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The Bubbly Bitcoin Thread -- Merged Threads

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Turned my 4 gpus off after the cold snap. Leccy bill has dropped from 85 to 40 a month.

So 40 a month. 1.25 a day. At the peak i was making $5 a day. Dropped to 2$ after the crash. Don't imagine it's much more profitable now.

Edited by GreenDevil

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18 minutes ago, GreenDevil said:

Turned my 4 gpus off after the cold snap. Leccy bill has dropped from 85 to 40 a month.

So 40 a month. 1.25 a day. At the peak i was making $5 a day. Dropped to 2$ after the crash. Don't imagine it's much more profitable now.

Depends how new and efficient you GPUs are. Last week my rig mined 0.01BTC, which is on its way to Kraken to be sold in the morning. It consumes between 1.2 and 1.45kw depending on what Nicehash has it mining. Pay 12p kwh so its cost around a max of £4.5 a day in leccy, so max £31.50 the last 7 days. 

0.01BTC should sell for around $95-$97 in the morning. So around £71 @ $1.36/£.   Happy with £39.50 gross profit on £31.50 of leccy, that's a 56% G/M, for literally monitoring something that runs automatically 24/7 in the cold(ish) Garage. 

Last month was my worst yet but I still cleared £189 into my bank account Sepa transfer for the month, before leccy costs which would have been £135 for the month, so still £54 gross for the month in a really depressed bear market, which is still 29% G/M. 

I've been in sales and business 30 years now and to be honest if you can afford the capital costs to set up with efficient kit, it's a no brainer to make 30%-55%+ per month G/M on something that runs itself and just needs monitoring.  If you were to offer a business something that returned 30%+ G/M on the cost of leccy for a £3k capital investment (after claiming VAT back), and needed no extra staff to run, they should bite your arm off. The business scales too directly with more capital investment on the same margins and with virtually no increase in staff.

My plan was to try and pull £300 pcm gross out of it which was possible back in January/early Feb in theory.  Once my current £2700 net investment in home mining is paid off I will set up a second rig to the same value, rinse and repeat as long as I can. GPU's have 3 year warranties so will start to retire them and ebay them when out of warranty.

If it goes well should have earned gross the £2700 by years end. Just need to average £245 G/P. a month which has been short so far.

We shall see, like my Crypto coin investments, see how 2018 goes and decide what to do for 2019 if it is making a ROI.

 

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Just sold last weeks mining 0.01001 BTC for €82.24 , so £72.75. not a bad weeks turnover for a few trips to the garage.

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i would be surprised if $10k is given up without a fight. Very close though, $9,950.

Must be some large sell orders set around $10k?

 

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2 hours ago, jiltedjen said:

i would be surprised if $10k is given up without a fight. Very close though, $9,950.

Must be some large sell orders set around $10k?

 

Not sure if $10k will be the top but we're on the final push before a monumental collapse. 

Stocks are rolling over, the USDX has turned, housing has topped out. Crypto will get crushed to lows that will horrify every single hodler. 

Just a polite and friendly heads up. 😉

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2 hours ago, jiltedjen said:

i would be surprised if $10k is given up without a fight. Very close though, $9,950.

Must be some large sell orders set around $10k?

Round numbers dont mean anything in crypto or anywhere else its a complete fallacy, there was no particular stickyness the first time BTC went through 10k USD when it really was a big deal. This time round ... meh.

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Looks like $10k is a very real resistance level, people do set sell orders at round numbers, or just below. 

Narco, like the friendly heads up when i said it was cheap buying at £5k and you laughed at me? i mean its not like its currently up £2,300 from then. You look like a very silly person indeed. 

i mean who wants an extra £2,300 in pocket? what did you say it would go to first? something like £1,000? 

If there is a large 2008 style event then everything looses value apart from hard cash short term. Its a shock, but from then old gold and bitcoin (the only digital gold) will pop a LOT higher. 

i still think we are going to find longer term support at $6,200 unless we can get past $13k then this is just a bounce in a longer term correction.  

I called the good buying point before, now the next ideal times to buy are either when it falls to $6,200 or when it starts to pass $13,000 other than that i think we are just in a short term bounce in the medium term correction from the last bubble. If it passes $13k, then we are off to the races again.  

