Video: Bitcoin crash

[DirectorGunner]

There are some glaring issues with bitcoin that most people.... sidestep. The first is the investment. This is in both time and money. The time spent researching, building, maintaining, etc is better spent on a part time job. You'd make more money. The money investment, is better spent paying down any debt you have like credit card bills or mortgages. You'd likely have a better return in interest savings.

Can you make money on bitcoin? Sure, a little. You can invest a large chunk of money into a mining rig (or rigs). Then you throw a chunk of time into researching the best currency to mine and the math to make sure you're not on the loosing side. If you keep up, you can make some money. By the time you take out the energy cost, you can trickle in some decent change. Or...

You can go to your local box store, buy a lawn mower, and make $100 on mowing a single lawn. If there's snow, you can shovel a two car driveway in 15 minutes for $30. If there's a dirty car, you can make $10 in 10 minutes. The list of ways to make money is a very long list. They all have one thing in common too. They are all higher profit and lower investment than bit coin. Hell, I bet you could make more net profit per hour collecting cans for recycling.

Bitcoin is just going through another fad. It was before and it likely will be again. NO money is free. It never ceases to amaze me how people will put more work into something "free" than it would have taken to just earn it. Honestly, people will run to the ends of the world, spend days waiting in lines, and go though unbelievable amounts of effort for that one single word..."FREE".

I agree on some parts but I disagree on the scenario

#1 I can mine and mow lawns at the same time... I'm half mexican.. why not?

#2 An hour to two hours a day of your otherwise spare time used for masterbaiting (or whatever you choose to do.. jk ofc.. did I get your attention? lol), isn't a big of waste of time. You're learning and staying informed. Which is great!

#3 Solar powered or free energy mining (ASIC or GPU) > most ASIC > GPU still ... the math still checks out

#4 Yes there's a lot of problems, there's TON of problems! but so long as you can cash out often, or choose to HODL a % and cash out some, so what.. you're making money easy money while you do your normal day to day work.

#5 btw, we're back up to 7,446.73 right this second. This is good.

#6 I don't think I've ever said Crypto was FREE money AFAIK most miners don't????.. It's (if you're knowledgeable) EASY money.

#7 It's a bit of a zero sum game, especially if you don't keep up with the hardware upgrades and changes.

#8 There's very few things you can do, other than licensing and intellectual property and investment returns, that will generate you an income unattended, while you do some other kind of work. Cryptomining, fits the that kind of situation.

#9 Just like film stock photographers bitched and moaned about DSLR photographers not doing "REAL" photography and never going to replace their "craft" or whatever, all yall will be in for a surprise when you're using a form of blockchain like technology to pay for your coffee in 10 years while on vacation in another country. Adapt, be mentally flexible for change, experiment.

#10 Because #10

 

[Sintha]

I

People who understand mining as a business, don't mine with only 1 GPU... Hobbyist do that for extra beer money, minimum $50 a month maybe after electrical. in USD.. how many beers can you buy with $50? Mind you that's like money you find hiding in your couch left by a friend... it's just there for you at the end of the month. You didn't do manual labor to earn it either. Making your PC earn you money while not using it, provided your net is positive, is smart. Hobbyist and serious miners alike.

You make a good point about it being smart for large scale miners who treat it as a business where you can reduce margins and still make it profitable.

You havent convinced me on the hobiest however and I wouldn't consider it smart at all @Bruttle makes good points why.

I have definetly enjoyed the conversation about this today, even though I have forgone the $3 I could have made from mining, my life is all the more richer.

 

[Doggen]

So how big of an impact does all this extra electricity have on the environment? Are you destroying the future for 3 dollars a day??

edit: Hah I posted tongue in cheek but apparantly its a thing. I shall investigate

 

[DirectorGunner]

Today entire Senate hearing, A MUST WATCH!

Market is showing signs of bounce back as a result of this hearing.

 

[NaffNaffBobFace]

#9 Just like film stock photographers bitched and moaned about DSLR photographers not doing "REAL" photography and never going to replace their "craft" or whatever, all yall will be in for a surprise when you're using a form of blockchain like technology to pay for your coffee in 10 years while on vacation in another country. Adapt, be mentally flexible for change, experiment.

Ooooh don't get me started on the photography thing.

I'm one of the very very few people who stopped doing chemical photography in its peak (stopped in 1999 same year the Nikon D1 was released, estimated peak Silver Halide production was 2000) and came back to it in its fully conquered digital state (2007, when the main camera manufactures announced dropping support for and production of their film models.)

