General Cryptocoin Discussion

[R-T-B]

In my opinion it will never be widely used because of the volatility.

Not as a currency. But the sad fact is that volatility is being used as a selling point, and because of it, it has more users than ever before.

 

[Bomby569]

Not as a currency. But the sad fact is that volatility is being used as a selling point, and because of it, it has more users than ever before.

Disagree, the selling points is decentralization and privacy (i know not total privacy, but there is no bank in the middle that can alert authorities if transaction is over xxxxx whatever for example).
Volatility is what destroys it's value

I think you mean scarcity that can create more value. That's not the same as volatility.

 

[R-T-B]

Disagree, the selling points is decentralization and privacy (i know not total privacy, but there is no bank in the middle that can alert authorities if transaction is over xxxxx whatever for example).
Volatility is what destroys it's value

Fun fact: 10% of Americans bought or sold crypto in the last year.

Most of those were doing it as an investment. That's an all time high. The volatlity sold it. Not the decentralization and privacy, the chance to make money. The fees are too high on most mainstream crypto to use it like that anymore... it's near useless as a currency outside of select offshoot coins.

I wanted it to be a currency but it's become bigger than it ever was as one. It's sad, and weird.

 

[Bomby569]

Fun fact: 10% of Americans bought or sold crypto in the last year.

Most of those were doing it as an investment. That's an all time high. The volatlity sold it. Not the decentralization and privacy, the chance to make money. The fees are too high on most mainstream crypto to use it like that anymore... it's near useless as a currency outside of select offshoot coins.

I wanted it to be a currency but it's become bigger than it ever was as one. It's sad, and weird.

lots of people bought and sold Meta stock, doesn't mean it's a good investment now.
The big coins were good for those that came in early, now people go in and don't realize that even if it gets to 100.000 it doubles the investment and that's it. It won't make anybody a millionaire. That's why they stop going up. It's not unlike any stock. The early investors are the ones getting rich, millionaires and billionaires.

this is just a pyramid scheme and the bottom, past the initial FOMO, will not go to support the ones in the top anymore

 

[R-T-B]

lots of people bought and sold Meta stock, doesn't mean it's a good investment now.

I wasn't giving investment advice. I was just speaking to the numbers.

If you think I'm telling you to buy bitcoin, you read it wrong. Though I'd hardly rule out it going higher. People have been saying the BTC pyramid can't grow more since 2016. It has. Who knows?

 

[Bomby569]

I wasn't giving investment advice. I was just speaking to the numbers.

If you think I'm telling you to buy bitcoin, you read it wrong. Though I'd hardly rule out it going higher. People have been saying the BTC pyramid can't grow more since 2016. It has. Who knows?

and i was just saying those numbers mean nothing, just because 10% bought and sold doesn't mean they made money, knowing how it is doing lately, most certainly lost money.

It can go higher, i have no idea, i already said people that predict bitcoin to 100k or to 1k are just flipping a coin. But that doesn't take anything from the fact that it's a pyramid scheme, it's only value is more people buying in, that's the definition of pyramid scheme. There is no other value associated to it.

 

[80-watt Hamster]

No. I thought you were implying it could be changed after the fact though.

Technically, there is a limit, but it's down to the limits of floating point and the amount of ethereum in circulation. It's not a practically applicable one.

To be honest, I hadn't realized that quantity was set once and forever, so that's good info.

 

[Luminescent]

Hey guys, i don't much about mining but i wonder, how is the profitability looking now and in the future considering electricity bills tripled and continue to grow, at least in europe is getting ridiculously expensive.

 

[trog100]

Hey guys, i don't much about mining but i wonder, how is the profitability looking now and in the future considering electricity bills tripled and continue to grow, at least in europe is getting ridiculously expensive.

not that good but it could improve if the price of etherium goes a fair bit higher..

trog

 

[Chomiq]

Marketplace suspends most NFT sales, citing 'rampant' fakes and plagiarism

The platform which sold an NFT of Jack Dorsey's first tweet for $2.9 million has halted most transactions because people were selling tokens of content that did not belong to them.

www.reuters.com

also

HMRC seizes NFT for first time in £1.4m fraud case

The tax authority says it is the first UK law enforcement body to seize a Non-Fungible Token.

www.bbc.com

 

[remixedcat]

TBH I'm not a fan of crypto bc eco impacts and the fact that only the already rich can get anything out of it and it's the same issues reg currency has. So honestly nothing new. And GPU prices have been way too high as well as other hardware!

