Bitcoin Value Plummets Following BTC China Shutdown Announcement

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Patrick_Bateman

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Good! The pyramid scheme will hopefully die soon, GPU prices will plummet, power consumption will drop, and coin miners will have to actually produce something or do something to earn money. What's not to like if you're not a miner?
 

bloodroses

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Amen there. Maybe I'll finally be able to replace my AMD 7770...
 

Daekar3

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Of course the banks don't like bitcoin - it is ultimately an un-inflatable currency, which means it can't be used as an unlimited cash fountain by loaning to governments.

Cryptocurrency is an objectively better medium of exchange than government fiat money that can be inflated without limits, as we've seen for the past century.
 

TJ Hooker

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Wasn't JPMorgan (while Jaimie Dimon was CEO) a major player in the subprime mortgage crisis? Which was a bubble, and involved a bunch of complicated financial instruments like CDOs and credit default swaps to turn junk securities into something of value? Seems pretty rich for him to be talking about how bitcoin is a bubble with no inherent value...
 

TJ Hooker

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Nobody has been mining bitcoin on GPUs for years...
And Eth is going to be switching to proof-of-stake model, which reduces the need for massive hashing power (and therefore electrical power) like proof of work does. People have been talking about an imminent flood of cheap, used GPUs for at least a couple months now, I haven't seen it. You still have used RX 580s going for MSRP or higher on Ebay.
and coin miners will have to actually produce something or do something to earn money.
IMO, crypto mining is basically an example of capitalism not unlike a small business. You use capitol to purchase the means of production (spend money to buy mining equipment), pay your 'employees' (your electricity bill) to do work, and then pocket the revenue.
What's not to like if you're not a miner?
Because blockchain technology has the potential to revolution finance, and the decline of cryptocurrency could slow it's development and/or adoption? Not because of any flaw in the technology, just because people got scared.
 

CalifLove

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Yes, looking at this from a pure gamers eye pissed off about GPU pricing is really shortsighted...much more at play here people...
 


I've been known to do so :lol: - as well as to be of the belief that cryptocurrencies seem way too speculative, though one could say the same about various other commodities as well.
 


im looking to replace my 7770 too with at least a geforce 1060

 

Kenneth Barker

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I love seeing all the miner on here defending their "investments" Really guys... trading in glorified WoW gold was not a good investment. Sell it while you can and laugh about it as you get older.

Lets not forget that everyone here defending cryptocurrency only cares about them at all because they are tradable for FIAT currency. Its a double standard. They bash fiat money systems, encourage and entice people to care and invest in these digital coins, all so they can see their value in fiat currency rise?

It is going to be hard to keep your cruptocurrency markets together. You do realize that BitCoin just popped up out of nowhere right? Along with the hundreds of other cryptocurrencies. It is quite literally one big scam. Don't confuse "scam" to mean that you cannot make real money from it. That is, after all, the whole point of a scam. To make real (fiat) money from them. You always find that miners get all worked up when you call their favorite thing a scam, they like to turn around and explain the history of cryptocurrency and how much money they have made... on and on. It is the definition of a scam, quite literally. I made money on it too! doesn't make it less of a scam.
 
That sort of reminds me about the story a few years back when . . . I'm a little fuzzy on the details, but I think one of the BitCoin houses had a major issue, or a lot of bitcoins vanished... something.

The price plummeted. Those investing in bitcoins, something that was NOT supposed to be traceable and NOT supposed to be tied to government, were upset and outraged over the fact that their investment lost money.

It always seemed too risky - people are looking for a currency that can avoid government scrutiny and tracking... isn't it obvious that if it gets stolen that there's nobody to turn to?

One writer said something to the effect of "A bunch of entitled yuppies investing in something, then getting mad when they got hit with the downside of known risks, and feeling entitled to compensation."

I don't know if that's a fair assessment or not. It *felt* like a fair assessment, only because of the whole "nobody can track it" risk being a HUGE red flag in my eyes.


Another gripe I have with the whole thing... what does it seem we hear most about with cryptocurrencies being used? Ransomware. The next thing - purchase of contraband. Well, when you make a non-traceable currency, that was kind of obvious.
 

Patrick_Bateman

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The only money earned is off the back of people who join the game late, just like any penny stock scam. The early adopters get people excited about the "value" of cryptocurrency, accumulate massive quantities of coins, then dump the coin at peak value, causing massive plummets in the price, which inherently causes the newcomers to transfer their money from their pocket to the original investors (scammers) pocket. Yes, I realize any physical item has value because we say it does, but someone had to actually provide a physical object in exchange for your money, unlike cryptocurrencies which only consume electricity and do not do anything useful. They don't look good, perform well, or think anything. If cryptocurrency did something, such as perform scientific calculations, provide network infrastructure, et cetera, it'd all be good with me. Unfortunately, it's an endless loop with no substance to it. I understand people will defend it because its money to them which can put food on the table, which I would do if I were in their position, but as an outsider looking in, the way that major cryptocurrencies are currently implemented is not sustainable.
 
Pretty sure he's not referring to having plummeted in the very short term RECENTLY. You can't possibly be unaware of the abrupt dives that have occurred in the past.

Or, if you DO want to keep it exclusively to a narrow time frame . . between Sept 1 and Sept 14, a 35% drop in value, before partially recovering.
 

lahma

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KENNETH BARKER, using your logic, how is fiat currency any less of a scam than digital currencies? They are both backed by ABSOLUTELY nothing. The only thing that gives value to fiat currency and digital crypto currencies alike is that people have faith that other people believe it has value. Once people stop believing that, both come falling down like a house of cards.
 

lahma

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KING_V: Anyone claiming that Bitcoin is not traceable is lying, and anyone who does even the smallest amount of investigation would learn that is not the case. The "history" of all Bitcoin transactions is publicly available information and is inherent to the way the system works. Sure, it can be passed through many different wallets, and generally shuffled around to attempt to mask its origins, but ultimately, Bitcoin was not created with anonymity in mind. You state that, "isn't it obvious that if it gets stolen that there's nobody to turn to?" How is that any different than using cash? If someone breaks into your house and steals $10k in cash, what do you think the bank is going to tell you when you ask them to replace your cash? Furthermore, you talk about ransomware being tied to the use of Bitcoin and act as if that makes Bitcoin inherently "bad". What currency is used predominately in drug trafficking? US Dollars of course... So does that mean that we should all avoid using US Dollars, simply because "it must be bad because all of those bad drug dealers use it"?
 
You would be correct - well, to an extent.

Depending on the nature of the cash transaction, serial numbers could be tracked. Also, I can't speak for anyone else, but I don't really think people typically keep that amount of money lying around.

I also don't say that ransomware is making Bitcoin inherently bad - but if it's nearly impossible to trace, that'll be where criminals will go. Otherwise, why haven't the ransomware scams that have demanded bitcoin simply been tracked to accounts and seized back? If it's all traceable, and all electronic, shouldn't that be easy?

But, if I'm totally wrong and the bitcoin (or other currencies) are traceable, then why has ransomware shifted to bitcoin? Why not paypal, or credit cards, or whatever?

You seem to be on a mission to defend cryptocurrency at all costs, so much so that you're making a straw man argument - and (deliberately?) misconstruing what I said.


As for fiat currency, fiat currency is backed and has value by the faith in the government, that's true. But, the government is also accountable to people. It also explains why the fiat currency of questionable and unstable governments tends to drop in value.

What about bitcoin, or any other cryptocurrency? They have faith that these groups that are handling it are doing so appropriately, but what if they don't? Who do they go to?
 
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