Thursday, August 16th 2018

The Only Thing You Get with Mining Ethereum Now is Room Heating

Cryptocurrency prices continue their downward slide making them no longer viable to mine on GPUs. The value of Ethereum has dropped to USD 256, down from its historic high of $1,250 this January. Bitcoin fell to below $6,000 Wednesday, way down from its late-2017 high of $19,000. A 79 percent devaluation isn't the worst of Ethereum's problems. The currency is facing stiff inflation from conversions to other cryptocurrencies or the Dollar. At its peak, ETH held 32 percent of all cryptocurrency market cap, beaten only by BTC at 39 percent. Now ETH only makes 14 percent.
Source: Bloomberg
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108 Comments on The Only Thing You Get with Mining Ethereum Now is Room Heating

#76
DeathtoGnomes
RyneSmith
After reading this thread, it's really sad to see how close minded some people are to the tech behind crypto.

Probably won't be reading this forum any longer as it seems to have deteriorated to nothing but name calling and ignorant responses.

Have a great life TPU.
if you only came here for the crypto discussion and nothing else, let me help you to the door, otherwise look around the forums a bit more, all discussion threads are not created equal.
Posted on Reply
#77
RyneSmith
I didn't I've read every single thread here since 2013, whether I understood the tech or not, and 75% of the thread result in name calling and people measuring their epeens.

I'll gladly walk out the door, no need to show me.
Posted on Reply
#78
eidairaman1
The Exiled Airman
55 messages.

¯\_(ツ)_/¯

I personally am glad that coin mining went bust, never trusted it from the beginning. By the way @cdawall has gpus for sale and he knows what he is doing with regards to all of this.
Posted on Reply
#79
hat
Enthusiast
eidairaman1
By the way @cdawall has gpus for sale and he knows what he is doing with regards to all of this.
I noticed that, and he was the one who really brought mining to light in the first place here on the forums, at least during the 2017 Ethereum boom.
Posted on Reply
#80
trparky
I myself have never understood the concept of these crypto currencies. Without a regulation body, a government for instance, there's no way to say that it's going to be worth the same thing from one day to the next. Any economic expert who has studied economics will tell you that you need a regulatory body to control the value of a currency or there's going to be nothing but chaos which is exactly what happened. One day the coin was worth X amount, the next X plus Y or X minus Y. You never could tell but an economy needs that kind of stability and you can't have that kind of stability unless you have a regulatory body backing that currency up.
Posted on Reply
#81
hat
Enthusiast
That's kinda what the whole point (was) about crypto. It was made specifically because it wasn't a regulated currency, which is good in some ways, bad in others. Then people basically treated it like the stock market.

I do wonder how many times the 10k BTC pizza guy has smashed his head into a brick wall at the speed of light, though.
Posted on Reply
#82
FordGT90Concept
"I go fast!1!11!1!"
None, because that's all it was worth at the time. He had no way of knowing it would ever be worth more.
Posted on Reply
#83
hat
Enthusiast
Sometimes I regret not getting serious about mining back in 2013. If I mined then and held, I'd have a sizeable stash now...
Posted on Reply
#84
StrayKAT
eidairaman1
55 messages.

¯\_(ツ)_/¯

I personally am glad that coin mining went bust, never trusted it from the beginning. By the way @cdawall has gpus for sale and he knows what he is doing with regards to all of this.
Well, on an individual level, I hold nothing against anyone who hustles and makes a good living for themselves. I just don't care for the larger implications and all of the silly talk about taking over the world or something.

It was definitely disruptive for me when looking for a GPU as well, but those are the breaks. There's no way to rectify that easily, and I just have to deal with the trends going on in the GPU market. I'm not going to resent other buyers for it.. no more than I'd resent someone who was in line at 7-11 before I was.
Posted on Reply
#85
trparky
hat
That's kinda what the whole point (was) about crypto. It was made specifically because it wasn't a regulated currency, which is good in some ways, bad in others.
The bad thing is that without those regulations then there's no control to say that oh... X amount of coins means that you will get Y amount of goods and/or services. This is set by a regulating body, ie. government. If I can't take these so-called coins to a neighborhood store, gas station, bar, or supermarket then what the hell is the point? Remember that phrase on a US Dollar "This note is legal tender for all debts public and private."? That's because the government says that a place of business needs to take said currency for goods and/or services rendered. There is no such guarantee for these so-called coins.

