ETHEREUM MINERS ETERNALLY BTFO! AHAHAHAHAH

ETHEREUM MINERS ETERNALLY BTFO! AHAHAHAHAH.
videocards will be back to normal pricing soon. feels good

Other urls found in this thread:

bitcointalk.org/index.php?topic=1413322.0
youtube.com/watch?v=K8kua5B5K3I
en.bitcoin.it/wiki/Difficulty
bitstamp.net/
coinbase.com
kraken.com/
bitfinex.com/
btc-e.com/
twitter.com/SFWRedditGifs

i hope who invented that coin would die right now 2bh famalam

i want the cryptocurrency meme to end already

>money laundering
>ever ending

>he didn't sell their ethereum when it was at 350~
Easiest 4,000~ I made in my life.

>its back to the price I bought in at

>bought in at 175 in June and sold at 350 something.

So its a good time to buy now.

Buy Litecoin and Eth and wait for BTC to split.

these coins are designed to have limited supply anyway and become harder to mine
at some point the power to run the cards becomes more expensive than the coin coming from it

calm down

who /buyin'/ some coins 2day

ETH has no hard cap

bullshit

What is this?

You should never ever get into crypotcurrency unless you were on it like the very first day

The friend of a cousin told me about it and I just kind of forgot, he invested 1k on it and now he's fucking rich

I wish I had the balls to invest, but It would probably not end well for me.

well, at least i know it's the perfect time to start investing in crypto for when this shit bubbles again

JUST BUY THE DIP

I want the Federal Reserve meme to end already

>investing in fantasy currencies
>not buying and hoarding commodities that gain actual value over time
I have stored a few tons of aluminium in my garage already.

bitcointalk.org/index.php?topic=1413322.0
Also, it was also possibly 76% premined

Its going to fall much harder.
Remember that the markets arent really logical, people are resentful of the coin because it didnt live up to their delusions.

Also something is going on august first.

How rich we talking

as of now around 120k

Basically.

The people who made several millions in bitcoin are the people who adopted it for fun when it was essentially free, forgot about it and had a small heart attack they they remembered they had 10k in their hdd when they saw someone talking about how it was 1000+ .

Or maybe if you were insanely greedy and refused to sell it on the 200 mark, on the 1000 mark, on the 2000 mark and only sold it when it hit 3000 (or are saving for even higher)

I still have to see someone saying
>I was able to leave my regular job
>I bought a house
>I paid my debts
>I went to college
with Bitcoins.
The thing is just a regular scam

youtube.com/watch?v=K8kua5B5K3I
these people's jobs ARE bitcoins.
they've made millions.

Fucking cryptofaggots

>rich
>120k
>10-15+ year investment

Its speculation. It isnt a scam. Its priced over 2k because there are people willing to buy it for that price.

Lucky people got massive profits. Normal people really didn't get much, idiots lost money.

Interesting.
But, given the investment that dude had to do and the fact he has employees working 24/7, it isn't really different from a regular business venture.

>1k to 120k in about 5 years without any effort.
Thats a ridiculously successful investment, he just didnt put enough to be millionare today.

>employee play poe during his work

>It's speculation
So, it's not different from stocks.
What's the point then? I'll rather invest on something that's already regulated.

not really but it wasn't always like this.
as people have said if you get in early that's where the money was.
then chinks jump on it and mine like crazy, suddenly it's much harder to mine a significant amount.
then it gets to the point where the amount earned compared to electricity costs make it only worth it if you are doing it on a ridiculous scale like those chinks.

mmm no
early days of bitcoin is like 15+ years at the least
and its 1k to 120k
you must be underage b& to think 120k is "rich"
is like 2 years of regular job
could take 50k from retards on your patreon instead and give them lazy twitter pics of your food instead

The point is that coins have a much higher risk/reward factor. Normal stocks are, as you said, regulated.

I mean, bit coins, from the lowest price to the highest had a fucking 600000 fold increase. Six hundred thousand fold. Its is completely unprecedented in normal stocks.

So, as far as I understand from this thread, this whole cryptocurrency business is just like other forms of speculation-based business like bonds and stocks where only the people dedicated exclusively to it, with the power to influence the market and with the capital and the manpower required can profit with it.
That's very different from the "get rich quick" "any NEET can become the next Nelson Rockefeller" picture Sup Forums paints all the time.

I think I'll stick to my regular job.