I am no native of digital, I am no migrant from film to digital as so many older people are, I am a refugee. It gave me an almost unique perspective on what is and what was and where it was all going - The uses and gratifications of photography are so far from what they were in 1999 we may as well come up with a new name for it...

Photography is referred to as "Painting with light" - Sometimes when I'm feeling mean I call Digital Photography "Binography" - Painting with binary: You can see it in every Instagram Facebook profile selfie... but then what are a few filters between friends?

Every camera, even SLRs have image alteration the moment you take the picture if only to correct for minor flaws the manufactures know are present in the chip in the camera or the lens you are using Every digital image is just a simulation of what you are pointing the camera at.

Photography has lost its Indexicality, but then that was always hotly contested... well its undeniable now.

 

[Bruttle]

I agree on some parts but I disagree on the scenario

#1 I can mine and mow lawns at the same time... I'm half mexican.. why not?

#2 An hour to two hours a day of your otherwise spare time used for masterbaiting (or whatever you choose to do.. jk ofc.. did I get your attention? lol), isn't a big of waste of time. You're learning and staying informed. Which is great!

#3 Solar powered or free energy mining (ASIC or GPU) > most ASIC > GPU still ... the math still checks out

#4 Yes there's a lot of problems, there's TON of problems! but so long as you can cash out often, or choose to HODL a % and cash out some, so what.. you're making money easy money while you do your normal day to day work.

#5 btw, we're back up to 7,446.73 right this second. This is good.

#6 I don't think I've ever said Crypto was FREE money AFAIK most miners don't????.. It's (if you're knowledgeable) EASY money.

#7 It's a bit of a zero sum game, especially if you don't keep up with the hardware upgrades and changes.

#8 There's very few things you can do, other than licensing and intellectual property and investment returns, that will generate you an income unattended, while you do some other kind of work. Cryptomining, fits the that kind of situation.

#9 Just like film stock photographers bitched and moaned about DSLR photographers not doing "REAL" photography and never going to replace their "craft" or whatever, all yall will be in for a surprise when you're using a form of blockchain like technology to pay for your coffee in 10 years while on vacation in another country. Adapt, be mentally flexible for change, experiment.

#10 Because #10

Please don't misunderstand me on this one. I make no assumptions about anyone involved with cryptocurrencies. Nor do I make assumptions about anyone's ethics or standards. I don't know anyone personally and we could all be millionaire corporation owners for all I know. So with that in mind...

One of the main issues I have with this cryptocurrency "craze" is that it feels like begging for scraps at the dinner table. At least it does to me. Someone is feasting at the table, but it certainly isn't the millions of miners. Some make good money as a miner, sure. However, I guarantee that others are absolutely raking in the dough. Video card manufacturers? For the first time in GPU history, they can't make them fast enough. Resellers, scalpers, and scammers? People are at the perfect kind of desperate right now to fall for anything.

From everything I've seen, those people surrounding and perpetuating the craze are making more money than those that are buying into it. Of course, there are always outliers. Some people are making great money in it. Likewise, some people are trying to cash in on the craze and failing. However, for the average person, they're just funding other people. They hear "free money" or "easy money", buy a wildly overpriced card, fail, and people are just lining up to profit from that ignorant, half hearted attempt.

That's because nothing is for free. Gullible people will always fall for it though. FTP game? Not really. People actually pay more on average than a subscription model. Amazon has 25% off the price? Yep, but that price is the MSRP and amazon's "sale" price is everyone's normal price. Free software? Not really. I hope you like spending 2 hours tearing McAfee out by the roots. Walmart bin on sale at 5 for the price of 3? Yea, but you're still paying more per item than it was listed on the shelf for last month.

Gullible people ruin so many things in this world. They fall for FTP. We get PTW and pay wall "microtransactions". They fall for "sale" displays. I have to spend an extra 10 minutes in the store just trying to navigate around the people crowded at the bin like a feeding trough. They fall for the cryptocraze and there isn't a gpu to be found for a reasonable price anywhere.

Give me a fair product for a fair price, I'll happily pay it. Pay me a reasonable wage, I'll work my ass off to earn it. Things should be so simple but people are so eager to have things free and easy that everything turns out convoluted as a result. There is so much money out there to be made if you're willing to work for it. If you're working for it, you're adding to economy. You're creating products and providing services that contribute to the world in a tangible way.

