What happened to Crypto Currencies Thread? | Video card prices - up up up

[BrianSD_42]

Ok so there was a thread about Crypto Currencies but it was deleted for some reason.

Are you in the game? (I'm not)

Is anyone here using PC graphics cards to mine crypto currency?

https://en.wikipedia.org/wiki/Cryptocurrency

Story: a few months ago I bought a new high end graphics card: Nvidia GTX 1080 TI for $740 on Newegg so I could play Wolfenstien II at 4K better. I have been meaning to list my old Asus GTX 1080 (not TI) on Ebay. I figured I'd get $400+ for the used GTX 1080 card but actually the 1080 model (not TI) is trading as high as $750 used. Why ... apparently Bit Coin mining is driving up the price of all serious PC gaming cards.

 

[T4R2014]

All the big name coins end up becoming too costly to mine if we're talking proof of work. Ethereum is going towards proof of stake which would definitely reduce electricity bills. However you usually need like ~1000 coins to set up a proof of stake masternode(just from looking at other altcoins, maybe ETH will require less stake). Unfortunately I didn't buy in when it was cheap so that means to set up a masternode with 1000 ETH at stake will cost $1,000,000. I'm not that rich yet so I'll keep y'all updated, but there are POS altcoins that you could set up masternodes for, for much cheaper.

 

[AKmoney]

I thought about mining for about 250 milliseconds. It's not profitable to do so here in CA because our electricity rates are too high.

 

[MN4runnerman]

Anyone want a 580 I bought 5ish years ago? It’s a good thing I did my upgrades back in September.

 

[Parkss1181]

Looking to invest in the smaller currencies to see if they rocket like bitcoin


Sent from my iPhone using Tapatalk

 

[AKmoney]

looking to speculate in the smaller currencies to see if they rocket like bitcoin


sent from my iphone using tapatalk

fify

 

[BrianSD_42]

This Bitcoin crunch has really hit the graphics card market in the last weeks. For example I bought this same model of card retail for $550 about 4 months ago. Now it is trending used for near $800 on eBay!

 

[BrianSD_42]

You should visit Reddit and read about crypto-mining.

 

[MN4runnerman]

You should visit Reddit and read about crypto-mining.

You should also have a bucket of popcorn and a 6 pack cuz you’ll be reading for quite awhile

Edits whoops quoted wrong person

 

[AKmoney]

I recently built a brand-new desktop system (AMD Ryzen 1800X, 32GB DDR4, NVMe storage..). I re-used my 5 year old Radeon 7950 video card due to the outrageous prices of GPUs. I'm not really a gamer, though. I'm running Ubuntu 16.04 Linux on the new machine - I use it more for development purposes. Don't really feel like dealing with MS and Windows 10. The cool thing is Linux can run Steam, so I can still fire up Portal 2 in case I ever need a quick fix...

 

[Rock_Rat]

Ok so there was a thread about Crypto Currencies but it was deleted for some reason.

Is this the one you're referring to? Bottom of this page at the moment.

Paid my 2017 with Bitcoin

BTW I'm in...Crypto is here to stay. BTC is back up to 9600 now but was down to 8600 this weekend. if you're looking at getting into it, there are several good coins to invest in that won't break the bank. You should have a good understanding of the charts and resistance etc. Alt coins such as PIVX (PoS), NEO, Iota, Cardana, Stellar, EOS, NANO and several others are good. I believe that even Ripple will come through eventually. As for mining, Ether is out of the question now with Casper coming out soon. My guess is in four months it will be PoS. BTC will still be there but it will take you 9 months to mine for .5. Not a good ROI if you ask me. Anyway, interesting subject, high volatility and risk, but so is everything we do. Blockchain and AI are the future...

EDIT: Just to be clear, I invest but don't trade a lot and I think it's important for folks to believe in blockchain and the entire decentralization of currency. I only have a small percentage of my portfolio in it.

 

[theesotericone]

EDIT: Just to be clear, I invest but don't trade a lot and I think it's important for folks to believe in blockchain and the entire decentralization of currency. I only have a 20% of my portfolio in it.

