Do you think cryptocurrencies are the future?

[trog100]

your figures tend to match mine hat .. they always have done and still do..

as for me going back to nicehash... its all set up and often run it just to compare its returns to what i am getting mining eth.. they are always very similar..

nicehash by the way are slowly paying back what people lost during the hack.. its at %45 now which in my case is around a $1000 dollars US..

at a closer look nicehash does seem to be currently producing a better return according to my two card desktop rig which is showing 3.76 US dollars.. times that by 5 and it gives just over 18 dollars US... which is way better than the 13.5 dollars i am currently getting mining eth... i must learn not to be so lazy and check this sh-t more often.. whoops..

trog

ps.. having just said that my desktop rig is now at just over 3 dollars.. i will run nicehash for a few days for a better estimate..

 

[Valantar]

Have you ever tried to send money internationally?

Yep. Western Union is quite reliable in my experience, and the fees are acceptable for infrequent use. This is one case where I suppose an open, distributed and cryptographically signed ledger could make sense, but the idea isn't exactly ground-breaking. Also, considering that cryptocurrency transfer fees through any exchange are just as bad as WU, you'd have to DIY the transfer, which the vast majority of people won't be willing or able to do - even if that entails nothing more than emailing a wallet file or whatever.

 

[trog100]

i both mine and hodle crypto but currently Ebay is my shop and paypal my means of payment.. if i buy stuff from within the UK i pay more but get it quicker.. if i buy stuff directly from china i pay less but get it slower.. where i buy from does mosly depend on delivery times.. paypal is pretty much universal money.. i dont see this changing any time soon..

as for me holding crypto.. it just seems to make more sense doing that than lending it to the banks to "gamble" with for free.. or in some cases (negative interest rates and a cashless society coming soon) paying them to gamble with my money..

ford may well be right with what he says about crypto.. he just conveniently forgets what a shower of sh-t the alternatives are..

i have some money still sat in the bank.. just enough to cover short term emergencies.. i havnt totally bet the farm on crypto.. he he..

trog

 

[Valantar]

i both mine and hodle crypto but currently Ebay is my shop and paypal my means of payment.. if i buy stuff from within the UK i pay more but get it quicker.. if i buy stuff directly from china i pay less but but get it slower.. i dont see this changing any time soon..

as for me holding crypto.. it just seems to make more sense doing that than lending it to the banks to "gamble" with for free.. or in some cases (negative interest rates and a cashless society coming soon) paying them to gamble with my money.

Sounds like you have a reasonably sensible attitude, at least As for the latter issue, though, there is one blatantly obvious solution to that which a lot of crypto-libertarians seem allergic to even mentioning: strict regulation of banking and the finance industry, with enforced transparency and public oversight (which, by nature of being enforced by public agencies, would again be transparent). Of course, ideologically this is anathema to the "deregulate everything" mantra of libertarianism, but it's a far simpler and safer solution than moving to a decentralized and unregulated form of payment. That's not saying that we can't also have that (the idea of a supranational currency is a good one and could significantly benefit the world - which the Euro was the first semi-successful attempt at), but the banking-for-profit model needs to be checked - badly! - or we'll keep having situations like the 2008 recession. One of the key reasons for the 2008 recession was the recent removal of strict regulations barring savings banks from high-risk investments, subprime lending, and so on. If they had stayed in place, savings banks would have been entirely immune from the recession. A decentralized and unregulated currency won't safeguard anyone from anything like that - quite the opposite, really, as it'd be a system frighteningly open to gaming and manipulation, with zero repercussions (unless, of course, you create a centralized authority regulating this, which ... you know. yeah.). Savings banks also need to be guaranteed by the government, at least to a certain degree, but also with personal responsibility for bank executives. This shouldn't be so that the bank stays open or the executives get paid (which was what happened in 2008-9), but so that the people entrusting their savings to the bank won't have them gambled away by idiots. In other words: a system where the government bails out bank customers, not employees and executives, and where that outlay is subsequently billed (at least to the degree possible) to the people responsible (both individually and as a group; not just single investment bankers or CEOs, but the entire leadership of the bank, with the highest bills going to the ones with the highest incomes and accumulated assets throughout the preceding years).