 

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8 minutes ago, jiltedjen said:

Looks like $10k is a very real resistance level, people do set sell orders at round numbers, or just below. 

No it doesnt work like that people try to second guess each other so the boundaries get eroded. Its the same for any alleged technical pattern - it gets priced  in until the pattern is diluted.

Seriously, show me a technical analyst in any market anywhere who has a better than 50% record.

Edited by goldbug9999

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11 minutes ago, jiltedjen said:

Narco, like the friendly heads up when i said it was cheap buying at £5k and you laughed at me? i mean its not like its currently up £2,300 from then. You look like a very silly person indeed. 

Bitcoin was going to get a bounce at some point. Nothing has changed on the monthly or weekly. I'd be very surprised to see much more here. The bigger the pump, the more severe the crash will be.. 

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bitcoin is not an alt, it has very real bottom support levels. Unlike most of the alts. Bitcoin wont go to zero. 

This recent surge in the price looks like its taking a rest just below $10k there are some very clear sell-walls between bitcoin current price and £10k you can see the orders yourself on bitcoinity, for now its not chewing through those walls. 

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1 hour ago, goldbug9999 said:

Round numbers dont mean anything in crypto or anywhere else its a complete fallacy, there was no particular stickyness the first time BTC went through 10k USD when it really was a big deal. This time round ... meh.

funny though that bitfinex chart topped out so fat @ $9990. Mind you 200 DMA is just above @ $10050 so some serious resistance.

 

1 hour ago, narco said:

Not sure if $10k will be the top but we're on the final push before a monumental collapse. 

Stocks are rolling over, the USDX has turned, housing has topped out. Crypto will get crushed to lows that will horrify every single hodler. 

Just a polite and friendly heads up. 😉

Watch out for the SEC ethereum announcement Monday in the USA. Tuesday you could be very upset! 

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1 hour ago, narco said:

Bitcoin was going to get a bounce at some point. Nothing has changed weekly. 

Weekly chart? It shows a bull run back from 2016 with a pull back from $20k to $6k , the £ 6.5k back to touch the 50 WMA (weekly moving average) and both failed to break below the 50 WMA, then bounced off both times and now is well clear following the 50 WMA upwards again. Plot it on a log chart of any exchange and give what you see?

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$10k is going to be a real task to break through. Needs to and keep going past $13,000 or its back to $6,200.

all good fun for a long term holder.  

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1 hour ago, jiltedjen said:

bitcoin is not an alt, it has very real bottom support levels. 

.. which are probably going to get bolstered if argentina's currency crisis turns into hyper inflation.

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it was only going to be a matter of time before some part of the world experiences hyper inflation.

In the west the average person does not really care that much for 'sound money', its not really a cultural thing. I guess if you look at the history of the UK we have pretty much had rock solid governments and sterling has always been OK compared to many other currencies.

thats the problem with understanding bitcoin, if culturally you dont have a need to understand or a deep distrust of your political or financial system why would you care? thats the problem when you try to gauge how much bitcoin 'should' be worth. In the UK its understandable when people think its price tag is out of the world and crazy. That makes sense.

But if you think of bitcoin as a world store of value, and you see it through the eyes of peoples who culturally and historically do not have stable governments, who do have a history of war, or hyper inflation, or confiscation , then you can start to see why people put so much value into it.

At the end of the day it doesn't really matter what the average UK person thinks bitcoin should be worth, their insight is not worth that much when you think of the bigger picture. 

Fiat being fiat, and the spread of information, it wont take too long until the young can see the game loaded against them. The newer generations have access to free generally unfiltered information, we dont just have the local papers anymore, the BBC is no longer the only feed of information.  

Bitcoin is consonantly picking up new believers, slowly at first as backwards backwater countries start to believe it in as they find their own countries falling apart, then as day follows night eventually the next country has a similar event, and a newer base level of bitcoins price is found again, support grows.

But bitcoin being a true store of value, its unstoppable, it will keep growing, eventually to such a scale that it wont just be a flight to safety from failing currencies, but the catalyst for failure of currencies itself. It will be very slow at first, years and years, then as adoption grows the growth rate will be exponential.

