Posted: 12/16/2020 10:04:28 AM EDT
| I've also noticed big moves always seem to happen at 1300 UTC some reason. |
Its gonna crash Don't Buy Bitcoin. It's Going To Crash!!! |
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Quoted: So buying in now at the previous high would mean a guaranteed 1000% gain over the next few months, if history is any indication, right? Certainly not outside the realm of forward projection of historical precident. It was my opinion a month ago that busting through the previous high was the going to be the first solid indicator of a new bubble rather than just an intermediate short term rally. Well, today is the day. I could end up being wrong but I think this could be it after all. Just don't forget that previous bubbles took almost a full year to play out and we are maybe only a month or two into this one. Also don't forget that during those previous year long bubbles there were plenty of big corrections and month long pauses along the way. The bubble isn't over until you start getting crypto tips from your waitress at lunch.  Attached File |
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Quoted: Part of me regrets cashing out at ~$12,500 but the other part of me is perfectly happy I did and paid off all my student loans and CC debt with a good chunk leftover for a good downpayment on a nice house. I don't regret cashing out. I am not a savvy investor and the money I made on cryptos was pure luck. It could very well have gone south on me. Now I just need to decide whether I'm willing to roll the dice again. |
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Quoted: I don't regret cashing out. I am not a savvy investor and the money I made on cryptos was pure luck. It could very well have gone south on me. Now I just need to decide whether I'm willing to roll the dice again. Quoted: Quoted: Part of me regrets cashing out at ~$12,500 but the other part of me is perfectly happy I did and paid off all my student loans and CC debt with a good chunk leftover for a good downpayment on a nice house. I don't regret cashing out. I am not a savvy investor and the money I made on cryptos was pure luck. It could very well have gone south on me. Now I just need to decide whether I'm willing to roll the dice again. There will eventually be a nasty pullback to 9900ish to close this futures gap circled in green. The question is will it be soon or after the next bull run.  Let’s try this again How the fuck do I get IMGUR to show up? Quoted: Selling my last few today. I bought 50 6 years ago. Sold 35 two years ago, and 10 more during various "highs" since. You’re nuts. HODL those for a year or two and at least one for the rest of your life. |
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Monday!
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I'm really surprised that people are so willing to dump their money into this technology in the face of all of the computer hacks and exploits over the past few years - especially lately - and the recent worldwide google shutdown. Not to mention the currencies total dependence on a functioning power grip and internet, both of which will be the prime targets in any serious conflict. But hey - look at all the people still playing around on Twitter and fuckbook despite everything we know about who runs those platforms, what they think about our political views and the general risk to having your identity compromised. Oh well. some lessons have to be learned as a result. |
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Quoted: I'm really surprised that people are so willing to dump their money into this technology in the face of all of the computer hacks and exploits over the past few years - especially lately - and the recent worldwide google shutdown. Not to mention the currencies total dependence on a functioning power grip and internet, both of which will be the prime targets in any serious conflict. But hey - look at all the people still playing around on Twitter and fuckbook despite everything we know about who runs those platforms, what they think about our political views and the general risk to having your identity compromised. Oh well. some lessons have to be learned as a result. I'm not aware of a single instance of the bitcoin blockchain being hacked. I'm aware of many instances of accounts getting hacked and the btc wired out. Which is no different than if someone got your bank acocunt info and wired all of your money out of your bank. The credit system is also dependent on oower and the internet. If we lose power/internet. We don't just lose bitcoin. We lose EVERYTHING. The entire monetary system will collapse anyways with no way to process transactions. |
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Quoted: I'm not aware of a single instance of the bitcoin blockchain being hacked. I'm aware of many instances of accounts getting hacked and the btc wired out. Which is no different than if someone got your bank acocunt info and wired all of your money out of your bank. The credit system is also dependent on oower and the internet. If we lose power/internet. We don't just lose bitcoin. We lose EVERYTHING. The entire monetary system will collapse anyways with no way to process transactions. Thanks for reassuring everyone, but advances in computer technology will make hacking the blockchain as easy as making a call to "chyna" on your I-phone. |
