General

Topic   Cryptocurrencies!

Demonis
Silver Good Trader
17-Jan-2018(#1)
When will this absurdity end? I get all the aspects of it, and I understand it, but FFS stop using GPUs....

I'm just raging that I need to buy a GPU and prices nearly doubled in a week.
John
GameTZ Gold Subscriber GameTZ Full Moderator 400 Trade Quintuple Gold Good Trader Gold Global Trader (13) Secret Santa
17-Jan-2018(#2)
Well, crypto kinda fell through the floor yesterday -- so it should actually slow the GPU buying craziness a bit. Now might be a good time to watch for something.

That being said... What are you looking for? I just picked up some RX580 cards. I might be able to part with one for $450 if you were interested? That's a lot cheaper than EBay and they are out of stock everywhere, of course.

- John...
sinnie
GameTZ Subscriber 550 Trade Quintuple Gold Good Trader Global Trader - willing to trade internationally This user is on the site NOW (2 minutes ago) Secret Santa
17-Jan-2018(#3)
Damn straight, it is bullcrap. Especially since I hear there is a goatse coin now too.

I picked up my 1070 here a few months ago... occasionally you can find one used priced fairly-ish. Hope you find something soon.

Dustin
GameTZ Subscriber 650 Trade Quintuple Gold Good Trader Global Trader - willing to trade internationally
17-Jan-2018(#4)
I like how bitcoin's value basically cut in half from a few weeks ago for no rhyme or reason. Yes, that's the kind of thing I want MY money in. What a stupid thing.
Scots
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17-Jan-2018(#5)
Doge coin has like a 1.5B market cap or something.
John
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17-Jan-2018(#6)
Dustin wrote:
> I like how bitcoin's value basically cut in half from a few weeks ago for no rhyme
> or reason. Yes, that's the kind of thing I want MY money in. What a stupid thing.

First, it's not for "no rhyme or reason."

Second, it's still up like 1000% from a year ago! I wish I had MY money in it from that time period!
Dustin
GameTZ Subscriber 650 Trade Quintuple Gold Good Trader Global Trader - willing to trade internationally
17-Jan-2018(#7)
I bet you don't wish you had your money in from last month though.
John
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17-Jan-2018(#8)
Scots wrote:
> Doge coin has like a 1.5B market cap or something.

Dogecoin is quite surprising in the end. Transactions are very fast and it has a huge market cap for what it is. Also, it has the friendliest users out of any coin that I've heard of. They are honestly just a good group of people -- that aren't really that concerned about the price. That's what makes it so great! In every other coin section, people are always worried about what it is worth today compared to the US Dollar, of course. In /r/dogecoin, it is just an ongoing tradition/joke to go "Well, 1 DOGE = 1 DOGE today!"

They sponsored a racecar in the past. Just a great community.

I bought $25 worth of DOGE a while back just for fun. It's actually the first crypto I bought. Today it is worth double that (and it was worth 5x the original for a while there) -- but it really doesn't matter. It's just a fun coin. yes
Scott
Quadruple Gold Good Trader Global Trader - willing to trade internationally Has Written 1 Review This user is on the site NOW (7 minutes ago)
17-Jan-2018(#9)
I'm so sick of hearing about cryptocurrencies. There are 3 people who sit close to my desk at my office and for the last month or so, all they do is talk about cryptocurrencies ALL DAY. Every time something goes up or down they feel the need to announce it, like it's some rare event or something.

John
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17-Jan-2018(#10)
Dustin wrote:
> I bet you don't wish you had your money in from last month though.

I did have money in it last month -- but I put it in months ago -- so I'm still pretty darn happy about it.

But you're missing the point. You can't just watch the drops and go "this is stupid."

That being said, I'm not a huge fan of Bitcoin. I think it has some real, ongoing problems that they don't really have a good solution to.

I do think ETHereum has potential. It has some problems too (and some people just HATE it, of course), but I see it as much more useful than Bitcoin.

Most of my mining profits are in Bitcoin -- simply because there wasn't another easy option. Hopefully that will change soon. I'd much rather get paid in ETH or Litecoin, for example.

My mining profit value dropped about 1/3 over the past 2-3 days. Sucks, sure, but I'll still hold for now.
John
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17-Jan-2018(#11)
Scott wrote:
> I'm so sick of hearing about cryptocurrencies. There are 3 people who sit close to
> my desk at my office and for the last month or so, all they do is talk about cryptocurrencies
> ALL DAY. Every time something goes up or down they feel the need to announce it,
> like it's some rare event or something.

Yeah, that's indeed annoying. I've learned to just sit and let it ride. I'm in the "HODL!" group. And I generally don't talk about it unless asked. My wife and I might discuss it at home if it goes up a bunch or drops -- because she's excited that it is there and we've made some decent money. But, other than that, only when people ask me. (That being said, a LOT more people ask me about it over the past couple of months. Lots of people with no idea what they are buying have been jumping on the bandwagon. My wife's boss just bought Litecoin before it crashed. *shrug*)
michaeld
300 Trade Quintuple Gold Good Trader
* 17-Jan-2018(#12)
I don't know anything about it but am curious, what would be a good one that is cheap now that I should buy? I don't mind spending a couple hundred on the chance that down the road is way more valuable and if it ends up worthless I am ok with that risk
Dustin
GameTZ Subscriber 650 Trade Quintuple Gold Good Trader Global Trader - willing to trade internationally
17-Jan-2018(#13)
Scott wrote:
> I'm so sick of hearing about cryptocurrencies. There are 3 people who sit close to
> my desk at my office and for the last month or so, all they do is talk about cryptocurrencies
> ALL DAY. Every time something goes up or down they feel the need to announce it,
> like it's some rare event or something.
>
>

Hopefully they announced that they lost half of their money for no reason.
John
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17-Jan-2018(#14)
michaeld wrote:
> I don't know anything about it but am curious, what would be a good one that is cheap
> now that I should buy? I don't mind spending a couple hundred on the chance that
> down the road is way more valuable and if it ends up worthless I am ok with that
> risk

First, that's a good way to invest in such things -- so you have the right attitude. yes

Right now, almost everything is down 30-40% from just a few days ago. So, it's probably a decent time to buy in -- but it could continue to drop, of course.

