Bitcoins - about to hit $5,000 per coin today!

[polychronopolous]

In communist China? They just released a biological weapon one year ago with the help of the Deep State - the CCP virus. What makes you think they don't approach the Bitcoin miners and tell them to crash Bitcoin's price to damage the USA's economy! It's not like the USA's economy has not already been damaged by the CCP virus. They don't care.

Perhaps they wait 5 years until the market cap is many trillions more.

When dealing with the CCP all bets are off as far as I am concerned.

Economic attack
By now, most agree that an economic attack is far less costly than an actual attack. This is the reason why rogue states like North Korean and Iran have hackers who do their bidding. Iran has famously hacked the Sands Casinos in Las Vegas and North Korea hacked Sony when it tried to launch an unflattering movie about their great leader.

Instead of sending soldiers, you just send hackers. Less costly for you, far more costly for your victim.

E-Yuan
Fast forward five years from now.

It’s 2025.

Many US companies, fearing an inflating dollar (which a Biden administration will have used to keep the US economy as the biggest in the world), will have invested part of their portfolio into Bitcoin by then. Perhaps a few percentage points.

That is a substantial part of the economy and a sum able to start a stock market crash if the floor would fall out from underneath it.

China will have launched its E-Yuan or Digital Yuan and with that be able to spy on its own citizens. Given that Beijing is in full control of its own currency in digital form, you will not be able to know how much they’ve spent and how much they have.

Although it is to be assumed that some of the mining power will have already moved from China to the US, a lot will still remain in China, and in combination with Russian mining operations (the Kremlin is also able to control mines in Kazakhstan), they could reach a bit more than 51% if needed, paying the miners as many E-Yuan or Russian rubles as they want.

In April 2020, China has 65% of hash power, the US 7%, Russia 6% and Kazakhstan another 6%. Even if 15% would by that time have moved from China to the US, this would still hypothetically leave the Communist states with more than 51%.

At that point, China and Russia, which have the same political interest (namely to crumble the US economy which heightens their own status), could take over the Bitcoin blockchain and, at least for a while, mine a whole lot of blocks for themselves.

Causing collapse
If they then dump the mined Bitcoins on the market and replace the public blockchain with their own private blockchain, the price of Bitcoin would crumble. Depending on how much of Fortune 500 companies assets are at that moment invested in Bitcoin, this could reverberate in a crash of the US stock markets.

In Jack Ryan, Shadow Recruit, the book by Tom Clancy, such a scenario (by Russia) is exactly described. In his screenplay. There, the villain, a Russian oligarch:

Will dump all of his inventory onto the market at the same time, causing the American Dollar to collapse. It would hurt China too because of their Dollar holdings, but the goal is to trigger a new Great Depression in the USA.

Replace the American dollar by Bitcoin and multiply the value of Bitcoin’s current market capitalization by 10, now think of the possibilities.

https://cryptotips.eu/en/news/can-china-and-russia-launch-a-51-bitcoin-attack/

I heard as many as 17 different gunmen and 35 shots rang out in Dealy Plaza when JFK got taken out too.

[obsidian]

That is the point that simply baffles me when I hear this 51% attack FUD.

It's basically the same as having a business that is uber successful and bringing in tons of cash and all of the sudden you, as the owner, start tossing Molotov cocktails at the building.

It is so incredibly ludicrous. I cannot believe I am reading these sorts of posts in 2021.

As I said before what makes you think the CCP cares about Bitcoin's profits? The stakes for global dominance are higher than whatever profits some miners can make in Bitcoin. China's CCP can give Chinese miners orders to do whatever and if they don't comply they just disappear.

Just putting it out there that Bitcoin is not as invulnerable as people say it is. Now granted China's dominance in Bitcoin has dropped but it is still dominant.

https://decrypt.co/31915/crypto-bitcoin-china-mining-industry

https://www.buybitcoinworldwide.com/mining/china/

China is the undisputed world leader in Bitcoin mining.

Chinese mining pools control more than 60% of the Bitcoin network’s collective hashrate.

