BREAKING!!! Bitcoin breaks $34.000!!! (Update ) | |
1415215425
User ID: 79298980 United States 01/02/2021 10:49 AM Report Abusive Post Report Copyright Violation | Thats why it wont happen. Its impossible for the sum of all digital bitcoins to be worth more than the total sum of the currency its sold in. That would mean all usd currency supply would be owed to people holding bitcoins. 1.5 trillion usd in circulation and 21 million bitcoins at 1 million would make it 21 trillion market cap. What if they keep printing money and increase the M2 money supply? Its all debt. If they printed money to cover all market debt then the usd would be completely worthless. They would probably have to print like 500 trillion dollars. Basically all combined market assets are probably worth less than 1 cent a piece. Its only because some idiot is willing to pay 32k for it that the price is up. Last Edited by messagehalted on 01/02/2021 10:52 AM All my post are theatrical artistic writing . |
Anonymous Coward User ID: 79836994 United States 01/02/2021 10:49 AM Report Abusive Post Report Copyright Violation | |
Bernd
User ID: 79840330 Germany 01/02/2021 10:49 AM Report Abusive Post Report Copyright Violation | I just have a feeling it could bounce here at this line a little bit [link to www.tradingview.com (secure)] Wow, it seems it wants to blast right through this line without much bounce. $40k here we come. |
Cryptotard_Sticky
I'm just another human User ID: 78779972 United States 01/02/2021 11:00 AM Report Abusive Post Report Copyright Violation | ... Quoting: Cryptotard_Sticky Ok, I see that you're just trying to point out anything negative that you can. I mined my first Bitcoin on Xeon processors, they were better suited to hash SHA-256, than regular Intel/AMD due to the Xeon having quad cores. Since then, ASIC miners have destroyed that ability so I had to invest into ASICS. My first ASIC was an Antminer S3. It costed about 2,200 and mined about 0.00025 BTC per day. When the BTC prices would fall below 8K, I was actually losing money in electricity costs, but continued to keep them going because I believed in Bitcoin's future. THANK YOU GOD for allowing my life to be able to do that. 10,000 Watts in a basement in the USA is about $600/month in electricity costs. So you are ahead in the game now then? Can you tell me by how much? Have you had to pay any taxes on it, can you deduct the price of equipment and electricity. And why are people so snarky about answering question, are the ashamed of what they are doing, not like you're selling used cars I can absolutely deduct the price of electricity and equipment. My business partner and I have not converted anything into fiat as of yet. Our plan was always, "if this thing goes mainstream" we would incorporate an LLC and take this hobby thing more seriously. We may be opening a "mining/training/education" storefront in my area towards the end of this year. We'll build people custom rigs, and inventory some power-supplies, cables. Offer some training / education on Cryptocurrency and mining in general. Uncle Sam has always been something that we are purposefully stalling on. We want to make sure that we can claim our BTC as earned income and not capital gains. This is why mining it is actually brilliant. All of what you said makes good sense, how much floor space on average is required on a resonable startup, and could you touch on cooling building requirments, or would it be better to locate in a more favorable climate to help with cooling. I am totally amazed at the Antminer's ability to run at 80C chip temps. LOL... Where we live the summer is our enemy, in the winter we fare better. In the case you're unaware, the two main reasons to keep the miners cooler is that power dissipates at a slightly lower value when the electronics runs cooler, thus saving money. The other, is that electronics don't like heat and the IC's (Chips) can burn up due to overheating. We setup some floor AC units and draped plastic with some exhaust fans in about a 400 sq foot space in one of his houses. He's pretty investment savy, and had a brother renting a house he owned and this allowed us to occupy a trusted and private area at no cost. After running it the summer of 2018 and most of 2019 due to a breakdown of AC, we found that we actually could run them at 80c and they never actually broke down. The difference in cost for the extra 1800 W for 3 AC units was enough for us to cancel cooling altogether. We didn't cool them in 2020, and they ran all summer long. His brother didn't complain much, and it lowered the heating costs in the winter. The house was big enough that they didn't even notice it much, so they say. Ideally, a cool climate would be excellent for this type of operation, but I'm anchored to my area and must make do. To answer the question of how to startup, at this point I don't know. I'd probably buy one Antminer Z15 or S19 and just learn as much as you can about the whole crypto-space, mining-pools, et cetera. Then go from there. ETA: For me, mining was more of an obsession with CLI (Command-Line-Interface) know-how and getting the thing to actually work. I wanted to participate and to understand how it all worked. Today, ASICS make it so much easier than it was to write the command out in DOS. It's been so long for me, I actually can't remember. I also left out the part where in 2017 GPU mining ETH became so big that I bought like 20 10-series Nvidia GPUs. I'm still trying to sell them today... LOL I advise against this route, even though the 3090 is quite profitable mining ETH. Last Edited by Cryptotard_Sticky on 01/02/2021 11:10 AM Prepare your soul for its journey into the heavens, make peace with yourself. Consciousness is the most amazing gift life could ever give, and the ability to love something is a close second. |