The "Big Three" are Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). Bitcoin Cash (BCH) is also big now. Some people hate it, but I actually think it may be the better path between BTC and BCH.

Probably the easiest and quickest way to buy in is through Coinbase. You pay a bit more in fees, but getting from cash into coins is a bit of a pain -- so it is still a good way to start. Also, if they are still doing it the same, you can get signed up and then initiate a purchase with a bank transfer or credit card and it is immediate in that you get it at the current price. So, it might take 3-7 days for your bank transfer to come in -- but you still bought it at the current price. So, if this IS just a dip and it goes up in few days, then you'll still have bought at the price now -- not when your ACH transfer clears.

Note that that link to Coinbase is a referral link. If you sign up through it and buy something, I think we each get $10 extra in our accounts. People can feel free to not use it and just type coinbase.com if they want -- but, if you're going to do it, might as well take the free $10 bucks. smile

As for WHICH one of those 4 (since all are available for direct purchase at Coinbase), that is harder to say. As for as potential for real use goes, I think ETH or LTC (or BCH even) are good choices. But, BTC is the popular boy, of course -- so people still trade it like crazy. So, if you want POPULAR and "in the news", then buy BTC. If you want "tends to follow BTC anyhow, but has real potential in the future", then the other three might be better. Again, they are all down 30-40% over the past couple days, so if a rebound is coming, it might not matter much which of those four you pick.
Scott
Quadruple Gold Good Trader Global Trader - willing to trade internationally Has Written 1 Review This user is on the site NOW (7 minutes ago)
17-Jan-2018(#15)
Dustin wrote:
> Scott wrote:
>> I'm so sick of hearing about cryptocurrencies. There are 3 people who sit close
> to
>> my desk at my office and for the last month or so, all they do is talk about cryptocurrencies
>> ALL DAY. Every time something goes up or down they feel the need to announce it,
>> like it's some rare event or something.
>>
>
> Hopefully they announced that they lost half of their money for no reason.

They've been crying all morning over how much they lost.

Noid
Gold Good Trader
* 17-Jan-2018(#16)
How does one "mine" cryptocurrencies? I'm assuming it doesn't involve a shovel and a helmet with a tiny light. Seriously, though, I have absolutely no idea how this all works. frown
six
Triple Gold Good Trader Global Trader - willing to trade internationally
17-Jan-2018(#17)
Y'all are nuts the only crypto currency worth buying is billcoin bill coin @Sam will back me up.
Mexico
GameTZ Subscriber Double Gold Good Trader
17-Jan-2018(#18)
image

If you are buying you can open a gdax account (same company as coinbase so you can use your same account) and deposit money/crypto into there and then place limit buy/sell orders instead of market to avoid the fees. I Just bought some 580's and 1060's myself to build a mining rig but with the huge dip it may be wiser to sell them above retail and invest in the dip instead even though they could ROI in ~6 months at current prices. At current rates my 4gb rx 480 and i7 2600 is pulling ~$3.50 a day with ~$0.90 a day in electricity.

@John what are you mining with on your systems? ethOS, smOS, Nicehash, just miners using pools pointing to your own wallets?
SublimeFan
250 Trade Quintuple Gold Good Trader
17-Jan-2018(#19)
michaeld wrote:
> I don't know anything about it but am curious, what would be a good one that is cheap
> now that I should buy? I don't mind spending a couple hundred on the chance that
> down the road is way more valuable and if it ends up worthless I am ok with that
> risk

Dragonchain. I bought in super low and because of it, my total investment (even with the last week of drops) is still ~20x what I've put to all the coins/tokens I own. It does hurt seeing the drops in the last week, but I have confidence that Dragonchain will be a top-10 token by the end of the year (likely mid-year).
lpeters82
GameTZ Gold Subscriber 250 Trade Quintuple Gold Good Trader
17-Jan-2018(#21)
My problem with them, is that I'm not seeing them used as a "currency". I know several people who own cryptocurrency and not one single person is interested in using them. They own them purely as an investment. I get the short term investment possibility, but it seems that in order to be a currency they need to be stable. However, it's almost a catch-22, because without the wild swings, how many people would own them?
DiamondDave
GameTZ Subscriber 350 Trade Quintuple Gold Good Trader Has Written 4 Reviews
17-Jan-2018(#22)
Demonis wrote:
> When will this absurdity end? I get all the aspects of it, and I understand it,
> but FFS stop using GPUs....
>
> I'm just raging that I need to buy a GPU and prices nearly doubled in a week.

I said fudge it and picked up a GTX 1080 for $520 from Best Buy since it was the only card even close to MSRP. I'd imagine once the cost of energy outstrips profits from mining and once all the bitcoins have been mined this crap will finish. Until then just hold your breath for the 11XX models to come out and hope you're one of the first in line if you want an actual initial offering price point.
Demonis
Silver Good Trader
17-Jan-2018(#23)
I was looking at getting my wife a 1060 since her old card (560 Ti) died. But they went from ~$220 to nearly $450 in less than two weeks.
Mexico
GameTZ Subscriber Double Gold Good Trader
17-Jan-2018(#24)
Demonis wrote:
> I was looking at getting my wife a 1060 since her old card (560 Ti) died. But they
> went from ~$220 to nearly $450 in less than two weeks.

evga 1070 $505
https://www.newegg.com/Product/Product.aspx?Item=N...

