All the companies who are not working right now, not all business could be done from home, some business sent people home and make them work remote and that could work but do not forget that there are thousands of people who can't work because their job requires them to be there, all of those business' stopped right now and not working and not making any money at all.
It is vital to think like that because all of those business' can't make any money right now, sure some of them can stay afloat until they get back because they have saved up some money for days like these, but many of them will bankrupt, or they will fire people or they will send people to unpaid leave, all of those equals to economy not having money as much as they used to have.
And you are assuming that they have liquidated their cryptocurrencies because they don' have any job left? Because if you are, I believe that this assumption is wrong since even before that majority of the lockdowns happened in a lot of countries Bitcoin started to fall before that. USA and some European countries haven't announced there lockdown before the midweek of March and to the 1st week of April and Bitcoin have fell because of that. I'm with the other members here saying that fear in the world caused the drop any nothing else part of any economical reasons. Fear is the only one that can cause a big a fast drop like what we have seen that's why we have FUD as a term here in the crypto market. A country doesn't need to be in lockdown for people not to go to work. Lockdown was properly done in China where they forced you to stay home and you couldn't leave, it seems to have worked. In some European countries like Italy they had a lockdown but you could leave to go shopping for groceries. In the USA they don't have any type of lockdown what so ever however people are still out of work. Many businesses like hotels and restaurants get no business , hence people are laid off. Other businesses like bars which aren't essential need to close down. And for some businesses like teachers or teacher aids, they also get laid off because kids don't go to school anymore. And even the people who still got jobs, they get less business probably and are also struggling due to low demand. |
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Just heard on the news that some bank ended up closing due to Coronavirus. So far it was some small bank in some state. However this brings back memories of 2008 with all the larger banks being hit.
If the banks start to go down due to this and there is a lack of way to access capital or assets to their customers then bitcoin obviously could play a big role since its decentralized and essentially "can't" get closed down.
Wonder how many more of these bank closures we will get within the next few weeks, seems like its really starting to get worse.
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There's no way Bitmex liquidations could ever bring BTC to $0, or anywhere close to it:
At the moment just before they went down, there was almost no bids in the orderbooks all the way down to $0. And they had almost $1000 million of long liquidations to clear. Those $10M ask walls kept appearing over and over again and nobody wanted to take them. If it wasn't for the downtime, it eventually would of went to $0 on Bitmex perps and their futures. Would it go to $0 on other exchanges? No idea. It depends what rules the market makers and arbitragers would play by, I am assuming most were out of the market by then and others just simply turned off their algos due to hectic trading action. So maybe it wouldnt go to $0 on those exchanges but the spread would be like $2000-$3000 difference between the 2. It truly was a very scary moment in trading history, basically what happened when the Swiss Franc removed that EURCHF hedge about 7 years ago. |
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Before you do anything else try and mine ETC first and then mine some very low DAG coin like Expanse and see what results you get. ETC is always ahead in DAG and Expanse is way behind.
Switch temporarily to those coins and see if you are getting the same issues. If you are getting the same issues then its obviously not DAG related. If it worsens with ETC and the problems completely goes away with mining Expanse then obviously the DAG is the issue here.
So either switch to Win7 or to some Linux distro, no idea how much longer of mining we got.
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We will see within the next month or so what will happen with ETH and the global markets in general. Keep in mind the infections are still rising with no vaccine or slowdown in sight. Hence the peak will be in April or May and by then the stock markets can crash again.
The issue with stocks crashing is that BTC usually follows and if BTC follows so will ETH. BTC probably will have more bidders and support than ETH, so ETH can go below $80 while BTC can stay above $3K.
Until the numbers start to go down and flatten the curve in most western countries, its unknown what next week can bring.
