End of Mining Craze Prognosis

[Nicnac]

So I did some reading today and it looks like Ethereum will go PoS by Nov. 1st this year. That should put an end to sold-out cards and crazy prices for used gear. Considering that at msrp an rx480 needs about 80 days for RoI the craze should end well before Nov. 1st. What do you guys think? Is it gonna be sooner or later? Will everyone sell immediately or will another coin take over? I am interested in your opinions!

[3rrant]

4 minutes ago, Nicnac said:

So I did some reading today and it looks like Ethereum will go PoS by Nov. 1st this year. That should put an end to sold-out cards and crazy prices for used gear. Considering that at msrp an rx480 needs about 80 days for RoI the craze should end well before Nov. 1st. What do you guys think? Is it gonna be sooner or later? Will everyone sell immediately or will another coin take over? I am interested in your opinions!

Could you post a source? It sounds very very sooner than it should according to the eth group at least.

[Nicnac]

3 minutes ago, ErrantNyles said:

Could you post a source? It sounds very very sooner than it should according to the eth group at least.

ugh I got it from r/Etherium but I can't find the exact post rn  maybe that info is not up to date... I would believe it to be much earlier than that as well though

[DXMember]

[ellishughes12]

I'm not 100% sure if what I read was accurate so don't quote me on this but I heard it's not a straight switch over. Apparently it's going to be implemented over time, slowly eliminating PoW however I did not see how long the time frame would be.

 

Also I think with some of the current mining rigs I see the effort of ripping it apart to sell would be a huge amount of work. Surely they'd find a new coin to utilize their machines with. Hopefully not as this inflates the market so badly and ruins it for others.

[3rrant]

2 hours ago, Nicnac said:

ugh I got it from r/Etherium but I can't find the exact post rn  maybe that info is not up to date... I would believe it to be much earlier than that as well though

Mh, for what I know the move to PoS should start in 2018, and is expected to be complete in 2019 if no delays occure. That's why I'm saying to start this year seem very earlier than expected and won't be a "push a button" thing, it's gonna take some serious time to adapt the blockchain to PoS.

[Trustadz]

I wonder how long it'll take for the GPU's price to be actually affected when this whole craze is over. Wouldn't be surprised if it stays here for a while to maximize profits.

[Mooshi]

Pos

 

[Froody129]

4 hours ago, Mooshi said:

Pos

 

I'm not the only one!  

 

Seriously though, I don't really care if it crashes, I just need the price to jump back up for a bit so I can withdraw my mined Ether at a good price

[Tellos]

A note it does not even infalte the GPU market it kills it for most users. I at this point due to mining encourage people never to buy used GPUs as theres no way to know if they were used for mining. Also I am as an outsider of minign trying to see how people actually get money for this and where the end result gets anyone.Feels like soembody is being had for hoping somewhere somebody will give them moeny for this stuff. I have to think before long it will hit some kind of wall.

[Pachuca]

7 hours ago, Tellos said:

A note it does not even infalte the GPU market it kills it for most users. I at this point due to mining encourage people never to buy used GPUs as theres no way to know if they were used for mining. Also I am as an outsider of minign trying to see how people actually get money for this and where the end result gets anyone.Feels like soembody is being had for hoping somewhere somebody will give them moeny for this stuff. I have to think before long it will hit some kind of wall.

how is that any different than the banking system we have now. There's more "money" on paper than the banks actually have in vaults. It's all the same misleading nonsense in the end. We just have to "trust in God" lol

[Tellos]

@Pachuca Well governments do not need to bep rofitible to remain in exsistance. We have faith in our moeny cause the government is stable mostly. It has controls and means to if it choses change things. Bitcoin and simmilar things are entirely driven by whomever has the msot bitcoin. for isntance if I owned say 70% of the bitcoin out there now. I could poublicly delete that ifnormation demolish the drive and utterly crash the market. or fix it to be rigged to explode. No ONE private noen governmental person can send our entire ecanomic structure into a tailspin by burning his cash.

[Pachuca]

5 hours ago, Tellos said:

@Pachuca Well governments do not need to bep rofitible to remain in exsistance. We have faith in our moeny cause the government is stable mostly. It has controls and means to if it choses change things. Bitcoin and simmilar things are entirely driven by whomever has the msot bitcoin. for isntance if I owned say 70% of the bitcoin out there now. I could poublicly delete that ifnormation demolish the drive and utterly crash the market. or fix it to be rigged to explode. No ONE private noen governmental person can send our entire ecanomic structure into a tailspin by burning his cash.

Government is not guaranteed stability by any stretch of the imagination. Look to the middle east for failed states. Look at Greece for example, that's a government failed economy. Even here in the US we have cities that declared bankruptcy. We have states on the brink of bankruptcy. The current financial system was almost destroyed in a day back in 2008. As for bitcoin tanking because of one individual, I doubt that one individual would have an interest in burning themselves and the likely hood of that scenario would be slim. Flash crashes can happen, but they can be remedied like in the stock market. The current system is more flawed at least with cryptocurrency there is no central bank to "regulate" us into future disasters like the fed did with the 2008 crash. As a side note you should watch this film called The Big Short because it illustrates some of the major problems with the current system. 

[porina]

The mining craze is more complicated than just etherium, even if that is one of the hotter ones right now. I have nvidia cards and get decent profit, depending on what is more profitable at the time, on a mix of etherium, zcash and... another one. Even if etherium goes, there may be other coins that might remain viable for some time.

 

Also I see more of a gradual fall off than a crash. As profits drop, those with low running costs will go on longer than those with higher costs, so there will be some moderation in that.

[Tellos]

@Pachuca also noen to prevent speculation markets from crashing us like before either. Whiel government isint enternal it's more stable in most cases than this. Also bitcoisn already beocmming more centralized into 4 groups one is chinese owned [as in their government] etherium won't be far behind as minign continues afew central grousp will run it all. Also lost coisn or currancy in this are noen recoverable and thus fundmentally change the market forever.  You lose your bit coin your sol.