The anti-crypto thread

[BFG10K]

Great news, crypto's collapsing across the board: https://www.techpowerup.com/282380/...ions-in-less-than-24-hours-did-the-bubble-pop

Also China's banned crypto, though individuals can still have it: https://finance.yahoo.com/news/chinese-financial-payment-bodies-barred-122712260.html

The sooner this cancerous parasite is wiped out, the better.

 

[ultimatebob]

If was was going to invest in crypto from my brokerage account, I would want a mutual fund or ETF that invested in a basket of popular cryptocurrencies. I'd want some Ethereum exposure in there as well, not just something that's Bitcoin exclusive.

In my Coinbase account I try to shoot for a 45% Bitcoin, 40% Ethereum, and 15% everything else split. Why isn't there a managed fund like this yet?

 

[VirtualLarry]

Not quite, but close. BTC just hit at all time high, ETH ATH was around $4300-4400, ETH still needs to go up 10% to get new ATH.

I'm still convinced that once ETH goes PoS situation will slowly normalize, but until then yeah, hold on to your cards guys.

Looking back I'm very amused by the thread title. We've had hundreds if not thousands of such predictions over the past 10 years. Blockchain is not going anywhere, it's here to stay.

What a record year for mining!

 

[ultimatebob]

What a record year for mining!

You just WANT gamers to hate you, don't you Larry?

 

[VirtualLarry]

You just WANT gamers to hate you, don't you Larry?

If buying a GPU for gaming, is like getting a GF... then mining is like becoming a (GPU) Pimp.

 

[blckgrffn]

If was was going to invest in crypto from my brokerage account, I would want a mutual fund or ETF that invested in a basket of popular cryptocurrencies. I'd want some Ethereum exposure in there as well, not just something that's Bitcoin exclusive.

In my Coinbase account I try to shoot for a 45% Bitcoin, 40% Ethereum, and 15% everything else split. Why isn't there a managed fund like this yet?

You just have to do it manually. Funds like GBTC exist, and there is an eth equivalent. Active management (to keep the allocations "equal") would imply even higher fees IMO.

Of course the time to hit that in your Roth was like two years ago, but 🤷‍♂️ Magic numbers go up technology at your disposal.

 

[njdevilsfan87]

ETH will not switch to the POS mode soon. I think there will still be time to mine and make some profit. As a last resort, video cards can be used for other lesser-known but promising coins.

There's almost nothing promising outside of Ethereum. Even the innovators within the space know that PoW is not a sustainable growth solution. That's why all of the new promising blockchains: Cardano, Polkadot, Chainlink, Solana, Cosmos, Algorand, Tezos, and etc are all some version of proof-of-stake.

Something like Ethereum classic might stick around, but it's in no way going to be causing GPU shortages like Ethereum does right now. Bitcoin will remain but it is ASIC driven, Litecoin is also ASIC driven, and Monero will likely remain too - but it is a small niche and doesn't mine well on GPUs anyway.

 

[ultimatebob]

There's almost nothing promising outside of Ethereum. Even the innovators within the space know that PoW is not a sustainable growth solution. That's why all of the new promising blockchains: Cardano, Polkadot, Chainlink, Solana, Cosmos, Algorand, Tezos, and etc are all some version of proof-of-stake.

Something like Ethereum classic might stick around, but it's in no way going to be causing GPU shortages like Ethereum does right now. Bitcoin will remain but it is ASIC driven, Litecoin is also ASIC driven, and Monero will likely remain too - but it is a small niche and doesn't mine well on GPUs anyway.

But, seriously, when do you think that POW for Ethereum is REALLY going to go away? They've been promising it since 2018, but mining Ethereum is still more popular then ever. I don't think that the Ethereum group is really in a hurry to get rid of it, mostly because they know that printing magical Internet money from their gaming PC's is part of the mainstream appeal for that crypto. I think that we have at least another year of this.

 

[Shmee]

There's almost nothing promising outside of Ethereum. Even the innovators within the space know that PoW is not a sustainable growth solution. That's why all of the new promising blockchains: Cardano, Polkadot, Chainlink, Solana, Cosmos, Algorand, Tezos, and etc are all some version of proof-of-stake.

Something like Ethereum classic might stick around, but it's in no way going to be causing GPU shortages like Ethereum does right now. Bitcoin will remain but it is ASIC driven, Litecoin is also ASIC driven, and Monero will likely remain too - but it is a small niche and doesn't mine well on GPUs anyway.

