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.

 

[DisarmedDespot]

I think the biggest problem with cryptocurrency is that almost no one understands it (not that many people really have a good understanding of regular currency anyways) even at a surface level. Naturally this leads to bad decision making by many individuals. However, I'm not even quite sure anyone really understands the full implications of what it means, even economists. It's too new and too alien.

Nah, no one understanding crypto is its biggest asset. If it was only a middling success and people could see mediocre projects or adoption, it wouldn't be worth anywhere near what it is. But since there's essentially nothing useful for it besides speculation and ransomware, the average person is never going to run into it. They'll never get to see how clunky it is to use, never realize that blockchain is a dismal failure by essentially every metric or see that immutability isn't that great when it means there's zero consumer protections against fraud. All they ever hear is people pumping it up with endless empty buzzwords and keeping the hype train rolling. The number goes up even as use-cases drop.

Maybe in another twelve years it'll be useful? When is it gonna stop being new?

 

[bigboxes]

Police Destroy 1,069 Bitcoin Miners With Big Ass Steamroller In Malaysia

Authorities in the city of Miri in Sarawak, Malaysia seized 1,069 rigs from miners alleged to have stolen electricity for their operations, per a report from local publication The Star. The devices were seized in a joint operation between Miri police and Sarawak Energy Berhad between February and April, and have an estimated value of RM5.3 million ($1.25 million USD), according to the outlet...

If only they'd steamroll the people doing the mining. Now, that would be a start!

 

[VirtualLarry]

If only they'd steamroll the people doing the mining. Now, that would be a start!

Show us on the GPU doll, where miners touched you...

 

[ultimatebob]

Show us on the GPU doll, where miners touched you...

The wallet, mostly

 

[Mopetar]

The average person is never going to run into it.

My brother has asked me about investing in cryptocurrency. My father has heard about BitCoin and asked me questions about it.

Both of them are non-technical people who don't follow this kind of stuff at all. I don't know what the benchmark for the average person is, but I think far more people have heard of it than you might imagine.

 

[DisarmedDespot]

My brother has asked me about investing in cryptocurrency. My father has heard about BitCoin and asked me questions about it.

Both of them are non-technical people who don't follow this kind of stuff at all. I don't know what the benchmark for the average person is, but I think far more people have heard of it than you might imagine.

Yeah, they're asking about 'investing' in it, not 'using' it. People hear about how much potential it has to revolutionize everything, but it's never actually used for anything they'd ever touch.

Again, how long it will take until it's not considered new?

 

[VirtualLarry]

Yeah, they're asking about 'investing' in it, not 'using' it. People hear about how much potential it has to revolutionize everything, but it's never actually used for anything they'd ever touch.

Again, how long it will take until it's not considered new?

I don't think the problem is new-ness or not, but rather, the two biggest investment vehicles for crypto, are the worst from an actual transactional usability standard. (Namely, Bitcoin, which has slow transactions, and Ethereum, which has high transaction fees. But both are a decent store-of-value, for now at least.)

If you want transactional smoothness, Litecoin, and XMR are two that I hear about. Litecoin, you wouldn't really so much as "invest" in it, nor XMR, but both ARE decent for transactional value. That's actually what some people do with their BTC or ETH, convert to LTC or XMR to transfer between exchanges, because those transactions are quick-n-easy.

 

[Failnaught]

it's funny how there's X amount of Bitcoin, ever, because it is hardcoded into the design. But then there's Ethereum, Doge, Lite, XMR, ..............

It's like saying, there's ever going to be 10 gold plated cups. Ever. Get your one of a kind gold plated cup. Oh by the way, if cups don't float your boat, why not pick up our Pt coated salad bowl?

 

[DrMrLordX]

Your argument is bad. I'm willing to bet the percentage of cash used in crimes vs legal uses is significantly lower than crypto because, well, you can use cash to actually do things besides speculation and ransomware.

How Much Cash is Used by Criminals and Tax Cheats?

This is the second of several posts on Ken Rogoff’s The Curse of Cash. In this post, I consider Rogoff’s estimate for the extent to which cash is used by criminals and tax cheats. If you have not yet read the book, I offer a brief summary in a previous post and I will consider some shortcomings...

www.aier.org

From the article:

So, by all accounts, domestic consumers are holding about 44 percent of currency in circulation. And, yet, they only admit to holding 5 to 10 percent. That leaves more than one third of all US currency in circulation unaccounted for. Rogoff implies that the difference between what is being held by consumers (44 percent) and what is admitted to being held by consumers in surveys (5 to 10 percent) is a reasonable estimate of the share of cash employed to buy and sell illegal goods and services and/or evade taxes. In other words, more than a third of all US currency in circulation is used by criminals and tax cheats.

Compare that to crypto, which if you include all crypto (and not just BTC) goes as low as .34%, at least according to ChainAnalysis.

Honestly I think any chance of a cryptocurrency actually being adopted as a currency on any sort of scale is long gone. Even if blockchain managed to work, it's just too clunky for day-to-day use for 99% of people compared to something like a credit or debit card. And to get it into something like that you need a trusted third party, which just defeats the purpose of using a cryptocurrency.

