Bitcoin and cryptocurrency trading thread

Belli said:

Don't know if this is of any assistance to you gg.

Live stock, index, futures, Forex and Bitcoin charts on TradingView

Interactive financial charts for analysis and generating trading ideas on TradingView!

www.tradingview.com

PC: I know zilch about crypto. The link was sent to me with one of these whatever they are called

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Thanks @Belli . I follow BTC and ETH using KItco as well which gives volume. ( I'm not a Crypto "investor")

However many members advocating buying Da Toolips post charts with no volume, was my point.

gg

waterbottle said:

GPU prices are supposedly down, which may be an indication of the state of the mining market?

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they are definitely down, but mining profitability wouldn't be the only factor, a lot of people are now holding out for next gen chips (RTX 4000 and RX 7000 series) which are due to release sometime in the next few months, dampening demand for current gen chips. there's no telling whether they'll actually be available (let alone available at MSRP) when they release though.

Garpal Gumnut said:

Thanks @Belli . I follow BTC and ETH using KItco as well which gives volume. ( I'm not a Crypto "investor")

However many members advocating buying Da Toolips post charts with no volume, was my point.

gg

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I only check the VOLUME/ MARKET DEPTH at the point of ORDERING to make sure I can get my fill
No point in watching the Volume for any other reason IMHO
The funny thing is
"There is always plenty of Volume at the Tops"

Sharkman said:

actually the difference isn't quite as pronounced as i first thought. my single RTX 3080 pulls about 300W (from the wall, measured using a wattmeter) for ~100 MH. i do have a highly efficient platinum plus PSU though, when building PCs for personal use/enjoyment i always chuck in top quality components. so that 6x 3060 Ti rack might be pulling somewhat less power than i factored in above, especially if whoever built the rig used a good quality PSU (which should last way longer than a GPU). not sure, never built such a rig myself.

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3060ti's are about 500mh/joule, 3080's are about 400mh/joule. The most efficient gpu's for mining are 5700xt's with team redminer's R mode which get about 600mh/joule.

Prices have cratered so much that 5700xt's in R mode are about the only actually profitable gpu's left.

A historical perspective on the unregulated speculation with Cryptp currency.

We have been down this path before.

The Crypto Crash: all Ponzi schemes topple eventually ​

Robert Reich


We’re back to the wild west finances of the 1920s as the crypto industry pours huge money into political campaigns

Messengers on Wall Street, New York in October 1929 Photograph: New York Daily News Archive/NY Daily News/Getty Images
Sun 19 Jun 2022 07.25 BSTLast modified on Sun 19 Jun 2022 07.26 BST

One week ago, as cryptocurrency prices plummeted, Celsius Network – an experimental cryptocurrency bank with more than one million customers that has emerged as a leader in the murky world of decentralized finance, or DeFi – announced it was freezing withdrawals “due to extreme market conditions.”

Earlier this past week, Bitcoin dropped 15 percent over 24 hours to its lowest value since December 2020. Last month, TerraUSD, a stablecoin – a system that was supposed to perform a lot like a conventional bank account but was backed only by a cryptocurrency called Luna – collapsed, losing 97 percent of its value in just 24 hours, apparently destroying some investors’ life savings.

Eighty-nine years ago, Franklin D Roosevelt signed into law the Banking Act of 1933 – also known as the Glass-Steagall Act. It separated commercial banking from investment banking – Main Street from Wall Street – to protect people who entrusted their savings to commercial banks from having their money gambled away.

Glass-Steagall’s larger purpose was to put an end to the giant Ponzi scheme that had overtaken the American economy in the 1920s and led to the Great Crash of 1929.

Americans had been getting rich by speculating on shares of stock and various sorts of exotica (roughly analogous to crypto). These risky assets’ values rose solely because a growing number of investors put money into them.
But at some point, Ponzi schemes topple of their own weight. When the toppling occurred in 1929, it plunged the nation and the world into a Great Depression. The Glass-Steagall Act was a means of restoring stability.

But by the 1980s, America forgot the financial trauma of 1929. As the stock market soared, speculators noticed they could make lots more money if they could gamble with other people’s money – as speculators did in the 1920s. They pushed Congress to deregulate Wall Street, arguing that the United States financial sector would otherwise lose its competitive standing relative to other financial centers around the world.

I've dabbled in crypto but struggle to understand it - the concept & use of blockchain though I think/feel is here to stay as is being implemented by our banks & many organisations (including the ASX).

over9k said:

3060ti's are about 500mh/joule, 3080's are about 400mh/joule. The most efficient gpu's for mining are 5700xt's with team redminer's R mode which get about 600mh/joule.

