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Old 13th May 2021, 15:34     #721
Lightspeed
 
Not much, for a long time yet. We're still at the bottom.
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Old 13th May 2021, 16:19     #722
DrTiTus
HENCE WHY FOREVER ALONE
 
Quote:
Originally Posted by Ab
https://twitter.com/elonmusk/status/...rc=twsrc%5Etfw

I have no idea what 4D chess Elon is playing.
https://www.reuters.com/business/sus...es-2021-05-12/
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Old 14th May 2021, 11:13     #723
Lightspeed
 
Laugh

Vitalik Buterin Donates Over $1 Billion To India Covid Relief Fund And Other Charities

Quote:
He made the donation by offloading massive amounts of dog-themed meme tokens, which he was gifted by the creators of Shiba Inu coin (SHIB), Dogelon (ELON) and Akita Inu (AKITA). These cryptocurrencies have taken off following Dogecoin’s staggering rally of the last few months. Though built around similar memes, these copycats have much larger token supplies.
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Old 14th May 2021, 18:13     #724
Ab
A mariachi ogre snorkel
 
Vitalik is all out of fucks!
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Old 16th May 2021, 11:51     #725
DrTiTus
HENCE WHY FOREVER ALONE
 
Laugh

Quote:
Originally Posted by Trigger
Cumrocket is the real deal. I think I got about 7 co-workers, two friends, my flatmates, and girlfriend to all buy in in the last few days.

Get in!
Get out! lol

The only thing you've lost is the respect of those around you. Greedy pervert!
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Old 16th May 2021, 14:34     #726
Ab
A mariachi ogre snorkel
 
We need a protocol that will facilitate easier transactions between this new generation of DeFI tokens.

CUMSWAP.

"if this doesn't make you want to go all-in, then I can't help ya"
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Old 16th May 2021, 16:04     #727
Ajax
Architeuthis
 
Quote:
Originally Posted by Ab
We need a protocol that will facilitate easier transactions between this new generation of DeFI tokens.
In the words of Rocco Siffredi, "That's nasty."
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Old 17th May 2021, 05:37     #728
DrTiTus
HENCE WHY FOREVER ALONE
 
Lightbulb I'm out too

I haven't sold 100%, but I've cashed out my initial solar outlay with BTC. What I have left has cost me nothing, and now I can say my solar setup paid for itself in 3 years. I get to spend the money again I guess.

This whole crypto space is mental, and from a technology perspective, I don't see much difference between a unit of BTC, vs a unit of BCH, vs a unit of DOGE, ETH, XRP, etc. Why they have wildly different dollar values is purely speculation. They all cause numbers to change in your wallet, and that's all that really matters if people are going to spend and earn them as currency. Which one is "best" has become yet another division between people - rather than just having Bitcoin and agreeing to get rid of banks.

NFTs are ridiculous, the distribution of "wealth" to early crypto adopters is fundamentally a pyramid scheme where the earlier you got in the more you have, and I don't think BTC will become the world reserve currency when there are 4000 other clones that effectively do the same thing, and the coins are mostly mined and owned by a few nerds rather than distributed widely. If anything, I predict there will be a fresh standardized blockchain digital currency that is regulated and created/controlled by international agreement - ideally a ledger of gold - the "real" money. The only people who believe otherwise are just hoping they will be the new millionaire class and it's kind of embarrassing.

I see the articles about "crypto millionaires, still not selling" and it's like being a Sims millionaire. Similarly, dying with a million dollars that you saved and never spent brings the same joy as never having a million dollars in the first place.
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Old 17th May 2021, 09:47     #729
blynk
 
Its probably the worst time ever, but I was thinking of withdrawing enough to build a rig.
May take a little more to buy the kids a Nintendo or PS.
And then contemplate if I withdraw some now that would go towards a small holiday.
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Old 17th May 2021, 09:48     #730
blynk
 
But definitely none of this retiring stuff that Nich is talking about /Jealousy
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Old 17th May 2021, 10:39     #731
DrTiTus
HENCE WHY FOREVER ALONE
 
Lightbulb

Quote:
Originally Posted by blynk
Its probably the worst time ever, but I was thinking of withdrawing enough to build a rig.
My advice: Don't build a rig. Return on investment is painfully slow compared to just gambling on alts (you can/could double your money in a few days instead of waiting a year just to break even). The only reason I have mine going was to make use of solar, and it was a gamble. Notice that I'm not retiring either :P If you have lots of cards, power will be expensive - if you have few cards, payout will take ages to reach minimums and you'll miss any opportunity to cash out when things peak, and you'll be getting fractions of your investment at a time. It's about $3/USD per card, less electricity. Call it $4NZD profit, and a card's likely to cost at least $600 (ignoring the computer to run it). It will take a minimum of 5 months to achieve a grand total of nothing, if you're lucky. If you've already got crypto, then you're already at the end goal of mining. If it moons in the next 5 months, you're worse off than when you started.

