Crazy seeing the mining operations in reddit

[trog100]

Good thing everyone knows not to keep their earnings in exchanges.

Seriously though, people are finally starting to learn. I thought they'd learn after Mt Gox, but people are slow I guess.

i still see it all as monopoly money to be honest rtb.. in a years time i may be monopoly rich or i may have lost the lot.. its all interesting to watch but it wont impact my real life in any way..

i may be lucky but i have no debt and all the basic necessities i need.. i dont want for much except maybe eternal life cos i am getting a bit old.. he he..

trog

 

[R-T-B]

i still see it all as monopoly money to be honest rtb.. in a years time i may be monopoly rich or i may have lost the lot.. its all interesting to watch but it wont impact my real life in any way..

i may be lucky but i have all the basic necessities i need i dont want for much..

trog

People can view it as whatever they want. What it's traded for at any given time is it's worth at that point in time, though.

Make no mistake, the dollar has value and is evaluated by these same metrics. It gains and looses too. But it's much older, and has the backing of a large nation, so of course it has more stability.

 

[trog100]

People can view it as whatever they want. What it's traded for at any given time is it's worth at that point in time, though.

true but i aint trading it just adding a bit through small scale mining and hanging on to the rest watching where it goes..

unlike you i never got out the first time around..

trog

ps.. one thing has changed i am not putting any more "cash" into it.. back in 2017/18 i did put around £11000 into it.. i have seen that original investment show a big gain and then a big loss and its now showing a bigger gain.. up and down it goes and my life goes on pretty much the same..

 

[jaggerwild]

People can view it as whatever they want. What it's traded for at any given time is it's worth at that point in time, though.

Make no mistake, the dollar has value and is evaluated by these same metrics. It gains and looses too. But it's much older, and has the backing of a large nation, so of course it has more stability.

Were movng towards NWO=New World Order. In effect it means one money, one country. The Dollar has not had backing for a long long time, FIAT money they print any time they feel like it. I see no disadvantage of Mining, banks are getting into it. Investors are, whats it at right now lol $28000? To just bad mouth it and say it is speculation, is to bad mouth Wall Street as well. Ah There using this time, to raid peoples retirements and to eliminate the middle class. Why you think there impeaching Trump a second time while 1/2 a Million people are dead from Covid?

 

[trog100]

Were movng towards NWO=New World Order. In effect it means one money, one country. The Dollar has not had backing for a long long time, FIAT money they print any time they feel like it. I see no disadvantage of Mining, banks are getting into it. Investors are, whats it at right now lol $28000? To just bad mouth it and say it is speculation, is to bad mouth Wall Street as well. Ah There using this time, to raid peoples retirements and to eliminate the middle class. Why you think there impeaching Trump a second time while 1/2 a Million people are dead from Covid, aside from being DEMS(thats no excuse).

its around $45000 at the moment but whats 20 grand or so in a bitcoin world.. it might be 65k next week.. he he

RTB is way wrong to put faith in the dollar though its currently being printed into oblivion..

trog

 

[Vario]

All I read on here are lots of mad angry gamers who can't find their graphics card. And mad angry gamers who are mad at miners.

As an amateur environmentalist, it bothers me. Certainly gamblers could just day-trade penny stocks instead and generate less waste.

 

[R-T-B]

The Dollar has not had backing for a long long time,

Of course it has. It's backing is the US economy.

I'm not going to comment on the rest because politics are banned.

 

[Vario]

Looking forward to seeing all the burned out graphics cards being reshrink-wrapped and sold on eBay, and the subsequent editorials from miners about how they are a better value proposition than buying it new or from preowned from a gamer, as if running it 24/7 at 80% for an unintended purpose in a closely packed shithole farm is somehow better than occasionally using it 100% for a few hours a week. Then reading all the gloat posts from you lot about reselling it for a price above your (MSRP) basis.

 

[R-T-B]

As an amateur environmentalist, it bothers me. Certainly gamblers could just day-trade penny stocks instead and generate less waste.

This part bothers me too, no lie. But I don't see gaming as any worse on an individual basis, the problem is scale. Mining is way bigger. We need to find some way to limit that.

