GeForce price heading up due to mining!

[TuFun]

AMD cards are sold out and now due to mining, Geforce cards are getting hit to.

http://www.guru3d.com/news-story/gef...cy-mining.html

[Naismith]

cryptocurrency mining?

New one on me

[n4gix]

cryptocurrency mining?


New one on me

It takes a lot of GPU power to calculate the silly things Bitcoin requires...

[gman5250]

IMHO

OK guys...don't frag me over this one.

This reminds me Black Box Trading. Institutional traders on Wall Street have been utilizing algorithms to run "light speed" trading for a few years now. The need to locate their servers closer and closer to the Carrier Hotel main servers triggered a kind of real estate boom in Manhattan as entire buildings were hollowed out and filled with servers dedicated to spinning the algorithms. There was actually a mega million dollar fiberoptic cable run from New York to Chicago to jack in the traders there. The traders that were a nano second closer to the Carrier Hotel servers got their bids in...quicker.

Link for those inclined to evoke the "tin foil hat" clause.
https://www.youtube.com/watch?v=S0zHseKUU1A

There was another story a few years ago about Chinese prison guards forcing prisoners to play online games that accumulated points, which were sold on the black market. The prison guards were pocketing the proceeds while prisoners were suiciding themselves after being forced to play for days at a time with no sleep.
http://www.foxnews.com/tech/2011/05/...inee-says.html


This cryptomining trend is the latest in a long line of hustles trying to squeeze a few Bitcoin out of another revenue micro source. There might be a "gold rush" effect at the beginning, but as the entire thing is pegged on Bitcoin, Crypto Economics, Dinar and Dong, it's popularity will ebb and flow in relation to the value of those commodities, which are massively speculated and due for an equally massive correction as global economics continue to become more and more tenuous with the Bond Bubble, Euro and Yuan playing major roles. The conundrum is...nobody knows which dam will break first.


I thought I'd seen 'em all, but this one is almost too bizarre.

[Penzoil3]

Gman, I agree. Too bizarre for words.
Sue

[n4gix]

Link for those inclined to evoke the "tin foil hat" clause.
https://www.youtube.com/watch?v=S0zHseKUU1A

Kevin certainly is an entertaining "explainer" of a very complex subject. I throughly enjoyed his "TED" presentation. I had no idea!

[rhumbaflappy]

The good news is, these graphic cards may return to the market when the coins go bust. And they should sell at a good discount on ebay.

Dick

[TuFun]

Interesting enough why hackers demand payment in bitcons, plus very hard to track. Now a Nvidia card specific for bitcon mining.

https://www.neowin.net/news/a-12-year-old-kid-from-idaho-turned-a-1000-bitcoin-investment-into-a-million-dollars


http://www.guru3d.com/news-story/fir...g-spotted.html

[gman5250]

Interesting enough why hackers demand payment in bitcons, plus very hard to track. Now a Nvidia card specific for bitcon mining.

I'm going to preface this by making it clear...I'm answering TuFun's question utilizing example and illustration. Not wanting to step on any toes at all.


I went to the national debt clock today. Two entries of interest are Gold and Silver which are calculations of the money supply versus the actual amount of metal that has been taken out of the ground...world wide, year to year.

Gold was $6,741.00 and Silver was $817.00. As of today, there is no entry for Bitcoin, but you can still buy silver at spot...$17.00.

The hackers and speculators want their ransom paid in Bitcoin due to the skyrocketing speculation of the physical coins as a hedge against economic uncertainties. It is a valid strategy for metals like Gold and Silver, but Bitcoin is only as valuable as what the traders agree upon. Of course, the same can be said for any commodity or share of a company.

I've watched Bitcoin as well as the Dinar, Dong and even the Yuan over the years. Speculation has been all over the place, and the security represented by holding the physical currency is entirely dependent upon the buying power of that currency against a barrel of oil, which is only sold in USD. Up until now, at least...but that is changing rapidly as the BRICS alliance and most recently Qatar have indicated.

When the bond/derivatives bubble reaches the point where everyone runs for the door at once (2008 on steroids), every thing else will correct in real time. So where does that leave Bitcoin? The smart trader would have converted the speculated prices into something tangible...like gold, silver, real property or even cash (surprisingly).

I would wager that this is the strategy amongst the hacking community, but then, many of these traders are agents for other entities who back these wild speculations. The big question with Bitcoin is who is behind it? I'm not talking about Satoshi Nakamoto...who is probably a straw man entity created by the originators in 2009. If the original open source authors were simply looking for another venue to exploit fractional reserve banking strategy, then the entire scheme is as vulnerable as any other debt based paper commodity.