6gb pny 1060 $320
https://www.bestbuy.com/site/pny-nvidia-geforce-gt...
DiamondDave
GameTZ Subscriber 350 Trade Quintuple Gold Good Trader Has Written 4 Reviews
* 17-Jan-2018(#25)
$320's actually not terribly off MSRP. Sucks that you've gotta skip an entire line because it's ridiculously over-ordered, the 1070's a way better deal.
John
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17-Jan-2018(#26)
Mexico wrote:
> If you are buying you can open a gdax account (same company as coinbase so you can
> use your same account) and deposit money/crypto into there and then place limit buy/sell
> orders instead of market to avoid the fees.

Absolutely. The problem with that is that you'll need to wait for that bank transfer to clear. If this is a dip that lasts a few days, it will be way too late. You'll save yourself a few percent in fees up front -- and miss out on the actual crypto gains over those days.

Also, it takes anywhere from 1-4 days just to get APPROVED for Coinbase/GDAX these days. So, that might add more time.

So, yes, for NORMAL stuff, that is what I would do -- transfer into GDAX and buy there with no fees. But that isn't what I'd do if someone were trying to quickly get in on crypto that hasn't had any before.

> @John what are you mining with on your systems? ethOS, smOS, Nicehash, just miners
> using pools pointing to your own wallets?

I've done a few things in the past, but right now all of my rigs are running Nicehash to an internal wallet. I reach the payout daily and can then transfer that for free to Coinbase. Then free to GDAX. Then free to my Ledger Nano S. Now that NiceHash has the deal with Coinbase, you can't beat the free withdraws. smile
John
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17-Jan-2018(#27)
DiamondDave wrote:
> $320's actually not terribly off MSRP. Sucks that you've gotta skip an entire line
> because it's ridiculously over-ordered, the 1070's a way better deal.

The 1070 that he linked to sold out in seconds. There is little use posting links for 1070s or RX580s here -- they will be sold out before anyone can click the link. They are literally selling out in under a minute every time they appear on NewEgg for ALL of those card types for the past week+.

- John...
John
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17-Jan-2018(#28)
Noid wrote:
> How does one "mine" cryptocurrencies? I'm assuming it doesn't involve a shovel
> and a helmet with a tiny light. Seriously, though, I have absolutely no idea how
> this all works. frown

Put simply: You run a program that uses video cards (GPUs) to do some complex math problems. You are solving little pieces of a bigger problem basically. You submit those little pieces to a larger pool and everyone gets their slice of the profit based on how much they "mined" when the problem is finally solved.

(That is what MOST people do. If you were a HUGE setup, you could mine coins on your own -- and when you got lucky and solved the problem now and then, you'd get the full reward -- but nothing for the times when you didn't solve it. So, most don't do it this way.)

There is more to it (some use a system that buys/sells mining power instead of really mining their own coins, for example), but this was meant to be the quick-and-easy version. smile
John
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17-Jan-2018(#29)
DiamondDave wrote:
> I said fudge it and picked up a GTX 1080 for $520 from Best Buy since it was the only
> card even close to MSRP.

You got a steal. yes

The cheapest 1080s on EBay right now are going for like $750+. They sell for $900 on a regular basis.

> I'd imagine once the cost of energy outstrips profits from mining

Sure, but that isn't likely soon unless we really see a drop that stays there (which hasn't happened in a LONG time). Also, there are lots of altcoins to mine if one of the big boys isn't worth it any more.

> and once all the bitcoins have been mined this crap will finish.

That's a LONG way out for Bitcoin. And, again, there are lots of others to do instead (some that don't have a limit at all).

> Until then just hold your breath for the 11XX models to come out and hope you're one of the
> first in line if you want an actual initial offering price point.

The miners will be lined up for those too. smile
DiamondDave
GameTZ Subscriber 350 Trade Quintuple Gold Good Trader Has Written 4 Reviews
17-Jan-2018(#30)
John wrote:
> DiamondDave wrote:
>> $320's actually not terribly off MSRP. Sucks that you've gotta skip an entire
> line
>> because it's ridiculously over-ordered, the 1070's a way better deal.
>
> The 1070 that he linked to sold out in seconds. There is little use posting links
> for 1070s or RX580s here -- they will be sold out before anyone can click the link.
> They are literally selling out in under a minute every time they appear on NewEgg
> for ALL of those card types for the past week+.
>
> - John...
>

Oh, I was referring to the 1060; the 1070's terribly priced, not even close to MSRP and a waste of bang for buck at that price, certainly when you can invest in the 1080 instead.
John
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17-Jan-2018(#31)
lpeters82 wrote:
> My problem with them, is that I'm not seeing them used as a "currency".

Agreed. This is my concern. That is what I referred to when I mentioned coins with real potential to be USED like ETH and LTC. And even BCH for that matter. yes

No one is doing any real transactions in BTC any more. It's just too expensive most of the time.
John
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17-Jan-2018(#32)
DiamondDave wrote:
> Oh, I was referring to the 1060; the 1070's terribly priced, not even close to MSRP
> and a waste of bang for buck at that price, certainly when you can invest in the
> 1080 instead.

Sure, but you can't really get either most of the time. Miners are buying all of the 1070 and 1080 cards that they can get their hands on. And the RX570/580s. They are sold out everywhere.
DiamondDave
GameTZ Subscriber 350 Trade Quintuple Gold Good Trader Has Written 4 Reviews
* 17-Jan-2018(#33)
Jesus, I guess I got lucky. Right after Christmas I had Best Buy cards up the ass and getting one online wasn't a problem at all, and I saw two on the shelves when I went there in person last weekend (though admittedly in the 10 minutes I was in the gaming section that quickly went down to 1). Had a 10% off coupon from BB that kinda drove me over the edge to pick one up, I was upgrading from a 970.