Anonymous Coward User ID: 76136020 United States 01/02/2021 11:04 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 79836994 United States 01/02/2021 11:08 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 79836994 United States 01/02/2021 11:08 AM Report Abusive Post Report Copyright Violation | |
Cryptotard_Sticky
I'm just another human User ID: 78779972 United States 01/02/2021 11:11 AM Report Abusive Post Report Copyright Violation | Golden Bull, fractal pattern. It will cool off over the spring for a month or two. Last Edited by Cryptotard_Sticky on 01/02/2021 11:11 AM Prepare your soul for its journey into the heavens, make peace with yourself. Consciousness is the most amazing gift life could ever give, and the ability to love something is a close second. |
Bernd
User ID: 79840330 Germany 01/02/2021 11:12 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 76136020 United States 01/02/2021 11:18 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 79731757 Ireland 01/02/2021 11:20 AM Report Abusive Post Report Copyright Violation | |
Cryptotard_Sticky
I'm just another human User ID: 78779972 United States 01/02/2021 11:20 AM Report Abusive Post Report Copyright Violation | Bitcoin is showing some minor signs of life again. I guess we will see a huge parabolic price increase soon this looks like the beginning of the next moon phase. It's been parabolic. It's downhill from here, bro. In 3..., 2,..., It hasn't even had the first "Hype-Selloff" of this cycle yet. Expect it to go up 5X after that sell-off. It's done this exact thing twice already, if it follows trend a third time, then 2025 we could see a million dollar BTC. Last Edited by Cryptotard_Sticky on 01/02/2021 11:21 AM Prepare your soul for its journey into the heavens, make peace with yourself. Consciousness is the most amazing gift life could ever give, and the ability to love something is a close second. |
Bernd
User ID: 79840330 Germany 01/02/2021 11:22 AM Report Abusive Post Report Copyright Violation | Bitcoin is showing some minor signs of life again. I guess we will see a huge parabolic price increase soon this looks like the beginning of the next moon phase. It's been parabolic. It's downhill from here, bro. In 3..., 2,..., I see, you are new to this whole Bitcoin thing. Just sit down and relax, you are going to see a phantastic show. |
NOFAKE
(OP) User ID: 79837555 Germany 01/02/2021 11:25 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 76136020 United States 01/02/2021 11:25 AM Report Abusive Post Report Copyright Violation | Bitcoin is showing some minor signs of life again. I guess we will see a huge parabolic price increase soon this looks like the beginning of the next moon phase. It's been parabolic. It's downhill from here, bro. In 3..., 2,..., I see, you are new to this whole Bitcoin thing. Just sit down and relax, you are going to see a phantastic show. Well, that's just like your opinion, man. |
Anonymous Coward User ID: 79731757 Ireland 01/02/2021 11:25 AM Report Abusive Post Report Copyright Violation | |
Bernd
User ID: 79840330 Germany 01/02/2021 11:30 AM Report Abusive Post Report Copyright Violation | ... Quoting: Bernd Bitcoin is showing some minor signs of life again. I guess we will see a huge parabolic price increase soon this looks like the beginning of the next moon phase. It's been parabolic. It's downhill from here, bro. In 3..., 2,..., I see, you are new to this whole Bitcoin thing. Just sit down and relax, you are going to see a phantastic show. Well, that's just like your opinion, man. Are you aware that the y-scale of the price chart will automatically scale and let everything shrink into insignificance as soon as it hits the upper right corner and keeps pushing? Watch it happen! It will be more comfortable and less dramatic to watch if you switch the scale to logarithmic. |
Anonymous Coward User ID: 78349802 United States 01/02/2021 11:30 AM Report Abusive Post Report Copyright Violation | |
Tone Loc
User ID: 79841647 United States 01/02/2021 11:33 AM Report Abusive Post Report Copyright Violation | If Berkshire Hathaway is over 300k a share why can't btc. Which btc has a bigger market cap than when it topped 29 k afew days ago. Im flabbergasted. I didnt expect that big of a green candle this morning. Today ill be listening to alot of technical analysis. Trying to see when the correct is. Or if this is just going to keep going. Cause if it goes to 300k im retiring. Sitting on 5 acres .no mortgage no car note . Got a well. Just electric and food and property tax. That reminds me.... the one thing I should buy . A solar power system for house. That's worth selling one btc for, not having an electric bill any more .I dont need alot each month to survive as it is. Im 35 and really hope it goes parabolic . Im tired of being a bricklayer. My dad could retire now. He's a bricklayer also. Only thing is he'd have to pay his own insurance for a 2 years . Im sure he's more tired of it than me. Im not going to argue with anyone who says you can't eat it etc. I've been on this site 10 years. You think i don't have food gold and bullets? Im just going to be positive and think of the life changing potential btc has. I also just thought I got afew telephone poles. If I buy a junk car for the wheels. And some 20ft plank wonder how much power i could make on a red neck windmill. Im definitely not buying more btc at this price. But I might stick a little here and there in some alts. Here's to retiring this year. And being able to help my 2 kids do whatever it is they wanna do when they graduate. |
