The State of Cryptocurrency

[damian246]

Why worry about bitcoins? The moment no business will take it the entire virtual coin will collapse.
The higher that coin climbs the most likely it becomes that the wallets take off with customers money.

 

[Papahyooie]

Why worry about bitcoins? The moment no business will take it the entire virtual coin will collapse.
The higher that coin climbs the most likely it becomes that the wallets take off with customers money.

Very few businesses take bitcoins at all right now, and it still isn't dead. The best thing for Bitcoin would be for businesses to adopt it, but it's not dependent on that at all, as proven by its own existence.

And how would "wallets" take off with customers' money? That's not how wallets work. If you mean exchanges and wallet services like Coinbase... well if you leave a large amount of money in a hot wallet like that, it's your own fault.

 

[trog100]

i just looked at my 10 x 1070 eth mining set up.. its producing less than 12 dollars US per day.. bitcoin is now holding its own better than the other alt coins.. its a shame i dont have much of it.. he he..

at this rate allowing for hardware costs and depreciation.. gpu mining is not viable.. people looking for roi are never going to see it..

trog

 

[moproblems99]

I have a set amount that I am aiming for and then I am done. I am at the point right now where I am basically just paying for power, although my whole house not just the rigs.

 

[R-T-B]

I'm in it to support the network more than anything, so the mining will continue.

 

[trog100]

the thing is gpus still fetch good money.. very soon they could be two a penny..

to sell (now) or not to sell that is the question.. he he

when or if a mass used gpu sell off takes place.. things should get interesting..

i am still optimistically waiting for crypto prices to take off again.. but i could be well wrong thinking this way.. but i am still holding on.. he he

trog

 

[Papahyooie]

Totally aside, I just noticed I have "cryptocurrency expert" underneath my posts. Is that some kind of tongue in cheek thing, lol?

 

[hat]

It's the new badge system. You must have enough likes in this subforum to have earned it.

I'm an expert of nothing

 

[Papahyooie]

Ah I see. I guess I hadn't noticed lol. Thanks.

 

[neatfeatguy]

It's the new badge system. You must have enough likes in this subforum to have earned it.

I'm an expert of nothing

You've managed to be around for 10 years - you're an expert of.....longevity!

Now me, I got nothing. Probably the bunny's fault.....looking all cute there as my avatar.

Even if trog only pulls on average $12 a day from here on out thru the end of the year, 283 days left at $12 = $3,396 for the year. I wouldn't mind an extra $3-4K a year. But then again, new GPUs could be coming out before then. So he's on the teeter-totter right now. On one end, if things don't really pick back up and just stay where they are he makes some money. On the other end if he does go about selling out his 10 GTX 1070s before the price on them drops he'll make more money selling them over mining for the rest of the year (if mining profitability doesn't go back up).

Selling the 1070s used right now for around $450-500, that means right now pull in $4500-5000 selling them. Or, sit on them, keep mining and hope mining becomes more profitable.

 

[R-T-B]

the thing is gpus still fetch good money.. very soon they could be two a penny..

I have no plans to sell regardless of circumstances.

 

[trog100]

I have no plans to sell regardless of circumstances.

you dont count mr frog.. you are doing it for benefit or science or something like that.. me and a few other no doubt would be thinking about more mundane things like dare i say it.. money..

i have 8 x 1070 cards i could sell.. lets say £300 quid each or £2400 total.. my daily machine has a couple but i would have them anyways so they dont count..

i am pretty sure i aint gonna make that mining.. common sense says sell... but the stubborn part of me says dont give up keep going until there is no more going to be gone.. he he

one thing is for sure.. the best advice for those thinking about spending money on hardware just to mine with is.. dont.. he he

the big fear of course is that crypto prices keep dropping intil there really is no point in mining.. if we reach that point.. to the great joy of the gaming fraternity.. graphics cards really will be worth bugger all

at this point in time a crystal ball would be a handy item to have..

trog

 

[dorsetknob]

you are doing it for benefit or science..

Some times Science Pay's ask a few Nobel Prize winners

 

[R-T-B]

Some times Science Pay's ask a few Nobel Prize winners

W1zzard pays my nobel prize.

 

[dorsetknob]

allow me to correct your dyslectic spelling

W1zzard pays my nobble prize.

 

[R-T-B]

Frogs can't spell, so jokes on you.

(or count)

 

[cdawall]

Frogs can't spell, so jokes on you.

(or count)

I remember the budweiser frogs could make words though

 

[R-T-B]

I remember the budweiser frogs could make words though

Yep, dictating to Cortana is how I post.

 

[silkstone]

you dont count mr frog.. you are doing it for benefit or science or something like that.. me and a few other no doubt would be thinking about more mundane things like dare i say it.. money..

i have 8 x 1070 cards i could sell.. lets say £300 quid each or £2400 total.. my daily machine has a couple but i would have them anyways so they dont count..

i am pretty sure i aint gonna make that mining.. common sense says sell... but the stubborn part of me says dont give up keep going until there is no more going to be gone.. he he

one thing is for sure.. the best advice for those thinking about spending money on hardware just to mine with is.. dont.. he he

the big fear of course is that crypto prices keep dropping intil there really is no point in mining.. if we reach that point.. to the great joy of the gaming fraternity.. graphics cards really will be worth bugger all

at this point in time a crystal ball would be a handy item to have..

trog

If crypto markets are anything like the stock market, then one thing is for certain. There will be highs and there will be lows. It will go up and it will go down.
From watching cryptos, they do seem to behave very similar, just on a shorter time-scale with crazier swings. Whether or not it follows the same, long-term path that stock markets do is the real question.