Take a holiday, get a console, but don't buy overpriced GPUs to trickle mine based on overvalued funny money. That ship has sailed. Free advice, take it or leave it.

Personally, I moved the bulk of my remainder into PoS coins, and they've held up well, but only because everyone else has too. They're overvalued and I'll probably exit those shortly as well, for reasons stated above. I'm feeling relief rather than regret.
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Old 17th May 2021, 11:44     #732
blynk
 
There are things that I will have likely not thought of, so any comments are appreciated.

Question.
Does the amount of coin mined change based on the current coin value (lets assume the transaction volume & number of miners stayed the same)?

If ETH was worth $5k or $1k, would you still mine the same number of coin?
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Old 17th May 2021, 12:41     #733
DrTiTus
HENCE WHY FOREVER ALONE
 
Quote:
Originally Posted by blynk
Question.
Does the amount of coin mined change based on the current coin value (lets assume the transaction volume & number of miners stayed the same)?

If ETH was worth $5k or $1k, would you still mine the same number of coin?
TLDR: Theoretically yes, realistically no.

Explanation: If your assumption held, then you would, but market dynamics dictate that as a coin becomes more profitable, more miners mine it, the difficulty adjusts, and the shared rewards of pool mining shrink and you get less coin. You do end up with a bit more $ value generally speaking, but it's not a simple constant or linear relationship - there's lot of chance involved as well as how everyone else behaves - things outside your control. The real gain is from mining while ETH is worth $1k, and having it go up to $5k. But since we're potentially at local maximums/ATHs, it could be a while before it's a Great Idea.

I was mining with NiceHash, so while I would mine ETH, I was getting paid in BTC, so for instance last week it looked like this for about an hour:


If people speculate that ETH is going to go up, they'll pay more BTC for the hashpower to mine ETH. My payout increases, even though the price of ETH and number of miners might be constant. I never really kept track of how much ETH I was mining, I always thought in sats or just NZD.https://whattomine.com is a good site to check expected values, but make sure you put in an overrated power cost because they just use the GPU power, but a computer uses extra power just to run it. A 65W TDP CPU with a GPU limited to 80W will still use ~130W at the wall.

Here's my last week's pay rate in a graph:

The spike is a glitch, but you can see it went high on the 11th, with a few people paying high amounts for hashpower, and slowly dropped again from the 14th. I didn't change anything - the cards remained constant - that's just the nature of mining. The last bit is me deciding "fuck this" and just dropping to two cards by my feet as a ~250W heater instead of ~1kW 24/7.
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Old 17th May 2021, 12:44     #734
DrTiTus
HENCE WHY FOREVER ALONE
 
Lightbulb

If you've already got a GPU with 6GB+ RAM, you can start mining now and see if you think it's worth it before you buy something dedicated to the cause.
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Old 17th May 2021, 15:28     #735
blynk
 
Quote:
Originally Posted by DrTiTus
If you've already got a GPU with 6GB+ RAM, you can start mining now and see if you think it's worth it before you buy something dedicated to the cause.
I guess the big difference is what you do with the coin.
Mine & sell
Mine & hold
But then that relates the same as if you
Buy & sell
Buy & Hold.

If you hold then you are better to use the money now to buy a rig.
If it calculated as a 6 month ROI, then no matter what the price does you effective have an ROI of 6 months. The only thing that will change that time frame is the amount you mine. If it drops, it will take longer, if it goes up, it will be quicker.
But the time it takes will not change.
(more difficult mining/more players in the market would change it, but that should be somewhat factored into the initial ROI.

---
If you buy and sell, then yes it would not be ideal.
If the price skyrockets, then you don't have the ability to cash out that initial investment. But if it takes 3 months to skyrocket, then you have effectively earned 50% back that you could sell.
If it plummets, then you aren't as bad off, as withdrew that initial investment at a high price.
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Old 17th May 2021, 18:25     #736
Know me.
 