Not only does China manufacture most of the world’s mining equipment, but massive mining farms are located there to take advantage of extremely cheap electricity prices.

[polychronopolous]

As I said before what makes you think the CCP cares about Bitcoin's profits? The stakes for global dominance are higher than whatever profits some miners can make in Bitcoin. China's CCP can give Chinese miners orders to do whatever and if they don't comply they just disappear.

Just putting it out there that Bitcoin is not as invulnerable as people say it is. Now granted China's dominance in Bitcoin has dropped but it is still dominant.

https://decrypt.co/31915/crypto-bitcoin-china-mining-industry

https://www.buybitcoinworldwide.com/mining/china/

China is the undisputed world leader in Bitcoin mining.

Chinese mining pools control more than 60% of the Bitcoin network’s collective hashrate.

Not only does China manufacture most of the world’s mining equipment, but massive mining farms are located there to take advantage of extremely cheap electricity prices.

All the king's horses and all the king's men from ALL the governments from ALL over over the world cannot take down that embarrassing Beyonce Super Bowl pic. It just doesn't work that way.

When I read about these JFK conspiracy people and agressive atheists types who have wasted countless hours of their lives going down these silly rabbit holes, brother I have too many other things that interest me more but no, China does not have the capability to shut down Bitcoin.

If posting your "trades" and lying about when you got into and out of stupid shitcoin positions makes you feel better about yourself then by all means feel free to do so.

I'll just be boring ass Bitcoin HODLer over here soaking up oodles of gains.

[Griffith]

https://dailyhodl.com/2021/02/23/pantera-capitals-joey-krug-unveils-exponential-ethereum-price-target-for-current-crypto-cycle/

Pantera Capital’s Joey Krug Unveils Exponential Ethereum Price Target for Current Crypto Cycle

The co-chief investment officer of blockchain investment fund Pantera Capital says Ethereum has huge upside potential in the current market cycle.

In a new blog post, Joey Krug points to Ethereum’s dominance in smart contract transactions as the key driver of growth.

“The vast majority of the value in that system (decentralized finance) is transacting on top of smart contracts written on Ethereum. The net present value of the global settlement layer’s transaction fees for all of finance is a considerable number.”

Krug cites Ethereum’s rising revenues since the start of 2020, which according to his data have surged by more than 39,000% since the start of 2020.

With the tailwinds driving the second-largest cryptocurrency, Krug says he believes ETH could soar as high as $18,000 in the current bull run.

“It’s an insanely cheap asset compared to anything else in the public markets with that kind of growth relative to its revenue multiple. It’s not entirely crazy to see Ethereum being able to 5–10x from here, especially when compared to traditional equities markets…

As the market gains confidence that DeFi is here to stay and isn’t a fad, multiples will go up too, and things will begin to be valued by price/revenue/growth in DeFi.”

[Griffith]

You literally get to pick Secretariat 1973 WITH long shot 20/1 odds and yet you are worried about space ships coming down from Mars and ruining the race.

It's incredible the lengths you people will go to simply avoid buying and holding BTC.

Some people just have to pretend to be the badass though.

"Wheeling and dealing"

"Trading in and out of positions"

"Ethereum, Litecoin, Tron, Polkadot, EOS, etc etc is the future bro"

How about just own the revolutionary technology instead?

Buy Amazon. Hold Amazon.

Buy Apple. Hold Apple.

Buy Bitcoin. Hold Bitcoin.

It's that simple folks.

There's never only one currency or commodity in any market globally.

Bitcoin maximalists might not like that some of their limelight is being taken away and attention is going to other cryptocurrencies as well, but this is the nature of a free-market system.

[polychronopolous]

There's never only one currency or commodity in any market globally.

Bitcoin maximalists might not like that some of their limelight is being taken away and attention is going to other cryptocurrencies as well, but this is the nature of a free-market system.

Take away whatever perceived attention that you want, I've been in this game for almost 4 years.