The response to the 2008 recession was a travesty, but libertarianism, (further!) deregulation and creating what essentially amounts to a zero (effective) oversight (due to no means of enforcing anything) parallel banking system won't help at all.

 

[FordGT90Concept]

it just seems to make more sense doing that than lending it to the banks to "gamble" with for free..

In USA, accounts are insured up to a balance of $250,000 by NCUA or FDIC.

 

[Papahyooie]

Both my 1070s are currently mining Lyra2REv2, 68.454MH/s combined, for .43499BTC/day or $3.32USD/day. That's $1.66 each.
If I could be making $4/day instead of $3.32/day I'd like to know how... heh.
That said, my trusty box fan quit working on me. I've had it blowing air in the side of my case for about a year now. Looks like next time I go to wal-mart I'm also grabbing a fan...
A long term dream of mine is to have a rack/open air miner kinda like @trog100 has in my garage or basement or something... preferably garage. Unfortunately I have none of those things, and a garage would mean I'd also have a mortgage... ouch!

The most comparable thing I have to a 1070 is the 980Ti in my gaming machine. As it's an overclocked higher end model, it should be nearly identical in performance to a 1070. Right this second, it reads that it's making $1.88 per day. If I average it over a week, it's around $2.00 per day. And that's at 80% power limit, with a temp limit of 75 degrees Celsius (I like to keep my cards happy, especially since this one is in my gaming machine as I said.) Granted, it's an EVGA overclocked model, and super efficient (for a 980Ti) but still... I'm not sure how my 980Ti is making more MH than your 1070, but as we speak, I'm doing roughly 36 MH/s with it (Lyra2REv2)

Have you actually done the math to figure out what it's actually making over a week or so? If you're just looking at the spot value on Nicehash, then it's pretty much always going to look lower than it actually is. Or perhaps you're throttling down due to temps since your fan isn't working? I don't know man.

 

[yotano211]

Both my 1070s are currently mining Lyra2REv2, 68.454MH/s combined, for .43499BTC/day or $3.32USD/day. That's $1.66 each.

If I could be making $4/day instead of $3.32/day I'd like to know how... heh.

That said, my trusty box fan quit working on me. I've had it blowing air in the side of my case for about a year now. Looks like next time I go to wal-mart I'm also grabbing a fan...

A long term dream of mine is to have a rack/open air miner kinda like @trog100 has in my garage or basement or something... preferably garage. Unfortunately I have none of those things, and a garage would mean I'd also have a mortgage... ouch!

Just dont have 11 mining rigs with 7 or 8 gpus/each in a 650sqft apartment.

 

[hat]

Nah the machine is all good without the fan. I've turned my power target down further to 60% for the time being, but those figures are from running at 80%.

The 980Ti is a really strong card, maybe your overclocked model is just able to keep up better?

I do just go by what nicehash says, I haven't done any math on that.

Just dont have 11 mining rigs with 7 or 8 gpus/each in a 650sqft apartment.

lol I could never, the power here would never handle it and even if it did it would be way too much heat... That's why I want a garage, maybe with a nice 240v socket.

 

[trog100]

In USA, accounts are insured up to a balance of $250,000 by NCUA or FDIC.

the US financial system works until it dosnt.. lets just say you have more faith in what you are told than i do.. trillions in debt with no hope or intentions of ever paying it back.. as i say it all works until it dosnt.. the day it dosnt is coming.. he he

trog

 

[FordGT90Concept]

You're confusing monetary policy with fiscal policy. The former is deliberately divorced from the latter.

 

[Papahyooie]

You're confusing fiscal policy with government policy. The former is deliberately divorced from the latter.

HA

HA

HA

HA

HA!

Now we know for sure not to take you seriously.

