GTX 1070 Prices Soar Alongside The 'Ethereum' Cryptocurrency

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Went to Microcenter yesterday to get a break from the horrible traffic on the highway...

Walk in, browse around - stop by the GPU isle, see the $500 GTX1070s', get angry and walkout and sit in traffic.

1080's are a bloody <mod edit> $500....

<Moderator Warning: Watch your language in these forums>
 
I haven't done the most research in the world, but I'm pretty sure that if you're dropping $500 on each GPU and paying for your own electric bill to power them, cryptocurrency mining is not going to generate a profit. Or at least in the time it would take for it to become profitable, the currency du jour will have become worthless.
 
The shocker is how fast the prices went up--got a $360 GTX 1070 on a whim at a local Micro Center. Without fail, had buyer's remorse the next day and took a look at their inventory--the very next day, all but the most expensive cards were sold out. The next week, they came back in stock but with a hefty $50-100 premium. Want more than two cards? That'll be $1000 each.
 
How on earth those fake money have any value? I could just print Donald the Duck money much cheaper. I don't get it. What backs up the value of these fake moneys?

This Also means that Vegas in the autumn and Voltas in the next year Are even more expensive. Well... maybe next editions after those come after this buble has come down again.
 

What backs the value of your bank account's balance, the value of a $100 bill that costs $0.10 to print or a bank check? Nothing more than trust. Trust is the only thing that gives currency its value. Break the trust in a currency, such as a country defaulting on debt, and its value collapses. The same is true for crypto coins, they'll retain their value until someone manages to break trust.
 


pretty much. Though in reality government money has the backing in terms of land, natural resources and force of might to back it up. That's why the US and other 1st world countries can be in debt to their eye balls and still pay the bills when 3rd countries will flounder in a similar scenario.
 
AMD's RX470, 480 and 570 and 580 are the most 'powerfull' GPU's to mine ethereum, that's why they are out of stock everywhere. The second alternative now is GTX 1060 and GTX 1070. The are not powerfull as AMD's to generate ethereum, that's why they price stood normal till the miners dried up AMD RXs stocks. The GTXs 1060/1070 are more power efficient, so in places where the energy bill matters more, people are using Nvidia cards to mine Ethereum. The GTX 1080 price's didn't change because it uses DDRX, which is not efficient for the ethereum mining algorith. If 1080 where efficient, it would be costing 1000 dollars by now. And about the lower cards, GTX 1050 and the RX 560 and bellow, they are not efficient enough for the ethereum they produce to cover the energy they use, that's why their price still untouched too.
 
I've watched the RX 5XX prices for the last 4 months, they really soared even higher. What is happening on the GTXs now is just an effect of they drying up the AMD cards stocks.
 
Bought an used 1070(less than 2 months old) for 365€ on ebay auction.
Think it's worth selling it now for a bit of profit?
It's a gaming x from Msi
 
This is crazy. I bought both my Asus ROG Strix OC GTX 1070s on launch for low $400's (like $430). That was on launch! Now they're over $500? Wow. Anyone want to buy mine. I'll sem them both in the box for a cool $1,000. Sure I'm game...
 

This.

You guys (Tom's) are nearly 3 weeks late on this story. Published Jun 4th:

http://wccftech.com/amd-gpu-supply-exhausted-by-cryptocurrency/
 
I picked up some used R9's for about a hundred bucks each for mining. No way is dropping half a grand on those cards getting you an ROI any time this year.
 
"How on earth those fake money have any value? I could just print Donald the Duck money much cheaper. I don't get it. What backs up the value of these fake moneys?"

The exact same thing that backs up dollars, or pounds, or euros, or yen, or any currency. Faith, only faith.

If people are willing to use it, or buy it for dollars, then its worth dollars.

Right now banks basically print their own dollars anyway. Its no different. Except rather then a few small entities controlling the printing, with cryptocurrency anyone join in on printing it.
 
This has been obvious to anybody who bothers to check out the MicroCenter Online Catalog. Big clue - June 5 to June 18 catalog didn't have the usual 2 page selection of video cards - zero! The latest June 19 to July 2 is a less than a single page padded out with sound cards, USB junk, and cables, Several of the video cards aren't even real, just "Coming Soon" - yea, sure. Since I doubt MicroCenter prints their paper versions of the catalog the night before, they saw this coming a mile away.
 

Yeah, I mean, if you could do that, you'd think people would've actually been using printing presses to write all kinds of time-sensitive information onto paper - like maybe the news? - and then pass around those papers of news. Like, back before the internet happened. But if they ever did anything of the sort, you'd think we would probably know about it.

It's, of course, much more likely there's some sort of conspiracy that probably involves the top folks at Microcenter, Newegg, and maybe Amazon, to create this whole crypto currency rumor as a way not to get off their lazy butts and sell more video cards. Perhaps even the government is in on this, somehow!
 

There are lots of good places on the internet to learn about crypto currencies. Apparently, this forum is not one of them.

And no, banks do not simply print their own dollars. The currency supply is controlled by the US Federal Reserve, which is an independent government entity precisely to prevent such problems as politicians driving up inflation by printing money to cover budget short-falls. If banks or politicians could just decide to print as much money as they wanted, we'd have like 1000000% inflation.

There's a lot of crazy misinformation out there, but some common sense can help you steer clear of most of it.
 
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