Cryptocurrency though, is aether. It was nothing, is nothing, and will never be anything but smoke and mirrors. It is the very definition of herd mentality and for the most part, will only serve as a vehicle for the wolves to prey on the sheep. In the process, it's very existence makes things more difficult for people that are willing to work and contribute to a healthy economy.

Like I said at the beginning though. I am not intending to insult anyone's ethics, morals, or intelligence. My issues are with the overall big picture of it. I don't have anything against anyone pulling a profit from it. If the money is there to grab, grab it. I just don't think cryptocurrency is good for the economy or the average person.

 

[DirectorGunner]

Cryptocurrency though, is aether. It was nothing, is nothing, and will never be anything but smoke and mirrors. It is the very definition of herd mentality and for the most part, will only serve as a vehicle for the wolves to prey on the sheep.

Dear Lord, I can not express how fallacious that conclusion is. By that same token of thought, all software is aether. Crypto is software. You rely on software to discuss on this website. You rely of software to control your traffic lights, your bank accounts, for your paychecks and direct deposits to clear, your rely on software to allow your modern vehicles to work, you rely on software for your food production, you rely on software for nearly every aspect of modern life. Just because something is not tangible, doesn't mean it doesn't have PROFOUND impact on all human life on this planet.

You're also overgeneralizing a bit toward the end there.

Please, watch this entire senate hearing

 

[Bigcracker]

Maybe now those 1080's will come down to MSRP now instead of selling my first born for one.

 

[Metal-Muffin]

Potatoes like you too. Unless you are eating them.

:fearful:

I once had a girlfriend that identified as a potato. She didn’t seem to mind being eaten.

 

[zeddie]

@zeddie it seems utterly insane to run a computer all day for $3, why bother?

I know you said it's 'extra' but this confused me even more as it's $3 per day that was run for 100 days to 'save' $300.

Well, it's either $3 per day, or $0 per day... or look it in a different way, I never turn my computer off either way. I'm not the type to constantly shut it down when not in use.

Even many years ago, I was running my PC for WCG/Folding@Home, etc. to gain virtual points. Sure they help scientific research and development, but to me, they aren't worth anything. Just a pat on the back saying that "yes, you helped!"

Now I'm actually running my computer and generating "virtual points" that is actually worth something.
So... why not?

I'm saying $3/day, but that's really the minimum. Some days that can go up to 5, or even a few freak days that I've gotten $12 worth of Vertcoin (over 4VTC in a day).

Spoiler: proof here

in the 24 hour span.

It really adds up. $3/day may seem small to you, but when you can get $100 a month easily without "doing anything"... it's a lot of money. Besides, there's also potential for that $100 to grow into $300 or $500, or even $1000. A month! Although that is just me being hopeful. I'm perfectly happy it being $100/month.

Also, like I said, it literally costs me $0.25/day to run the computer.
Also, all that I gain is in $USD, and all that I spend is in $CAD, which is currently 1:1.25 to 1:1.30.

Also also, it sure has saved a bit in heating bills... (it does cost a bit more in A/C during the summer months though, I think)

 

[BUTUZ]

Wow I never thought I would see people suggesting I take up part time lawnmowing in my spare time instead of mining.

I think I'll stick to mining... it looks cold out there, it's nice and warm in here with my miners. :)

 

[NaffNaffBobFace]

I once had a girlfriend that identified as a potato. She didn’t seem to mind being eaten.

I hear we taste like Chicken, is that true?

 

[Bruce]

carefully poking DirectorGunner ... so here are my two cents on cryptocurrency (don't to be mixed with blockchain technology). It is classical pyramid scheme with 0 natural support value , and eventually it will be at 0 ( gold, diamonds, candy money printed by Zimbabwe, etc. has more value than cryptocurrencies ). So .. could you make some money on cryptocurrencies ? OF COURSE YOU COULD .. are you doing good thing by spending electricity and taxing hardware doing so ? Welp, most probably not, but who cares .. climate warming is a myth anyway (amiright). Will you learn something new AND USEFUL by doing this ? In case you are close to IT or financial institutions - yes :)

 

[Metal-Muffin]

I hear we taste like Chicken, is that true?

A female that identifies as a potato that tastes like chicken:fearful:. No. not true. Unless you're in Mississippi- then everything tastes like fried chicken. Even the grape drank.