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Thread: Bitcoins are officially donkdown

  1. #4681
    Platinum Krypt's Avatar
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    BTC will see 10k before it ever sees 18k again

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    Gold DonaldTrumpsHairPiece's Avatar
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    Quote Originally Posted by Krypt View Post
    BTC will see 10k before it ever sees 18k again
    Now a LOCK $18k+ coming after futures settled in 1 week, thanks K!

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    Gold Salty_Aus's Avatar
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    I must admit, I'm genuinely fascinated by all this crypto stuff. Not merely because I'm a greedy human and want to make money, but more-so the technical side of things.

    Firstly, I like computer games and have been a computer nerd since I first saw a Space Invaders machine.
    So I've basically had a computer capable of mining since the beginning.

    My first foray was with a single AMD HD5870
    Made a profit and had fun, when it was uneconomical with this card I stopped mining.

    Upgraded to a new GPU totally for gaming reasons to AMD R9 280X in crossfire. (2 cards)
    Realized it was profitable to mine crypto again and had another go at it.
    Made a profit stopped when I figured it wasn't worth spending $2 a day in electricity to make $1 or less.

    Continued to game with this setup till 6 weeks ago. So after looking at all the available GPU's I figured the GTX1070 was the best value.
    It's funny because when I finally bought this card I thought to myself, I can't mine with it as I know the Nvidia cards are terrible for mining.
    Well, they used to be totally shit compared to AMD going back a couple of years.

    So for the last couple of days I've been playing around with settings and what's not. Mining is all about efficiency in my opinion.
    Fired up the 1070 using Claymore miner, straight away I get 26Mh/s and chew through 140W at the wall. I just ran it at my gaming overclock, plenty of GPU boost and mild Mem boost. Not bad considering my old crossfire setup could chew about 650W's
    So I go balls deep of course with all the technical shit and I get the sucker running at about 28.5Mh/s and dropped the consumption to 131W @ the wall
    Ran it for a couple of days and figured it was profitable again.

    Did a final optimization this afternoon 32.8Mh/s steady and stable, and only drawing 125W's

    $AUD2.00 invested in electricity and holding $AUD25.31 in ETH
    Will improve when my efficiency tweeks take effect.

    I'm going to do the same stuff I did last time, trade between coins and run it to the moon.
    Then work out the best way to short Bitcoin with all my profits when I know it's going to go pop. I'll free-roll this and see if I can catch a falling knife, if I have the nerve.

    TO THE MOON MOTHERFUCKERS!

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  4. #4684
    Plutonium sonatine's Avatar
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    https://news.vice.com/en_us/article/...ource=vicefbus


    china going after miners full throttle.
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

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    Quote Originally Posted by sonatine View Post
    https://news.vice.com/en_us/article/...ource=vicefbus


    china going after miners full throttle.
    Iceland is encouraging folks to use their geothermal, also other countries in that region.
    Several $USD20,000,000+ farms are slated for Iceland in the near future.

    You know this shit will encourage the Chinese, anything the government tries to stop must be something to be in.

  6. #4686
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    Quote Originally Posted by sonatine View Post
    https://news.vice.com/en_us/article/...ource=vicefbus


    china going after miners full throttle.
    The author of that article is so clueless. I don't know about the China stuff, but the author says something about complex mathematical problems that verify (validate?). This is not true at all God Vice is awful. Anyway, if you think that is true then this news is a lot more interesting.

    [edit - went back and finished reading it. It is even more awfully wrong]
    Removing a large portion of the network will also slow the number of new bitcoins mined, causing a shortage of supply that in turn will likely result in another surge in price — which currently sits at around $15,500.
    This would only be true if China was able to turn off all miners at once. Then the network would be hosed up for a month or so, but the next difficulty would adjust and things would be back to normal. There is a 2 week adjustment period. (I believe) that the 2 weeks could become 6 weeks if literally 70% of BTC miners were turned off at once. [Which would not happen in China. Thats not how it works]

    However, the addition of new coins is 12.5 every 10 minutes. "Shortage in supply". Not bothering to do the math to show how incredibly stupid of a statement this is. "surge in price" lol truly WTF

    You'd think such big media outlet could find a tech writer who understood this shit.
    Last edited by donkdowndonedied; 01-08-2018 at 09:26 AM.

  7. #4687
    Gold Salty_Aus's Avatar
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    Quote Originally Posted by donkdowndonedied View Post
    Quote Originally Posted by sonatine View Post
    https://news.vice.com/en_us/article/...ource=vicefbus


    china going after miners full throttle.
    The author of that article is so clueless. I don't know about the China stuff, but the author says something about complex mathematical problems that verify (validate?). This is not true at all God Vice is awful. Anyway, if you think that is true then this news is a lot more interesting.
    I read about the Chinese government telling the smaller jurisdictions to crackdown on miners last week, it's legit news.