I didn't want to wait for the 11XX crapshow to clear up, if it ever did, so I just bought it when I found it. I didn't know the GTX 1080 was being bought up too.
DefaultGen
GameTZ Gold Subscriber Quadruple Gold Good Trader Gold Global Trader (7) Has Written 5 Reviews This user is on the site NOW (24 seconds ago)
17-Jan-2018(#34)
Don't worry, if crypto crashes enough there will be tons of "gently used" high end GPUs so everyone can start PC gaming!

dustin11
Double Gold Good Trader Global Trader - willing to trade internationally This user is on the site NOW (5 minutes ago)
17-Jan-2018(#35)
John
GameTZ Gold Subscriber GameTZ Full Moderator 400 Trade Quintuple Gold Good Trader Gold Global Trader (13) Secret Santa
17-Jan-2018(#36)
Indeed -- that's the real key. That is why I said in the beginning that now might be a good time to start watching for deals. So far, the prices are still high -- lots of people don't pay attention and might not realize the slump that is going on -- so they are still buying at high prices. But, if this lasts -- with mining payouts greatly reduced -- we might see a bunch of them being sold.

It'll all depend on what happens to the coins in the next week or so. I expect it will start back up -- but you never know.
John
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17-Jan-2018(#37)
dustin11 wrote:

Indeed. People are idiots. Don't invest money you can't afford to lose.

Plus, seriously -- if you're going to put a bunch into an investment, you do some averaging as you buy over time. You don't take your entire lump sum and dump it into something near its all time high! Especially something that has been clearly very volatile in the past! Come on...
dustin11
Double Gold Good Trader Global Trader - willing to trade internationally This user is on the site NOW (5 minutes ago)
17-Jan-2018(#38)
John wrote:
> dustin11 wrote:
>
> Indeed. People are idiots. Don't invest money you can't afford to lose.
>
> Plus, seriously -- if you're going to put a bunch into an investment, you do some
> averaging as you buy over time. You don't take your entire lump sum and dump it
> into something near its all time high! Especially something that has been clearly
> very volatile in the past! Come on...
>

Hence the comment in the picture smile
John
GameTZ Gold Subscriber GameTZ Full Moderator 400 Trade Quintuple Gold Good Trader Gold Global Trader (13) Secret Santa
17-Jan-2018(#39)
dustin11 wrote:

So, just for fun, I looked up the Reddit account of that guy that posted that (@kdadw91). There are a couple of odd things posted near the same time that give some more details:

1. He's not from the USA. He's in Greece, I believe.

2. He said this about Bitcoin just a few hours before he posted the above: "I agree with you that many people are jumping on it for investment opportunities. For me, it enabled me to receive money freelancing in the crapty country I live." Basically, he says that he isn't using Bitcoin for investing -- he says that he uses it just to get paid for freelancing. Um, so which is it??

3. In another thread, he kinda makes fun of someone that bought a hardware wallet just to store $1500 worth: "I am well over that amount and still store them in some crapty pc wallet." So, he was an idiot before too. Basically, if you have over $1000 in crypto, I think you should have a hardware wallet. This guy has his entire college fund invested in it and stores it on a "crapty pc wallet" by his own admission?

4. 27 days ago he was in /r/realestate asking about how long it takes for 100% ROI for investing in real estate in the EU.

I don't think I believe this guy basically. heh. Either that or he really is that dumb...
Dustin
GameTZ Subscriber 650 Trade Quintuple Gold Good Trader Global Trader - willing to trade internationally
17-Jan-2018(#40)
Did you ever think that maybe he was just making a joke about the extreme volatility of an unregulated fake currency?

Whether or not he's telling the truth is irrelevant.
Noid
Gold Good Trader
17-Jan-2018(#41)
DonLad Abroad!
Demonis
Silver Good Trader
17-Jan-2018(#42)
Someone sell me your video card for reasonably below market value but still a reasonable true world value please...

THANK YOU



DiamondDave
GameTZ Subscriber 350 Trade Quintuple Gold Good Trader Has Written 4 Reviews
17-Jan-2018(#43)
Well not if you're going to play that on it, I won't
John
GameTZ Gold Subscriber GameTZ Full Moderator 400 Trade Quintuple Gold Good Trader Gold Global Trader (13) Secret Santa
17-Jan-2018(#44)
DiamondDave wrote:
> Well not if you're going to play that on it, I won't

What!? Borderlands is my favorite series of games. Heck, now I want to sell him a card cheap!
Dustin
GameTZ Subscriber 650 Trade Quintuple Gold Good Trader Global Trader - willing to trade internationally
17-Jan-2018(#45)
John wrote:
> DiamondDave wrote:
>> Well not if you're going to play that on it, I won't
>
> What!? Borderlands is my favorite series of games. Heck, now I want to sell
> him a card cheap!

Agreed. Absolutely loved 1 and 2
dustin11
Double Gold Good Trader Global Trader - willing to trade internationally This user is on the site NOW (5 minutes ago)
17-Jan-2018(#46)
BL2 was great. I think I clocked in over 300 hours with 1 character. BL3 is one of my most anticipated games.
Bishop
Triple Gold Good Trader
17-Jan-2018(#47)
What is this bitcoin and cryptocurrencies you guys are talking about?
Jeffro
GameTZ Gold Subscriber 300 Trade Quintuple Gold Good Trader Global Trader - willing to trade internationally Has Written 5 Reviews Secret Santa
17-Jan-2018(#48)
Wouldn't this raise their electricity bills to the point where it's not profitable and actually puts them in the red? I've been wondering that since I first read about this about a year ago.
Sam
GameTZ Subscriber Quadruple Gold Good Trader Has Written 5 Reviews
17-Jan-2018(#49)
six wrote:
> Y'all are nuts the only crypto currency worth buying is billcoin bill coin @Sam
> will back me up.

billcoin is strong. cointracking.info says it is on the rise

NightwishX
GameTZ Subscriber Gold Good Trader Global Trader - willing to trade internationally
* 17-Jan-2018(#50)
Someone posted on Reddit that this same drop has been seen over the past few years due to the Lunar New Year and the east pulling their money out at this time (similar to what happens during our winter holidays). It then goes back up around the middle to late February. It'll be interesting to see if that trend continues, but looking at previous graphs you can see the same trend happening about now each year.

