(Topic ID: 200502)

Somebody explain Bitcoin to me


By Pinballlew

2 years ago



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  • Latest reply 27 days ago by djreddog
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    There are 1710 posts in this topic. You are on page 29 of 35.
    #1401 1 year ago
    Quoted from pezpunk:

    i'm putting my mining rig up for sale. ....

    Why would anyone sell a machine that pumps out money?
    If I had a goose that laid golden eggs I'd clip its wings and keep that bitch fed until it croaked....

    #1402 1 year ago
    Quoted from mattosborn:

    Why would anyone sell a machine that pumps out money?
    If I had a goose that laid golden eggs I'd clip its wings and keep that bitch fed until it croaked....

    Because Pez probably feels now is the optimal time to get out of the mining game. Sell the rig while the video cards are still selling at a premium and before mining becomes unfruitful. Probably a wise move.

    #1403 1 year ago
    Quoted from vicjw66:

    Because Pez probably feels now is the optimal time to get out of the mining game. Sell the rig while the video cards are still selling at a premium and before mining becomes unfruitful. Probably a wise move.

    Pez dont use this as your sales pitch lol

    #1404 1 year ago
    Quoted from cabuford:

    6 f*ing video cards. Ugh I'll never build my virtual pin pc at a reasonable rate with bitcoin around.

    Small tangent. I’m a PC gamer and have built my own for the last 10 years or so. Currently, it’s much cheaper to buy a pre made like ibuypower from Best Buy etc than build. Add in a Presidents’ Day type sale and the rigs area pretty good deal.

    I don’t blame the miners, the retailers have made the markup. If I understand correctly, Places like new egg, Amazon etc have started charging crazy prices to take full advantage of supply and demand.

    Back on topic.

    #1405 1 year ago

    Newegg has ALWAYS been just godawful about changing prices on a whim to shiv people's wallets. At least when I go into Micro Center or Best Buy, the shelves are just empty if demand is high..

    #1406 1 year ago

    I’ve been trying to get my hands on a 1070 or 1080 GPU for a client I’m building a CAD workstation for with no luck.

    There is a $1,100 i9-7920X 12 core CPU sitting here lonely.

    -1
    #1407 1 year ago

    I have two 8800GTs sitting unused as well.

    #1408 1 year ago
    Quoted from Spyderturbo007:

    I’ve been trying to get my hands on a 1070 or 1080 GPU for a client I’m building a CAD workstation for with no luck.

    what CAD station needs a card that nice? I'm running a GTX770 which is plenty of power for fairly big assemblies (still a better card at home than what I have at work).

    #1409 1 year ago
    Quoted from toyotaboy:

    what CAD station needs a card that nice? I'm running a GTX770 which is plenty of power for fairly big assemblies (still a better card at home than what I have at work).

    It really isn’t CAD, but no one knows what UAS (Unmanned Aerial Systems) for 3D Reality Modeling Software is, so I just wrote CAD.

    Anyway, the developer has the GeForce GTX 780 Ti listed as recommended, but I like to over build.

    #1411 1 year ago
    Quoted from Spyderturbo007:

    It really isn’t CAD, but no one knows what UAS (Unmanned Aerial Systems) for 3D Reality Modeling Software is, so I just wrote CAD.
    Anyway, the developer has the GeForce GTX 780 Ti listed as recommended, but I like to over build.

    I have a 1 week old ASUS GTX 1080 TI 11GB OC I'd let go for $900 if you are interested EDIT: SOLD

    #1412 1 year ago

    Anybody see that credit card companies are starting to ban bitcoin purchases? Isn't that how a huge amount of crypto currency is purchased? I was thinking it will have a massive negative affect on value, anyone agree or disagree?

    https://www.bloomberg.com/news/articles/2018-02-02/bofa-to-decline-all-cryptocurrency-transactions-on-credit-cards

    #1413 1 year ago

    Has anyone checked on Extreme Pinball to make sure he's OK?

