Bitcoin price suddenly surges to 3-year high

[Space Lynx]

just as I predicted fiat will never let itself be undermined as it is the source of true power for the treasury, which in turn is the source of true power for all world governments. glad I didn't waste my hardware mining it. it will be worthless in 5-6 months when it becomes overtaxed and/or banned from all businesses allowing its usage.

Treasury nominee Yellen is looking to curtail use of cryptocurrency

Yellen argues many cryptocurrencies are used "mainly for illicit financing."

arstechnica.com

 

[lexluthermiester]

just as I predicted fiat will never let itself be undermined as it is the source of true power for the treasury, which in turn is the source of true power for all world governments. glad I didn't waste my hardware mining it. it will be worthless in 5-6 months when it becomes overtaxed and/or banned from all businesses allowing its usage.

Treasury nominee Yellen is looking to curtail use of cryptocurrency

Yellen argues many cryptocurrencies are used "mainly for illicit financing."

arstechnica.com

I hope the whole world does this. It needs to stop.

 

[Space Lynx]

I hope the whole world does this. It needs to stop.

America being the number 1 market it will def hurt it a lot. I imagine if a country becomes "too friendly" with cryptocurrency, USA will even require it be banned before good trade deals. Fiat is where government power comes from, so this is only the natural process taking place, just takes time. It's just a shame government is slow, because it would have been nice to do this a long time ago when the first exchanges opened up, the damage to the Earth needs to stop in many forms. Lots of farmers are now moving to regernative farming, solar, wind, and Biden is even on board with maybe one more nuclear power plant from what I read. Crypto needs to just stop, its been hurting emissions for far to long. It's one of the smaller actors for sure in emissions as a whole, but it still plays a role. It seems to me a lot of industries are improving, most cars I see now get 40-45 mpg and they are not even hybrids.

So yeah, we are all in this together or we aren't. Government is going to have to step up and ban the exchanges at some point, I think it will happen in due time, Yellen definitely has her eye on crypto, which is a good thing imo.

 

[toilet pepper]

Impressive Did you manage to get a lower power usage with the card being flashed at all?

I'm getting 93mhs with my 3080 ventus. 1100 vcore locked at the lowest voltage setting in afterburner then +500 mem overclock using pheonixminer. The vram is sucking around 150watts alone and total board power is 210 watts.

It is possible to get 100mhs using a 3080. I've done it by using 1200 mem overclock but the memory is using 180 watts and thats for just 50 cents of profit. Not worth it considering that the vram is cooking itself. I dont think any thermal pad is that good to transfer that much heat to a heatsink. If heatsinks were glued to the ram maybe I'd risk it.

Also make sure there's thermal pads as well at the back of the ram chips. They get hot on both sides.

 

[lexluthermiester]

America being the number 1 market it will def hurt it a lot.

CyrptoCoin needs to die, quickly. It will hurt some honest people, but it will make criminals lives harder. Heavily regulating it would have the same effect.

 

[phill]

I'm getting 93mhs with my 3080 ventus. 1100 vcore locked at the lowest voltage setting in afterburner then +500 mem overclock using pheonixminer. The vram is sucking around 150watts alone and total board power is 210 watts.

It is possible to get 100mhs using a 3080. I've done it by using 1200 mem overclock but the memory is using 180 watts and thats for just 50 cents of profit. Not worth it considering that the vram is cooking itself. I dont think any thermal pad is that good to transfer that much heat to a heatsink. If heatsinks were glued to the ram maybe I'd risk it.

Also make sure there's thermal pads as well at the back of the ram chips. They get hot on both sides.

It's all about stability and longivity There's no point burning your card out you worked hard for to have it die in a few weeks cos of a few more MH... I run with the lowest power and vcore I can on the cards, I don't try to use more power than I need to and I make sure that it works..

Having a few issues with AMD drivers self updating which is killing it but it is what it is... Not sure what is causing it tho so need to look up about it..

