I said that twice and if I had stuck it out I'd have zero money worries now. I've seen 80-90% losses before and it shook me up and out like it did most everyone else. The concept is solid but the arena is rigged. Get the modern mining equipment early and at the bottom and up is the only place it can go.
My new fpga miners are setup and flying making coin easy. Just the 600 watt F1 fpga is pulling $32.50/day. Once the water cooled BCU1525 gets dialed in on the intense algos and the Acrons get their interface going I'm expecting $80+/day on a 7k investment. That's a 3-4 month ROI and since the rigs are programmable they don't brick when the algorithm changes. All this in a downward trend. I'll be cashing in half the coin I make turning it in to XRP (ripple- the banking industry choice) and a couple others while saving and flipping the rest. It's a challenging hobby but satisfying.
BTC is not the only coin out there. Matter of fact I don't mine or trade it and only use it for transactions if needed. Because it's the universal term for crypto in general I just say Bitcoin. Personally I've known of Bitcoins failure for a while because it is limited cryptoghaphically (? is that a word, lol, is now ). There are better blockchains that are cheaper and faster. Those will become the new standard. Bitcoin just cost to much to create.
Plus there's the old network hash rate in the newer coins were the few miners the more each miner gets basically. I remember mining Ethereum at a rate of .012/day when Ethereum (ETH) was 3-400 dollars. Now its 120 and I'm getting .027 for the same hashrate. So if your the guy with the good equipment riding out the storm you'll wind up with some coin that's ready for that inevitable price jump. Provided you've diversified out across the top five or ten coins with your minings.
I suppose based on technical analysis Bitcoin can have buy and sell target prices, but I agree with J. Powell, crypto has no intrinsic value. Bitcoin was under 10 cents and then it was almost $20,000. What is it really worth? At least with the tulips, you could grow a pretty flower.
@OPA said:
"One thing he stated which I found interesting was that bitcoin transactions in dollar volume are about 10 fold of PayPal."
Sorry dude...but that's one statement I don't believe.
I can believe that statement because alt trading is manipulated with bots moving small amounts around cheaply. What the real number is I'm sure is far less. Yet there are countries and poeples that have never had a bank account as we know it and use crypto as barter via smart phone.
So there is an unlimited, infinite number of new kinds (brands, designs) of cryptocurrencies? Just like there is an Infinite number of new, different modern crap bullion coins, stretching into the future in ever increasing supply?
Awesome!
Unfortunately yes, at one point over 2000 of them. But as regulations increase and as ''users'' and miners got more savy many have disappeared. The ones that actually are being used retain a consistant-ish value. Many are based on an already used base coin. I'll be the first to say the tech is being played like a giant game. Eventually it will be far more mainstream to the point where you don't even know you are using it.
There were many, many people over on another PM board not too long ago cashing in all their physical metals to dive in this bitcoin craze. Only surprise to me is that these little imaginary digits are still worth $3K. Shaking my head. Easy come easy go.
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
" I remember mining Ethereum at a rate of .012/day when Ethereum (ETH) was 3-400 dollars. Now its 120 and I'm getting .027 for the same hashrate"
So at $120 and getting 0.027 "coins" per day, that comes out to about $3.24 per day. How much are you spending in electricity doing this per day? Probably about break even right now.
@3stars said:
" I remember mining Ethereum at a rate of .012/day when Ethereum (ETH) was 3-400 dollars. Now its 120 and I'm getting .027 for the same hashrate"
So at $120 and getting 0.027 "coins" per day, that comes out to about $3.24 per day. How much are you spending in electricity doing this per day? Probably about break even right now.
I've got excess solar. Used the power consumption increase from my first BTC miner in 2013 to establish a power base for system size. Now it's almost a free ride.
@blitzdude said:
There were many, many people over on another PM board not too long ago cashing in all their physical metals to dive in this bitcoin craze. Only surprise to me is that these little imaginary digits are still worth $3K. Shaking my head. Easy come easy go.
I've seen it first hand. One guy sold my shop 70 grand worth of silver to buy it! It was just before thanksgiving last year. If he cashed out two weeks later, he likely doubled his money. I'm guessing he did not. If he's still holding, he's lost a substantial amount of money. I thought he was crazy then and I still do!