NFTs are a silly lil distraction and gatekeeping for small time artists like me that don't have time for that shit and 300 bucks in gas fees to make an NFT. Plus you basically are only selling a platform to view on not the actual art. It's all fucky.

 

[Sybaris_Caesar]

Hey guys, i don't much about mining but i wonder, how is the profitability looking now and in the future considering electricity bills tripled and continue to grow, at least in europe is getting ridiculously expensive.

If you've got PC(s) lying around with decent GPUs why not. But for god's sake don't invest to buy a GPUs, rig etc. That ship has long sailed. Rather you ought to invest to buy ETH itself while it's down. Although ultimately your decision. Bitcoin and ETH were down for years until they ballooned in price few years ago, starting the recent mining boom. If you invest in ETH, who knows how long it'll go up in value again.

 

[lexluthermiester]

This happened.

NY State Assembly Bill 2021-A7389C

Establishes a moratorium on cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions; provides that such operations shall be subject to a full generic environmental impact statement review.

www.nysenate.gov

New York seems to be wanting to pass a bill banning mining based on fossil fuels, which would effectively ban mining for anyone no running their system from solar.
I hope the entire nation does this.

 

[Easy Rhino]

This happened.

NY State Assembly Bill 2021-A7389C

Establishes a moratorium on cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions; provides that such operations shall be subject to a full generic environmental impact statement review.

www.nysenate.gov

New York seems to be wanting to pass a bill banning mining based on fossil fuels, which would effectively ban mining for anyone no running their system from solar.
I hope the entire nation does this.

Ah yes, so only the wealthy will be able to afford to build a large solar array to mine and profit. The rest of us will be banned from mining.

 

[lexluthermiester]

Ah yes, so only the wealthy will be able to afford to build a large solar array to mine and profit. The rest of us will be banned from mining.

That's not true at all. A solar panel grid for a home can be done for a little as $24k. Then you can get government subsidies. It's actually very affordable for most people. For anyone who owns a home it's a doable task. Either way, the burden on the power grid and tech supply chain would be eased.

 

[Easy Rhino]

That's not true at all. A solar panel grid for a home can be done for a little as $24k. Then you can get government subsidies. It's actually very affordable for most people. For anyone who owns a home it's a doable task. Either way, the burden on the power grid and tech supply chain would be eased.

Oh so you only need $24,000 USD *and* own a home. I say just let people run up their electricity bill on useless crypto. They will learn. I am sure many have learned since the crash. Plus, in the grand scheme of things for the state of NY that would reduce probably less than 0.01% of all electricity consumption. If the state government is so worried about fossil fuels they should just get it over with and ban all truck traffic in their state and air traffic. Oh, what's that? The oil and gas lobbyist is on the phone saying they want to give me a massive political donation? BRB.

 

[AusWolf]

This happened.

NY State Assembly Bill 2021-A7389C

Establishes a moratorium on cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions; provides that such operations shall be subject to a full generic environmental impact statement review.

www.nysenate.gov

New York seems to be wanting to pass a bill banning mining based on fossil fuels, which would effectively ban mining for anyone no running their system from solar.
I hope the entire nation does this.

I hope the entire world does this!

Ah yes, so only the wealthy will be able to afford to build a large solar array to mine and profit. The rest of us will be banned from mining.

Mining has been the game of the rich anyway. You can't earn more than pennies running on a normal home PC.

 

[lexluthermiester]

Mining has been the game of the rich anyway. You can't earn more than pennies running on a normal home PC.

This. Anyone who has the money to do proper mining also likely has the money to go solar.

However, the purpose in this legislation action is to reduce the power grid burden, not limit peoples rights.

 

[Easy Rhino]

This. Anyone who has the money to do proper mining also likely has the money to go solar.

However, the purpose in this legislation action is to reduce the power grid burden, not limit peoples rights.

If the legislature wants to reduce the power grid burden they should ban electric cars. As usual, government only creates problems. Crypto is such a small portion of electric usage. I agree though companies that are investing in those useless crypto mines should be on something like solar, but I don't believe in forcing them through laws.

 

[Bomby569]

If the legislature wants to reduce the power grid burden they should ban electric cars.

Why not GPU's or women personal pleasure devices or electric shaving machines or toasters, just eat your damn bread raw like a man

 

[Vayra86]

If the legislature wants to reduce the power grid burden they should ban electric cars. As usual, government only creates problems. Crypto is such a small portion of electric usage. I agree though companies that are investing in those useless crypto mines should be on something like solar, but I don't believe in forcing them through laws.

