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3921  Alternate cryptocurrencies / Mining (Altcoins) / Re: I want to know on: June 06, 2021, 02:33:26 PM
I told people maybe 6-12 months ago to get into mining. Because the GPUs were more reasonable and the difficulty was more stable with price at the time.

The issue was that most of them weren’t interest because “I will only make $0.50 a day per GPU”? Most people wanted to make like $10 a day per GPU and they wanted to have like 100 GPUs. So $1000 a day profit they would be happy with. $50 a day they weren’t.

Issue is that many people became rich who mined BTC about a decade ago and they want those profits. They didn’t want to play around and only make $1 a day with 2 GPUs.

Now they all want to get into mining because they looked at mining calculators showing $10 a day in profits. I told them you can’t buy GPUs anywhere at decent prices.
3922  Alternate cryptocurrencies / Mining (Altcoins) / Re: mining on an average pc on: June 06, 2021, 02:26:37 PM
Before you guys go out and buy old CPUs and motherboards to mine with. Consider that the very very old CPU chipsets like Pentium 4. You might have a motherboard with 4 or 5 PCIe slots however you will run into some issues.

First one is the PCIe needs to be at least 1.1 or 2.0. If you get the original PCIe 1.0 it won’t work on GPUs which are 20 years newer.

Another issue is this. There might be 5 PCIe slot but most likely the most you can use is 2 or 3. Because those old motherboards were limited by the amount of useable lanes. Which was capped by the CPU. Because even though they made 5 PCIe slots they didn’t think someone would actually use every single lane.

3923  Alternate cryptocurrencies / Mining (Altcoins) / Re: Number 9! Ninth altcoin thread. Back to the moon Baby! on: June 05, 2021, 09:17:39 PM
Anyone went to the Miami Bitcoin conference?

Watch these 2 videos...

https://twitter.com/Fredilly/status/1400993824579588096

https://twitter.com/dubskie_/status/1401254519531577353

and tell me that Bitcoin and crypto didn't top back in April?

I think the type of supporters that we have right now, including Saylor is not a good indicator for future growth. Watching that video gives Bitcoin a very bad name and its similar to watching a cult video.
3924  Alternate cryptocurrencies / Mining (Altcoins) / Re: I want to know on: June 05, 2021, 04:05:12 PM
No it’s definitely not new. I have a very good top indicator that is when I login into bitcointalk and head to the mining section and see brand New accounts asking how they can mine “Bitcoin on their MacBook” or how “They can mine crypto’s on their iPhone”. That’s usually a definite giveaway that we are near a top.

There are so many videos and tutorials on YouTube these days that take you step by step and it’s all you need to watch whether to get in or not but people don’t bother to watch those or do research. The usually just go out and buy $10k’s of computer equipment on Newegg pretty much maxing out their credit cards and a few weeks later they realize that mining isn’t a get rich scheme as they assumed.
3925  Other / Archival / Re: Are there risks with GPU mining? 144% roi on: June 05, 2021, 03:58:49 PM
In my opinion your biggest risk right now is the depreciation of the GPUs if you overpay for them. I’ve mined thru many cycles and it was very hard to lose money because you could always resell the GPUs.

However now it’s different because people are paying over 4 figures for GPUs. Back in my day a GPU costing $300 was considered expensive. I think I didn’t pay much more than $200 for a new GPU. And usually a couple years later they were worth at least half.

3926  Alternate cryptocurrencies / Mining (Altcoins) / Re: passive income. on: June 05, 2021, 03:55:13 PM
I don’t think investments which can go to 0 can be considered passive income. Sure there are safer stocks than others however there is always a chance that the company you invest might eventually go to 0.

Look at what happened with Hertz. Who would of guessed that a company this big, with rental lots in many corners  of the cities would go bankrupt.

A better example of passive income is maybe making YouTube content. You make it once and after a few years as long as it still gets views you get paid for it, with absolutely no new work required on your own part.
3927  Alternate cryptocurrencies / Mining (Altcoins) / Re: Number 9! Ninth altcoin thread. Back to the moon Baby! on: June 05, 2021, 03:45:12 PM
You obviously can’t make any profits by shorting the futures and longing spot during a bear market. You can actually do the opposite because the futures will be at a discount so you long the future and sell BTC spot. To do this you need to hodl Bitcoin instead of the reverse which is hodling fiat or tether.

Usually in indecisive markets the futures have a little bit of a premium, almost 8-9% a year. Similar to the rate we have going on now.
3928  Economy / Speculation / Re: Don't you think Bitcoin will die over the summer? on: June 05, 2021, 04:04:51 AM
Pretty sad how people here are surprised that not everything goes up in a straight line. I think most of these new people come from trading stocks which has a mentality "stonks only go up" and its been the case for most of last year.