 

[ZenZimZaliben]

Cypto

just as I predicted fiat will never let itself be undermined as it is the source of true power for the treasury, which in turn is the source of true power for all world governments. glad I didn't waste my hardware mining it. it will be worthless in 5-6 months when it becomes overtaxed and/or banned from all businesses allowing its usage.

Treasury nominee Yellen is looking to curtail use of cryptocurrency

Yellen argues many cryptocurrencies are used "mainly for illicit financing."

arstechnica.com

That, if made law, would do nothing.

Also thanks to our glorious new president elect this will just help lower the price for a little until people learn more about off-shore exchanges and vpns. LOL.

$10 Billion Worth of BTC is Used Illicitly, Compared to $1.4 Trillion in USD​

 

[dragontamer5788]

The Bit Short: Inside Crypto’s Doomsday Machine

This is the story of a Bitcoin trade — the most financially impactful trade I’ve ever made in my life. It’s also the story of the…

crypto-anonymous-2021.medium.com

Me: You don’t own any crypto do you? I’m concerned some of the exchanges in the ecosystem might be fraudulent.

Bob: I actually have a whole bunch of crypto on this exchange called Bybit. Do you know if that’s one of the risky ones?

Me: I’m not sure. Does it let you trade in USD?

Bob: No, but a lot of other exchanges don’t either. In fact, you can’t even deposit USD directly into a Bybit account.

Me: Really? But then how do you get your money onto their exchange at all if they don’t accept USD deposits?

Bob: You send your USD to Coinbase and buy Bitcoin with it. Then you move your Bitcoin onto Bybit and trade with it there.

Me: Hang on. If that’s the case, then why would anybody ever use an unbanked offshore exchange that trades purely in crypto? What does Bybit offer you that Coinbase doesn’t?

Bob: Leverage. I personally only use 2–3X leverage, but they let you leverage your positions up to 100X if you want. You can’t do that on Coinbase.

Me: *Gasps audibly*

Bob: They also do a ton of promotions. They’ve got a bunch of timed missions where you can earn Tethers for doing stuff like inviting friends onto the exchange, joining their Telegram group, or trading on their platform.

Me: HOLY $#!@

Bob: But thanks for the warning! I’ll pull my crypto out as quick as I can. It might take me a few minutes though, I’ll need to fire up my VPN first.

Me: A VPN? But why, for the love of God?

Bob: Because I need to spoof a Bolivian ISP to access the exchange. They’re illegal to use if you’re based in America.

Me: *Head explodes*

----

Unfortunately, this "USDT" Tether thing has been going strong for... at least 3 or 4 years now. It always feels like the USDT bubble will burst, but nothing ever seems to happen.

There are legitimate pockets of cryptocoins. Coinbase for example:

Mostly USD / Euro / Pounds. There's a bit of that Coinbase USCoin in there, but having a minority amount of your own chuck-e-cheese money in there isn't necessarily a bad thing. The problem is when USDT overwhelmingly covers the market: it becomes clear that USDT is controlling cryptocoin's prices in general.

 

[Space Lynx]

Cypto

That, if made law, would do nothing.

Also thanks to our glorious new president elect this will just help lower the price for a little until people learn more about off-shore exchanges and vpns. LOL.

$10 Billion Worth of BTC is Used Illicitly, Compared to $1.4 Trillion in USD​

During a U.S. Senate hearing on Tuesday, Janet Yellen, President Joe Biden’s pick to head the U.S. Treasury, expressed concerns that cryptocurrencies could be used to finance illegal activities.

That followed a call last week from European Central Bank President Christine Lagarde for global regulation of bitcoin.

Bitcoin heads for worst weekly loss in months

Bitcoin wavered on Friday and was heading toward its sharpest weekly drop since September, as worries over regulation and its frothy rally drove a pullback from recent record highs.

www.reuters.com

and Bitcoin's price just tumbled hard, and will continue to fall over next few months, as I predicted from the beginning

note the bold print. China is also on board with this from what I have read as well. it will take awhile, but the fact Yellen mentioned on day 1 means quite a lot.