    #1414 1 year ago
    Quoted from herbertbsharp:

    Anybody see that credit card companies are starting to ban bitcoin purchases? Isn't that how a huge amount of crypto currency is purchased? I was thinking it will have a massive negative affect on value, anyone agree or disagree?
    https://www.bloomberg.com/news/articles/2018-02-02/bofa-to-decline-all-cryptocurrency-transactions-on-credit-cards

    that's going to suck for a lot of people. If the banks give you a line of credit via credit card, I'm not sure why they would care if you get in to debt since that's how they make there money. seems like a better way to spend money then buying a new entertainment system or that new piece of furniture your wife just had to have. Then again if your maxing out all of your cards to buy bitcoin/altcoins, then I could see the issue.

    Quoted from okayestpinballer:

    Has anyone checked on Extreme Pinball to make sure he's OK?

    that was the guy who was banking like 5k a day right? win some loose some.

    #1415 1 year ago
    Quoted from hocuslocus:

    If the banks give you a line of credit via credit card, I'm not sure why they would care if you get in to debt since that's how they make there money. seems like a better way to spend money then buying a new entertainment system or that new piece of furniture your wife just had to have.

    They limit how much cash you can take out on credit also. They don’t want someone taking out max cash and then defaulting. Perhaps they feel the same way on cryptos.

    #1416 1 year ago
    Quoted from mattosborn:

    Why would anyone sell a machine that pumps out money?
    If I had a goose that laid golden eggs I'd clip its wings and keep that bitch fed until it croaked....

    operators sell their pinball machines all the time while they're still earning money.

    by the way, i think most operators would LOVE to own a pin that made $30 a day...

    #1417 1 year ago
    Quoted from pezpunk:

    operators sell their pinball machines all the time while they're still earning money.
    by the way, i think most operators would LOVE to own a pin that made $30 a day...

    Operators sell machines when they are no longer earning enough.

    #1418 1 year ago

    Looking at a daily chart for Tether and comparing the action pre and post subpoena, something is fishy as hell. I wonder when they are required to respond to the subpoena?

    #1419 1 year ago
    Quoted from mcluvin:

    Looking at a daily chart for Tether and comparing the action pre and post subpoena, something is fishy as hell. I wonder when they are required to respond to the subpoena?

    I'm not entirely sure they are required to respond at all.

    #1420 1 year ago

    BTC at $7500 right now.. this article has a nice graphic of all the cryptocurrencies by volume. XRP is still one of the biggest:
    https://cointelegraph.com/news/bitcoin-prices-again-below-8k-but-traders-forecast-fresh-upside

    #1421 1 year ago
    Quoted from Astropin:

    I'm not entirely sure they are required to respond at all.

    They could be too busy stuffing their escape helicopter with black duffel bags full of USD and filling up with enough fuel to reach an island in the Pacific without US extradition rights?

    http://www.wsfa.com/story/22665099/countries-with-no-extradition-treaty-with-us

    #1422 1 year ago

    Wow this is getting rough. Didn’t take long to find 7000 after it broke 8000.

    #1423 1 year ago
    Quoted from okayestpinballer:

    They could be too busy stuffing their escape helicopter with black duffel bags full of USD and filling up with enough fuel to reach an island in the Pacific without US extradition rights?
    http://www.wsfa.com/story/22665099/countries-with-no-extradition-treaty-with-us

    They are not a US company.

    #1424 1 year ago
    Quoted from extraballingtmc:

    Wow this is getting rough. Didn’t take long to find 7000 after it broke 8000.

    I'm actually surprised ETH is getting hit this hard. If anything held up well I would have thought it would be Ethereum.

    Tron down to .029....about an 87% drop from its high. (Although I really shouldn't even mention scam coins).

    Some good cryptos are taking a massive hit right now though....ETH and NEO to name two with probably the most upside potential ("But don't try to catch a falling knife").

    #1425 1 year ago
    Quoted from Astropin:

    I'm actually surprised ETH is getting hit this hard. If anything held up well I would have thought it would be Ethereum.
    Tron down to .029....about an 87% drop from its high. (Although I really shouldn't even mention scam coins).
    Some good cryptos are taking a massive hit right now though....ETH and NEO to name two with probably the most upside potential ("But don't try to catch a falling knife").

    I sold my Eth @ 1100 and put a buy order @ 683. Finally got filled today, but not sure that’s a good thing, lol.

