Ethereum drop?

[Commodore Sim]

Just now, DrMacintosh said:

Well if you have a car you generally have roads so, yes, yes I would call cars that. 

Indeed you could call a car that, but you don't and cars don't actually require roads.  same way you don't require capitalism to have a market to establish value.

[Guest]

5 minutes ago, EJOE said:

Yeah but will it slow down anytime soon. So much that GPU prices go back to normal?

Step 1: Take a look at this graph

https://www.worldcoinindex.com/coin/ethereum

It has come down a little...

Step 2: Change the graph to 1y and see things on a larger scale

 

I could comment on how bitcoin has rapidly increased in value however I don't think bitcoin has been profitable on GPU based mining for a while so no worries for gamers there (Unless bitcoin had a change in algorithm that I'm not aware of happening.)

 

Unless all the lucrative coins that people are willing to mine for are based on an algorithm that deters GPU based mining or most governments do heavy regulations, I doubt we will see a GPU as cheap as previous levels and the costs will be re normalized at a higher value.

[Clockwork_princess]

maybe nvidia and AMD should invest in more plants so they can produce mass amounts of cards so every miner can be happy and then games can buy them too.

 

but who has the billions to do that 

[DrMacintosh]

1 minute ago, Commodore Sim said:

same way you don't require capitalism to have a market to establish value.

You Know Capitalism is an idea right? 

[EJOE]

4 minutes ago, Clockwork_princess said:

like 8 months ago people said in 2 weeks it will drop, but look it still hasn't 

 

so there is zero way to tell, they say there is no dumb question but this is a dumb question, we cant predict the future.

 

You can try. I mean I'm pretty sure something like this happened awhile back so you could've gone off that.

[Commodore Sim]

Just now, DrMacintosh said:

You Know Capitalism is an idea right? 

or so the -ism does imply.

 

but what does that have to do with the fact that coin mining isn't free money?

[DrMacintosh]

Just now, Commodore Sim said:

but what does that have to do with the fact that coin mining isn't free money?

It is free money. 

 

You are not providing a service that is tangible to anyone in exchange for currency. You work, provide a valuable service, or have access to items that are in demand. Those are the things that I believe have value and deserve payment. 

 

Flipping a switch so you can update a block chain does not fall under any of those. 

[Guest]

2 minutes ago, EJOE said:

You can try. I mean I'm pretty sure something like this happened awhile back so you could've gone off that.

Cryptocurrencies have a tendency to ignore our expectations when it comes to our predictions. Not to say that looking at history is bad but so called experts have predicted its fall for years now, such as the recent splitting of Bitcoin into two currencies which actually strengthened the value of both. On a side note, did you know bitcoin has risen in value by 800% over the past year (https://www.coinbase.com/charts)

[Commodore Sim]

1 minute ago, DrMacintosh said:

It is free money. 

 

You are not providing a service that is tangible to anyone in exchange for currency. You work, provide a valuable service, or have access to items that are in demand. Those are the things that I believe have value and deserve payment. 

 

Flipping a switch so you can update a block chain does not fall under any of those. 

Ahh I see, we're talking about your beliefs not economic reality, my mistake happens all the time.

 

Fortunately your beliefs don't dictate the fundamental market foundation of basically all diversified societies in all of history, but you're welcome for the free economics lesson.

[Commodore Sim]

Just now, tjcater said:

Cryptocurrencies have a tendency to ignore our expectations when it comes to our predictions. Not to say that looking at history is bad but so called experts have predicted its fall for years now, such as the recent splitting of Bitcoin into two currencies which actually strengthened the value of both. On a side note, did you know bitcoin has risen in value by 800% over the past year (https://www.coinbase.com/charts)

I have a rule: Anyone who claims to fully grasp an economy, is defiantly lying or an ignorant fool.

[DrMacintosh]

7 minutes ago, Commodore Sim said:

Ahh I see, we're talking about your beliefs not economic reality,

In economic reality there is a hard limit to the side spread use of Crypto Currency. 

 

Do you really think the banks are going to let these fake coins hold any real value? I can already hear the J.P. Morgan lobbyists and the Senators writing out bills. 

 

Crypto has been on a death trail since day 1. It will never hit the ability to be accepted in stores large or small, it will never be able to be a substitute for cash, and due to the inherent limitations of all the Crypto models, there can only be so much of it.....aka......why are people wasting their god damn time on this snake oil? 