NOOOOOOOOOOOO THIS CANT BE HAPENING fuck your games v

so I know nothing about any of this shit, but aren't quantumm computer supposed to be gud at current crypto stuff? won't they destroy the whole crypto-currency meme

Oh, you'll see people SAYING that all the time.

Thats ehy new coins always appear

And? If you can't turn those 6000000 into real money or products / services then they may as well not exist.
I can write a big number on notepad and pretend to be rich without risking real money.

Sounds like a good life.

rich isnt the same as wealthy

2 years or a regular job? come on youre not even factoring in living expenses

Bitcoin is like playing market, the average person will just lose money, some people will become rich because they were smart and lucky

>selling 100 bitcoins at the 200-300 mark cuz u think this is as good as it gets
>implying ur rich now
>tfw when the price increeased tenfold years later

not me but imagine being one of those ugys

Bitcoin was started in 2009 you moron, 8 years ago. And he clearly didnt bought 1k of it day one, nor sold it last week. To assume it spent 5 years invested is a fair assuption. He could have made it in even less time if he invested and sold in the right moments.

I never claimed he is rich. I even said he didn't put enough money. But his investment was much more profitable than anything you will ever have available during your entire life, thats for sure.

>they've made millions
TO DA MOON

No it doesn't. The difficulty of mining is automatically adjusted so that new coins are created at a fixed rate. If miners start shutting down their equipment, the difficulty goes down and the mining economy balances out at some level where it's still profitable for most of the miners.

I will never understand this meme currency, it just never take off and stay afloat for decent amount of time why even bother.

Yeah it's pretty much stock market but with made up shit with some advantages in anonymousity

Holy kek

But you can?

There's more than enough liquidity on the cryptocurrency markets nowadays to turn 6M into dollars.

>If miners start shutting down their equipment,

That's like tellings Japs to stop killing whales so they can reproduce and there will be more to kill afterwards

You actually can tho. Because there are people willing to buy it.
Well, if you had like, 100k coins, it would take a good while to liquidate everything, you would need to sell it in small parts, but you wouldnt be starving while holding a bitcoin bag begging people to buy it from you.

>The difficulty of mining is automatically adjusted
Who is doimg this

>All the sour grapes ITT

Exactly. Mining won't become unprofitable as long as the coins have some value.

>crypto isn't hasn't been adopted entirely worldwide yet so its a total scam

why are so many people here so fucking bitter?

i dont know shit about this
but im going to assume he means that less people mining means more coins to discover and mine

en.bitcoin.it/wiki/Difficulty

The bitcoin (or ethereum) protocol itself. The developers (and the miners) simply agree that they follow a set of "rules" where the difficulty is based on the time it took to mine previous blocks. Lowering the difficulty if it took too long (i.e. if there's not enough mining power in the network), and vice versa.

what can one do with these digital coins? is there a bank somewhere that will turn it into US dollars?

No it doesn't. A person who finds a block (= solves a mathematical problem with their mining equipment) gets a pre-determined number of new bitcoins, and the difficulty of the mathematical problems is automatically adjusted so that finding a block takes 10 minutes on average regardless of the number of miners.

No, you just sell it to the next schmuck buying into the miracle of cryptocurrencies.

No, but there's a bazillion bitcoin exchanges where you can trade them into USD (or other currencies).

bitstamp.net/
coinbase.com
kraken.com/
bitfinex.com/
btc-e.com/

glad i have you to correct me
this whole things needs to require a post-secondary level understanding of programming or mathematics which inherently locks out all the dumdums (like myself) from the mining venture

so why do these have value? can i use these on dark web for drugs like bitcoins?

You can use some Exchange site and sell them to someone wanting to buy, and pocket the dollars. Kinda like stocks.
The market, specially the bitcoin one, has enough liquidity (aka, people wanting to buy) to function.

Haha time to buy the dip.

The same reason normal money has value - people agreed on it.
>but but but this is not real!
Vast majority of regular money these days is just bytes on your bank account with nothing to represent it physically. Same shit.

>Why do they have value
Why does gold or diamond have value? Why does dollar have value? Because people believe in its value. They believe in the liquidity (capacity to be exchanged for something you want) of said currency. Bitcoin does have liquidity. Less than fiat currency (dollar, euro), but still have.

The coins market is highly speculative and unregulated, with massive profits and losses to be made.

I'm holding long until next spring, at least.