    #1426 1 year ago
    Quoted from Toasterdog:

    I sold my Eth @ 1100 and put a buy order @ 683. Finally got filled today, but not sure that’s a good thing, lol.

    I think you'll be fine in the long run. You just got yourself a lot more ETH...which I personally think is the safest crypto out there (not sure what that means though )

    #1427 1 year ago

    My last buy was ether at 1250, just put it in usdt today at 700. Was gonna do yesterday but figured wait one more day. I too thought ether be more resilient but no.

    Not sure when to rebuy, just keep watching. Things in a free fall right now. Scary. Should be a huge bounce back at some point but no telling when.

    Yeah tron crazy. What a story. 30 cents it’s peak now back to 3 cents. Ripple on its heels too.

    #1428 1 year ago
    Quoted from extraballingtmc:

    My last buy was ether at 1250, just put it in usdt today at 700. Was gonna do yesterday but figured wait one more day. I too thought ether be more resilient but no.
    Not sure when to rebuy, just keep watching. Things in a free fall right now. Scary. Should be a huge bounce back at some point but no telling when.
    Yeah tron crazy. What a story. 30 cents it’s peak now back to 3 cents. Ripple on its heels too.

    Your consider USDT a safe haven?

    #1429 1 year ago

    It’s on binance so should be good. Hopefully lol

    13
    #1430 1 year ago

    Not just crypto tanking, the stock market is way down again today. I wonder if Trump will take credit for that too?

    #1431 1 year ago

    I think another contributing factor with the price decline is that new Bitcoins cost a lot in energy to mine, more then ever.

    At some point with prices dropping, and maybe we are already there, it's going to cost more in power to mine a single Bitcoin then what what one is worth.

    #1432 1 year ago
    Quoted from PanzerFreak:

    I think another contributing factor with the price decline is that new Bitcoins cost a lot in energy to mine, more then ever.
    At some point with prices dropping, and maybe we are already there, it's going to cost more in power to mine a single Bitcoin then what what one is worth.

    The amount of hash power per watt a miner can output is variable, though. It increases over time as methods and hardware improve. As semiconductor technology improves, the amount of energy consumed by mining and transactions shrinks.

    That said, yeah, by design, it gets harder and harder to mine them until there aren't any left. But that's a feature, not a bug.

    What happens is miners get reimbursed by transaction fees for maintaining the distributed blockchain. I am not privvy to the accounting records of the huge bitcoin mining operations, so I don't know if they're making a killing or not, but I suspect they are doing fine.

    From a small miner's perspective, there are always hundreds of alt-coins to mine. I haven't mined any bitcoin in all the time i've owned my rig (i mine other coins, trade them for bitcoin, then trade bitcoin for dollars).

    #1433 1 year ago
    Quoted from PanzerFreak:

    I think another contributing factor with the price decline is that new Bitcoins cost a lot in energy to mine, more then ever.
    At some point with prices dropping, and maybe we are already there, it's going to cost more in power to mine a single Bitcoin then what what one is worth.

    We are still a long way from that. Last I heard it was around $1100 to mine a single Bitcoin.

    #1434 1 year ago
    Quoted from extraballingtmc:

    Not sure when to rebuy, just keep watching. Things in a free fall right now. Scary. Should be a huge bounce back at some point but no telling when.

    Agree, it’s bananas. When I placed my order at 683 I didn’t think it would get filled..ever, and that was only three days ago, lol. I was happy to see a small bounce after flooring at 615 and I bailed at 715. Way too chaotic for me. I’ll stick to mining, even if profits are getting smaller by the day.

    #1435 1 year ago

    If it crashes back to pre-November 2017 values then so what?

    The technology underlying Bitcoin is slowly improving.

    I thought it was about the Blockchain technology and the freedom it was going to give the common man, not just a get rich quick scheme?

    #1436 1 year ago
    Quoted from okayestpinballer:

    If it crashes back to pre-November 2017 values then so what?
    The technology underlying Bitcoin is slowly improving.
    I thought it was about the Blockchain technology and the freedom it was going to give the common man, not just a get rich quick scheme?

    Well for the hard core HODL'ers yes....for everyone else it is pure speculation. I guess there are a lot of "tweeners" also. People like me who are interested in the tech and future prospects...but also not deluded that I'm speculating.

