money into dotcoms and stuff because it was the "wave of the future".

I mean, how do you explain stuff like this: https://www.msn.com/en-us/money/markets/a-parody-cryptocurrency-just-broke-dollar2-billion-for-its-market-cap/ar-BBI4k9P?li=BBmkt5R&ocid=spartandhp

If you can profit from it, great, but I'd be cautious.

[fallacy]

I'm not stupid this ---steaming pile of meadow muffin--- is a complete joke. But I asked myself... "Self" do I think this stupid ---steaming pile of meadow muffin--- is going to continue through the month of January, February (at the very least) and my answer was yes 90% sure it will. This is a weird time and there is some easy money to be made here; probably wont see something like this for another 15 years.

[dkersten]

It's a completely speculative market with no basis behind it, essentially gambling.  But hey, if you can afford to lose it, go for it.  I only wish I had played with mining a decade ago.

I am not sure if I am horrified or laughing hysterically over the fact that one of the first bitcoin transactions was 20k bitcoin for 2 pizzas... At ~ $15k for a bitcoin lately he only paid $300 million for those pizzas...

A good friend of mine is playing with bitcoin, he is about $3500 in and about $32k up.  He can afford to lose the $3.5k, but I keep telling him to cash out his investment and play with the casino's money.  On the other hand, he bought a PC game about 6 months ago thinking it was cool he bought it in bitcoin, and 4 months later realized the amount of bitcoin he spent was now worth over $500... Of course he didn't spend $500 on it, but the perception is that he did, just like the pizzas cost that other guy $300 mil.  I think it's because in my perspective, the U.S. dollar is the basis for everything material.  The 2 dollars per hour I was making 35 years ago is, in my mind, the same as 6 dollars today.  But at the same time, a $50 video game 30 years ago is not worth $150 today.  It's a paradox, lol.

I have a hard time seeing crypto currencies as anything more than poker chips. 

[fallacy]

You see your friend making 35k because he sat at his computer and clicked purchase now but you have no interest in putting some in…? Hell why don’t you just give your friend some money and tell him to invest in some coins he likes for you and have him tell you what he put it into a few months later so you don’t have to worry about it:P I am finding a lot of people really just can’t handle it.

[Mr. Peabody]

Bitcoin is a ponzi scheme.

Human endeavour is.

[Howard_Casto]

should have spent that money on photobucket so your lame avatar would be there instead of the account notice.

LOL it's been two weeks and he still hasn't fixed it. 

[Malenko]

should have spent that money on photobucket so your lame avatar would be there instead of the account notice.

LOL it's been two weeks and he still hasn't fixed it.

yeah, I actually prefer the photobucket logo to his avatar anyway

[dkersten]

You see your friend making 35k because he sat at his computer and clicked purchase now but you have no interest in putting some in…? Hell why don’t you just give your friend some money and tell him to invest in some coins he likes for you and have him tell you what he put it into a few months later so you don’t have to worry about it:P I am finding a lot of people really just can’t handle it.

Last night I found out he dropped $30k on Tron when it was 3 cents.  He cashed out the other day at 24 cents. 

Sure, it was easy money, he clicked, slept on it a few weeks, and made nearly a quarter million dollars.  But he also had the $30k to risk.  I just dropped a half mil on a house, and I am almost tapped out.  if I risk $30k right now and it goes sideways, which there is about a 95% chance it can, I can't build my home theater or finish my basement.  Gambling isn't a big priority for me right now. 

I might still risk a few thousand.. That's what I would spend on a weekend in Vegas and I haven't been able to take a vacation in a while, so why not, it's better odds than anything in Vegas right now..  Perhaps I can ride the FOMO wave for a few weeks, cash out for a few thousand more, and pay off a car or something. 

You are right, I don't have the stomach for anything significant.  Bitcoin is up nearly 1600% since the start of 2017.  If I had dropped $10k on Bitcoin last January, I can pretty much guarantee I would have pulled out before it hit $50k, let alone $160k.  And then I would have been pissed at myself for not staying in.  I don't want to end up being the guy who bought the 200 million dollar pizza.

[lilshawn]

I dabbled in bitcoin when it first came out sometime in 2009.

I installed all the stuff to mine but for some reason never got any work to crunch. the program was just trying to get work chains but never received any.  I left it for a few days and saw some old block data was received and the system was still trying to download new work. no positive activity so I abandoned it. Of course now, I wish I had stuck with it and fixed the issue... but at the time it seemed like a way to needlessly consume my time and computing power for seemingly nothing.

hindsight is 20/20 eh?

[fallacy]

There you go nothing worse than FOMO, I am not hearing good things about Tron, but I also know just based on greed and the market cap for crypto currency rising Tron can Easley jump up to $1 in a few months, your friend thinks that as well and wants to go big. If you have a few thousand you should have him Tron you as well.


Ow wait he cashed out with TRON from .03 to .24 in one day?

[pbj]

100% guaranteed your friend is only telling you about the wins.  Gamblers never admit the losses.

[dkersten]

100% guaranteed your friend is only telling you about the wins.  Gamblers never admit the losses.

And that is why I am not jumping at the chance to invest tens of thousands in it.  He only told me about the extra $25k he dumped into Tron (in U.S. Currency) AFTER he made a killing.  If he had lost it, I never would have known.

Investing in crypto currency is gambling.  Period.  Was it a fairly safe bet to invest in a 3 cent coin?  Relatively, yes.  A 3 cent coin that hadn't fluctuated much in value over the last year was not going to suddenly drop to zero.  Is Bitcoin that safe?  Hell no.  Are both safer than playing Blackjack in Vegas?  I would say yes, at least for the next couple months.

[dkersten]

Ow wait he cashed out with TRON from .03 to .24 in one day?

He bought at just under 3 cents and cashed out a few weeks later at about 24 cents.  It peaked at around 26 cents and dropped to 14 cents where it is right now.  He was lucky as hell that he happened to check his account when he did.

Its trending down right now, but I might jump in at around a dime and see where it goes..

[fallacy]

WOW! there is going to be such a big market crash twords the end of 2018 I will be ready for it though.

[Howard_Casto]

should have spent that money on photobucket so your lame avatar would be there instead of the account notice.

LOL it's been two weeks and he still hasn't fixed it.

yeah, I actually prefer the photobucket logo to his avatar anyway

True dat.

[yotsuya]

should have spent that money on photobucket so your lame avatar would be there instead of the account notice.

LOL it's been two weeks and he still hasn't fixed it.

yeah, I actually prefer the photobucket logo to his avatar anyway

True dat.

Thirded

[fallacy]

there we go.

[lilshawn]

[Malenko]

there we go.

how original! I havent seen that like a brazillion times, why not go even less used and have pickle rick?

[mimic]

I have one question only... What EXACTLY is being mined!? I know it's some kind of mathematical calculations, but where do they originate and what is the end result supposed to be? And where is the end to creating new calculations and new cryptocurrency, I mean at some point it will be so greatly diluted to the point that every human will have their own cryptocurrency. That's the thing I can't wrap my mind around.

[fallacy]

I have never done it myself but you can watch barnacules 4 year old video on it. Basically it is like a lottery that goes out, that is why the release so much currency a year. At the same time everyone is running this software for the lottery aslo kmown as mining your computer is also being used to maintain the network\otherwise know as being part of the decentralized network.