Yeah, I am very curious about what will happen with ETC once ETH stops PoW. I imagine it will be mined more than now, but probably not to the same extent as ETH. What will happen to the price of ETC though? Who knows, clouded the future is. I do expect ETH prices to soar after PoW ends.

Interestingly, look at the current and previous ATH positions of ETH. Previously, just shy of $4300 in May, now the record is about $4366. Now, compare this with ETC. It had the ATH this past may, at $176! It is still less than $60 right now though, so maybe it won't follow ETH much at all. Who knows.

 

[GodisanAtheist]

Not 100% clear on this, but with so much computing power pointed at ETH how is the difficulty for the currency not ramping up and out of control already?

BTC went ASIC pretty quick from what I remember but ETH is hanging on tough. Guess it all boils down to speculation outpacing the deflationary curve?

 

[nosurprises]

BTC went ASIC pretty quick from what I remember but ETH is hanging on tough. Guess it all boils down to speculation outpacing the deflationary curve?

ETH is designed to be mined by GPUs. The GPU is the ETH "ASIC".

 

[GodisanAtheist]

ETH is designed to be mined by GPUs. The GPU is the ETH "ASIC".

- Hmmm interesting. Isn't the currency deflationary however? I figured there are a set number of ETH coins that will ever be produced, and with whole mining farms with powerplants attached them them mining ETH I figured the difficulty curve would be ramping up exponentially (similar to what happened to BTC). Is ETH not deflationary? Are the miners being paid for something other than mining actual coins, the value of which is absurdly high due to speculative factors?

Am I just completely off in left field?

 

[VirtualLarry]

I figured there are a set number of ETH coins that will ever be produced

Nope, ETH supply == infinite.

 

[gorobei]

in 2018 buterin predicted that the total eth would reach 100 million, then it blew past that. in a proposal later he suggested a 120M and later a 144M limit (to go along with pos). given how long it took to get to pos being implemented eth should hit 200M by the time a cap is put in place. the current total is 117M.

Ethereumâs supply has crossed 100M, here’s what that means

Ethereum has hit a new milestone as earlier today the cryptocurrencyâs total supply crossed the 100 million mark: this means there is more than 100 million Ether in circulation.

thenextweb.com

 

[beginner99]

in 2018 buterin predicted that the total eth would reach 100 million, then it blew past that. in a proposal later he suggested a 120M and later a 144M limit (to go along with pos). given how long it took to get to pos being implemented eth should hit 200M by the time a cap is put in place. the current total is 117M.

Ethereumâs supply has crossed 100M, here’s what that means

Ethereum has hit a new milestone as earlier today the cryptocurrencyâs total supply crossed the 100 million mark: this means there is more than 100 million Ether in circulation.

thenextweb.com

That is an old article. Is this still the plan to make a cap? With fee-burning a different mechanism was already found to reduce supply. Staking will also bind a large amount of ETH reducing supply. And why does it need to be deflationary? In fact I see that as a negative point if you want to use it for actually things vs just as a value store (bitcoin). If ETH is deflationary so is using it as costs (gas fees) will simply go up (in $). any deflationary currency reduces spending as it's always better to not spend now as you can buy more tomorrow (metaphorically speaking). Deflation is way, way worse than inflation for an actual monetary system.

 

[ozzy702]

in 2018 buterin predicted that the total eth would reach 100 million, then it blew past that. in a proposal later he suggested a 120M and later a 144M limit (to go along with pos). given how long it took to get to pos being implemented eth should hit 200M by the time a cap is put in place. the current total is 117M.

Ethereumâs supply has crossed 100M, here’s what that means

Ethereum has hit a new milestone as earlier today the cryptocurrencyâs total supply crossed the 100 million mark: this means there is more than 100 million Ether in circulation.

thenextweb.com

Not even close. With current block rewards and the burn rate from EIP-1559 implementation I doubt it hits 120M by the merge. It certainly isn't going past 125M, let alone 200M.

 

[ozzy702]

Not 100% clear on this, but with so much computing power pointed at ETH how is the difficulty for the currency not ramping up and out of control already?

BTC went ASIC pretty quick from what I remember but ETH is hanging on tough. Guess it all boils down to speculation outpacing the deflationary curve?

Difficulty has climbed steadily, but Ethereum's current algo Ethash is fairly ASIC resistant due to large DAG file and being memory bandwidth constrained. That said, Ethash ASICs do exist and many believe they started coming online heavily in late 2020. That's pure speculation though, I don't think anyone knows how many ASICs are on the network and what their overall hashrate is.

