makingmusic476
Member
Some dude bought a Lambo with bitcoins, I think.
The dealer immediately converted it to cash, of course. No way they were hanging on to that shit.
Wise decision, since it cratered like a week later.
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I can't get a GPU because of cryptocurrency
- Thread starter Exile20
- Start date
The dealer immediately converted it to cash, of course. No way they were hanging on to that shit.
Wise decision, since it cratered like a week later.
Projectjustice
Banned
https://www.youtube.com/watch?v=GmOzih6I1zs
This video does a good job at breaking it down. This is nuts, I was planning to get a R9 290 but I held off cause my GF hinted it was a Xmas present. They were at $400 but I just checked the prices over at Newegg and they retail at $529!
My question is, where can u use bitcoins? Whats the exchange rates?
This video does a good job at breaking it down. This is nuts, I was planning to get a R9 290 but I held off cause my GF hinted it was a Xmas present. They were at $400 but I just checked the prices over at Newegg and they retail at $529!
My question is, where can u use bitcoins? Whats the exchange rates?
CaptainZombie
Member
Think the Humble Bundle store accepts bitcoins. You can check the value here:
https://www.mtgox.com/
The value of Bitcoins goes up because there is only a limited number to begin with and more and more people use them.
omg that is crazy
Wow, that's crazy.
I've never paid much attention to this cryptocurrency stuff since it didn't affect me. Now that it's making it difficult to get the graphics card I want I've started paying a bit more attention to this new currency. Fascinating stuff.
ZombieSupaStar
Member
I am currently salty as fuck over all this.
I had a PS4 preordered. But then I didn't really see any games I wanted at launch. I also the saw the new 290s coming out soon and how great they would be price/performance. So I relinquished the ps4 preorder. I missed the first go around of the 290s, and read all the backlash on them (black screens, high temps, rma's etc). And decided to wait it out for the non reference version. Those still aren't out, and will probably be priced $150+ over what they should be because of all this.
I am now just going to wait till next fall since hopefully by then this insanity will die down, Fallout 4, and GTA5 will be announced for PC, and I can roll it into my next fall gpu/cpu/mobo/ram upgrade. Plus it'll give them a whole year to mature the engines for ps4/xbone.
In the meantime, I am seriously looking at getting a Wii U...
I had a PS4 preordered. But then I didn't really see any games I wanted at launch. I also the saw the new 290s coming out soon and how great they would be price/performance. So I relinquished the ps4 preorder. I missed the first go around of the 290s, and read all the backlash on them (black screens, high temps, rma's etc). And decided to wait it out for the non reference version. Those still aren't out, and will probably be priced $150+ over what they should be because of all this.
I am now just going to wait till next fall since hopefully by then this insanity will die down, Fallout 4, and GTA5 will be announced for PC, and I can roll it into my next fall gpu/cpu/mobo/ram upgrade. Plus it'll give them a whole year to mature the engines for ps4/xbone.
In the meantime, I am seriously looking at getting a Wii U...
Poetic.Injustice
Member
ah, okay thanks.
an other question: where does the money come from?
the graphics cards are solving calculations?
for whom? for what?
Unknown Soldier
Member
It's time to start GAFcoin.
HomerSimpson-Man
Member
Damn, that hurts just reading it! I can't imagine what the guy himself feels.
Damn, that really sucks. This is why you never throw anything of any value away because it might be worth something in the future.
Shit, I still have old hard drives from the mid 90's in a box somewhere.
It's impossible to say what's going to happen.
The whole hyper deflation and crazy value fluctuation (which makes them so exciting for quick money making) needs to end if they're going to become a real currency.
And also other nations will surely follow China's lead and start regulating, which will simultaneously make them more and less appealing: more appealing because it will stabilize and legitimatize the currency and less appealing because it'll close the tax loophole international transfers are enjoying.
Or the whole thing could bust and disappear over night.
The whole hyper deflation and crazy value fluctuation (which makes them so exciting for quick money making) needs to end if they're going to become a real currency.
And also other nations will surely follow China's lead and start regulating, which will simultaneously make them more and less appealing: more appealing because it will stabilize and legitimatize the currency and less appealing because it'll close the tax loophole international transfers are enjoying.
Or the whole thing could bust and disappear over night.
Yes, and they disappear because they have to.
The whole thing is a giant scam.
Whats a $100/mth a month when you're spending $200/mth on hardware and electricity?
Not gonna happen.
It's already been proven that 90% of the shares are being held by 5-10% of the users. They're just doing a classic pump and dump scheme.
It's why you see the wild swings. They get idiots invested in it, jack up the valuation, then the ones holding the most eggs claim all the equity the riff-raft spend months pumping into it.
A few Riff-raft might get lucky and know when to get out, but they're not the focus and it's inconsequential.
Obviously anyone with a brain would analyze the profit margins beforehand to determine if it was actually worth investing in or not.
