Can somebody "in the know" tell me, when this cryptocurrency crap will die a horrible, painfull death?

[centurion_08]

Hi.

 

I never read much about this subject. Only thing i know is, it's the 3rd or 4th crypto crap boom and up until know it was affecting a fair share of gpu's.

Now it seems everything is gone from the shelfs. Talking about higher tier gpu's, cpu's, heck even memory is higher than usual. I can't even buy a ps5 anymore because the fucking thing is gone.

A console, a toy is gone. I remember standing in (not so long) lines for ps2, ps3, ps4 and there was plenty of them. I know it's a supply and demand thing but can somebody write a diagram with straws or crayons and tell me when it will go back to normal. Scalping, farming motherfucking assholes.

 

 

Regards.

[IkeaGnome]

January 69th 2436.

 

Without a crystal ball, there's no way of knowing.

[sub68]

Crypto won't die.

But the BTC will have fluxes and those fluxes will in turn change what hardware people will use for mining.

[Hairless Monkey Boy]

They seem to be significantly down today. Fingers crossed that they continue downward.

[Arika]

there's no such thing as being "in the know" when it comes to something like this.

 

could be days, weeks, months, years before things re-stabilise

[WkdPaul]

* thread moved to the Folding@home, Boinc, and Coin Mining *

 

 

11 minutes ago, centurion_08 said:

A console, a toy is gone.

The mining boom has nothing to do with console scarcity, there's currently a global chip shortage, even car manufacturers are affected.

 

For consoles scarcity, you can blame the chip shortage and scalpers, not BTC value.

[centurion_08]

1 minute ago, wkdpaul said:

* thread moved to the Folding@home, Boinc, and Coin Mining *

 

 

The mining boom has nothing to do with console scarcity, there's currently a global chip shortage, even car manufacturers are affected.

 

For consoles scarcity, you can blame the chip shortage and scalpers, not BTC value.

Yes, of course, i should've specifie i meant BOTH. PC parts, and consoles. I know plenty of people that can't affort/build a good "next gen" PC so they wanna buy console.

I don't want to build a half baked, half assed PC so i thought i'll get a ps5. Well, jokes on me cause the thing is mia.

 

EDIT: As far as farming goes, i mean, it's not bad in it self, but leave some of the tech for us, gamers damn it.

[sub68]

8 minutes ago, wkdpaul said:

The mining boom has nothing to do with console scarcity

I think you could do F@H with a PS3 back in the day.

9 minutes ago, wkdpaul said:

For consoles scarcity

Ever since the PS2 people realize that they could scalp the crap up with new products.

[Radium_Angel]

19 minutes ago, HairlessMonkeyBoy said:

They seem to be significantly down today. Fingers crossed that they continue downward.

The trouble there is all the johnny-come-latelys that will pounce of the coins when the price drops to 3-4K (or so) thus driving it right back up.

 

[Tristerin]

The reason its "down" is there are not many financial ways to spend BTC currently - the most obvious way to "use" your BTC is "cashing out" which is what we are seeing.  I.E. Tesla now accepts BTC.  As more and more companies, and individuals start accepting BTC as a medium for bartering, the currency will then rush to new highs.  

 

BTC, and many many coins, are not going away.  Hyper inflation of the worlds currencies are going to require a new replacement once cash becomes useless and waiting for it will be...crypto to be used.

 

My 2 copper coins.  (and you can watch the trends of this coin to "assume" what will happen next)

[Heliian]

11 minutes ago, Tristerin said:

As more and more companies, and individuals start accepting BTC

Why would a legitimate business use btc?  The value is fluctuating so much that it's not possible to make even a business case for using it.  You get paid one day and then lose it all the next?  Even a modest 10% fluctuation day to day is not going to fare well for your business.  It's also not tied to anything of value.  

 

[Hairless Monkey Boy]

16 minutes ago, Tristerin said:

As more and more companies, and individuals start accepting BTC as a medium for bartering, the currency will then rush to new highs.  

No. It's a self defeating argument. If Bitcoin is in a state of "rushing to new highs", then people will not be using it as a currency for paying for goods and services. If people are using it as a currency for paying for goods and services, then the value will not be "rushing to new highs". It's simple psychology.

 

If the price is rushing up, why would I buy product X today for 1 Bitcoin, if I think that tomorrow it will cost only .5 Bitcoin? When the price is falling, the same logic applies on the other side of the transaction. Why would I sell product X today for 1 Bitcoin, if I think tomorrow it will be worth 2?