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Quoted: No one is using GPU's for mining anymore Nicehash is paying me $3/day in BTC to rent them my gaming PC when I'm not using it. It's true I'm not mining bitcoin though, it's all alt-coins. My RTX 2080 I bought last year has almost paid for itself. During winter time it's actually quite nice since the hardware heats my house. Have to scale back during summer months though or the AC bill kills me. |
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Quoted: Thanks for reassuring everyone, but advances in computer technology will make hacking the blockchain as easy as making a call to "chyna" on your I-phone. Quoted: Quoted: I'm not aware of a single instance of the bitcoin blockchain being hacked. I'm aware of many instances of accounts getting hacked and the btc wired out. Which is no different than if someone got your bank acocunt info and wired all of your money out of your bank. The credit system is also dependent on oower and the internet. If we lose power/internet. We don't just lose bitcoin. We lose EVERYTHING. The entire monetary system will collapse anyways with no way to process transactions. Thanks for reassuring everyone, but advances in computer technology will make hacking the blockchain as easy as making a call to "chyna" on your I-phone. If so you will have much bigger things to worry about, namely zero banking and national security data security. |
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Quoted: I'm really surprised that people are so willing to dump their money into this technology in the face of all of the computer hacks and exploits over the past few years - especially lately - and the recent worldwide google shutdown. Not to mention the currencies total dependence on a functioning power grip and internet, both of which will be the prime targets in any serious conflict. But hey - look at all the people still playing around on Twitter and fuckbook despite everything we know about who runs those platforms, what they think about our political views and the general risk to having your identity compromised. Oh well. some lessons have to be learned as a result. That's what I thought when bitcoin still cost less than a dollar "it'll eventually get shut down and idiots will lose their money" 
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Quoted: That's what I thought when bitcoin still cost less than a dollar "it'll eventually get shut down and idiots will lose their money" https://external-content.duckduckgo.com/iu/?u=https%3A%2F%2Fmedia.giphy.com%2Fmedia%2FBV4jHfY3FHgTm%2Fgiphy.gif&f=1&nofb=1 Quoted: Quoted: I'm really surprised that people are so willing to dump their money into this technology in the face of all of the computer hacks and exploits over the past few years - especially lately - and the recent worldwide google shutdown. Not to mention the currencies total dependence on a functioning power grip and internet, both of which will be the prime targets in any serious conflict. But hey - look at all the people still playing around on Twitter and fuckbook despite everything we know about who runs those platforms, what they think about our political views and the general risk to having your identity compromised. Oh well. some lessons have to be learned as a result. That's what I thought when bitcoin still cost less than a dollar "it'll eventually get shut down and idiots will lose their money" https://external-content.duckduckgo.com/iu/?u=https%3A%2F%2Fmedia.giphy.com%2Fmedia%2FBV4jHfY3FHgTm%2Fgiphy.gif&f=1&nofb=1 I have know of btc since it was maybe 20 bucks. I'm deeply deeply regretful I didn't buy a few hundred when I could have. As are millions of people |
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Quoted: I have know of btc since it was maybe 20 bucks. I'm deeply deeply regretful I didn't buy a few hundred when I could have. As are millions of people Quoted: Quoted: Quoted: I'm really surprised that people are so willing to dump their money into this technology in the face of all of the computer hacks and exploits over the past few years - especially lately - and the recent worldwide google shutdown. Not to mention the currencies total dependence on a functioning power grip and internet, both of which will be the prime targets in any serious conflict. But hey - look at all the people still playing around on Twitter and fuckbook despite everything we know about who runs those platforms, what they think about our political views and the general risk to having your identity compromised. Oh well. some lessons have to be learned as a result. That's what I thought when bitcoin still cost less than a dollar "it'll eventually get shut down and idiots will lose their money" https://external-content.duckduckgo.com/iu/?u=https%3A%2F%2Fmedia.giphy.com%2Fmedia%2FBV4jHfY3FHgTm%2Fgiphy.gif&f=1&nofb=1 I have know of btc since it was maybe 20 bucks. I'm deeply deeply regretful I didn't buy a few hundred when I could have. As are millions of people Attached File |
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I was part of a libertarian-centric forum back when BTC was pennies. Dude on our forum always had a "buying bitcoin" signature line. I was interested but didn't feel like learning how to deal with it. Too interested in guns and pussy back then. Doh! 