Frustrated_Grunt
Member
I bought my gpu before the amd card prices started to skyrocket. I'm kind of glad now.
Projectjustice
Banned
Someone answer these questions please!
What money, the "real" money? People pay money for bitcoins at sites that exchange the two. The sites also exchange bitcoins for money.
Without getting into too many details on what the graphics cards are doing (you can look up fuller descriptions elsewhere), the graphics cards are getting information about bitcoin transactions ("wallet a send x bitcoins to wallet b") and securing it against manipulation. This security routine is highly computationally expensive.
So.... crypto currencies are made by people with the best cyrpto computers. What are the odds that these currencies are being used to generate money for our friends at the NSA, CIA, etc.? Certainly would help to cover some expenses if they can literally create money out of air when they're not busy breaking codes.
TouchMyBox
Member
Hopefully AMD is raking in as much as they can off this as to bring them away from financial trouble.
7870 XT is more like a 7930. It has the same core as 7970 and 7950 just more cut down and with a smaller memory bus.
Lactose_Intolerant
Member
lol
Can Crusher
Banned
And at least Gold physically exists and is a natural resource. Bitcoins are just... an example of how speculators run the economy.
Bitcoins are a network of transactions. Every transaction ever made exist on every computer with a wallet.
I'm far from an expert on the thing, but in many ways gold has just as much "value". It can't do a lot other than be rare.
TouchMyBox
Member
Let me dream, damn it.
FranXico
Member
Gold has real value, both due to rarity and its properties. The apparent "value" fluctuations you see are from supply and demand through fiat currency, not the gold.
zephervack
Member
Welp time to sell my 7970, where would I get the most amount of money?
Can Crusher
Banned
http://en.wikipedia.org/wiki/Gold
So no? And again, it physically exists. For example its rarity isn't virtual, it wasn't some guy that created gold and decided that only X amount would exist at a certain moment.
Bitcoins are absolute bananas, and whatever happens in the future, nothing will change that some anonymous dude decided to create it out of empty air. It's paradise for speculators, and no doubt many made hard cash from it and will continue to do so.
SneakyStephan
Banned
burning through electricity like crazy (for which in the US coal is burned most likely...) just to make a bit of pseudo money to trade for a bit of real money
if all these miner cunts keep this up several countries are going to end up putting some energy tax on gpu sales soon...
Mechanized
Member
I didn't hear of the term BitCoin until this year, and I'm still not sure what it is. Some kinda online only currency? I don't get why it's such a big deal or how you even accrue it, and to what end?
Gold also has real value in electronics and anything we send up into space.
Sons Of Anarchy
Banned
I re-read OP 4 times and I'm still lost
theprodigy
Member
got nothing on Dogecoin though
ss_lemonade
Member
Couldn't you get an nvidia gpu?
I was mining litecoins a few weeks back but it looks like my gtx 780 isn't cut out for this work. I think I managed 2 coins in like 3 weeks T_T. On the other hand, I have been able to generate 20,000 dogecoins in 3 days lol
I was mining litecoins a few weeks back but it looks like my gtx 780 isn't cut out for this work. I think I managed 2 coins in like 3 weeks T_T. On the other hand, I have been able to generate 20,000 dogecoins in 3 days lol
These processing cycles, do they go towards a main good? Or are they used by yourself to mine the coins then gone? If they're fueling some kind of cloud processing, it'd be kinda funny if these guys doing the major mining were actually cloud computing for Al Qaeda, or some other terror agency.
Irresistable Thing
Member
Neogaf's general view of cryptocurrencies is so inaccurate/negative it's scary.
They're far from being tulip bulbs. It doesn't matter if they're in a 'bubble'. The fact is that they've already been invented, cannot be un-invented, and are here to stay. They provide too many useful services that their value will never be $0. The volatility is the result of Bitcoin not reaching market saturation yet. A $7-10 billion market cap is tiny, and can easily be shuffled around when a big player enters or leaves.
Somebody needs to make a proper OT on the off-topic section, if it hasn't been done already.
They're far from being tulip bulbs. It doesn't matter if they're in a 'bubble'. The fact is that they've already been invented, cannot be un-invented, and are here to stay. They provide too many useful services that their value will never be $0. The volatility is the result of Bitcoin not reaching market saturation yet. A $7-10 billion market cap is tiny, and can easily be shuffled around when a big player enters or leaves.
Somebody needs to make a proper OT on the off-topic section, if it hasn't been done already.
The practical value of gold is far too low to give it the price it has. Bitcoin also has a real value as a secure and cheap way of doing payments.
While mining 4000 DOGE for fun I was wondering if my computer was a part of a bot network
I didn't know the purpose of mining and it still seems like a flawed part of the currencies. I understand the purpose (you're confirming other people's transactions) , but there are still far too many miners and there's got to be a better way of getting the coins into peoples wallets.
blu
Wants the largest console games publisher to avoid Nintendo's platforms.
It's not even Fiat currency anymore.. It's more of a Zastava currency.