 

The reason why some companies accept bitcoin is because for now, as the price is rising, it's a good transaction on the sellers side. However, rational consumers are not using bitcoin to make purchases in these market conditions.

 

Bitcoin can only be used as a currency when it achieves a stable value.

[Tristerin]

40 minutes ago, Heliian said:

Why would a legitimate business use btc?  The value is fluctuating so much that it's not possible to make even a business case for using it.  You get paid one day and then lose it all the next?  Even a modest 10% fluctuation day to day is not going to fare well for your business.  It's also not tied to anything of value.  

 

Its currently tied to the US dollar, which is tied to the Taxation of America and is a Fiat Currency (ever heard of that alt. coin USD that is backed by taxation only) - its the same methodology of value that our current currency (in the US) has.  People will use it to pay taxes, therefore it has value - Fiat currency.  It is no longer, and for some time, backed by the Gold Standard.  Note - the entire world trade is based off this fact above.  

 

Why would they use it?  This is the same as investing.  There are always risks.  Elon Musk bought 1.5 billion in BTC and within weeks created the most wealth for himself he has ever created.  He still has NOT LOST anything in that investment even with the recent drops in BTC.

 

 

Anyhow - the why - in my opinion - will be that same reason people used to trade a wagon wheel, for a wagon tongue.  Why not?  Its a network of users placing a value on something (same as physical money).  Metcalfes Law is why business' will adopt it.  The more people that want to use it, the more business' that will get on board.

39 minutes ago, HairlessMonkeyBoy said:

No. It's a self defeating argument. If Bitcoin is in a state of "rushing to new highs", then people will not be using it as a currency for paying for goods and services. If people are using it as a currency for paying for goods and services, then the value will not be "rushing to new highs". It's simple psychology.

 

If the price is rushing up, why would I buy product X today for 1 Bitcoin, if I think that tomorrow it will cost only .5 Bitcoin? When the price is falling, the same logic applies on the other side of the transaction. Why would I sell product X today for 1 Bitcoin, if I think tomorrow it will be worth 2?

 

The reason why some companies accept bitcoin is because for now, as the price is rising, it's a good transaction on the sellers side. However, rational consumers are not using bitcoin to make purchases in these market conditions.

 

Bitcoin can only be used as a currency when it achieves a stable value.

How much Crypto do you own and how vested are you in understanding it?

 

Metcalfe's Law - read up on it.

 

I dont know what you do in life but I pay people in BTC (satoshi, percents of BTC).  Right now, almost every day.  It travels EXTREMELY well internationally.  Why?  Their fiat currency is worthless.

 

 

[Hairless Monkey Boy]

5 minutes ago, Tristerin said:

I pay people in BTC (satoshi, percents of BTC).  Right now, almost every day.

A single anecdote does not constitute data.

[tikker]

1 hour ago, HairlessMonkeyBoy said:

Bitcoin can only be used as a currency when it achieves a stable value.

Bitcoin will never be a normal currency and has long been overtaken in that regard. It's value, I expect, will only go up as mining goes on and the next halvening happens in 4 years. There are plenty of other functioning, cheap (even feeless) and fast cryptos that are much more suited for day to day currency usage. It's a great gateway to spark crypto usage, but it's only the tip of the iceberg. Volatility I expect stay for a while for not-stablecoins. Although some others have been relatively stable.

31 minutes ago, Tristerin said:

I dont know what you do in life but I pay people in BTC (satoshi, percents of BTC).  Right now, almost every day.  It travels EXTREMELY well internationally.  Why?  Their fiat currency is worthless.

This is also what is needed for adoption to grow. Otherwise we get stuck in a vicious circle of complaining that it's not used as a currency, but subsequently then when asked to start spending it complaining that it's too valuable/volatile/whatever to use as a currency.

[dogwitch]

1 hour ago, sub68 said:

I think you could do F@H with a PS3 back in the day.

Ever since the PS2 people realize that they could scalp the crap up with new products.

yes. ps3 folding was a thing. till other os happen.

[sub68]

2 minutes ago, dogwitch said:

yes. ps3 folding was a thing. till other os happen.

makes sense I was looking at Wikipedia they apparently disabled it after something

[Tristerin]

1 hour ago, HairlessMonkeyBoy said:

A single anecdote does not constitute data.

Ahh, so your personal view on it does.  I bet you arent into crypto - and thats all good - I wasnt for a long time either.  Its actually kind of scary - until you understand how fiat currency works and realize its the same thing.