I myself am building a mining rig so I can play around without having to invest money, outside of the hardware; however, I figure that I can always re-purpose the hardware or finally have a nice gaming PC if I cannot get my money back. At the end for me it's a fun hobby.

For those looking for cards, just last week I bought 3 rx580 8gb's for around $330 each on newegg, so just keep looking. Originally they were sold out and then a couple days later they had more for sale and I was able to get them. From my understanding supply is limited because the new cards are going to be coming out in the next few months.

@Jeffro From my understanding my electricity will go up about $65 a month (I pay at .09 cents a KWh). Prior to the dip a 6 card setup would have averaged about $700+ a month in Ethereum. Now its down to $432 a month if I can get all 6 cards to hit around 160 MH/s (may be able to get it higher with mods). Some pull their money out each month until their rig is paid off, others keep it in and hold until it goes back up. At the end of the day, it's a fun project. Here is a calculator if you were interested: https://www.cryptocompare.com/mining/calculator/et... . I'm going to try and decrease some of the increased power cost by moving my 24/7 Plex server to the mining rig. We'll see.
Sam
GameTZ Subscriber Quadruple Gold Good Trader Has Written 5 Reviews
18-Jan-2018(#51)
bill coin

Demonis
Silver Good Trader
18-Jan-2018(#52)
DiamondDave wrote:
> Well not if you're going to play that on it, I won't

Borderlands 2 is fantastic, but no, I won't ever play it again. So SELL SELL SELL! :)
DiamondDave
GameTZ Subscriber 350 Trade Quintuple Gold Good Trader Has Written 4 Reviews
18-Jan-2018(#53)
Haha
theJaw
GameTZ Subscriber Triple Gold Good Trader Secret Santa
* 20-Jan-2018(#54)
My favorites are mothman and bigfoot.
Lino
Double Gold Good Trader Has Written 2 Reviews
22-Jan-2018(#55)
you guys see the crap that happened with Bitconnect...? these ponzi types are all over the crypto world
John
GameTZ Gold Subscriber GameTZ Full Moderator 400 Trade Quintuple Gold Good Trader Gold Global Trader (13) Secret Santa
* 22-Jan-2018(#56)
Lino wrote:
> you guys see the crap that happened with Bitconnect...? these ponzi types are all
> over the crypto world

They're really not though. Most of us knew that Bitconnect was a bad ponzi scheme for a while now. But similar scams really aren't "all over the crypto world."

In fact, when it finally broke recently, a lot of us were going "oh crap. The media/public is going to talk about how THIS is what Bitcoin or crypto are -- as if it is all the same thing all over the place."

The reality is that it isn't. Most of the crypto world -- diverse as it is across different types of coins and such -- are nothing like the ponzi crap that was going on with Bitconnect.

This article kinda express it: most in the crypto world have "no sympathy" for those involved -- because, as it says, we knew long-term that it was a scam and have been warning people forever.

What there IS in the crypto world is a lot of "get rich quick" people -- that want to jump on the bandwagon with little info and hope for the best. But, to be fair, that's quite a bit different from there being ponzi schemes all over. It's just ill-informed "investors" not wanting to "miss out."
DefaultGen
GameTZ Gold Subscriber Quadruple Gold Good Trader Gold Global Trader (7) Has Written 5 Reviews This user is on the site NOW (24 seconds ago)
23-Jan-2018(#57)
Lino wrote:
> you guys see the crap that happened with Bitconnect...? these ponzi types are all
> over the crypto world

I think they're hilarious sometimes. I'm still not sure if LegitCoin is satire or not: https://legitcoin.me/

SirConnery
GameTZ Gold Subscriber 1000 Trade Quintuple Gold Good Trader Secret Santa
23-Jan-2018(#58)
When is the launch party for billcoin and billpay?
Lino
Double Gold Good Trader Has Written 2 Reviews
23-Jan-2018(#59)
Well, there's USI-Tech, bitpetite, ethconnect, davor, lendconnect..... to name just a few.

Ok maybe "all over" is a stretch, but there are a lot of new people getting into the crypto world and these scams have been growing like mushrooms. Most were weary, but how often did many of these people join because a friend or someone they knew joined, legitimizing the new guy to enter in....? So I do have sympathy for some people who signed up and lost it all, because while older folks may remember the pyramids of the 70's and 80's..... you think a 22-year-old kid has that same perspective?? And now it's crazy b/c the younger generation will take their advice from say, like a Youtube teenage millionaire.... because if he can do it, why not me, right?

And not that I really know much about these platforms, but BitConnect was based out of east Asia, I think... like Thailand or Vietnam or something. A lot of those middle class Asians just got royally fudgeed, too, because they were a big part of the customer base. It's one thing to sucker dumb Americans who have the opportunity to educate themselves and have access to all this info..... but some of those other poor sons of doges went in on the good faith of their friends, family and countrymen on nothing but promises. No real tech or anything.

idk... I'm just saying.... like John said.... the media and govt will use scenarios like this to demonize the whole thing.
John
GameTZ Gold Subscriber GameTZ Full Moderator 400 Trade Quintuple Gold Good Trader Gold Global Trader (13) Secret Santa
23-Jan-2018(#60)
Lino wrote:
> Well, there's USI-Tech, bitpetite, ethconnect, davor, lendconnect..... to name just
> a few.