Go back through the thread, I purchased Ethereum back in 2017 at the 300 dollar range and all the way up to the $1400 crash.

I thought I was clever back then too.

"The Flippening"

Ah man, Ethereum is going to SURPASS the market share of Bitcoin!!

That was the narrative back then.

But after spending 100s and 100s of hours digging down, there is simply no question: Bitcoin is King.

It's a decentralized protocol with a hard cap of 21 million.

Digital scarcity.

Modern day land grab. Get you a piece of it while you still can.

I literally ran into a burning building when the world was on fire with Covid panic in March and brought more Bitcoin. The result today is a 12 bagger. Soon it will be a 15 bagger then a 20 bagger and so forth and so on.

That's how much I believe in what I have invested in.

What are your results so far in this sector?

[Mayday]

How many banks do we have? How many internet providers do we have? Energy providers? How many supermarkets? How many car models? Markets need choice.

why would anyone assume ‘there can be only one’?

Is the internet only google? Or do we have Facebook, Instagram, tiktok, LinkedIn, reddit, YouTube, Vimeo, Spotify, email, facechat, messenger etc? All markets have specialties and generally a few large players in each specialty.


Name one thing digital that has never been super-seeded.


As for ETH it’s a short term thing that offers higher risk/reward than BTC. Plenty of data supports it in a market cycle top year. Perhaps it’s new to some people on here but there are short term investment strategies. Not everything is planned on a long timeline.

[Bindare_Dundat]

^^^^^^ I have a lot of GPU cards - over 40 to be precise. You are not going to get these payouts with one GPU. One ASIC miner could match that, but that ASIC miner would cost over $20,000.

Got a pic of your rig?

[Bindare_Dundat]

Legit LOL 

You're all better men then me I guess. It wasn't long ago, (around the Saylor events, back in beginning of Feb.  that I mentioned we could see a rally)  and you said it wouldn't amount to shit with your game of thrones analogy. it blasted to all time high right after that but hey, what do I know. 
Not everything is TA, news moves markets too. Even more so at times.

The prices rebound a bit and now everyone has diamond hands...lol ok. I have no.problems being conservative with my plays. Don't know what's so funny about that.

[Bindare_Dundat]

I can respect that. Not everyone can stomach these corrections and 20%+ drops.

That said, even I am starting to look into buying cryptos.

Off the top of my head, I am considering fractional shares in Bitcoin, a small position into ETH, large position in Binance Coin, Polkadot and Cardano.

Even with this risky endeavor, I would only invest 10% of my portfolio into cryptos, as I know it's volatility can fuck anyone up.

It's money that you have to be ready to part with. Set it and forget it kind of thing...

"1"

Thanks. I sat through the last cycle and watched everything go down and sideways for what seemed like forever. No thanks. Ill err on the side of caution and enjoy what I have. I'll pay my taxes. Everyone can laugh away. I dont care. I had the tax man up my asshole years ago. Wasn't fun. As long as I realize meaningful profits I am content.

[OneMoreRep]

Thanks. I sat through the last cycle and watched everything go down and sideways for what seemed like forever. No thanks. Ill err on the side of caution and enjoy what I have. I'll pay my taxes. Everyone can laugh away. I dont care. I had the tax man up my asshole years ago. Wasn't fun. As long as I realize meaningful profits I am content.

This is not a bad stance to have.

Trust me, I deal with clients that undergo audits all the time and the IRS just doesn't care about anyone's particular circumstances, they come after you with everything they've got.

"1"

[Bindare_Dundat]

MicroStrategy buys more than $1 billion worth of bitcoin, adding to massive holdings.

[Griffith]

http://www.bloomberg.com/amp/news/articles/2021-02-24/coinshares-is-launching-an-exchange-traded-ethereum-product

CoinShares Is Launching an Exchange-Traded Ethereum Product

CoinShares, a St. Helier, Jersey-based digital-asset investment house with over $4 billion under management, is launching a physically backed, exchange-traded Ethereum product.

It will be listed under the ticker ETHE on the SIX Swiss Exchange.

