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Hot!Cryptocurrency needs to die - for the good of all.

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pmclean
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Re: Cryptocurrency needs to die - for the good of all. 2021/05/29 16:31:15 (permalink)
atfrico
The legitimacy crypto has gained tells me that those steering the ship on USD have no clue what they're doing. 
 




lol
Those steering the ship on USD know EXACTLY what they are doing. They are stealing from the public to make even more billions than they already have. 
They see the end coming and are printing as fast as they can before it happens.
Learn about how the federal reserve actually works and you'll understand why a lot of the world has no confidence in the usd. It's popularity goes way beyond being able to 
make money with your gaming PC.
It's messed up. Try the documentary money masters.
 

My current build is a 10900KF on an ASUS Maximus XII Apex, 32 GB 4000MHz G.Skill Trident Z Royal RAM, EVGA RTX 3090 KingPin Hyrbid, EVGA RTX 3090 FTW3 Ultra, Corsair AX 1200 Watt PSU, 2 x Corsair MP510 960GB M.2 RAID0, 2 x WD Blue 1 TB SSD RAID0, 2 x 6TB WD Red Pro 7200RPM HDD RAID0, WD Black 2 TB HDD, LG 14x BluRay Burner, EVGA Nu Audio Card, White PSU Custom Sleeved Cables, Corsair Obsidian 800D Full Tower Case, Artic 360 Liquid Freezer II AIO, RockitCool Delid & Direct Die Kit,  Thermal Grizzly Liquid Metal, 3 x Noctuna NF P12 Redux Fans, 3 x Noctuna NF P14 Redux Fan, Scythe Kaze Q12 - 12 Channel Fan Controller, Samsung c49RG9 Ultrawide Monitor, HyperX Cloud Orbit Headphones, Sony AV Reciever STR-DN 1080 via Optical Cable, KEF Q Series 5.1 Speakers, SteelSeries Rival 600 Mouse, Aorus Flaretech Mech K9 Keyboard, Corsair MM300 XL & MM350 XL Gaming Mouse Pad, Vartan Gaming Chair, APC Back UPS PRO BR 1350VA
 
#61
Ghost505
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Re: Cryptocurrency needs to die - for the good of all. 2021/05/29 18:41:55 (permalink)
That might be harsh lol, I want a 3080 to have on my pc to be able to play on 4k but when I am at work there is nothing wrong on making an extra 40$ per month :D Just enough to pay for the electricity lol. Scalpers are the one that needs to die. Abusing the market like they do....


#62
ty_ger07
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Re: Cryptocurrency needs to die - for the good of all. 2021/05/29 20:06:49 (permalink)
Ghost505
Scalpers are the one that needs to die. Abusing the market like they do....


Consumers are the one that needs to die. Allowing scalpers to abuse the market like they do....
 
Here's a though for you: don't buy a 3080.  You'll live.
#63
atfrico
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Re: Cryptocurrency needs to die - for the good of all. 2021/05/29 20:42:21 (permalink)
EyeDeeNo
atfrico
I shall create a hippie currency🤔. It should be called hippcoin.😆
The masses of hippies is off the charts 👀

Behold the "Hippie Coin".
 
Edit: Okay, so the above was a joke but guess someone has started this Haven Coin: Hippy Crypto.




 

 
 
pmclean
atfrico
The legitimacy crypto has gained tells me that those steering the ship on USD have no clue what they're doing. 
 




lol
Those steering the ship on USD know EXACTLY what they are doing. They are stealing from the public to make even more billions than they already have. 
They see the end coming and are printing as fast as they can before it happens.
Learn about how the federal reserve actually works and you'll understand why a lot of the world has no confidence in the usd. It's popularity goes way beyond being able to 
make money with your gaming PC.
It's messed up. Try the documentary money masters.
 

Let me guess this straight, you want me to burn my pc down and up my light bill to gain how much per month?
For other countries where the US dollar is higher than their own currency by 1.5 - 2x the value, of course they see a benefit of mining, but for the people living in the US, where demographics take place on how much you pay your light bill, is a loss if you ask me. Some people see it as a benefit some don't, I stay on the side it benefits me, not the catch and release virtual currency.
post edited by atfrico - 2021/05/29 20:48:00

Those who abuse power, are nothing but scumbags! The challenge of power is how to use it and not abuse it. The abuse of power that seems to create the most unhappiness is when a person uses personal power to get ahead without regards to the welfare of others, people are obsessed with it. You can take a nice person and turn them into a slob, into an insane being, craving power, destroying anything that stands in their way.
 
