Cryptocurrency world - Selling hashpower, mining, and making money

[Montoya]

but making almost 500 SEK in about 10 days is a enough for me to see it as an actual income-source and feel secure about making my money back on the graphics cards in a short amount of time.

Thats the big problem here.

So many people are seeing this as the new and modern way to become rich, or at least be able to be any GPU they want and make it pay for itself in a few months.

Is this the new normal?

Or is this a short lived fad?

11k bitcoin could be the cheapest you ever get to buy it again!

Until this morning, because 10k is the cheapest! :smile:

Like I said in my video, its tough to tell you are in a bubble until its all over and you can look back at the craziness!

Bubbles are not a 1month event, they take a long time to conclude.

Bitcoin has had many corrections in the past, this may just be yet another correction. Until there is a major paradigm shift in the mentality that buy and hodl might not work anymore, I consider this to be yet another dip.

When you start seeing people giving up and selling their mining rigs below market prices, then I know we are done.

 

[DarthMatter]

Thats the big problem here.

So many people are seeing this as the new and modern way to become rich, or at least be able to be any GPU they want and make it pay for itself in a few months.

Is this the new normal?

Or is this a short lived fad?

I'm going with semi-short-lived fad. But that doesn't mean I'm not young and stupid enough to jump on and try to make money of it.
I'm not trying to use it as a get-rich-quick scheme, I'm trying to use it as a get-poor-slower scheme. Without any real income but with money at the bank I took a decision that it was worth the risk and investment to try and get some kind of income over time and invested what I figured was appropriate.

I hope and think that the fad is going to continue for a while, but I can't see this being the new normal (say be relevant for more than max 3-5 years). The idea of using mining to pay of a graphics card is spreading further and the more people that start doing it the quicker the difficulty of mining is going to rise. Both computing power and the difficulty of mining are exponential curves, and the curve for difficulty is still just starting. I can't see a way for it to not overtake computing power given enough time. How much time is the question.
I'm not taking the price of what you mine into consideration here because I don't see the need for it in the argument. It will affect how long it will be affordable to mine and how quickly newcomers will gather, variables that don't affect the end result.

I may have ramble-analyzed for a bit... Sorry for that.

 

[zeddie]

Overall I lost ~40-50% in the past 2 days... in terms of what I had. In terms of the maximum value I had, I lost over 60%... HOWEVER, it's still a net gain for me even at the current value. Basically, they are mostly at value they were at, when I bought into the coins I'm currently holding.

Apparently there's been a huge drop in January the past 3 years of over 40% so this is just "normal"

Again, I'm not worried, because all I have invested in is "free money" that I just gained while my GPU worked when I'm AFK. If I lose it all, too bad, no big deal.

I still feel bad for those who invested in BitConnect though. Don't be one of those guys, look into what you're actually investing into.
(that being said, if Cardano(ADA) folds, I blame you @SeungRyul !!!)



Have any of you gone back to NiceHash? How is it nowadays?

 

[Montoya]

I know the bubble is over when @DirectorGunner sells his rig.

He has not done so yet, this is just a dip ;)

 

[BUTUZ]

I know the bubble is over when @DirectorGunner sells his rig.

He has not done so yet, this is just a dip ;)

He won't sell his rig, I locked him in with a room full of Antminers and no ear defenders for 24 hours - have conditioned him to be a strong hand not a weak hand, he will keep on mining even down to electricity cost breakeven prices!!!!! :) STROOOONG

We needed a big correction, better to get it over with in January so the rest of the year can be nice.

Also I am reasserting what I posted in the past - judging future profitability based on 1 month long period of all time high profitability is very dangerous.

HOLD GUYS!!! STRONG!!!! HOLD!!!!!

 

[DirectorGunner]

#HODL
#KEEPMINING

YEEEEEE HAAAAA!

Good thing I don't need to withdraw anything this week :P
But next bounce back, I need to liquidate some to validate my small scale proof of concept.

So far

• Been keeping excellent records :ballot_box_with_check:
• Got business attorney on retainer :ballot_box_with_check:
• Got future meeting with investment brokers :ballot_box_with_check:
• Shopping Architects for property build out plans/building cost estimations :ballot_box_with_check:
• Polishing bpan and financial model for MBA peer review :ballot_box_with_check:
• chasing the American dream, it's not dead yet! :ballot_box_with_check:

 

[Montoya]

HOLD GUYS!!! STRONG!!!! HOLD!!!!!

For the record, same words were said during the tech bubble.

 

[DirectorGunner]

For the record, same words were said during the tech bubble.

We haven't forgotten


However, for mining, this still works for me.

 

[hi100040]

Just thought I would throw in my 2 cents since I'm kind of a tech head. I firmly believe that Bitcoin is a bubble. It might have just burst and now we are in the post-bubble, or it could have further to fall after another surge or 20 surges.

But blockchain on the other hand; that my friends is the future of lots of things in our technology-driven world. The best modern example of taking the blockchain to the next level is Ethereum and their "smart contracts". With smart contracts, we could put TEST Squadron onto the blockchain, structure it exactly how it is now and program in the rules that we have. We could then assign everyone their proper stakes in TEST and set our computational rate so that TEST servers use spare cycles to host other Ethereum applications and charge enough so that the server is self-sufficient.

