NVIDIA Executive Says Cryptocurrencies Add Nothing Useful to Society

[TheoneandonlyMrK]

Hi,
Crypo is like the field of dreams, build it and they will come although big difference is physical verses crypo-vapor

A lot are dissatisfied with crypto.
No regulations let crooks and fools mingle under the world of shit coins.

I think Shit coins, NTFS etc are the natural first, farm the fools steps but they are not bitcoin.
They are not govcoin either.

And I think a lot collude them all into one pot, to me.

That's like suggesting monopoly money is just as viable as tender as the Dollar.
The gap between bitcoin and shit coins is equal.

 

[Steevo]

Inflation is not needed for the economy to work, Japan is the finest example that our theoretical conclusion about deflation simply does not match the empirical reality.

You can curb inflation to 0% and or even have deflation, the only issue is the cost of the measures in % of potential lost GDP growth. The current economics consensus about 2% inflation is not because "inflation is good" but because there is a cost behind maintaining the inflation. 2% inflation per year seems like the good middle ground between currency depreciation and the total cost of maintaining it. For example, if you would want to experience 0% inflation, the cost of it would be enormous, significantly higher base interest rate and way slower economic growth, if any.

There were periods in human history, when massive deflation was actually a thing, and it did not hurt the economy, it actually flourished. For example, the period of the 19th century when the US has basically an open border policy and accepted migrants en masse. During that period, productivity increased so high and dramatically that the real value of the US dollar massively increased and you could purchase way more goods for the same amount of currency that's how the US and its real wages eventually overtook Europe and how the US became so rich. For example, just thanks to Standard Oil, the price of oil and gas decreased by 80% and then they were forcefully dismantled into several companies.

Fiat money is not backed by anything and certainly not by the government. The national bank is usually the only legal issuer of the currency and the national bank is also usually a sui generis institution, aka independent and not controlled by the government so the government doesn't decide to print money out of the blue. Of course, I am talking about the Western financial system here.

Exactly, the US federal reserve is NOT a government agency, its a group of now international banks that decide how much money to print and bonds to sell for what rate against inflation that is the ONLY control the government has over the whole independent banking system in the world is what interest rate they charge. Governments are just the tools used to control the people to follow their money rules. Why do you think our politicians don't care about deficit spending? There is no such thing, its all numbers on a sheet that a few large banks control.

 

[Vayra86]

They are fishing for some good PR but I give them credit for trying to facilitate the availability of the products to gamers in the past.

A review of graphics cards distributes in Germany has found that four out of six retailers has put in place stricter limits on Nvidia’s Geforce brand over the past month. By limiting the number of cards per order to two or three, the manufacturer hopes to discourage cryptocurrency miners who buy in bulk, and have as many as possible reach gamers.

Nvidia spokesman Boris Böhles told the German tech magazine computerbase that: “For NVIDIA, gamers come first. All activities related to our Geforce product line are targeted at our main audience. To ensure that Geforce gamers continue to have good Geforce graphics card availability in the current situation, we recommend that our trading partners make the appropriate arrangements to meet gamers’ needs as usual.” Still, Nvidia stresses that retailers do not have to follow this “recommendation,” as the manufacturer does not want to intervene in the freedom and independence of traders.

Nvidia developed the CMP to reduce demand from crypto miners for its Graphics Processing Units (GPUs). Although Bitcoin miners have moved on from GPUs to dedicated ASIC miners, it remains cost-effective to mine other cryptocurrencies such as Ethereum using GPUs.


Facing a backlash from its core consumer base of PC gamers, Nvidia first attempted to limit its GPUs to make them "less desirable" to miners, before launching the CMP in 2021.

Nvidia said the software for its forthcoming GeForce RTX 3060 card will limit how efficiently it can process Ethereum transactions by about 50%.
This will make it less economical for miners to use the card for mining Ethereum.