This is true. Its not a pleasant truth, but the reality is, we are looking at power grid issues in Netherlands right now.

We have some of the highest worldwide densities of both car charging points and locally generated (solar) power from rooftops. Our main issue right now, is that demand and production are not aligned and CANNOT be aligned, which means distribution of energy becomes a problem. To keep the net stable (50hz), what you see now, (if you have a dynamic pricing system behind your solar installation) is that you can actually MAKE money from USING power during peak day time on sunny days. You read that right. It works that way because the net needs to offload excess power somehow.

You can fix this, but it requires a major change in how energy gets distributed, charged, used, and possibly even stored. We're actively looking into salt water batteries and other low-efficiency, but high capacity storage mediums. They're soon going to be economically viable, too.

Shit changes. Legislature though isn't the way to keep doing what you always did - that's just a measure to keep old boys happy and foot the bill to future generations. Change is the only way, you either bend along, or you will eventually break. It works that way wrt fossil fuels, climate, overall lifestyle, politics etc.

But here's another way to use those electric cars. And it's going to happen

Netherlands to test EV powered VPP to balance its grid - Energy Storage Journal

20 September, 2018: A pilot project to test the ability of electric vehicles organized into a virtual power plant to deliver secondary control reserve (aFRR — automatic frequency restoration reserve) in the Netherlands was announced on September 10 by virtual power plant operator Next...

www.energystoragejournal.com

Why not GPU's or women personal pleasure devices or electric shaving machines or toasters, just eat your damn bread raw like a man

Jest aside... 54~100kW worth of battery versus a triple A battery, gosh I wonder why.

 

[Bomby569]

Jest aside... 54~100kW worth of battery versus a triple A battery, gosh I wonder why.

You can't measure things like that. Cars are not the problem, or any particular item, the problem is the use. We should all reduce the usage on the grid for things that aren't essential (especially at peak hours like you said and i agree with all you said). There is a lot of use that could simply be avoided, jokes aside. Keep using fossil fuels in not an option anymore.

Especially now

‘The situation is serious’: Germany plans to fire up coal plants as Russia throttles gas supplies

Germany says it will compensate for a cut in Russian gas supply by increasing the burning of coal — the most carbon-intensive fossil fuel in terms of emissions.

www.cnbc.com

Back to the topic, mining is not an issue. It is if you use coal to power the grid.

 

[Bones]

You can't measure things like that. Cars are not the problem, or any particular item, the problem is the use. We should all reduce the usage on the grid for things that aren't essential (especially at peak hours like you said and i agree with all you said). There is a lot of use that could simply be avoided, jokes aside. Keep using fossil fuels in not an option anymore.

Especially now

‘The situation is serious’: Germany plans to fire up coal plants as Russia throttles gas supplies

Germany says it will compensate for a cut in Russian gas supply by increasing the burning of coal — the most carbon-intensive fossil fuel in terms of emissions.

www.cnbc.com

Back to the topic, mining is not an issue. It is if you use coal to power the grid.

It's gonna have to be an option until the infrastructure to fully support EV's across the entire general populace is in place and reliably/fully operational.

If you want an EV, fine but if it doesn't have what it needs to support it, things just won't work.

ATM many places that want EV's are dealing with brownouts, rolling blackouts and so on. With all that going on, the idea of going completely to EV's is ridiculous and a rush to disaster for many, if not the majority with things as they are now.

The rush/push to go full-on EV with everything right now is putting the horse well in front of the cart - There are still years, if not decades of work ahead to make it happen the way it should so once it's all done, it's gonna work for everyone and that's it.

As for other things like Crapto, which is also electrically based, that's going to see some impact as well in regard to how well the grid holds up under all the chargers and miners going at it.

 

[Bomby569]

The rush/push to go full-on EV with everything right now is putting the horse well in front of the cart - There are still years, if not decades of work ahead to make it happen the way it should so once it's all done, it's gonna work for everyone and that's it.

The planet doesn't have any more years to spare, yesterday it would already be to late.

Back to crypto because i think this will all be moderated.

 

[kapone32]

This happened.

NY State Assembly Bill 2021-A7389C

Establishes a moratorium on cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions; provides that such operations shall be subject to a full generic environmental impact statement review.

www.nysenate.gov

New York seems to be wanting to pass a bill banning mining based on fossil fuels, which would effectively ban mining for anyone no running their system from solar.
I hope the entire nation does this.

Doesn't New York gets most of it's electricity from Niagara Falls and Quebec hydro plants?