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I'm a Horrible Person! ( Crypto Mining Slump )

Discussion in 'Crypto Currency & Mining' started by pp111, Dec 4, 2018.

  1. Overlag

    Capodecina

    Joined: Oct 18, 2002

    Posts: 10,961

    Location: Romford/Hornchurch, Essex

    Sound like someone that didnt make 1000s (or 10000s) on bitcoin ;)

    Sour much? :D
     
  2. chroniclard

    Capodecina

    Joined: Apr 23, 2014

    Posts: 13,440

    Location: Hertfordshire

    Not sure why anyone is bothered, I am still making 10p a day easy.
     
  3. mattpc

    Mobster

    Joined: Oct 18, 2002

    Posts: 4,726

    Location: Manchester

    This is just largely rubbish though. This time last year there were some great deals on new GPUS. I will concede that the price of VEGA got massively overblown going in January/February but there were great deals to be had on GTX 1080ti and 1070ti. Has the price of the next generation of GPUS come down, NO! How many people are buying those for mining, very few.

    May/June 2017 you could get second hand or sometimes even new GTX 1070s for around 270-300, by xmas you couldn't get the new oens at that price anymore but you could still get used for 290-300. In September-November 2017 vega were as low as £350. Yes the prices got inflated later but I've already conceded this point. Back in September-November 2017 "true gamers" were already whining that prices were inflated and availability was poor but this just simply was not true.

    Is it not possible that the new generation of cards are expensive firstly because Nvidia can and there's no competition from AMD to compete with the new Nvidia cards and secondly because the cost of manufacturing the cards (especially memory) has increased dramatically?

    I think certainly there's some better deals especially second hand and previous generation new GPUS at the moment and that's great for gamers. I've got no issue with that but really how amazing are they? A GTX 1070 second hand was £275 in june 2017 and it's £225 in December 2017. It's not massive really....

    Finally, I imagine the people losing big are the ASIC miners and people who built massive farms with expensive power infrastructure etc. Long term I'm sure they will find something else to do with these facilities or maybe mining with recover but what's actually funny? They made an investment and in the present market it probably isn't working out. We are a very long way from the buoyant bull market that was getting people fired up this time last year. There's always other options like changing over to being a rendering farm etc.....

    I shouldn't preach though, I laughed at "true gamers" when they were bleating in January-February this year so I guess you're only doing the same. Live and let live.
     
  4. pp111

    Gangster

    Joined: Oct 22, 2018

    Posts: 167

    Nope. Never invested in it. I am not that stupid.
     
  5. Overlag

    Capodecina

    Joined: Oct 18, 2002

    Posts: 10,961

    Location: Romford/Hornchurch, Essex

    so like i said, Jealous you didnt make loads of money in 2014 :p
     
  6. mattpc

    Mobster

    Joined: Oct 18, 2002

    Posts: 4,726

    Location: Manchester

    This! Somebody who was a hobby miner from 2014 until recently would have done very very well if they had sold at some strategic points during that time. I remember even in May/June 2017 when I first did something, I felt like I'd missed the grassroots and was coming to the party later than ideal and if you remember things skyrocketed on massively from those levels. One lad on this forum sold his bitcoins at 150000USD each to buy a modern VW camper. Then the Bitcoin price went beyond 200000. I think he was a little gutted at the time not to have got the 20000 price but looking back on it, he's going to feel more and more smug about that decision. A years depreciation on a VW is not going to be anywhere near the Bitcoin price slump!
     
  7. Rossi~

    Capodecina

    Joined: Nov 5, 2010

    Posts: 19,353

    Even I came into the game 2018 and i'm up 4 figures net, with little investment, most of which is time. I only came here out of interest and fun too :)
     
  8. Th0nt

    Soldato

    Joined: Jul 21, 2005

    Posts: 6,444

    Location: N.Ireland

    Well bully for them when the suns shining and all that. Boils down to greed. You suck too many into the printing money hype and its bound to spoil it when everyone and their granny gets into it. The market got swamped and now the difficulty is up there, there is little left to mine to make it worthwhile.

    On such a sustained period of no profits even the big boys on cheap electric are wobbling. Its gone full circle again, and its the passively-aggressive gamers who can pick up a discounted card for their rage on not being able to play big titles due to 'all them miners'!

    Thing is they dont want the cards that were mined on and they probably dont want the new 20xx cards as they are a rip off. So it turns out they havent picked up any cards but just whine on something as thats what people like to do. :)
     
  9. mattpc

    Mobster

    Joined: Oct 18, 2002

    Posts: 4,726

    Location: Manchester

    Absolutely! You have to wonder how this guy is doing right now? https://bitcointalk.org/index.php?topic=4789787.0 He was still building out his setup in October 2018. I just can't imagine he's grilling such huge pieces of steak for his tea now....
     
  10. Kreeeee

    Man of Honour

    Joined: Jul 13, 2004

    Posts: 41,709

    Location: /* */

    This post made me laugh. It's OcUK in a nutshell.
     
  11. Th0nt

    Soldato

    Joined: Jul 21, 2005

    Posts: 6,444

    Location: N.Ireland

    Yes but luckily theres some of us that still have a sense of humour and will carry on, as it is possible to be a gamer and a miner or just someone who is into multi-gpu projects i.e. Grid/Distributed which has been going on for ages on this forum lol.