News Crypto Prices Plummet After Chinese Ban

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I don't expect graphics card prices to actually fall soon. If the miners and scalpers do start dumping their wares, they'll probably keep the prices artificially high until at least the next generation comes out or NVIDIA/AMD somehow manages to flood the market because well, the miners and scalpers control a lot of the supply.
 
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To individual PC users, the bright side is that parts availability might soon pick up if cryptocurrency enters into a new dormant stage.
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Mining rates are great right now actually, because so many people are making transactions during all this price movement.

Ethereum prices are really what you should be watching if you want cheap hardware anyway, not Bitcoin. And Ethereum mining is still more profitable today than it was even just a few weeks ago. It's going to take either a much larger price movement in Ethereum specifically, or for ETH 2.0 to finally drop.
 
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Well somewhat good news finally. The problem is that aib manufacturers has increased their own msrp much, much higher than amd or nvdisia put them so even is demand starts to go down, we are not gonna see gpus near their original msrp prices! The only this that would put cheaper gpus to the market would be if maineeseen are going to dump their used gpus. New gpus are gonna be high for years… unles you can buy them directly from nvidia or amd… retail versions don`t come down.
 
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AtrociKitty said:
Mining rates are great right now actually, because so many people are making transactions during all this price movement.

Ethereum prices are really what you should be watching if you want cheap hardware anyway, not Bitcoin. And Ethereum mining is still more profitable today than it was even just a few weeks ago. It's going to take either a much larger price movement in Ethereum specifically, or for ETH 2.0 to finally drop.
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Most people call "bitcoin" all digital currency. Most people won't understand what you're trying to convey, but you're 100% correct!
 
Worse for China and the poor Chinese, but better for the rest of the world, which will get a higher percentage of the cake.

Anyways, the point of cryptos is to get rid of the government, so ban all you want, it will be pointless.

In the end, Gresham's law always wins.
 
hannibal said:
Well somewhat good news finally. The problem is that aib manufacturers has increased their own msrp much, much higher than amd or nvdisia put them so even is demand starts to go down, we are not gonna see gpus near their original msrp prices! The only this that would put cheaper gpus to the market would be if maineeseen are going to dump their used gpus. New gpus are gonna be high for years… unles you can buy them directly from nvidia or amd… retail versions don`t come down.
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Graphics cards often drop below their initial MSRPs to adjust for market conditions. The manufacturers may have hiked the prices of their cards to extract more profit from miners, but once the mining market collapses it could make sense for them to lower them again, even if they don't announce an official price adjustment.

And while a completely new generation of cards from Nvidia or AMD is probably at least a year away, there could also potentially be something along the lines of last generation's "SUPER" refresh that Nvidia put out to counter the launch of AMD's 5000-series cards. Intel is expected to start launching their dedicated gaming cards later this year, and they often tend to be competitive when entering new markets. Depending on what they have to offer, Nvidia and AMD might be compelled to refresh their lineups as well.

chalabam said:
Worse for China and the poor Chinese, but better for the rest of the world, which will get a higher percentage of the cake.

Anyways, the point of cryptos is to get rid of the government, so ban all you want, it will be pointless.

In the end, Gresham's law always wins.
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Crypto generally isn't being used to actually buy things. It's just something people are using to trade for actual, government-backed currencies in hopes of making a quick buck before the crypto market collapses. Those hoping to make money off of it might try to convince people otherwise, but it's really just a pyramid scheme selling a mostly useless product designed to make its creators and some early adopters money by effectively stealing it from those who end up stuck holding onto it in the end.

And "Gresham's law" referred to actual coins that had value in the precious metal contained in them, compared to less physically-valuable forms of money issued by the same source. I guess one could argue that stable government-backed currencies hold more value than unstable crypto, but there's no one-to-one value between them. And again, they are not being used for any significant amount of actual purchases, but rather just being traded like a collectible, as people don't want to make or accept payments for purchases with a currency whose value could swing wildly at a moment's notice.
 
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Admin said:
China has reiterated and expanded its 2013 and 2017 bans on crypto currency, causing prices to nosedive.

Crypto Prices Plummet After Chinese Ban : Read more
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You people don't seem to know squat about Crypto. CHINA HAS NOT BANNED CRYPTO. Nothing has changed. Your headline is pure <<Edited by moderator>>. They were only babbling about what they said 4 and 8 years ago, there is nothing new whatsofreakingever - you should remove that baloney headline.
 
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GPU’s are mainly used for ETH. With the big players turning off their machines, due to the price plunge, small guys are getting a bigger piece of the action. It’s actually a great time for the independent farmers😉
 
chalabam said:
Worse for China and the poor Chinese, but better for the rest of the world, which will get a higher percentage of the cake.

Anyways, the point of cryptos is to get rid of the government, so ban all you want, it will be pointless.

In the end, Gresham's law always wins.
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What will you do with a virtual currency prohibited by states ?
 
Words I did not expect from a spokesman of the world's foremost communist organization:

"seriously infringing on the safety of people’s property"

Isn't that "theft" of "theft" in communist logic ?



My position is that it is better if cryptos crash of their own inherent valuelessness than to have them pushed to collapse by governments.

Government suppression will not demonstrate the problems inherent in cryptos but actually fuel one of the sources of their appeal , the fear of government manipulation of methods of exchange. (a legit concern)
 
chalabam said:
Worse for China and the poor Chinese, but better for the rest of the world, which will get a higher percentage of the cake.

Anyways, the point of cryptos is to get rid of the government, so ban all you want, it will be pointless.

In the end, Gresham's law always wins.
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Those Chinese miners basically dumped hundreds of thousands of dollars on mining hardware and now there's nowhere to put it or use it, seems like finally some GPUs if you can get cross continent shipping from China, GPUs with their VRAMs burnt out.
 
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chalabam said:
Worse for China and the poor Chinese, but better for the rest of the world, which will get a higher percentage of the cake.

Anyways, the point of cryptos is to get rid of the government, so ban all you want, it will be pointless.

In the end, Gresham's law always wins.
Click to expand...
The ban is a good move and for good reasons. China just did that, and India I believe may also do that since there's news in March this year about potential ban. The main problem is that people "wish" for the value to keep increasing and I am pretty sure there are people that mortgage their homes and put in life savings on the promise of good returns on a "currency" that's got no fundamentals. And obviously, the value is determine by hopes and good news, with key people manipulating the ups and downs. If there is no ban or regulation over it, if crypto goes bust like it did before, its going to create a lot of social issues. You sounded upset likely because you are trading and/or mining crypto. While you can't make profit or even making a loss, but there are bigger issues here than your personal P&L.
 
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Howardohyea said:
Those Chinese miners basically dumped hundreds of thousands of dollars on mining hardware and now there's nowhere to put it or use it, seems like finally some GPUs if you can get cross continent shipping from China, GPUs with their VRAMs burnt out.
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I certainly won't want to get any of these used mining cards, especially when there is no warranty. Given the supply situation now, a lot of these cards were purchased overseas and may not have warranty that one can easily claim. And because the VRAM on these cards are likely not just overworked, but overheating, so I don't even know manufacturers will honor the warranty.
 
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