The Bank of England says Bitcoin could become 'worthless'

[wiyosaya]

That will never happen - there are always national holdouts (see: British Pound in EU)

And Cryptocurrencies will never consolidate either- they are all powered by by Open Source 5-year-old mindset: "Anything you can do I can do better"

Get used to ignoring the fact that there are thousands of Cryptocurrencies on various tacker by 2030, or your head may asplode!

To me, thousands of crapto currencies indicates an over-saturation of the market. Hmmm, what usually happens when a market is over-saturated? https://corporatefinanceinstitute.com/resources/knowledge/economics/market-saturation/
It's all opinion where crapto is concerned at this point. Time will be the decider.

 

[ziffel66]

GOOD. I seriously, with all my being, hope it does. I hope everyone that purchased a bunch of GPU's for mining, sits there staring at the waste with tears in their eyes.

 

[Kosmoz]

GOOD. I seriously, with all my being, hope it does. I hope everyone that purchased a bunch of GPU's for mining, sits there staring at the waste with tears in their eyes.

Sorry, but you hope for nothing, because that crash is not gonna come soon and even even if does it will not be a rock bottom crash like before, like I said it will be just dips and drops with rebounds, like we seen all year.

And even if your dreams come true, in that 1% change happening, those miners will not cry at all because they still have 2 options:
1. continue to mine without profit, but gather cryto for the next boom, which will come inevitably even if 1 year later or
2. sell all those GPUs and make a lot of money on the spot from that alone.

So no, no tears from them. They win either way, while gamers lose all this time...

 

[captaincranky]

Thank you for reading and comprehending my terrible English; however, instead of pointing out that English strengthens the pound, it would be far more valuable if you had contributed something.

I recently learned that it is a futile pursuit to engage, (as a crypto non believer), in discussions with crypto fanatics. Thus, I did contribute to the thread, by allowing you to get your point across more coherently.

Unless of course, you were looking for either an argument, or validation of your point of view.

 

[BuckarooBonzaii]

I still believe crypto will be viable in the future but not right now. I don't think that when it's adopted World wide, Governments will let it run wild as it is now and maybe be a controlled decentralized system. Perhaps right now it's just a trial run and at some point it will be bridled in once the trial run is over.

 

[Rayneofpayne]

It is worthless, anything non physical holds no value, there are no safeguards from manipulations as it's more stock market level of shares that don't officially exist than reality.

 

[Rayneofpayne]

I still believe crypto will be viable in the future but not right now. I don't think that when it's adopted World wide, Governments will let it run wild as it is now and maybe be a controlled decentralized system. Perhaps right now it's just a trial run and at some point it will be bridled in once the trial run is over.

Currency tokens are garbage, the technology is worth infinitely more.

 

[Rayneofpayne]

Once the stable coins are no longer able to be printed out of thin air to pump up crypto, the house of cards will collapse, much is the same with the stock market, pumped up with fiat currency.

It's a pyramid scheme. Pure and simple.

 

[Karlos95]

It's the network itself that is worth money, not the characters.

Don't try to bring logic to their arguments

 

[Karlos95]

$46,000 now

The dip that keeps on dipping!!!

Almost $49k now. Woops. You have been proven wrong again...

BTW, In any traditional market, a correction is normal after run ups, which is what is happening right now. I swear you naysayers just put out false statements in hopes no one actually researches your FUD.

 

[Karlos95]

Sorry, but you hope for nothing, because that crash is not gonna come soon and even even if does it will not be a rock bottom crash like before, like I said it will be just dips and drops with rebounds, like we seen all year.

And even if your dreams come true, in that 1% change happening, those miners will not cry at all because they still have 2 options:
1. continue to mine without profit, but gather cryto for the next boom, which will come inevitably even if 1 year later or
2. sell all those GPUs and make a lot of money on the spot from that alone.

So no, no tears from them. They win either way, while gamers lose all this time...

Only problem with that is that they don't use GPUs any more and these "ThE MiNeRs ArE mAkInG mY gPu ToO ExPeNsIvE" folk are wrong.

They fail to account inflation, chip shortages, and like we just had a pandemic increasing prices because work loads diminished. But sure, let's keep blaming miners for your lack of knowledge on markets.

 

[mgilbert]

This whole "money for nothing" Ponzi scheme crypto craze going bust... Wouldn't that be great!!!

 

[Eldritch]

Agree with 'Bitcoin will fall' argument but reason given is wrong.

It will not fall when they run out of coins or when mining becomes extremely hard.

It will fall when the proposition of earning ridiculous returns disappear. The bitcoin need not fall for it to become unattractive. It merely has to become stable value wise and no one will be interested in it.

However, at that time people will move on to the next crypto currency for their gambling fix.

It all there is to crypto, a get rich quick scheme with lots of risks and potential gains. Take away the chance of quick gains and no one gives a damn.

 

[Puiu]

Agree with 'Bitcoin will fall' argument but reason given is wrong.

