6 ms·

I'm the guy who bought 259684 Bitcoins for under $3000 yesterday (2011)

37 points by ent101 3y ago

echelon 3y ago
I can't believe crypto is coming back and driving back up the prices of GPUs as we finally find a use for them [1]. It's annoying enough having cash-rich crypto companies pivot into AI (with no idea what they're building and no product sense), but now we'll have to fight for consumer GPUs too. And to anyone equivocating GenAI to crypto, realize that the former brings incredible tools and productivity boosts. Tangible value. Ordinary creative people without deep skills can use GenAI to draw masterpieces with LCMs. They'll be able to direct films and make music. There's still a curve, but it's gentle and the rewards are outsized. [1] Gaming and scientific computing aside.
- TacticalCoder 3y ago
  > ... and driving back up the prices of GPUs as we finally find a use for them Bitcoin is mined using ASICs while Ethereum is now using proof-of-stake. These two represent more than 30x the value of the next shitcoin (not counting stablecoin). What coins are still mined using GPUs?
  - echelon 3y ago
    I don't know, but the price of used 4090s has gone up $500 in the last quarter.
    - x86x87 3y ago
      But let's blame it on crypto anyway? This makes zero sense
      - echelon 3y ago
        I've been buying in small bulk quantities from crypto people. These people told me crypto people are buying the GPUs again. There's even some crypto website they showed me where they get pricing information and comparables. I don't know or care what coins people mine, just that their activities have restarted and that it's making demand go up.
        x86x87 3y ago
        This is unsubstantiated by the fact that it does not make sense to mine on GPUs. And it hasn't made sense in years.
        echelon 3y ago
        I don't know what to tell you. I don't have time to get to the bottom of it, this is just what I'm told by my supplier.
    - pcthrowaway 3y ago
      You can't think of another thing that is popular now which would be responsible?
    - aftbit 3y ago
      Crypto people were never using as many 4090s as they were 4060s and 4070s. Their price has gone up because of the AI craze, not crypto, as they are one of the few consumer nvidia cards with enough ram and compute to run decent local LLMs.
    - Grangar 3y ago
      That's because of ML use.
matt3210 3y ago
Coins for distributed AI training.
- slim 3y ago
  CAIN
RagnarD 3y ago
So anybody know the end result? Did he get some, all, none, in the end?
- Tiberium 3y ago
  It was directly mentioned in the post: > I attempted to withdraw the bitcoin balance into my own wallet, and hit the limit that Mt Gox has, preventing you from withdrawing more than $1000 USD worth of bitcoins (at the current market value) in a day. This transferred 643.27 bitcoins to my personal bitcoin account before hitting that limit. It was pretty well known that the limit for transferring bitcoins was actually broken in Mt Gox. It stopped you from moving more than that in one withdrawal, but you could immediately ask for more and get another $1000 USD worth, over and over. I decided against this, since it was exploiting a bug, and I definitely didn't want to do anything suspicious looking or improper.
Madmallard 3y ago
Having contracted for people in cryptocurrency making sniping bots and other tools previously I learned within a few months that I want to have nothing to so with this environment. It is so absurdly crowded with scammers and takers and just the absolute worst kinds of human behavior. It is actually player versus player in the real world.
- x86x87 3y ago
  Using the same line of reasoning: drug dealers use the us dollar. I don't want to have anything to do with drugs and drug dealears therefore I want nothing to do with any environment that uses us dollars.
  - Madmallard 3y ago
    This is not analogous at all. What are you talking about?
    - x86x87 3y ago
      > Having contracted for people in cryptocurrency making sniping bots and other tools previously I learned within a few months that I want to have nothing to so with this environment. It is so absurdly crowded with scammers and takers and just the absolute worst kinds of human behavior. It is actually player versus player in the real world.
andrewstuart 3y ago
There’s no wrong with crypto if you understand it’s simply a ponzi. I wish I’d realized it early then I could have approached it correctly instead of paying attention to the question of whether it represents anything real.
- yashg 3y ago
  And if it didn't waste electricity equivalent to a country.
  - jakupovic 3y ago
    [flagged]
    - FranzFerdiNaN 3y ago
      It doesn’t matter that other things also use electricity. That’s what seven year olds use to excuse their behavior, when they go “but mom, my friend may do X so why can’t I?????”.
      - jakupovic 3y ago
        [flagged]
    - vr46 3y ago
      This rambling whataboutery is definitely the more tired talking point. BTC really does waste energy and it’s the context for this entire page.
      - jakupovic 3y ago
        It's rambling as you don't agree and are stuck in "bitcoin bad boo". Learn some things about life, buy some bitcoin and don't repeat stupid talking points formulated by others ...
  - Grangar 3y ago
smithmayowa 3y ago
I’m curious if he still has this quantity of bitcoin with him at hand, as that would make him not just a rich man but one of the largest owners of bitcoin.

