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Crypto prices collapse


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EHW News Editor
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Bitcoin is teetering on the precipice of an abyss, according to some crypto market analysts, with its price hitting its lowest level since July 2021.

 

The cryptocurrency has lost more than 50 per cent of its value over the last six months amid a market-wide downturn that has wiped more than $1.5 trillion from the overall crypto market.

NEWS.YAHOO.COM

Follow the latest news and analysis for bitcoin, Ethereum, Solana, and Cardano

 

 

Makes sense to me that long term, crypto would function just like an ETF. 

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14 minutes ago, pioneerisloud said:

Buy buy buy!!!!!!  :lachen:

 

Seriously though, I really doubt that its going to disappear or anything.  This has happened so many times before already.  I'm not falling for it again.  It'll be back up on the next bull market.

So true the story repeat itself. Now wait we are gonna get 3080ti for 250 buck a piece on the used market!:wheee:

I fold some coin and my wallet went from cool i got 200$ to crap i got 80$ would be worth like 250$ now if it did not crash 🥲

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8 minutes ago, bonami2 said:

So true the story repeat itself. Now wait we are gonna get 3080ti for 250 buck a piece on the used market!:wheee:

I fold some coin and my wallet went from cool i got 200$ to crap i got 80$ would be worth like 250$ now if it did not crash 🥲

I'll be busy stacking and buying more while its cheap cheap.  I don't care if I "lost" $10 or $10k right now, I treat it like an investment. 🙂  If it tanks then it tanks, whatever.  But I'm holding out for crypto to buy me a house.  Had the market not collapsed, it would have.....seriously.  I had enough a few weeks ago to fully pay my down and closing costs.  Now, not so much. :lachen:

 

Anybody reading my comments, please make note I am NOT a financial advisor.  Please speak with yours before making any stupid decisions. 🙂 

Edited by pioneerisloud
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1 minute ago, pioneerisloud said:

I'll be busy stacking and buying more while its cheap cheap.  I don't care if I "lost" $10 or $10k right now, I treat it like an investment. 🙂  If it tanks then it tanks, whatever.  But I'm holding out for crypto to buy me a house.  Had the market not collapsed, it would have.....seriously.  I had enough a few weeks ago to fully pay my down and closing costs.  Now, not so much. :lachen:

Am still folding i don't even know how to sell so i dream it get big enough for a cashdown or more. Till then am folding anyways. Even if it go to zero gonna keep folding!

 

I would love to get a used gpu like a 3070/3080/3080ti for folding. My 6800xt ppd make me sad 😐

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35 minutes ago, bonami2 said:

Am still folding i don't even know how to sell so i dream it get big enough for a cashdown or more. Till then am folding anyways. Even if it go to zero gonna keep folding!

 

I would love to get a used gpu like a 3070/3080/3080ti for folding. My 6800xt ppd make me sad 😐

Mining =/= Folding mate. 😉 

I've got a few cards going on each.  Got my 290x going on [email protected] since it makes decent PPD.  I think i'm currently top AMD card on the team right now with that 290x.  Have a few 580's and my old 5700XT going on mining, and I dump a few bucks here and there into my wallets.

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33 minutes ago, pioneerisloud said:

Mining =/= Folding mate. 😉 

I've got a few cards going on each.  Got my 290x going on [email protected] since it makes decent PPD.  I think i'm currently top AMD card on the team right now with that 290x.  Have a few 580's and my old 5700XT going on mining, and I dump a few bucks here and there into my wallets.

Am really folding for coin . But i don't want to make people here stop folding for the team so i don't talk about it haha.

I need to use another id and team. Look on reddit it pretty popular!   It the HERE 

 

 

 

 

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On 15/05/2022 at 00:15, pioneerisloud said:

Buy buy buy!!!!!!  :lachen:

 

Seriously though, I really doubt that its going to disappear or anything.  This has happened so many times before already.  I'm not falling for it again.  It'll be back up on the next bull market.

Repeated cycle again and again with Crypto, agreed. This year was fun, had to do my capital gains on my taxes for the crypto I sold last year. Luckily had held it since early 2017 (before it went up), so wasn't too bad.

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36 minutes ago, UltraMega said:

I'm definitely not an expert on crypto, but I'd be hesitant to assume it will follow the same trends it used to now that it's become more mainstream. It might just act like a tech ETF now. 

Eh...its been mainstream since its last bear market in 2018 - early-mid 2020.

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2 minutes ago, Sir Beregond said:

Eh...its been mainstream since its last bear market in 2018 - early-mid 2020.

Perhaps but it's a lot more mainstream now. During covid and bitcoin last peak the number of people buying into it increased 5 fold. Now you have people like Jim Cramer telling people to invest in it. 

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17 minutes ago, UltraMega said:

Perhaps but it's a lot more mainstream now. During covid and bitcoin last peak the number of people buying into it increased 5 fold. Now you have people like Jim Cramer telling people to invest in it. 