Quote:
Originally Posted by DrTiTus

This whole crypto space is mental, and from a technology perspective, I don't see much difference between a unit of BTC, vs a unit of BCH, vs a unit of DOGE, ETH, XRP, etc. Why they have wildly different dollar values is purely speculation. They all cause numbers to change in your wallet, and that's all that really matters if people are going to spend and earn them as currency. Which one is "best" has become yet another division between people - rather than just having Bitcoin and agreeing to get rid of banks.

.
What have you purchased with Bitcoin or any other crypto "currency" ?
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Old 17th May 2021, 18:43     #737
DrTiTus
HENCE WHY FOREVER ALONE
 
Quote:
Originally Posted by Know me.
What have you purchased with Bitcoin or any other crypto "currency" ?
I bought some gold at goldmoney.com a while back (2014?), back when I first started mining and wanted to "store my value" without the volatility. Storage fees were introduced 9-12 months ago and ate my balance though, so it ended up disappearing. I got about $120 worth, it was a little over 2g at the time - my first gold purchase - the value of the BTC is probably about $1200 today, even with the dip. The gold is probably worth about $200 at today's rates. Lesson learned (if you don't hold the gold, it's not your gold).

I was going to buy a computer at newegg.com about 3 months ago, but the wallet I was using failed to recognise the receiving address after I placed the order and it lapsed - I have since transferred the balance into a wallet that wasn't from 2014. Newegg accepts crypto.

I've sent money overseas, both via Ab who passed the $ on to my friend, and to a Russian skank's throwaway address that bought weed with it in exchange for being nasty on Skype [being honest here].

And today I appear to have just bought a whole lot of NZD, so I guess that counts. You could say in a roundabout way I bought solar panels for my house, a few computers, and some bonus cash. If you're doubting that it's "real", it's real. Yes, it's volatile, but don't doubt that there is a small portion of the world that accepts it. Easycrypto.ai hooked me up to sell it, they're really good if anyone wants to cash out into "real" money.

I know people who buy pills on the dark web, but I hate going to court, so I don't do that.
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Old 19th May 2021, 15:16     #738
Ab
A mariachi ogre snorkel
 
Blood in the streets this past 72hrs. A lot of big coins down 25-30%.
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Old 19th May 2021, 17:03     #739
Nich
 
Rolling back the tape to pre-Elon, and starting over without him.
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Old 19th May 2021, 17:49     #740
Ajax
Architeuthis
 
Many of the big exchanges have thin actual USD liquidity and are mostly running on monopoly money UDST. If this dip continues we may see them start to go down for 'unscheduled maintenance'. I've noticed some huge BTC transfers onto Binance in the last couple of days, which could get very interesting. Keep an eye on the USDT peg for signs of slippage.
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Old 19th May 2021, 20:54     #741
Ab
A mariachi ogre snorkel
 
Oh man, someone at Blockfi gonna get fired tomorrow.
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Old 19th May 2021, 21:06     #742
Ab
A mariachi ogre snorkel
 
^^

https://finance.yahoo.com/news/block...013921500.html
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Old 19th May 2021, 22:03     #743
Ajax
Architeuthis
 
Hmm.. would I have done the right thing and sent back 700 life-changing BTC mistakenly sent to me by some crypto trading platform.. thinking..

No.
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Old 19th May 2021, 23:43     #744
Ab
A mariachi ogre snorkel
 
Quote:
Originally Posted by Trigger
Second CumRocket AMA stream: https://www.twitch.tv/videos/1014627189

if this doesn't make you want to go all-in, then I can't help ya
Narrator voice: CUMMIES has dropped 73% this week so far
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Old 20th May 2021, 01:38     #745
Nich
 
$1 Trillion nuked from total crypto market within a week.

Impressive!
https://www.youtube.com/watch?v=Op-cwZB_79U
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Old 20th May 2021, 02:40     #746
Ab
A mariachi ogre snorkel
 
Man, did you cash out with perfect timing. Godlike.
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Old 20th May 2021, 09:38     #747
Nich
 
I've been cashing out slowly (DCA in, DCA out) so not out yet.
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Old 20th May 2021, 11:41     #748
blynk
 
Quote:
Originally Posted by Ajax
Hmm.. would I have done the right thing and sent back 700 life-changing BTC mistakenly sent to me by some crypto trading platform.. thinking..