37 points by ent101 3y ago

I can't believe crypto is coming back and driving back up the prices of GPUs as we finally find a use for them [1]. It's annoying enough having cash-rich crypto companies pivot into AI (with no idea what they're building and no product sense), but now we'll have to fight for consumer GPUs too. And to anyone equivocating GenAI to crypto, realize that the former brings incredible tools and productivity boosts. Tangible value. Ordinary creative people without deep skills can use GenAI to draw masterpieces with LCMs. They'll be able to direct films and make music. There's still a curve, but it's gentle and the rewards are outsized. [1] Gaming and scientific computing aside.

TacticalCoder 3y ago
> ... and driving back up the prices of GPUs as we finally find a use for them Bitcoin is mined using ASICs while Ethereum is now using proof-of-stake. These two represent more than 30x the value of the next shitcoin (not counting stablecoin). What coins are still mined using GPUs?
- echelon 3y ago
  I don't know, but the price of used 4090s has gone up $500 in the last quarter.
  - x86x87 3y ago
    But let's blame it on crypto anyway? This makes zero sense
    - echelon 3y ago
      I've been buying in small bulk quantities from crypto people. These people told me crypto people are buying the GPUs again. There's even some crypto website they showed me where they get pricing information and comparables. I don't know or care what coins people mine, just that their activities have restarted and that it's making demand go up.
      - x86x87 3y ago
        This is unsubstantiated by the fact that it does not make sense to mine on GPUs. And it hasn't made sense in years.
        echelon 3y ago
        I don't know what to tell you. I don't have time to get to the bottom of it, this is just what I'm told by my supplier.
  - pcthrowaway 3y ago
    You can't think of another thing that is popular now which would be responsible?
  - aftbit 3y ago
    Crypto people were never using as many 4090s as they were 4060s and 4070s. Their price has gone up because of the AI craze, not crypto, as they are one of the few consumer nvidia cards with enough ram and compute to run decent local LLMs.
  - Grangar 3y ago
    That's because of ML use.

matt3210 3y ago

Coins for distributed AI training.

slim 3y ago
CAIN

RagnarD 3y ago

So anybody know the end result? Did he get some, all, none, in the end?

Tiberium 3y ago
It was directly mentioned in the post: > I attempted to withdraw the bitcoin balance into my own wallet, and hit the limit that Mt Gox has, preventing you from withdrawing more than $1000 USD worth of bitcoins (at the current market value) in a day. This transferred 643.27 bitcoins to my personal bitcoin account before hitting that limit. It was pretty well known that the limit for transferring bitcoins was actually broken in Mt Gox. It stopped you from moving more than that in one withdrawal, but you could immediately ask for more and get another $1000 USD worth, over and over. I decided against this, since it was exploiting a bug, and I definitely didn't want to do anything suspicious looking or improper.

Madmallard 3y ago

Having contracted for people in cryptocurrency making sniping bots and other tools previously I learned within a few months that I want to have nothing to so with this environment. It is so absurdly crowded with scammers and takers and just the absolute worst kinds of human behavior. It is actually player versus player in the real world.

x86x87 3y ago
Using the same line of reasoning: drug dealers use the us dollar. I don't want to have anything to do with drugs and drug dealears therefore I want nothing to do with any environment that uses us dollars.
- Madmallard 3y ago
  This is not analogous at all. What are you talking about?
  - x86x87 3y ago
    > Having contracted for people in cryptocurrency making sniping bots and other tools previously I learned within a few months that I want to have nothing to so with this environment. It is so absurdly crowded with scammers and takers and just the absolute worst kinds of human behavior. It is actually player versus player in the real world.

andrewstuart 3y ago

There’s no wrong with crypto if you understand it’s simply a ponzi. I wish I’d realized it early then I could have approached it correctly instead of paying attention to the question of whether it represents anything real.

yashg 3y ago
And if it didn't waste electricity equivalent to a country.
- jakupovic 3y ago
  [flagged]
  - FranzFerdiNaN 3y ago
    It doesn’t matter that other things also use electricity. That’s what seven year olds use to excuse their behavior, when they go “but mom, my friend may do X so why can’t I?????”.
    - jakupovic 3y ago
      [flagged]
  - vr46 3y ago
    This rambling whataboutery is definitely the more tired talking point. BTC really does waste energy and it’s the context for this entire page.
    - jakupovic 3y ago
      It's rambling as you don't agree and are stuck in "bitcoin bad boo". Learn some things about life, buy some bitcoin and don't repeat stupid talking points formulated by others ...
- Grangar 3y ago

smithmayowa 3y ago

I’m curious if he still has this quantity of bitcoin with him at hand, as that would make him not just a rich man but one of the largest owners of bitcoin.