Really, the only people who won out with all of these crypto coins are the GPU makers. They made the cash, the real cash... meanwhile all you were doing is "mining" what amounts to monopoly money.
Posted on Reply
#86
Papahyooie
trparky
I myself have never understood the concept of these crypto currencies.
trparky
all you were doing is "mining" what amounts to monopoly money.
And here we have a perfect example of the mindset of "crypto haters." :rolleyes:
Posted on Reply
#87
StrayKAT
Papahyooie
And here we have a perfect example of the mindset of "crypto haters." :rolleyes:
I'd still agree with them, but say more power to you (the individual miner) anyhow. You can make some cash and if you're smart, get out at the right time. Sitting on it is dumb though.. and thinking any currency has any worth outside the power that national/international bodies hold is even more dumb. At the end of the day, the guy with the only real money of worth is the one who crushes you. Not someone with a "better idea". In an idealistic world, that would be true.. but it isn't an idealistic world.
Posted on Reply
#88
trparky
Papahyooie
And here we have a perfect example of the mindset of "crypto haters."
Again, I keep coming back to one simple question... Who the hell says that the coin is going to be worth this or that amount in terms of goods and/or services rendered? Nobody!!! There's no such thing with these so-called coins; no backing, no authority, no proof of validity, no proof of worth, no proof of anything that is even remotely required for a currency to function in a working market. You need that kind of stuff to make for a currency to function and for any kind of stability for that currency. This is basic economic fact here, ECON-1010 kind of stuff here.
Posted on Reply
#89
Papahyooie
trparky
Again, I keep coming back to one simple question... Who the hell says that the coin is going to be worth this or that amount in terms of goods and/or services rendered? Nobody!!! There's no such thing with these so-called coins; no backing, no authority, no proof of validity, no proof of worth, no proof of anything that is even remotely required for a currency to function in a working market. You need that kind of stuff to make for a currency to function and for any kind of stability for that currency. This is basic economic fact here, ECON-1010 kind of stuff here.
You've apparently never taken ECON 101...

If you had, you'd know that currency's power comes from market acceptance, not mandate by governmental authority. If you think "This note is legal tender for all debts, public and private" actually means anything, go to Venezuela and try to spend a bolivar.... The whole point of crypto is that the PEOPLE who use it would regulate the value of it by market forces, instead of a government manipulating it to maintain power and wealth like state backed currencies. Whether you like the idea of decentralization or not has no bearing on the effectiveness of crypto as a currency. Currency is simply a surrogate item to make trade easier. The thing keeping crypto from being worth anything is lack of market acceptance, not lack of backing. The US dollar also has no physical backing. And the US dollar also has FAR less proof of validity than a bitcoin. So... I'll quote you again...
trparky
I myself have never understood the concept of these crypto currencies.
You don't understand, and yet you continue to have a marked opinion on the subject. I'm not saying you're wrong for it... you're free to do as you please, and have any opinion you like. I'm just making the observation that those who say things like you do, are in fact generally the same people who share your ignorance of how it works.
Posted on Reply
#90
trparky
Papahyooie
If you had, you'd know that currency's power comes from market acceptance, not mandate by governmental authority.
Yes, it does have "governmental authority", the government says to businesses that they have to take that money, ie. The US Dollar. It doesn't have to be in the form of a physical bank note but the government has said that a business has to take the equivalent of said US Dollar be it a credit card or a debit card.
Papahyooie
The US dollar also has no physical backing.
That may very well be true but the world knows that the US Dollar is backed by the good faith in the US Government. Last time I checked, the US Government isn't going to be going anywhere any time soon. They're not just going to go *poof* tomorrow and even if it does, we're all completely fucked no matter what kind of currency you have, crypto or otherwise. Have you heard of something called the "Petro Dollar", it's the same damn thing that the US Dollar is. It's why when the US Economy died in the 1930s with the Great Depression the whole world was just as fucked.
Posted on Reply
#91
StrayKAT
Until the whole paradigm started after WW2 with the US as both economical and military superpower changes, then the defacto currency won't change either. THAT's what backs currency. Power (and always has, going back thousands of years). Not some egghead bullshit or better ideas.

