News Ethereum Drops 22% in Value Over the Past Week

[Admin]

Ethereum prices have plummeted to 22% in just over a week, which will give miners a more difficult time earning profits from mining the cryptocurrency.

Ethereum Drops 22% in Value Over the Past Week : Read more

 

[-Fran-]

The 6800 mines better than the 3080... I don't know if I should be surprised or just laugh.

Either way, that could explain why the 6800 is nowhere to be seen >_>

Regards.

 

[daworstplaya]

Here's the thing, what controls the percieved value of this funny money? There seems to be no logic behind any of it and gamers seem to the ones getting hurt by the greed of cryptominers.

 

[Lafong]

Here's the thing, what controls the percieved value of this funny money? There seems to be no logic behind any of it and gamers seem to the ones getting hurt by the greed of cryptominers.

"Logic" has nothing to do with it.

I'd be happy to pay you 1000 US dollars for your T-shirt................................if I think I can sell it to this guy over here for 1100 US dollars.

Otherwise known as The Greater Fool theory.

Sooner or later the weak hands get exposed......you can't tell who is swimming naked until the tide goes out.

 

[daworstplaya]

"Logic" has nothing to do with it.

I'd be happy to pay you 1000 US dollars for your T-shirt................................if I think I can sell it to this guy over here for 1100 US dollars.

Otherwise known as The Greater Fool theory.

Sooner or later the weak hands get exposed......you can't tell who is swimming naked until the tide goes out.

Totally and it's the fools who pay at the end believing in the value, that pay the price when the rug gets pulled under them.

 

[JarredWaltonGPU]

The 6800 mines better than the 3080... I don't know if I should be surprised or just laugh.

Either way, that could explain why the 6800 is nowhere to be seen >_>

Regards.

That's the 3080 LHR, which is the only variant still in production supposedly. I still wonder how hard it is for AIBs to use a different firmware (that lacks the LHR lock) on the newer 3080 cards -- not to sell at retail, but for direct-to-miner sales, which are obviously still happening.

 

[jacob249358]

Sooner or later the weak hands get exposed......you can't tell who is swimming naked until the tide goes out.

Wdym exposed? You act like there is a crime being committed. And what does this quote even mean? weak hands? you must be from the US because you have failed to realize that cryptos are the next big thing. Xrp being the main one.

 

[-Fran-]

That's the 3080 LHR, which is the only variant still in production supposedly. I still wonder how hard it is for AIBs to use a different firmware (that lacks the LHR lock) on the newer 3080 cards -- not to sell at retail, but for direct-to-miner sales, which are obviously still happening.

Ah, I see. That explains it then.

Regards.

 

[gargoylenest]

the more it goes, the more it looks like a Ponzi ... the one who started mining at the beginning are those who are rich today, those who just hopped the wagon will make peanuts or loose, but their presence gives value to the crypto, thus making those who started richer. You can say all you want that you are making this or that profit, but as long as it aint sold for real money, you have nothing. You could have been virtually millionaire last month on ethereum, but today you still have a few hundred thousands...but if it crashes for one of the many reason it can crash, then next month you will have nothing.

 

[jacob249358]

the more it goes, the more it looks like a Ponzi ... the one who started mining at the beginning are those who are rich today, those who just hopped the wagon will make peanuts or loose, but their presence gives value to the crypto, thus making those who started richer. You can say all you want that you are making this or that profit, but as long as it aint sold for real money, you have nothing. You could have been virtually millionaire last month on ethereum, but today you still have a few hundred thousands...but if it crashes for one of the many reason it can crash, then next month you will have nothing.

well the thing is each crypto is ponzi. What you have to do is find a newer one that hasn't peaked yet and invest in that

 

[gargoylenest]

well the thing is each crypto is ponzi. What you have to do is find a newer one that hasn't peaked yet and invest in that

yes, that is one way to profit; but there is always the risk that a whale spotted the same crypto as you, and will sell it all before you, making it crash, thus making you poor again, and him richer. It is still a market where the filthy rich can control the market.

 

[Phaaze88]

The coins we see now are the pioneers of the digital currency we'll all be using.
Whatever coin ends up becoming the national or worldwide currency, all those other coins will be 💩 and practically worthless for most.
We'll probably still be back at square one, with the top 1% or whatever still controlling everything - they'll probably just be some different faces.

That NFT BS can go die in a fire EMP though.
Companies/game publishers would not be pushing that crap were it not for the crazy profits they stand to make from it while doing even less for it. History's already shown that they're going to abuse it some kind of way.
I've no idea why more people aren't raising alarms at that one...

 

[jacob249358]

yes, that is one way to profit; but there is always the risk that a whale spotted the same crypto as you, and will sell it all before you, making it crash, thus making you poor again, and him richer. It is still a market where the filthy rich can control the market.

what do you mean sell it all before you? what your saying doesn't make sense. And no the rich don't control most cryptos because they are decentralized.

 

[InvalidError]

Here's the thing, what controls the percieved value of this funny money?

Kind of the same things that control the value of stuff on the Wallstreet casinos: largely fictitious stakes in stuff are worth whatever people believe they are worth.

 

[Co BIY]

Ethereum has "ether" as the basis of it's name. Debunked "scientific theory " or an aesthetic that leaves you senseless.

Most companies do own or control things with real value. Buildings, factories, IP, employees, contracts, market knowledge, sales channels, ect...

At most some crypto has Brand Recognition.

And limitless future competitors with zero barriers to entry.

I do believe electronically mediated transactions are clearly the future of commerce but volatility is the opposite of what is needed in a currency.