Absolutely. In my opinion, most people trying out the "Big 3" (BTC, LTC, ETH [,BCH]) probably haven't even heard of most of those.

And most people that are much more involved in crypto than the "trying it out" public group that HAVE heard of them know that they are likely a scam.

So, I just don't see it as some widespread things. My friends that really do crypto know that they are scams. My friends that have no idea about crypto but are buying LTC at Coinbase due to FOMO haven't even heard of those things, so they aren't really a concern.

> Ok maybe "all over" is a stretch, but there are a lot of new people getting into
> the crypto world and these scams have been growing like mushrooms. Most were weary,
> but how often did many of these people join because a friend or someone they knew
> joined, legitimizing the new guy to enter in....? So I do have sympathy for some
> people who signed up and lost it all, because while older folks may remember the
> pyramids of the 70's and 80's..... you think a 22-year-old kid has that same perspective??
> And now it's crazy b/c the younger generation will take their advice from say, like
> a Youtube teenage millionaire.... because if he can do it, why not me, right?

Ok, I get it. I guess it could happen here and there. I just think most talk about it being widespread is overkill. I just don't see much talk about it except in limited circles.

Kinda like any OTHER pyramid scheme, right? I mean, sure, there are people pushing Amway or other MLM stuff still. Yes, some people make money in them. Yes, many consider them basically a (legal) pyramid scheme. So, yes, people should be warned and such. But I don't see them as "widespread" even though lots of people are involved with them. smile

> And not that I really know much about these platforms, but BitConnect was based out
> of east Asia, I think... like Thailand or Vietnam or something. A lot of those middle
> class Asians just got royally fudgeed, too, because they were a big part of the customer
> base. It's one thing to sucker dumb Americans who have the opportunity to educate
> themselves and have access to all this info..... but some of those other poor sons
> of doges went in on the good faith of their friends, family and countrymen on nothing
> but promises. No real tech or anything.

Agreed. I do feel bad for (some) people that were scammed. But this is just like every time I watch American Greed and there is some old couple that dumped their life savings and retirement into a broker who said that he could "guarantee 10% per month returns!" Um, yeah, I kinda feel bad that you were scammed -- but really?? Come on! smile

> idk... I'm just saying.... like John said.... the media and govt will use scenarios
> like this to demonize the whole thing.

Agreed absolutely. That is the concern. That the public and media (and government) will use such things as an excuse to go "See what happened with Bitcoin?? All those people scammed!" -- when, of course, BitConnect is not at all Bitcoin (or ETH or LTC or BCH)...
Lino
Double Gold Good Trader Has Written 2 Reviews
23-Jan-2018(#61)
So do you think the timing of BitConnect's bust with the market dive is coincidental...?

Of course, ppl rumored that BitConnect's bust caused the crash. But if anything, it'd be the other way around, at least, right?

I just started reading this thread but I skimmed through and thought I saw mention of the recent January dips... I'm hoping that's just the trend. I always thought Bitcoin over $10k was a stretch, tho... the fact that ETH hit $1400 and was on its way to $1500 just before the crash.... it's been killing it lately, of course I just got stuck in it and was forced to hodl. Looks like it could be a while.
John
GameTZ Gold Subscriber GameTZ Full Moderator 400 Trade Quintuple Gold Good Trader Gold Global Trader (13) Secret Santa
23-Jan-2018(#62)
Lino wrote:
> So do you think the timing of BitConnect's bust with the market dive is coincidental...?

Yes (if you mean BitConnect causing the BTC dive). BTC dropped quite a bit around the 8th/9th -- then stabilized a bit. Then dropped again significantly on the 15th.

BitConnect announced it was shutting down and all of that broke on the 16th.

I honestly don't think enough people had any inside info to have affected BTC so much before the 16th.

> Of course, ppl rumored that BitConnect's bust caused the crash. But if anything,
> it'd be the other way around, at least, right?

Right -- if they are linked, then the BTC crash caused people to panic and start pulling from BitConnect -- which exposed the scam.

> I just started reading this thread but I skimmed through and thought I saw mention
> of the recent January dips... I'm hoping that's just the trend. I always thought
> Bitcoin over $10k was a stretch, tho... the fact that ETH hit $1400 and was on its
> way to $1500 just before the crash.... it's been killing it lately, of course I just
> got stuck in it and was forced to hodl. Looks like it could be a while.

Yeah, there does appear to be a yearly January dip. We'll see what we get going forward. I was also very surprised by $10k (and the $20k!? What the heck??). But, I think we'll see it again within the next few months actually. Hard to say though, of course.

I actually don't have much in BTC. Most of it is due to mining using NiceHash and being paid in that. The majority of my "investment" crypto is in ETH. I got very lucky there -- I got out of CryptoKitties at JUST the right time and sold a virtual cartoon picture of a cat for over 3.5 ETH. At the time, I was like "Holy crap! I sold a virtual cat for over $1500!" -- which, of course, is now me going "Holy freakin' crap!! I apparently sold a virtual cat for over $3500!??" It's insane. I'll keep hodling for a while probably.

A while ago, I sold enough of my "investment crypto" that I only have just under $200 out of pocket in. (I was up to about $1000 out of pocket, but thought it was going to drop, so I sold $800 worth. It kept going up, of course, but it is still REALLY nice to have only $200 out of pocket right now and still have almost 4 ETH!) Feels good, man. smile
Lino
Double Gold Good Trader Has Written 2 Reviews
23-Jan-2018(#63)
Very nice! If only we woulda really known, huh?? I been daytrading this year, more often week-trading tho, and yeah, it's easy to feel like a genius as everything trends up. But that "b" word is in constant loom.... I've since been playing with house money, but even still... where does this wild, wild west lead to...?


and if i may ramble.... I always thought about doing some mining type stuff. So NiceHash is... nice? I checked out the website, it looks pretty cool... I really don't know much about it.
Lino
Double Gold Good Trader Has Written 2 Reviews
23-Jan-2018(#64)
Question, John....