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From what I can gather and explain, here is what most likely happened that made bitcoin pretty much crash to $3350 or so back in Mid March. The coronavirus was finally taking a toll on the markets, and BTC seems to be correlating with stock indicies. That week there was a huge dump in many global markets and bitcoin followed. Then bitcoin kept going lower and lower most likely because BTC was at a profit for most investors but their stock positions were at a loss, hence they sold to make up for it. It led to more selling and eventually the long liquidations started.
Bitmex is the largest exchange and provides most of the liquidity for many of the traders. However BTC in Feb was over $10K and many were assuming it would hit a new ATH since the halving was approaching, hence they opened leverage positions and when it broke the $7500 area there was nothing but long liqudations after long liquidations and pretty much there was a $1 billion of long liquidations and no bidders, hence the exchange went down and as a result it saved BTC from going to $0.
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The reasons why BTC pumped lately was for a few reasons,
First one was that we closed above ( or close to ) the monthly low of $6400 that happened a few months back, very bullish.
Second is that the 200 WMA seems to have held again at around $5700 or so.
Third is that last April we got a crazy pump and the April before that, hence many people are thinking that April is the new November and always a bullish month.
Fourth is that everyday we are getting tons and tons of tether USDT prints, and many are assuming its to buy crypto.
Fifth is that oil was pumping and many associated it with BTC and BTC also pumped, or it was just a coincidence.
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These days the only people who can do arbitrage are those with large capital and bots which do the arbitrage for them. Basically on exchanges they are called market makers and hence why many derivative platforms pay a maker fees to ensure that there is liquidity both ways.
There was actually a great opportunity the day that BTC crashed to $3200 last month. On Bitmex there was a $400-$500 price difference. Since I had BTC on a spot exchange and Bitmex, I went LONG on bitmex at a $400 discount and sold on the spot exchange, then 2-3 days later I closed the trade. I was almost 7% or so profit for almost no risk. Well there was risk if you overleveraged yourself and got liquidated. So this is proof that arbitrage works, however the above exchange is extremely rare. In most days you can't normally arbitrage like that.
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It is extremely rare for bitcoin to have a difficulty adjustment down. And right now looking at, http://core.jochen-hoenicke.de/queue/#0,1wThe blocks are almost empty since many are mined at 1 sat/byte. So nobody really cares about the difficult retarget going down. This isn't during the BCH launch where BCH was more profitable and most miners switched to BCH and we got stuck waiting hours for a block because nobody wanted to mine it. Those difficulty retargets were more important because blocks were actually full bad then due to transaction spamming, right now its not an issue. In one month at the halving, there probably will be more difficulty retargets. |
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Thank you both for the replies! They help a lot! in my opinion split money 50/50 for buy mining rig and buy coin every coin is cheap now buy pick coin in top 10 buy it and keep it.
I think I will buy some coins now, as you suggest, while for the mining equipment I'm waiting for the market to get back on the pre-coronavirus levels. Currently a second hand RX 470 4GB GPU can be bought for maybe $70 or so, the 8GB maybe for $90. You will need 5-6 of these for 1 rig which will require a motherboard, cpu, ram, ssd, and a PSU. Each of those will be maybe another $300. This is assuming you are getting second hand. So say $800 per rig.
A Rx 470 nets $0.30 per day right now. So 5 of them are $1.50 USD per day. This is assuming prices don't go lower and difficulty doesn't go higher.
Considering your numbers, 800$ of hardware and 45$ of monthly revenues, even with free electricity it would take more than 1 year for the ROI, a lot of other members (in other topics) suggest to invest directly in coins until the price goes up again, then it should be more profitable, does it make sense? Its depends on your risk tolerance. The $800 quote I gave you was mostly for second hand stuff you get on eBay and Craiglist. The ROI might be a year however, unless you break any of the equipment you can most likely resell for $500-600 a year later and your ROI could be a few months. So you are risking VERY little. However your profits are also very little. If you invest directly in the coin, its quite the opposite. Your risk is higher and so is your reward. You can buy ETH today and sell it a year later for $300 and double your money, or sell it for $75 and lose half your money. Nobody can predict the future. Mining with second hand gear and free electricity is very low risk. Probably very difficult to lose money. |
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First time I see this topic, originally when I first read about it, I assumed it would be some poor attempt that some newbie account is making to get their dice site some traffic. However when I clicked the thread and saw that the OP was actually a Hero member I was surprised.
