Bitcoin drops

[manju_rn]

Gamers rejoice! Bitcoin at 6k and with increasing difficulty to mine, it is now becoming more profitable to gamble on trading bitcoin than mining it. Also, with lot of newbies investing in past few months when bitcoin came down from highs of 19k to 8k, the loss is becoming frustrating for hardcore as some of them actually took loans. All this means than more people will leave bitcoin mining, making abudant resupply of GCs, thereby reducing the price. Lets see how this develops. Can we hope for usd 300 for 1080ti ;-)

 

[k_m_Arya]

Gamers rejoice! Bitcoin at 6k and with increasing difficulty to mine, it is now becoming more profitable to gamble on trading bitcoin than mining it. Also, with lot of newbies investing in past few months when bitcoin came down from highs of 19k to 8k, the loss is becoming frustrating for hardcore as some of them actually took loans. All this means than more people will leave bitcoin mining, making abudant resupply of GCs, thereby reducing the price. Lets see how this develops. Can we hope for usd 300 for 1080ti ;-)

I thought a lot of people moved to ASIC to mine bitcoin. Is it profitable to mine bitcoin over graphic cards when ASIC exists.

 

[manju_rn]

^No it is not. But ASIC, as the name implies are specific to specific hashing algorithm hence ASIC for bitcoin won't mime Ethereum or others. GCs don't suffer this problem and hence are more suited. Moreover finding antminer at decent rate was impossible. People also knew that after the cyrptomania is over, GCs would be worth "something" unlike antminer which nobody will buy.

 

[iPwnz]

#FoolsGold lol, that was quick

 

[booo]

The last line is true for bitcoin though...

 

[6pack]

What crash? the USD is rising because their banks raised lending rates. All other currencies like Euro,Chinese RNB, INR, Japanese Yen are tanking against the USD now.
People are rushing back to invest in US bonds.

 

[cute.bandar]

Nobody mines bitcoin with gpu.

A device with hash rate of 1000 MH/s would mine 0.00001436 Bitcoin in a YEAR (Rs 6).
GTX 1080 Ti hash rate ? 32 MH/s (for mining ethereum. Bitcoin shouldn't be too far)

Links:
Calculator: https://www.cryptocompare.com/mining/calculator/btc?HashingPower=1000&HashingUnit=MH/s&PowerConsumption=200&CostPerkWh=0.12&MiningPoolFee=1
Hash Rate: https://www.bitcoininsider.org/article/3261/nvidia-geforce-gtx-1080-mining-performance-review

 

[chetansha]

Don't sell your mining cards yet


Traders in an obscure corner of the cryptocurrency markets are betting bitcoin could jump as high as $50,000 https://t.co/fTQB5a07YQ

 

[tommy_vercetti]

Which corner?

 

[chetansha]

Which corner?

Deep corner. Technical analysis charts do suggest rebound.

 

[booo]

Technical analysis charts do suggest rebound.

Technical analysis is equivalent to daily astrology.

 

[chetansha]

Technical analysis is equivalent to daily astrology.

Then your astrologer does not have sufficient knowledge

 

[RakaKaKaka]

isnt buying bitcoin illegal now? Also how to buy bitcoin online using a CC etc and where to sell it ? somewhere with good rates. Wish i had bought some in college when rates were 200$. I have spare 100k i could invest.

 

[tommy_vercetti]

isnt buying bitcoin illegal now? Also how to buy bitcoin online using a CC etc and where to sell it ? somewhere with good rates. Wish i had bought some in college when rates were 200$. I have spare 100k i could invest.

You can buy at https://bitbns.com, but I would suggest you spend/invest your money somewhere else, I have 1L in ETH/NEO/POLY and the current prices are no way what I bought them at

 

[rockyhalo]

isnt buying bitcoin illegal now? Also how to buy bitcoin online using a CC etc and where to sell it ? somewhere with good rates. Wish i had bought some in college when rates were 200$. I have spare 100k i could invest.

Bitcoin isnt illegal. Its not a legal tender. You can absolutely trade it P2P.

There are lots of Indian exchanges providing facility for buying and selling. They basically act as an escrow for p2p crypto to fiat transaction.

 

[tommy_vercetti]

Currently seems to be taking a dive

 

[chetansha]

Ideas and Forecasts on Cryptocurrencies — TradingView

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www.tradingview.com

 

[adventureguy]

isnt buying bitcoin illegal now? Also how to buy bitcoin online using a CC etc and where to sell it ? somewhere with good rates. Wish i had bought some in college when rates were 200$. I have spare 100k i could invest.

100K $ ?

 

[RakaKaKaka]

lol. rupees

 

[6pack]

Draft law proposes 10 years jail term for dealing in crypto currency

Besides making it completely illegal, the bill makes holding of cryptos a non-bailable offence.

Holding, selling or dealing in cryptocurrencies such as Bitcoin could soon land you in jail for 10 years.

The "Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019" draft has proposed 10-year prison sentence for persons who "mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies.

Besides making it completely illegal, the bill makes holding of cryptos a non-bailable offence.

A cryptocurrency is a digital or virtual currency that uses cryptography for security and is generally based on blockchain technology, a distributed ledger enforced by a disparate network of computers. Bitcoin is the most popular cryptocurrency in the world.

Given the high chances of cryptocurrencies being misused for money laundering, various government bodies such as the Income Tax Department and the Central Board of Indirect Taxes and Customs (CBIC) had endorsed banning of cryptocurrencies.