Game stop the Miners?

[Ceadde]

So I have been sitting here with my 1070ti trying to get as much out of it for my 3440x1440 2k 165hz monitor as i can, pleading for at least a 3060ti. Then the thought crossed my mind..... theoretically.. would it be possible to gamestop the those fiendish bit coin miners scrapping up every last gpu they can get their hands on? I know the situation would be somewhat different than the gamestop craziness,  but wouldn't it be awesome to hear about someone who bout 100 rtx3070's and now they are screwed cause their bit coin became more worthless than dirt?

 

[TempestCatto]

What? I don't think I follow what you're trying to put forward here.

[dilpickle]

No

[Spotty]

2 minutes ago, Ceadde said:

would it be possible to gamestop the those fiendish bit coin miners

What do you mean "gamestop"? Gamestop is the name of an American retail store that sells video games.

[dilpickle]

Just now, TempestCatto said:

What? I don't think I follow what you're trying to put forward here.

He's hoping gamers will get together and somehow magically make bitcoin worthless.

[Helpful Tech Witch]

Just now, dilpickle said:

He's hoping gamers will get together and somehow magically make bitcoin worthless.

Yep.

 

But they could only do that by commiting crimes.

[dilpickle]

1 minute ago, Spotty said:

What do you mean "gamestop"? Gamestop is the name of an American retail store that sells video games.

It's a reference to the gamestop stock saga.

[Ceadde]

1 minute ago, Spotty said:

What do you mean "gamestop"? Gamestop is the name of an American retail store that sells video games.

Yeah well i'm sure you know that not to long ago a reddit post got a ton of people to buy up gamestop stock that screwed a bunch of big shot stock market sharks out of potentially billions of dollars. Could that happen to the ETH bit coin miners?

 

[TempestCatto]

3 minutes ago, Ceadde said:

Yeah well i'm sure you know that not to long ago a reddit post got a ton of people to buy up gamestop stock that screwed a bunch of big shot stock market sharks out of potentially billions of dollars. Could that happen to the ETH bit coin miners?

 

Lol no. Depending on the coin, the market cap for a particular cyrpto is higher than Snoop Dog on 4/20. Not to mention there are more businesses today that accept payment from various cryptos than just a few short years ago. Plus, hedgies aren't shorting crypto. Unless of course you're RobinHood and you own most of DogeCoin and pretend to sell it to those who "buy" it on your platform...

[bmx6454]

you could do a lot of damage to a lot of people/things(if it was possible to bubble it), least affected would be the miners as the cards can still be resold for a profit.

[bellabichon]

4 minutes ago, Ceadde said:

Yeah well i'm sure you know that not to long ago a reddit post got a ton of people to buy up gamestop stock that screwed a bunch of big shot stock market sharks out of potentially billions of dollars. Could that happen to the ETH bit coin miners?

 

Bitcoin currently has a market cap of 1.1 trillion US dollars. It'd be like trying to move a mountain with a backhoe. 

[TempestCatto]

1 minute ago, bellabichon said:

It'd be like trying to move a mountain with a backhoe. 

 

Spoiler

 

Same energy

 

[Oshino Shinobu]

10 minutes ago, Ceadde said:

Yeah well i'm sure you know that not to long ago a reddit post got a ton of people to buy up gamestop stock that screwed a bunch of big shot stock market sharks out of potentially billions of dollars. Could that happen to the ETH bit coin miners?

 

That happened because a load of brokers and hedge funds had short positions on Gamestop stock, to the point where they held short positions on over 100% of the available stock, which means they only profit if the stock went down in value. Mass purchasing of Gamestop stock made the stock value increase, therefore causing losses for those with short positions.

 

ETH and Bitcoin miners don't hold short positions on the valve of the respective Cryptocurrencies, they are just mining coins to either hold onto or sell right away. Doing the same as what happened with Gamestop would drive up the price of ETH and Bitcoin further, which would only benefit the miners.

[Dedayog]

9 minutes ago, Ceadde said:

Yeah well i'm sure you know that not to long ago a reddit post got a ton of people to buy up gamestop stock that screwed a bunch of big shot stock market sharks out of potentially billions of dollars. Could that happen to the ETH bit coin miners?

 

Careful with your misunderstanding of events.  

[Ceadde]

5 minutes ago, bellabichon said:

Bitcoin currently has a market cap of 1.1 trillion US dollars. It'd be like trying to move a mountain with a backhoe. 

we need all the backhoes we can get our hands on!

 

[Moonzy]

so you wanna pump bitcoin up even higher than it already is?

 

so miners can sell and have more funds for GPU...?

[SorryBella]

1 minute ago, Moonzy said:

so you wanna pump bitcoin up even higher than it already is?

 

so miners can sell and have more funds for GPU...?

Sounds pog to me

 

1660TI HOLD 700$

 

TO THE MOON

[Helpful Tech Witch]

7 minutes ago, bellabichon said:

Bitcoin currently has a market cap of 1.1 trillion US dollars. It'd be like trying to move a mountain with a backhoe. 

I read it as blackhole at first and I was so confused.

Like that would be easy.

[Ceadde]

2 minutes ago, Moonzy said:

so you wanna pump bitcoin up even higher than it already is?

 

so miners can sell and have more funds for GPU...?

No. I said i know the circumstances are different. I was wondering if it was possible to somehow devalue bitcoin to screw the miners over. 

[Spotty]

22 minutes ago, Ceadde said:

Yeah well i'm sure you know that not to long ago a reddit post got a ton of people to buy up gamestop stock that screwed a bunch of big shot stock market sharks out of potentially billions of dollars. Could that happen to the ETH bit coin miners?

 

No.

 

With GME they bought stock to raise its price.

 

In order for Bitcoin to drop in price people who already own bitcoin would need to sell it at prices far lower than what it's currently worth. You would need to convince a lot of people holding combined 10s or even 100s of billions of dollars in Bitcoin to sell at prices less than what it is valued, throwing away money... All so you can buy a new graphics card? Good luck.

[Moonzy]

1 hour ago, Ceadde said:

I was wondering if it was possible to somehow devalue bitcoin to screw the miners over. 

yes, dump the coin

but first you need to own the coin

[WereCatf]

3 minutes ago, Sakuriru said:

Technically if you got enough people together you could mine out enough coins to make mining unprofitable.

No. There are hundreds or thousands of actual, literal *WAREHOUSES* chock-full of mining-gear churning away -- compared to the power they've got, you'd practically need to convince millions of people to start mining in order to make even a dent and it'd most likely end up just making the coins even more valuable, not less.

[LogicalDrm]

There's also no cap of amount of crypto overall. AFAIK. With regular stock markets, there's limited amount of stocks per company. The amount of stocks held determines ownership of the company. Something dramatic would need to happen to future of crypto as something of worth overall, and price per mined coin to be significantly more than costs of the task.

[Arika]

So gamestop is a verb now?

[Tristerin]

If BTC ever topples (its the current Gold Standard for crypto) another will replace it.  Its not the blockchain itself that makes it valuable (necessarily) its that PEOPLE want to have/use/possess/transfer/barter with/etc with it.