Bitcoin Forum

Early last month I created a topic about me selling some of my GPUs fir altcoins, the link to the old topic is here
https://bitcointalk.org/index.php?topic=5369963.msg58385787#msg58385787
And today I will like to drop an update on what's happening, I made the right decision people, now I can afford more GPUs and Motherboards once this bull season is over, thanks to Gala, Sand, MoBOx, dogedash and few others, I'm not here to confuse miners though but if you are new and looking forward to build mining rigs first invest that money on good coins because

1. We are still in bull market
2. Graphics cards are still too high in price
3. Altcoins brings more profits in short term Vs mining

The choice is still yours though, just make sure you do your own research

That's a very hard decision you make for the fact that you already mining with the graphic cards, very risky too IMO because the market might have just turned fully red on you, damn I'm happy for you anyways I hope you have take your profits already? No one knows when the real bear market will bounce on us

Wise move. Mining is not worth the trouble. You just buy crypto and hodl, it is a lot easier than mining. Mining keeps you busy though. It is like having a job. Why have a job when you can just retire and enjoy your profits? Are you crazy? I know you are not since you found the right way. Better be late than never. You don't really have to do any research neither because just like you said, we are in a bull market and anybody can make money in a bull market.

I only have 1 question for you. After the announcement of the end of Ethereum mining, the prices of video cards should begin to fall.
I have farms and I know that I will mine, and what will you mine?
Are you ready to buy a video card for $ 500, profit from which is 20-30 cents per day?
I think you don't want to mine.

You made the right choice, I built mining rig that's within my range and make sure I focused more on alt investment but truthfully the mining do come in handy when market isn't in a very good shape, sometimes I use money made from mining to buy back alt when market is in bad shape

Honestly I think the choice he made is much smarter than what most people do. Most miners usually sell their gear and coins and then at start to trade altcoins, and they usually end up losing it all.

Those altcoins he sold are already pumped up, I doubt they got more room the move. The meta coins had a crazy year, not much steam in them anymore.

If he held the alts, they could go 90% loss and buying a GPU would maybe yield a max loss of 50% or so. So not a horrible decision.

I'm from a country where people build mining rigs to survive, Jobs and businesses are very terrible over here in Africa so yes mining rig do come in handy but I like the idea of exploring more grounds to max out one's income, I have mining rigs and I also do use money to buy altcoins for good gains, remember that they both have advantages and disadvantages, altcoins won't surge forever

so .... the bull season is over or not ?   ;D ;D ;D

Every charts says otherwise, bull market is still present but if things are going to go sideways you will not see it coming, anyways we have web3.0 and metaverse that's still making things worth investing money on, just make sure you take profits here and there

Let's get back to this conversation in 6 months. I am very interested in how much the RTX 3070ti video card will cost in May 2022?
It now costs $ 2,000 in my country.
It's December, so electronics are very expensive in stores.
But if mining is not relevant, then I would like to see this video card 3-4 times cheaper.

Like they always say, the best time to sell is when the demand or prices are still very high rather than when prices drop and everyone is panic selling. The decision is not bad depending on your target

I am still having mixed feelings on the price of GPUs in the coming bear market given that this time round, shortages were magnified by the pandemic and disruption of production.

yes thats true better holding coin or buy when its cheap at bullrun specially final phase, and gpus at the peak their price

waiting bear market and build rigs is more reasonable and many miner will dump their gpu, crashing the price

Some times charts can be deceiving, look at the market condition this morning every YouTube crypto traders never saw it coming this is example of how bear market can come when we least expected, everyone thought that this month will be the best lol

Yeah they never expected it, usually December is always good for crypto, anyway, that is how it works, the hehell crash people will never see it coming, usually btc crashes 50% then stays sideways for few weeks and if there is no pump anymore within 2 to 4 weeks then another 40% crash comes. I still think there will be a last bulltrap before this crashes hard, so I dont think this is over yet but is very close to the end of it. Although 69k for top is less than my 79k prediction. There is still room to get to 79k to 89k then hehell.

Yes I also assumed that $69K wouldn’t be the top. I figured either the $74K fib area or $85K which was another fib projection area or when CAD and AUS pairs are trading at 6 figures. Didn’t think $69K could be the top. But you know how it is. We all assumed we would get one more rip into ATHs and we would all sell before $100K and instead the opposite happens.

Now with the holidays coming and then tax harvesting selling, I don’t see it happening in December. Maybe in Q1 if there is some catalyst such as Elon musk accepting Bitcoin again. Either way this was a flush that we needed. Way too many bullish people recently.

For what is worth in december 2013, in china, btc's top was 6999k cny, so not sure if there is a correlation here, hard to say. Usually tops ends with 9, in 2011 9 usd, in 2013 1299 usd, in 2018 19k so yeah 69k might be, although I was expecting a little bit more than that, close to 100k then crash hard back to 10k(flash crash, fill that legendary cme gap) then stay around 15 to 25k next year or so till upwards movement again in 2024 - 2025 and that is when I think eth will go pos.

Anyway, I'm not buying anything right now, not going to fall for a trap here, it might as well be the end, need to be very careful here. I still have 20% on eth, not selling yet but will sell if eth crashes lower than 3k. If eth crashes to lower than 3k right now then the next move is to lower than 900 usd and from there to 300 usd. The reason eth has not crashed more yet is because many sheeps think pos will come in few months and that is not true and that reminds me of 2018, btc crashed to 9k and eth was at 1000 usd yet, eth kept its value and then btc crashed to 3k and then eth crashed to 80 usd from 1000 usd very fast.

the right decision is when the money is on the table..GET IT BEFORE IT IS GONE  ;D

It's funny, they only see that when their cryptoscamcoins are not worth much anymore hehe, they dont sell close to the top but they will sell close to the bottom or at the bottom hehe, pow coins are all right even though  most will likely lose 95% of their value as soon as the bullrun ends, tokens are not all right, 99.99% of those tokens will simple die and if they dont sell it fast then they will lose it all.

No idea when the OP sold his GALA or SAND but those already at one point took a 50% hit from ATH. And it’s only been 1 week. So there is a chance that his alts that he sold will be worth 90% less than ATH in about 6-12 months. So I don’t think there is any GPU he can buy today that will lose its value by more than 90% within 6-12 months. So I think he did good.

I remember there was a website in the past which showed alts coins and their drop from ATH and majority of them were >85% and many were at 99%.

Remember cryptopia? They would list an alt and when it reached 1 sat they would start an LTC pair and it would again go to 1 sat in LTC. Basically lost 90% of its value and another 90%.

what can you expect? scamcoins and scam exchange LOL

Yeah it seems the op made a good decision here, gpus will not depreciate very fast like coins do in a crash, I mean even if hehell crash hits people will have enough time to sell gpus high yet and some gpus will hardly crash that much, for example 3090 which at moment is around 3k, most that could crash to is around 1k, 3080 to around 600 usd, 3080ti to around 800.

Anyway, I still hold 20% in eth and few altcoins, I hold billions of trucks of ravencoin ehhe, halving in 36 days https://ravencoin.org/halving/, so I expect at least ravencoin to jump on price a lot and then crash hard, will not sell that yet. The question is where btc is going at moment, certainly will not crash that fast yet, will take sometime for that but this last crash is an indicative that this bullrun is coming to a closure, the end of it is closer and closer, however the selling climax might take few months down the line, in 2013 december was the peak and the selling climax was january 2015, in 2017 december was the peak, selling climax was in november 2018, for this cycle peak at this moment was november 2021, so if this is really over then selling climax if history serves well, might come in few months and in the meantime before the selling climax we will have btc bleeding for months.