Same with people who invested in Doge. They were surprised that it topped at $0.75 during the SNL show and lost 2/3rds of its value at one point and people are surprised that when they try and sell Doge on Robinhood, they are going to get back less money then they invested. They think something must be wrong with their phone instead of realising the truth about how risky investing can be and if it was this easy to make money then nobody would be working, everybody would be staying at home to trade.
3929  Alternate cryptocurrencies / Mining (Altcoins) / Re: mining on an average pc on: June 05, 2021, 03:59:55 AM
Hello everyone.  Recently I thought about the possibility of mining on a personal pc.  What cryptocurrencies does it make sense / profitable to mine on a mid-range pc?  Will it kill the computer?
For mining, you need a 2-core processor and 3 gigabytes of memory (but 4 is better). This configuration is enough to make an Ethereum mining farm.
I assembled a farm on an old motherboard on an Am2 socket with DDR 2 memory because I got it for free. BUT the farm did not work for long, and the components had to be replaced.

For ETH you don't need 2 core, I used single core for years. Works great, only issue is that it takes forever to load, especially on Windows 10. And the setup to install OS takes a very long time. However single core works fine when mining.

For RAM you will need at least >5GB or more due to the large DAG. With windows it won't work if there is less system ram than DAG filesize. With Ubunutu you can get away with using less RAM. I used 2GB before when the DAG was almsot 4GB and didn't get any issues.

Most important is the GPU. Which you can't really buy right now unless you overpay.
3930  Alternate cryptocurrencies / Mining (Altcoins) / Re: Are people really that ignorant? on: June 05, 2021, 03:55:47 AM
ETH was suppose to go POS way before 2017, it was suppose to go live with POS at around Summer 2016. I remember because in those days I still had old R9 280X gpus and they hashed at 20MH/s and the new RX series at the time hashed at 30MH/s and used almost half the power.

The R9 280X used like 200 Watts and hashed at 20MH/s while the RX 480 8GB used like 140 watts but hashed at 30MH/s. The GPUs weren't too expensive however I was hesistant because there was talk about ETH going POS.

5 years later and I am still waiting for this POS.
3931  Alternate cryptocurrencies / Mining (Altcoins) / Re: passive income. on: June 05, 2021, 03:49:55 AM
$28 a day is $10220 a year and from $176000 invested it yields only about 5% or so. There are many other dividend paying stocks that give this much. I think the SPY (SP500 ETF) also has a similar yearly dividend and its much much safer than buying some stock being pumped by Motley fool which usually only gives bad advice.

Right now since you got the GPUs keep mining, nobody knows how much longer it will be profitable. Might be 6 more weeks or 6 more months. Just enjoy the profits while they last. The big blow is DeFI and those fake doge clones which drove the gas prices thru the roof, now its like 20 Gwei for a fast transaction. Thats why mining profits are down.

I dragged that article out not because I utilize the motley fool.  It comes across my phones news feed. 17 years before that rate of return pays off!  I was trying to go somewhere with the thread not just a easy calc question.

Companies generally have a product of some sort.   While crypto is a service industry of sorts.  Are they going to have to compete for investment money.  Now I KNOW there's a lot of investment money running around looking for places to go but faster is almost always perceived as better

I am wondering if companies are going to be forced to change how they run and pay out investments.   if Crypto is here to stay why they hell would anyone invest in their companies with such horrible rate of return?  How would banks handle that?  Would banks and business be forced to have crazy short payoffs?


BTW I don't think banks are going anywhere.




The reason is due to risk.

Crypto is very new. Nobody knows if it will exist 10 years from now. Take a company like Mobil1 or Pfizer, they pay small %'s dividends however chances are that in 10 years they will still be around, crypto companies, who knows if they will exist.

The safer investments like stocks or savings accounts pay out very little interest but they are much safer than say investing in some new crypto company that can go to 1000% or they can go bankrupt and you are left with 0%.
3932  Other / Archival / Re: Are there risks with GPU mining? 144% roi on: June 05, 2021, 03:46:30 AM
There are tons of risks with mining.

1) Price of the coin you are mining might go down

2) Difficulty of the coin you are mining might go up

3) Your GPU can suddenly just die (or at least your fans)

4) Your rigs can melt some wires and start a wire and burn down your house

5) The coin you are mining might go POS and you can't mine it anymore

etc...

So its definately not risk free. Safer than trading however your profits aren't gauranteed in anyway.
3933  Economy / Speculation / Re: Before Season Downtrend in 2018, What happened? on: June 04, 2021, 04:19:31 AM
For those of you who weren't around in 2018. What started the bear market was actually pretty similar to what caused it this time and it was a move by Vitalik. He basically heard of Bitconnect and how it pays 1% a day, and he tweeted that its a Ponzi. A few weeks later it went bust and people lost tons of money and were getting out of crypto all together. Its what topped Bitcoin and other cryptos.

Now a few weeks back the Doge clone coins were hogging the ETH network and Vitalik decided to send his 50% supply to the india Covid19 fund and its what caused the fees to go back down and "maybe" the price.

So not saying he started all of this on purpose but he seems to have a big effect on the crypto prices in general.
3934  Economy / Speculation / Re: I speculate Tesla has sold their coins on: June 04, 2021, 04:14:15 AM
I don't think he can legally post or even hint that Tesla sold their holdings until their earnings conference call. There is no regulation to how it affects the crypto prices because these are mostly unregulated however its affect the price of Tesla stock.

