Nvidia nerfs 3060 hashrates so miners stop hogging them

BUTUZ

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I remember this whole discussion last time bitcoin blew up and then it crashed and people didnt make their money back.
They sure did if they held onto what they mined and waited patiently for it to go back up again! :)

The long game is where it's at - if you try to react to short term trends you'll end up crying yourself to sleep.
 
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Lorddarthvik

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They sure did if they held onto what they mined and waited patiently for it to go back up again! :)

The long game is where it's at - if you try to react to short term trends you'll end up crying yourself to sleep.
It's kinda hard for ppl to stay in the game when it took 3 whole freakin years for that "short term trend" to turn around in a meaningful way lol
But yeah, you are right ofc.
Although it's still a very risky move to seriously invest in BTC long-term.... But that won't stop the miners from buying up all our precious gaming GPUs, cos short term it's worth it =(
 

Grimbli

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But that won't stop the miners from buying up all our precious gaming GPUs, cos short term it's worth it =(
Honestly I had already bought my 3070 at scalper prices when I was watching a normally "Tech" youtube channel that recommended buying a card at the scalper prices and using it to mine part-time to recoup the extra money you spent over MSRP. Buying a second card was in response to seeing the money I could make. I definitely wouldn't recommend buying six cards for a rig, but one to have for gaming and use to mine a little on the side is worth it to me.

Although I checked again and cards have a massive hike in prices again because of the 3060 fiasco. It'd be hard to recover the money invested right now.
 
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maynard

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... Although it's still a very risky move to seriously invest in BTC long-term ...
I totally disagree

there is an upper limit on the number of possible Bitcoin (21 million IIRC)

then its value will reflect the relative values of our fiat currencies

I read an estimated valuation of 550,000 U.S. Dollars per Bitcoin at that point, 11X current value

the risk is that whales holding large amounts of Bitcoin could tank the market by selling large amounts all at once

but if you can afford to hold out, why sell before the last coin is mined and the value stabilizes?
 
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Grimbli

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I totally disagree

there is an upper limit on the number of possible Bitcoin (21 million IIRC)

then its value will reflect the relative values of our fiat currencies

I read an estimated valuation of 550,000 U.S. Dollars per Bitcoin at that point, 11X current value

the risk is that whales holding large amounts of Bitcoin could tank the market by selling large amounts all at once

but if you can afford to hold out, why sell before the last coin is mined and the value stabilizes?
I've read similar estimates of its upper cap. I think bitcoin is probably the most stable of cryptos, but as we've seen it can swing to wild heights in less than a year, but still not the kind of crazy that a smaller >$0.01 coin can do.

I'm going to either be holding onto all the bitcoin I mine or maybe exchanging it for other, smaller, coins in the hopes of getting lucky. I've thought about keeping track of my crypto adventures and posting my results if something big happens. But I'm not sure as it may come off as bragging.
 
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Lorddarthvik

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People keep forgetting that any form of currency is only worth something as long as you can spend it in the real world, on real things.
Crypto is one law/regulation away from being worth zero.
India, UK, they are already doing it...
I doubt it will be this harsh globally, but do you honestly believe it will not be regulated and taxed to hell like every other form of currency? This will impact it's real world value significantly.
 

Ploeperpengel

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People keep forgetting that any form of currency is only worth something as long as you can spend it in the real world, on real things.
Crypto is one law/regulation away from being worth zero.
India, UK, they are already doing it...
I doubt it will be this harsh globally, but do you honestly believe it will not be regulated and taxed to hell like every other form of currency? This will impact it's real world value significantly.
Unfortunatly this crap isn't regulateable easily. You could try to impose a world wide ban (no less would be required) and it would still be viable dark web currency. Wish it were different. It's a climate-desaster.

That doesn't mean it's safe to invest in bitcoin long term. Though it's more likely bitcoin and ether will be replaced by another more efficient cryptocurrency and disappear consecutively than due to state law.

Edit: there's also hope quantum computers might be the end of current encryption tech (at least concerning bitcoin because bitcoin is asymmetric encryption which is theoretically vulnerable to quantum computer attacks)
 
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Cugino83

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...

Edit: there's also hope quantum computers might be the end of current encryption tech (at least concerning bitcoin because bitcoin is asymmetric encryption which is theoretically vulnerable to quantum computer attacks)
That is very likely what will end the cryptocurrency fenomena: I don't think that QC will became a thing in the near future, they require too much power to run considering that the Q-CPU need to be keep at near absolute zero to work (and that need a LOT of money to build an adeguate colling system) but I can easily see every major campany or insitutions (from university upward) being able to afford one in the next 10 yrs (and I'm conservative...)
 
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