But I'll reiterate: I'm not against miners. Profit from it to your heart's content. Just don't make it anymore than that.

edit: And wanting to decentralize everything requires power in and of itself, ironically. Maybe that'll happen one day, who knows.. But it sure as hell won't happen because you say so. It's a direct challenge to the one who doesn't want that.

edit 2: I almost see decentralized currency the same way I see Globalism. Both are ideas before their time (but both appeal to me btw). Both also got a boost from the Digital Age as finally seeming viable (since the Internet itself is sort of a decentralized and global entity). But it's deceptive. The World is not the Internet. Issues of Meatspace will not be ignored so easily.
Posted on Reply
#92
trparky
StrayKAT
Until the whole paradigm started after WW2 with the US as both economical and military superpower changes, then the defacto currency won't change either. THAT's what backs currency. Power (and always has, going back thousands of years). Not some egghead bullshit or better ideas.
Exactly and that power is usually a government. Better ideas though it may be but we're not Star Trek here and until we breed a better human that shit ain't gonna happen.
Posted on Reply
#93
R-T-B
RyneSmith
After reading this thread, it's really sad to see how close minded some people are to the tech behind crypto.

Probably won't be reading this forum any longer as it seems to have deteriorated to nothing but name calling and ignorant responses.

Have a great life TPU.
I feel the same way many days, sadly. But it has a bright side on other days. This is just a bad thread and very sore subject in which ignorance tends to win.
Posted on Reply
#94
FordGT90Concept
"I go fast!1!11!1!"
Blockchain has a lot in common with peer to peer networks. Peer to peer isn't inherently bad just like blockchain isn't inherently bad. It's fundamentally a tool in a developers toolbox. It's how the tool is used that's bad. Cryptocurrencies are one such example (used to redistribute wealth like a Ponzi scheme). People attack cryptocurrencies because it's wasteful, unproductive, disrupted graphics card markets, and there's a lot of criminal activity afoot. I've yet to see anyone attack blockchain. Again, it's just a tool.
Posted on Reply
#95
R-T-B
You already know how I feel about your opinion here... it's frankly uneducated. You are taking the dominate type of cryptos issues and applying it to the whole phrase. That is part of the problem here. People in general these days feel ignorance to be a right, and make no effort to understand the small details. Kneejerk judgements rule the day.

I wish I could say it was just here. And no, ford, this is not exclusively aimed at you. Not at all.
Posted on Reply
#96
FordGT90Concept
"I go fast!1!11!1!"
Any type of blockchain that is structured as a profit model is going to be corrupted in the same way Bitcoin was. Blockchain can be divorced from cryptocurrencies (e.g. PoET) and they can go on to do great things because the profit incentive simply isn't there. Everyone is a stakeholder because they're a member of the network and they profit from conducting business, not being a member (which translates into cost savings). Think co-op rather than corporation. Trading receipts (marketable value of nil) rather than cryptocurrency.
Posted on Reply
#97
Papahyooie
FordGT90Concept
Any type of blockchain that is structured as a profit model is going to be corrupted in the same way Bitcoin was. Blockchain can be divorced from cryptocurrencies (e.g. PoET) and they can go on to do great things because the profit incentive simply isn't there. Everyone is a stakeholder because they're a member of the network and they profit from conducting business, not being a member (which translates into cost savings). Think co-op rather than corporation. Trading receipts (marketable value of nil) rather than cryptocurrency.
The real question is, do you have a right to dictate to those that use a for-profit blockchain, that they shouldn't do so? Obviously blockchain technology can be divorced from cryptocurrencies. That doesn't give you or anyone else the right to dictate that people not use the technology in for-profit applications.

Obviously, this is a rhetorical question, because I already know what your answer is...
Posted on Reply
#98
FordGT90Concept
"I go fast!1!11!1!"
Papahyooie
The real question is, do you have a right to dictate to those that use a for-profit blockchain, that they shouldn't do so?
Have I ever? Sure I point all the reasons one shouldn't involve themselves with it but dictate? No.
Posted on Reply
#99
Papahyooie
FordGT90Concept
Have I ever? Sure I point all the reasons one shouldn't involve themselves with it but dictate? No.
You have, several times, advocated for governmental regulation. That is, by definition, dictation.
Posted on Reply
#100
FordGT90Concept
"I go fast!1!11!1!"
You might want to familiarize yourself with the definition of those words and how they differ.
Posted on Reply
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