 

[FordGT90Concept]

Most constructive post ever, that. ^

Have some light reading: https://www.federalreserve.gov/monetarypolicy/fomc.htm

 

[Papahyooie]

Most constructive post ever, that. ^

Have some light reading: https://www.federalreserve.gov/monetarypolicy/fomc.htm

I'm fully aware of how the federal reserve is supposed to work, and how it works in reality. Anyone who thinks it works as intended (or even would work, IF it worked as intended) is delusional and naive.

 

[Valantar]

I'm fully aware of how the federal reserve is supposed to work, and how it works in reality. Anyone who thinks it works as intended (or even would work, IF it worked as intended) is delusional and naive.

Ah, yes. The classic "regulation and laws are pointless as people are far too corrupt to ever uphold them" argument. While I'm inclined to agree that the US system seems utterly broken (from my limited knowledge given that I don't live there and haven't done so for 25 years, at which point I was 5), saying "burn it all down" doesn't solve anything. The thing is, your assertion that the idea of regulation, separation of powers and checks and balances ever working is "delusional and naive" is verifiably false. There are quite a few countries in the world still with fully functioning parallels to the US Federal Reserve, as are there countries where the central bank is independently operated - and those systems usually work fine. It all starts collapsing when a) the society in question is rampant with corruption, b) the financial industry is systematically deregulated, or c) neo-liberal politicians are allowed to screw everyone (who isn't bloody rich) over.

edit: spelling and grammar.

 

[trog100]

as i said earlier it all works until it dosnt..

trog

 

[FordGT90Concept]

We're coming up on almost half a century for the USA and fiat was used elsewhere for longer. It's proven to work better than the gold standard. Bitcoin emulates the gold standard, actually, and it's traded like a commodity instead of a fiat currency. Ergo cryptocurrency was predisposed to fail as a currency by design and as referenced by history. Blockchain can expeditated some slow transactions (especially foreign exchange) but it will never replace fiat. There is absolutely no indication it will now nor in the future. Supplement: yes; supplant: no. Case in point: when's the last time you use cryptocurrency to buy something without the use of intermediaries for exchange? When's the last time you bought something without the use of intermediaries with the pound sterling? 'Nuff said. Commodity versus internationally recognized currency.

 

[CheapMeat]

Am I better off with NiceHash than WinMiner? I've used both so far at different points but I'm just casually mining when not using my PC.

EDIT: Found my answer. WinMiner is significantly more profitable on my rig and I prefer the UI & more options that is has. It also has a portable version and other minor things that are better than NiceHash 2. The preferred the older NiceHash as well.

 

[hat]

Never heard of WinMiner. There is a Nicehash Legacy build, which looks and functions like the old Nicehash.

 

[trog100]

We're coming up on almost half a century for the USA and fiat was used elsewhere for longer. It's proven to work better than the gold standard. Bitcoin emulates the gold standard, actually, and it's traded like a commodity instead of a fiat currency. Ergo cryptocurrency was predisposed to fail as a currency by design and as referenced by history. Blockchain can expeditated some slow transactions (especially foreign exchange) but it will never replace fiat. There is absolutely no indication it will now nor in the future. Supplement: yes; supplant: no. Case in point: when's the last time you use cryptocurrency to buy something without the use of intermediaries for exchange? When's the last time you bought something without the use of intermediaries with the pound sterling? 'Nuff said. Commodity versus internationally recognized currency.

we are into pretty deep stuff here ford.. as for the future of crypto i have no real idea.. to me building a miner was a hobby thing.. then crypto became an investment.. at first it looked very good i saw my stash quadruple in value and then i saw it lose two thirds of that value.. i am still in profit and hope that profit grows.. i dont intend to sell any of what i own and my miner is slowly adding to my stash..

crypto has lost a big chunk of its peak value but its also lost its ridiculous volatility which was one of its main knocking points.. it seems to have reached a degree of price stability which was probably essential before it can become useful.. bitcoin is currently trading sideways at around 7500 US dollars.. the price of bitcoin seems to be at the heart of things everything else follows that.. i am still expecting to see an increase in the general value of crypto.. but as i often say.. i could be wrong..