The Bitcoin strategy came on the heels of the TARP bail in and quantitative easing bailouts, about 29 Trillion dollars all told, which by the way was pumped back into the system and re-inflated by the legitimate "hackers" on Wall Street who began spinning the algorithms. The entire process is mind boggling in it's scope and scale. The numbers represented on the exchanges are wildly out of proportion to corporate and state GDP figures, which total about 58 Trillion globally. In reality, the interest on the global debt can never be repaid at current GDP.

In real world terms, the gold and silver could see massive corrections to the upside, possibly beyond the extrapolated numbers on the debt clock. Bitcoin may or may not survive the global tsunami of currency corrections, but the value of that commodity will only be represented by what it can "buy".


My basic position on Bitcoin has always been extremely cautious. I like the idea of the transparent block chain ledger. Bitcoin Services chart is another thing entirely...especially this month. When speculation on the "commodity" arrives at a place where legitimate trade has been usurped by hacks, ransomware and agents provocateur for "anonymous" benefactors, the entire scheme goes completely off my radar, and into the commode.

As always...IMO. My analysis and two bits will still buy a cup of coffee at todays prices.



A picture is worth a thousand words

[TuFun]

Thank "G"... good stuff!

Another Cryptocurrence ETH...

[gman5250]

Thank "G"... good stuff!

Another Cryptocurrence ETH...

Etherum flash crash yesterday. Margin calls and stop losses would have been brutal. Happened so fast, most people probably didn't know they had tanked until they were DOA. Ouch.
Doesn't pass the smell test at all.


http://www.msn.com/en-us/money/marke...ade/ar-BBD1Csf

[stansdds]

Bitcoin? BAH!
Etherium? BAH!
Gold? BAH!
Silver? BAH!

I buy all the tinfoil I can get my hands on. Why? Because when the internet collapses, the markets collapse, the economies collapse, and governments collapse, the people will all be wondering what happened. This will lead to massive speculation and conspiracy theories. What do people really need in such times? Tinfoil! They need lots and lots of tinfoil for the construction of their hats.




By the way, I am in no way suggesting that you invest in tinfoil nor that what I just said should be taken as anything serious. But, then again, what if I'm right? Hmmmmmm...

[gman5250]

Bitcoin? BAH!
Etherium? BAH!
Gold? BAH!
Silver? BAH!

I buy all the tinfoil I can get my hands on. Why? Because when the internet collapses, the markets collapse, the economies collapse, and governments collapse, the people will all be wondering what happened. This will lead to massive speculation and conspiracy theories. What do people really need in such times? Tinfoil! They need lots and lots of tinfoil for the construction of their hats.




By the way, I am in no way suggesting that you invest in tinfoil nor that what I just said should be taken as anything serious. But, then again, what if I'm right? Hmmmmmm...

LMFAO

[txnetcop]

Bitcoin? BAH!
Etherium? BAH!
Gold? BAH!
Silver? BAH!

I buy all the tinfoil I can get my hands on. Why? Because when the internet collapses, the markets collapse, the economies collapse, and governments collapse, the people will all be wondering what happened. This will lead to massive speculation and conspiracy theories. What do people really need in such times? Tinfoil! They need lots and lots of tinfoil for the construction of their hats.




By the way, I am in no way suggesting that you invest in tinfoil nor that what I just said should be taken as anything serious. But, then again, what if I'm right? Hmmmmmm...

NOW THAT"S FUNNY!

[Naismith]

Bitcoin? BAH!


By the way, I am in no way suggesting that you invest in tinfoil nor that what I just said should be taken as anything serious. But, then again, what if I'm right? Hmmmmmm...

DoH! Too late, now my garage is full of ALCAN.

[n4gix]

I have always considered myself to be a fairly well educated and well-rounded person. Honestly though, I'm simply unable to wrap my mind around just what precisely this whole "Bitcoin Mining" is all about.

All I know is that one has a computer spinning "something" through intense computations, and somehow "generating" revenue in the form of Bitcoin(s).

It all sounds to me as though some algorithim is spinning "gold" out of "fried electrons" or some other such magical process.

[TuFun]

Bitcoin? BAH!
Etherium? BAH!
Gold? BAH!
Silver? BAH!

I buy all the tinfoil I can get my hands on. Why? Because when the internet collapses, the markets collapse, the economies collapse, and governments collapse, the people will all be wondering what happened. This will lead to massive speculation and conspiracy theories. What do people really need in such times? Tinfoil! They need lots and lots of tinfoil for the construction of their hats.




By the way, I am in no way suggesting that you invest in tinfoil nor that what I just said should be taken as anything serious. But, then again, what if I'm right? Hmmmmmm...

Exactly my thoughts!!!

