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SVTPerformance's Chain of Restaurants
Road Side Pub
Bitcoin not for Warren Buffet
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<blockquote data-quote="quad" data-source="post: 16420279" data-attributes="member: 17952"><p>Yes it is a gamble and the price fluctuations makes it tough to use as a currency. I am not sure Bitcoin will really end up useful as a currency. It's more a store of value like gold. It has the advantage of being the first cryptocurrency which gave it momentum against all the other alt coins. As stupid as this may sound it is also easier to pronounce compared to say Ethereum which is a bit of a mouthful. I guess you could just refer to Ethereum as "E" or "EEE" when talking about it.</p><p></p><p>I would advise caution getting involved in cryptocurrencies. I got into it in 2017 and as it stand have not made any money with it. But that's a gamble I took and if I lose it all so be it.</p><p></p><p>I do mine Ethereum with 41 relatively high end 8GB and 11 GB GPU cards and my peak payout was 1 ETH per week. The Ethereum is paid into a wallet I have on Coinbase. You can mine to any wallet you choose. I used the graphics cards to heat the house so there was a little benefit in it. Our gas furnace barely came on the entire winter - except when it was really cold out (below 20 F). So our gas bill was very low but the electrical bill paid in USD was high enough to eat up any Ethereum payouts if converted to USD at that point. However the house was heated in the process so in that sense it was a gamble that seemed worth it. We'll see how it pans out. In hindsight I would not have gotten into it the way I did. I do like building computers though so building the rigs satisfied that craving lol!</p><p></p><p>I will be shutting the rigs off in the next few weeks as it gets warmer. I can also use the graphics cards for 3D rendering, games etc. Or sell them at a discounted price. They held up pretty good. Two Nvidia 1070 TI cards failed and were replaced under RMA. None of the AMD RX580 cards failed.</p><p></p><p>I think if Ethereum can successfully transition to Proof of Stake that the price could go up because people will have an incentive not to sell Ethereum in order to get interest on their stake. Time will tell though.</p></blockquote><p></p>
[QUOTE="quad, post: 16420279, member: 17952"] Yes it is a gamble and the price fluctuations makes it tough to use as a currency. I am not sure Bitcoin will really end up useful as a currency. It's more a store of value like gold. It has the advantage of being the first cryptocurrency which gave it momentum against all the other alt coins. As stupid as this may sound it is also easier to pronounce compared to say Ethereum which is a bit of a mouthful. I guess you could just refer to Ethereum as "E" or "EEE" when talking about it. I would advise caution getting involved in cryptocurrencies. I got into it in 2017 and as it stand have not made any money with it. But that's a gamble I took and if I lose it all so be it. I do mine Ethereum with 41 relatively high end 8GB and 11 GB GPU cards and my peak payout was 1 ETH per week. The Ethereum is paid into a wallet I have on Coinbase. You can mine to any wallet you choose. I used the graphics cards to heat the house so there was a little benefit in it. Our gas furnace barely came on the entire winter - except when it was really cold out (below 20 F). So our gas bill was very low but the electrical bill paid in USD was high enough to eat up any Ethereum payouts if converted to USD at that point. However the house was heated in the process so in that sense it was a gamble that seemed worth it. We'll see how it pans out. In hindsight I would not have gotten into it the way I did. I do like building computers though so building the rigs satisfied that craving lol! I will be shutting the rigs off in the next few weeks as it gets warmer. I can also use the graphics cards for 3D rendering, games etc. Or sell them at a discounted price. They held up pretty good. Two Nvidia 1070 TI cards failed and were replaced under RMA. None of the AMD RX580 cards failed. I think if Ethereum can successfully transition to Proof of Stake that the price could go up because people will have an incentive not to sell Ethereum in order to get interest on their stake. Time will tell though. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Bitcoin not for Warren Buffet
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