[Howard_Casto]

I have one question only... What EXACTLY is being mined!? I know it's some kind of mathematical calculations, but where do they originate and what is the end result supposed to be? And where is the end to creating new calculations and new cryptocurrency, I mean at some point it will be so greatly diluted to the point that every human will have their own cryptocurrency. That's the thing I can't wrap my mind around.

All I know is all of those mining rigs have to be putting out a rather large carbon footprint for no actual product.  So the end game of bitcoin seems to be to kill the Polar Bears. 

[fallacy]

probably go back down the next 2 days but dang.

[danny_galaga]

I have one question only... What EXACTLY is being mined!? I know it's some kind of mathematical calculations, but where do they originate and what is the end result supposed to be? And where is the end to creating new calculations and new cryptocurrency, I mean at some point it will be so greatly diluted to the point that every human will have their own cryptocurrency. That's the thing I can't wrap my mind around.

All I know is all of those mining rigs have to be putting out a rather large carbon footprint for no actual product.  So the end game of bitcoin seems to be to kill the Polar Bears.

[dkersten]

All I know is all of those mining rigs have to be putting out a rather large carbon footprint for no actual product.  So the end game of bitcoin seems to be to kill the Polar Bears.

No more than an old arcade cab with a CRT... And even a beefy mining rig wouldn't use more electricity than charging your electric car each day... But who cares about Polar Bears when you are busy standing up on your pedestal...

[Mike A]

I think PBJ said it before. BYOAC'ers suck at analogies.

[Vigo]

Not in a macro sense. Just looked up the power consumption. The bitcoin decentralized network uses as much electricity as a small country. With mining doing less and less, I can't imagine how it is possible that a currency pitted against our power grid is sustainable, unless we invent cold fusion in the next couple years.

https://www.theguardian.com/technology/2017/nov/27/bitcoin-mining-consumes-electricity-ireland

No more than an old arcade cab with a CRT... And even a beefy mining rig wouldn't use more electricity than charging your electric car each day... But who cares about Polar Bears when you are busy standing up on your pedestal...

Each and every bitcoin transaction uses 300 kWh of electricity, If my math is right, that could power a CRT arcade machine for 900 hours. That is 37 days of continuous play. I am a wasteful guy, but damn, that is insanity.

[HaRuMaN]

Each and every bitcoin transaction uses 300 kWh of electricity

Not exactly correct, that should read "every bitcoin mined"

[Vigo]

Each and every bitcoin transaction uses 300 kWh of electricity

Not exactly correct, that should read "every bitcoin mined"

Not claiming to be an expert, I'm going off the article I linked in my post, which said every transaction. I assumed that meant that it requires all online computers to process every transaction occurring in order to maintain the decentralized network.

No matter what, the article goes on to state there are 350,000 transactions per day, meaning that every day enough power is consumed by bitcoin to power an arcade machine for a staggering 35 thousand years.

Now the article could be full of ---steaming pile of meadow muffin---, but even if numbers are half of that, it still is pretty mind blowing.

[dkersten]

I bet if you read every article that talks about how much electricity is used for this or that and added it all up it would be 100 times the amount of actual electricity used, lol.  No question running my computer as a mining rig or to compute transactions burns more than if it is just idle, but it is still on and running other things even if it is not actually actively crunching numbers.

It is pretty interesting how much power it takes though... Good thing it is generating more income than the electricity is costing so that it can continue to contribute to the GDP of the world.  There may not be some physical good created by it, but it still has an approximate GDP of around 15 billion.  That's 15 billion that feeds people or could be used to research more efficient computing or is being put to good use funding green companies, right? 

I wonder how much electricity is being used for other "@home" type distributed computing projects... ?  I mean, just because you are folding or searching for extra terrestrial life or contributing to some medical research doesn't mean you aren't wasting power too.  I mean, those things don't put food on the table and they still convert fossil fuels into heat and co2, so why aren't there any articles on how much those projects are melting the polar bears.

[leapinlew]

I wonder how much electricity is being used for other "@home" type distributed computing projects... ?  I mean, just because you are folding or searching for extra terrestrial life or contributing to some medical research doesn't mean you aren't wasting power too.  I mean, those things don't put food on the table and they still convert fossil fuels into heat and co2, so why aren't there any articles on how much those projects are melting the polar bears.

You aren't really asking that are you? lol. It's because the end goal of those tasks aren't monetary in nature. Bitcoins reason for existing is as currency. Well, it was currency, now it's for short term speculation.

[pixel]

I bet if you read every article that talks about how much electricity is used for this or that and added it all up it would be 100 times the amount of actual electricity used, lol.  No question running my computer as a mining rig or to compute transactions burns more than if it is just idle, but it is still on and running other things even if it is not actually actively crunching numbers.

It is pretty interesting how much power it takes though... Good thing it is generating more income than the electricity is costing so that it can continue to contribute to the GDP of the world.  There may not be some physical good created by it, but it still has an approximate GDP of around 15 billion.  That's 15 billion that feeds people or could be used to research more efficient computing or is being put to good use funding green companies, right? 

I wonder how much electricity is being used for other "@home" type distributed computing projects... ?  I mean, just because you are folding or searching for extra terrestrial life or contributing to some medical research doesn't mean you aren't wasting power too.  I mean, those things don't put food on the table and they still convert fossil fuels into heat and co2, so why aren't there any articles on how much those projects are melting the polar bears.

 Imagine how much Energy is being used to power  CERN,  on a regular basis.


 They changed  "Global Warming"  to  "Climate Change" ...  because there have been recordbreaking Cold... even Snowing in the Sahara Desert.

 There are people saying that the Sun in at a  "Grand Solar Minimum",  and that our Earths orbit wobbles in such a way...
that every nth amount of time... that wobble causes the tilt to be further away from the sun than typical.

 There are others claiming a Mini Ice Age on the Horizon.

 What is interesting... is that for many years now... a lot of shows were dedicated to survival shows.   
Next was the whole  "Beard  /  Facial Hair"  popularization.

 Somewhere in there... Robin Williams was speaking about an Ice Age coming,  and that nobody was going to tell the people...
and untold million were going to die.   I dont think it was that much longer after that... that he was found to have passed on to
the other side...

 A lot of people out there,  are also promoting survival gear, shelter kits, and even massive underground survival bunker communities,
that you rent / buy in advance.   Sort of like some kind of doomsday life-insurance policy.

 Finally...

 There is talk of a hidden planet that has a massive orbit in a different vector.   Planet X / Nirubu.   One wonders,  if such a massive body
getting too close to us... could cause our planets axis and or magnetic poles to shift.   One also wonders... if the combination of the axis / pole shift
and the speed of rotation slows... if gravity itself would become much lighter.    If that were the case... I wonder if that is one of the reasons why
Ancient civilizations were able to move extremely heavy objects... to form massive complex structures.. much more easily.

 Also heard... that the Earths rotation causes the Oceans in the center axis.. to bulge out... and that if the rotation slows too much, that water will
come crashing down... causing something like 100ft tall Tsunami waves...  as well as causing much of the lowest levels of earth... to be
completely drowned in deep waters... similar to something out of the Bible.