Prices have cratered so much that 5700xt's in R mode are about the only actually profitable gpu's left.

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i think you mean KH/joule, but yeah that's the general order of efficiency that i've heard about. the 3080 can be pushed a bit higher than 400 though, maybe 430-450 (mine usually sits in the 430s once the screen goes to sleep as i have my primary display plugged into it, so i think i got a bit unlucky in the silicon lottery, some people have claimed to hit 460), overclock memory/underclock core/power limit 225-230W or so.

don't have firsthand experience with 3060 Tis, but from what i've read they typically get 60 MH and gulp down 120W, so 500 KH/joule sounds about right.

not sure about the longer term viability of 5700 XTs (then again even mining as a whole may not be viable in the long term either), they are super efficient at ethash but that's going away at some point and they don't seem to perform all that great at other algorithms.

Yeah I was just talking at current eth mining.

I have every 3000 series gpu as well as 5700xt, 6700xt, 6800.

For those who trade this stuff in/out though, eth is 14% off the lows just on the day today. There's a lot of volatility to run.

I'm not the first person to post this but there's been some pretty sweet tendies to be had for those who've had the stones to run the technicals with crypto, in this case it looks like a nice little channel has formed:



It's also more than 20% off the bottom if you were brave/lucky enough to buy there too.

Now 30% off the lows:



With technicals now suggesting that this is about the point to sell, that's a pretty sweet 30% in three days if you had the stones to put an order in around the 900 mark.

Austwide said:

I also view crypto like a do nothing company with no hope ever of a dividend, to me making it worthless.

But, it seems large drug cartels and scammers etc need and use crypto to hide their money trails.

I think this caused a lot of demand for the crypto and then the rapid rise drew in the flying to the moon investors.

I don't know if the cartels store their money in crypto, but I hope so.

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They store it in USD and on the NYSE....

So is this the end of the bear market??? Don't bloody know.......
But what I do know is that we have had 5 waves down complete with this last leg down and what is a high probability at the very least is a counter trend rally back up to the previous wave 4 of one less degree at 30K which at these prices is not bad!

Telamelo said:

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Capitulation will come when the likes of Mike Saylor and other maximalists are forced to sell, that means a buy price under $3000. Only then can anyone use the word "cheap" in a historical sense when referring to Bitcoins price. Most of the whales will have exited long before the price craters to that level.

The several investment scams going around are very disturbing and require serious attention. The police already have a lot on their plate which is why private firms on telegram *************** are collecting complaints from victims and using their latest technology and professional experts to track down these lost investments and the majority of losses are being recuperated.

Gojames567 said:

The several investment scams going around are very disturbing and require serious attention. The police already have a lot on their plate which is why private firms on telegram *************** are collecting complaints from victims and using their latest technology and professional experts to track down these lost investments and the majority of losses are being recuperated.

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Is this for real ? I'd like to believe that "the majority of losses are being recuperated" but frankly I'd be very cautious without strong outside proof.

For those who aren't aware there is a dangerous and very effective secondary scam process where scammers follow up on people who have lost money promising to help them out. Has happened. Not good.

To date the Crypto currency market has seen a $2 trillion drop in value and a number of catastrophic collapses. As suggested above by Gojames the market has responded via numerous offers to help people recover their losses.

How effective are these companies ? Is their any independent evidence of their value ? Be interested to hear any experiences people have had.

over9k said:

Yeah I was just talking at current eth mining.

I have every 3000 series gpu as well as 5700xt, 6700xt, 6800.

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you firing up your rigs again, or is profitability still too low?

for some reason i don't quite see yet, the hashpower market shot up on thurs evening and has stayed there for the last couple of days. the going rate for ethash hovered around 0.7 BTC/TH/day for most of june, but since thurs it's been consistently up around 0.85-0.90. not sure about pool mining (guessing you mine on a pool?) but i'd imagine that would've seen similar moves.

Sharkman said:

you firing up your rigs again, or is profitability still too low?

for some reason i don't quite see yet, the hashpower market shot up on thurs evening and has stayed there for the last couple of days. the going rate for ethash hovered around 0.7 BTC/TH/day for most of june, but since thurs it's been consistently up around 0.85-0.90. not sure about pool mining (guessing you mine on a pool?) but i'd imagine that would've seen similar moves.

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I'm keeping the indoor ones as they're free heating during the winter but all the rest are off.