Bitcoin Keeps on Rising passes 3000 USD

#5441960

flashmozzg

2017-06-12 17:33

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.

Never get rid of your GPU before you buy the new one. That's the golden rule for most CPU parts. That they you won't be left with barely functioning PC if something like this happens/or there will be some problems with new parts. Yours truly, Captain Hindsight.

#5441969

airbud7

2017-06-12 17:47

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.

Whew! Thanks Boss...I almost quit my day job and start mining that stuff! I can't never find a way to make good money fast...:bang: :D

#5441973

Brasky

2017-06-12 17:57

Never get rid of your GPU before you buy the new one. That's the golden rule for most CPU parts. That they you won't be left with barely functioning PC if something like this happens/or there will be some problems with new parts. Yours truly, Captain Hindsight.

Captain Hindsight, Instead of folding@home I should have been mining cryptocurreny right?

#5442008

k3vst3r

2017-06-12 19:17

Value is likely crash in August due to changes planned for BTC. https://www.reddit.com/r/Bitcoin/comments/6f34uk/aug_1_bitcoin_independence_day/

#5442063

CrazY_Milojko

2017-06-12 21:45

This will be a messy bubble when it pops...

...with lots of cheap used GPU's laying around, can't be that bad for those who are waiting for cheap second hand GPU as an upgrade. It happened before, sooner or later it's gonna happen again, second hand market is gonna be flooded with RX 470, 480, 570, 580 cards...

#5442130

Size_Mick

2017-06-13 00:12

So, how is Bitcoin not a scam? The guy who invents it hoards millions of bitcoins to himself, and the people who make the rest all have really powerful machines to generate the crypto hash whatevers to make them. So it makes me think that the huge corporations with vast amounts of computing power would be the only ones to really benefit.

#5442151

chronek

2017-06-13 01:27

Last time I checked, the US as a whole is still earning more money than they're spending, despite the debts climbing.

If debts climbing despite earning more than spending means only that debt is enormous, debt service payments generate more debt than you save from not spending and they can not stop it. But real problem is not debt increase but who hold that debt and it is private fed bank who would stop loaning money to goverment and banks and could request return... Goverment have no power over fed.

#5442170

Clouseau

2017-06-13 02:21

The value of US currency used to be backed by gold. When the currency was on the gold standard, one had gold certificates. Theoretically one could go to a bank and exchange the face value of the certificate for the same value in gold bullion. When the US shifted to silver, currency was in silver certificates. Now no precious element backs the value of the currency. It is backed by the "good faith" of the government; nothing more, nothing less. Essentially we are taking the government's word that the currency can be used to settle all debts and transactions. What back's cryptocurrency? As with the porn industry, who knows who's money one is really dealing with.

#5442176

Agonist

2017-06-13 03:27

People are trying to sell RX 470 4GBs for $300-$400. Even sayings trying to cash in on the mining craze and upgrade. Not 1 of them has sold on craigslist either. Bunch of dip****s.

#5442472

Backstabak

2017-06-13 17:42

I understand what you're saying, but keep in mind value has a deeper meaning than how much a single bitcoin is worth. I'm not arguing against the literal value of bitcoins; value is determined by the beholder. This is why a blue canvas with a white line painted down the middle can be "worth" tens of millions of dollars. But again, value means more than that. A form of currency is only as good as your ability to spend it. Most sources don't take bitcoins, so despite it being having a literal value of $3000, in practice it loses a lot of value since so few places will accept it. Considering the price and rarity of bitcoins nowadays, I don't suspect we'll be finding many more stores to accept them. If that's the case, it wouldn't surprise me if other stores drop support for it. It doesn't matter how much monetary value a currency is claimed to have if most of places you need to spend money won't accept it.

It's not really that it has value because you can pay with it somewhere, but because it is not tied to any bank or a country. This brings the stability in knowledge, that your money will not go "poof" because some bank gave out loans irresponsibly. All of that is the original idea ofcourse. With price up to 3k USD, I don't think it's now anything other then a tradable comodity with arbitrary value.

#5442619

icedman

2017-06-13 23:21

I just hope bitcoin crashes befor Vega drops or prices will stay over inflated on both red and green cards like the time I got gtx 670 the hd 7970s where insane.

#5442703

alanm

2017-06-14 06:56

People are trying to sell RX 470 4GBs for $300-$400. Even sayings trying to cash in on the mining craze and upgrade. Not 1 of them has sold on craigslist either. Bunch of dip****s.

Seen someone report selling his RX480 for $400 (original cost $240). He bought a GTX1050ti to hold him over. Wow. I hope AMD have a way of quickly ramping up production to make up for the inventory shortfall. And to milk this mining craze for all its worth.