[Dabombinable]

Considering some Australian miners are already starting to sell their RX 480 and 580 (which is why my friends replacing my old 650ti 2GB with an 8GB RX 580), probably soon.

 

Edit: Its funny seeing an i5 4440 getting bottlenecked by a graphics card of the same age.

[Commodore Sim]

Just now, DrMacintosh said:

In economic reality there is a hard limit to the side spread use of Crypto Currency. 

Proof?  Jk you won't have any but I'll let it slide.

Just now, DrMacintosh said:

Do you really think the banks are going to let these fake coins hold any real value? I can already hear the J.P. Morgan lobbyists and the Senators writing out bills. 

 

Yeah banks and governments, both the daughters of economies.  The coins are quite real even bits are physical, markets don't need governments but government always need markets.  Who really has the power?

Just now, DrMacintosh said:

 

Crypto has been on a death trail since day 1. It will never hit the ability to be accepted in stores large or small, it will never be able to be a substitute for cash, and due to the inherent limitations of all the Crypto models, there can only be so much of it.....aka......why are people wasting their god damn time on this snake oil? 

Cash already is a substitute, it has zero objective value.  I'm not boldly claiming cryptocoin is indeed the future but none of your theories have come close to disproving the possibility and none of mine can either.  Your argument is fully based on current system and organizations, and frankly an Amerocentric one too.  My perspective is that of the totality of history, my sample size is far bigger.

[Guest]

2 minutes ago, DrMacintosh said:

It will never hit the ability to be accepted in stores large or small, it will never be able to be a substitute for cash, and due to the inherent limitations of all the Crypto models, there can only be so much of it.....aka......why are people wasting their god damn time on this snake oil? 

Maybe not at physical stores but you would be surprised at the number of online sites that accept bitcoin, heck supposedly back in 2014, PayPal began allowing people to pay using bitcoins (Don't know if this means a merchant would have to accept bitcoins or if PayPal would exchange it for the merchants local currency.) In the past week there was a rumor that Amazon might start accepting bitcoins which partially caused the raise in value of bitcoin by an additional $1k over the past week. That is pretty volatile and the rumor may be a hoax but its something to consider.

[DrMacintosh]

5 minutes ago, Commodore Sim said:

The coins are quite real even bits are physical,

Great why doesn't my wallet have any of them in it? 

[DrMacintosh]

6 minutes ago, Commodore Sim said:

it has zero objective value

Cash's value is that everyone takes it......

[Commodore Sim]

Just now, DrMacintosh said:

Great why doesn't my wallet have any of them in it? 

I mean you can store your digital wallet on a small drive that would fit into most wallets.

 

Do you have crypto currency? maybe that's why you don't have any in your wallet.

[Commodore Sim]

1 minute ago, DrMacintosh said:

Cash's value is that everyone takes it......

Indeed, however that's subjective value.

 

 

[DrMacintosh]

Just now, Commodore Sim said:

you can store your digital wallet on a small drive that would fit into most wallets.

So its not physical then

[DrMacintosh]

Just now, Commodore Sim said:

however that's subjective value.

No, it really isn't. The law isn't subjective. 

[Commodore Sim]

Just now, DrMacintosh said:

No, it really isn't. The law isn't subjective. 

sure it is, it only applies within a limited jurisdiction.  AKA borders 

[DrMacintosh]

Just now, Commodore Sim said:

sure it is, it only applies within a limited jurisdiction.

And? If you you outside of your country's border into another and you have to pay a debt you are going to be using cash. Its their cash but its still cash. 

 

Crypto-Currency is not legal tender. That is the only thing that matters. 

[Commodore Sim]

1 minute ago, DrMacintosh said:

So its not physical then

a storage media contains cells that are encoded with a unique pattern dictated to express your crypto coins identity, just like as book.  Completely physical.

 

[Commodore Sim]

Just now, DrMacintosh said:

And? If you you outside of your country's border into another and you have to pay a debt you are going to be using cash. Its their cash but its still cash. 

 

Crypto-Currency is not legal tender. That is the only thing that matters. 

legal tender is irrelevant.  If I rake your leave in exchange for a ride to a distant location.  We do not have to agree on a dollar value to complete this transaction.  Cash isn't the only media of trade/exchange, think on that.

[DrMacintosh]

Just now, Commodore Sim said:

legal tender is irrelevant.

Hahahahaha

 

OK