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

[MarkKramer]

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[Bumbo]

One of my friends told me that he has bought a lot of powerful graphic cards and mines cryptocurrency.

It used to be... but not anymore. At least for people starting out, the cost of equipment and power consumption make it very difficult to turn a profit.

 

[Bumbo]

What is attractive about it is the underlying block chain technology… and how it could influence our future.

What is unattractive is that it’s not backed or insured in any way. There are tremendous stories of people or families losing a ton of wealth due to a death, lost password, or hacking/theft.

Personally I rather have a federally backed US dollar, even if our economy is in the shitter. There is a reason everyone wants our currency.

 

[Bumbo]

The main problem is that you with your 3-4 video cards will not be able to compete with huge farms with hundreds of video cards, so your income will be negligible or even absent. As always the number wins, no matter how good you are!

Yep, and I have watched a few documentaries about those types of installations. The size and volume is absolutely staggering.

 

[T4R2014]

Thoughts on Cardano? Can we take this thread back from the bots?

 

[wtfemery]

I love reading through threads like these where people gawk at the "crazy" price of BTC @$8k. IMO, BTC will hit $300k within the year, and $50k will seem like a bargain, just like $15k seems like now, and $350 seemed like last time. Just study the 4yr halving cycle

 

[Inv4drZm]

I have some ETH and now I'm up 30% in just a couple weeks. The rest of what I own is pretty red though at the moment due to market timing, I didn't average in.

In it for the long haul so it doesn't really matter what they are at right now, it's important (but sometimes difficult) to keep buying consistently.

 

[RyanWalker77]

Bitcoin miraculously grow when it first started trading from around $0.0008 to $0.08 in July 2010 now per coin yeah and the price reached a peak of $19,783 per bitcoin in late 2017, most people sought bitcoin as a hedge against the shaky economic crisis caused by the spread of Covid-19. Even institutional investors such as Microstratey, Tesla, Square Corp and more, resorted their cash reserves into bitcoin, stating that it was a good store of value against inflation.

 

[jjsg12084]

Im holding XRP and Dash Bought at a dca of $0.30 xrp and 116 on dash

 

[qwert]

Do people still fall for crypto crooks?

 

[Garanto]

I bought them all

 

[BorotHex]

I made a little on my crypto in 2021 but the tax prep adders washed it all out and ended up making it more of a hassle than it’s worth. If you don’t claim your losses and gains expect an audit and a fine.

I paid $2200 for my PC tower in 2019 and because it has a video card worth $1200 today, it’s still worth $2200+ today 3 years later. Crazy. Also has the Intel 9900 which hasn’t fallen. Weird times.

 

[Humble Leader]

crypto mining for the average person right now is basically an unprofitable business. if you understand how bitcoin mining works and that there's only so many coins available to mine, the more miners the harder it is to earn. bitcoin rewards are also reduced as time goes on to keep the production level stable

a long time ago , like late 2009s, early 2010s, mining was mostly done by people with their personal computers. now there are professional mining companies with ridiculous rigs that mine bitcoins

with that being said, investments in cyptos should make a part of most of our portfolios given it is another asset class (more diversification). with web3 being based on the blockchain technology it makes good sense to put some money there. cypto/bitcoin ETFs are a good way to put some money there without the risk /hassle of actually owning bitcoins