Nvidia Says Crypto Mining Boom Is Over For Now

Cryptofags BTFO

marketwatch.com/story/nvidia-says-crypto-mining-boom-is-over-for-now-2018-08-16

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finally holy fuck. i want to build a computer to play games on

bottom confirmed

always do the opposite of what the media (and Jow Forums) says

(((playing gaymes))) instead of bettering yourself.

this too

whats wrong with playing based fps games?

>for now

Bullish long term, based

And right before the new cards come out, too.

Thats it, its all over. No more mining will happen, no more blocks get confirmed. Everything is going to hit zero.

>bitcoin is worth the power it took to mine it at least
>not supply and demand
>literally defending Marxist labor theory of value

the absolute state of biz

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Most coins that were efficient on Nvidia cards are not profitable to mine anymore. Plus the ROI on 1060/1070 rig is more than a year now. My rig apparently won't break even for 2 years kek.

thats cuz everyone who wanted to buy a miner already has

>"Everyone who would buy a car already has one"

You ain't seen nothin' yet

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>CFO says Nvidia is expecting ’no contributions’ from crypto-related sales for the rest of the year
kek, already wrong. I'll be buying RTX 2080s by the pallet to mine monero

he's implying thats the base value you fool, you add to that the demand price AND the speculation price and you get the 20k buttcorn you saw on the last bulrrun

why the fuck would you pay the premium for the ray tracing when you have absolutely zero need for it?

>Introducing ray-tracing to the blockchain 10.0
Nice just bought 100k

>bcash
Into the ______ it goes.

We're still out there some of us have moved to other interests.

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>for now

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kek. wagie wagie is cranky.

yes goy play games meant for children. good goy!

Actually paid off two rigs built in December mining that shit. Mining is looking pretty grim now right. Nothing new is going to pump like they used to, but in this market.

>the demand boom for our products is over...for now

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yes fool sell your gpus mining is dead. Go fucking do it

Why monero? Wouldn't Vegas be a better choice? I haven't seen the expected CNv7 hashrates though.

>everyone is mining! let's increase the price on our shit so mining isn't feasible or profitable anymore
>uh oh looks like the crypto boom is over guys, haha

Fucking kikes

Does that mean GPU prices will go down?

Used GPU prices are on the floor. I'm scooping up cards for pennies on the dollar off Craigslist.

I never got into video games after n64 but holy shit kys

You can't reason with addicts.

The only value is what people are willing to pay for it, idiot. If it costs 6K to mine but people are only willing to pay 4k for it then it's worth 4 fucking K. Holy fuck biz is dumb as shit

Yes but the supply would go to zero and the value would shoot up back to equilibrium upon which mining would be profitable again. This is literally first year econ

160K salary+ engineer here and I still game every night with my highschool friends. Doing something mind-numbing at night is actually very common among software engineers as it gives us time to recoup our brain power.

I'm not saying that cant happen. Im saying that the actual value of bitcoin is only what someone is willing to pay for it. You guys are talking about something completely different

if it costs 6k to mine and people only pay 4k, more than half the miners shut down, diff drops like a rock, remaining miners now mine more btc making the mining cost below 4k. You are retarded and have no idea how this shit works, mining will always be profitable as long as btc is above $0

Well yeah, in the case that the actual demand goes down, then the value would in fact go down because there are the same amount of coins circulating and no central bank that will buy them up, so basically inflation. But hopefully that won't happen at least in the near future

I'm inclined to agree but good luck convincing people with an addiction to do something better with their lives. They'll always see it as a personal attack, just like someone who can't stop smoking weed or watching porn.

Mate don’t bother trying to explain basic Austrian economic principles to Jow Forums, Jow Forums is fucking retarded when it comes to economics.

You’re proving his point, that the cost to mine bitcoin doesn’t define its price.

>Well yeah, in the case that the actual demand goes down, then the value would in fact go down

You're a fucking moron lmao. Do you know what the word "value" means?

>You can't both enjoy entertainment and better yourself
If you watch television, movies, or go to concerts you're a massive hypocrite you know? I agree that there's plenty of people who spend way too much fucking time on video games but the same could just as easily be said about television or social media, or hell even shitposting on imageboards in general.

What is there to understand? In terms of USD it can be worth more or less depending on the supply and demand. I'm speaking English here

Youre not and I have a feeling your name is "Ranjesh". I'm saying the price to mine has nothing to do with BTCs value. You dont even know what you're arguing. You literally proved my point in

>bitmain coin going ASIC-resistant
This guy clearly didn't think too hard before making this post.

The cost to mine bitcoin doesnt define its price, it just establishes a strong support in price. If demand dropped and price kept going down, the support would be broken and price would keep going down until a new support is touched, which would be the support of the most efficient mining operations. If this support was broken, price would still go down until only those with near zero electricity cost would remain mining. This would be the hard floor, breaking it would mean going to $0 and the death of btc. The more you go down, the stronger these supports get and the harder they are to break.
The price of btc is the cost to mine btc of the least efficient, but still profitable mining operation (the easiest support to break by bears), plus the demand factor, plus the speculation factor

this was for

there is the difficulty factor. Say btc crashed to $10 and there was still buyers. Most mining operations would halt but if difficulty dropped enough, someone could still spend say $4 in electricity for each btc and sell them for $10. This $4 would be the new hard floor, unless someone could mine it for $2 and sell for $10. Then $2 would be the hard floor, etc etc.
In short, there is no actual floor that btc cant break, its actually $0. But demand would have to be literally 0 for btc to go that route. So yes demand defines the price but mining establishes supports based on mining competition. Dont know if i made myself clear, hopefuly yes

WE KNOW THIS. why the fuck are you still typing? The first guy said BTC has a "base value" when a support level IS NOT A BASE VALUE OR PRICE.

sorry i meant to reply to the other dude see

that makes me so bull you have no idea

Where was I talking about the price to mine you mong? You can reduce the argument to basic supply and demand, and guess what? The less the profit from mining, the less people that mine, the less supply, the greater demand, the more profit (eventually) there will be from mining aka equilibrium. If demand ever dwindles THEN there will be a new equilibrium. Point out where the hell I even mentioned the cost to mine you blind motherfucker

No stop. Consume goy

You and the pajeet both have green IDs so I thought it was the same person. He was explaining to me that ultimately its supply and demand which is exactly what we are arguing

Oh ok. Sorry for yelling at you user

you are wrong. Amount of people mining does not affect supply. If there was only 1 person left mining with a single cpu, supply of btc would still increase by 12.5 every 10 minutes, he would be taking all the btc and selling them. Same supply to the market as 1 million people mining. This is basic btc knowledge.

95% of videogames are just "one up! :DDD" addiction simulators. It's the same seratonin hit as gambling.

Good I can buy a bunch of expensive graphics cards and mine for fun now. I'll never see my ROI but that's ok as long as I'm one of the few that are still mining bitcoins. Less people mining the better that means the difficulty goes down. Sure you won't make a profit, but if it does come back up and you hold and don't sell low you might make a killing.

>graphic cards
>mining bitcoins
...

>deluded cashies

>for now

holy shit thats bullish. theyre implying its going to come back eventually

>"bettering" yourself so you can make more money for your boss.

Nice try.

what kind of retarded logic is that holy shit

video games are for losers

>Other people are losers so I can be a loser too.
Sort yourself the fuck out kid.

Mining is pointless. Lost a lot of money doing this. Do not mine it’s pointless. Just buy the coins it’s much easier and cheaper

you were doing it wrong