No.
I like the comment "I thought it was a referal bonus so moved it to my cold storage".

Lol. No you didn't, you know they fucked up.
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Old 22nd May 2021, 11:59     #749
Nich
 
they busting out the big guns now, none other than the foremost authority on innovative technology: Pope Francis

Will you survive / thrive through the 2021 fuddening?
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Old 22nd May 2021, 19:06     #750
Ab
A mariachi ogre snorkel
 
Be honest Jonas, are you tempted to buy back in? bargains to be had this week.
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Old 22nd May 2021, 20:03     #751
Nich
 
Hell yes! Especially got my eye on some DeFi tokens. But my ideal is I sell up to and past the toppity top (that wasn't the top), and sit in stable coins (not USDT) until the dead of the next crypto winter. I'm in selling mode now, but I sure as hell am not selling during these times.
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Old 22nd May 2021, 20:09     #752
Nich
 
Having said that, any coin that isn't Bitcoin is about to get dominated. Unless flippening, which by god it might happen!
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Old 23rd May 2021, 15:45     #753
Ajax
Architeuthis
 
DeFi100 pulls the rug

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Old 23rd May 2021, 17:23     #754
DrTiTus
HENCE WHY FOREVER ALONE
 
Not gonna lie, I've been checking ETH price in consideration of Nich since I bailed on BTC.

Honestly, if your stash is worth a significant amount (ie, you can do something useful with the amount and it represents a large portion of your savings), then I'd be trying to get as much as I can out. I already feel your pain, I'd hate for it to go even lower. If it's just play money to you, sure, hang in there.

I'm not saying that to try and burn you - I honestly don't think it's coming back anytime soon.

It's irrational to say you're "not selling at these prices" considering the stupid gains we've just had, unless you've been buying up large all the way to the top. I don't know what it owes you, but if you're in the black still, particularly if you've done OK, I'd take it out quick smart and reflect on what sort of game you've been playing.

To put my money where my mouth is, I just sold 1ETH. I only had 1.1 ETH in my wallet, but I'm practicing what I preach.
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Old 23rd May 2021, 22:48     #755
blynk
 
Both BTC & ETH are higher than they were 5 months ago.
Yes, if you were buying it this year, it will be hurting.

I think it will take another month to really find out what is going to happen.
Sure it may take a while to get back to those ATHs, but once the dust settles for the past couple of weeks, then we will see.
If it does keep going down, then I will see you guys in 3 years time when we get to go through this again.
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Old 23rd May 2021, 23:17     #756
DrTiTus
HENCE WHY FOREVER ALONE
 
The stimulus checks also came out 5 months ago, and every idiot on the internet was picking team DOGE, BTC or ETH and shilling their own coin with their free money, with everyone certain they could double or 10x their money. That's not how a pyramid scheme works. Some people win, many lose. Bitcoin/crypto values are based on someone else buying them from you. There is no product or service except money flow. And when money doesn't flow in, and everyone cashes out... you've got your "wallet" etched in the blockchain forever as the last one holding the bag.

https://en.wikipedia.org/wiki/Disposition_effect - where you don't want to hang on to a stock that's dropped in value, hoping it returns.

If you're hoping for even more free money, be happy with what you've got. It's a sucker trap IMHO. Only leave in there what you would be happy to lose if you drop your wallet.



Ethereum is slightly different, but I think with its uncapped supply, when the mining is no longer required (PoS instead of PoW), then the value of one ETH won't be based on hashrate ie electricity cost, so there's no reason for it to be so high.

Make your own decisions, of course, but I would not recommend to anyone I care about that they put in more than $20 every now and then, and if you're holding large sums, get your money before someone else takes your share and the price drops further. Treat it like a casino, not a real business.
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Old 23rd May 2021, 23:30     #757
Nich
 
yes, yes! let the fear consume you.
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Old 23rd May 2021, 23:34     #758
DrTiTus
HENCE WHY FOREVER ALONE
 
Trade with logic, not emotions and hope. Good luck bro.
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Old 24th May 2021, 10:17     #759
Nich
 
I'd put it as: Trade not out of necessity.

I've stuck to my plan and won't change it because some new tourists have old thoughts.
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Old 24th May 2021, 10:41     #760
Nich
 
https://twitter.com/raoulgmi/status/...152541189?s=21
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