 Adding to this... a large heavenly body,  might be able to pull the Earths plates around... causing Earth Quakes,  Volcano's,  and massive
shifting of the land masses.

 Ohh,  almost forgot...

 Some think that the Chem-Trails are one of the ways the Govt. is trying to hide what will be coming into view soon.


 All speculation,  of course.   Pattern matching.  Nothing more.   I dont have any firm stance / beliefs on the stuff...
but will say... that all combined... its very odd.


 Ugg - Remembers,  that there in like a square mile of UN vehicles in the middle of nowhere... doing nothing...
And that many Prison-like camps,  had started to be build when Bush was in power... and reports of them becoming
operational have been rolling in.

 One that same note..  certain Walmarts had been closing... and blamed it on plumbing issues... which turned out to be a lie...
and soon after,  there were reports of military like operations taking place in these areas.  A watchtower, razor wire fencing,
and Underground tunnels being reportedly dug... from contractors who leaked what they saw.


 One also wonders,  if  Trumps WALL,  is actually being designed as a way to protect the states from a flood Tsunami.
As realistically speaking,  it does not seem very practical.   Look at Area 51.  Get within Binocular distance... and you
are being greeted by some angry men, with pistols at the ready.  Thats not even considering things like
Drones / Armed Drones.


 Ok... I mean it now... last comment in this box:   Its funny how the Wealthiest people are pushing Global Warming and Carbon Taxes...
and yet,  they can get away with heating and cooling entire Mansions,  mowing acres of lawn, driving 2 mpg Supercars,  and taking
frequent private Jet rides..  often at your Tax Dollars expense.   All while getting off nearly or fully Tax Free..  while the poor are
forced to absorb the costs,  and deal with cutbacks.  bans,  and severe life inconveniences.   The Hypocrisy is beyond comprehension.

[Malenko]

I think your tinfoil hat might be on a little too tight.

[Vigo]

Somewhere in there... Robin Williams was speaking about an Ice Age coming,  and that nobody was going to tell the people...
and untold million were going to die.   I dont think it was that much longer after that... that he was found to have passed on to
the other side...

Trust me, there is always an Ice age coming....

[yotsuya]

Aaaaaaaaand we’re back!

[pbj]

Sometimes I feel like the only person in the world that actually reads the entire post... 

[yotsuya]

Sometimes I feel like the only person in the world that actually reads the entire post... 

I did, too. Classic Steve. Keep on keepin’ on, bro.

[dkersten]

You aren't really asking that are you? lol. It's because the end goal of those tasks aren't monetary in nature.

That's what I thought - if the end goal is not just to make money, it can't hurt the environment.  Thanks for clearing that up.

[TeutonicDarkness]

Hello,
 while I wont condone or endorse bitcoin one way or the other I will make a observation.
There is money to be made here if someone has the time patience. I don't want to get into great detail but I have
gave it a shot a few times in the past....
In each instance I would have just a few dollars worth of bitcoins because hey I'm not crazy and I'm defiantly not rich.
so on 2 different occasions I had very few bitcoins $10 - $25 dollars.
I would forget about it only to return a year or so later and find the value had increased.
I now had $100 + dollars.

I'm only providing insight do with this knowledge how you see fit 

[Mr. Peabody]

@pixel: gravity has only to do with mass. Only in the case of black holes does rotation matter.


And, from Peter Diamandis' ABUNDANCE INSIDER JANUARY 12 EDITION:

One Stock Analyst's $10 Trillion Bull Case for Cryptocurrencies

What it is: Roughly $30 trillion are currently held offshore in gold and other long-term stores of value. RBC analyst Mitch Steves projects that cryptoassets such as bitcoin and ether could take as much as 33 percent of that market over the next 15 years, giving the cryptoasset market as a whole a $10 trillion value. This is a 13x expansion from today from one single use case.

Why it's important: Notice how Steves thinks about cryptoasset valuation. Currencies and coins have many use cases beyond stored value, but when you think about the use cases for ethereum (and ether coin), IOTA (for IoT transactions), or Factom (secure distributed storage), just to name a few, the market value of the entire asset class could well eclipse that number.

[BadMouth]

Next was the whole  "Beard  /  Facial Hair"  popularization.

The cause for that is that the current crop of men coming up were raised to be weenies and are looking for some way to have a shred of masculinity without offending anyone.

A lot of people out there,  are also promoting survival gear, shelter kits, and even massive underground survival bunker communities,
that you rent / buy in advance.   Sort of like some kind of doomsday life-insurance policy.

This is because the society they know is breaking down and what comes next is uncertain.  Best to be prepared.  I can't say I disagree.
(discussion of why or who is responsible is for the P&R subforum, not here)

  There is talk of a hidden planet that has a massive orbit in a different vector.   Planet X / Nirubu.   One wonders,  if such a massive body
getting too close to us... could cause our planets axis and or magnetic poles to shift. 

I thought the timeframe for this had come and gone.

Some think that the Chem-Trails are one of the ways the Govt. is trying to hide what will be coming into view soon.

Everyone I've ever heard talk about chem trails was a nut job.  I remember one woman who was on Midnight in the Desert because years earlier she had experienced symptoms immediately after seeing a plane overhead spray something while she was hiking.  Did she do the logical thing and call the park service to ask if/what they were spraying?   Of course not because she did not want an explanation other than the one that confirmed her beliefs.  It is very common (at least where I've lived) to spray insecticide or herbicide to stop the spread of non-native invasive species like Gypsy Moths.  The insecticide they use probably does cause discomfort or worse if inhaled and misted into your eyes.  ...but noooo.  It had to be a mystery chemical meant to control the minds of the human population.

Ok... I mean it now... last comment in this box:   Its funny how the Wealthiest people are pushing Global Warming and Carbon Taxes...

...because they are going to run the cap and trade market, making windfall profits from comissions, fees, & administrative costs.
It's just a new way for sleazeballs to skim wealth from the people who actually provide physical things of value.

The only funny part is you never hear any politician talk about just passing a law to reduce carbon emissions.
For any law to get consideration it must profit their class peers. 

[yotsuya]

How’s that Ethereum doing for you today?

[pbj]

Ouch.

[yotsuya]

I’m genuinely curious.

[Vigo]

I heard it took a dive a couple days ago after SK said they are banning it.

[dkersten]

bitcoin tanked about 30% yesterday, started at nearly 15k and ended at about 10k.  I would hate to have a few hundred thousand tied up in it right now.  But who knows, maybe it will rebound to $30k, so maybe right now is the time to buy.  Etherium didn't fare any better and followed the Bitcoin trend down.  Trading is a frenzy today though. 

I considered buying some Tron last week, it has dropped 50% since then.  But now maybe is the time?  Or maybe I wait until it drops to 2-3 cents...

It's just like watching the marble spinning around the roulette table and wondering if it is time to bet on Red...

[Howard_Casto]

As backwater as this sounds, gold is probably a sure bet as an investment.... it always goes up in the long run and unless a new metal is created for electronic devices I don't see the demand ever going down. 

[Malenko]

How’s that Ethereum doing for you today?

it bottomed out at 765, but rebounded to just under a grand, so he's still slightly ahead at this moment in time.