Bitcoin, Ethereum, Litecoin, and lots of others are far from over. What you are buying is secure computational power on a distributed non-centralized network. That's only going to grow over time. Looking back, the FOMO exponential blowup/blowoff that happened started last Nov/Dec was bad for cryptos in the sense of people thinking it was a can't-lose investment. I see the potential down the road, much like realizing the potential of the internet could be back in 1995. I hate it for the folks that threw "can't afford to lose" money at this thing at the all-time high. But I do believe that it's in a market cycle and will pick up again soon. Lots of institutional money is still waiting on the sidelines.
@ Elite CNC Routing & Woodworks on Facebook. Check out my work. Too many positive BST transactions with too many members to list.
Just pulled my original GPU miners offline to do the FPGA Acorn efficiency up grade. Super glad I jumped in early on the Blackminer F1 FPGA machine. It was here in three days from china ($128 only option shipping). Only took a few minutes to dial it in. It's making five times more $ than my GPU rigs and uses half the power. One day I pulled $48 but it's settled into a $22/day net. Daily I do a little converting from that ''coin'' into something more stable and bang it's a done deal. I'm letting it accumulate on the exchange while trying to hit the highs and lows. Then I did what anyone would do, I sold some junk and bought another F1.
I'll admit it's a game and it's played by many. It's also a real tool being incorporated into our banking system. I was shaken out of the tree twice in this game and that's not happening this time. Prices can bomb for a couple years and I'll still be playing, learning, mining, and accumulating.
No doubt, the early exuberance of any new technology is more misplaced than not. But the notion of a monetary transaction capacity that is free of third party control is revolutionary, and something culturally transformative will eventually come of this. It's just too early to tell.
@66Tbird said:
Just pulled my original GPU miners offline to do the FPGA Acorn efficiency up grade. Super glad I jumped in early on the Blackminer F1 FPGA machine. It was here in three days from china ($128 only option shipping). Only took a few minutes to dial it in. It's making five times more $ than my GPU rigs and uses half the power. One day I pulled $48 but it's settled into a $22/day net. Daily I do a little converting from that ''coin'' into something more stable and bang it's a done deal. I'm letting it accumulate on the exchange while trying to hit the highs and lows. Then I did what anyone would do, I sold some junk and bought another F1.
I'll admit it's a game and it's played by many. It's also a real tool being incorporated into our banking system. I was shaken out of the tree twice in this game and that's not happening this time. Prices can bomb for a couple years and I'll still be playing, learning, mining, and accumulating.
I wish there were a way to buy bit coin w/o having to set up a wallet, etc. For example, a PCGS slab with a denominated bit coin that could be sold by coin dealers. Heck, you could even buy coins (raw or slabbed) from dealers or pay PCGS for services.
While the bits are taking a hit, I've heard that big banks are setting up something along these lines. I think the bits have potential to deliver a nice return.
@s4ny said:
I suppose based on technical analysis Bitcoin can have buy and sell target prices, but I agree with J. Powell, crypto has no intrinsic value. Bitcoin was under 10 cents and then it was almost $20,000. What is it really worth? At least with the tulips, you could grow a pretty flower.
We know from the first time it was used for a purchase, it is worth at least a pizza.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
@66Tbird said:
Just pulled my original GPU miners offline to do the FPGA Acorn efficiency up grade. Super glad I jumped in early on the Blackminer F1 FPGA machine. It was here in three days from china ($128 only option shipping). Only took a few minutes to dial it in. It's making five times more $ than my GPU rigs and uses half the power. One day I pulled $48 but it's settled into a $22/day net. Daily I do a little converting from that ''coin'' into something more stable and bang it's a done deal. I'm letting it accumulate on the exchange while trying to hit the highs and lows. Then I did what anyone would do, I sold some junk and bought another F1.
I'll admit it's a game and it's played by many. It's also a real tool being incorporated into our banking system. I was shaken out of the tree twice in this game and that's not happening this time. Prices can bomb for a couple years and I'll still be playing, learning, mining, and accumulating.
I wish there were a way to buy bit coin w/o having to set up a wallet, etc. For example, a PCGS slab with a denominated bit coin that could be sold by coin dealers. Heck, you could even buy coins (raw or slabbed) from dealers or pay PCGS for services.
