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Bitcoin Falls Below $20k for the First Time Since 2020

bloomberg.com

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Re: Bitcoin Falls Below $20k for the First Time Since 2020

#101

Post by kevingadd »

Asraelite wrote: post #43
xmprt wrote: post #24

Earlier quoted context omitted.

Are used graphics cards worth buying or does bitcoin mining cause significant wear and damage to them?

Bitcoin mining is done with ASICs, not GPUs afaik. It's other currencies like Ethereum that use GPUs. I don't know what the extent of damage is though.

A few different people have done tests to verify whether GPUs used for eth mining took any damage from doing so, and haven't managed to find any evidence that it damages the card more than regular use. Running cards under severe load nonstop for years could potentially shorten their lifespan by a tiny bit due to electromigration or wear out the fans, but that's about it.

Of course, any used GPU could be defective, so you need to be careful buying one no matter what.

https://www.youtube.com/watch?v=hKqVvXTanzI

https://youtu.be/3WWfj7RF_z8?t=381

Re: Bitcoin Falls Below $20k for the First Time Since 2020

#102

Post by ChrisLomont »

lrvick wrote: post #74
dendriti wrote: post #67

Earlier quoted context omitted.

Visa is not a medium of exchange. This is a sad take.

I assume you have used credit cards.

Visa is a company processing transactions for a medium of exchange, which is USD (or other currencies).

Visa is not a medium of exchange any more than a local bank is.

Re: Bitcoin Falls Below $20k for the First Time Since 2020

#103

Post by synu »

Grimburger wrote: post #72
SunlightEdge wrote: post #17

I was laughed at, repeatedly, on Twitter, by crypto types when I often said I was confident Bitcoin price would fall below $20k 6 months ago. It's not something you can really short though?

> It's not something you can really short though? It's the easiest financial instrument in the world to short? Far easier than going short on stocks. You can go long and short on 6 month futures for a tiny fee.

Simply give the exchanges fees to short bitcoin, and after they collapse they will pay you out.

Re: Bitcoin Falls Below $20k for the First Time Since 2020

#104

Post by kgwgk »

lrvick wrote: post #63
dzogchen wrote: post #45

Earlier quoted context omitted.

It's not going to 'magically' drop to zero. It is going to drop to zero.

It will never drop to 0, barring no fundamental security flaws are discovered, because there will always be people like me that are never willing to sell and always willing to buy more. If it hits $1, I will just stock up. Traders getting out is good for me. I am in Bitcoin, or any really viable replacement that emerges, long term for reasons fickle speculators do not care about. I fundamentally believe a healthy soc…

> Traders getting out is good for me.

Say everyone gets out except you. You own all the bitcoins in the world. Now what?

Re: Bitcoin Falls Below $20k for the First Time Since 2020

#105

Post by dubswithus »

somewhereoutth wrote: post #99
lrvick wrote: post #87

Earlier quoted context omitted.

I run a high-risk security and applied cryptography consulting firm so naturally most of my clients are in the crypto-asset industry. Multiple offer payroll in crypto-assets to all staff, and one pays all employees in it exclusively to avoid hires that do not have an interest in the space. I pay most subcontractors in Bitcoin too. Unlike paying in company stock you do not deal with nonsense like AMT or blackout perio…

So the advantage of using crypto is that it is good for those that use crypto? Your argument is circular. > avoid hires that do not have an interest in the space > saves me having to buy from exchanges

You omitted one of their arguments:

> Unlike paying in company stock you do not deal with nonsense like AMT or blackout periods.

Re: Bitcoin Falls Below $20k for the First Time Since 2020

#110

Post by dubswithus »

paulgb wrote: post #27
SunlightEdge wrote: post #17

I was laughed at, repeatedly, on Twitter, by crypto types when I often said I was confident Bitcoin price would fall below $20k 6 months ago. It's not something you can really short though?

You can short miners and hodlers like Microstrategy. I’ve been at it for a while and am up a nice vacation or two out of it. https://paulbutler.org/2021/betting-against-bitcoin/

Can’t you short using Binance or something? Or is making money using a crypto exchange unthinkable for you?
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