“Bringing innovative products like ETHE allows us to continue setting the industry standard for trust and transparency and provide institutions with easy access to industry-leading crypto investment vehicles,” said Townsend Lansing, head of product at CoinShares.

[obsidian]

Got a pic of your rig?

Yes here is a pic of one of the rigs as I assembled it. Originally I planned to have (9) 1070 ti and (6) RX580 cards for a total of 15 GPUs per rig. The motherboard can take up to 19 mining cards. But as I was testing it I discovered it could only work with 13 cards. To get to 19 cards you have to use mining specific cards for the last 6 slots.

So there are 13 GPUs in each rig. (7) 1070 ti and (6) RX580 cards. I have 3 identical rigs. Then I also have a few other computers with various cards ranging from 1070 to 1080 ti to RTX 3090. The RTX 3090 is incredibly powerful, as fast as (4) 1070 ti cards.

ASIC miners can go much faster than these GPU cards for less power.

GPU mining only makes sense at current prices. And you can only obtain ETH as fast as your processing power. The most affordable way to get these assets is to buy them when they are very undervalued at cents or a few dollars. The main reason Bitcoin is not seen as a security by the SEC is because the only way to obtain it initially was to put in the work and mine them with your computer. If they offered BTC up for sale from the get go it would have been in the boat that Ripple / XRP is in right now.

[Mayday]

You're all better men then me I guess. It wasn't long ago, (around the Saylor events, back in beginning of Feb.  that I mentioned we could see a rally)  and you said it wouldn't amount to shit with your game of thrones analogy. it blasted to all time high right after that but hey, what do I know. 
Not everything is TA, news moves markets too. Even more so at times.

The prices rebound a bit and now everyone has diamond hands...lol ok. I have no.problems being conservative with my plays. Don't know what's so funny about that.

If the data changes i follow it.

The initial outlook for this rally was 55k. That’s pretty different to 288k and 500k where it now sits. The underlying data has drastically changed making a strategy based around 55k no longer correct for me because it’s highly likely there won’t be a ‘cycle’ to crypto anymore or at least a greatly diminished cycle.

Sorry I don’t keep you up to date with my thought process every hour but each person should do what they think is right for them. I’ll shift in different directions according to the quants (mostly) for analytics and then the main talking heads for a macro market direction.

[gib]

For any of you interested in mining, and worried about a "51% attack", do take a listen, and learn...

[gib]

Yes here is a pic of one of the rigs as I assembled it. Originally I planned to have (9) 1070 ti and (6) RX580 cards for a total of 15 GPUs per rig. The motherboard can take up to 19 mining cards. But as I was testing it I discovered it could only work with 13 cards. To get to 19 cards you have to use mining specific cards for the last 6 slots.

So there are 13 GPUs in each rig. (7) 1070 ti and (6) RX580 cards. I have 3 identical rigs. Then I also have a few other computers with various cards ranging from 1070 to 1080 ti to RTX 3090. The RTX 3090 is incredibly powerful, as fast as (4) 1070 ti cards.

ASIC miners can go much faster than these GPU cards for less power.

GPU mining only makes sense at current prices. And you can only obtain ETH as fast as your processing power. The most affordable way to get these assets is to buy them when they are very undervalued at cents or a few dollars. The main reason Bitcoin is not seen as a security by the SEC is because the only way to obtain it initially was to put in the work and mine them with your computer. If they offered BTC up for sale from the get go it would have been in the boat that Ripple / XRP is in right now.

Does that room get hot? How do you cool it?

[gib]

I had a friend who was running rigs with 24 aircons on in the house. His wife was not overly happy with the set up. Also had a little experimental meth lab running in once of the rooms. Crazy guy! (And not it was not Whiggs...)

[obsidian]

Does that room get hot? How do you cool it?

I only assembled it there. I moved two rigs down into the basement. I separated the two towers and then reassembled in the basement. I was not going to carry those things down stairs lol! But the third rig was carried to my home office and is sitting 8 feet from me. In the winter the rigs heat the house to a very comfortable temperature.

