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re: Official CryptoTalk Thread
Posted on 6/17/21 at 8:55 am to bluebarracuda
Posted on 6/17/21 at 8:55 am to bluebarracuda
quote:
Nothing profitable there though. If there's no profitable coin after eth goes, it's going to be a steeeeep decline in video card prices
Well, there are a number of profitable coins:
Just ETH is the "most" profitable. Mining isn't going to go away.
LINK (WhatToMine)
And a number of these are working to ban ASIC miners from the networks so all the ASIC hash power will be dead.
BUT..... Lets not act like ETH 2.0 is going to be ontime
We will be mining ETH for another solid 2 years IMO.
0
Posted on 6/17/21 at 8:57 am to bluebarracuda
quote:
Edit: Also it's crazy that people are still paying the $2600-2700 that 3090s are going for now. That's over a year ROI if the market doesn't pick back up
Everything I got is technically in the green now from me taking my profits and flipping into other coins.
Strictly from mining, I am looking at late august. (pending EIP 1559 results)
There was the crazy week that really helped out. That week alone paid off 1 3090. It was awesome.
This post was edited on 6/17/21 at 8:59 am
Posted on 6/17/21 at 9:00 am to JayDeerTay84
quote:
There was the crazy week that really helped out. That week alone paid off 1 3090. It was awesome.
I was getting up to like $90/day at one point on my 3 cards. It was amazing
Posted on 6/17/21 at 9:03 am to JayDeerTay84
matic def took some the hype away from eip 1559
going to be interesting
going to be interesting
Posted on 6/17/21 at 9:09 am to rocket31
quote:
matic def took some the hype away from eip 1559
going to be interesting
In my view, MATIC is letting us look at what low ETH fees look like. From a mining perspective, network traffic is so low current mining fees are about what they would have been under 1559.
Things like Matic are all layer 2 so none of that is happening on layer 1.
I think with 1559, you will see ETH traffic pick back up from where it is today, but from a mining perspective, fees wont be really going up as there is a base fee and tip only. Rest is getting burned.
Then we have to consider the burning and its affect on ETH price.
Edit: with 1559, the ETH base mining fee is 2 plus any tips. The last few weeks ETH mining payouts have been 2-3 ETH. So I dont think Mining fees get any lower than they are today and gas is currently very low.
This post was edited on 6/17/21 at 9:18 am
Posted on 6/17/21 at 9:16 am to bluebarracuda
I've been wanting to buy a nice PC and retire my Xbox but I can't justify paying $2500 for a prebuilt when it could be half that later this year. Figured I could do a little mining with it on the side to recoup some costs but waiting may be my best strategy
This post was edited on 6/17/21 at 9:17 am
Posted on 6/17/21 at 9:19 am to TigerTatorTots
quote:
I've been wanting to buy a nice PC and retire my Xbox but I can't justify paying $2500 for a prebuilt when it could be half that later this year. Figured I could do a little mining with it on the side to recoup some costs but waiting may be my best strategy
IMO, if you are just looking at 1 GPU to mainly game and then mine on the side, why wait? before crypto, it was all sunk cost. Now you actually can get some of it back.
Prices on GPU's will NEVER go back to pre 2021 MSRP. Tech shortages are all but going to ensure that MSRP will continue to rise.
ALso, everything is continuing to go up. All PC parts. Not just GPU's.
This post was edited on 6/17/21 at 9:21 am
Posted on 6/17/21 at 9:24 am to TigerTatorTots
quote:
I can't justify paying $2500 for a prebuilt when it could be half that later this year.
that's not guaranteed
Posted on 6/17/21 at 9:29 am to finchmeister08
quote:Definitely agree, I said "Could" because theres a risk that it won't. The risk for me is that I wait 6 months, still pay ~$2500 for a prebuilt and now I've missed out of 6 months of mining revenue.
that's not guaranteed
I also kind of want to bite the bullet and get near top of the line items (3080, not 3090) so the PC is "future proof" for many years but these prices are just wild.
This post was edited on 6/17/21 at 9:30 am
Posted on 6/17/21 at 9:59 am to TigerTatorTots
Iron Finance Post-Mortem
LINK
LINK
quote:
We never thought it would happen, but it just did. We just experienced the world’s first large-scale crypto bank run.
Around 10am UTC on 16-June-2021, we noticed some whales began to remove liquidity from IRON/USDC, then sold TITAN to IRON and then IRON to USDC directly to liquidity pools instead of redeeming IRON, which caused the IRON price off-peg. TITAN dropped from 65$ to 30$ in 2 hours, which later recovered in 1 hour to 52$ and IRON fully recovered its peg.