If anyone says that they know what will happen with cryptos, one way or another they are lying or deluded. My personal opinion is that there is always going to be volatility and an upward trend. The reasoning being this. There is a fair bit of core-support for the markets, whales and others with money invested who keep a baseline. After a period of ups and downs, other people loose interest in the markets and cash out, but the core supporters keep that baseline and volatility reduces. As soon as the volatility goes down, the markets become attractive again, people invest and increase volatility until the cycle repeats all over again, but each time increasing the level of core support.

Make yourself a long-term plan, one that you can live with no matter which way it all goes, and stick to it.

If your plan is to Hodl until 20xx, then do it, just be aware you could loose a lot.
If it is sell now and take the profit, do it, but be aware that no risk = no reward.

Mine is somewhere 1/2 way. I'm keeping my mining hardware. Keeping 50% of the coins until 2020 when things should be clearer. I'll sell every couple of months to cover the majority of my electricity and the rest I'll keep to sell on upswings (if they happen).

 

[moproblems99]

May is my barometer. I will shutdown and do a reevaluation. If it is worth proceeding I will continue mining, if not some nephews will be getting a new (to them) gpu.

 

[FordGT90Concept]

After a period of ups and downs, other people loose interest in the markets and cash out, but the core supporters keep that baseline and volatility reduces. As soon as the volatility goes down, the markets become attractive again, people invest and increase volatility until the cycle repeats all over again, but each time increasing the level of core support.

Stocks are that way because they're fundamentally tied to GDP which trends up. Even when there's a recession/depression, the fact there's more people means productivity has to increase to meet demand so GDP should recover. Nothing short of a global economic apocalypse will stop that trend.

Cryptocurrency has nothing and literally is nothing. The world knows this now so the market is shriveling. I don't know if it will stop but it's entirely possible that it becomes more costly to mine cryptocurrency than it is worth. In which case, the currency stops growing and all that's left is transactions. Can transaction fees sustain the network? If yes, it will linger. If no, the network will break down and become worth less than the paper it isn't printed on.

 

[trog100]

ford.. fiat currency has nothing and the world knows this now and the stock markets will start to shrivel.. in fact if you take look they already are doing.. he he

the joke of it is ford.. everything you have said about crypto can equally be said about fiat currency and the financial markets in general..

trog

 

[silkstone]

If crypto markets are anything like the stock market, then one thing is for certain. There will be highs and there will be lows. It will go up and it will go down.
From watching cryptos, they do seem to behave very similar, just on a shorter time-scale with crazier swings. Whether or not it follows the same, long-term path that stock markets do is the real question.

If anyone says that they know what will happen with cryptos, one way or another they are lying or deluded.

Make yourself a long-term plan, one that you can live with no matter which way it all goes, and stick to it.

If your plan is to Hodl until 20xx, then do it, just be aware you could loose a lot.
If it is sell now and take the profit, do it, but be aware that no risk = no reward.

Mine is somewhere 1/2 way. I'm keeping my mining hardware. Keeping 50% of the coins until 2020 when things should be clearer. I'll sell every couple of months to cover the majority of my electricity and the rest I'll keep to sell on upswings (if they happen).

Stocks are that way because they're fundamentally tied to GDP which trends up. Even when there's a recession/depression, the fact there's more people means productivity has to increase to meet demand so GDP should recover. Nothing short of a global economic apocalypse will stop that trend.

Cryptocurrency has nothing and literally is nothing. The world knows this now so the market is shriveling. I don't know if it will stop but it's entirely possible that it becomes more costly to mine cryptocurrency than it is worth. In which case, the currency stops growing and all that's left is transactions. Can transaction fees sustain the network? If yes, it will linger. If no, the network will break down and become worth less than the paper it isn't printed on.

Isn't that part of the reason some of them are moving to PoS?
The rationale for rises in stock market price hold for cryptocurrency too, that is if you make one big assumption, people will use them for transactions. As the economy grows, so does the number of transactions, so does their value, or am i missing something?

 

[FordGT90Concept]

ford.. fiat currency has nothing and the world...

Full faith and credit of the economy that created it. USD and EU are strong because their economies are strong. Venezula is weak because their economy is faltering (very dependent on oil which is going for cheap now).

The rationale for rises in stock market price hold for cryptocurrency too, that is if you make one big assumption, people will use them for transactions. As the economy grows, so does the number of transactions, so does their value, or am i missing something?

In terms of transactions, BTC has already shrunk to late 2015 levels:
https://charts.bitcoin.com/chart/daily-transactions

There aren't many entities that make money on transactions in meat space. The only that comes to mind is debit/credit cards. The logic here is that customers swiping a card means cashiers can handle more customers than trying to swap dollars and cents. The cost of the fiat currency is baked into itself. It isn't a fee. This is a retarding factor of cryptocurrency because processing transactions is costly and there's no stakeholders that have a different means to foot the bill.

TL;DR: cryptocurrency double dips: it's taxed by governments via capital gains and it's taxed by the network via transaction fees. Transaction fees represent entropy for crypto. That entropy has already caused a lot of merchants to refuse it.

 

[hat]

Someone mentioned the current mining difficulty level... I wonder if it could potentially drop, as less miners might be on the network given the current profitability?