 

[trog100]

money printers go brrrrr.. biden and yelland will just crank them up a gear or two.. the USD is toast..

trog

 

[Metroid]

I advise any of you that invest on cryptocoins to get out right now. This will crash very hard next few days, any rise you see is a bulltrap.

 

[ppn]

Yeah maybe, but i converted my ethers to cash for now. It may go 2k but it coould drop to 200, and i will buy back 10 times more what i previously had. But for now it looks traders are deliberately trying to hit my stop loss thresholds. That is where all the money is made. But mining may not be dead yet for a while. They will keep the demand on video cards insanely high for nothing for this piece of shenanigans coins.

 

[dragontamer5788]

Yeah maybe, but i converted my ethers to cash for now. It may go 2k but it coould drop to 200, and i will buy back 10 times more what i previously had. But for now it looks thraders are deliberately trying to hit my stop loss thresholds. That is where all the money is made. But mining may not be dead yet for a while. They will keep the demand on video cards insanely high for nothing for this piece of shenanigans coins.

The problem with the USDT-causes a crash (eventually) theory is that USDT could very well spike the price of BTC / ETH. The risk kind of plays both ways.

If USDT + the entire "fake BTC" market suddenly realizes that their money is fake, they could try to get real BTC in their actual wallets, causing BTC to spike while USDT falls. The question is what happens to the BTC -> real USD price in the meantime?

 

[mouacyk]

I advise any of you that invest on cryptocoins to get out right now. This will crash very hard next few days, any rise you see is a bulltrap.

So we finally get vidya cards, or will NVidia and AMD go bust with the the burst too?

 

[trog100]

i think the whole thing is being manipulated by large players.. they dont trade the market they make the market..

i still think the general trend is upwards.. the large players want it to go up.. they just play games along the way..

trog

 

[lexluthermiester]

During a U.S. Senate hearing on Tuesday, Janet Yellen, President Joe Biden’s pick to head the U.S. Treasury, expressed concerns that cryptocurrencies could be used to finance illegal activities.

That followed a call last week from European Central Bank President Christine Lagarde for global regulation of bitcoin.

Bitcoin heads for worst weekly loss in months

Bitcoin wavered on Friday and was heading toward its sharpest weekly drop since September, as worries over regulation and its frothy rally drove a pullback from recent record highs.

www.reuters.com

and Bitcoin's price just tumbled hard, and will continue to fall over next few months, as I predicted from the beginning

note the bold print. China is also on board with this from what I have read as well. it will take awhile, but the fact Yellen mentioned on day 1 means quite a lot.

Crash cryptocoin, crash hard!

I advise any of you that invest on cryptocoins to get out right now. This will crash very hard next few days, any rise you see is a bulltrap.

Good advice!

 

[jjnissanpatfan]

Good thing I found a GPU for 40K....might of invested in Bitcoin if it do not go to a GPU. Now what to do with my 401K the next few years might be shaky!

 

[Hardcore Games]

Yellen said illicit digital coins which drove valuations way way down

 

[Space Lynx]

Yellen said illicit digital coins which drove valuations way way down

It's not so much that, but that the IMF and Yellen are both on board with global regulation of crypto - and also probably higher taxes on exchanges for fiat/crypto. I also fully expect the left wing to try and impose taxes on top of that in defense of the environment, so sure you can hoddle all you want, but if you use crypto at a business, or exchange it for fiat, expect some hefty taxes in the future, its pretty much set in stone it will happen.

 

[hat]

I'm not sure how illicit it is when it's now even being backed by Visa in the US, through the Coinbase card. Sounds like somebody just doesn't like it.

 

[trog100]

I'm not sure how illicit it is when it's now even being backed by Visa in the US, through the Coinbase card. Sounds like somebody just doesn't like it.

some like it some dont.. its obvious from the comment which camp people are in..

eth seems the one on the rise at the moment.. bitcoin seems to have lost some of its steam.. my little eth stash is currently going up by 2K a week over the last month..

in fact my little crypto stash has earned me 16 k over the last month and my mining efforts are earning me about $600 dollars per month..

i cant complain.. he he..

trog

 

[Vya Domus]

This will crash very hard next few days.