    #1437 1 year ago
    Quoted from okayestpinballer:

    If it crashes back to pre-November 2017 values then so what?
    The technology underlying Bitcoin is slowly improving.
    I thought it was about the Blockchain technology and the freedom it was going to give the common man, not just a get rich quick scheme?

    The run up in prices of crypto was mostly speculation and a frenzied gold rush as a lot of new people entered the arena. That has not much to do with the viability of blockchain. My belief is that these recent drops are going to scare off all the new participants, and much of the crypto markets are going to crash upon themselves. Again, that has no bearing on blockchain as a technology. That would be akin to when all the .dot coms crashed and saying the internet is dead as a result.

    #1438 1 year ago

    This time of year, bitcoin [which all alts move with] always takes a huge dip. 2015, 2016, 2017 and now. It will be over in mid to late Feb. and after a decent shoot up, it will steadily game all spring and summer. This post is preserved on pinside so time will tell if i'm right or wrong. History is a pretty good indicator of the future. The fear of missing out will bring those newbs back in and we'll ride the waves again.
    Yes, this is a huge downturn, but it will pass. I think LTC is where it's at - I see it start moving up independent from BTC and it's faster and cheaper, has LitePay coming this week and more things being introduced in 15.1.

    #1439 1 year ago
    Quoted from dgoett:

    This time of year, bitcoin [which all alts move with] always takes a huge dip. 2015, 2016, 2017 and now. It will be over in mid to late Feb. and after a decent shoot up, it will steadily game all spring and summer. This post is preserved on pinside so time will tell if i'm right or wrong. History is a pretty good indicator of the future. The fear of missing out will bring those newbs back in and we'll ride the waves again.
    Yes, this is a huge downturn, but it will pass. I think LTC is where it's at - I see it start moving up independent from BTC and it's faster and cheaper, has LitePay coming this week and more things being introduced in 15.1.

    I see a dip in early 2014, but not in any of the years you mention:

    https://www.coindesk.com/price/

    #1440 1 year ago

    Is ripple legit? Lots of talk about it again. Still sounds like it has great potential.

    You guys think bitcoin will start going up around Chinese New Year? Or after?

    #1441 1 year ago

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    #1442 1 year ago

    I said all along that I was going to hold and either make a huge gain or lose it all. So far that's what I've done. But if Bitcoin drops all the way down to $1000 I'm going to at least triple my current holding.

    #1444 1 year ago

    I'm thinking institutions will continue this cycle. Load up on cryptos, keep buying and run up price. Put the short in and start dumping and keep dumping till panic ensues. Let the price drop to basement prices and start buying again. Start cycle all over again.

    #1445 1 year ago
    Quoted from Astropin:

    I said all along that I was going to hold and either make a huge gain or lose it all. So far that's what I've done. But if Bitcoin drops all the way down to $1000 I'm going to at least triple my current holding.

    Looks like I might not get the opportunity.

    #1446 1 year ago
    Quoted from Astropin:

    Looks like I might not get the opportunity.

    We still need to hear the verdict on Tether. May not be over yet.

    -2
    #1447 1 year ago
    Quoted from jwilson:

    Not just crypto tanking, the stock market is way down again today. I wonder if Trump will take credit for that too?

    Why? He got no credit for it going up and still up HUGE since he started because of his policies and deregulation etc.

    And crypto is crapto. Stock market back up another 500+

    Now the large broker dealers, all of them, have prohibited sales of crypto in clients account. For good reason.

    #1448 1 year ago
    Quoted from Astropin:

    I said all along that I was going to hold and either make a huge gain or lose it all. So far that's what I've done. But if Bitcoin drops all the way down to $1000 I'm going to at least triple my current holding.

    It's the poor bagholders that bought at mania prices that will lose most of it.

    #1449 1 year ago

    Hmm, maybe I should consider this stock market thing. Thanks for the tip!

    #1450 1 year ago
    Quoted from iceman44:

    It's the poor bagholders that bought at mania prices that will lose most of it.

    Everyone should just keep buying it up. I mean, wasn’t there several people on this thread that said Bitcoin is going to $100 thousand in a few years?

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