 

[VirtualLarry]

https://www.reddit.com/r/NiceHash/comments/qfk8gn

Look at the comment in that thread, "When ETH ASICs go off, GPU prices gonna rocket".

That's a bit of an alternate take on things, that after ETH goes PoS, and the ASIc market for ETH dries up, that GPUs for the other altcoins still on PoW, along with BTC ASICs, will then be MORE in demand.

Discuss. Is the conventional wisdom that GPU prices are going to crash again, based on incomplete knowledge of the current market situation, in which there are several viable ETH competitors on GPU PoW, and not considering how much of today's ETH mining is provided by ASICs, something that was totally negligible last time ETH mining crashed? Could it turn out different this time around? What if we never have a GPU price-crash again, also due to market factors affecting all markets and not just GPUs specifically?

 

[Leeea]

I have great news! The new king of eth mining is likely going to be the M1 Max!:

This gives the chip a massive 408GB/s of bandwidth

It looks like on full load the GPU only pulls about 70watts!

Everyone, quick, spread this fantastic news to every miner you know! PCs are dirt trash for mining!, the m1 Macs are the new king!

They need to PANIC SELL PC GPUs now! and transition to m1 Macs before they get left in the dust! If they wait, they will be left with nothing but worthless PC GPU stock.

 

[Glo.]

https://www.reddit.com/r/NiceHash/comments/qfk8gn

Look at the comment in that thread, "When ETH ASICs go off, GPU prices gonna rocket".

That's a bit of an alternate take on things, that after ETH goes PoS, and the ASIc market for ETH dries up, that GPUs for the other altcoins still on PoW, along with BTC ASICs, will then be MORE in demand.

Discuss. Is the conventional wisdom that GPU prices are going to crash again, based on incomplete knowledge of the current market situation, in which there are several viable ETH competitors on GPU PoW, and not considering how much of today's ETH mining is provided by ASICs, something that was totally negligible last time ETH mining crashed? Could it turn out different this time around? What if we never have a GPU price-crash again, also due to market factors affecting all markets and not just GPUs specifically?

If I may. Expect that burst of this "bubble" during this cycle will burst deep into 2022, potentially 2023.

Why? Inflation and desire to hedge against it. People will FOMO into crypto for speculation, but what will drive capital into the market is the inflation, itself.

 

[beginner99]

I have great news! The new king of eth mining is likely going to be the M1 Max!:



It looks like on full load the GPU only pulls about 70watts!

Everyone, quick, spread this fantastic news to every miner you know! PCs are dirt trash for mining!, the m1 Macs are the new king!

They need to PANIC SELL PC GPUs now! and transition to m1 Macs before they get left in the dust! If they wait, they will be left with nothing but worthless PC GPU stock.

I know you mean it as joke but it wouldn't suprise me that it would actually be true after adjusting the software to them.

 

[Leeea]

I know you mean it as joke but it wouldn't suprise me that it would actually be true after adjusting the software to them.

I may have exaggerated, but I believe it to be true.

That cpu on the m1 max with that bandwidth will likely be the king of Monero / cpu minable coins.

This is a system that sips power, and likely mines Eth + CPU minable of your choice simultaneously. Very much the future of mining.

 

[beginner99]

This is a system that sips power, and likely mines Eth + CPU minable of your choice simultaneously. Very much the future of mining.

Buy one while they are "cheap" and available. maybe not the worst idea really.

 

[ultimatebob]

Just when you thought that cryptocurrency couldn't get any weirder, some random Ethereum token called Shiba Inu (SHIB for short) somehow increased it's market value to 67 Billion dollars:

https://etherscan.io/token/0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce

This is basically a simple ERC-20 token, like the Coolcoin that I created for Anandtech Off Topic. If you look at the transfers, it has the exact same problem with insanely high transfer fees that my token does. It has no good reason to be worth what it's worth... because it's a pre-issued Ethereum token it's not even really considered to be a "real" cryptocurrency that you can "mine" like Ethereum.

 

[VirtualLarry]

See, you should have promoted "CoolCoin" a little more... you could be a billionare.

 

[ultimatebob]

See, you should have promoted "CoolCoin" a little more... you could be a billionare.

Yeah, apparently I just needed a good mascot and a sob story about helping Covid-19 victims in India by donating my (then worthless) tokens to them.