 

BTW my response was also apart of your statement below, which means you dont know.  I was, and am going to continue, paying in satoshi.  Because those people were, and are preferring that over their own currency.

1 hour ago, HairlessMonkeyBoy said:

If Bitcoin is in a state of "rushing to new highs", then people will not be using it as a currency for paying for goods and services. If people are using it as a currency for paying for goods and services, then the value will not be "rushing to new highs". It's simple psychology.

 

49 minutes ago, tikker said:

This is also what is needed for adoption to grow. Otherwise we get stuck in a vicious circle of complaining that it's not used as a currency, but subsequently then when asked to start spending it complaining that it's too valuable/volatile/whatever to use as a currency.

Adoption is growing, and will continue to grow.  

 

I think that people who ARENT using it, ARENT mining it, ARENT researching it (to understand what its doing, being used for, etc) are going to be the last ones to adopt.  Thats okay to.  Metcalfes Law will bring them into the fold eventually.  

 

 

[Hairless Monkey Boy]

1 minute ago, Tristerin said:

Ahh, so your personal view on it does.

No it doesn't... Your claim is that people are using it as a currency. Your evidence is that you personally have done so. An anecdote does not constitute data.

[Tristerin]

8 minutes ago, HairlessMonkeyBoy said:

No it doesn't... Your claim is that people are using it as a currency. Your evidence is that you personally have done so. An anecdote does not constitute data.

Im not hear to argue with you.  Use it or not, I can care less.

 

I use it, and millions do as well.  I mean, refute that if you want, but I dont care your opinion on it.

[Vangeli]

It’s unregulated but I have serious doubts that it’ll stay that way for long at this rate. There need only be one grave mistake to topple everything.

 

Of course, countries that had gone completely renewable having to bring back coal plants to keep up with the energy demands should’ve started the ball rolling imho.

[tikker]

18 minutes ago, HairlessMonkeyBoy said:

No it doesn't... Your claim is that people are using it as a currency. Your evidence is that you personally have done so. An anecdote does not constitute data.

To be fair if he's using Bitcoin as a currency that makes him one datapoint. It's low number statistics, so not useful to estimate global adoption, but can be considered valid data that people do use it. Also the fact that Bitcoin mining runs by itself indicates that people are in fact using it. I don't know if there are numbers on what percentage of traffic is just moving between exchanges and which are actual purchases. Yes the network is slow, but if nobody was using it there would be nothing to mine.

21 minutes ago, Tristerin said:

Adoption is growing, and will continue to grow.  

 

I think that people who ARENT using it, ARENT mining it, ARENT researching it (to understand what its doing, being used for, etc) are going to be the last ones to adopt.  Thats okay to.  Metcalfes Law will bring them into the fold eventually.

Yeah I like seeing it grow. Personally I do not believe in Bitcoin as an every day currency though. I'm purely using it as store of value at this point as realistcally the fees are just too high for day-to-day use, but I've used Stellar for transfers and it's great.

4 minutes ago, Vangeli said:

It’s unregulated but I have serious doubts that it’ll stay that way for long at this rate. There need only be one grave mistake to topple everything.

 

Of course, countries that had gone completely renewable having to bring back coal plants to keep up with the energy demands should’ve started the ball rolling imho.

I'm interested in what that "grave mistake" would be?

[Tristerin]

2 minutes ago, tikker said:

I'm purely using it as store of value at this point as realistcally the fees are just too high for day-to-day use, but I've used Stellar for transfers and it's great.

 

Similar reasons - but people overseas in alot of countries will take LESS in Satoshi value, than they would in USD/Their currency if I make the transaction using BTC/Satoshi.  They would MUCH rather have the BTC for less "income" and will eat transfer fees.

 

I too am getting more and more into the transfer coins.  Ive gotten some vested interests in StellarLumens as well

[Tristerin]

12 minutes ago, Vangeli said:

countries that had gone completely renewable having to bring back coal plants to keep up with the energy demands should’ve started the ball rolling imho.

Wut?

 

Mapped: The world’s coal power plants in 2020 (carbonbrief.org) (can do a slider to show 2000-2020.)

[Vangeli]

6 minutes ago, tikker said:

I'm interested in what that "grave mistake" would be?

Power consumption growing past our infrastructure causing blackouts and potentially deaths, local governments investing (which some are currently doing!) and losing everything, a rich politically connected nerd being sour after losing hundreds of millions, etc.