    But knowing how these smaller jurisdictions work, it will be very in-effective.

    What the banks are doing at the moment is way more alarming, seems to be coordinated action.

  8. #4688
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    Quote Originally Posted by Salty_Aus View Post
    Quote Originally Posted by donkdowndonedied View Post

    The author of that article is so clueless. I don't know about the China stuff, but the author says something about complex mathematical problems that verify (validate?). This is not true at all God Vice is awful. Anyway, if you think that is true then this news is a lot more interesting.
    I read about the Chinese government telling the smaller jurisdictions to crackdown on miners last week, it's legit news.

    But knowing how these smaller jurisdictions work, it will be very in-effective.

    What the banks are doing at the moment is way more alarming, seems to be coordinated action.
    I have little doubt that China wouldn't start cracking down on Bitcoin miners. I can think of many reasons and given the way China works, why not?

    However, this having an impact on BTC is questionable. At the most, it shows China's central government (whatever it is named) is sorta going after BTC. Perhaps a lot of protection money and hands will be greased. Perhaps that is the problem here. China doesn't want to be building power stations etc for miners. Anyway, blah, blah, but what I was complaining about is the effect Vice claims this will have on BTC. It just perpetuates misunderstandings. Hashes are not complex mathematical anythings that verify anything.

    A better analogy for a miner is a virtual slot machine. You spit out hashes like hitting the fucking button on a slot machine. Once you find one that is higher than the difficulty then you've a score. Faster hashrates are just guys who hit those buttons faster.

    Verification etc is done on fullnodes. Also the guy who mines a block verifies the transactions because they want their block to be legitimate or they lose out on the prize. That however has nothing to do with the hash.

    You could go find a $30 miner, plug it in and get the software going, whatevers. You'd have a non-zero change of scoring 180k USD. That'd just be a really slowass slotmachine.

  9. #4689
    Plutonium sonatine's Avatar
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    Hey remember those big fancy btc etf proposals?


    Yeah those are donkdown too. GG NH.


    https://www.reuters.com/article/us-b...-idUSKBN1EY045
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

  10. #4690
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    Quote Originally Posted by sonatine View Post
    Hey remember those big fancy btc etf proposals?


    Yeah those are donkdown too. GG NH.


    https://www.reuters.com/article/us-b...-idUSKBN1EY045
    Might actually keep bitcoin alive a bit longer.

    Big players can't sell-off, and take short positions easily.

  11. #4691
    Plutonium big dick's Avatar
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    Jamie Dimon regrets calling bitcoin a fraud.


    https://news.bitcoin.com/jp-morgan-j...aud-statement/

  12. #4692
    Plutonium sonatine's Avatar
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    Quote Originally Posted by big dick View Post
    Jamie Dimon regrets calling bitcoin a fraud.


    https://news.bitcoin.com/jp-morgan-j...aud-statement/
    he probably got tired of the death threats.
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

  13. #4693
    Platinum Krypt's Avatar
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    Hey guys, remember when people were calling for $1m a btc? LOL this trash will never see $20k again, let alone $100k etc Rofl you stupid motherfuckers. Chinamaniac missing in action

     
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      sonatine: https://www.youtube.com/watch?v=MY_16u4zoy0

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    Quote Originally Posted by Krypt View Post
    Hey guys, remember when people were calling for $1m a btc? LOL this trash will never see $20k again, let alone $100k etc Rofl you stupid motherfuckers. Chinamaniac missing in action
    Krypt is bitcoin's savior. Monster rally around the corner. Millions have been made in crypto and Krypt made $0.

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    $13,500. Krypt = GOD

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    Quote Originally Posted by snake_in_the_ass View Post
    $13,500. Krypt = GOD
    Ripple getting pummeled.

     
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      Salty_Aus: pump and dump coming soon. Still life in that dog.

  17. #4697
    Diamond chinamaniac's Avatar
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    Quote Originally Posted by Krypt View Post
    Hey guys, remember when people were calling for $1m a btc? LOL this trash will never see $20k again, let alone $100k etc Rofl you stupid motherfuckers. Chinamaniac missing in action
    How much do you want to bet on 20k a coin?

    Doesnt matter what happens to bitcoin for me anyhow. Could go to zero tomorrow and I will not lose a dime

  18. #4698
    Plutonium sonatine's Avatar
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    shout out to pennycurrency thousandaires.
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

  19. #4699
    Plutonium sonatine's Avatar
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    https://www.reuters.com/article/us-s...-idUSKBN1F002B


    largest exchanges in south korea raided for tax evasion.
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

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    Platinum Krypt's Avatar
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    LIMIT DOWN

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