Hey Nerds: Blockchain
- Thread starter zeke
- Start date
LeafOfFaith
Well-known member
Just posting about this shit is making me queasy. Now I'm stuck thinking about how and when it ever gets back to where it was.
LeafOfFaith
Well-known member
Warren Buffett Videos | CMQ on Instagram: "Warren Buffett predicted that cryptocurrencies will “come to a bad ending” in 2018, and provided a similar warning about other non-productive assets in 2011. Want to hear what he said? Listen to our newest p
5,698 likes, 175 comments - warrenbuffettvideos on June 16, 2022: "Warren Buffett predicted that cryptocurrencies will “come to a bad ending” in 2018, and provided a similar warning about other non-productive assets in 2011. Want to hear what he said? Listen to our newest podcast episode about...
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fergy57
Well-known member
How long would it take you mine $6k worth of btc with it?
Deckie007
Well-known member
Current would take (assuming ~185 hosting charge per month) like 5 years. But obviously it's a bet that it'll bounce back.
60k BTC would be around 6 months. So yeah huge range of outcomes there. (based on historical data, obviously no one knows the future)
MindzEye
Wayward Ditch Pig
The real problem is that the rig manufacturers tend to run them for months first and then only sell them when they're ready to replace the rigs with a new, faster miner. Then sell those used miners as new units to unsuspecting buyers.
Deckie007
Well-known member
Even with BTC being outlawed in China, eh? That's rough. Might be even worse if you're getting them hosted somewhere. What would stop the hoster from swapping their older unit with your newer unit?
MindzEye
Wayward Ditch Pig
Nothing, that's basically the scam. Except it's that they don't even release that version of the miner until they've run it for months and have a newer model ready to replace it (which they then run for months, now that it's the newest, fastest miner).
With that said, I've basically ignored the space for 2+ years now, so I might be bringing up old shit like its current when it's not.
Deckie007
Well-known member
I was listening to a bitcoin podcast about mining and the guests were saying it was the wild west a few years ago but now it's definitely more legit. Like you'd be buying hundreds of thousands of dollars worth of miners off of telegram and crossing your fingers that you got what you paid for. Was pretty wild.
LeafOfFaith
Well-known member
I don’t follow anything crypto, but there’s some commercial that runs on the radio for some crypto podcast or something and a snippet said you need tens of thousands of miner servers or whatever the hell they’re using to effectively mine. Not dollars, but tens of thousands of machines.
Deckie007
Well-known member
lol, up 100% today. That's crazy.
Deckie007
Well-known member
I mean sorta. Like if you have 1 machine trying to BTC, you'll never actually mine one. I mean you could, but the odds are immense. That's why mining pools exist so you get your piece of the reward. You don't need tens of thousands of machines. I'm sure the MARA, RIOT and Bitfarms of the world have thousands of machines but it's not necessary.
Preston
MBow30 alt account
Some of my favorite stocks to play during bear markets are pennies with a safety net (large cash position+solid fundamentals that make them clearly "undervalued" in a traditional sense). This one has everything going for it though as a perfect short squeeze candidate:
1. Cash balance 3x the size of their market cap. No debt, clean balance shit. Plus it's a near break-even corporation so no risk of dilution or needing to raise cash. There's your safety net.
2. Huge huge huge short interest.
3. Suppppper low float.
Anytime they release a news release, as inconsequential as it may be, they do at least 50%. So I sell and reload as they tank and become oversold on all timeframes. Rinse, repeat. This is the third time I've played this one, but admittedly this pop is by far their biggest. 52 million shares traded already today, compared to usually ~300k on average. Hilarious.