If he said he sold everything, one would assume that they sold it at a profit since a few weeks back he tweeted that they still were holding it. So assuming they bought at $32K and some at >$35K or so, it shows you how much new cash they rasied. Not much only 10% but from $1.5B its over $150,000,000 in profit for them.

He really posts weird tweets from time to time. I don't understand it either.
3935  Alternate cryptocurrencies / Mining (Altcoins) / Re: passive income. on: June 04, 2021, 04:02:25 AM
$28 a day is $10220 a year and from $176000 invested it yields only about 5% or so. There are many other dividend paying stocks that give this much. I think the SPY (SP500 ETF) also has a similar yearly dividend and its much much safer than buying some stock being pumped by Motley fool which usually only gives bad advice.

Right now since you got the GPUs keep mining, nobody knows how much longer it will be profitable. Might be 6 more weeks or 6 more months. Just enjoy the profits while they last. The big blow is DeFI and those fake doge clones which drove the gas prices thru the roof, now its like 20 Gwei for a fast transaction. Thats why mining profits are down.
3936  Alternate cryptocurrencies / Mining (Altcoins) / Re: I want to know on: June 04, 2021, 03:55:47 AM
Keep in mind that there is something called difficulty. Your daily profit will be dependant on the price of BTCUSD and the difficulty.

What is difficulty? Well when more and more people start to mine, the profits need to be equally split with the hashrate. So if in the future there are twice as many people mining and price of BTCUSD hasn't change your profit of $100 USD will become $50. Nothing you can do. This is why its becoming more and more difficult for small miners to mine for profit.

Before you invest please do research. This isn't a get rich quick scheme as it once was in the past.
3937  Alternate cryptocurrencies / Mining (Altcoins) / Re: GPU miners still buying cards? on: June 04, 2021, 03:51:50 AM



Seems pretty risky walking around carrying those around with you. Any reason why in the world he just didn't put them in a large cardboard box or at the very least take a taxi. The guy spend like what $10K on GPUs and can't afford a $25 taxi ride and instead takes the train with GPUs out in the open like that?

Wondering if this is a fake pic or not.

This is why many people who buy Apple products they take it out of the Apple store bag and put it in some generic bag if they are taking the subway or bus. Carrying around an Apple store bag can make you can easy target since they are very easily resold and hold their value well.
3938  Alternate cryptocurrencies / Mining (Altcoins) / Re: Number 9! Ninth altcoin thread. Back to the moon Baby! on: June 04, 2021, 03:44:25 AM
Anyone looking for other sources of income?  When/if eth goes pos profits will be garbage.  Chia looks bad, I have 205 TB and my plotting is slowing increasing my revenue but its not going to be worth expanding if the network growth continues.  14TB makes $5 a day which is great but I'm assuming that will go down fast.  Defi looks like an avenue no overhead but high risk.  I'm taking the revenue I would use to expand mining and using it for DeFi, pancake swap and I'm learning as I go.

If you have BTC or tether or USD on exchanges you can lend those and get some %'s. Currently the fees aren't the greatest. But if you wait until the market gets more bullish they should improve. Many exchanges like Binance and Gemini allow this.

You can always sell the futures and long the spot if you got any fiat or tether. However pulling up BTC December futures its only 4% while ETH December futures is 5%. So its 7 months and you would get 5% so almost 10% a year, better than a savings account.

With this there is always some form of counterparty risk because you need to leave maybe 25-50% collateral on the exchange to prevent being liquidated if ETH or BTC goes up too fast.
3939  Alternate cryptocurrencies / Mining (Altcoins) / Re: Eth moving away from POW- Will GPU mining be lucrative on: May 31, 2021, 04:07:10 PM
Eth PoW isn't going anywhere, if the rumours are true giant company like bitmain won't build ASIC miners anymore and now we have new E9 ETH ASIC miner that's more futuristic, why eip1559 if this is true? Think deeply about it

You need to realise that in the past Bitmain built these miners, mined with them for months and then when the profits were decreasing they finally decided to go public and sell the miners.

This is what happened with the E3 that bitmain released, the very first ETH ASIC. They pretty much released it after the peak. How long did they mine with them prior? Probably for months. And this explains why in late 2017 we had a huge difficulty jump that nobody could explain.

So just because they are building ASICs for it doesn't mean that it has to be always profitable.
3940  Economy / Speculation / Re: why the price of Bitcoin dumping? on: May 31, 2021, 04:04:40 PM
See its posts like this why I think we topped $64K back in April. People who are joining crypto or even stock market they truly believe that "stocks only go up" and for them its a surprise that their investment is at a loss.

People tell their friends that they made good money with stocks and crypto. Their friends just and make good money. Then they tell their friends and this is why everybody you know is talking about stocks and crypto. Only people who are not talking about stocks and crypto are maybe the elderly. And they are so accustomed to making money by doing nothing that they think they are dreaming when they wake up and one of their assets is at a loss.

This is why this is such a huge bubble that might burst eventually. Maybe when the fed increases rates or when covid19 is finally put to bed.
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