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

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frankcro
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/02 23:43:34 (permalink)
+1
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jnmoen77
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/03 17:57:05 (permalink)
Great read, thanks for posting!

Cybersecurity, Saxophone, Video Games
 
#92
cris78
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/04 04:25:03 (permalink)
needs to die immediately
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Xavier Zepherious
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/04 05:58:45 (permalink)
Daymak to Launch Crypto Mining Vehicle by 2023
 
The Spiritus also features a solar panel that will power all non-mechanical systems, meaning that, if Daymak does deliver, this might be the first car to allow solar-powered cryptocurrency mining. However, Daymak’s proposal goes further than that. Aldo Baiocchi, president of the company, declared:
We envision a future where your highway tolls, your parking, and your drive thru order will be paid directly on the fly with crypto. Your online bills and your banking can be handled through the same software platform paid in crypto.
 
https://news.bitcoin.com/...ining-vehicle-by-2023/
 
 
European Union to Release Digital Wallet for Payments Next Year
 
https://news.bitcoin.com/...or-payments-next-year/
post edited by Xavier Zepherious - 2021/06/04 06:03:15


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#94
The_Schwartz
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/04 06:39:56 (permalink)
What happens if you lose your wallet password? Retina scan, tongue scan, finger prints, etc. to unlock it? I do not trust crypto at all and wish it would go away.

May the Schwartz be with you!
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Zulhardy
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/06 02:03:08 (permalink)
I hear you. I just wished that Nvidia disabled hashing on their consumer cards.
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Gokei_Kageyoshi
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/06 02:07:10 (permalink)
I feel like the limiters will one way or another always be bypassed
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steven-1979
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/06 02:37:58 (permalink)
PopeFranky
Is it worth investing in crypto for short term gains while we wait for this craze to end?




nooooooo
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greywagtail
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/06 03:14:57 (permalink)
Everyone who feels this way and doesn't want to see through the bs narratives thrown around by the big market manipulators will suffer tremendous regrets years down the line, but it's your call.
 
Just know that Bitcoin mining WHICH DOESN'T USE GPUs is easily 1000x more efficient than what it's disrupting/replacing, no matter what anyone says and no matter how much "Bitcoin now uses more power than [        ]". People would be fools not to invest minimum ~1% of income/holdings if you have any inclination to have people rather than banking cartels and pseudo-governmental mafias have any control over their own future and wealth.
 
Not financial advise obviously, and now may be a terrible time to invest (or not) but just make sure you're not fooled and think for yourself.

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sobdog
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/06 12:37:53 (permalink)
I hope the new cards limit the hash rate.
Xavier Zepherious
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/06 19:43:21 (permalink)
Norway Finance Minister Sees Great Interest in Cryptocurrency — Says Bitcoin Could See 'Breakthroughs'
 
https://news.bitcoin.com/norway-finance-minister-great-interest-cryptocurrency-bitcoin-breakthroughs/
 
Square Takes a Swipe at the Bitcoin Energy Debate With $5 Million Solar Mining Investment
https://news.bitcoin.com/square-takes-a-swipe-at-the-bitcoin-energy-debate-with-5-million-solar-mining-investment/
 
 
G7 Finance Chiefs to Publish Common Rules for State-Issued Digital Currencies This Year
https://news.bitcoin.com/g7-finance-chiefs-common-rules-state-issued-digital-currencies/
 


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kbertling353
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/06 21:56:04 (permalink)
Cryptocurrency as a theory is fine, it's just when you're causing a global chip shortage to worse and actively harming the environment... it's not a cool "project" but something actually harmful
AverageEnjoyer
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/07 00:04:14 (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




This is misleading considering ETH skyrocketed around early Q1 2021, so of course Q4 2020 data won't show the full picture. GPU scarcity got way worse in the last few months, late 2020 wasn't SO bad.
XOCfan
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/07 02:30:14 (permalink)
I absolutely agree with the shared article, also let's not forget that cryptocurrencies have proved extremely manipulable by single people (like Elon Musk who practically tweeting manages to condition the trend of the coins).
admgloval
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/07 09:52:03 (permalink)
Crypto isn't going anywhere.  Too many people making too much money off of it.  Hopefully TSMC can get to work building those new foundries here in the states so that the semiconductor crisis can come to an end.
Schpaku
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/07 13:52:40 (permalink)
Do yo think there's any chance LHR will help improve the situation?
greywagtail
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/07 17:02:22 (permalink)
Schpaku
Do yo think there's any chance LHR will help improve the situation?