Looking forward to seeing all the burned out graphics cards being reshrink-wrapped and sold on eBay, and the subsequent editorials from miners about how they are a better value proposition than buying it new or from preowned from a gamer, as if running it 24/7 at 80% for an unintended purpose in a closely packed shithole farm is somehow better than occasionally using it 100% for a few hours a week.

Honestly, it's not that damaging, or even more damaging to any part but the fans really. Treat it as what it is: a used card.

 

[Vario]

This part bothers me too, no lie. But I don't see gaming as any worse on an individual basis, the problem is scale. Mining is way bigger. We need to find some way to limit that.


Honestly, it's not that damaging, or even more damaging to any part but the fans really. Treat it as what it is: a used card.

If its like the last couple bubbles, for the next three years what we have to look forward to are used (abused) cards sold at two times MSRP. I guess we should be satisfied with the table scraps. Consoles really make a lot of sense. AMD/Nvidia could just lock out mining at a hardware level but they make too much money from it.

 

[mouacyk]

Pump and dump. That's how Bitcoin's going at the moment. Investing is pushing the price up, at some ceiling, people start to sell, you get a domino effect.
Tesla just bought $1.5b worth and Elon tweets it. How's that for market manipulation? The golden boy snaps his hyper-wealthy fingers and people pay attention. He could sell it again, Tweet something negative and it'd crash. Hell, if he smokes another blunt, he might do that for a joke.

+9000

Stay away from this stuff if you want to keep the value or your fiat currencies. There's a lot of actors benefiting from this that don't deserve it, because the dumb herd has never been connected to the world like this before. We have the pandemic to thank for keeping the gullible glued to a social media screen.

 

[Vario]

i just read somewhere that tesla has 20 billion in cash... buying 1.5 billions worth of bitcoin is small change to them.. its just somewhere to put some spare investment cash..

the thing that most folks dont seem to grasp is that to the mega rich cash has to be made use of somehow otherwise its worth bugger all.. just figures on a balance sheet..

i have a small amount of crypto.. i could convert it into cash but why should i if i think crypto is gonna increase in its cash value.. there is only one reason.. i need the cash.. being as i dont i will hang onto my crypto and watch it go up in value.. something i think it will do..



trog

ps.. for what its worth i have just read that apple are about to convert some of its spare cash into crypto.. 5 billions worth this time.. he he

Honestly, fuck the mega rich. That's proof that the taxation system is not adequate. They don't care about you, you should have no reason to care about them. They aren't going to make you mega rich because you like their policies. Obviously to be mega rich in the first place means they vacuumed it out of everyone else's pocketbook.

 

[trog100]

there is a certain large mining pool probably where all the whales are.. currently doing some large bitcoin sells... they are trying to drive the price down but the buying strength is holding them back.. or so i hear..

dips along the way are normal for bitcoin.. but the general trend is up..

trog

 

[R-T-B]

for the next three years what we have to look forward to are used (abused) cards sold at two times MSRP.

Thing is, the cards weren't really all that worn out. The problem was people flashing mining bioses and leaving them on there. Truth be told, that's impossible in modern cards, and though I miss being able to mod my bios, I do NOT miss having to wade through that. It was indeed awful, and spoke to human laziness and greed all at the same time.

 

[Vario]

Thing is, the cards weren't really all that worn out. The problem was people flashing mining bioses and leaving them on there. Truth be told, that's impossible in modern cards, and though I miss being able to mod my bios, I do NOT miss having to wade through that. It was indeed awful, and spoke to human laziness and greed all at the same time.

And the problem of buying used obsolete graphics cards at above MSRP with no warranty two years after their release.

 

[yotano211]

As an amateur environmentalist, it bothers me. Certainly gamblers could just day-trade penny stocks instead and generate less waste.

and what is an, amateur environmentalist, is that another made up word.

 

[Vayra86]

Of course it has. It's backing is the US economy.

I'm not going to comment on the rest because politics are banned.

Its staggering how people think money is worth anything without people and people live in a certain place with all of its rules and limitations. People are not invested in money. People are invested in places, in things, in a livelihood, a house, a car. Bitcoin, like all things that represent money, is not worth a thing until you withdraw it and use it to trade it into something else. We don't earn our salaries in Bitcoin, so the only way more of it enters the market is through mining. It cannot escape that loop really, until people create Bitcoin Country with its own Bitcoin-currency to pay out salaries.

