Crypto meltdown!

Discussion in 'The Guru's Pub' started by G13Homi, Jan 11, 2021.

  1. AuerX

    AuerX Master Guru

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    I did the lazy thing and hit the EVGA que at the start. Gamed away on my old 2070 until new cards started showing up at the doorstep.

    Had no reason to stress over anything. It's only gaming after all.
     
  2. Dragam1337

    Dragam1337 Ancient Guru

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    I suspect it will have stabilized in half a year when the 4090 releases.
     
  3. XenthorX

    XenthorX Ancient Guru

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    I'm afraid stability and crypto are two opposite words!
     
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  4. -Tj-

    -Tj- Ancient Guru

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    Can i have that 2080ti for free too from my 980ti? Would go for 3080 but feels too much to ask :d
     

  5. Dragam1337

    Dragam1337 Ancient Guru

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    That is entirely true, but i meant it in the way that at that point, the majority of old tired mining cards ought to have been sold, stabilizing market price for gpu's.
     
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  6. PPC

    PPC Master Guru

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    That could be said of any server thats holding cat memes. Or a plethora of many other things.

    Blockchain is actually a historic technology and crypto showed that interdependent financial systems can exist which many of us thought is pretty impossible. Your hate is only based on you paying an extra grand for your "toy", grow up.
     
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  7. Airbud

    Airbud Ancient Guru

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    Bam!...nuff said.
     
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  8. RealNC

    RealNC Ancient Guru

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    The only acceptable exchange rate for cryptocurrency is $0 per <insert any CC here>.
     
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  9. DannyD

    DannyD Ancient Guru

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  10. RzrTrek

    RzrTrek Ancient Guru

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    Twitter is full of greedy crypto scammers who've lost everything. They tell their sheep to have "hope" and keep investing, while they themselves are cashing out in mass.
     
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  11. pegasus1

    pegasus1 Ancient Guru

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    I have little to zero sympathy, everybody i know who has lost big only got into Crypto for one reason, to make quick (if risky) money and stayed on that bandwagon for one reason, greed. I know a guy who bought three 3080Ti's from Holland late last year Costing a small fortune), had them imported into Turkey (another small fortune), lost one to customs (1/3 of a small fortune) then has just sold his kit now for a fraction of what he paid. Best of all, apart from lecturing me on how is going to make it huge, is that he has borrowed the entire start up costs from the bank.
     
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  12. fantaskarsef

    fantaskarsef Ancient Guru

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    Wow that's... a really solid business plan in the first place. \s
     
  13. pegasus1

    pegasus1 Ancient Guru

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    Yeah, he has now given up being a crypto expert, his new thing is being a fitness expert, that will last as long as his crypto foray.
     
  14. fantaskarsef

    fantaskarsef Ancient Guru

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    Don't get me wrong, it's not my place or responsibility to tell others if they have good ideas, or not, but borrowing money to make money only works if you don't really have to pay it back (what rich people, or rich people's kids usually do).
    But going for a bank loan to mine crypto is one of the most risky things I could imagine. A friend of mine's little brother also had the very smart idea of doing something like that, once asking in discord:

    "When I go to the bank and get myself a 10k EUR loan, put it into crypto coins, and make lots of money with it, can I pay the loan back ahead of time?"

    Mind you, that guy's 27, he was not even working a regular job, living with his parents still, so no idea how he would pay back basic rates at that point. He did not take the loan, and what little he had, by now is worth less than he put in.
    Still no job, still no savings, but lucky for him, no debt either.


    Cryptos have just done what is not new: attract a few smart people, and the overall majority of not so smart people, all looking for quick and easy money.
    Happened with stocks and bonds already.
    Happened with bloody tulips already.
    Happened with gold mines in the western US already.
    Happened with oil in the Middle East already.
    Now it has happened with crypto currencies and NFTs as well.

    And for most of such people, it does not pay off. And with all of this, it's the "in before it takes off, out before people realise it's not as good as it's marketed" principle that has been around for centuries and millennia.
    That's how it subjectively looks to me, at least.

    edit: I have also lost money on cryptos, but more because of mining to be honest. So yeah I'm one of those who were not lucky or skilled enough.
     
    Last edited: May 20, 2022
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  15. Airbud

    Airbud Ancient Guru

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    Best post of the Day...^

    Hey!...We need a "Best post of the Day" thread!....:p
     

  16. Horus-Anhur

    Horus-Anhur Ancient Guru

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  17. chispy

    chispy Ancient Guru

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    Expert claims it is useless and destructive - Cryptocurrency needs to die in a fire :D



    A senior staff researcher at the International Computer Science Institute and lecturer in the computer science department at UC Berkeley has slammed cryptocurrency is useless and destructive, and should "die in a fire." Cryptocurrency is only seriously used for payments for ransomware and drug deals — the things that non-decentralised currencies are legally obligated to block, he said. ...

    Full article and source: https://www.fudzilla.com/news/54889-cryptocurrency-needs-to-die-in-a-fire

    2af9cc111d80c56666f657b3009595ac_XL.jpg
     
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  18. tsunami231

    tsunami231 Ancient Guru

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    I dont like crypto and does need to die, but I see digital currency being thing, problem with crypto is you can "farm" it so long as you "pay" electric bill which alot people just stealing due to the insane amounts power require to farm it in first place
     
  19. Horus-Anhur

    Horus-Anhur Ancient Guru

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    As a bit of a joke, a lot of people say that the world economy is run on an Excel spreadsheet.
    So in a way, it's a digital currency.
     
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  20. alanm

    alanm Ancient Guru

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