And after a while it will explode and then crash again and so on.

See, what some of these people that are maintaining this cycle are hoping is that eventually crypto will become the defacto type of currency and that event will catch them with a boatload of cash. What they wont accept however is that none of these coins will be used if or when that era begins, current implementations aren’t even close to being useable for technical reason let alone legal ones.

Crypto is still a commodity not a currency.

Anyway what’s particularly funny is how the pro crypto people come out of the woodwork every time a coin hits an all time record to boast about their gains and advantages and become oddly quiet after they inevitably crash. I wonder what’s the matter, is crypto not the future when you can’t make profit trading it for cash ?

 

[Space Lynx]

And after a while it will explode and then crash again and so on.

See, what some of these people that are maintaining this cycle are hoping is that eventually crypto will become the defacto type of currency and that event will catch them with a boatload of cash. What they wont accept however is that none of these coins will be used if or when that era begins, current implementations aren’t even close to being useable for technical reason let alone legal reasons.

Crypto is still a commodity not a currency.

PayPal allowing the use of Bitcoin instantly is a game changer so I have to disagree with you on this point, however:
It's also important to note that the companies that do allow it to be used to buy stuff have to report everything to treasury of that country, you will be doing extensive tax filing and paying taxes, and if they find out you didn't report it you are in for a fun ride of fees and penalties. Also, when they do pass more taxes on it, which they will - Yellen and IMF chief have already said as much, those gains from hoddling will diminish. I bet they end up taxing it so heavy and use crime and green new deal as an excuse for it, making it similar to the lottery in USA, where your take home ends up only being like 30% what you originally had. lol so yeah have fun hoddlers. keep on waiting to see what happens

oh and if your thinking you can just wait for them to announce new taxes and it takes awhile to pass it in congress bla bla bla, nope, forget that idea Coinbase will be so overloaded and the other exchanges they will have to shut down all trades until after the vote, lol we already seen this happen before. keep on hoddlin

or you could save the longevity of your hardware and just enjoy gaming like myself and stop it with the nonsense. but you miners do you, meh. its all stupid imo.

some like it some dont.. its obvious from the comment which camp people are in..

eth seems the one on the rise at the moment.. bitcoin seems to have lost some of its steam.. my little eth stash is currently going up by 2K a week over the last month..

in fact my little crypto stash has earned me 16 k over the last month and my mining efforts are earning me about $600 dollars per month..

i cant complain.. he he..

trog

it hasn't earned you that until you pay your taxes on it and get it in fiat still can't buy stuff on paypal with ETH. so not as easy as bitcoin in that regard.

 

[Vya Domus]

PayPal allowing the use of Bitcoin instantly is a game changer so I have to disagree with you on this point, however:
It's also important to note that the companies that do allow it to be used to buy stuff have to report everything to treasury of that country, you will be doing extensive tax filing and paying taxes, and if they find out you didn't report it you are in for a fun ride of fees and penalties. Also, when they do pass more taxes on it, which they will - Yellen and IMF chief have already said as much, those gains from hoddling will diminish. I bet they end up taxing it so heavy and use crime and green new deal as an excuse for it, making it similar to the lottery in USA, where your take home ends up only being like 30% what you originally had. lol so yeah have fun hoddlers. keep on waiting to see what happens

oh and if your thinking you can just wait for them to announce new taxes and it takes awhile to pass it in congress bla bla bla, nope, forget that idea Coinbase will be so overloaded and the other exchanges they will have to shut down all trades until after the vote, lol we already seen this happen before. keep on hoddlin

or you could save the longevity of your hardware and just enjoy gaming like myself and stop it with the nonsense. but you miners do you, meh. its all stupid imo.

If it's taxed then that means they're treating it as a commodity not a currency, like I said.

 

[dorsetknob]

" Currency or Commodity " if its Traded then its Taxable ....at some point.