Nvidia is extending its cryptocurrency mining limits to newly manufactured GeForce RTX 3080, RTX 3070, and RTX 3060 Ti graphics cards. After nerfing the hash rates of the RTX 3060 for its launch in February, Nvidia is now starting to label new cards with a “Lite Hash Rate” or “LHR” identifier to let potential customers know the cards will be restricted for mining.

“This reduced hash rate only applies to newly manufactured cards with the LHR identifier and not to cards already purchased,” says Matt Wuebbling, Nvidia’s head GeForce marketing. “We believe this additional step will get more GeForce cards at better prices into the hands of gamers everywhere.”


Computer chip manufacturer Nvidia has seen revenue from its dedicated crypto mining hardware slump from $105 million in Q3 2021 to just $24 million in Q4, a drop of 77%.

According to Nvidia's filing, revenue from its Crypto Mining Processor (CMP) for 2021 totaled $550 million—just 0.2% of its total revenues of $26.91 billion for the period.

You take all of that hook line and sinker, its hilarious

Did you just google it all or were you actually there when it happened? lol
I won't bore this topic with a two-page list of links that speak against Nvidia's supposed good intentions okay.
The gist: Nvidia made sure every chip they had left lying around somehow made its way on the market because they could sell sell sell. We even saw repurposed old gen fly by. In the meantime, for muh gamur they inflated the price to just about double margins and halved the release cadence since Pascal.

 

[JimmyDoogs]

If crypto adds nothing useful to society, then what about all the mining (CMP) GPUs? Did they make them only for shits and giggles?

You need a machete to cut through the hipocrisy shown by this trash of a company.

NVIDIA didn't create crypto. They merely took advantage of it. They can both make money off something and say to people stop doing it. It's really the end users I blame for screwing up the world with bitcoin inflating chip prices. NVIDIA tries to limit their GPUs so people can't bit mine with them. They're trying to just make a GPU.

 

[AusWolf]

NVIDIA didn't create crypto. They merely took advantage of it. They can both make money off something and say to people stop doing it. It's really the end users I blame for screwing up the world with bitcoin inflating chip prices. NVIDIA tries to limit their GPUs so people can't bit mine with them. They're trying to just make a GPU.

I agree with that, but it doesn't change the fact that profiteering off crypto miners, and then saying that crypto adds nothing of value to the world a couple years later is just straight disgusting.

 

[ThrashZone]

Hi,
Crypo added insane profits for nvidia/ asus/ .... so I guess they will be paying more than their fair share of income/ windfall profit taxes

 

[TheoneandonlyMrK]

NVIDIA didn't create crypto. They merely took advantage of it. They can both make money off something and say to people stop doing it. It's really the end users I blame for screwing up the world with bitcoin inflating chip prices. NVIDIA tries to limit their GPUs so people can't bit mine with them. They're trying to just make a GPU.

Hilarious no one of sane mind mined bitcoin in the last five years on a GPU, they mined Ethereum which is one of the hosts of several thousand shit coins, read up because your clueless about bitcoin and crypto.

 

[Tek-Check]

Isn't it a fact that AMD does ray tracing worse then NVIDIA? I'm not being a fanboy here I'm looking at stat charts

It is. RT on 7000 cards is in line with previous RTX generation, which is very good improvement for AMD cards. For those like me who do not care about RT, this does not make any difference whatsoever.

And the 4080 IS faster than the 7900xtx with DLSS 3. I know, the 7900 xtx is more powerful in native performance but isn't it more important to get better DLSS performance in the hardest to run games instead of things like native performance in titles that don't need it like say Elden Ring?

You can also switch FSR and get more from games. I do not use either of those features, and so it does not really matter for me in 4K play on OLED TV.

I've owned AMD parts before and I have loved them but this gen in particular doesn't have frame generation. Frame generation is SO POWERFUL, making games nearly double FPS. Am I the only one who's seen this in person? No one is talking about frame generation this gen.

I saw frame generation in several reviews. There are visible artifacts in several games. I do not use this feature.

