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GPU prices go boom

Soldato
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The Cronx
Anecdote:

I’m not really a miner at all, I just have a bunch of gaming PC’s because it’s my hobby an I can’t help building them. In a couple of months my Nicehash exploits went from 0.003 btc a day to 0.0016 a day (and I wasn’t running 24/7 just weekends basically). I sold 2k new value cards for £1350 which I’m pleased with because some of the cards were 3 years old and when I buy cards I never think about resale value. I think that’s not bad bearing in mind I still have a 1080, 1080ti and a Vega 64 to play BF1 or Kingdom Come on. Everyone like me, and there must be a lot of you here should rejoice!

For those sensible people with a single PC just wait it out, say 2 months and you will be fine. Prices will come down I am certain!
 
Soldato
Joined
27 Jan 2009
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6,551
It might be time to kind of turn the crypto currency owners motto back on them......

HODL (hold on for dear life)

Might be nothing more than just another blip/bump but as others have stated anyone with access to the MM can notice a recent uptick in people looking to offload entire mining rigs....

You may suffer some serious buyers regret if you buy a used card for above previous retail prices just to see the used market tank.

Graphics card buyers HODL? (hold off....)
 
Man of Honour
Joined
13 Oct 2006
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90,692
It might be time to kind of turn the crypto currency owners motto back on them......

HODL (hold on for dear life)

Might be nothing more than just another blip/bump but as others have stated anyone with access to the MM can notice a recent uptick in people looking to offload entire mining rigs....

You may suffer some serious buyers regret if you buy a used card for above previous retail prices just to see the used market tank.

Graphics card buyers HODL? (hold off....)

I highly suspect it will keep trying to bounce back to near its peak around Christmas 2017 over the first half of the year - probably see a bigger dip mid year and then start to come back a bit but I've a feeling it will taper off again towards the end of the year.

Sadly I don't think we are going to see a major crash, some dips aside largely due to manipulation by whales, etc. this year though I can't see, unless there are some major changes to actual use of crypto currencies, it holding up long term as a lot at the moment is being driven by speculative investment and blockchain tech alone probably won't sustain more than 20-35% or so of current value.
 
Soldato
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It's so easy to buy and sell BTC or Alt Coins these days, I have no idea why people are using GPUs to mine. Just buy low, sell high... it's effortless.

Yes and no, the fees are quite high, plus there is always a bit of a risk that these unregulated platforms just dissapear. That apart though, there is no sense at all in spending £350 on a blatantly overpriced 1060 which will take 18-24 months to pay for itself (maybe) rather than just sticking £350 into a cryptocurrency directly. Unless you are desperate to upgrade for gaming in which case you have little choice outside of buying second hand cards which is a shame.
 
Soldato
Joined
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6,551
What makes you think it’ll go “pop” at all?

It might not go 'pop' (in a big fashion by losing almost all of its value overnight)..... But long term my view is that bitcoin... Like pretty much all mined crypto's will collapse to being pretty much worthless...

The main reason? Crypto's have an identity crisis..... are they currencies or speculative instruments with no inherent uses?

(gold, silver, tulips, diamonds etc have some real world applications outside of being merely speculative instruments)

If you think cryto's are or can be currencies then at current rates of use (as a currency) bitcoin would /should be 'worth' by some estimations around $20 per bitcoin based on the rather limited amount of actual transactions being processed in bitcoins.

Currencies don't work if they suffer from wild swings in purchasing price on a day to day basis.

If you think crypto's are speculative instruments you have the issue of the profusion available. Other than being an early contender what's bitcoins USP? Newer cryto's arguably have better features included in their design and they themselves can, in turn, be easily relaced by subsequent newer releases.
 
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Soldato
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The strength in bitcoin is the ease of money laundering, anonymity and general aiding and abetting of criminal activity. What we have seen recently, is an influx of people actually seeing it as an investment to rival an ISA etc.. but for those people to invest with confidence, the crypto system needs regulations and guarantees.

It's a paradox. I know lots of non tech savvy people ploughing £1000's into BTC and as soon as they start losing money with no one to complain to, the confidence will evaporate.
 
Associate
Joined
23 May 2015
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387
The strength in bitcoin is the ease of money laundering, anonymity and general aiding and abetting of criminal activity. What we have seen recently, is an influx of people actually seeing it as an investment to rival an ISA etc.. but for those people to invest with confidence, the crypto system needs regulations and guarantees.

It's a paradox. I know lots of non tech savvy people ploughing £1000's into BTC and as soon as they start losing money with no one to complain to, the confidence will evaporate.
And squeaky clean banks never launder money and have ethics?
Guaranteed most hedge funds will be part crypto-filled.
The old chestnut that the crypto market is fuelling criminal activity is no more true than banks doing the same thing. The banks just want a slice of the action. Moral high ground has nothing to do with it.
Don't be so naive unless you're a banker, in which case, you've got your own agenda.
 
Soldato
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Rollergirl
And squeaky clean banks never launder money and have ethics?
Guaranteed most hedge funds will be part crypto-filled.
The old chestnut that the crypto market is fuelling criminal activity is no more true than banks doing the same thing. The banks just want a slice of the action. Moral high ground has nothing to do with it.
Don't be so naive unless you're a banker, in which case, you've got your own agenda.

Err.. yea, whatever you say boss.
 
Soldato
Joined
8 Nov 2006
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London
And squeaky clean banks never launder money and have ethics?
Guaranteed most hedge funds will be part crypto-filled.
The old chestnut that the crypto market is fuelling criminal activity is no more true than banks doing the same thing. The banks just want a slice of the action. Moral high ground has nothing to do with it.
Don't be so naive unless you're a banker, in which case, you've got your own agenda.

Most hedge funds are invested in crypto? Hahaha. You even guarantee it.

Nice get out that you won't even listed to someone that works in hedge fund because they have an "agenda".
 
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