That is why national currencies are here to stay. Even if they fail completely, they'll still stay. Many coins have known hyperinflation and still survive to this day.

there is a certain large mining pool probably where all the whales are.. currently doing some large bitcoin sells... they are trying to drive the price down but the buying strength is holding them back.. or so i hear..

dips along the way are normal for bitcoin.. but the general trend is up..

trog

Yes, the trend is up because that's the only way it'll go in a market with finite goods.

So why would you ever want to spend your Bitcoin? You just know you're pissing away profit. The only way to spend it and not lose profit, is to speculate with it.

 

[trog100]

Its staggering how people think money is worth anything without people and people live in a certain place with all of its rules and limitations. People are not invested in money. People are invested in places, in things, in a livelihood, a house, a car. Bitcoin, like all things that represent money, is not worth a thing until you withdraw it and use it to trade it into something else. We don't earn our salaries in Bitcoin, so the only way more of it enters the market is through mining. It cannot escape that loop really, until people create Bitcoin Country with its own Bitcoin-currency to pay out salaries.

That is why national currencies are here to stay. Even if they fail completely, they'll still stay. Many coins have known hyperinflation and still survive to this day.


Yes, the trend is up because that's the only way it'll go in a market with finite goods.

So why would you ever want to spend your Bitcoin? You just know you're pissing away profit. The only way to spend it and not lose profit, is to speculate with it.

in a way its a trap.. you cant get rid of it because as you say you lose profit along the way... i am lucky in the sense i have enough fiat and dont need to sell crypto to get buy on..

trog

 

[Vayra86]

in a way its a trap.. you cant get rid of it because as you say you lose profit along the way... i am lucky in the sense i have enough fiat and dont need to sell crypto to get buy on..

trog

Not in a way - it really is a trap. Its a self-defeating principle, a paradox if you will. This is why I never trusted it from the get-go. It is based on the wrong things. Mining something out of nothing can only serve to siphon the real economy dry to make a few whales very rich, and then possibly and probably very poor again. That is the hidden bill. It is the actual value of Bitcoin, all the work and power that went into it, is what Bitcoin represents. That bill gets paid by investing in it from the real economy. Its why you can't buy a GPU.

So, the only way to 'have crypto' is by not doing it with Bitcoin, but with its technology, to support and use actual currencies. That is what those ICOs in part try to paint for us. A picture that there is an actual market that is more stable and capable of carrying an economy in the real world. All of them have shown not to be such a thing, they just move up and down along with the rest. They're not linked to the real world - they're linked to Bitcoin.

Another way to phrase this problem is: 'What mathematical problem does mining actually solve'

There is none.

 

[mouacyk]

Another way to phrase this problem is: 'What mathematical problem does mining actually solve'

There is none.

The proof of work blockchains are exactly that. It's a number guessing competition -- the first one to get guess the right number, based on a set condition wins while all the other guessing work is discarded. Unfortunately most coins use proof of work.

ETH is moving away to proof-of-stake to eliminate the wastefulness of work. I would like to see other coins go that route as well. Literally, put your money where your mouth is, if you believe it so much.

 

[Vario]

and what is an, amateur environmentalist, is that another made up word.

Very aggressive with your use of "another"... it is my attempt at expressing that I am concerned about the planet as we all should be, but I am not a "tree hugger". I have bigger issues with the carbon cost of bitcoin than I do of expensive pc gaming. I don't game much these days and when I do it is games that my 1060 can handle easily. As a rejoinder, I could rightly criticize you for the endless bragging about your boat, which most of us probably do not care much about nor do most people attribute boat ownership to be much of a status object.

Furthermore, generating pollution to produce a "currency" used by the blackmarket is just overall a net negative for the world. As an example, the local hospitals and the city itself have been hit with ransomware attacks with the expectation of payment in crypto, if there was no promise of anonymous payment, this type of crime would occur less often. I don't see very many legitimate uses outside of crime, gambling, or pump and dump schemes.