 
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#64
Xavier Zepherious
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Re: Cryptocurrency needs to die - for the good of all. 2021/05/30 01:49:27 (permalink)
depends on where you live
 
the parts if relatively new are RMA able ..ie replaceable - the house is insured - it is doubtful the house will burn down and the insurance will pay to fix the PC
you can put the rig in the middle of the garage(metal stand) or metal shed - no flammables around... the worst is the computer burns - thats it
 
 
you make more than you pay in electric - im making at least 10x more than i pay for electricity - even in califormia you can make money mining at 60c a kwh
 
are you that well off that and extra $280(min on a 3090 - MAX was like 600-700 when prices were good actually my best was closer to 900 a card) of income per card isn't gonna help pay bills ,specially if you are on fixed income?
 
i have 2 cards = and extra $600 min is nice - i was getting around 1k a month - it's a big deal ..i paid off 1 card - basically its going to pay off my entire new rig
and i still game on it
 
i been desperately trying to find another card for 2 months in canada - good luck - my friend has been on waiting list for 6 months
 
i been avoiding newegg shuffle to help people who don't have a card yet
 

 
 


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#65
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Re: Cryptocurrency needs to die - for the good of all. 2021/05/30 02:54:06 (permalink)
I feel that it really depends on where people are that mine crypto. It does take a lot of power to run these mining rigs and in some places in the world it's putting a strain on power grids that would not exist if mining wasn't a thing.

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#66
atfrico
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Re: Cryptocurrency needs to die - for the good of all. 2021/05/30 16:15:26 (permalink)
Xavier Zepherious
depends on where you live
 
the parts if relatively new are RMA able ..ie replaceable - the house is insured - it is doubtful the house will burn down and the insurance will pay to fix the PC
you can put the rig in the middle of the garage(metal stand) or metal shed - no flammables around... the worst is the computer burns - thats it
 
 
you make more than you pay in electric - im making at least 10x more than i pay for electricity - even in califormia you can make money mining at 60c a kwh
 
are you that well off that and extra $280(min on a 3090 - MAX was like 600-700 when prices were good actually my best was closer to 900 a card) of income per card isn't gonna help pay bills ,specially if you are on fixed income?
 
i have 2 cards = and extra $600 min is nice - i was getting around 1k a month - it's a big deal ..i paid off 1 card - basically its going to pay off my entire new rig
and i still game on it
 
i been desperately trying to find another card for 2 months in canada - good luck - my friend has been on waiting list for 6 months
 
i been avoiding newegg shuffle to help people who don't have a card yet
 

 
 


Of course it is going to work for you, if you dont pay as much as other states do. I am going to give you an example.
If I live in a place where electricity is free and i pay just my rent, it will be an advantage (profit) for me and I will be delighted to do it, but unfortunately, I pay my electric bill separately from my rent.
I guarantee you that 30% of the world miners are not paying electricity, hence you see the incredible number of rigs plugged in mining.
Can you post a survey of the amount of active miners for each state in the US and world wide? I would like to see the statistics of my guess-timation. 🤓

Those who abuse power, are nothing but scumbags! The challenge of power is how to use it and not abuse it. The abuse of power that seems to create the most unhappiness is when a person uses personal power to get ahead without regards to the welfare of others, people are obsessed with it. You can take a nice person and turn them into a slob, into an insane being, craving power, destroying anything that stands in their way.
 
 
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#67
Xavier Zepherious
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Re: Cryptocurrency needs to die - for the good of all. 2021/05/30 21:57:25 (permalink)
report by Crescent Electric Supply Co. has a different take on the matter. The report ranks the five best and worst states for mining, based on costs. With an average cost of $3,224 per bitcoin, Louisiana is the cheapest state for bitcoin mining. Idaho, Washington, and Tennessee are next three cheapest states, and Arkansas – which boasts average costs of $3,505 per bitcoin – rounds out the top five. 