Only if it helps with the shortages, I don't really see how considering miners will unironically just shrug and keep mining and make break-even or profit anyway. It should have helped ON PAPER assuming that the cards would be priced accordingly so they're just "not attractive" to miners but are to gamers, which theoretically helps with the shortages as less miners and more gamers want to get one, at the cost of everyone paying 300% for their GPU.. I think only nVidia and miners win and everyone else loses?
 
Of course, all this is the sidetracking narrative: fact remains Xi Jinping decided he wanted to become a conqueror and lacking an army he unleashed bio-war which caused already 8 million deaths (WHO estimate of total not just counted) and enormous problems and atrocities across the globe. So let's place the blame at the feet of the person who REALLY caused all of this. The CCP is a blight on the earth, imo.

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dryicedearth
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/07 17:54:54 (permalink)
not sure if crypto will ever die lol
seth89
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/07 18:00:40 (permalink)
USD is a scam.


ty_ger07
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/07 18:29:13 (permalink)
kbertling353
Cryptocurrency as a theory is fine, it's just when you're causing a global chip shortage to worse and actively harming the environment... it's not a cool "project" but something actually harmful


It was declared a failed experiment.
The resolution of the Bitcoin experiment | by Mike Hearn | Mike’s blog (plan99.net)
 
Anyone who cares for or against Bitcoin should read that blog post.  It is exceptional.
 
But despite knowing that Bitcoin could fail all along, the now inescapable conclusion that it has failed still saddens me greatly.
 
...
Why has Bitcoin failed? It has failed because the community has failed. What was meant to be a new, decentralised form of money that lacked “systemically important institutions” and “too big to fail” has become something even worse: a system completely controlled by just a handful of people. Worse still, the network is on the brink of technical collapse. The mechanisms that should have prevented this outcome have broken down, and as a result there’s no longer much reason to think Bitcoin can actually be better than the existing financial system.

 
If you don't know who Mike Hearn is, he had direct communication with "Satoshi Nakamoto" and was chosen by "Satoshi Nakamoto" as one of the people to develop Bitcoin and make it whatever it could be.  Mike Hearn is considered one of the founders of Bitcoin; or at least a former leader within the Bitcoin Foundation.  Again, read that blog post if you ever have the time.  It is very informative in so many ways.
 
 
 
Cryptocurrency is harmful overall.  I completely agree.  It has been completely useless so far for everything other than speculative betting.
 
But I take part in mining anyway.  Because I already own the hardware for other reasons, and I am a hypocrite.  It makes money sense, even if the currency doesn't make sense at the moment for so many reasons.
post edited by ty_ger07 - 2021/06/07 19:14:23
DXChase
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/08 07:30:36 (permalink)
Not that im a fan of crypto mining or  anything like that and i sure dont do it (outside of buying and trading, but no gpu mining), and that article is def. a good read but its just extremely naïve to think that if crypto mining went away, or 'died' that all of a sudden GPUs would be in abundance to the point where you wouldn't have these lines of people or mass queue lists. Especially when scalpers are still around, the shortage of materials in making cards is still around, the pandemic happened disrupting everything from production to shipping, the population and popularity of computer playing skyrocketing over the last couple years and the fact that everything we use now needs similar materials to gpus... you'd still have some sort of big problem that we do now no doubt.
post edited by DXChase - 2021/06/08 07:32:54


ty_ger07
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/08 07:55:57 (permalink)
@ DXChase, no doubt.

But just FYI, you can't invest in, buy, or sell cryptocurrency without mining. Mining is the thing which keeps the transactions going. "Investing" is the thing that keeps mining fees going; since crypto isn't really being used for actually buying and selling things to any measurable degree. You can't have one without the other. Supporting crypto investments is supporting mining.
DXChase
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/08 08:01:05 (permalink)
ty_ger07
@ DXChase, no doubt.