It says my my "hardware is profitable" and suggests I could be making 43.63 USD/month by selling my cpu/gpu power. How accurate a reflection is that, would you say? (Of course, aside from btc's fluctuation)
John
GameTZ Gold Subscriber GameTZ Full Moderator 400 Trade Quintuple Gold Good Trader Gold Global Trader (13) Secret Santa
23-Jan-2018(#65)
Lino wrote:
> Very nice! If only we woulda really known, huh?? I been daytrading this year, more
> often week-trading tho, and yeah, it's easy to feel like a genius as everything trends
> up. But that "b" word is in constant loom.... I've since been playing with house
> money, but even still... where does this wild, wild west lead to...?

Agreed -- we'll see where it goes. If/when it hits $15k again, I will likely sell some more to hedge my bets. (And I'll likely sell some ETH too.)

I feel like, right now, I have too much in BTC (again, from mining). I may sell some of that. I'm at about "break even" right now between hardware purchase to mine and actual mining income.

> and if i may ramble.... I always thought about doing some mining type stuff. So NiceHash
> is... nice? I checked out the website, it looks pretty cool... I really don't know
> much about it.

Nicehash is very easy -- "one click mining." I've tried a few different things and went back to NH in the end. They were hacked a couple months ago and had 5000 BTC stolen. I lost about $100 (a week of mining at the time) in the hack. On January 31st, they are going to tell us if they have a plan to pay us back. Just to survive after the hack, they had some outside investor come in to help. All signs indicate that it was likely Coinbase.

In any case, yes, I like it -- it's easy and "just works."
John
GameTZ Gold Subscriber GameTZ Full Moderator 400 Trade Quintuple Gold Good Trader Gold Global Trader (13) Secret Santa
* 23-Jan-2018(#66)
Lino wrote:
> It says my my "hardware is profitable" and suggests I could be making 43.63 USD/month
> by selling my cpu/gpu power. How accurate a reflection is that, would you say? (Of
> course, aside from btc's fluctuation)

It's fairly accurate. When you see the 30 day thing, it's actually an average of the last 30 days (as opposed to being a project of the next 30 based on what it is right now) -- so, it's more accurate than a projection.

Right now, things are a bit down. So, it might be off a bit -- because, a month ago, it was probably closer to double that.

Normally though, yes, it is a reasonable estimate, but will certainly shift over time.

Right now, with my 6 rigs (made up of mostly older hardware -- a bunch of 280/280x cards, a few 290X cards, two 1060s and three 970s), I'm doing about $40/day. And it's been about that or a bit higher for the last two weeks straight (which is when I started using NiceHash again after the hack). Before that (so, for the last 4-6 weeks between when NH was hacked and when I went back to it recently), I switch over to MiningPoolHub instead and it was about the same -- but much more difficult to monitor status and track profits. (I had to do a spreadsheet and total it up every day to make sure it was staying on track.)

EDIT: Since you are more of a day/week trader -- if you want to gamble some, you can also mine fairly unknown altcoins that are not yet on an exchange -- betting that they will be worth more in the future. I don't do that -- I just mine whatever is most profitable for NiceHash and get paid in BTC -- but others do that. I'm just not the day-trading type because I don't want to think about it that much. Too much "real life" going on. smile

Note that, right now, you can only get paid in BTC when using NiceHash, but they are working on alternate options (ETH, LTC, BCH).
Demonis
Silver Good Trader
24-Jan-2018(#67)
And here I am, still struggling to find a GPU worth a damn for my wife's PC.
Xena
GameTZ Subscriber Triple Gold Good Trader Global Trader - willing to trade internationally Has Written 2 Reviews
24-Jan-2018(#68)
i have tons of free time. how do i go about mining this crap, and will it cost me anything to do so?
DiamondDave
GameTZ Subscriber 350 Trade Quintuple Gold Good Trader Has Written 4 Reviews
* 24-Jan-2018(#69)
Electricity. If your hardware sucks the electric costs might outstrip your profit margins. In that case, the cost is your up-front investments in hardware if you decide you're serious enough to upgrade your rig. Then I'm assuming it's as simple as finding a pool to join for profit sharing or having a service sell your compute time for you, like NiceHash. The former's more complicated and you'll have to do some research into that; the latter seems to be fairly straightforward and well documented, probably at the cost of potential profits. I'm not a miner or even remotely versed in Crypto, these are just observations.
Lino
Double Gold Good Trader Has Written 2 Reviews
24-Jan-2018(#70)
Thanks for the info.... it almost seems like there isn't a reason to not do it.

If I was gonna mine off my main desktop PC -- i7 7700 4.2ghz, nvidia 1070 -- is there a reason why that wouldn't be a good idea?? Could I still surf and watch Netflix and use Photoshop maybe??

Or should mining be, say, relegated to overnight usage and/or while at work??
DiamondDave
GameTZ Subscriber 350 Trade Quintuple Gold Good Trader Has Written 4 Reviews
* 24-Jan-2018(#71)
You'll probably want to let it mine constantly to maximize your profits but you don't HAVE to, pretty sure. Also I would not game while mining. Think you can use another videocard for other things? Or maybe if you've got an onboard dedicated graphics you won't be taking too many resources away from mining by casual operation.