While the bits are taking a hit, I've heard that big banks are setting up something along these lines. I think the bits have potential to deliver a nice return.
Why does having a wallet deter you? It no longer requires a giant download like it did when I started. That old wallet is what I had and required the blockchain install. I emptied that dinosaur and now use one called 'Jaxx'. But there are many to choose from. The key to wallets (no pun intended) is to save your private keys away from the address. I take a screen shot of the private key, (normally a random ten word phrase) and printed that out and store that in the safe. Never share private keys, or that square code thingy. If you have the keys and the address then that can be imported into most wallet software. Something I'd wish I'd known before spending two months on the download. Now my Jaxx wallet provide wallets for many different coins. Plus most exchanges provide a wallet address for transfers. The time consuming part is buying the bitcoin. If the was a bitcoin ATM local I'd use it. But there is not so I use a free account at the gaming site VirWox and buy their coin called SSL and then convert that to bitcoin and take a 20% hit. But hey, it's btc in my wallet. Process takes a couple days.
I just opened up an account with Coinbase just to see how it works and better understand it. Haven't even made a deposit yet, and may never do so.
When i first heard of Bitcoin, to me it seemed like sort of a Ponzi scheme. Especially when it eventually jumped up in price to close to 20k. Just ridiculous.
Bitcoin is now in the 3k range and it still seems ridiculous to an extent, considering all the other new types of cryptocurrency coming out to compete with it.
edit to add that this dramatic drop is not the first time BTC has done this. It's the third time.
There is quite a difference between dropping from 1000 to 200 than from 20000 to 3000. Folks maybe willing to gamble 200, but probably much more reluctant with 3000.
Doesn't bother me. I'm still mining and staking while working the hype with trading. My dollar value is not rising to fast but my coin count is. I hope it goes down more and lasts for e few years. Financial institutions are not get into the game to show their friends how cool they are. They do it for the money that's going to be had.
Comments
$3500
Knowledge is the enemy of fear
I said that twice and if I had stuck it out I'd have zero money worries now. I've seen 80-90% losses before and it shook me up and out like it did most everyone else. The concept is solid but the arena is rigged. Get the modern mining equipment early and at the bottom and up is the only place it can go.
My new fpga miners are setup and flying making coin easy. Just the 600 watt F1 fpga is pulling $32.50/day. Once the water cooled BCU1525 gets dialed in on the intense algos and the Acrons get their interface going I'm expecting $80+/day on a 7k investment. That's a 3-4 month ROI and since the rigs are programmable they don't brick when the algorithm changes. All this in a downward trend. I'll be cashing in half the coin I make turning it in to XRP (ripple- the banking industry choice) and a couple others while saving and flipping the rest. It's a challenging hobby but satisfying.
ROI is heavily dependent on current bitcoin price. As price drops ROI period increases.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
BTC is not the only coin out there. Matter of fact I don't mine or trade it and only use it for transactions if needed. Because it's the universal term for crypto in general I just say Bitcoin. Personally I've known of Bitcoins failure for a while because it is limited cryptoghaphically (? is that a word, lol, is now
). There are better blockchains that are cheaper and faster. Those will become the new standard. Bitcoin just cost to much to create.
Plus there's the old network hash rate in the newer coins were the few miners the more each miner gets basically. I remember mining Ethereum at a rate of .012/day when Ethereum (ETH) was 3-400 dollars. Now its 120 and I'm getting .027 for the same hashrate. So if your the guy with the good equipment riding out the storm you'll wind up with some coin that's ready for that inevitable price jump. Provided you've diversified out across the top five or ten coins with your minings.
"One thing he stated which I found interesting was that bitcoin transactions in dollar volume are about 10 fold of PayPal."
Sorry dude...but that's one statement I don't believe.
I suppose based on technical analysis Bitcoin can have buy and sell target prices, but I agree with J. Powell, crypto has no intrinsic value. Bitcoin was under 10 cents and then it was almost $20,000. What is it really worth? At least with the tulips, you could grow a pretty flower.
I can believe that statement because alt trading is manipulated with bots moving small amounts around cheaply. What the real number is I'm sure is far less. Yet there are countries and poeples that have never had a bank account as we know it and use crypto as barter via smart phone.