Cryptotard_Sticky
I'm just another human User ID: 78779972 United States 01/02/2021 11:34 AM Report Abusive Post Report Copyright Violation | ^ That's what these threads are about. "I was right, I'm smahter then you". Who cares if it destroys everyone else. The prices of Gasoline in my area is unaffected by the price of Bitcoin. Stop listening to the people trying to play reactionary economists due to the surging price of BTC. Ya'll kept saying BTC had no value, now you're saying it's going to destroy the financial system. Well, that was its intention, but not in a macro-economical way. It was only designed to usurp the banking cartel, not to destroy the economy in a sense that the dollar would become worthless. The central banks did that all on their own. Stop blaming Bitcoin. Last Edited by Cryptotard_Sticky on 01/02/2021 11:36 AM Prepare your soul for its journey into the heavens, make peace with yourself. Consciousness is the most amazing gift life could ever give, and the ability to love something is a close second. |
Anonymous Coward User ID: 76037828 United States 01/02/2021 11:34 AM Report Abusive Post Report Copyright Violation | Thats why it wont happen. Its impossible for the sum of all digital bitcoins to be worth more than the total sum of the currency its sold in. That would mean all usd currency supply would be owed to people holding bitcoins. 1.5 trillion usd in circulation and 21 million bitcoins at 1 million would make it 21 trillion market cap. What if they keep printing money and increase the M2 money supply? Its all debt. If they printed money to cover all market debt then the usd would be completely worthless. They would probably have to print like 500 trillion dollars. Basically all combined market assets are probably worth less than 1 cent a piece. Its only because some idiot is willing to pay 32k for it that the price is up. That is what determines the price of literally EVERYTHING. |
Anonymous Coward User ID: 76136020 United States 01/02/2021 11:36 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 76037828 United States 01/02/2021 11:36 AM Report Abusive Post Report Copyright Violation | |
Cryptotard_Sticky
I'm just another human User ID: 78779972 United States 01/02/2021 11:37 AM Report Abusive Post Report Copyright Violation | |
Mustydog
User ID: 79405221 United Kingdom 01/02/2021 11:38 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 76136020 United States 01/02/2021 11:39 AM Report Abusive Post Report Copyright Violation | Watch it happen! It will be more comfortable and less dramatic to watch if you switch the scale to logarithmic. OK, hero. Let's watch together. smh |
Bernd
User ID: 79840330 Germany 01/02/2021 11:40 AM Report Abusive Post Report Copyright Violation | I love these moments when the price scale expands upwards and the left side of the graph is shrinking. It only happens every few years, like a very rare celestial alignment, I am watching it in awe! Last Edited by Bernd on 01/02/2021 11:42 AM |
Anonymous Coward User ID: 79731757 Ireland 01/02/2021 11:45 AM Report Abusive Post Report Copyright Violation | |
Tone Loc
User ID: 79841647 United States 01/02/2021 11:47 AM Report Abusive Post Report Copyright Violation | I love these moments when the price scale expands upwards and the left side of the graph is shrinking. It only happens every few years, like a very rare celestial alignment, I am watching it in awe! Quoting: Bernd I like the way you put it. It feels good. Specially since im a hodler yeah I should have sold the first time at 19k and rebought at 3800. I just keep on buying 500 here and there the last few years It adds up . Keep pumping !!! |
M R E
User ID: 71630411 United States 01/02/2021 11:49 AM Report Abusive Post Report Copyright Violation | ... Quoting: Anonymous Coward 77419313 You tried Bernd. I kept hearing this at 3K at 10K at 20K. I gave up. They are never going to get it until it is too late for them to save themselves from what the world population is about to go through. It is biblical. They were warned, they were warned, they were warned, and they are still saying dumb shit like Its pointless for the little people to put money into it now. You are correct, the first thing they will go through is no power, and if it comes back on for some reason, no internet, to keep people in the dark....where is your Bitcoin kept, at home in a safe? There are so called hard wallets, these are offline and yes many prefer storing these in safes. I wonder if most of the hate just comes from jealousy. They clearly don't want to understand how it works, and will continue to work in the future. not hate but misunderstanding of the process! would rather have it & not need it then need it & not have it |