Eh we'll see. Just saying this has been the cycle ever since Bitcoin was a thing. So I'd expect the same thing, until it does something different, predicting when that will be seems hard to do.

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16 minutes ago, Sir Beregond said:

Eh we'll see. Just saying this has been the cycle ever since Bitcoin was a thing. So I'd expect the same thing, until it does something different, predicting when that will be seems hard to do.

Bitcoin hasn't really been a thing for that long though, and definitely not in a serious way. It can't outperform the market forever, and it make sense that after a few good peaks there's going to be a lot more attention on it from Wall Street in the same way you would see with large stocks and ETFs. Id argue the crazy gains we've seen have really been the birth of a new currency playing out but now that it's here and established, I think it's a lot less likely to have wild swings, though with that said I wouldn't be surprised at all if in the next two years bitcoin hits 200K, or if it drops to less than 5K but more than anything I'd bet it will mostly mirror the stock of GPU manufacturers like Nvidia. 

 

Whatever happens, it will be interesting.

 

Bitcoin may seem cheap right now, but everything is. Microsoft peaked at $350, now it's at $260. Nvidia has basically halved. What makes bitcoin stand out more than stocks like that which seem like a sure thing in the long term? 

Edited by UltraMega
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14 minutes ago, UltraMega said:

Bitcoin hasn't really been a thing for that long though, and definitely not in a serious way. It can't outperform the market forever, and it make sense that after a few good peaks there's going to be a lot more attention on it from Wall Street in the same way you would see with large stocks and ETFs. Id argue the crazy gains we've seen have really been the birth of a new currency playing out but now that it's here and established, I think it's a lot less likely to have wild swings, though with that said I wouldn't be surprised at all if in the next two years bitcoin hits 200K, or if it drops to less than 5K but more than anything I'd bet it will mostly mirror the stock of GPU manufacturers like Nvidia. 

 

Whatever happens, it will be interesting.

 

Bitcoin may seem cheap right now, but everything is. Microsoft peaked at $350, now it's at $260. Nvidia has basically halved. What makes bitcoin stand out more than stocks like that which seem like a sure thing in the long term? 

 

No idea really, so I am just as interested to see where it goes. I got out of crypto last year, had bought in early 2017 before it had that bull rush to 20k. I think it was still $3.5k when I bought. I should have just bought a whole Bitcoin lol.

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Just stumbled onto this article:
 

WWW.MSN.COM

A selloff in cryptocurrencies resumed Monday, with Bitcoin dropping back below $30,000 with global equity markets remaining under pressure.

 

Quote

“I think it will continue to trade with the equity market and risk assets,” said David Donabedian, chief investment officer of CIBC Private Wealth Management. “That’s the big lie that’s been exposed, the idea that it’s some new asset class that’s going to help diversify your portfolio has been blown to smithereens.” 

 

 

Side rant:

I think it's going to be really interesting to see what happens when next gen GPUs start selling as far as how that will affect the GPU market. There are so many mining out there now, when miners start swapping out their hardware this time around, it seems like there is going to be a flood of used GPUs like we've never seen before. It also sounds like next gen GPUs will bring a hefty performance lift which will just entice miners even more and make last gen GPUs all the less valuable. Nvidia may even try to drip feed out their new GPUs to keep from having to compete with crashing prices in the used market by keeping the supply tight, but if they do that will leave the door open for Intel and AMD. 

 

We might be about to see a GPU price reckoning like we've never seen before in the used market. 

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1 minute ago, UltraMega said:

Just stumbled onto this article:
 

WWW.MSN.COM

A selloff in cryptocurrencies resumed Monday, with Bitcoin dropping back below $30,000 with global equity markets remaining under pressure.

 

 

 

Side rant:

I think it's going to be really interesting to see what happens when next gen GPUs start selling as far as how that will affect the GPU market. There are so many mining out there now, when miners start swapping out their hardware this time around, it seems like there is going to be a flood of used GPUs like we've never seen before. It also sounds like next gen GPUs will bring a hefty performance lift which will just entice miners even more and make last gen GPUs all the less valuable. Nvidia may even try to drip feed out their new GPUs to keep from having to compete with crashing prices in the used market by keeping the supply tight, but if they do that will leave the door open for Intel and AMD. 

 

We might be about to see a GPU price reckoning like we've never seen before in the used market. 

I share that same question. I also heard that 40-series likely getting an MSRP price hike seeing what people were willing to pay during the 30-series run. There's a reason they effectively phased out the $700 10GB 3080 lol.

 

Combine that with a mass selloff of 30-series mining cards, people might not go for 40-series if they can get cheap 3080's, 3080 Ties, and 3090's.

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1 hour ago, Sir Beregond said:

I share that same question. I also heard that 40-series likely getting an MSRP price hike seeing what people were willing to pay during the 30-series run. There's a reason they effectively phased out the $700 10GB 3080 lol.

