The issue these days compared to say 2015 with GPU mining is that there aren't really that many POW coins out there, especially ones without ASICs. After ETH becomes unprofitable what else is there?

You can mine ETC however a few months back it was very unprofitable, I think it net like a quarter a day with 10 cent power. Add a few hundred thousand GPUs and it'll get even worse. Same with all these niche type of small cap POW coins out there. The miner reward just isn't large enough for all these miners to switch.

There is XMR but that is primarily CPU based and most people don't have a large farm of CPUs so I guess that is an option. However if the price drops then it won't help the profitability.

He probably just wants to diversify. Nothing wrong with that. Mining is considered passive income pretty much. You get paid while you sleep. With trading, alot of it is more or less based on luck.

Besides the month of May, everybody made killer gains with crypto, especially some alts like Doge or BNB or some DeFI. However it won't always be like this. Look at how many people got liquidated when BTC crashed down to $30K. Almost a million traders got liquidated. Probably more are sitting holding a bag from buying BTC at like $56000 and ETH at like $3000.

When GPUs will be cheaper? Who knows. Mining profits are lower, so many people won't overpay for GPUs and prices will come down.

I am using a very very old versions of Electrum. On my cold storage I am running Electrum 2.x and my watching online Electrum is 3.0.x. They still work. Rather not go thru the hassle of having to upgrade to a newer Electrum because then I need to upgrade the dependanices and those I also need to verify to make sure they are not tampered with so I rather just leave everything as is. I'm old school.

However wondering if Taproot will be backwards compatible and will I be able to perform any transactions. All my cold storage is on wallet addresses starting with "1" and none are Segwit or Pay-by-script (start with "3"). I rarely do any transactions so this is why I keep this set up.

The only way I see Doge flipping Bitcoin in market dominance might be if BTC went down to like $500 a coin and so did everything else. Then the Dogecoin issuance with miner reward would be low enough not to cause a huge price suppression.

Right now if Doge were to flip BTC, it would need a price of $6/Dogecoin. What you don't realise is that every single month there would be $3,000,000,000 worth of miners dumping Doge alone. There is no way its sustainable. The miner reward is just way way too high. It will not be able to hold that price.

As long as i've been mining there is always demand for GPUs. Whenever there is a crypto bear market and gamers think they can get "GPUs for almost free" it never happens. I've always was looking for opportunities to score great deals on GPUs during bear markets however it never happened.

Only good deals on GPUs were the ones with broken fans since most gamers don't want to deal with replacing fans. However there isn't going to be a time when you can buy a 1080Ti for like $20 because ETH all of a sudden went POS. There are lots of uses for GPUs rather than mining or gaming. They will always be a hot commodity.

I don't think ETH 2.0 will cause much of a price increase. Right now miners are getting tons of revenue and price still rallied all the way to $4300. When ETH 2.0 comes out the miner issuance might be lower but it doesn't necessarily mean price will sky rocket due to lower supply hitting the market. Even EIP 1559 doesn't mean the supply constraint will cause price to sky rocket. Its possible but not necessary will come true.

BTC will most likely be #1 for a long time due to its security. ETH might for a little while be #1 however it won't hold that spot for long. Most long term crypto holders always prefer BTC. Its also much more stable in price and much much more decentralized and secure with all that hashrate. So I am pretty sure this won't happn.

The news was mostly at first Elon saying he didn't sell BTC a few days back, it stopped that crazy dump. And in the last 24 hours it was mostly Elon saying that he and Saylor got in contact with most of the North American miners to talk about mining btc with clean energy. This is pretty positive and I am pretty sure most of the miner farms will want to mine with clean energy to get good publicity.

Its not good that BTC mining is bad for the environment so I am pretty sure its in the best interest of the miners to be able to mine at higher prices than lower. Basically their pay was pretty much cut in half in USD terms when it was trading at $60K compared to $30K a few days ago. So they want to make everyone happy. SO we will see what will come out of this.

So I’m into cars and on my spare time I browse the car Reddit’s and forums. There was this one Reddit discussion where someone was asking automotive sales advice because he signed some papers and later got buyer remorse.

Basically he test drive a Toyota Supra, fell in love with it and said he can put down like $20K and would finance the rest. Then he got buyers remorse and wanted to get out of the deal. What gets interesting is this... and this is why I seriously think $65K most likely was the top.