[fallacy]

I bought it around 770 per coin and i bought $5000 total it went up to 1400 per coin. When i saw it tanking that morning down to 1150 per coin i put a stop order in for 1010, i did not want to sell it butt... it went past that so it sold for 6545.5. I could have bought back in for 840 if I wanted to but I still think it could end up crashing more.  I new this was going to happen but i really thought it would happen maybe in March; it felt to out of the blue felt like things were being manipulated behind the scenes.  I don't know if it does crash to the $500 $600 range I might jump back in on this gamble but if not I quess I am out.

[pbj]

I've enjoyed living vicariously through you.  I'm glad you made at least some money.

 

[fallacy]

thanks, I was sure I was going to get my first taste of a pay day with out having to work from this!  Seems like everyone I know at some point in there life gets $100000 inheritance from this person $2500000 inheritance home from that person. The man is always trying to keep you down! 

[dkersten]

Those short term capital gains taxes will now take about half, lol.

[pbj]

Those short term capital gains taxes will now take about half, lol.

More like 35%....   

[BadMouth]

Those short term capital gains taxes will now take about half, lol.

More like 35%....   

Taxed as ordinary income, so depends on your tax bracket.

...assuming he's in the United States.

[fallacy]

ya like I am going to claim my small gabbling winnings. Newegg sent my a tax form that one was funny as well.

Speaking of Newegg I bought a 1080 ti for VR for $740 and thought I was being raped by that price they are now being sold for around $1400  I heard because of Ethereum mining, I will have to double check if that is the main reason though.

[BadMouth]

Who did you buy ethereum through?

Most places like Coinbase now issue 1099s to report the sale to the gubmint.

[shponglefan]

Speaking of Newegg I bought a 1080 ti for VR for $740 and thought I was being raped by that price they are now being sold for around $1400  I heard because of Ethereum mining, I will have to double check if that is the main reason though.

A combination of memory shortages and cryptocurrency mining demand has pushed up GPU prices.  It's been ridiculous lately.

[dkersten]

Those short term capital gains taxes will now take about half, lol.

More like 35%....   

About 42% for me once you add in State.  At least pre-Trump tax plan.

At least they don't try to tack on self employment taxes when you are doing your own trading...  Those kick me up into 49% for book income. 

When trading cryptocurrency you don't have to take the tax hit until you convert to U.S. currency.  But they all seem to be following Bitcoin so for those who bailed out of etherium in recent days by converting to bitcoin, they still took a bath.  Some exchanges have a limit on how much you can cash out to U.S. currency per day, and it takes jumping through a lot of hoops to be allowed to do more.

The friend I was talking about earlier was tempted to keep his Tron windfall in Bitcoin for a year so he could pay the lower long term capital gains tax, but he bit the bullet and cashed to u.s. currency just in time to see it all plummet.  Lucky SOB..

[RandyT]

Speaking of Newegg I bought a 1080 ti for VR for $740 and thought I was being raped by that price they are now being sold for around $1400  I heard because of Ethereum mining, I will have to double check if that is the main reason though.

A combination of memory shortages and cryptocurrency mining demand has pushed up GPU prices.  It's been ridiculous lately.

I love speculators.  Think of how cheap all of this high-end gear will be on Ebay when the bottom falls out.  The Internet boom was awesome.  Picked up high end equipment for the company I worked for at the time for pennies on the dollar.

I also recently bought a barely ridden Vulcan 1700 for half of the new price from a Bitcoin miner who did well, but couldn't stay in the game for some reason and needed fast money to go get a real job.

My take on this is that at some point, the harm it is doing to individuals and established government sanctioned forms of currencies will cause it to fall under heavy scrutiny and it will be legislated away.  Just like any form of speculation, there will be some big winners, and a whole lot of big losers.  Anyone who gambles with their financial security on this type of speculation, frankly, deserves whatever outcomes head their way.  It's always easy to point to wins (that's what makes the news) but the quiet losses are far more common.  At least with tangible assets (homes, precious metals, antique cars, etc.), you still have something of value when the bottom falls out.  What will you have with cryptocurrency?

[pixel]

The big games are almost always certainly rigged.   Only ones whom end up on top... are those in Special families,  and or have Special Friends.


I would go so far as to consider,  that pulling the rug out from under people... is to be able to grasp even more percentages of stock / ownership.
(along with racking up money from the insider-shuffle game)


 The Globalists have been trying to get rid of Cash,  for some time...  which is worrying,  when you consider,  that Virtual-Currency,  is
Trackable and Hackable...  but worse... is if the Analog Loop is fully closed.   We have seen the IRS and many other companies, abuse their powers...
Spying on citizens,  and attacking those whom they do not agree with.

 Youtube is making videos un-findable,  if they dont agree with them... (if not completely erasing them)  Facebook is hiding shared posts,  and so
what makes people think that a corrupted Govt. isnt potentially going to Erase / Steal  your currency?  (far worse than they already dip in now)

 If the One-World govt. gets full power and control... the whole biblical statements may actually run true.  That one could be blocked from buying and selling anything... if they so chose it.

 (Ive always suspected those whom wrote it,  are the same ones planning to institute it.   Of course,  its also not hard to imagine future problems... considering that they are typically basic human-nature issues... and so all it really takes,  is some common sense to make some fairly accurate predictions of the future)

[Mike A]

Stop huffing paint thinner.

[fallacy]

My take on this is that at some point, the harm it is doing to individuals and established government sanctioned forms of currencies will cause it to fall under heavy scrutiny and it will be legislated away.  Just like any form of speculation, there will be some big winners, and a whole lot of big losers.  Anyone who gambles with their financial security on this type of speculation, frankly, deserves whatever outcomes head their way.  It's always easy to point to wins (that's what makes the news) but the quiet losses are far more common.  At least with tangible assets (homes, precious metals, antique cars, etc.), you still have something of value when the bottom falls out.  What will you have with cryptocurrency?

Yep the best way to think of this is a World Series of Poker tournament… on a much bigger scale. Sure you look at all the winners at the last table, this guy made 2.5 million, this guy made 1.2 million these 3 made over 650 thousand but you never look at the 7000 people that lost there 10,000 playing the game that funded the last ones standing. Only real difference is with the World Series of Poker tournament you all stat at the same time and people get eliminated along the way, with crypto new money is constantly flowing in giving the illusion that 90% of everyone is winning for a time until everyone starts losing to various degrees.

When dkersten friend made a quarter of a million when he only put in 3.5 thousand….. Ya that basically equates to a lot of people who need to lose to fund that.

[Howard_Casto]

Stop huffing paint thinner.

^^This^^

[yotsuya]

Stop huffing paint thinner.

I don’t think Mike has ever got a proper introduction to Xiaou2.

[Mike A]

I have read enough to know that he is a nut, a fraud, or both. I Googled his Xiaou2 screen name awhile back. He used to post on some martial arts forum. He kept telling people he was some kung fu master, but he couldn't fight anyone because he would kill them.

[yotsuya]

I have read enough to know that he is a nut, a fraud, or both. I Googled his Xiaou2 screen name awhile back. He used to post on some martial arts forum. He kept telling people he was some kung fu master, but he couldn't fight anyone because he would kill them.

Sounds about right.

And I am being completely honest and sincere when I say that next to PBJ, he is the guy I wish I could get to come to ZapCon the most (I know you’re coming homeslice, you don’t count).