If set up properly, the TEST Squadron wallet (which would be inaccessible unless X% of shares votes to withdraw it) would be able to pay for the servers. This sounds confusing? Yeah, it kinda is but the result is that as long as TEST stakeholders didn't agree to shut it down; TEST would be as immortal as the Ethereum network. Montoya could rage quit the community and we would just elect a new leader. The forum would never die.

Blockchain also gives us the ability as a society to actually experiment with direct democracy instead of the representative democracy that all current democratic governments in the world use. Also, blockchain is being used to keep track of property boundaries and other archival workloads with an easy way to prevent fraud from occurring.

These and many other world-shattering uses of blockchain could come about and its all because of this crazy bubble that so many people are looking so seriously into Bitcoin and discovering the power of the blockchain.

 

[DirectorGunner]

Imagine, casting votes using blockchain technology. :D

 

[BUTUZ]

Sell sell sell the bubbles burst! Sell your bitcoin! Sell your miners! Sell your body!!!

Oh hang on, this is test, we do the opposite of everyone else.

Thus I'm still building miners at 11pm on a Friday.

In this case, experimental GTX 1050 Zcash/Zclassic miners.

Test crypto Best Crypot!!!

 

[DirectorGunner]

The last 14 days have been brutal... I keep adapting my strategy..
I've decided today (except for zclassic) to mostly mine/auto-exchange into ethereum for a week or so.
Stay strong and smart my fellow cryptonians

 

[zeddie]

on the good side, those of us who "lost" our mined BTC from the NiceHash hack, will be getting 10% back tomorrow, and more payment planned in the future.

I have also re-started using NiceHash to mine, and am getting similar or better income than mining VTC directly (which has really fallen)
Overall, my investment I put into Cardano initially is back to where it was or 10% higher in straight USD value, while BTC conversion rate is almost doubled. The BTC itself despite the 50% fall since its highest point, is still over 100% higher then when I started (I remember the "WHOOO!!! 5000$! posts... then not long after WHOOOOOOO 7000$!! ... then IT'S OVER 9000!!! memes and obviously the over 10k stuff... then I sort of just lost track until it reached its peak)

(I just checked, and USD value has fallen under what I initially invested into this morning... ugh)

SO... I haven't incurred a loss. EVEN if I did... the 1080Ti that I bought at $900 CAD? yeah well, now they're selling for over $1300... so that's ALSO a gain for me lol.

I'm just glad I started "early" (wish it was still even more earlier though... like a LOT earlier but meh)

 

[DirectorGunner]

I just did my first EVER ... IRL cryptocurrency transaction!
https://www.etherchain.org/tx/34533edb29cde8e19e77badf5c996b039801dc6fa8201581ea9b4df7c05bf8b7
Sold the last 980ti I had! :P for 0.4025 ETH

 

[BUTUZ]

Well done gunner - you did a good thing as the card wouldn't have even mined 0.4eth in a year with the current horrific difficulty rises!

 

[NaffNaffBobFace]

So bitcoinistas - Whats this about? Some banks across the world stop purchase of digi-cash on Credit Cards? Is this just common sense, credit card money doesn't exist until its paid back?

https://hexus.net/business/news/general-business/114980-lloyds-bank-first-uk-stop-credit-card-bitcoin-purchases/

 

[BUTUZ]

Just another method for the wankerbankers to fight back against crypto. They HATE crypto them wankerbankers as it threatens to end their monopoly on porshes. UK Banks are doing a good job of fighting back in the UK as we're particularly wankerish in the UK. Hence no exhanges or anything useful.

 

[NaffNaffBobFace]

Just another method for the wankerbankers to fight back against crypto. They HATE crypto them wankerbankers as it threatens to end their monopoly on porshes. UK Banks are doing a good job of fighting back in the UK as we're particularly wankerish in the UK. Hence no exhanges or anything useful.

I would agree with you, but why now? They've had since it hit 20k to tighten the screws on it, why wait until it's nearly a quarter of its maximum? Just doesn't make much sense other than to stop their credit card holders loosing money they know they won't be able to pay back any time soon?

Gotta say: @Montoya totally called it. Maybe i'll get my cheap GPU before my wedding after all (June).

 

[DirectorGunner]

Maybe i'll get my cheap GPU.

Nope, next gen GPUs will see a quick sell out, partly because of the #HODL mentality and those that understand what a borderless p2p nearly instant exchange of money represents. These people will get the money to get the next gen GPUs to increase their efficiency of operation. And a portion of them will be buying used 1080tis for half price or less from the used market when that does happen. And with ethereum's upcoming shard technology, I think some faith my be restored in the technology's transactions speeds and fees reductions, especially if BTC impletements that technology.

The fact is right now it's a bear market because of FUD. At least in a big part.

 

[NaffNaffBobFace]

Nope, next gen GPUs will see a quick sell out, partly because of the #HODL mentality and those that understand what a borderless p2p nearly instant exchange of money represents. These people will get the money to get the next gen GPUs to increase their efficiency of operation. And a portion of them will be buying used 1080tis for half price or less from the used market when that does happen. And with ethereum's upcoming shard technology, I think some faith my be restored in the technology's transactions speeds and fees reductions, especially if BTC impletements that technology.

The fact is right now it's a bear market because of FUD. At least in a big part.

Ah, right. I nearly did go on to say perhaps there would be issues with those who managed to make money of BTC buying the first production runs of new efficient GPUs and everyone else in Crypto circles buying their cast-offs.

Any idea what the least energy efficient cards are? I know AMD aren't very close to Nvid in terms of energy use right now, maybe I should be thinking of a Vega?