He didn’t have $20K down payment. He earns very little working retail fast food. Later it turns out he only had like $10K in cash and the rest... was in Dogecoin ... that he bought at 0.74$ which was the top.

He basically figured it would go to $10 and he would be able to afford the car. So before the Elon SNL he was feeling like some baller and goes out testing driving cars out of his price range and thinks he will be a millionaire with his Dogecoin. Then when it lost like 70% of its value he knew there is no way he could buy the car and now is asking for legal advice on getting out of the contract. He never took deliver or paid his down payment so I guess he is in the clear.

But it’s posts like this where there is just so much normies investing all their life savings in Doge which makes me very nervous for the next few months. Just like Saylor telling people to mortgage their homes to buy crypto.

This definitely seems and feels like a bubble.

I hate to say this and don’t want to be a bear but I really think $65K might of been the top for this cycle. I’ve been around since the 2013 top and 2017 top and I am seeing a pattern. Basically Bitcoin rallies like crazy and then all of a sudden has a huge 45-55% drop. From there is usually bounces to the 0.50 - 0.618 fib and many whales exit and it’s the failed high (lower high). I checked how the previous top in 2012 or so happened and it was very similar.

Yes we had some >50% drop back in 2017 in the $3K or $5k region and it went up another 4x since then. However the media wasn’t as Bitcoin crazy at $5k like it was at $20K.

Right now we got that Saylor guy going on TV and telling people to sell everything they own to buy Bitcoin, mortgage their house to buy Bitcoin or if you own a business get a business line of credit to buy bitcoin. How irresponsible is this.

So it’s better to be wrong and just sell at $50K on the bounce and if it goes to $65K again just buy it back at a higher price than not sell at $50k and have it go to like $15k.

Not financial advice. Just I think with the huge drop that happened and how almost 1 million people got liquidated a lot of crypto is in a damaged state. Who knows maybe we will get a 2013 type of bull market where it went to like $250 back down to $80 and Then all the way too $1100.

Things need to calm now.

The next real support if $30K breaks is most likely $20K and I have a feeling that there is going to be tons of traps in that area. Most likely we will either never touch $20K but instead go close to like $22 or $21K before heading higher, or we will go to $20K, people will buy and then boom, it will break $20K go to like $18K and then go up again.

Or it'll be like 2018, where we go to $10K it looks like support and then breaks it and doesn't retest $10K until years later. And its very possible this might be the outcome unless all this FUD stops especially with what is going on in China and with coal electricity powering bitcoin miners. However I don't think we will ever go to $10K. Maybe lowest low is $18K or maybe the 200 WMA.

Unless I am misinformed he doesn't own or support Shiba. He got the tokens sent for free and he decided to donate them to the Covid relief fund. He did this most likely to stop the network congestion because people were paying 500 Gwei fees and network was ununable. And way too many people were scamming others with all those fake doge clone coins on Defi.

The reason why it is not 0 yet is because the India covid relief said that they won't dump everything at once, they will most likely only sell on rallies because if they cash out too much too fast its going to go to $0 pretty much.

The coin from its peak of like 0.00005000 is almost down 90% or so. And even if you bought the dip, you would still be down at least 50% and I don't see if ever going that high again. It might form some base due to the publicity from the India covid relief however it probably won't hit ATH ever again.

Bitcoin is one thing but most people invested their life savings in coins like Doge and they are sitting at a huge loss right now. And these people have no idea what is going on exactly. Some guy on TikTok or Twitter asked why is he only getting $2500 for his original $5000 purchase. Basically its hard to tell if its a joke or not but people are used to making so much profit for no real work, that I am not surprised why we got such a huge flush.

Doge really rekt many people. Alot of people bought in the $0.75 range because they assumed that it should at least hit $1 during the Elon musk SNL and what happened was the opposite. And it touched $0.20 a few days ago. So that is what a 70% loss. And the difference between Doge and BTC is that most likely in the near future BTC can recover however most likely Doge will never be $0.75 ever again.

Think about it this way, the more over-extended the dip the more profit you can make but the chances its not a dip are much higher. Hence when BTC was rallying it barely dipped on some occasions, such as only giving maybe 5% dip, but those dips were always profitable. However now with a 50% dip, sure you can make tons of profit if it breaks ATH again and goes to like $75K however the fact that it dipped so much is not good.

When there is a small 5% dip, people dont panic. When there is a huge 50% dip, people usually panic and there is going to be tons of sell pressure and the first rip we get will most likely all want to sell. So its possible this might be like 2017 when we got to $5K and then dipped all the way to $3K before regaining our rally, however keep in mind what happened when we got our 50% dip from $20K to $10K late 2017. Everybody bought the dip and got rekt.