[dkersten]

I have read enough to know that he is a nut, a fraud, or both. I Googled his Xiaou2 screen name awhile back. He used to post on some martial arts forum. He kept telling people he was some kung fu master, but he couldn't fight anyone because he would kill them.

Don't hold back, tell us how you really feel, lol.

[Mike A]

I wrote something else, but the Illuminati erased my post and substituted another.

[Howard_Casto]

I have read enough to know that he is a nut, a fraud, or both. I Googled his Xiaou2 screen name awhile back. He used to post on some martial arts forum. He kept telling people he was some kung fu master, but he couldn't fight anyone because he would kill them.

Sounds about right.

And I am being completely honest and sincere when I say that next to PBJ, he is the guy I wish I could get to come to ZapCon the most (I know you’re coming homeslice, you don’t count).

I say this without any irony or sarcasm.  If you get those two to come and Malenko I will somehow find a way to get there.  If nothing else I have to film it. 

[yotsuya]

I have read enough to know that he is a nut, a fraud, or both. I Googled his Xiaou2 screen name awhile back. He used to post on some martial arts forum. He kept telling people he was some kung fu master, but he couldn't fight anyone because he would kill them.

Sounds about right.

And I am being completely honest and sincere when I say that next to PBJ, he is the guy I wish I could get to come to ZapCon the most (I know you’re coming homeslice, you don’t count).

I say this without any irony or sarcasm.  If you get those two to come and Malenko I will somehow find a way to get there.  If nothing else I have to film it.

PBJ is a probably, I don't know what the hell Malenko is doing, and right now Steve is just a pipe dream, I’m sure.

[pbj]

The answer to that question changes daily, I'm afraid.  Vamos a ver.

[Malenko]

I say this without any irony or sarcasm.  If you get those two to come and Malenko I will somehow find a way to get there.  If nothing else I have to film it.

I've already been once, but I'd totally go again to clown on x2 in person and hang out with PBJ

PBJ is a , I don't know what the hell Malenko is doing, and right now Steve is just a crack pipe dream, I’m sure.

I'm still an unwaivering maybe ; If I go, Mrs.Malenko will be there too.

[yotsuya]

The answer to that question changes daily, I'm afraid.  Vamos a ver.

I got enough cockteasing in HS, bro. Make it happen.

I got your ticket, MikeA has your room, Neph will pick you up and take you to the airport, and you can eat peanuts in the Atari lounge so you won’t starve. Just sell off your Ethereum and buy a plane ticket and we’re solid.

[Howard_Casto]

We'll figure it out one of these years.  I want all the old timers in one place, even if it's only once.  Maybe get Saint to come.... he can wear his pac-man suit. 

[yotsuya]

This headline pretty much sums up my thoughts on cryptocurrencies...

[yotsuya]

https://motherboard.vice.com/en_us/article/yw5ygw/ethereum-startup-prodeum-vanishes-after-seemingly-making-11-leaves-message-penis?utm_source=vicefbus

[danny_galaga]

What's funny about all the hype (on ANY speculation) is that you hear about huge gains. X was this price in 2012, and now it is 20 times that price. Psychologically we think 'Man, some people must be rolling in it now and I missed the boat'. The thing is, almost no one will have been in from the get-go to this point in time. You can bet 90% of people currently holding whatever it is bought it at 19.5 times the original price in the last month or so. People jump out for many reasons and at many profit margins. So there are a stack of steps from 2012 to now. And each step is people selling out, and others buying in. Maybe the actual average profit, instead of being 2000%, is actually 5%. Not bad at all if you had it for a month or so, but nothing to write home about...

[dkersten]

What's funny about all the hype (on ANY speculation) is that you hear about huge gains. X was this price in 2012, and now it is 20 times that price. Psychologically we think 'Man, some people must be rolling in it now and I missed the boat'. The thing is, almost no one will have been in from the get-go to this point in time. You can bet 90% of people currently holding whatever it is bought it at 19.5 times the original price in the last month or so. People jump out for many reasons and at many profit margins. So there are a stack of steps from 2012 to now. And each step is people selling out, and others buying in. Maybe the actual average profit, instead of being 2000%, is actually 5%. Not bad at all if you had it for a month or so, but nothing to write home about...

A few months back though there were a lot of people who had forgotten they had some bitcoin and suddenly heard it was worth 10 or 15 thousand dollars, but it certainly wasn't like they knew they had it and were holding out for it to reach $15k.  If they had discovered they had it when it hit $1k they probably dumped it.  And the fact is, if bitcoin ever hits $30-40k, there will be another wave of hype and people will discover more coins they didn't realize they had.  Otherwise I completely agree, anyone who is even a little aware of what is going on is not sitting on bitcoin that cost them 3 cents waiting for it to hit $20k...

[danny_galaga]

What's funny about all the hype (on ANY speculation) is that you hear about huge gains. X was this price in 2012, and now it is 20 times that price. Psychologically we think 'Man, some people must be rolling in it now and I missed the boat'. The thing is, almost no one will have been in from the get-go to this point in time. You can bet 90% of people currently holding whatever it is bought it at 19.5 times the original price in the last month or so. People jump out for many reasons and at many profit margins. So there are a stack of steps from 2012 to now. And each step is people selling out, and others buying in. Maybe the actual average profit, instead of being 2000%, is actually 5%. Not bad at all if you had it for a month or so, but nothing to write home about...

A few months back though there were a lot of people who had forgotten they had some bitcoin and suddenly heard it was worth 10 or 15 thousand dollars, but it certainly wasn't like they knew they had it and were holding out for it to reach $15k.  If they had discovered they had it when it hit $1k they probably dumped it.  And the fact is, if bitcoin ever hits $30-40k, there will be another wave of hype and people will discover more coins they didn't realize they had.  Otherwise I completely agree, anyone who is even a little aware of what is going on is not sitting on bitcoin that cost them 3 cents waiting for it to hit $20k...

I doubt there really were a LOT of people. For a commodity (even a pretend one) to increase in value over time requires lots of transactions and lots of volume. If say no one EVER sold their bitcoins, ever, but only bought them what is the value of a bitcoin? There is of course the 'founder' of bitcoin where apparently he holds billions of dollars worth but no one knows who it is etc. If that story is true, then I would say he died. People die all the time due to accidents or ill health and leave behind stuff no one knows what to do with.

[fallacy]

I bought some bitcoin because of what Clif High said about it at 47:00. I don't know half of me thinks it will go down before it goes up but in long term I think it will work out.

[yotsuya]

Yes, it’s always a good idea to take your financial advice from some Dude’s YouTube channel. Especially when he’s sitting in front of his Batman posters.

Keep us updated. I will live vicariously through you.