But just FYI, you can't invest in, buy, or sell cryptocurrency without mining. Mining is the thing which keeps the transactions going. "Investing" is the thing that keeps mining fees going; since crypto isn't really being used for actually buying and selling things to any measurable degree. You can't have one without the other. Supporting crypto investments is supporting mining.



Ah i see what youre saying! Yea i just had a friend who offered some stuff cheaper than the market and got in and was able to make a little money im not no huge user of it by any means lol, but you are right there.


HeyPablo
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/08 09:07:12 (permalink)
Chia is trying to move crypto away from effort based generation to simulate value/inflation.  Will see if that helps
kswildman
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/08 09:26:08 (permalink)
The_Schwartz
What happens if you lose your wallet password? Retina scan, tongue scan, finger prints, etc. to unlock it? I do not trust crypto at all and wish it would go away.




The same thing that happens when you loose your regular wallet, IT IS GONE!


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fistik
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/08 13:35:43 (permalink)
kswildman
The_Schwartz
What happens if you lose your wallet password? Retina scan, tongue scan, finger prints, etc. to unlock it? I do not trust crypto at all and wish it would go away.




The same thing that happens when you loose your regular wallet, IT IS GONE!


Or the same thing when a bank/Paypal is declining access to your funds.
Using technology to get a hold of your valuables/assets and removing the middle man is what we should be aiming in the future.
Crypto is not bad, because it solves some universal issues.
What type of crypto and how a project runs? That's another story.
I haven't read the whole thread, therefore I'm sorry if it has been mentioned already, but I would say we're aiming for:
    Zero transaction fees.
    Minimum carbon foot print.
    Private transactions.
    Scalable to hold all transactions of the world real time.
    Decentralized.
    Open source.
    Smart contracts.
    Dapps.
    Compatibility with all major programing languages.
    Strong community.
There might be a few others, but if we can get at least 8-9 out of this list, would really make an impact on how the world works right now.
seth89
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/08 18:19:01 (permalink)
I feel good when the USA prints 4T and then 6T of money all in one year. Nothing to see here.
 
all my clients are moving their money to hard assets (very rich people). 


fistik
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/08 19:10:00 (permalink)
seth89
I feel good when the USA prints 4T and then 6T of money all in one year. Nothing to see here.
 
all my clients are moving their money to hard assets (very rich people). 


Good store of value, regardless if FIAT is not going to worth anything soon.
Obviously, soon doesn't mean next year necessarily.
There's no silver bullet solution for a proper economy as of right now.
Xavier Zepherious
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/08 19:33:31 (permalink)
ty_ger07
kbertling353
Cryptocurrency as a theory is fine, it's just when you're causing a global chip shortage to worse and actively harming the environment... it's not a cool "project" but something actually harmful


It was declared a failed experiment.
The resolution of the Bitcoin experiment | by Mike Hearn | Mike’s blog (plan99.net)
 
Anyone who cares for or against Bitcoin should read that blog post.  It is exceptional.
 
But despite knowing that Bitcoin could fail all along, the now inescapable conclusion that it has failed still saddens me greatly.
 




 
using an article that is 5 years old whose main premise is wrong now ... when it was written Bitcoin was in a major slump - and didn't seem to go anywhere
 
 
 
now. 5years later things are different - BTC is thru the roof with like a 13,000 % increase from where it was
a lot of the problems he addressed are not a problem anymore
 
 
40 % of Australians think investing in BTC is better than real estate
countries are legitimizing it -  some are countries are going to put in under regulation in the commodity exchange
countries are going to be offering digital wallets that convert directly to central banks and feat currencies
amazon will be offering crypto services
their are 401k plans that have crypto
 
 
more and more services are going to add bitcoin as a payment system 
its coming
you can't stop it
 
 


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biiigshawn
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Re: Cryptocurrency needs to die - for the good of all. 2021/06/08 20:57:30 (permalink)
Yea, I agree.
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