The Rise and Fall in Bitcoin Value

If you haven’t seen this already, it’s worth watching. It’s like the final missing piece that makes Bitcoin scale to billions and addresses a lot of the issues about people not being comfortable with holding their own keys and recovering of access. My head is spinning since I watched this yesterday, it’s just crazy how this completes the picture.

1 Like

Simply amazing, I’m really excited about the possibilities.

Ethereum has now moved to POS, just as I thought the price is lowering as much of it has been moved to Exchanges which is normally a sign that it is due to be sold to an exchange.

I’m planning to turn off my miners for the moment, with Ethereum now on POS there is currently no GPU minable coin able to make profit with the current electric prices. According to my calculations I earned back around 70% of my initial investment which I feel is good as I’ve been mining for about a year and 6 months.

My AMD GPU’s still have many years of life in them and if I choose to sell all of it then the entire mining venture would have been a success with very good profit. I am going to have a good think about this and come to the best decision, I doubt I will end up selling my hardware as I am very much into crypto mining.

After the Ethereum POS change I found myself analysing the market to see if I could predict which crypto coin will rise to take the place of Ethereum, it’s interesting, I noticed Ethereum Classic’s hashing power jump from 50 T/H to around 311 T/H at the same time Ethereum switched to POS, Ethereum Classic is currently valued at $37 per coin so it has a long way to go to reach that £1,600 mark which will make GPU mining profitable again.

Many miners are selling their GPU’s, I’ve calculated that I can use one of my machines as a heater this winter and earn around £50 for the month. My standard electric heaters are 1000watt each, and one of my 16 GPU mining rigs is also around 1000 watts, So I can heat my home and save money. this is also good for the community as my hashing power will assist a new coin in rising to a value of £1,500. Hopefully at the end of winter we will see a new coin take the place of Ethereum and help bring back GPU mining.

Do Kwon really should have done his best to repay investors by returning their Bitcoin and starting again from scratch.

Just as I predicted Ethereum value is dropping, it lost over £200 value since the early hours of Sept 15th when the change happened. Whoever thought it was a good idea to have this currency locked into staking contracts in order to generate new coins is wrong, POS goes against the whole point of crypto.

Now we will start to see “Pledging Pools” with their USP being “Pledge your Ethereum with us, we can guarantee a 20% return” Then the people who put their life savings in Ethereum may lose it all due to the low value then we will see the legal drama that follows and arrest warrants for the creator of Ethereum. Do we ever learn?

The world wanted De-centralisation not more centralisation, I’m baffled as to why people think it’s clever to act in a centralised manner in a decentralised environment. I’m a little worried for them.

At least we won’t have to deal with the ESG Harpies and the Greta’s “You are literally killing the planet” crowds anymore, just the FED.

I bid you POW guys good luck, don’t know how you gonna get those people off your back…

Nah, I can 100% guarantee they will still use the energy angle to bash Ethereum, even though it’s now PoS. Most of this people don’t care if their opinion matches reality, it’s about the good feeling of hating on something together with the rest of the mob.

One way might be to get the energy industry to speak up about how much is already being wasted through energy transfer and unused energy that goes to waste. It is important for governments to take their energy advisors seriously so they can give an accurate picture of what’s happening. Wastage is bad for any business and since everyone is trying to be frugal all of this makes sense.

They can hate all they want, the only reason the merge happened is due to Ethereum founder Vitalik Buterin listening to these hate filled people, Ethereum now uses 99.95% less energy which has made the haters happy.

The only issue is that the crypto/mining community feel they need a coin which is worth £1,500 to £2,000. Most of the GPU miners have moved over to Ethereum Classic which still operates the POW consensus in order to build the value of the coin which may take a couple of years to get to the level Ethereum was at.

There are no plans to move ETC (Ethereum Classic) over to POS which is welcome news, legally I don’t think there is any way for campaigners to force ETC to stop or switch consensus.

There are lessons to be learned here, NEVER AGAIN will I ever put trust in a crypto coin where there is a CEO, I won’t care how much it’s worth I will never allow people to rent my hardware to mine it. I’d like to support a truly decentralised coin with my GPU’s that has no CEO who is always popping up on the news and web articles, a coin which is only administrated by the miners consensus is more appropriate for a decentralised environment.

He even looks annoying. He’s very intelligent, I wish he just stayed in his lane which is programming and computing, not managing a worldwide “decentralised” currency

Wow, a pump and dump in crypto, imagine my shock!

My faith is shattered, switching to ETC right now! Great job! :clap:

1 Like

How low BTC can go at beginning of next week from now? Please write in comments.

Since we have gamblers here, I am sure they are prepared for everything.

fun fact :

  • if the price of BTC increases, they claim it’s a good investment as its growth means buying now mean selling higher later.
  • if the price of BTC decreases, they claim it’s a good investment as it’s better to purchase low, sell high.

It’s like, they are unable to conceive the possibility that BTC is a bad investment.

Maybe if BTC is still here once the economy improves I’d say that it is a durable investment. It has survived a pandemic, it’s surviving a massive economic downturn and it’s price remains strong when part of the world is at war.

From a realistic perspective it’s pretty good going for a currency/investment that’s been around since 2009. Like most things we can only look to the past when trying to determine if something is good or not.

Right now I’m trying to figure out if any coin with “Ethereum” in the name is even worth tuning my GPU’s into.

Yeah, I kinda don’t get that. Can you explain it to me?