as i said earlier paypal is my universal currency ebay is my shop.. i can buy and instantly pay for pretty much any thing from any where in the world.. at the moment i have no desire to use anything else..

as for the "future" it really is a f-cking great big "unknown".. very very much so..

interestingly the pound sterling might be my own official currency but before i can buy anything from outside the UK that pound sterling has to be converted into US dollars.. paypal does all this sh-t invisibly.. but it happens.. what happens to the US dollar if this situation ever changes will be interesting to see.. he he

trog

 

[FordGT90Concept]

interestingly the pound sterling might be my own official currency but before i can buy anything from outside the UK that pound sterling has to be converted into US dollars.. paypal does all this sh-t invisibly.. but it happens.. what happens to the US dollar if this situation ever changes will be interesting to see.. he he

Consider your annual budget. I guarentee you the bulk of your puchases were in pound sterling (food, taxes, rent/mortgage, etc.)--national purchases. The stuff you're buying internationally most likely falls into the category of luxury items.

PayPal is evidence why blockchain is unnecessary even in foreign exchange. The market has come up with a solution that works that is very, very efficient (PayPal basically settles the debt instantly and eats the profit/loss of the actual exchange).

 

[trog100]

paypal takes a cut ford.. it uses its own exchange rate.. its never quite what it should be.. but it works and is click a button convenient.. you would be wrong as regards the bulk of my purchases being in pounds sterling.. my house is payed for and i am retired.. the bulk of my purchases are probably what some folks would call luxury items.. he he..

trog

 

[Vya Domus]

Bitcoin emulates the gold standard, actually, and it's traded like a commodity instead of a fiat currency.

That's the bit that people don't want to admit.

 

[Valantar]

paypal takes a cut ford.. it uses its own exchange rate.. its never quite what it should be..

That's the situation with any money exchange or money transfer service, including bitcoin exchanges. For comparison, Paypal's rates are generally significantly cheaper than most competitors. They make their money from scale, not big margins.

you would be wrong as regards the bulk of my purchases being in pounds sterling.. my house is payed for and i am retired.. the bulk of my purchases are probably what some folks would call luxury items.. he he..

trog

Well, then you're one of the lucky few who got there. From the way the world is going (with wage stagnation for everyone but the very wealthiest, and the systematic deconstruction of labor laws in most countries that have them), this is going to be come ever more rare an occurrence. For the vast majority of people both now and in the future, the vast majority of their expenses are "local" (as in food, living space) or semi-local (clothing is to a certain degree sold online, but rarely internationally). You're in a privileged position, which is no doubt nice, but a bad starting point for forming a coherent, realistic and fair ideology

 

[yotano211]

Paypal has higher fees when the transaction is overseas. US fees is 2.9%, UK fees, I think its 3.9% or 4.9%. Plus they make money when they have to convert currencies.

 

[hat]

your figures tend to match mine hat .. they always have done and still do..

as for me going back to nicehash... its all set up and often run it just to compare its returns to what i am getting mining eth.. they are always very similar..

nicehash by the way are slowly paying back what people lost during the hack.. its at %45 now which in my case is around a $1000 dollars US..

at a closer look nicehash does seem to be currently producing a better return according to my two card desktop rig which is showing 3.76 US dollars.. times that by 5 and it gives just over 18 dollars US... which is way better than the 13.5 dollars i am currently getting mining eth... i must learn not to be so lazy and check this sh-t more often.. whoops..

trog

ps.. having just said that my desktop rig is now at just over 3 dollars.. i will run nicehash for a few days for a better estimate..

That's likely because Nicehash auto switches algorithms for you. While you're still mining ethereum, which seems to have dropped in value at the moment, I'm mining whatever coin is most profitable according to Nicehash for the best payout. If I wanted to I could force Nicehash to mine ethereum by disabling all algorithms but that one... but it's all BTC, so no reason not to let it do its thing. Only reason I can see to disable any algorithms is if your machine has a problem with one for some reason...