I strongly believe in the underlying tech that blockchains use. It will go far beyond just crypto in the years to come. I haven't placed any of my portfolio into crypto though.

I did take a calculated risk and move 25% of my portfolio into Nvidia in Sept 2016 though. Partly based on it's ties to crypto and AI. I figured it wouldn't go down but 400% return in 18 months has put a huge smile on my face. I should sell now but for some reason I'll hold till there next earning release. lol

 

[AKmoney]

Is this the one you're referring to? Bottom of this page at the moment.

EDIT: Just to be clear, I invest but don't trade a lot and I think it's important for folks to believe in blockchain and the entire decentralization of currency. I only have a 20% of my portfolio in it.

I'm not a believer. I understand the purpose behind the genesis of Bitcoin but it hasn't evolved into something I believe Satoshi Nakamoto (or whoever) intended it to. There's no way I could ever imagine having such a large percentage of my investments in something so inherently risky and speculative.

 

[Rock_Rat]

I strongly believe in the underlying tech that blockchains use. It will go far beyond just crypto in the years to come. I haven't placed any of my portfolio into crypto though.

I did take a calculated risk and move 25% of my portfolio into Nvidia in Sept 2016 though. Partly based on it's ties to crypto and AI. I figured it wouldn't go down but 400% return in 18 months has put a huge smile on my face. I should sell now but for some reason I'll hold till there next earning release. lol

Now THAT was a smart move. Mining was the best thing that could have happened to Nvidia and Asus. Unfortunately, for gamers one GPU kills the budget. Might as well hold on. There's still a high demand for mining equipment.

 

[Rock_Rat]

I'm not a believer. I understand the purpose behind the genesis of Bitcoin but it hasn't evolved into something I believe Satoshi Nakamoto (or whoever) intended it to. There's no way I could ever imagine having such a large percentage of my investments in something so inherently risky and speculative.

I completely agree on the evolution of BTC. It's currently not where it needs to be for the layman to begin using it but neither was the internet back in the day. I was putting myself through college at Radio Shack when the "Trash" TRS 80 came out. I studied dBase II and III which is now defunct. I clearly remember the dial-up modem and no cell phones. My mom told me back in the day, you need to get into computers. I never listened. She was a visionary. Clearly it's not where it needs to be and has a lot of hurdles to overcome, but it will be here. I edited my percentage as it is a very small percentage but I'm just leaving it there.

For a pretty good source of crypto news I like CCN. https://www.ccn.com

 

[AKmoney]

Of all the reasons to stay away from cryptocurrency, perhaps the largest one out there is also the same one that made it popular in the first place: it's decentralized nature. By this point, most of us have probably been a victim of some sort of banking fraud and/or security breach incident. Equifax alone pretty much ensnared most of us. As for me, I've had fraudulent charges show up on credit cards twice. One time I even had a detective from the local police department call me to tell me my credit card number was captured by a skimmer hidden inside a gas pump down at the local Chevron.

What's key is that the credit card companies stood behind me. The damage was always limited to a minor inconvenience of having to wait for them to remove the charges, send me a new credit card in the mail and close the loop by updating any of my auto-billpay setups that used them. With a decentralized cryptocurrency however, there's nobody to call when things go wrong, and the immutable aspect of the blockchain ensures there's no way to get anything back. There's already been multiple instances of large cryptocurrency exchanges going Tango Uniform due to being hacked. Account holders were hosed.

Contrast this with an established investment firm like Fidelity: Fidelity will reimburse you for losses from unauthorized activity in covered accounts occurring through no fault of your own.

 

[theesotericone]

Now THAT was a smart move. Mining was the best thing that could have happened to Nvidia and Asus. Unfortunately, for gamers one GPU kills the budget. Might as well hold on. There's still a high demand for mining equipment.

Their last earnings report they lowered guidance for the GPU market. They know it's coming to an end. They raised guidance for autonomous chips and for AI. They've been very good at building GPU's for a very long time. That market will still make them money but Auto and AI is where they will head. I plan on holding until earnings then taking my initial outlay back plus a bit of profit. I'll still keep about 50% of what I currently have.