Meanwhile, New Hampshire, Massachusetts, Connecticut, Alaska, and Hawaii bring up the rear of the list. In fact, Hawaii has average costs of $9,483 per bitcoin. Given that the price of a single bitcoin has shot up by more than 800 percent over the past one year, those costs might still result in a tidy profit.
 
 
https://www.investopedia....coin-mining-and-worst/
 
 
so using math 1 BTC is 35k approx right now - 9,500 for electric cost is about 25k profit in the states with the highest energy cost
 
im sorry if you can't fathom making almost 3x more than you burn in electricity
 
 
the most expensive place in the world to mine crypto is South Korea at 26$ to make 35K
 
 
Those costs, however, pale in comparison to the costs in Iceland, where Genesis Mining – a bitcoin mining outfit – has set up shop. In a 2015 interview, Genesis disclosed that it cost them $60 to mine a single bitcoin.
so practically free energy 
 
they use geothermal energy (real green) to generate Bitcoin
 
 
power consumption
https://www.visualcapitalist.com/visualizing-the-power-consumption-of-bitcoin-mining/
nearly 40% of all power used to mining comes from renewables (green power)
 
In December 2019, one report suggested that 73% of Bitcoin’s energy consumption was carbon neutral, largely due to the abundance of hydro power in major mining hubs such as Southwest China and Scandinavia. On the other hand, the CCAF estimated in September 2020 that the figure is closer to 39%
 
anyways most countries use clean power or renewables (as green as they can get)
65% hydropower
40%  natural gas
65% coal
 
china does not because China power grid is mostly coal
 
china is the problem not crypto
china power is dirty
 
65% of the worlds bitcoin is in china because of the profits(and cheap power) and the poor wages they get - so mining is absolutely a way to get around the limits the communist gov puts on them
  
 -----------------------------------------
 
Greenidge Generation is a former coal-fired electrical power plant that has converted to natural gas. They supply electrical power to New York State's residents. Every day Greenidge has to bid in a competitive power market – sometimes, they make a profit when energy demand is higher. The company has been in business since 1937 but, in the last decade, suffered against cheaper power sources. The facility was mothballed in March 2011. Competition from cheaper shale natural gas supplies and coal exports from China put the old company into economic distress. Atlas Holdings bought the plant in 2014 and converted it to natural gas in 2017.
 
The company calls itself a power plant-mine hybrid, where it can generate more value being able to provide power to New York’s grid or mine cryptocurrency. The choice to one or the other depends on what is more profitable on the day. Irwin continued to say, "Without crypto mining, it was economically unfeasible for us to provide capacity and energy to the state grid year-round and to continue providing employment opportunities to the local community, which provides the bulk of our workforce."
 
https://www.forbes.com/si...power/?sh=643816f35702

Towards a Greener Crypto Future

As cryptocurrencies move further into the mainstream, it’s likely that governments and other regulators will turn their attention to the industry’s carbon footprint. This isn’t necessarily a bad thing, however.
Mike Colyer, CEO of Foundry, a blockchain financing provider, believes that cryptomining can support the global transition to renewable energy. More specifically, he believes that clustering cryptomining facilities near renewable energy projects can mitigate a common issue: an oversupply of electricity.
 
“It allows for a faster payback on solar projects or wind projects… because they would [otherwise] produce too much energy for the grid in that area”
 
----------------
 
Duh like a lot of big crypto farms are moving green - exactly what i want to do
 
crypto make me extra dough so i can solar power my property with the profits
making me even more $$ because im off the grid
 
 
 
Ghost505
That might be harsh lol, I want a 3080 to have on my pc to be able to play on 4k but when I am at work there is nothing wrong on making an extra 40$ per month :D Just enough to pay for the electricity lol. Scalpers are the one that needs to die. Abusing the market like they do....