[TuFun]

I have always considered myself to be a fairly well educated and well-rounded person. Honestly though, I'm simply unable to wrap my mind around just what precisely this whole "Bitcoin Mining" is all about.

All I know is that one has a computer spinning "something" through intense computations, and somehow "generating" revenue in the form of Bitcoin(s).

It all sounds to me as though some algorithim is spinning "gold" out of "fried electrons" or some other such magical process.

Neither can I. There are a few miners on Guru posting about this and one buying 6 graphic cards to do this stuff. Why it's driving prices up is a wonder to me.

[TuFun]

Etherum flash crash yesterday. Margin calls and stop losses would have been brutal. Happened so fast, most people probably didn't know they had tanked until they were DOA. Ouch.
Doesn't pass the smell test at all.


http://www.msn.com/en-us/money/marke...ade/ar-BBD1Csf

It's fickle stuff! Current as of now is $340 up 1.19%.

https://coinmarketcap.com/currencies/ethereum/

[TuFun]

List of cryptocurrency...

https://coinmarketcap.com/currencies/views/all/

[gman5250]

I have always considered myself to be a fairly well educated and well-rounded person. Honestly though, I'm simply unable to wrap my mind around just what precisely this whole "Bitcoin Mining" is all about.

All I know is that one has a computer spinning "something" through intense computations, and somehow "generating" revenue in the form of Bitcoin(s).

It all sounds to me as though some algorithim is spinning "gold" out of "fried electrons" or some other such magical process.

There were stories about three years ago about the Chinese boom markets. Even the street peddlers had little PDA's inside their fruit stands and were furiously "spinning" trades on the Chinese exchanges. Everyone was on a trading high, then of course the big corrections came and they all went TU.

Now it's Bitcoin and Cyber currency boutiques where millennials have their faces glued to the little blue screens...spinning...mining...spinning...mining. It's basically "du jour" day trading, but the SEC is not regulating how many trades a non licensed "trader" can make in a day. So...the legions of crypto traders press the prices up and up, at least in theory.

Along comes something like the Ethereum "flash crash" that cleaned a lot of clocks. The exchange, and managers scratch their heads while everyone else runs for the Prozac. Bottom line is that the entire process of giving everyone a haircut via a digital naked short takes a few seconds. The engineer of the flash does quite well, the rest are stuck with a an expensive video card that now is of no use to them...so they take up flight simming.

Watch for the same sort of thing to hit Bitcoin at some stage.

All of this money is an illusion. As long as the QE money keeps coming in, the game will keep re-booting in various incarnations.

The mining angle is clever. Many of these traders will go on margin as long as the game is on the upswing. That margin money goes on the books of the banks, who monetize it ten times over on their asset sheets as real money, then lend it out legitimately...if there is such a thing. The banks show massive earnings and everyone thinks things are great.

The reality check comes when some savvy analyst arrives at the conclusion that things aren't great...like in 2008. One person triggered that entire landslide. Watch the movie "The Big Short" if you want to see an absolutely dead nut accurate telling of that tale.

The bond/derivatives bubble is massively larger than the Sub Prime loan bubble that blew in 2008. The potential for an implosion is beyond anyone's ability to comprehend or predict.

The good news is this. In economic "hard times", people turn to entertainment and alcohol.

I figure that the virtual airplane business has a very bright future!!!!

[gman5250]

It's fickle stuff! Current as of now is $340 up 1.19%.

https://coinmarketcap.com/currencies/ethereum/

As long as you stay away from margin, trade live and don't place any stop loss/stop buy orders you should be OK. I did that whole trading thing for about 15 years. I don't have the temperament for it any longer.

[TuFun]

As long as you stay away from margin, trade live and don't place any stop loss/stop buy orders you should be OK. I did that whole trading thing for about 15 years. I don't have the temperament for it any longer.

About the closes I got to anything market wise is the company 401K. Don't like how its effecting the video card prices and availability. Do look forward to the Volta cards though.

Here's were all those video cards are going....

https://www.youtube.com/watch?v=RhLVELIXjs0

https://www.youtube.com/watch?v=SJgWqbZBn6I

https://www.facebook.com/tech4gamers...5414541933067/

http://www.guru3d.com/news-story/whe...rious-lol.html

[sixstrings5859]

This is bad news for someone,like me,saving up money to build their own gaming computer. Time to check out the pawn shops for one and upgrade when i can. Maybe in time things will calm down. One can only be hopeful.....

[gman5250]

I'm hoping that the GeForce GTX 1080 TI is not one of these sought after cards. I've put that one on my "indispensable" list. That's a big chunk, but amortized over the life of the card it's almost justifiable. I'm blessed...my wife is supportive of my expenditures on the "work" system. If we need it...we find a way.