Dropbox has filed for an IPO so once they get traded and I can get some that's my next move. Tech IPO's can be so hit or miss but I trust DB as a company. Most of my stocks that I've done well on are companies I believe in who's products I use. Sounds simplistic but it works. But then again, everything works in this market. lol

 

[-JD-]

Of all the reasons to stay away from cryptocurrency, perhaps the largest one out there is also the same one that made it popular in the first place: it's decentralized nature. By this point, most of us have probably been a victim of some sort of banking fraud and/or security breach incident. Equifax alone pretty much ensnared most of us. As for me, I've had fraudulent charges show up on credit cards twice. One time I even had a detective from the local police department call me to tell me my credit card number was captured by a skimmer hidden inside a gas pump down at the local Chevron.

What's key is that the credit card companies stood behind me. The damage was always limited to a minor inconvenience of having to wait for them to remove the charges, send me a new credit card in the mail and close the loop by updating any of my auto-billpay setups that used them. With a decentralized cryptocurrency however, there's nobody to call when things go wrong, and the immutable aspect of the blockchain ensures there's no way to get anything back. There's already been multiple instances of large cryptocurrency exchanges going Tango Uniform due to being hacked. Account holders were hosed.

Contrast this with an established investment firm like Fidelity: Fidelity will reimburse you for losses from unauthorized activity in covered accounts occurring through no fault of your own.

I believe the biggest crypto exchanges are now insured against security breaches. I don't know that it covers individual's losses but does cover the type of breaches that happened to Mt Gox.

 

[AKmoney]

I believe the biggest crypto exchanges are now insured against security breaches. I don't know that it covers individual's losses but does cover the type of breaches that happened to Mt Gox.

Suppose a scammer, using information obtained from one of the pre-existing security breaches such as Equifax, tricks your cell phone company (T-Mobile, Verizon, whoever) into doing a SIM swap. By the time you notice your cellphone says "NO SERVICE", the scammer has already used your cellphone number to recover the account logins and passwords from pretty much everything you hold near and dear, such as your Gmail account. They then use this mechanism to recover passwords from your financial institutions. If one of the is Coinbase, they can quickly log into your account, change the password to lock you out and then transfer all the currency out of your wallet. Don't bother asking Coinbase for help.

Think it can't happen?
https://medium.com/@CodyBrown/how-t...es-with-verizon-and-coinbase-com-ba75fb8d0bac

 

[Off-choader]

Of all the reasons to stay away from cryptocurrency, perhaps the largest one out there is also the same one that made it popular in the first place: it's decentralized nature. By this point, most of us have probably been a victim of some sort of banking fraud and/or security breach incident. Equifax alone pretty much ensnared most of us. As for me, I've had fraudulent charges show up on credit cards twice. One time I even had a detective from the local police department call me to tell me my credit card number was captured by a skimmer hidden inside a gas pump down at the local Chevron.

What's key is that the credit card companies stood behind me. The damage was always limited to a minor inconvenience of having to wait for them to remove the charges, send me a new credit card in the mail and close the loop by updating any of my auto-billpay setups that used them. With a decentralized cryptocurrency however, there's nobody to call when things go wrong, and the immutable aspect of the blockchain ensures there's no way to get anything back. There's already been multiple instances of large cryptocurrency exchanges going Tango Uniform due to being hacked. Account holders were hosed.

Contrast this with an established investment firm like Fidelity: Fidelity will reimburse you for losses from unauthorized activity in covered accounts occurring through no fault of your own.

Many mistakes have been made in the development of exchanges and a lot of them have paid out hundreds of millions to make things right. I feel absolutely safe using certain ones in the US. I had an exchange hacked and money stolen but it was my own fault, it taught me to always cold storage and 2FA all the things. I as pissed at first but it really benefited me in the long run knowing how to protect myself because if someone gets access to your email they can do a lot of damage.