Reasons to not do it: Mining accelerates hardware degradation. There's a reason these cards get spent and spit back out, if you could use the same hardware for years and years prices on these cards would be stupidly lower. Mining is not kind.
Lino
Double Gold Good Trader Has Written 2 Reviews
24-Jan-2018(#72)
DefaultGen wrote:
> Lino wrote:
>> you guys see the crap that happened with Bitconnect...? these ponzi types are
> all
>> over the crypto world
>
> I think they're hilarious sometimes. I'm still not sure if LegitCoin is satire or
>
>

Legitcoin seems legit to me! rolls eyes


However, there was this one fake ICO.... someone help me out, now I can't find the page...... but the main ICO launch page was written at full face value that the operation was fake and there was nothing but a meaningless coin to "invest" in..... the text all over the page actually jokes with stuff like "you're probably not even reading this" etc...... and the creator still ends up making like $300,000 real money off it.
Lino
Double Gold Good Trader Has Written 2 Reviews
* 24-Jan-2018(#73)
Doh!!

I didn't even realize my NiceHash calculation was off..... I was using the CPU spec only..... when I clicked my GTX 1070, the calculation changed from $43/mo to $130/mo.... huge difference!

The 1080 ti calculates to $154/mo.

I've got to watch some videos now on building your own rig. I'm getting excited!



And one last thing, though... you heard of the proposed casper update for etherium?? where they turn the system to a pos model, said to devalue miners considerably??
DiamondDave
GameTZ Subscriber 350 Trade Quintuple Gold Good Trader Has Written 4 Reviews
* 24-Jan-2018(#74)
I think I see where the real money is in Crypto. Until the "everyone's retarded" bubble bursts, of course

https://mininghawk.com/products/gemini-ethereum-mi...

Bishop
Triple Gold Good Trader
24-Jan-2018(#75)
DiamondDave wrote:
> Reasons to not do it: Mining accelerates hardware degradation. There's a reason
> these cards get spent and spit back out, if you could use the same hardware for years
> and years prices on these cards would be stupidly lower. Mining is not kind.

Wrong.
theJaw
GameTZ Subscriber Triple Gold Good Trader Secret Santa
24-Jan-2018(#76)
Bishop wrote:
> DiamondDave wrote:
>> Reasons to not do it: Mining accelerates hardware degradation. There's a reason
>> these cards get spent and spit back out, if you could use the same hardware for
> years
>> and years prices on these cards would be stupidly lower. Mining is not kind.
>
> Wrong.

I have literally 0 horse in this race and could not care less about cryptocurrency of any kind, but I bet people will respond to this a lot better if you give reasons for disagreeing with his opinion. Just pretty sure one word disagreements never go over well. yes
DiamondDave
GameTZ Subscriber 350 Trade Quintuple Gold Good Trader Has Written 4 Reviews
24-Jan-2018(#77)
Bishop wrote:
> DiamondDave wrote:
>> Reasons to not do it: Mining accelerates hardware degradation. There's a reason
>> these cards get spent and spit back out, if you could use the same hardware for
> years
>> and years prices on these cards would be stupidly lower. Mining is not kind.
>
> Wrong.

Oh man. Shut down!
Dustin
GameTZ Subscriber 650 Trade Quintuple Gold Good Trader Global Trader - willing to trade internationally
24-Jan-2018(#78)
theJaw wrote:
> Bishop wrote:
>> DiamondDave wrote:
> |>> Reasons to not do it: Mining accelerates hardware degradation. There's a reason
> |>> these cards get spent and spit back out, if you could use the same hardware for
>> years
> |>> and years prices on these cards would be stupidly lower. Mining is not kind.
>>
>> Wrong.
>
> I have literally 0 horse in this race and could not care less about cryptocurrency
> of any kind, but I bet people will respond to this a lot better if you give reasons
> for disagreeing with his opinion. Just pretty sure one word disagreements never go
> over well. yes

Wrong
theJaw
GameTZ Subscriber Triple Gold Good Trader Secret Santa
24-Jan-2018(#79)
Dustin wrote:
> theJaw wrote:
>> Bishop wrote:
> |>> DiamondDave wrote:
>> |>> Reasons to not do it: Mining accelerates hardware degradation. There's a
> reason
>> |>> these cards get spent and spit back out, if you could use the same hardware
> for
> |>> years
>> |>> and years prices on these cards would be stupidly lower. Mining is not kind.
> |>>
> |>> Wrong.
>>
>> I have literally 0 horse in this race and could not care less about cryptocurrency
>> of any kind, but I bet people will respond to this a lot better if you give reasons
>> for disagreeing with his opinion. Just pretty sure one word disagreements never
> go
>> over well. yes
>
> Wrong

Oh man. Shut down!
John
GameTZ Gold Subscriber GameTZ Full Moderator 400 Trade Quintuple Gold Good Trader Gold Global Trader (13) Secret Santa
25-Jan-2018(#80)
Lino wrote:
> Thanks for the info.... it almost seems like there isn't a reason to not do it.
>
> If I was gonna mine off my main desktop PC -- i7 7700 4.2ghz, nvidia 1070 -- is there
> a reason why that wouldn't be a good idea?? Could I still surf and watch Netflix
> and use Photoshop maybe??
>
> Or should mining be, say, relegated to overnight usage and/or while at work??

In most cases, you can likely still use your PC while mining -- especially for things like surfing and such. (In a broswer like Chrome, you'll want to turn off hardware acceleration to get better scrolling while mining.)

Personally, I don't mine in my main PC -- simply because I don't have a great video card in it. I bought (lower-end) mining cards and have populate my rigs with them. (I have a couple of RX580s and 1070s still in their boxes, but I'm EBaying those instead -- better money right now.)

But, yes, in my opinion, if you're sitting on a decent box like yours, then I don't see much of a reason to NOT mine. Just know that your power bill will go up -- but you should be well above that in mining income.

Topic   Cryptocurrencies!