I'm discussing why I think nvidia has a slight advantage this gen compared to last gen especially

Again, the enormity of price increase of 4080 vs 3080 renders it (pan intended) DOA for me. 71% more expensive! Arrogant as hell!
7900XTX is 50% faster than 6900XT in 4K, for the SAME PRICE of $999.
RTX 4080 is 50% faster than 3080 in 4K, but 4080 is 71% more expensive at MSRP $1,200

7900XTX is less expensive, it it faster than 4080 in native 4K, brings 8GB of VRAM more (24GB), so more future-proof, and new DP 2.1 video ports at 54 Gbps for upcoming monitors later on this year. All these features matter to me more than RT/DLSS which I do not even use when playing games such as Flight Simulator. On 4K screen, dense urban scenes in Flight Simulator can use up to 21GB of VRAM, which 7900XTX handles pretty well.

According to Nvidia's filing, revenue from its Crypto Mining Processor (CMP) for 2021 totaled $550 million—just 0.2% of its total revenues of $26.91 billion for the period.

You meant 2%, right?
Nvidia also paid a fine for not disclosing total revenues from crypto-craze.
Why would not they publish it?

 

[xrobwx71]

Isn't that like the pot calling the kettle black?

Dare I say that, at leastnin my opinion, Nvidia is even worse, and they're doing damage to society....everyone may be celebrating AI, but the nasty side effects don't make the headlines....let's take a single issue and that's police and courts in America using things like "predictive policing" and "facial recognition" to not just identify a possible suspect to investigate later, but using facial recognition as the ONLY evidence to obtain arrest and search warrants and there's already numerous horror stories. A police department in Flordia used "predictive policing" and AI to "identify" certain families and individuals as "future criminals" and then used thet information to begin a campaign of non-stop harassment to try and force these people out of town.

There's been plenty of cases of people being arrested ONLY on the assessment of AI with respect to facial recognition and the arrested person is completely innocent (this most greatly effect people of color as these facial recognition models are "taught" on mostly white faces and therefore are highly inaccurate with people of color.

Or how about judges using AI to determine whether a defendant should receive parole or whether they're more or less likely to become a "repeat offender"...would you want a black box AI system in the hands of the state being used to determine whether or not someone has freedom...whether you have freedom?

As an example, It's only a matter of time before police are using drones (probably operated, at least in part by AI) to circumvent and neutralize the 4th amendment....courts have already allowed the "extension of police senses" with drug dogs (which the research has shown have an abysmal success rate approaching a coin flip and yet judges have REFUSED to let defense lawyers present this empirical evidence as evidence) so how long until they use that same justification for drones with thermal cameras? And what happens when a technology is developed that essentially allows someone to look through walls? A lot of people respond to this with "if you're not doing anything wrong, why should you worry" to which I reply "wasn't that a popular phrase in 1936 Germany?" (Just a joke), but seriously there's not a day that goes by where the police don't wrongfully arrest someone or a prisoner is released after being wrongfully imprisoned for 20 years, and thats why even if you're innocent, these trends should be distrubing.

This will ONLY get worse and more prevalent as the entire trend of technological development
since the industrial revolution has been one of states using technology to increase their ability to database and surveil people (we are literally the most surveilled humans in our species' history) and the insertion of AI into this dark partnership will only accelerate the process....and Nvidia and their products are ushering in that brave new world...as long as the bad parts of AI include taking away people's freedom and the use AI to increase the reach of the police state...the benefits will never outweigh them.

Pasco County Cops Harassed Them and Searched Their Homes Without Warrants. A Judge Says They Can Sue.

It's not every day you receive a letter from the local police department congratulating you on your acceptance into an…

reason.com

Facial Recognition Leads Louisiana Cops to Arrest of Innocent Man

A Georgia man was falsely arrested in November after Louisiana officers used a facial recognition tool to identify him as a fugitive, according to The Associated Press. Significant differences in facial features and weight led to the man being freed. However, this incident points to another way...

