How Bitcoin and cryptocurrencies are hurting gamers

ThestigGT999 · 6 Jul 2017 at 18:42

A lot of gamers have been caught off guard by the latest happenings in the world of cryptocurrency. The result has been radically altered graphics card prices, with AMD's RX 400/500 series cards in particular being out of stock at most places.

supply and demand I guess

LeMson · 6 Jul 2017 at 18:55

Been away a while Stig?

AiiR · 6 Jul 2017 at 19:41

Problem is why would anyone choose to sell to a gamer when they can put them up for £400 and still sell them in volume?

OcUK are the obvious exception with their forum deals, but unfortunately PC components are sold by businesses not charities.

LeMson · 6 Jul 2017 at 20:57

Surely any lost sale is a bad one tho AiiR?

triss · 6 Jul 2017 at 22:22

Mining is a two edged sword. While it has driven prices higher its still possible for gamers to mine while not playing and cover the cost of the hardware they own.

Gerard · 6 Jul 2017 at 22:27

Seen the price of some fury x cards on ebay and amazon? Amazon in the us earlier this year were flogging them new for $300, now its over double that..mainly for used ones. Same deal on ebay for the most part, inquired about a few of the cheaper ones as to if they have the pump noise issue and get zero reply..hmm.

Doobedoo · 6 Jul 2017 at 22:34

It's just capitalism working as it's designed too. Won't be getting any of my hard earned though.

Definition: Capitalism is an economic system where private entities own the factors of production. The four factors are entrepreneurship, capital goods, natural resources, and labor. The owners of capital goods, natural resources, and entrepreneurship exercise control through companies. The individual owns his or her labor. The only exception is slavery. But slavery is illegal throughout the entire world.

Minstadave · 6 Jul 2017 at 22:38

It'll all crash again and we'll have a glut of 480s/580s on the second hand market.

Just got to time your purchase right.

ljop · 7 Jul 2017 at 00:10

Minstadave said:
It'll all crash again and we'll have a glut of 480s/580s on the second hand market.

Just got to time your purchase right.

True, although, in a year or two there will probably be another cryptocurrency or similar resulting in another price rise.

Phixsator · 7 Jul 2017 at 06:48

Im glad i sold my rx 480 to the miners. Now it clearly stinks for the gamers who are not in the 1080-1080ti bracket budget wise as the rx 480/580 is an awesome chip for the "normal" going rate. It did however give me the last cash needed to put some serious horse power in my rig again.. something ive missed for some time now.

TNA · 7 Jul 2017 at 07:37

Minstadave said:
It'll all crash again and we'll have a glut of 480s/580s on the second hand market.

Just got to time your purchase right.

Yep. I think they will eventually be under £100, will grab one at that point

KiNgPiN83 · 7 Jul 2017 at 11:40

Did this happen in 2012-2013 with the last mining boom? I can't rememeber... However i dont remember it being difficult to get by 280x's.

Phixsator · 7 Jul 2017 at 11:42

KiNgPiN83 said:
Did this happen in 2012-2013 with the last mining boom? I can't rememeber... However i dont remember it being difficult to get by 280x's.

i know it has happened before with the r9 290 and 290x.

beany_bot · 7 Jul 2017 at 12:03

It's sad to see all this energy, both in the actual mining and the energy used to make the cards. Just, basically completely wasted for nothing. Mining is super weird and I just don't see it lasting. Normal currency is typically backed by gold. Gold because it has tangible value. It is a useful element that people want. I just don't get mining. I think it really is a blown out of proportion case of people trying to be cool and reinvent the wheel. Sort of anarchical stick it to the Man attempt. Yeah we don't need your capitalism. But all these people doing "work" for nothing. Won't last.
At the end of the day mining isn't free, I suspect a lot of miners are doing it because it's "free" (because mummy and daddy pay the electricity bill...) But it's not free. You pay your electricity bill with pounds. So by mining you are just straight up buying a volatile and stupid currency with real pounds. All be it stealing the money from your parents if that's the case.

LeMson · 7 Jul 2017 at 12:16

beany_bot said:
It's sad to see all this energy, both in the actual mining and the energy used to make the cards. Just, basically completely wasted for nothing. Mining is super weird and I just don't see it lasting. Normal currency is typically backed by gold. Gold because it has tangible value. It is a useful element that people want. I just don't get mining. I think it really is a blown out of proportion case of people trying to be cool and reinvent the wheel. Sort of anarchical stick it to the Man attempt. Yeah we don't need your capitalism. But all these people doing "work" for nothing. Won't last.
At the end of the day mining isn't free, I suspect a lot of miners are doing it because it's "free" (because mummy and daddy pay the electricity bill...) But it's not free. You pay your electricity bill with pounds. So by mining you are just straight up buying a volatile and stupid currency with real pounds. All be it stealing the money from your parents if that's the case.

Google says only one is backed by gold -> http://www.businessinsider.com/are-there-any-currencies-backed-by-gold-2012-3?IR=T

hominid · 7 Jul 2017 at 12:41

Almost every currency has had the gold backing removed - then they proceed to debase the currency.

I think of all the wasted electricity!

KNiVES · 7 Jul 2017 at 12:44

The very nature of everyone jumping on the bandwagon and over-saturating it means the value will go down to sane levels eventually, and prospective miners will think twice about buying GPUs. It's getting harder and harder to mine more coins by the day, at some point it won't be worth pursuing anymore. Bitcoin was the same.

It's not going to last forever - I predict maybe a month or two.

ljt · 7 Jul 2017 at 12:49

beany_bot said:
It's sad to see all this energy, both in the actual mining and the energy used to make the cards. Just, basically completely wasted for nothing.

Totally agree. The calculations performed have no net benefit. If they were actually useful calculations, like helping beat diseases or predict climate change etc then at least all that energy isn't going to waste, but I believe they are just maths calculations that mean nothing in real terms.

beany_bot · 7 Jul 2017 at 12:50

hominid said:
Almost every currency has had the gold backing removed - then they proceed to debase the currency.

I think of all the wasted electricity!

Real currency is still tangible! I want to get a guy to come and build a wall in my garden, I pay him in pounds. £s for real tangible work done.
Getting paid bitcoins or altcoins for "work done" that nobody actually wants done or benefits from is simply not sustainable.

beany_bot · 7 Jul 2017 at 13:09

ljt said:
Totally agree. The calculations performed have no net benefit. If they were actually useful calculations, like helping beat diseases or predict climate change etc then at least all that energy isn't going to waste, but I believe they are just maths calculations that mean nothing in real terms.

Exactly. It's just kids stealing from their parents to contribute uselessly to global warming.