[fallacy]

ow no I did it again I bought 5.5 in Ethereum. I got lucky... I think in the last 3 weeks I have been watching Ethereum I have noticed the market really seems to like it at $1000 it goes up to 1200 and than back down to 1025. As we know I sold it for around 1010 so I am just not going to buy back in for more than I sold that's how you lose money; but I was like if it ever goes back down around 960 I will hope back in. Today I was sitting there watching GDAX and it finally went back down to 1025 and I had $1500 sitting in my Gdax so I was like I will buy 1 coin, if it goes back up to 1100 I will make something but if it does drop more into the 900 range I am buying more coins. I put in a buy order for the rest of my $500 for .5 ETH at 955 next hour i looked over and my order was filled and it was continuing to drop now in the 940 - 930 range. I was like aw man what do I do I have been waiting on this for a while; I was like ok I will buy 4 more coins and if it continues to drop into the 800 range I will buy another 5 coins. I did not have the money in my GDAX account so I had to use coinbase and they charge a fee I bought 4 coins at 941 but with the fee you can say they ended up being 955 each. Soon as I clicked purchased the price shot back up it is now going between 1000- to 1025 range

[Drnick]

A friend of mine has been playing with cryptocurrency for a few months and what he did was buy in to coin with £880 worth then set an alert for over £1000 and another for under £900 he sells at over and buys it at the under. Because of the swings in crypto it didnt take long to  double his money so he then bought another coin giving him 2 coins  He repeated the procedure for another month and had enough for 4 coins so cashed out the original coin and the rest he now sees as gambling money To give you some idea of the money made in short term Etherium was 654 on christmas eve and on 13th jan it hit 1360, that is 100% profit in 21 days.  But you do have to see it as gambling, if you can't afford to lose it then do not put it in.  His recommendation is see what etherium does over the next week and if the swings continue then buy under 1000 and sell over 1100 (10% profit every few days) eventually the bottom will drop out though so never put in more than you can afford to lose.     

[shponglefan]

Watching this whole cryptocurrency craze is fascinating, but is anyone actually using these things for anything but a speculative investment?

IOW, is there any real utility attached to these things beyond hoping they spike in prices so that one can liquidate in favor of more stable assets?

I understand that underlying blockchain technology can have utility and that there are various applications.  But as a currency, it seems to fail on the very basic premises of what a currency is supposed to act as: medium of exchange* and store of value.  So what use are these things really?

(* I suppose besides use in dark markets, although even that is apparently running into problems due to high transaction costs and transaction wait times.)

[fallacy]

Nothing it is just like when everyone invested in the 90’s that had a .com in the name, Why? Because they new the internet would be great and wanted to get into it in anyway possible even prematurely. Alot of people think this is going to change finance on a global scale even though it is not doing that right now. I also thought the internet would change everything back in the 90’s I think VR will change everything but the Blockchain database is neat but I have yet to see the example personally where I am like this is going to change everything.

[fallacy]

well I was up all that night as it was tanking and ended up buying another 5 coins after fee lets say around 910 giving me 10.5 coins for a total investment this time of $9877.79. I was a little nervous not going to lie but I still believe it wants to be at $1000. Woke up this morning and it was 990.  Hmmm sold it all for 10405.83. I am going to try to get some day trading in, I think it will fall back down 40..50...60? when we are talking about 10.5 coins thats alot of extra $

[yotsuya]

I’m curious to see how low it drops...

https://www.google.com/amp/www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-price-latest-updates-cryptocurrency-value-dollar-market-manipulation-regulation-a8191426.html%3famp

[yotsuya]

Watching this whole cryptocurrency craze is fascinating, but is anyone actually using these things for anything but a speculative investment?

IOW, is there any real utility attached to these things beyond hoping they spike in prices so that one can liquidate in favor of more stable assets?

^^^ this guy gets it

[shponglefan]

Nothing it is just like when everyone invested in the 90’s that had a .com in the name, Why? Because they new the internet would be great and wanted to get into it in anyway possible even prematurely. Alot of people think this is going to change finance on a global scale even though it is not doing that right now. I also thought the internet would change everything back in the 90’s I think VR will change everything but the Blockchain database is neat but I have yet to see the example personally where I am like this is going to change everything.

Personally, I'm not sure I'd draw the comparison with the dot-com/tech boom of the 90's.

The fundamental difference to me is that during the 90's tech boom, not many people were calling BS on it.  And that's the hallmark of a bubble; nobody knows they're in a bubble until it pops.

Meanwhile, loads of people are calling BS on cryptocurrency.  In a way, it feels more like a collectibles market than a financial market bubble.  Kind of like Beanie Babies or comic books of the 90's all over again.

[fallacy]

What do you mean it was a bubble because everyone claiming to be the next big .com company was getting investment money thrown at them hand over foot even though they were not actually doing anything of importance or actual usefulness, it is exactly the same thing.

[fallacy]

it did drop from when I sold it all at 991, in fact that was it's highest point, I was out and about most of Saturday but was still looking at it, I wanted to get back in at 941, it hit that for a few seconds during the day but most of the time it was at 960. That night I was like screw it I will put in for 5 coins at 941, if it jumps up than screw it. In the morning it was at 880 so I bought 5 more coins at 882 plus the 5 that were now bought at 941

[yotsuya]

It’s at 872 now. Go buy more.

[yotsuya]

Oops, I meant 857.

[Mike A]

Go all in bro. Sell your house.

[yotsuya]

843. We having fun yet???

[yotsuya]

Holy ---steaming pile of meadow muffin---, that’s fast. As I went to close the browser window, it dropped to 839.

[yotsuya]

Did I say 839?

[danny_galaga]

Go all in bro. Sell your house.

[Malenko]

under 8 now

[pbj]

Ouch.  10 years ago it was all, "I'm gonna get rich flipping houses" and now it's cryptocurrency.  Wonder what the next fad will be....

[yotsuya]

Can we get into the 6s today???

[Drnick]

Well that crash happened a bit sooner than was expected I'll find out how my friend fared tomorrow

[yotsuya]

Sell, Mortimer, sell!!!!

[yotsuya]

Ride the dip, baby!!!

[Howard_Casto]

+100 non-existent rep for the Trading Places references. 

[yotsuya]

+100 non-existent rep for the Trading Places references.

Beef jerky time!

[yotsuya]

Holy crap dude, please tell me you cashed out... we might be in the 5s by end of day...

[yotsuya]

Bitcoin might be in the 5s as well...

[yotsuya]

It’s back in the 7s now. Crazy!

[shponglefan]

...

[vwalbridge]

You need to update your gifs bro...

[yotsuya]

Back in the 6s!

[shponglefan]

What do you mean it was a bubble because everyone claiming to be the next big .com company was getting investment money thrown at them hand over foot even though they were not actually doing anything of importance or actual usefulness, it is exactly the same thing.

It's not exactly the same thing though, because during the tech boom you didn't have every single person screaming "Bubble!  It's a Bubble!"

Yet that is exactly what is happening with the whole crypto thing.  Heck, it's harder to find people who think it's *not* a bubble than those who do.

The whole thing is surreal.

[RandyT]

It's not exactly the same thing though, because during the tech boom you didn't have every single person screaming "Bubble!  It's a Bubble!"

I think I tried to warn everyone I talked to in those days.  Oh well.  Can't save everyone.

[yotsuya]

We’ve got bush!!

[JDFan]

Will it make it to the 4's by morning   

[fallacy]

lol I made 300 last night just selling at 600 and buying at 580. I put in a bid order for 4 more coins at $500 but it has jumped up.

News flash I am still going to make several thousand in this even if it takes a month
[edit by mod:  strike 1.  Please read the rules here:  http://arcadecontrols.com/arcade_message_rules.html]

[pbj]

 

[Vigo]

LOL, this is no different than stock trading. Glad you could make money, but you could have done this with about any HRHR stock over the last two days.