You say that, but promising products like OMG and REQ have been attempting to address this issue for some time now. REQ is actually making excellent progress. Look into it.

 

[DrMrLordX]

it's funny how there's X amount of Bitcoin, ever, because it is hardcoded into the design. But then there's Ethereum, Doge, Lite, XMR, ..............

You're forgetting Bitcoin Cash, Bitcoin Satoshi's Vision, Bitcoin Gold, Bitcoin Diamond, and so forth and so on.

edit: oops sorry for the double post.

 

[Mopetar]

Again, how long it will take until it's not considered new?

There really isn't a good answer to this. Probably five to ten years from the point it enters wider public awareness. If it sticks around long enough or becomes prominent enough eventually a large chunk of the population have grown up with it and it's just normal to them.

I don't think most people really need it though so it might not get adopted by anyone who's perfectly fine and happy paying in cash or just using their credit card. It's probably a bigger deal in parts of the world that don't have a good banking infrastructure in place or people who have built a history of trust with one.

 

[jpiniero]

Ukraine warehouse packed with thousands of PS4s was actually a FIFA Ultimate Team bot farm

A giant cryptocurrency farm in Ukraine that contained thousands of PlayStation 4 consoles was actually a FIFA bot farm.…

www.eurogamer.net

The Ukraine operation was actually farming FIFA Ultimate Team tokens.

 

[VirtualLarry]

Lew Later clip, discussing the "Tweets heard round the world", specifically, by one of the creators of DogeCoin, on why, essentially, crypto is a scam.

Biaheza video describing crypto influencer ponzi / rug-pull scams, and then details the few things that you would need to really pull one off.

 

[DrMrLordX]

The Ukraine operation was actually farming FIFA Ultimate Team tokens.

Oh those fan tokens? Those things had huge returns this summer in a few cases. Really odd.

 

[aigomorla]

Ukraine warehouse packed with thousands of PS4s was actually a FIFA Ultimate Team bot farm

A giant cryptocurrency farm in Ukraine that contained thousands of PlayStation 4 consoles was actually a FIFA bot farm.…

www.eurogamer.net

The Ukraine operation was actually farming FIFA Ultimate Team tokens.

i love how on redit they completely took apart the ps4 down to the last silicon comparing it with glorified gpu and how it could compute some hypothetical value.

 

[Borealis7]

in my country you can mine bitcoin legally, you just can't pay taxes on the profits you make selling it. it becomes "dirty" money and you'd have to explain to the nice auditor, in the room with only a lamp, table and 2 chairs, how you got that money in your bank account, and what you had to do to get that bitcoin in the first place.

 

[maddie]

Oh those fan tokens? Those things had huge returns this summer in a few cases. Really odd.

Tulips.

 

[DrMrLordX]

Tulips.

Nah, it's worse than that. It's futbol!

 

[Mopetar]

Nah, it's worse than that. It's futbol!

Yeah, I don't think there were ever any tulip hooligans. Though it would be really sweet if they exist.

 

[GodisanAtheist]

Ukraine warehouse packed with thousands of PS4s was actually a FIFA Ultimate Team bot farm

A giant cryptocurrency farm in Ukraine that contained thousands of PlayStation 4 consoles was actually a FIFA bot farm.…

www.eurogamer.net

The Ukraine operation was actually farming FIFA Ultimate Team tokens.

- That's honestly like the most Eastern European thing I have ever seen. Ever.

 

[aigomorla]

30k.... BTC fell from the first floor.

The next floor i hear is about 27k then 14k.

At 14k BTC, im fairly confident you will be able to get all the gpu's you want at MSRP.

 

[ultimatebob]

30k.... BTC fell from the first floor.

The next floor i hear is about 27k then 14k.

At 14k BTC, im fairly confident you will be able to get all the gpu's you want at MSRP.

I think that Ethereum is the one we need to drop before video cards get cheap. That's still holding around $1,800. But, yeah, if that stops to under $1,000, eBay will be flooded with cheap GPU's.

 

[bigboxes]

I think that Ethereum is the one we need to drop before video cards get cheap. That's still holding around $1,800. But, yeah, if that stops to under $1,000, eBay will be flooded with cheap GPU's.

I don't care about ragged out video cards. I want MSRP for new cards.

 

[A///]

Those ragged cheap cards aren't bad if you buy a box of them for dirt cheap. Use one until it dies, chuck it into a recycling center and insert the next one. I'd love to get my hand's on a AIB SC card so I can do some quality gaming on my "newish" build. ETH is the big road block here.

 

[Borealis7]

Those ragged cheap cards aren't bad if you buy a box of them for dirt cheap. Use one until it dies, chuck it into a recycling center and insert the next one. I'd love to get my hand's on a AIB SC card so I can do some quality gaming on my "newish" build. ETH is the big road block here.

are they still problematic if they were undervolted and were run 100% 24/7? seems to me like that would not damage the card in the short term.