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How Wrongful Arrests Based on AI Derailed 3 Men's Lives

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Minority Report (2002) ⭐ 7.6 | Action, Crime, Mystery

2h 25m | PG-13

www.imdb.com

 

[JimmyDoogs]

Hilarious no one of sane mind mined bitcoin in the last five years on a GPU, they mined Ethereum which is one of the hosts of several thousand shit coins, read up because your clueless about bitcoin and crypto.

I do apologize that I said bit coin instead of Ethereum. I stopped talking about crypto after the crash and kinda dumped all that information but I know what you're talking about.

7900XTX is less expensive, it it faster than 4080 in native 4K, brings 8GB of VRAM more (24GB), so more future-proof, and new DP 2.1 video ports at 54 Gbps for upcoming monitors later on this year. All these features matter to me more than RT/DLSS which I do not even use when playing games such as Flight Simulator. On 4K screen, dense urban scenes in Flight Simulator can use up to 21GB of VRAM, which 7900XTX handles pretty well.

This is exactly why you SHOULD buy a AMD card. I previously mentioned that if you want native performance then go AMD.

And what I was referring to when I said that NVIDIA has better RTX performance than AMD, was this one benchmark here. You can see a slight advantage with the RTX 4080 over the 7900 XTX:
AMD Radeon RX 7900 XTX Review - Disrupting the RTX 4080 - Ray Tracing | TechPowerUp

If these stats are actually not right than I misunderstood.

Look I'm just trying to discuss the difference between the two cards. AGAIN, if you care about native performance go AMD. IF you care about RTX and DLSS 3 then go NVIDIA. I personally was really impressed by DLSS 3 in person. If people think it looks bad then okay. I often turn DLSS upscaling off and frame generation on because that looks the best and it looks super clear to me compared to using DLSS 2.0. I build computers and that's what I tell my customers this gen. If I'm wrong then please correct me and I will listen. I am not here to bash anyone. I'm truly just trying to discuss and learn here.

 

[TheoneandonlyMrK]

I do apologize that I said bit coin instead of Ethereum. I stopped talking about crypto after the crash and kinda dumped all that information but I know what you're talking about.

This is exactly why you SHOULD buy a AMD card. I previously mentioned that if you want native performance then go AMD.

And what I was referring to when I said that NVIDIA has better RTX performance than AMD, was this one benchmark here. You can see a slight advantage with the RTX 4080 over the 7900 XTX:
AMD Radeon RX 7900 XTX Review - Disrupting the RTX 4080 - Ray Tracing | TechPowerUp

If these stats are actually not right than I misunderstood.

Look I'm just trying to discuss the difference between the two cards. AGAIN, if you care about native performance go AMD. IF you care about RTX and DLSS 3 then go NVIDIA. I personally was really impressed by DLSS 3 in person. If people think it looks bad then okay. I often turn DLSS upscaling off and frame generation on because that looks the best and it looks super clear to me compared to using DLSS 2.0. I build computers and that's what I tell my customers this gen. If I'm wrong then please correct me and I will listen. I am not here to bash anyone. I'm truly just trying to discuss and learn here.

Exactly, that's not the point of this thread though.
Your starting to look a fair bit biased/trolley, and I pity your customers they're poor bank accounts, read up though FSR 2.1,it is equal to dlss 2 but used in more games dlss3 is irrelevant for 99% of users so , but more importantly get back on topic

 

[JimmyDoogs]

Okay sorry I got off topic guys. Please don't get mad at me I'm sorry.

 

[R-T-B]

Government "crypto" would be significantly different than what crypto currently is. There would be no mining.

That's exactly what modern eth is.

Okay sorry I got off topic guys. Please don't get mad at me I'm sorry.

You're fine. No one is mad, just get passionate about things we love.

 

[Redwoodz]

The sad thing about it, Nvidia's engineers are designing their replacements. Clueless