It will not fall when they run out of coins or when mining becomes extremely hard.

It will fall when the proposition of earning ridiculous returns disappear. The bitcoin need not fall for it to become unattractive. It merely has to become stable value wise and no one will be interested in it.

However, at that time people will move on to the next crypto currency for their gambling fix.

It all there is to crypto, a get rich quick scheme with lots of risks and potential gains. Take away the chance of quick gains and no one gives a damn.

Stability for crypto is very far away in the future. For the short term it will fluctuate wildly unfortunately (or fortunately for those who know how to speculate)

 

[Bullwinkle M]

Bitcoin is already worthless
(unless you are a criminal)

 

[Tawhid]

Bitcoin is already worthless
(unless you are a criminal)

I feel like there was no crime until bitcoin got invented.

 

[Avro Arrow]

Here's the problem that I have with all of this...

The Bank of England would be a very credible source for this kind of information under normal circumstances.

However, cryptocurrencies challenge the power of institutions like the Bank of England so institutions just like the Bank of England do not want cryptocurrencies to succeed. Therefore, I cannot trust their words because corporations are more than willing to lie their butts off if they think that it will benefit them.

So, I'm not moved in either direction on from my "I really don't know" stance.

 

[CybaGirl]

Crypto has always been worthless in my opinion. Still kind of surprised (and not at the same time) how people can make a string of characters worth so much.

No I don't think it's worthless in my opinion. My single little mining rig with an AMD 3100, 16GB of RAM and a NON LHR 3060Ti that I won last Christmas in a Facebook competition just paid for my new Radeon RX 6600XT in under six months. Plus during this time I have purchased games that I normally could not afford to buy. So basically it cost me nothing and I don't see how a little mining rig that is generating free money for me is worthless?

 

[Achaios]

Only problem with that is that they don't use GPUs any more and these "ThE MiNeRs ArE mAkInG mY gPu ToO ExPeNsIvE" folk are wrong.

They fail to account inflation, chip shortages, and like we just had a pandemic increasing prices because work loads diminished. But sure, let's keep blaming miners for your lack of knowledge on markets.

Most ridiculous post ever posted in the history of Tech Spot forum.

https://www.tomshardware.com/news/mining-farm-walkthrough-full-rtx-3070

Keep telling us how the Miners are innocent and it's "Console Gamers Who Went PC For The First Time To Blame For The Gpu Shortage"

 

[Avro Arrow]

No I don't think it's worthless in my opinion. My single little mining rig with an AMD 3100, 16GB of RAM and a NON LHR 3060Ti that I won last Christmas in a Facebook competition just paid for my new Radeon RX 6600XT in under six months. Plus during this time I have purchased games that I normally could not afford to buy. So basically it cost me nothing and I don't see how a little mining rig that is generating free money for me is worthless?

If you don't mind me asking, what currency are you mining?

 

[CybaGirl]

If you don't mind me asking, what currency are you mining?

Sure, no worries, happy to help.

I am using NiceHash QuickMiner, although I am told that I could make more profit with HIVE OS and customising my hardware. But I am happy with what I am getting, and I am not stressing my GPU in any way shape or form, as QuickMiner has pre config settings for the best result(s) in which you can choose from. In fact, if I was gaming on my GPU temps would be much higher, and I would be stressing it more.

Any other questions? Just let me know.

 

[Avro Arrow]

Sure, no worries, happy to help.

I am using NiceHash QuickMiner, although I am told that I could make more profit with HIVE OS and customising my hardware. But I am happy with what I am getting, and I am not stressing my GPU in any way shape or form, as QuickMiner has pre config settings for the best result(s) in which you can choose from. In fact, if I was gaming on my GPU temps would be much higher, and I would be stressing it more.

Any other questions? Just let me know.

Thank you very much for that, it's much appreciated. I guess the only question I have now is what hardware do you use (Just CPU & GPU)?

I'm asking because I'm looking at some spare parts that I have lying around. One is an FX-8350 on a Gigabyte 990FX motherboard with 4 PCI-e x16 slots. The others are two Sapphire Radeon R9 Furies and one Gigabyte HD 7970. I have a spare case with an OCZ Z-Series 1000W 80+Gold PSU in it. I was just trying to estimate what, if anything would be profitable with a setup like that. I'd probably disable at least 4 of the FX-8350's cores (maybe even 6) and run Ubuntu or some other form of Linux on it. What I have to do is compare estimated profits with my kWh rate (or I'd just be spinning my wheels).

As for my main PC (R5-3600X / RX 5700 XT), I could probably get it to do something as well while I'm at work and overnight as well. Same thing though, I have no idea how to estimate gains vs. my power costs. Here in Ontario, we have an "Off/Mid/Peak" setup so the rate can vary drastically depending on the time of day and year.

Off-peak is 8.2¢/kWh
Mid-Peak is 11.3¢/kWh
Peak is 17.0¢/kWh

So yeah, trying to figure this stuff out is a pain (and I'm not a math wizard to begin with ).