The site is pretty basic but its mostly because its used to promote the coin GP instead of the dice site itself. I am seeing alot of this lately with Waves and some other alt-coin only gambling site. I think its pretty creative and gives the alt-coin some exposure.
OP seems pretty active and quick in making updates. So keep up the good work. I hope the coin takes off in the future.
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I think the reason why he did such a minimal job so far is because he is waiting for the Google spiders to give him a higher organic google rank listing. He is probably right now making an account on any related gambling forum and/or bitcoin/crypto forum and posting the URL. After a few weeks google spiders will find his URL and depending on how many places its listed, he will get a higher listing and get some traffic.
Right now where it stands, his site is probably never going to get any traffic from Google, so why put in the effort. When he gets hundreds of hits from Google which are high quality traffic because they are usually people who sign up for the first review, he will put in more effort later.
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Ok finally makes sense. I kept getting the email alerts every few minutes on my phone about posts being deleted, it kept chiming and chiming and chiming. At first I assumed it was some April fools joke. And then I realised it was from posts back in 2016, why would anyone want to delete them.
Either way, I actually remember the above photo with your Radeon 7950 with a case fans zip tied. I think I was the one who told you to switch some resources and get back into GPU mining because ETH was becoming more profitable than BTC ASICs at the time. Its pretty crazy that it was 4 years ago. I remember that day like it was yesterday. I had a rig like that also. Basically a motherboard laying on top of its motherboard box with 1 GPU inside. Wasn't efficient at all however it didn't matter because only 20% or so was going to pay for power costs, was very profitable back then.
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Right now I don't think there are any Bitcoin binary websites that are left. The ones that I can remember are Secondstrade, who was in operation for years until some server error caused some hacker to lose funds and that hacker, hacked the website and it went offline ever since. Before that there was LiberOption but that was last operation maybe back in 2015.
Since you are also looking for a option trading platform then deribit is the only one left. However they are vanilla and not binary. There are many futures brokers out there however I don't think that is what you are looking for. What type of trading do you do exactly and maybe I can find some exchange that would benefit you. Why don't you just use Bitmex and use limit orders which pay you fees instead of charging you fees.
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Every week or two we get these gambling review sites that keep popping up. Some are decent and some are horrible. The issue is that most of them have fake reviews and some of them even review sites as "Good" when they are in fact scam sites.
I am assuming that maybe unless the site has a faucet, the reviewers almost never do an actual deposit. And without performing an actual withdraw. They also don't take time to research any of the sites they review. Most of the time they just write a generic review and that's it. They don't search for the site on Bitcointalk and read the scams against certain websites.
I think sooner or later, these sites might get deleted from any bitcointalk post because it might be the same person who keeps posting them over and over again using different domains.
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This year could be different from the other halving because, many people are expecting the price of Bitcoin to go up due to the halving especially when there is a high possibility for Bitcoin to set a new all time high this year or the next. In addition, the current pandemic could support greatly the upcoming rally because, of the impending demand due to the quarantine for the outbreak.
But, as long as the pandemic is still at large, stock markets could still be down making the standing of Bitcoin low and might not break the barrier of $7,000 value next month.