[yotsuya]

lol I made 300 last night just selling at 600 and buying at 580. I put in a bid order for 4 more coins at $500 but it has jumped up.

News flash I am still going to make several thousand in this even if it takes a month so

Should I .... when it’s at 9 or should we wait when it goes down to 4? Your call, I know how much you like it.

[dkersten]

Bubble?  There's no bubble here...

[yotsuya]

Bubble?  There's no bubble here...

Hey, get in line. No sucky cutting allowed.

[Howard_Casto]

I'm assuming the Dot was the point at which some shady Russian gangsters ran off with all the real money. 

[Arroyo]

Jeremey Grantham of GMO (considered one of the better investors out there) had this chart to show:


The two worst bubbles of all time: the Dutch tulip craze of the mid 1600 and then the South Sea company in the 1700’s.  Then there’s bitcoin.......(article put out on Jan 4th)
https://www.bloomberg.com/amp/news/articles/2018-01-04/gmo-s-grantham-joins-bitcoin-bubble-chorus-as-swings-subside

[danny_galaga]

LOL, this is no different than stock trading. Glad you could make money, but you could have done this with about any HRHR stock over the last two days.

It's really not. Unless you are deliberately looking for junk stocks. The majority of the stock market consists of companies that help you exist. You want to hope and pray the company you work for, or rely on, or buy product from, or have your 401k invested in isn't as unpredictable as these crypto-currencies...

[Drnick]

I tell you this, If the market continues with these crazy swings then when I get some money in a few months I think I'll dump a couple of Grand in there and see if I can win my way to upgrading this years holiday to first class travel and much nicer hotels than I usually go to   Whats the worst that can happen, "Oh yeah, no holiday this year".

[shponglefan]

LOL, this is no different than stock trading. Glad you could make money, but you could have done this with about any HRHR stock over the last two days.

It's really not. Unless you are deliberately looking for junk stocks. The majority of the stock market consists of companies that help you exist. You want to hope and pray the company you work for, or rely on, or buy product from, or have your 401k invested in isn't as unpredictable as these crypto-currencies...

The other big difference is stocks can pay dividends.  In fact, that's technically the 'official' reason for investing in stocks in the first place.

[Phreakwars]

I've been mining for quite some time now, couple years actually. Yes there WAS money to be made, but not so much now. Ever since Bitcoin took a hit last month, all the other currencies have dropped as well. You used to be able to even CPU mine and make some money, now you're just wasting electricity if you try.

As an example, here is my Dell T610 server mining BEFORE the bitcoin tank:



And, I fired it up a bit a go and let it run for a while, this is what it is pulling in now:



Nothing to be made on doing this, just LOOK AT THAT WATT USAGE!!



The GTX 1060 in my Media Center PC used to do pretty decent as well, but even that has shown a reduction:



Mining IS still profitable on my 1080 Ti's, but I'm just glad I didn't pay what they go for now.

I'd MAYBE recommend someone get into it to make a few spare bucks here and there, if you have a good GPU to do it, but I wouldn't honestly recommend someone invest money into high end GPU's.

I have 5 rigs of various configurations... so how much do I make off of them? Generally, I make enough to pay my light bill, gas bill, and most of my cable bill. But then, these cards DO get used to a certain extent in 3 out of 5 of the PC's. Only 2 are dedicated miners (now just one since I took my T610 offline because it wasn't profitable). Don't know that I'll be able to say that now with BTC and other crypto value dropping.

I'd love to do a 6 GPU rig and put it in my garage, but right now would not be a good time to do that. Prices are too high on the cards, and profitability is too low.

I think if someone wants to get into crypto, they should really forget about mining and focus on POW or "proof of work" type coins and just trade on the markets. There is a better chance of profit if you're savvy. An example of a POW coin would be something like "potcoin". I have 1250 potcoin in my crypto wallet, bought them at .09 cents and will hold. I'll probably hold till the end of the year, if it doesn't move much, I'll dump em. I don't expect high yield return, but rather moderate. Considering what I bought them at, thus far I am in the black.

[pbj]

The people in Houston making money off bitcoin are the people selling rigs and mounting frames.  Our local news is giving them a lot of free advertising lately.

This ---steaming pile of meadow muffin--- is exactly like Amway and house flipping.... if there's so much easy money to be made why are you spending your time recruiting more people to do it...

[Malenko]

[Phreakwars]

The people in Houston making money off bitcoin are the people selling rigs and mounting frames.  Our local news is giving them a lot of free advertising lately.

By doing so, they are helping contribute to the profitability of mining go down and the level of difficulty go up. The more people you have doing it, the harder it becomes. I would guess hardly anybody mines for actual BTC bitcoin unless they have an expensive, dedicated ASIC like an S9 Antminer. I would never invest in one of those. At least with a video card, you can get some use out of it, or even resell it, with an ASIC you risk buying an expensive brick if the coin you are trying to mine becomes too difficult for even an ASIC to mine.

[lilshawn]

At least with a video card, you can get some use out of it, or even resell it

You are not going to make much money back on video cards. Budget gamers are about all that would buy those clapped out cards. Actual gamers, who those cards are directed towards initially are wise to what those cards are put through and most likely wouldn't buy one unless it was a really super good deal... and maybe for a secondary card or computer.

[pbj]

By doing so, they are helping contribute to the profitability of mining go down and the level of difficulty go up. The more people you have doing it, the harder it becomes.

Yes, that was exactly my point.  Thanks.   

[yotsuya]

What can you do with those miners when you wise up? HTPC? MAME box? Plex server?

[Phreakwars]

At least with a video card, you can get some use out of it, or even resell it

You are not going to make much money back on video cards.

I guess that would depend on how much you initially paid for it. If you bought it before miners started sucking the market dry, you'd make money back, if you buy one now, you are a complete idiot. And yeah, running it at 100% utilization is gonna wear down those fans. You'd wanna maybe remove the stock cooling fans and switch to a new one, or even replace it with a water pump. I choose water cooling on a couple of my rigs, but then, like I said before, they are NOT dedicated miners. I would expect the resale value should be decent provided the buyer trusts your description of having a fairly new/unused fan. Though I can't see myself personally selling mine since they do get used for gaming. Nvidia and ATI would have to release something that performs better at the same price point I bought mine at for me to consider. Right now, that is highly improbable, but for those who DON'T have a 1080Ti, it might be worth something to them to actually get one for under a grand.

[Phreakwars]

What can you do with those miners when you wise up? HTPC? MAME box? Plex server?

Good question, this is exactly why I won't build a dedicated rig... or rather spend money on one. My dedicated ones were actually given to me. My Dell T610 is still quite usefull as it utilizes 2 Xeon x5675 CPU's. I could probably get $500 easy for it right now as is. It's actually a decommissioned server from a bank, and will hold... if I remember 8 (maybe it was 10) 2.5" hard drives in RAID. Before using it to mine, I was using it as a dedicated server for the house, I might just do that again... or sell it.. haven't made up my mind yet.

[Howard_Casto]

The people in Houston making money off bitcoin are the people selling rigs and mounting frames.  Our local news is giving them a lot of free advertising lately.