 

Combine that with a mass selloff of 30-series mining cards, people might not go for 40-series if they can get cheap 3080's, 3080 Ties, and 3090's.

 

You are rationalizing something that is purely irrational. Really. After watching people quite literally spend thousands for either the ePeen of having the newest card, or to get an indiscernible gain in fps on some random game....you think that will suddenly stop with the 40 series? It's gotten progressively worse with every gen of card that's released. Gamers do not do things for rational reasons. They need to go from 168 to 190 fps in Call of Warcraft VII: The Revenge of Lothar of The Hill People even if they have to live off Cheetos and Red Bull for a year.

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5 minutes ago, ciarlatano said:

 

You are rationalizing something that is purely irrational. Really. After watching people quite literally spend thousands for either the ePeen of having the newest card, or to get an indiscernible gain in fps on some random game....you think that will suddenly stop with the 40 series? It's gotten progressively worse with every gen of card that's released. Gamers do not do things for rational reasons. They need to go from 168 to 190 fps in Call of Warcraft VII: The Revenge of Lothar of The Hill People even if they have to live off Cheetos and Red Bull for a year.

Yeah, you're right. There is no rationality to any of this.

 

I guess part of me hopes there is a backlash in the same vein as Turing had at launch, but that's probably kidding myself. The 30-series killed any notion of that happening. Though if mining isn't as much a factor on supply going forward...I guess too many variables and whims to think about some rational outcome and all we can do is wait and see what happens.

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3 hours ago, UltraMega said:

Bitcoin hasn't really been a thing for that long though, and definitely not in a serious way. It can't outperform the market forever, and it make sense that after a few good peaks there's going to be a lot more attention on it from Wall Street in the same way you would see with large stocks and ETFs. Id argue the crazy gains we've seen have really been the birth of a new currency playing out but now that it's here and established, I think it's a lot less likely to have wild swings, though with that said I wouldn't be surprised at all if in the next two years bitcoin hits 200K, or if it drops to less than 5K but more than anything I'd bet it will mostly mirror the stock of GPU manufacturers like Nvidia. 

 

Whatever happens, it will be interesting.

 

Bitcoin may seem cheap right now, but everything is. Microsoft peaked at $350, now it's at $260. Nvidia has basically halved. What makes bitcoin stand out more than stocks like that which seem like a sure thing in the long term? 

 

 

Because of the scarcity principle it can and probably will outperform the market. As a store of value I can't think of anything better.  Back on the other place we all used to hang 10 years ago folks were telling us to get into it and me like many others were nay sayers. I wish I had, I wouldn't be typing this right now that's for sure.

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11 minutes ago, Darkpriest667 said:

 

 

Because of the scarcity principle it can and probably will outperform the market. As a store of value I can't think of anything better.  Back on the other place we all used to hang 10 years ago folks were telling us to get into it and me like many others were nay sayers. I wish I had, I wouldn't be typing this right now that's for sure.

That's definitely a factor but on the flip side, crypto isn't tied to anything other than itself. If you buy gold you have the gold, if you buy a house you have the house, if you buy shares in a company, you have a share of that company. If you buy crypto, you just have the crypto. It's the most pure form of "money has value because people think it does" that I can think of in the real world. I'm not saying it won't do well, I just think there has to be a point where it can't forever just be this pattern of more and more spread out peaks that people look at as reliable, and once people stop thinking it's always reliable... it probably won't be. Or maybe I'm just naive for thinking that way and crypto is going to take over the investment world someday. 

Edited by UltraMega
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2 hours ago, UltraMega said:

That's definitely a factor but on the flip side, crypto isn't tied to anything other than itself. If you buy gold you have the gold, if you buy a house you have the house, if you buy shares in a company, you have a share of that company. If you buy crypto, you just have the crypto. It's the most pure form of "money has value because people think it does" that I can think of in the real world. I'm not saying it won't do well, I just think there has to be a point where it can't forever just be this pattern of more and more spread out peaks that people look at as reliable, and once people stop thinking it's always reliable... it probably won't be. Or maybe I'm just naive for thinking that way and crypto is going to take over the investment world someday. 

 

Well....the US dollar is no longer backed by anything tangible. Only backing is "faith in the government that issued it". So, not really much different than crypto at this point.

 

I have played GBTC when it channels up, but nothing more than swing trades. I don't trust that one day it won't suddenly be worthless for an ordinary individual.

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8 minutes ago, ciarlatano said:

 

Well....the US dollar is no longer backed by anything tangible. Only backing is "faith in the government that issued it". So, not really much different than crypto at this point.

 

I have played GBTC when it channels up, but nothing more than swing trades. I don't trust that one day it won't suddenly be worthless for an ordinary individual.

I think it's very different to have a currency backed by a government vs pure faith. There's a lot more than faith backing the US dollar. 

Edited by UltraMega
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