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Is Crypto Dead?

ROOSKIE

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FYI- BTC is garbage. What’s the use case? An asset for hedging against inflation
Funny I think BTC is the most obviously useful crypto of all.
Financial wealth storage, like gold.
It is not everyday currency.
The limited number/amount makes sense in this regard though the impact of mining it is absurdly, stupidly, blunderously high.
The costs to exchange make sense as well if is storage and not a fiat replacement.

In any case one of my old friends was a developer for an alt. He gave me a bunch that I sold way way to soon in hindsight. It when up a bit and I thought a free $15k was amazing. 6months-1yr later it would have closer to 1 million. Looking back and knowing got me and boy was I depressed.
Oh well.
He bought his 1st house in cash and I have lost touch. I am pretty sure he still has million and millions though he keeps most of it in crypto. Very much believes in blockchain and crypto.

I had some other crypto that I also sold way to early. Oh well. Wasn't in the cards at least the way I played them. Now I am afraid to reenter, plus I am not a huge believer. The corruption and inequality that exists in fiat that many believers want to solve via crypto was just ported over IMHO.
Blockchain tech deff has some cool abilities though so hopefully we humans can get some good things going.

As far as the death of crypto, no way. But right now many different folks are selling everything. Seems pretty obvious to me why(s) but no politics so I won't dive in.
 
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ROOSKIE

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Alternatively .. I have a friend who is rediculiously bright. Like streight A student with several masters and a doctorate.

He had all his positions hedged, and was making steady £50k a month for years.

Put deposits down on houses and then drew down the equity from them and reinvested in crypto.

Moved his money from one exchange to another and was sent a false link by a scammer one day. Fake home page to the exchange.

Lost £4 million.

Impossible to get back.

Sent details to police who basically just laughed.
Basic rules in crypto include never keeping it all in one place.
Most folks with millions use very secure and readily available private or professional means to store it.
Falling for a fake link is hard if you are paying attention but I know sometimes a guy is tired or caught in a moment.

Very sorry about your friend but he broke very obvious crypto rules & form. These are basic crypto 101 things. Really the same for anything money and investment related.
 

MKreroo

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Dang! I was thinking of flipping my ASUS RTX 3070Ti non low hash rate video card so I can upgrade to a better card. I can nix that plan now. It has no value to a miner if crypto is tanking.
Out of curiosity, what's the model?

I have as Dual and was thinking about the same thing lol, too bad now.
On the flip side, I've seen 3080 new for 900 CAD taxed
 

tw 2022

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Who? Me? Second?
Oh, Oh!
i think he was referring to my response to your post.. so i've checked out of the discussion , thing is , without political variants economics don't exist .. so the rest of the discussion becomes repetitive and superficial .. so either way i'm happy to disengage .. no hard feelings to anyone...
 

JJB70

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If people want to discuss things with the moderators it is better to do it via private messages. And private messages should remain private unless the other party agrees for it to be shared.
 

Music1969

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Good news just keeps coming:


This article says :

“For bitcoin mining equipment that’s a big issue, because those machines cannot be repurposed to do something else. When they’re unprofitable they’re useless machines. You can keep them around hoping the price will recover or sell them for scrap.”

Why scrap?

Aren't GPUs useful to billion dollar gaming industry ?
 

Timcognito

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1656111666973.png
 

tw 2022

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If people want to discuss things with the moderators it is better to do it via private messages. And private messages should remain private unless the other party agrees for it to be shared.

If people want to discuss things with the moderators it is better to do it via private messages. And private messages should remain private unless the other party agrees for it to be shared.
No need... In this case the point was made and acknowledged..
 

Moderate Dionysianism

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This article says :

“For bitcoin mining equipment that’s a big issue, because those machines cannot be repurposed to do something else. When they’re unprofitable they’re useless machines. You can keep them around hoping the price will recover or sell them for scrap.”

Why scrap?

Aren't GPUs useful to billion dollar gaming industry ?
I was surprised too. A quck search tells me that for Bitcoin, most miners use ASICs, not GPUs. Better performance, but impossible to repurpose.
 

blueone

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I was surprised too. A quck search tells me that for Bitcoin, most miners use ASICs, not GPUs. Better performance, but impossible to repurpose.
The correlation between crypto prices and GPU prices and NVDA stock still appears to hold, even with some miners using ASICs. For example:

gpu-pricing-index

GPU prices are falling.
 

muslhead

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Where are all the crypto zealots who were trolling before the 70-90% drop? Wheydaygo?
Amazing what a (very clear) topping pattern signal and follow through will do to quiet the herd.
I know, i know, the wizards are still up 40000000000% since they were smart enough to buy at $03. Its the internet so i get it but what about the majority who are now underwater? LOL
 

Somafunk

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Where are all the crypto zealots who were trolling before the 70-90% drop? Wheydaygo?

Their parents have found out that they gambled the family silver on cat coin and their computer has been moved into the living room to be used for email correspondence only whilst under their parents supervision.
 

Somafunk

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I don't think crypto is dead. because sometimes the crypto is down and after some time the crypto market is up

That's exactly the in-depth analysis we need
 

Blumlein 88

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Well a couple of the coins have died in the last couple weeks. Maybe crypto is dying. Probably not going to be that lucky though.
 
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