There was no double top in 2013, it peaked at $250 and then crashed to below $100 and then it rallied like crazy to like $1100 before again crashing down to like $200. It wasn't a double top. But it was more of like an extended bull market which started at like $50 and allied to $250, big pullback and then all the way to $1100.

If it possible? Sure but who knows. Right now there are way too many people hurting and those that bought at $50K will most likely want to get out with the least amount of damage if they weren't liquidated already. So maybe if it closes above $50K and stays above that figure for a few weeks then we might see a new ATH. However there is too much FUD at the moment to say we will get another ATH.

I don't think anyone cashed out, especially bitcoin holders. The people who bought ETH and DOGE and made multiples upon multiples of their investment, they probably cashed out. However bitcoin holders didn't really make much in terms of %'s.

Pretty sure the people who bought at $33K didn't cash out for 2x gains and same with people who bought $19.5K right before the break, they didn't sell for only 3x gains. And there are tons of people who are stuck holding the bag in the $56K region. I think we might get a higher low at like $49K before maybe testing the $30K or $20K support in the near future. Way too much fud at the moment.

From the looks of things people either got liquidated trading on margin or futures or they basically bought all their coins at $56K. Looking at crypto twitter and bitcointalk it seems everybody wants to buy the dip now, however they are out of funds to do so.

I think we will hold $30K today because its a weekend and most likely its scared retail which is selling right now, however the OI is so low that I don't think there is any more people left to sell really.

If it goes closer to $25K or so, then the people that bought the breakout at $19.5K will most likely be looking to get out at break-even however that is far away at the moment. Should be an interesting week. Wonder if it'll be easier to get GPUs.

I remember back in late 2014 and early 2015 I was looking for Bitcoin ASICs. There was an individual that was selling some Antminer S3. From what I recall they were like $300-$500 (can't exactly remember).

I contacted the guy and wanted to buy them for like $100 and he said no. Then I remember there was a day, maybe first week of January 2015 when BTC had a huge crash. Like I think it was the lowest low ever since. I decided to contact him again and this time I jokingly offered $50 each and to my surprise the guy said "yes" and wanted to meet immediately. I assumed he wouldn't show up however I decided to meet him somewhere public anyways. To my surprise he showed up, took my $50 per S3 and we parted ways. Shortly after that day the profitaiblity of BTC mining went up and BTC was never that low again. Well I think there was a day in middle of 2015 when it broke $200 on Bitfinex to like $150 but it quickly corrected and went higher.

Feel bad for that guy because most likely he never ROI'd on those S3's. No idea if he was hodling the BTCs mined or just market selling everyday for fiat.

I have a feeling that in the next few weeks it will be easier and easier to get GPUs. The mining profitability has been reduced significantly and many people already assume we are in the bear market, so most likely people won't be buying any more GPUs.

Its hard to say that will happen. We might get a rally into the $50K and then trade sideways for the next year or so. OR we might go down further into the $20K area if all his energy FUD keeps being announced and Elon and Musk keep posting negative views on BTC and crypto in general.

I would say its 50/50 we topped. Hope you guys took some partial profits along the way.

Alot of people got their accounts liquidated. And its sad to hear of a few that took their lives. Its like the story of that kid last year that committed suicude due to Robinhoods bad option info. He entered some options strangle trade. Where he was long and short at the same time but for some reason it showed that he was negative half a million dollars. And instead of contacting support he got depressed and took his life and his parents are suing Robinhood right now.

Basically it was nothing but a visual error with the way how buggy the software is, he never owed that much money. He might of been in profit even. However I guess he didn't have experience and knew exactly how it worked and assumed he lost all that money. Even if he lost all that money, he could of just declared bankrupcy which would of been better than taking his life.

Posts like this are the reason why you need to wait until bitcoin makes a move before you either go long or short. There are many traders right now which lost tons of money. And they redepositted more money into their exchange account and are reverenge trading.

Basically they want to make it all back, so they are using leverage and most likely whether they go long or short they will get liquidated. Most likely if they go short, we will retest the $42K area at least and stop them out. Then they will trap bulls and most likely retest the $30K low and take out even more traders. It could trade like this for weeks. And people will get liquidated because they are caught in the chop. Best to wait and see which way it goes and then make a move.