Is Crypto Dead?

[sojun80]

Selling GPUs and buying ETH....well I did some of this last month. 1 ETH for 3 Vega 64 or 3 3060 12gb...thank you! I've been a GPU miner since mid 2017 - never a dull moment.

 

[muslhead]

In addition to that, if you take the time to learn about the market cycles in both crypto and equities, including when to be going risk on and risk off, you can do a lot better than trying to time day-to-day trades. Jumping in anywhere near 10-20% of the bottom and you'll be doing very good on a 3-5 year timeframe.

Do tell more, you seem quite knowledgeable.
Please expound on the market cycles to which you refer

 

[muslhead]

The zealots have not all moved on. Bottom cant be in, my error

 

[muslhead]

I agree...there are a lot of indicators pointing to this. And I'm not talking just price charts. I personally don't find them as foretelling as some think. In the blockchain world you get to see a lot more data than you do in the stock market. It's very interesting stuff.

Might they not be as foretelling because you dont know how to use them correctly?

 

[Chromatischism]

Might they not be as foretelling because you dont know how to use them correctly?

Many price charts simply say the price could go up, or the price could go down. If enough people believe one way or the other, it can become self-fulfilling. I think you have to know more about the market environment to make decisions.

 

[Chromatischism]

Do tell more, you seem quite knowledgeable.
Please expound on the market cycles to which you refer

There's too much to type here, but crypto market cycles coincide with the Bitcoin halvings (which cut the emission rate by 1/2) and with the broader equity markets. If you have TradingView, put BTC on a log chart going back to 2013 and look up where the halvings occurred. Note the amount of time between the tops and bottoms. That gives you a good range to work with. There are other metrics you can look at such as the number of addresses in profit vs the number at a loss. It always reverts back to the mean at some point.

Also add SPX to the chart.

Several times BTC peaked at or before the S&P 500, and led the market back out from the bottoms. As time goes on I wouldn't be surprised if they sync up, since many investors have caught on and are buying both whenever they allocate to risk assets. It's not really what crypto wanted, but maybe it was inevitable.

 

[sonitus mirus]

It was nice knowing you El Salvador.

I'm happy that I was able to finally get an affordable GPU to put together a new gaming rig. It looks like Nvidia used forecasting based on the wildly popular data mining with their products, and now they are on the hook to have their next generation of GPUs manufactured in a surplus with much lower demand. So, I might even be upgrading once again sooner than I was expecting.

 

[Chromatischism]

It was nice knowing you El Salvador.

I'm happy that I was able to finally get an affordable GPU to put together a new gaming rig. It looks like Nvidia used forecasting based on the wildly popular data mining with their products, and now they are on the hook to have their next generation of GPUs manufactured in a surplus with much lower demand. So, I might even be upgrading once again sooner than I was expecting.

There are 2 thoughts here...it's true that Ethereum's transition will end classical ETH mining as we know it as the network will no longer be proof-of-work. But what does that have to do with El Salvador?

 

[sonitus mirus]

There are 2 thoughts here...it's true that Ethereum's transition will end classical ETH mining as we know it as the network will no longer be proof-of-work. But what does that have to do with El Salvador?

I was only making a snide remark about El Salvador changing their national currency to Bitcoin.

 

[Chromatischism]

I was only making a snide remark about El Salvador changing their national currency to Bitcoin.

Did they? I thought they just bought a bunch of it. They still work in dollars as well.

 

[RayDunzl]

Are there really 21,781 different cryptos to play with?

 

[Chromatischism]

The number increases every day. Most are worthless.

 

[Doodski]

Are there really 21,781 different cryptos to play with?



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I bought a video card and I saw that there are low hash rate video cards and high hash rate so I bought a high hash rate card. The high hash rate are good for crypto currency calculation money making ventures. Anybody have a idea what $ I could generate with a RTX 3070Ti video card?

 

[pseudoid]

Anybody have a idea what $ I could generate with a RTX 3070Ti video card?

Lot of heat that can be detected by satellites?
Kim Jong Un has enough capital to literally have a vast "crypto farming" ditty.
How about you?

WSJ' Coinbase full-page advert of today (with 1/4inch bold lettering) headline is:

"Trust us."

Ethereum has been very very good to me; thank you!
Timing (as with most things in life) is everything.
Market is so down for bitcoin that many are investing again.
Thank you SBF! You woke up the casual investor to the realities of the unregulated crypto-currency markets!

 

[Chromatischism]

Thank you SBF! You woke up the casual investor to the realities of the unregulated crypto-currency markets!

I think we got that awakening on May 12th, but yeah.

 

[mhardy6647]

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As they say "a fool and his money are easily parted".

Heck -- maybe soon, crypto quotations will be in dB instead of dollars (dB$, I suppose).

 

[ROOSKIE]

I bought a video card and I saw that there are low hash rate video cards and high hash rate so I bought a high hash rate card. The high hash rate are good for crypto currency calculation money making ventures. Anybody have a idea what $ I could generate with a RTX 3070Ti video card?

I have no idea but one of my old buddies used the Amazon super computers by renting them for a short period of time.
This was awhile ago right before the boom.
His $800ish investment ended up yielding him an account that at one point was in the millions. (he did also have some Crypto before he mined)
Seriously, his main account had about 30million USD at one point and I know he had many other smaller accounts hidden all over.
I doubt he cashed it all out before it dropped but I do know he bought his house in Austin for cash and did a few other things.
I lost touch when he moved away but I hope he is doing alright, he was pretty young and I think he kind of lost it a bit dealing with it all.
Kind of like folks who win the lottery but end up struggling with other stuff.
Who knows.
I know other dudes who made some cash as well but no where near those millions above.
Anyway you could end up wasting your time or doing something equal to a lotto victory dance.
Myself, I wasted a lot of time and emotional energy with my little Crypto stash going up and down and I made few wrong moves and turned a $200-300k or more profit into about $10 or 20 thousand profit- maybe a little more. I should have stuck with bitcoin and then cashed out much later than I did. Oh well.
I am not financially rich but at least I have my Hifi hobby to spend all my 'real' fiat pennies on.

 

[Chromatischism]

There will be another wave, just be patient.

 

[sq225917]

Indeed, good time to invest if you plan to hold long term.

 

[muslhead]

Indeed, good time to invest if you plan to hold long term.

They said that about Worldcom and Lehman Brothers and Dutch tulips and American Savings & Loan and Chrysler and MF Global and Enron and PG&E and Washington Mutual and ....
Its never a good time to catch a falling knife