This ---steaming pile of meadow muffin--- is exactly like Amway and house flipping.... if there's so much easy money to be made why are you spending your time recruiting more people to do it...

Just like during the gold rush of the late 1800's, the only people making money were the ones selling the pans and pick axes.  You'd think people would learn from their history. 

[dkersten]

Just like during the gold rush of the late 1800's, the only people making money were the ones selling the pans and pick axes.  You'd think people would learn from their history.

I would adjust that to say that the only people "reliably" making money were the ones selling the pans and pick axes. 
There were a lot of people making money back then, as there are now.  If there wasn't, then nobody would be wasting their time with it.

But just like gold mining (in the 1800's or even today), you really have to know what you are doing, have a fair bit of luck, and be prepared to lose your ass. 

The ones who will lose without question in this cryptocurrency situation (or in the real estate bubble, or the dot-com craze, or gold rushers, etc.) are the ones who jump in with no real understanding and no real sense with the sole intent to make a quick killing and get away clean.  This is more or less the "FOMO" crowd, the ones who see others making money and can't stand the idea of missing out on it so they dive in thinking if their buddy/neighbor/coworker can make money, so can they.

Others who are making money on this are the "you tubers", the ones who are using social media to drive sales toward currencies they have a stake in to manipulate the market (or to grow their online presence purely for marketing power).  Anyone who makes a crazy video predicting a massive jump or drop in crypto currencies will get attention if they turn out to be right.  They make a bold prediction video for one way, then another for the opposite way, then delete the one that is wrong.  Do that a few times and rack up some views and suddenly that FOMO crowd watches those videos and sees a guy who is always right, and invests based on it.

I learned an interesting tactic for scammers with email.  Send out a million emails, half telling people to invest one way, half telling them to invest the opposite way.  Whichever way works, you ONLY email the next bold predictions to that half.  And whichever is wrong, you cut that half out of your email group.  Do it again, and again, and again, and soon you have a list of a few thousand people who have received several emails from you where you predicted the market 100% correctly.  Now hit those people up for an investment opportunity.  As far as they see it, you are a genius who is always right.

[dkersten]

What can you do with those miners when you wise up? HTPC? MAME box? Plex server?

If you made a rig with 8 GPU's, the best you can do is sell it to some sucker, split the cards up into 8 gaming computers, or take the loss.  None of those other options are ideal for that kind of a rig.

If you built a regular PC with a couple monster GPU's, then sure, make it a gaming rig, a decent Plex server, or if the cards, cpu, and motherboard are new enough, a 4k HTPC.

If you have a currently high end GPU for gaming, you can make money mining.  It isn't much, but a couple dollars a day (after paying for your electric bill) is still income.  Beats digging in trash cans for coke caps.

[danny_galaga]

The people in Houston making money off bitcoin are the people selling rigs and mounting frames.  Our local news is giving them a lot of free advertising lately.

This ---steaming pile of meadow muffin--- is exactly like Amway and house flipping.... if there's so much easy money to be made why are you spending your time recruiting more people to do it...

Just like during the gold rush of the late 1800's, the only people making money were the ones selling the pans and pick axes.  You'd think people would learn from their history.

The smart ones have learnt their history 

[SNAAKE]

I got paid with some bitcoin for doing some years ago. pretty sure its worth couple of grand even after the crash. I will leave it in there and see where it goes lol..

[yotsuya]

[Osirus23]

Should've known Ethereum would go to ---steaming pile of meadow muffin--- when that charlatan Elon Musk started shilling it.

[yotsuya]

I just posted this because I liked the headline’s use of “shitcoin”.

[Malenko]

Tons of people are finally closing down their mining rigs, maybe the price of video cards will finally become reasonable again. NiceHash had like a 28% drop in farmers

[lilshawn]

i'm still rocking a 750ti because the price of a "$300 card" was $700 and change range in my neck of the woods.

it has come down a bit... 300 at least gets you out of the disgusting low profile cards into 1060 territory... but still... if it wasn't all jacked up, you'd be able to get a 1070ti for 300 instead of $700

for shits and giggles, the asus 1080ti is currently sitting at $1230+tax (same card is 800 in usa)

[Malenko]

I should sell one of my 1080ftw2 cards

[Howard_Casto]

Yeah my main pc is old as hell at this point, mainly because it isn't financially reasonable to game on the pc anymore.... at least not high-end gaming. 


I need to start looking soon though.... It's getting long in the tooth for everyday tasks. 

[yotsuya]

Homeboy spoke the truth. Almost there.

[Mr. Peabody]

Digital currency will become standard. The head of the IFC is recommending it to institutions - because the banks will become irrelevant otherwise.

[lilshawn]

Digital currency will become standard. The head of the IFC is recommending it to institutions - because the banks will become irrelevant otherwise.

HAHAHAHAHAHAHAHAHA

[yotsuya]

A year ago...

[pbj]

Seeming a little mean spirited there, bro.

[yotsuya]

No one’s being mean to anyone. The posts are on topic and not pointed at anyone in particular. Go snowflake somewhere else, Tejas.

[pixel]

Digital currency will become standard. The head of the IFC is recommending it to institutions - because the banks will become irrelevant otherwise.

 Personally speaking... Id rather have money in my Pocket,  where I can physically defend it... rather than in a Virtual Format,  where some hacker / insider / Govt. Shill...etc... can make it Vanish into this air,  Instantly.

 Yeah... there is a lot of Digital Exchange... from Credit Cards, to Bank Cards... but they are non centralized entities... which makes it all the more
difficult for hackery + theft.   They also are Insured.


 All that said...  If the Federal Reserve  (A non govt. agency btw)   wants to turn $100 dollar bills into worthless pieces of
paper... sadly... they have that level of power to do so.

 They bleed the world dry, in a slower pace,  and in a complex manor,  which tend to turn into greater and
greater  "National Debt"  ...so that they are not instantly Hunted down by the Angered Impoverished masses.

 Either way, you are getting Bent over and railed.  The only difference is by whom. 
(Whatever agendist group is trying Claw its way to complete and total Global Domination)

[Mike A]

You must be a lot of fun at parties.

[Mr. Peabody]

You must be a lot of fun at parties.

Depends on the party. I think conspiracy-ists are a virtual crowd by and large, though. But, hey, VR is coming along. Look at High Fidelity. You can hang out via desktop even.

[Osirus23]

[yotsuya]

Is probably what that dude is doing right now

[yotsuya]

I see bitcoin is down to around 3200 as well

[nitrogen_widget]

when do the Pizzazium Infinionite bitcoins come out?

[yotsuya]

when do the Pizzazium Infinionite bitcoins come out?

I’m still trying to cash in my 3,000,000 Pepsi Points for a Harrier Jet, but they won’t honor that...

[ark_ader]

when do the Pizzazium Infinionite bitcoins come out?

I’m still trying to cash in my 3,000,000 Pepsi Points for a Harrier Jet, but they won’t honor that...

But could ya fly it kid?

[yotsuya]

when do the Pizzazium Infinionite bitcoins come out?

I’m still trying to cash in my 3,000,000 Pepsi Points for a Harrier Jet, but they won’t honor that...

But could ya fly it kid?

I have $30,000 in Flooz for pilot lessons

[BadMouth]

fallacy, how did you make out overall?