The protocol and the code functioned as usual, and while we were monitoring the blockchain activity, we thought it’s just another correction prior to recovery. In fact, IRON was already off-peg at least a dozen times in its entire history, while our share-tokens (STEEL and TITAN) crashed much harder over previous weeks. Things not only seemed battle-tested — they were. Users remained calm and trusted in the code, so did we.
While working on the forked code from FRAX, we have studied closely all projects that forked FRAX and can’t maintain their peg at a later date. For that, we already implemented a lot of improvements like our dual collateral ratios mechanism, which already proved to prevent the off-peg problems which occurred many times in real situations before.
Later, at around 3pm UTC, a few big holders started selling again. This time, after they started, a lot of users panicked and started to redeem IRON and sell their TITAN. Because of how the 10mins TWAP oracle works, TITAN spot price drops even further in comparison to the TWAP redemption price. This caused a negative feedback loop, as more TITAN was created (as a result of IRON redemptions) and the price kept going down. A classic definition of an irrational and panicked event also known as a bank run. At the time of writing this, the TITAN supply is 27,805 billion.
At some points, the price of TITAN became so low, close to 0 actually, which caused the redeem contract to revert the redeem transactions. We already queued the fix for this, so people can redeem again at 5pm UTC.
What we just experienced is the worst thing that could happen to the protocol, a historical bank run in the modern high-tech crypto space. Remember that Iron.finance is a partially collateralized stablecoin, which is similar to the fractional reserve banking of the modern world. When people panic and run over to the bank to withdraw their money in a short period, the bank may and will collapse.
Post Mortem Actions
We have learned a great deal from this incident and while nothing could be fixed in the current system, we will continue our journey with more products in the future.
We must conduct an in-depth analysis of the protocol, for which we will hire a 3rd party, in order to understand all circumstances which led to such an outcome.
Our IronBank (lending), IronSwap (pegged assets-focused swap) have been developed already and will be live for testing soon. Iron stablecoin v2 will come later.
Posted on 6/17/21 at 10:07 am to NashvilleTider
quote:
Bonfire had a great Ama today - not a meme coin anymore - sign a contract with chainlink - just got an influx of money from a capital investment firm. worth checking out.
Where did you buy Bonfire?
Posted on 6/17/21 at 10:07 am to Hulkklogan
and now cuban is calling for more regulations..
what a joke
what a joke
Posted on 6/17/21 at 1:37 pm to Ross
Paraguay is presenting a Bitcoin bill next month
everything is happening just like we predicted..
everything is happening just like we predicted..
Posted on 6/17/21 at 1:47 pm to rocket31
Posted on 6/17/21 at 2:17 pm to Ross
Anyone in this thread holding Ripple?
Court Grants SEC’s Motion to Extend Discovery Period in Ripple Case
Disclaimer...I bought XRP assuming all the bad news about this SEC lawsuit against Ripple is already baked into the price so I'm biased long.
Court Grants SEC’s Motion to Extend Discovery Period in Ripple Case
quote:
A Judge has granted the Securities and Exchange Commissions’ (SEC) motion for an additional two months to conduct discovery in their case against Ripple.
XPR holders have themselves been holding on while they wait for an indication that the SEC’s case against Ripple is nearing a conclusion. But, according to a tweet by attorney James K Filan, the wait might be a bit longer. Filan shared the news that the SEC’s request to extend the discovery period of the investigation by 60 days has been granted.
Despite this, a number of other SEC motions were denied in what many consider a weak case against Ripple overall. Motions denied by the Judge include the SEC’s request for documents post-dating the complaint and documents from General Consul and Deputy Consul.
Filan followed up the announcement with another post, declaring this a win for Ripple despite the extension. “This is a good sign for the fair notice defense. Judge Netburn has made clear to the SEC yet again that the focus of that defense is on the activities of the SEC and not on Ripple.” Attorney Jeremy Hogan said that he believes the extra two months extension will push this case into 2022. He adds that a settlement is still on the table, but that outcome is unlikely at this stage.
Disclaimer...I bought XRP assuming all the bad news about this SEC lawsuit against Ripple is already baked into the price so I'm biased long.
Posted on 6/17/21 at 2:35 pm to rocket31
that chart looks like they signed up that dimecoin juggalo
Posted on 6/17/21 at 3:22 pm to GumboPot
two more months? 
Posted on 6/18/21 at 9:14 am to Iowa Golfer
What a shittty bleed out week it’s been.
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