 
a 3080 should make $200 min  a month - so even part time you should make 100
 
 
post edited by Xavier Zepherious - 2021/05/30 22:54:08


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#68
Trap Jesus
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/01 13:36:30 (permalink)
i think its nice that i could buy a 3090 that usually I could not afford. Mine when my pc is idling, and it pays for itself in 3-4 months. how could you hate that?
#69
euzel42
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/01 13:42:38 (permalink)
a lot of illegal money is being transferred through cyrpto and government has no power to stop the movement of money in such amounts. cyrpto is one big scam. i wouldn't put a penny into it.
#70
goodgoodstudy
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/01 14:05:43 (permalink)
I agree that people won't hate bitcoin if it's free money on the side without any shortage of video cards.  The reason people hate bitcoin is because most of us can't even get our hands on a new video card at MSRP.  If we have an unlimited supply of video cards at MSRP, then I don't hate bitcoin at all, I don't even care.  But bitcoin becomes a problem when I can't get a single video card at MSRP and miners are mining with 5, 10,20, or 40 of the new RTX 30 series cards.
post edited by goodgoodstudy - 2021/06/01 14:10:25
#71
Andreasmertsi
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/01 14:14:34 (permalink)
It's not only the cryptos. It s about earning more money. They all want to make money from cards
#72
Xavier Zepherious
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/01 15:26:31 (permalink)
goodgoodstudy
I agree that people won't hate bitcoin if it's free money on the side without any shortage of video cards.  The reason people hate bitcoin is because most of us can't even get our hands on a new video card at MSRP.  If we have an unlimited supply of video cards at MSRP, then I don't hate bitcoin at all, I don't even care.  But bitcoin becomes a problem when I can't get a single video card at MSRP and miners are mining with 5, 10,20, or 40 of the new RTX 30 series cards.




the thing is only 5% of the cards are used for mining

Nvidia Estimates Ethereum Miners Contributed 2%-6% of Q4 Revenue

 
even if you get rid of it you will have a shortage of cards and the scalper prices will still be where they are
and you still would not get a card
 
now those mining rigs you see are generally from CHINA or ASIA
since most people are poor in those countries i can see those business and people with $$ to buy up the supply there easily - since there is more availability because you have a much larger pool of cards and less amount of people to afford them there
however a most of the bots are developed in ASIA... so they make money from both scalping, reselling and using in crypto
 
I haven't see huge mining farms in USA using 30 series - ...im not saying they don't exist - just that not many or any have been posted
the crypto mining company here in my city had bought millions of dollars worth - that I know
that was in the news
 
 
the main problem is consumer demand (US) is what is causing the issue at 60-70% over last year, covid and shortages due to everything needing chips. All consumer products(cars,TVs, phones,etc) have had a demand increase of similar size
 
with cars we are adding more chips and electronics - and with basic things like smart door locks, smart lights, smart toaster, smart fridges and everything else they siri-Fi and make smart
 
demand for chips is going up worldwide for everything and the fabs can't keep up with the growth
post edited by Xavier Zepherious - 2021/06/01 15:40:13


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#73
Cyanide_icon
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/01 18:35:44 (permalink)
Yep, miners are just one factor among many. However adding another 6% of cards to the gaming market would be nice
#74
anavik2
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/01 18:42:57 (permalink)
Over the long term, supply chains can adapt to miners. It's still hard not to hold the current supply/ demand imbalance against them though. There is literally no limit to their demand as long as more cards = more profit. It's a totally different investment calculus for GPU manufacturers trying to adapt to both.
#75
Darkkittycry79
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/01 18:46:54 (permalink)
Crypto = waste of electrons
#76
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/01 18:54:40 (permalink)
Xavier Zepherious
goodgoodstudy
I agree that people won't hate bitcoin if it's free money on the side without any shortage of video cards.  The reason people hate bitcoin is because most of us can't even get our hands on a new video card at MSRP.  If we have an unlimited supply of video cards at MSRP, then I don't hate bitcoin at all, I don't even care.  But bitcoin becomes a problem when I can't get a single video card at MSRP and miners are mining with 5, 10,20, or 40 of the new RTX 30 series cards.




the thing is only 5% of the cards are used for mining

Nvidia Estimates Ethereum Miners Contributed 2%-6% of Q4 Revenue

 
even if you get rid of it you will have a shortage of cards and the scalper prices will still be where they are
and you still would not get a card
 
now those mining rigs you see are generally from CHINA or ASIA
since most people are poor in those countries i can see those business and people with $$ to buy up the supply there easily - since there is more availability because you have a much larger pool of cards and less amount of people to afford them there
however a most of the bots are developed in ASIA... so they make money from both scalping, reselling and using in crypto
 