So there is an unlimited, infinite number of new kinds (brands, designs) of cryptocurrencies? Just like there is an Infinite number of new, different modern crap bullion coins, stretching into the future in ever increasing supply?
Awesome!
Liberty: Parent of Science & Industry
Unfortunately yes, at one point over 2000 of them. But as regulations increase and as ''users'' and miners got more savy many have disappeared. The ones that actually are being used retain a consistant-ish value. Many are based on an already used base coin. I'll be the first to say the tech is being played like a giant game. Eventually it will be far more mainstream to the point where you don't even know you are using it.
That will be nice when there is one that is worth a dollar each, and stays worth one dollar each.
Liberty: Parent of Science & Industry
Wai..wha?
How can i get scammed if the price is stable and backed by an identifiable entity i can trust?
And not just anyone can create more of them and as many as they wish?
Ah, i see what you did there.
Well played.
Liberty: Parent of Science & Industry
There were many, many people over on another PM board not too long ago cashing in all their physical metals to dive in this bitcoin craze. Only surprise to me is that these little imaginary digits are still worth $3K. Shaking my head. Easy come easy go.
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
" I remember mining Ethereum at a rate of .012/day when Ethereum (ETH) was 3-400 dollars. Now its 120 and I'm getting .027 for the same hashrate"
So at $120 and getting 0.027 "coins" per day, that comes out to about $3.24 per day. How much are you spending in electricity doing this per day? Probably about break even right now.
I've got excess solar. Used the power consumption increase from my first BTC miner in 2013 to establish a power base for system size. Now it's almost a free ride.
For every thousand people who lose money buying , there's one miner who's almost broke even.
Sounds about right. Oh, but it's up 13% today. LOL
I've seen it first hand. One guy sold my shop 70 grand worth of silver to buy it! It was just before thanksgiving last year. If he cashed out two weeks later, he likely doubled his money. I'm guessing he did not. If he's still holding, he's lost a substantial amount of money. I thought he was crazy then and I still do!
My YouTube Channel
Bitcoin, Ethereum, Litecoin, and lots of others are far from over. What you are buying is secure computational power on a distributed non-centralized network. That's only going to grow over time. Looking back, the FOMO exponential blowup/blowoff that happened started last Nov/Dec was bad for cryptos in the sense of people thinking it was a can't-lose investment. I see the potential down the road, much like realizing the potential of the internet could be back in 1995. I hate it for the folks that threw "can't afford to lose" money at this thing at the all-time high. But I do believe that it's in a market cycle and will pick up again soon. Lots of institutional money is still waiting on the sidelines.
Too many positive BST transactions with too many members to list.
I hope Papa John cashed in his 10,000 bitcoins he got for that famous transaction for 2 Papa Johns pizza's.
100% Positive BST transactions
Bitcoin is a great investment at this time. The prices are low, and I'm sure the price will get back over five-figures at some point.
Learn how to buy gold with bitcoin
Best bitcoin exchange:
PAXFUL ○ COINMAMA ○ CEX.IO ○ COINBASE ○ CHANGELLY ○ LOCALBITCOINS
Just pulled my original GPU miners offline to do the FPGA Acorn efficiency up grade. Super glad I jumped in early on the Blackminer F1 FPGA machine. It was here in three days from china ($128 only option shipping). Only took a few minutes to dial it in. It's making five times more $ than my GPU rigs and uses half the power. One day I pulled $48 but it's settled into a $22/day net. Daily I do a little converting from that ''coin'' into something more stable and bang it's a done deal. I'm letting it accumulate on the exchange while trying to hit the highs and lows. Then I did what anyone would do, I sold some junk and bought another F1.
I'll admit it's a game and it's played by many. It's also a real tool being incorporated into our banking system. I was shaken out of the tree twice in this game and that's not happening this time. Prices can bomb for a couple years and I'll still be playing, learning, mining, and accumulating.
https://marketwatch.com/story/bitcoin-is-close-to-becoming-worthless-2018-12-03?mod=MW_home_top_stories
Much of this sounds like schadenfreude.
No doubt, the early exuberance of any new technology is more misplaced than not. But the notion of a monetary transaction capacity that is free of third party control is revolutionary, and something culturally transformative will eventually come of this. It's just too early to tell.
Here's a warning parable for coin collectors...
My bitcoin app notified me that I can buy bitcoin using PAY POW, now.