We are facing a big crisis right now, it's different compared to the past, this is the worst crisis I have experience in my life, people can't operate their business and they can't go to work, the result will be the economic collapse. One big reason for the pump is the FOMO, with people struggling with their finances, it's hard to expect a bull run at this time. This is true however, go to google trends and the search term "buy stocks" is actually pretty high. Basically more search interest than in 2008-2009 recession. Even though people aren't working, there are many that got tons of money in their savings accounts and they want to get a good deal. With bitcoin its no different. Its halving is approaching so less supply and with the fed printing money, there is going to be huge inflation and so makes bitcoin pretty attractive to those new investors. All it would take is some catalyst like breaking 2019 high or breaking the ATH and that would get the retail to flow in. |
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This is a story on how I managed to boot a headless rig when the mobo had entered into the BIOS. My one month new MSI RX 5700 Mech GP Edition decided to quit on me this morning  . I could not get it undead. I suspect maybe memory got damaged by heat - I found it was impossible to mine with it and keep the hot spot temperature under 100 degrees while mining ETH. I watched a Youtube vid on that same card where they found the thermal pads did not cover the mem chips. I took the GPU out of the rig, then faced a new problem: How to boot the now headless rig back into Windows without a GPU since the Ryzen 3700X CPU in it doesnt have a built in GPU to drive the display. The mobo I have is an ASUS TUF 450M. I know the mobo usually enters into the BIOS after a hardware change. I was not able to RDP into it from my laptop. After a lot of trials with reboots and new keyboard sequences I found the correct key sequence to get it to exit BIOS and boot into Windows. Immediately after power-on, I hit the Delete key and held it down for a few seconds until I was confident it was now in the BIOS. I then pressed F10 and Y to confirm. And then it booted into Windows. The rig is now cpu-mining Monero while waiting for a GPU replacement. I will have to RMA that defective GPU. My biggest pet peeve was when some rig would stop working and no amount of endless hard-reboots would get it going again. Basically only method was to attach a monitor to 1 GPU and add a keyboard and mouse. This is more challenging than most people think. Reason why is because sometimes the bios picks a random GPU as the main GPU. So you plug it into the main x16 pci 3.0 slot, and nothing displays. So you need to try the other 5. And sometimes its some weird PCI5 x1 2.0 slot which is the display monitor. Then you gotta attach a keyboard and mouse... but most of the time in bios the USB 3.0 is disabled so you need to find a USB 2 legacy port and enable it in the bios. Then even if you get windows to boot, you need to install the USB drivers to get the keyboard+mouse working. Hence it helps to keep a legacy serial port keyboard laying around. So I know what headaches this can cause. |
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Before I even voted, I could tell that over 80% would choose dice and after I voted I saw that over 74% selected dice which makes perfect sense. First of all nobody in crypto gambles with any type of lottery style gambling, it was tried in the past and failed due to no interest. Sports you can't really gamble right now. And there are some card games however those are usually best played with real physical cards rather than on a computer.
Also dice is pretty new to most new gamblers. They all heard of slots which are easy to play but dice is just as easy. Basically you hit roll and it will land on a number thats either higher or lower than 50 and it will decide if its a win or not. Also many people will find the provably fair option a big plus because they can prove that they aren't being cheated. Something you can't do in a physical casino.
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This topic seems to get discussed alot in the gambling sections. Basically everybody thinks there is going to be tons of people going to crypto gambling casinos since they got nothing to do at home and they can't gamble at a real casino. While this is true and seems like a good way to build adoption, however most people fail to realise that there is a recession going on right now and many people lost their jobs.
It would be one thing if they were a new adopter to crypto and bought $50 worth or so as an investment and held. However with bitcoin casinos and gambling you know how it is. Usually the house wins and they run out of money. And for many they aren't going to be gaming with their savings unless they are some millionaire.
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Hodling is usually what makes most people money, trading does not. Maybe there are 5% that are profitable out there but the vast majority who try trading probably lose their entire balance. And with stocks its no different.
I know many people who invested in 2009 when the market hit bottom and one guy invested like $3000 and bought maybe 5 different stocks, and held it for 10 years or so and he made huge gains compared to my other friends who invested maybe $50K in stocks and ended up losing it all. Sure there is someone who is great at trading but most people end up going bust.
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