 

[Gezzer]

The future potential of cryptocurrencies holds a lot of promise. The reality is it's currently not much more than an unsanctioned and highly speculative stock market like vehicle. That's not to say that sanctioned markets aren't often highly speculative as well. But there's one major difference, stock and currency prices are based first and foremost on performance not demand, unlike cryptos.

And that's their Achilles heel IMHO. It's a chicken and egg problem. Cryptos won't become truly valid until the international money markets accept them as being on the same footing as other fiat currencies. And they won't do that until there's a system that allows them control and tracking of cryptos just like fiat currencies. Which ends up making cryptos just another fiat currency with no real advantage over the others.

So as I currently see it they won't ever reach their potential due to that and will remain a highly speculative market, which like most markets of that type can and will see wild swings in value. Even value approaching zero. But even if that happens, just like penny stocks they'll be some people still willing to dabble, even if they massive returns are nothing but a memory.

 

[CybaGirl]

Thank you very much for that, it's much appreciated. I guess the only question I have now is what hardware do you use (Just CPU & GPU)?

You're very welcome :.

After doing some research, I ended up buying and running an AMD 3100 on a ASUS Prime A520-K motherboard that I bought on eBay as a bundle. I think, from memory, I paid around $320.00 AUD.

For the GPU, I run a GALAX 3060Ti EX OC (NON LHR) that I won last Christmas in a Facebook competition. So I was very lucky there as I have never won anything in my life. I was going to use this GPU in my main gaming computer, which would replace my iGame GTX 1070 Vulcan X OC. But decided to have ago at mining. So I left the 1070 in my gaming computer instead.

Now my little mining rig earned me enough to buy a few games and a brand-new ASUS Radeon 6600 XT ($950,00 AUD). So I snapped this card up, and I am going to take my 1070 out and replace it with the 6600XT and put the 1070 into my mining rig, so I can mine more.

I had an old case lying around, so I just used that along with an ANTEC Edge 650W GOLD power supply.

Oh, yes I also have 16 GB of 3200 RAM as well as it was cheap to buy at the time.

The only problem with this motherboard though. Is that I have to change it as it doesn't have an additional PCIe x16 slot nor room to add a riser. But I can get another board to suit my needs for around $99.00. The one I am looking at now is a MSI Mortar B450.

I also bought an open frame a few months ago, so I am thinking that I will move everything into that, as I have a fan above my computer desk that has a hutch and air con when I am in the room. So if I put the frame on top of my desk, it should keep things a bit cooler.

I hope this helps and if you have any further questions please let me know, or you are most welcome to email me at cybagirl@gmail.com as I don't always check the Techspot forums.

 

[CybaGirl]

I'm asking because I'm looking at some spare parts that I have lying around. One is an FX-8350 on a Gigabyte 990FX motherboard with 4 PCI-e x16 slots. The others are two Sapphire Radeon R9 Furies and one Gigabyte HD 7970. I have a spare case with an OCZ Z-Series 1000W 80+Gold PSU in it. I was just trying to estimate what, if anything would be profitable with a setup like that. I'd probably disable at least 4 of the FX-8350's cores (maybe even 6) and run Ubuntu or some other form of Linux on it. What I have to do is compare estimated profits with my kWh rate (or I'd just be spinning my wheels).

As for my main PC (R5-3600X / RX 5700 XT), I could probably get it to do something as well while I'm at work and overnight as well. Same thing though, I have no idea how to estimate gains vs. my power costs. Here in Ontario, we have an "Off/Mid/Peak" setup so the rate can vary drastically depending on the time of day and year.

Off-peak is 8.2¢/kWh
Mid-Peak is 11.3¢/kWh
Peak is 17.0¢/kWh

So yeah, trying to figure this stuff out is a pain (and I'm not a math wizard to begin with ).

Hello again. You don't need a fancy CPU or anything that is powerful. Any basic CPU will do the job. I went with the AMD 3100 as they said it was the best CPU to mine with. Plus, it is cheap to run power wise. But from what I read also you can use anything. I was mainly looking at the power consumption, as power isn't cheap over here in Australia.

Not too sure if I would use the hardware that you have? As the power draw on those components will be high, and the return will be very little. If I was you, I would probably try and sell what you have and buy something more power efficient and something that will make you more money.

BTW your power costs are very cheap compared to what we pay over here. I pay $0.23 per kilowatt. But some States and other power companies are charging as much as $0.35 per kilowatt.

Have you looked at the NiceHash calculator? It's a great tool for working out what is the best hardware cost to performance. The last time I checked, the 3060Ti (NON LHR) was the best GPU to mine with as per power usage and the return.

Here is a link to the calculator.

NiceHash - Leading Cryptocurrency Platform for Mining and Trading

www.nicehash.com

Once again, if you have any further questions or need help with something, please let me know.