Bitcoin Keeps on Rising passes 3000 USD

#5441818 Posted on: 06/12/2017 01:56 PM

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Makes me sad becouse some of us still didnt upgraded. Still, there will be many cheaper AMD cards around when this craze is over.

#5441828 Posted on: 06/12/2017 02:11 PM

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I value Bitcoin more than my countries currency.

#5441832 Posted on: 06/12/2017 02:14 PM

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Im looking at Serbia shops, every rx570/580 are sold. You can only buy rx560 atm.

#5441850 Posted on: 06/12/2017 03:01 PM

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I sold my R9 270X and when I went to the shops to get a RX570 they were gone everywhere. Almost 3 weeks without GPU and probably will have to wait till end of the month.

I'm really dying for the bubble to pop, I'll be laughing hard at these mofos with huge amounts of GPU's.

#5441852 Posted on: 06/12/2017 03:06 PM

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How long it take to make/mine a bitcoin?....I need me some of them things...

#5441862 Posted on: 06/12/2017 03:21 PM

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Because of large US debt crisis is coming (they will start war to have something to blame) So when money or gold in bank is not safe and gold, silver in house impractical and even impossible in large scale, where to put money for crisis time? In criptocurency - safe, fast, convenient...

#5441866 Posted on: 06/12/2017 03:27 PM

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With your PC .. years? Likely even more with the current difficulty. That's 24/7/365, and that's excluding $/kWh and your investment costs.

#5441871 Posted on: 06/12/2017 03:39 PM

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Cryptocurrency (at least ones like Bitcoin) isn't that safe. Bitcoin has lost value more than once, and it's value is completely arbitrary, and finite. This is not ideal for a wide-spread currency. Materials like gold and platinum are generally what define's a country's treasury, and in turn, monetary value. The cost of these materials is directly influenced by supply and demand. That being said, the currency of countries isn't arbitrary, at least not completely. As long as there is something tangible that the currency is connected to, it is possible for a country to indefinitely add more currency without decreasing the value of it.

EDIT:
I understand that Bitcoin being finite is one reason for it to have value; if it was infinite, then it would retain no value, ever. On the other hand, the quantity limit of it is also the limit of who can get their hands on it. It isn't all that reliable, useful, or valuable if only a select few can utilize it, because that also limits where you can spend it. It's really no different than using Euros in the US - Euros may have more value than USD, but you're effectively poor if the stores you're going to won't accept it.

On a more pedantic note, how are people supposed to depend on cryptocurrency in a moment of crisis? When I think "crisis" what comes to mind is a lack of reliable internet. If things like bitcoin are really only limited to "privileged" people, I don't know how you could buy things like food, fuel, or clothes with it in a moment of crisis.

#5441877 Posted on: 06/12/2017 03:53 PM

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As long as there is something tangible that the currency is connected to, it is possible for a country to indefinitely add more currency without decreasing the value of it.


Not since the gold standard was dropped. That said, the tangible evaluation of the USD these days is likely meassured in military force

I also think you meant to say printing indefnitely is impossible, insofar the currency is tied to something tangible.

Anyhow, politics.

They are what they are and to me personally Cryptocurrency isn't the holy grail.

I'm the tinfoil head wearer after all; a currency untracable and truly free of control wouldn't be allowed to come into existence

#5441879 Posted on: 06/12/2017 03:54 PM

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In America is private FED bank who create money and whole america lends from them, and debt is enormous. So when private fed owners decide to stop lending money and want repayment there will be big crisis (like they start it once in a while) banks panic and fall of US currency. For repayment each money, gold, property will be seized...

#5441898 Posted on: 06/12/2017 04:12 PM

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So, I am guessing, no one is selling ASICs anymore...It would take a year to mine 1 btc with 570 too, not to mention that difficulty might (probably will) increase.

What I am wondering is, who was buying this much btc at these prices? :S I mean, price increases because demand outweighs the supply...