 

[nitrium]

Cryptos have been increasingly following the broader market - not surprising given that investment and pension funds are fast becoming the biggest players in the crypto market. I think they all eventually drop to their inherent value (which imo is ~zero since there is literally nothing backing them up, outside of blind trust that they have value).

 

[InvalidError]

At most some crypto has Brand Recognition.

And limitless future competitors with zero barriers to entry.

There is a barrier to entry and you spelled it out yourself: brand recognition. If nobody knows you, your crypto-coins are worthless and the more competing coins are out there, the more difficult it is to stand out as a newcomer as it becomes increasingly unlikely that you are bringing anything new or better than at least one of your 100 other competitors..

I do believe electronically mediated transactions are clearly the future of commerce but volatility is the opposite of what is needed in a currency.

Your credit and debit cards are already digital cash: just numbers on the associated bank account's ledger. No need for a new currency for that, keep using the same currencies and phase out physical cash.

 

[escksu]

Ethereum prices have plummeted to 22% in just over a week, which will give miners a more difficult time earning profits from mining the cryptocurrency.

Ethereum Drops 22% in Value Over the Past Week : Read more

Don't think so..... Most pple are mining for long term... not like everyone is rushing to sell their eth after they mine.

 

[escksu]

Cryptos have been increasingly following the broader market - not surprising given that investment and pension funds are fast becoming the biggest players in the crypto market. I think they all eventually drop to their inherent value (which imo is ~zero since there is literally nothing backing them up, outside of blind trust that they have value).

Tell me, what is inherent value?? Value is simply something thats man-made. Something has value only because man said so and pple recognise it. Thats all. As long as there is willing seller and buyer, there is value.

 

[escksu]

Ethereum has "ether" as the basis of it's name. Debunked "scientific theory " or an aesthetic that leaves you senseless.

Most companies do own or control things with real value. Buildings, factories, IP, employees, contracts, market knowledge, sales channels, ect...

At most some crypto has Brand Recognition.

And limitless future competitors with zero barriers to entry.

I do believe electronically mediated transactions are clearly the future of commerce but volatility is the opposite of what is needed in a currency.

What is "real" value?? Value is entirely man-made. Something has value only because there are buyers for it. Thats all. If there are no buyers, then it has no value at all.

 

[escksu]

Here's the thing, what controls the percieved value of this funny money? There seems to be no logic behind any of it and gamers seem to the ones getting hurt by the greed of cryptominers.

Is gaming essential?? Nope.... So why should gamers get their hands on these cards?

 

[bignastyid]

Is gaming essential?? Nope.... So why should gamers get their hands on these cards?

I'd consider entertainment/relaxation more "essential" than crypto mining.

 

[VforV]

I'd consider entertainment/relaxation more "essential" than crypto mining.

Some people use that money from crypto to feed their families and pay the bills. I'm talking about small scale miners of course. For them crypto is more "essential" than entertainment/relaxation.
Not everyone lives in the US or the other few bigger/richer countries...

Personally, I have a love-hate relationship with this silly money making tech. I did not like it and did not want to be part of it at first, but I was "forced" because of the stupendous rise in prices of GPUs (and other components too) to start mining on my GTX 1060 and 1080 last year.
I refused to pay more from my own pocket, so I said if I'm "forced" between waiting years to see if things come back to normal or pay 2x, 3x MSRP now, then I will choose to mine casually and make the GPUs pay for themselves and more.

And it worked, I mined casually 16h/day only (not at night), between gaming sessions and I managed last year to make enough money from crypto to buy an RX 6700 XT and Ryzen 5600X. Yes, I paid more for the GPU, but it was actually only 80€ over the MSRP of a top tier AIB model (which is more expensive than reference), but not that much more expensive actually, because I bought it when crypto had that crash in the summer and prices dropped to the lowest point all year. I paid 660€ for an XFX Merc 319 RX 6700 XT, which has an MSRP of 580€.
That does not mean I would pay 2x or more over the MSRP, even in these circumstance, I'm still not ok with that. So I always look for best deals if there are any, if not I'll wait. I don't just go and buy at any price now, because I mine and I have extra money to spend on this hobby.

So how should I feel about cryto now? You tell me...
I only have 2 GPUs (I sold the GTX 1060) casually mining and I don't intend to add more and make a mining rig, nor turn my house into a mining farm or anything like that. I just use them to pay for themselves and future upgrades, as long as this "new normal" lasts and still works.

I don't think we will ever go back to the pre-2020 world state again, in anything...

 

[Deleted member 14196]

Wdym exposed? You act like there is a crime being committed. And what does this quote even mean? weak hands? you must be from the US because you have failed to realize that cryptos are the next big thing. Xrp being the main one.

Next big thing? If you think the people that own all the wealth in the world are going to lie down and let crypto take over you have another thing coming. The wealthiest 1% will own it or they will shut it down. The little guy will get screwed as always

 

[gargoylenest]

what do you mean sell it all before you? what your saying doesn't make sense. And no the rich don't control most cryptos because they are decentralized.

do you realized that 10% of miners control 90% of the total mining, and that, of all the bitcoin owners, about 10000 of them control more than 1/3 of all the crypto market? You might think that you are big shot with your rigs and your few btc, but you are merely surfing a market controlled by a few business who dont care about you, your money and the crypto market. They only care about making more money. And, since that money has no legal tender and is volatile, their only option in the end, is to cash in to profit.
You are being very naïve thinking that "because it's decentralized", the very rich wont have control...
Easiest proof: Elon Musk can crash or raise a crypto value with few tweets.
And there are lot of other ways to manipulate that market, and when big money is at stake, some people have incredible imagination.