Yes you could claim its all just a bubble, but bubbles can go on for years, like the railway bubble, that require massive massive building projects, societal change, it had massive massive head-winds, yet the bubble just kept going and going, until the UK was practically paved with rails. And bitcoin is world-wide with much much much less friction that having to calve open mountains, boot aristocrats from their land.

its early days yet, even the bank of England has alluded to it eventually becoming a threat to financial stability. They know what the crack is. Its going to be mighty hard to get people to speculate on houses when they are constantly falling against the value of bitcoin, even with the massive leverage involved.     

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On 03/05/2018 at 03:55, evetsm said:

If I have $1 and spend it twice then I have created an extra dollar. It's like fractional reserve banking, you take 1 ounce of gold and create 9 ounces of paper gold. There's still only 1 ounce of gold but 9 ounces have apparently been created and spent. That's inflation.

 

In crypto it may be worse, because colluding miners can potentially create more actual coins if there is no check on them. That's the job of nodes to verify and if you cannot afford to run a node yourself then you must trust the miners.

But bitcoin solves the double spend problem with blocks (confirmations) and proof of work. So when we talk about double spend potential for unconfirmed transactions the fact is that only one of those transactions can get into a block. There might be two transactions spending the same coins in two coffee shops. Customers get two coffees, leave, and only afterwards one coffee shop realises the transaction never confirmed because the coins were spent twice.

I just wanted to clarify that the risk of accepting 0 fond transactions is that you may not get the payment. There’s no risk of coin inflation

Edit: I’m only talking about double spend in regards to accepting 0 conf tx which is what was being discussed. I’m with you that an massively scaled blockchain that cannot feasibly be validated by users could conceivably lead to this threat of bypassing the blockchain rules (but would likely still need more than 50% hashpower as I guess the other miners would still be checking)

Edited by dannyf

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On 05/05/2018 at 17:45, jiltedjen said:

bitcoin is not an alt, it has very real bottom support levels. Unlike most of the alts. Bitcoin wont go to zero. 

This recent surge in the price looks like its taking a rest just below $10k there are some very clear sell-walls between bitcoin current price and £10k you can see the orders yourself on bitcoinity, for now its not chewing through those walls. 

Are you talking about Core?   I thought BCH was the real Bitcoin.

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10 hours ago, dannyf said:

But bitcoin solves the double spend problem with blocks (confirmations) and proof of work. So when we talk about double spend potential for unconfirmed transactions the fact is that only one of those transactions can get into a block. There might be two transactions spending the same coins in two coffee shops. Customers get two coffees, leave, and only afterwards one coffee shop realises the transaction never confirmed because the coins were spent twice.

 

If I walk down a street and double spend in multiple shops, and others are doing the same thing, all because it's possible with 0-Conf, you don't think it's going to eventually damage permanently the reputation of the coin ?  The btrash numpties are brain dead. They don't have the first clue.

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9 minutes ago, Mikhail Liebenstein said:

Are you talking about Core?   I thought BCH was the real Bitcoin.

According to you ? Lol ! Not according to market cap, transactions, hash power, and history back to the Genesis block.

Just because you say something, doesn't make it true.

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didn't break through the $10k resistance, we either need to keep testing it a few more times to break through or its all the way back to $6,200.

Then begins another 2-3 year mini ice-age for all crypto. 

My plan is to wait until the medium terms lows around 2019 and buy my first bitcoin since 2013, meanwhile keep mining away.

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14 minutes ago, jiltedjen said:

didn't break through the $10k resistance, we either need to keep testing it a few more times to break through or its all the way back to $6,200.

FFS, how many times does it have to be pointed out that you are just talking gibberish. Here is what it sounds like:

The TL-Hat phase of the break-off is peaking with $9678 being the clear inflection point. A double-open arrest occurred shortly after which is always followed by the negative regression to the Zipher zone local cup (the shape is visible three days prior). Clearly we're heading up, or down or it might go sideways for a while. Don't say I didn't warn you.

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hehehe, i especially like 'see i called it right 25 years ago when i said it might go up/down/sideways'.

Well, it went X (delete as appropriate in the future).

hahahahah, you guys are almost as bad as munger, gates and buffet bitch talking crypto down, one of the funniest crazy old men shows ive seen since the two old duffers on the muppets.

 

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  • 395 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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