 

[trog100]

i can maybe except a lot of the negative things being said about bitcoin but i would love someone to tell me how printing trillions out of thin air is good for an economy or the environment..

bitcoin just like gold sucks money out of an economy.. money spent on bitcoin or gold is dead money it ceases to play a part in an economy.. its pretty much a form of saving.. a nest egg put away for the future..

spent spend spend and here is some freshly created helicopter "money" to help you along the way.. i aint so sure about..

trog

 

[yotano211]

Very aggressive with your use of "another"... it is my attempt at expressing that I am concerned about the planet as we all should be, but I am not a "tree hugger". I have bigger issues with the carbon cost of bitcoin than I do of expensive pc gaming. I don't game much these days and when I do it is games that my 1060 can handle easily. As a rejoinder, I could rightly criticize you for the endless bragging about your boat, which most of us probably do not care much about nor do most people attribute boat ownership to be much of a status object.

Furthermore, generating pollution to produce a "currency" used by the blackmarket is just overall a net negative for the world. As an example, the local hospitals and the city itself have been hit with ransomware attacks with the expectation of payment in crypto, if there was no promise of anonymous payment, this type of crime would occur less often. I don't see very many legitimate uses outside of crime, gambling, or pump and dump schemes.

There is nothing wrong with owning a sailboat, I travel with the wind. Its how that young girl greta thunberg traveled back to Europe over a year ago. I don't care what people think about sailboat ownership, its a dream of my to own one and go sailing.
Any currency can be used for the black market, the USD is the most used currency for the black market. Let's make the USD illegal.

 

[Space Lynx]

There is nothing wrong with owning a sailboat, I travel with the wind. Its how that young girl greta thunberg traveled back to Europe over a year ago. I don't care what people think about sailboat ownership, its a dream of my tobown one and go sailing.
Any currency can be used for the black market, the USD is not most used currency for the black market. Let's make the USD illegal.

the difference is that ransomware on hospitals, schools, utility companies etc can't be done with cash, or at least not in the same brazen amount as cryptocurrency allows.

i can maybe except a lot of the negative things being said about bitcoin but i would love someone to tell me how printing trillions out of thin air is good for an economy or the environment..

bitcoin just like gold sucks money out of an economy.. money spent on bitcoin or gold is dead money it ceases to play a part in an economy.. its pretty much a form of saving.. a nest egg put away for the future..

spent spend spend and here is some freshly created helicopter "money" to help you along the way.. i aint so sure about..

trog

they do have limits in how much they print, otherwise Bernie would be convincing them to print 10 trillion right now. lol Japan is in more debt per capita than any other country in world, USA isn't even close to being in as much debt as them per capita. - and Japan has been this way for decades and nothing bad has really come of it. there is a tipping point of course. and Japan doesn't go over that tipping point.

I think inflation is occurring though, once inflation gets too bad - fiat will correct itself and the dollar will get stronger again, its a constant balancing act, right now Covid messed up that balancing act, but I think this is the last bill we will see giving handouts. I fully expect pfizer and moderna vaccine to get us all back to normal by start of Fall 2021. I am surprised government hasn't offered these two companies $ to massively expand though, its pretty clear these are the two vaccines the entire world needs... so yeah the fact countries are spending their money on dumb crap, instead of tripling up on these two vaccines with new facilities producing them around the clock is a little baffling to me.

 

[yotano211]

the difference is that ransomware on hospitals, schools, utility companies etc can't be done with cash, or at least not in the same brazen amount as cryptocurrency allows.



they do have limits in how much they print, otherwise Bernie would be convincing them to print 10 trillion right now. lol Japan is in more debt per capita than any other country in world, USA isn't even close to being in as much debt as them per capita. - and Japan has been this way for decades and nothing bad has really come of it. there is a tipping point of course. and Japan doesn't go over that tipping point.

I think inflation is occurring though, once inflation gets too bad - fiat will correct itself and the dollar will get stronger again, its a constant balancing act, right now Covid messed up that balancing act, but I think this is the last bill we will see giving handouts. I fully expect pfizer and moderna vaccine to get us all back to normal by start of Fall 2021. I am surprised government hasn't offered these two companies $ to massively expand though, its pretty clear these are the two vaccines the entire world needs... so yeah the fact countries are spending their money on dumb crap, instead of tripling up on these two vaccines with new facilities producing them around the clock is a little baffling to me.

I once read that most of Japan's debt it owned locally unlike the US debt where its owned internationally. I don't know if it makes a difference but I'll try to find the article. Read it many years ago.