I have an exhaust fan in the basement right above the two rigs to extract hot air. Not necessary in the winter but in the spring / summer it is needed. I am not sure if I will be mining in the summer. It all depends on the price of ETH. If it goes up a lot I'll crank up the AC and pay a $1600 monthly electrical bill. But I'll be withdrawing ETH at that point. If the price of ETH stays the same I might consider just shutting it off and part it out.

If I had a time machine I would go back to 2009 and mine Bitcoin on a couple of computers for a few months and call it a day. 30,000 -50,000 BTC would be a good number. I wonder how much BTC these rigs could have mined in 2010 when the first GPU miner was released? Probably faster than they could issue it right?

[Griffith]

If the data changes i follow it.

The initial outlook for this rally was 55k. That’s pretty different to 288k and 500k where it now sits. The underlying data has drastically changed making a strategy based around 55k no longer correct for me because it’s highly likely there won’t be a ‘cycle’ to crypto anymore or at least a greatly diminished cycle.

Sorry I don’t keep you up to date with my thought process every hour but each person should do what they think is right for them. I’ll shift in different directions according to the quants (mostly) for analytics and then the main talking heads for a macro market direction.

Do you still see Ehereum reaching 20k by end of year or January?

[gib]

In the winter the rigs heat the house to a very comfortable temperature.

Great!

[Griffith]

https://cointelegraph.com/news/ethereum-on-track-to-settle-1-6-trillion-this-quarter

Ethereum on track to settle $1.6 trillion this quarter

Ethereum's quarterly settlement value is on course to increase by 1,280% year-over-year.

Ethereum usage is surging this year, with the value of transactions settled on the network skyrocketing during 2021.

The network is currently on-pace to settle $1.6 trillion in transactions for the first quarter of this year. In the last 12 months, Ethereum has already settled $2.1 trillion in transactions.

If Messari’s $1.6 trillion forecast is accurate, Ethereum’s quarterly settlement value will have increased 1,280% compared to Q1 2020, and more than 5,000% compared to Q1 2019.

Messari researcher Ryan Watkins noted the data counters the prevailing narrative that Ethereum is seeing an exodus of users amid its high gas fees, exclaiming:

“Incredible scale for a technology that critics claimed couldn’t scale.”

Ethereum's recent surge in settlement value can be attributed to explosive growth in the DeFi and non-fungible token sector — most of which is based upon Ethereum.

The massive demand on the network has caused gas prices to surge to all-time highs. With many retail traders increasingly getting priced out of using the Ethereum mainnet for smaller transactions.

[Bindare_Dundat]

Yes here is a pic of one of the rigs as I assembled it. Originally I planned to have (9) 1070 ti and (6) RX580 cards for a total of 15 GPUs per rig. The motherboard can take up to 19 mining cards. But as I was testing it I discovered it could only work with 13 cards. To get to 19 cards you have to use mining specific cards for the last 6 slots.

So there are 13 GPUs in each rig. (7) 1070 ti and (6) RX580 cards. I have 3 identical rigs. Then I also have a few other computers with various cards ranging from 1070 to 1080 ti to RTX 3090. The RTX 3090 is incredibly powerful, as fast as (4) 1070 ti cards.

ASIC miners can go much faster than these GPU cards for less power.

GPU mining only makes sense at current prices. And you can only obtain ETH as fast as your processing power. The most affordable way to get these assets is to buy them when they are very undervalued at cents or a few dollars. The main reason Bitcoin is not seen as a security by the SEC is because the only way to obtain it initially was to put in the work and mine them with your computer. If they offered BTC up for sale from the get go it would have been in the boat that Ripple / XRP is in right now.

Cool, thanks for sharing. Very interesting.  I have an rx570. Can I use that for mining? Lol j/k

[FitnessFrenzy]

[Bindare_Dundat]

Do you still see Ehereum reaching 20k by end of year or January?

Lol.  Not a chance.