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| I don't get how the whole "bitcoin mining" thing works. I mean, can you do it from your regular desktop, or do you need a specialized rig, hence the video cards becoming unobtanium? With BTC being so valued right now, why isn't everyone and their mother mining it? |
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Quoted: I don't get how the whole "bitcoin mining" thing works. I mean, can you do it from your regular desktop, or do you need a specialized rig, hence the video cards becoming unobtanium? With BTC being so valued right now, why isn't everyone and their mother mining it? because the rarer it gets the more difficult it gets to mine it. you need to spend thousands alone in cooling equipment for the mining rigs unless you're in siberia(where russians already have massive bitcoin mining centers) 
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Quoted: I don't get how the whole "bitcoin mining" thing works. I mean, can you do it from your regular desktop, or do you need a specialized rig, hence the video cards becoming unobtanium? With BTC being so valued right now, why isn't everyone and their mother mining it? Mining Bitcoin is reaching end of life. There are a limited number of bitcoins and they will probably be mined within a couple of years. Other coins such as Litecoin, Etherium, etc. are increasing in value too. If you want to mine, the cost of electricity is a limiting factor. It may cost more than the coins it can mine. A dedicated mining rig can be had for ~$350 or so. If you want to mine this is the way to go. There are also USB based ASIC miners by Gecoscience(i think) which are an inexpensive way to learn about mining. |
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Quoted: Mining Bitcoin is reaching end of life. There are a limited number of bitcoins and they will probably be mined within a couple of years. Other coins such as Litecoin, Etherium, etc. are increasing in value too. If you want to mine, the cost of electricity is a limiting factor. It may cost more than the coins it can mine. A dedicated mining rig can be had for ~$350 or so. If you want to mine this is the way to go. There are also USB based ASIC miners by Gecoscience(i think) which are an inexpensive way to learn about mining. The last (21 millionth) bitcoin isn’t going to be mined until 2140 |
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Quoted: The last (21 millionth) bitcoin isn’t going to be mined until 2140 Quoted: Quoted: Mining Bitcoin is reaching end of life. There are a limited number of bitcoins and they will probably be mined within a couple of years. Other coins such as Litecoin, Etherium, etc. are increasing in value too. If you want to mine, the cost of electricity is a limiting factor. It may cost more than the coins it can mine. A dedicated mining rig can be had for ~$350 or so. If you want to mine this is the way to go. There are also USB based ASIC miners by Gecoscience(i think) which are an inexpensive way to learn about mining. The last (21 millionth) bitcoin isn’t going to be mined until 2140 sort of. technically true but that doesn't really matter if something else better comes along. there are assumptions baked into that figure that might pan out, or they might not, i think bitcoin will be replaced well before 2040, but who knows. crypto is the future, im just not convinced it will be bitcoin as the top dog. |
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Quoted: I don't get how the whole "bitcoin mining" thing works. I mean, can you do it from your regular desktop, or do you need a specialized rig, hence the video cards becoming unobtanium? With BTC being so valued right now, why isn't everyone and their mother mining it? If you were to start with zero knowledge and just your regular personal computer (with a decent GPU, say, a RX5700XT), you would not be very likely to get up and running in less than a month. There is a pretty steep learning curve that gets even steeper if you have very little knowledge of computers. Adjusting memory timings, voltages, mem speed, etc. can be a very frustrating task that would probably run off many attempting to mine. Finding that fine line between performance and stability can be a real nightmare. Most people wouldn't even know how to change a RX580 from Graphics mode to Compute mode. If they didn't make that one change, they would be plugging along at around 10Mh/s on ETH and would be way upside down on power costs versus mining income. That one change will take an RX580 from 10Mh/s up to about 23Mh/s. Then you adjust the settings to get to around 28-29Mh/s, riding that fine line of performance and stability. Then, you get to BIOS modding. What percentage of regular PC owners would be able to figure that out? Probably a very small percentage. Your single 5700XT might net you $1.50/day. If you want to start turning a few hundred dollars per month profit, you have to scale up. Mining specific motherboards are hard to get for a decent price now. A motherboard I bought for $57 back in September is now selling for $200 or more. GPUs are similar. Even processors are higher. I bought a 3930 Celeron for $40 a few months ago. $90 now. Risers have gone up. Power supplies are up. Now is a horrible time to start from scratch, in my opinion. You stand a good risk of not even paying off your equipment if you're on ETH. The break-even time has nearly doubled in just a couple months. My dad decided he wanted to mine yesterday. He bought the parts to assemble a 5 GPU rig and spent right at $4500. By comparison, I have 10 GPUs running and I spent less than that. Close to 70%. So, the cost is certainly a reason why everyone isn't doing it. I think the larger reason is people just don't understand it. I'm not going to lie. I don't either. I got into it on a whim, more or less. I'm still learning and I still know practically nothing. People tend to shy away from things they don't understand. And, you're not mining any meaningful amount of BTC from a computer. You probably won't even get a satoshi of BTC from a normal PC. Those miners are seriously powerful compared to a PC. |