So why is this thing flopping at the moment?

Reminder that all mining gpus are forced to work at 100% 24/7. While there's people who undervolt gpus to prolong their life span, most others are bandwagon jumpers who wouldn't know about that. When the market is filled with used cards, it's gonna be a mixed bag and you don't want to take chance.
Be patient, be considerable, be wise, and wait for manufacturers to release new batchs of card. If you buy used gpus from miners you are giving them chances to pull this shit again in the future. Let them reap what they sowed

This, if tomorrow everybody decided that the dollar had no value, it's gonna stop being worth something

Just the usual crypto rollercoaster. After a huge rise caused by hype and speculators there's always a correction.

currencies have value because its backed by a government which is a hell of a lot more stable and secure than some random people who invent a digital currency

if the pound sterling was not backed by anything it would be as valuable as the materials in the coin

I JUST WANT A GAMING PC

REEEEEEEEEEE COINIES GET OUT

>Retards throwing money into a pit to farm cryptocurrencies for 'financial stability' instead of just getting a job

Nobody is claiming crypto is stable or secure. But it does have value based on the same principles as any other money.

You know any miner who isn't some teen retard falling for the meme just does both right?

the way i see it
this is just the initial phase of the currency
they are simply "printing money" right now and then the amount of "printed money" reaches the zillions then someone organization or power will step in and seize control of the whole supply of unique "coins", which can never be counterfeited since every single unit has a unique number attached to it

>not buying coins at a dip and mining on an idle PC while you're at work and hodling coins for a year or two to make maximum gains

desu once PoS gets implemented into ETH mining won't be a big deal. Everyone gets free ETH as long as they hold a certain amount in their wallet.

How would you step in an seize cryptocurrencies? Find every cryptoautist and steal their HDDs, smartphones and beat them with a wrench until they give you access to their brain wallets?

It's a way for the Chinese to bait Westerners into buying their shitty GPUs en masse. Stupid faggots think they're going to get rich quick by doing nothing because they hear about it through ribbit. Surprise surprise when they actually LOSE money when the crpyto market inevitably crashes before it can return more than what was invested.

>tfw a "friend" tried to get me to buy his coins "because it's the future of currency man"

Multiple reasons.
Recently, because some media attention i think, a lot of people who had no idea what they were doing started pouring money on crypto market. Mostly on Etherium, but also other coins, hoping for a new miracle coin.
Too many people makes mining harder, profits smaller. The value was inflated because of the hype, and now that the hype is dying down, the hope of getting massive profits is going down the sink, and people are bailing out in fear.

Also something, which i dont know what, will happen august first (i think some new regulation or ajustment) and people are scared it will tank the values, so they are already bailing out.

As long as jews keep a hard control on the banks people will find ways to work around them. Fuck the kikes.

hey if you think it's impossible then it just wont happen

China just banned VPNs, and they're closer than ever to banning shillcoins. Expect a huge crash soon

>there are people who spent 100 grand on gpus

Is it wrong to take pleasure from other people's misfortune?

Countries crash too. No one actually expect the usa to ever be able to pay their trillionare debt. In any other circumstances the dollar would be worth shit.
True value is in the faith of the people, thats what keep it going.

Bonds are by definition not fucking speculative unless you happen to live in a default prone country. Is everyone on this board a retard but me?

or you could just not be a retard and not put your life savings into it
my friend made a few grand off of bitcoin and a small amount of money from dogecoin too

I'm not saying it's impossible, I just find it extremely infeasible. In theory someone could take over the network if they have enough processing power, but the end result would most likely be that whoever did that now has 21 million worthless coins and everyone else switches to a fork that the jews don't control (which could be done, for example, by switching the hashing algorithm to something else and blacklisting the organization that took over the previous chain).

The chinks are the ones behind the bitcoin hype you fucking mongoloid. They would love nothing more than an untapped reserve to be exploitable, especially when it devalues the American dollar.

pls respond
anyone know about this stuff

>being this naive

>dogecoin
was this invented by reddit? why does 4chin not make their own? surely if everyone on Sup Forums got on board with their own digital coins they would take off?

I bought 1 bitcoin when it was 200 dollars and sold as it neared 3000. I should have been be pleased but I was just pissed off I didn't buy more.

>get a decent job this year
>thinking about upgrading my GPU
>every fucking seller has kiked the price up by 200-800% because of coinies