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> could venture a guess about the reasons for the sudden drop It has to decline, I was giving it 2-5 yeas, but it seems it dropped much faster: https://news.yc
by quickben 8y ago
> could venture a guess about the reasons for the sudden drop
It has to decline, I was giving it 2-5 yeas, but it seems it dropped much faster:
https://news.ycombinator.com/item?id=15760415 https://news.ycombinator.com/item?id=15760415
As for the faster than usual now, my guess is few things. Main contribution is NVidia that had their earnings report, they told the planet flat out gpus aren't selling as well, so the gig that everybody is increasingly mining was called up. Normal people check out, traders can't trade if they can't short it and it's starts going downhill. So anybody that's in the business of not losing money stops the bots. But nvidia the most visible thing that creates sentiment among the crypto-evangelist population it seems.
The other reasons wound be, end of a 40 year bull run across western democracies, end of the minor cycle economy run, add to that a trade war, QT, people overexposed on the houses with HELOCs and stuff from that QT, and everybody will be pulling cash from everywhere since cash will matter fairly soon.
The rest is standard, stock market drop by 20% or much more, asset bubble deflation, etc etc. It's all fairly cyclical.
- pault 8y agoHasn't GPU mining been unprofitable for at least five years now? I remember everyone moving to asics back in 2012.
- dragontamer 8y agoAny GPU mining is assumed to be on Ethereum, Monero, or ZCash. Which... at least a few months back... remained profitable. I don't know if its profitable anymore since the prices have dropped so dramatically.
- deleted 8y ago[deleted]
- dragontamer 8y ago> Main contribution is NVidia that had their earnings report, they told the planet flat out gpus aren't selling as well, You've got cause / effect backwards. The slide started on Nov 13th, while NVidia's earnings report is Nov 15th. The NVidia thing was my first hypothesis too. But it doesn't seem to hold up to scrutiny.
- quickben 8y agoMaybe. Although excluding nvidia would have to include a requirement ER leaks don't happen. On something as semi-legal and connected to all sorts of shady as bitcoin.
- brazzy 8y ago> Main contribution is NVidia that had their earnings report, they told the planet flat out gpus aren't selling as well, so the gig that everybody is increasingly mining was called up. So... you know absolutely nothing about Bitcoin, do you? There is zero connection between Bitcoin and GPUs, except maybe indirectly via other cryptocurrencies, but then those would show the effect stronger.