Nothing about turning my bitcoin into PAY POW credit.
It's like a one way ticket to HELLO ?
I wish there were a way to buy bit coin w/o having to set up a wallet, etc. For example, a PCGS slab with a denominated bit coin that could be sold by coin dealers. Heck, you could even buy coins (raw or slabbed) from dealers or pay PCGS for services.
While the bits are taking a hit, I've heard that big banks are setting up something along these lines. I think the bits have potential to deliver a nice return.
We know from the first time it was used for a purchase, it is worth at least a pizza.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
How is bitcoin cash doing?
Knowledge is the enemy of fear
Capitulation occurring
Next stop: despair
Liberty: Parent of Science & Industry
Great chart...but isnt this a thread about bitcoins?
Knowledge is the enemy of fear
Chart looks about like 90% of the charts listed in NASDAQ, S&P, NYSE.
Remember when oil was over $100 per barrel ?
Why does having a wallet deter you? It no longer requires a giant download like it did when I started. That old wallet is what I had and required the blockchain install. I emptied that dinosaur and now use one called 'Jaxx'. But there are many to choose from. The key to wallets (no pun intended) is to save your private keys away from the address. I take a screen shot of the private key, (normally a random ten word phrase) and printed that out and store that in the safe. Never share private keys, or that square code thingy. If you have the keys and the address then that can be imported into most wallet software. Something I'd wish I'd known before spending two months on the download. Now my Jaxx wallet provide wallets for many different coins. Plus most exchanges provide a wallet address for transfers. The time consuming part is buying the bitcoin. If the was a bitcoin ATM local I'd use it. But there is not so I use a free account at the gaming site VirWox and buy their coin called SSL and then convert that to bitcoin and take a 20% hit. But hey, it's btc in my wallet. Process takes a couple days.
Sounds like video game gambling.
Liberty: Parent of Science & Industry
Bitcoin is a great example of something driven purely by speculation. Too bad they don't trade on the COMEX.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
I just opened up an account with Coinbase just to see how it works and better understand it. Haven't even made a deposit yet, and may never do so.
When i first heard of Bitcoin, to me it seemed like sort of a Ponzi scheme. Especially when it eventually jumped up in price to close to 20k. Just ridiculous.
Bitcoin is now in the 3k range and it still seems ridiculous to an extent, considering all the other new types of cryptocurrency coming out to compete with it.
That's my two bits opinion (pun intended)
Many folks like the idea of a distributed ledger in the clouds.
one definition of Heaven, isn't it?
Yet, the idea that there is an Infinite amount of capacity is scarier than the Fed Dollar.
Liberty: Parent of Science & Industry
Any anti crypto people interested in """shorting""" bitcoin futures?
Also could pickup an alchemy kit at the local flea market from a disheveled seller with a beard down to his waist.
Turn those unsightly rocks in the backyard into something valuable.
Just wondering how long it might take a person to recover; if they bought in a year ago.
Any guesses ?
Ever or never !
I'm hoping a couple years.
edit to add that this dramatic drop is not the first time BTC has done this. It's the third time.
There is quite a difference between dropping from 1000 to 200 than from 20000 to 3000. Folks maybe willing to gamble 200, but probably much more reluctant with 3000.
Knowledge is the enemy of fear
I'm hoping a couple years.
edit to add that this dramatic drop is not the first time BTC has done this. It's the third time.
Still watching with my pop corn.
100% Positive BST transactions
https://spendabit.co/go?q=popcorn
There are over 500 listings for popcorn here, all able to be purchased with Bitcoin.
It's all about what the people want...
No chance
When joe lunchbox began speculating with his 2nd mortgage it was doomed
Oh, the humanity!
Liberty: Parent of Science & Industry
Yup........3,226.88-78.23 (-2.3669%)
3214.. let's see that 29xx
LOL bitcoin cash.. if you "invested" $4000 a year ago, you would have $78 now. Holy-cow.
The pyramids collapsed. The sheeple got slaughtered. Exactly what we'd expect.
Doesn't bother me. I'm still mining and staking while working the hype with trading. My dollar value is not rising to fast but my coin count is. I hope it goes down more and lasts for e few years. Financial institutions are not get into the game to show their friends how cool they are. They do it for the money that's going to be had.