#5441913 Posted on: 06/12/2017 04:23 PM

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So, I am guessing, no one is selling ASICs anymore...It would take a year to mine 1 btc with 570 too, not to mention that difficulty might (probably will) increase.

What I am wondering is, who was buying this much btc at these prices? :S I mean, price increases because demand outweighs the supply...

I'm not really into bitcoin mining but it's my understanding that a lot of the new cryptocurrencies that are popping up are adverse to ASIC mining.

This is directly from Ethereum's whitepaper:

The current intent at Ethereum is to use a mining algorithm where miners are required to fetch random data from the state, compute some randomly selected transactions from the last N blocks in the blockchain, and return the hash of the result. This has two important benefits. First, Ethereum contracts can include any kind of computation, so an Ethereum ASIC would essentially be an ASIC for general computation - ie. a better CPU. Second, mining requires access to the entire blockchain, forcing miners to store the entire blockchain and at least be capable of verifying every transaction. one notably interesting feature of this algorithm is that it allows anyone to "poison the well", by introducing a large number of contracts into the blockchain specifically designed to stymie certain ASICs.

#5441916 Posted on: 06/12/2017 04:29 PM

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Bitcoin is the old coin and cryptocurrency, to actually make a profit you need an application specific hardware.

If you want to try and make a profit, there is another coin called Ethereum that has some potential for getting in on the mid level of the bubble. Check out some articles and information on that if you are looking to make a quick buck*. *Disclaimer, I have little to no idea what I'm talking about except for the knowledge that Ethereum exists.

#5441919 Posted on: 06/12/2017 04:34 PM

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Precious metals are still used to my knowledge, but they definitely don't wholly represent the value of USD, and likely other major currencies too. I wouldn't be surprised if military force actually equated for some of the value.



If this debt is what you're referring to in terms of the US's debt crisis, I think you're mistaken. Last time I checked, the US as a whole is still earning more money than they're spending, despite the debts climbing. The US's economy in general is pretty stable, despite the obscene debt. When it comes to governments, debts are a lot more complicated than they are for individuals or companies. It is easily possible for two countries to be in debt with each other. Example:
http://www.dailymail.co.uk/home/moslive/article-2118152/Tangled-web-debt-Who-owes-trillions.html
Meanwhile, the vast majority of the US's debt is to itself (in particular, banks, investors, and other loaners).

#5441920 Posted on: 06/12/2017 04:38 PM

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Cryptocurrency (at least ones like Bitcoin) isn't that safe. Bitcoin has lost value more than once, and it's value is completely arbitrary, and finite. This is not ideal for a wide-spread currency. Materials like gold and platinum are generally what define's a country's treasury, and in turn, monetary value. The cost of these materials is directly influenced by supply and demand. That being said, the currency of countries isn't arbitrary, at least not completely. As long as there is something tangible that the currency is connected to, it is possible for a country to indefinitely add more currency without decreasing the value of it.

EDIT:
I understand that Bitcoin being finite is one reason for it to have value; if it was infinite, then it would retain no value, ever. On the other hand, the quantity limit of it is also the limit of who can get their hands on it. It isn't all that reliable, useful, or valuable if only a select few can utilize it, because that also limits where you can spend it. It's really no different than using Euros in the US - Euros may have more value than USD, but you're effectively poor if the stores you're going to won't accept it.

On a more pedantic note, how are people supposed to depend on cryptocurrency in a moment of crisis? When I think "crisis" what comes to mind is a lack of reliable internet. If things like bitcoin are really only limited to "privileged" people, I don't know how you could buy things like food, fuel, or clothes with it in a moment of crisis.

Ofc btc is more volatile than most other currencies or goods, no one will argue against that.

But let us go back in time several years. Everything you said had been just as valid back then as it is now. Only difference being bitcoin's nominal value. Which has gone up several thousands %. Everyone was a naysayer or skeptic at one point in time(me included) , but then you look at the reality, and relize its kinda silly to argue against reality, which is right in front of you.