I haven't see huge mining farms in USA using 30 series - ...im not saying they don't exist - just that not many or any have been posted
the crypto mining company here in my city had bought millions of dollars worth - that I know
that was in the news
 
 
the main problem is consumer demand (US) is what is causing the issue at 60-70% over last year, covid and shortages due to everything needing chips. All consumer products(cars,TVs, phones,etc) have had a demand increase of similar size
 
with cars we are adding more chips and electronics - and with basic things like smart door locks, smart lights, smart toaster, smart fridges and everything else they siri-Fi and make smart
 
demand for chips is going up worldwide for everything and the fabs can't keep up with the growth

Right. Even as a non-miner who doesn't like their effect on the environment and our access as gamers, I think they're a bit of a scapegoat right now. If we could "solve" the mining issue, it would probably only make a small dent in either situation.
#77
anavik2
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/01 19:00:28 (permalink)
The other thing is that consumer demand is (not shockingly) much higher for the 3000- series because of how lackluster the 2000- series was as an "upgrade" from the 1000- series. Basically two GPU generations- worth of consumers are ready to upgrade to 3000- series because it's actually a worthwhile improvement in performance.
#78
antgroe
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/01 19:31:32 (permalink)
Of course it needs to die. The currency is useless! I literally have not seen any facility accept this currency as legal tender.
#79
Brad_Hawthorne
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/01 19:57:35 (permalink)
Crypto is a MLM scheme. There is no value backing it. Some will argue USD has no value backing it either, but I would then argue that the willingness to use the USD as a standard is the backing. Those trying to normalize crypto are looking for shortcuts in life.
#80
Drewzi
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/02 04:10:52 (permalink)
Nothing more annoying than crypto as a whole for people like me, just looking for a gpu. So excited when I see dips in btc and eth hopefully it’s stays down and withers to nothing so the market isn’t swarmed with rats.
#81
codyf112
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/02 14:16:39 (permalink)
Crypto itself is good, but the majority of coins are trash and poorly implemented.
#82
sx0EVGA
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/02 15:43:04 (permalink)
Deep conspiracy: it's manufactured by the hardware industry so people go through their products. some Anti-Virus scandal progression.
#83
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/02 16:23:20 (permalink)
I really believe cryptocurrency is here to stay. I think there are a lot of disenfranchised people that don't have easy access to traditional money. A decentralized system makes it easier to access financial resources. However, I don't think many of the coins in existence today will be what takes over in the future. Between poor implementations, network limits, and resource inefficiencies, I think something better has to come along before crypto is treated as a real currency.
#84
mercIE
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/02 16:56:34 (permalink)
It's still struggling to find a use beyond selling it to someone else for more money at a later date.
#85
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/02 19:00:58 (permalink)
Drewzi
Nothing more annoying than crypto as a whole for people like me, just looking for a gpu. So excited when I see dips in btc and eth hopefully it’s stays down and withers to nothing so the market isn’t swarmed with rats.



Cryptocurreny isn't what is causing you to not get a GPU. It's a supply issue, stemming from a multitude of factors with miners being a small percentage. There has been an ongoing shortage of silicon and capacity at chip manufacturer plants for a few years now, it just hadn't reared its ugly head yet. The pandemic changed all of that, with more people working from home, being stuck at home, etc, the demand on video cards skyrocketed. Mind you the silicon shortage is effecting multiple industries, cars, phones, video game systems, TV's, alarm clocks, manufacturing plants that use robots, etc. Have you seen the lots filled with cars that cannot be sold because they don't have enough computers for them? Crypto is not the problem.
#86
SovMan264
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/02 19:23:39 (permalink)
At least Etherium seems like its going down now. This will help lower the demand
#87
paulng87
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/02 21:15:32 (permalink)
TBH I still don’t understand the value of crypto today. There seems to be a lack of a fundamental value to the currency compared to a traditional currency backed by a nation’s economy and the whole value of it is pretty much what people think the value of it is supposed to be. Maybe I’m just flat out missing the point but it feels like humanity has a whole probably can achieve something better than simply spending electricity to generate a currency.
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PopeFranky
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/02 21:35:37 (permalink)
Is it worth investing in crypto for short term gains while we wait for this craze to end?
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patrick2103
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/02 23:37:08 (permalink)
Interesting read... while the craze has died down, wouldn't the majority of the people will still try to make a quick buck if it does go up again? Very hard to dissuade people from buying crypto when the prospect of making quick money is involved :/
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