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.

 

[Icecold]

Yep, exactly. Nobody can show me a single miner that ignores all their FIAT earnings in the name of "progress", because such a person doesn't exist.

They're all in it to make a quick buck from the ponzi scheme. The sole goal of mining is getting more FIAT, the very thing they claim is going to collapse. Why would anyone burn power and expend resources to get something they claim will collapse?

It's like watching pr0n for the story. Doesn't exist, like unicorns and fairies.

That's not true, or at least not totally true. A lot of miners are trying to get as much of whatever coin they are mining as they can before it 'moons'. You can see that just by going on the mining subreddits - people bitch that they're getting less eth after the london fork even though their earnings in fiat are higher due to the price of ethereum going up quite a bit recently. Also your post makes it sound like you've never heard somebody say "HODL" which is like 90+% of the narrative in anything crypto anywhere online. You're right - the end goal is to be rich in fiat, but a ton of people involved in cyrpto don't care about what the fiat price is now since they are expecting it to be way higher in the future.

 

[Mopetar]

Have you been drinking again? One doesn't equal the other. But please stop telling everyone that the reason your mining is to save us all from fiat currency. Just stop that crap. Don't lie and say you're altruistic. You're not.

I'm not even some kind of mining evangelist that thinks it can save the world so you're really tilting at windmills with your post. There's probably a few posts in this thread from me tearing the people who do think it's some kind of magical way of saving everything and everyone to shreds.

But there are plenty of historic examples of countries that ran the printing press a little too hard and caused even more economic problems for themselves.

I'm rather certain that the U.S. and other western democracies won't befall that same fate, but then The doubt that any of those other countries thought it would happen to them either.

But maybe you should have a drink yourself and relax. Apparently my comment upset you so greatly that you not only had to downvote it, but then respond with a snide personal attack and a take that's so far off base it's only a foot away from stealing third.

 

[aigomorla]

Welp, i don't know how many of you guys use coinbase, but they just royally screwed a lot of people.
They threw SHIB out on PRO and it was market manipulated by whales at launch, so it moved over 1 full decimal point.
(Yes im not kidding, it was a full decimal point.)



So a lot of people got screwed 85% of their investment @ correction the next day.
I feel bad for them, but its a memecoin... i guess you deserve it for investing in a meme.... lets make a LarryCoin. (Sarcasm)

Then coinbase locked everyone's account that had money transfers, including the non SHIB people.
(Me affected as well for trying to buy ETH during the massive dip).
And well as you guys know coinbase has no customer support.
A billion dollar financial institution without real customer support.

But if a "trusted" crypto institution is like this, i think im better off trying to launder money to though the Mafia.
At least i'll get to talk to someone, albet at gunpoint, but still a physical person.
(sarcasm)

 

[DrMrLordX]

SHIB was up over %500 minutes after it went live on the platform. Anyone who was able to move in SHIB and sell at that price made bank. Anyone who was buying got rekt. SHIB is a useless project, and that's what happens when you play games with known pump&dump scams. Coinbase never should have listed it.

 

[Insert_Nickname]

lets make a LarryCoin.

Yup. I'd mine that...

 

[UsandThem]

Yup. I'd mine that...

Maybe Larry would need to update his avatar to this if he was the name-sake of a new digital coin (as many seem to see him here already because his pro-mining posts).

 

[aigomorla]

Its suposed to be one word...

ALLYOURGPUZIZMINE lol...

 

[GodisanAtheist]

Maybe Larry would need to update his avatar to this if he was the name-sake of a new digital coin (as many seem to see him here already because his pro-mining posts).

View attachment 49927

-The way discussions go around here you'd think Larry was, in fact, The Adversary.

 

[beginner99]

So your "use" for Crypto is converting it back to FIAT?

Way to miss the point.

The point is doing international transfers in an "easy" and cheap way. The convert to FIAT is at this point obviously needed because you can't buy food or pay rent with bitcoin, yet.

 

[Fallen Kell]

The point is doing international transfers in an "easy" and cheap way. The convert to FIAT is at this point obviously needed because you can't buy food or pay rent with bitcoin, yet.

And you never will be able to pay for food or maybe even rent with it. When it essentially costs $222 in fees to perform a transaction (current average), no one is going to buy something that only costs $100-200 (your groceries) and smart people won't want to add that on your rent bill either.

 

[beginner99]

And you never will be able to pay for food or maybe even rent with it. When it essentially costs $222 in fees to perform a transaction (current average), no one is going to buy something that onl
y costs $100-200 (your groceries) and smart people won't want to add that on your rent bill either.

As I said, not right now. But the vison were it will go is pretty clear. I mean it's not really a vision but a clear plan with existing implementations, you can just go and read about it. The keyword is "layer 2".

 

[DrMrLordX]

XRP's fees are pretty low. It's not exactly cryptocurrency but it is a blockchain token that can be used to move value across borders cheaply.

 

[VirtualLarry]

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

Apparently, there are power grids with EXCESS renewable energy available, looking for things to utilize it. Mining!

 

[beginner99]

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

Apparently, there are power grids with EXCESS renewable energy available, looking for things to utilize it. Mining!

Yeah the core problem of renewable is that the energy is not planable and usually available when you do not really need it. This happens many places with a lot of solar. In the end you get negative prices for power because you need to sell or else your panels will fry.

 

[Mopetar]

Someone should build a chip that can run above 100 C and do some kind of mining. Have it boil water and it's effectively doing useful work with all of the heat generated by the chip on top of the mining. Water purification is useful year round.

 

[Insert_Nickname]

Yeah the core problem of renewable is that the energy is not planable and usually available when you do not really need it. This happens many places with a lot of solar. In the end you get negative prices for power because you need to sell or else your panels will fry.

Someone should build a chip that can run above 100 C and do some kind of mining. Have it boil water and it's effectively doing useful work with all of the heat generated by the chip on top of the mining. Water purification is useful year round.

Unfortunately, most places with lots of sun don't require a lot of heating. Otherwise you could store the excess energy as hot water. We're doing that a lot of that here in Denmark for home heating (fjernvarme) using big insulated buffer tanks. It's not 100% effective, but at least some of the energy isn't lost completely.

I like the idea of using the excess energy to do water purification or perhaps desalination in coastal areas during off-peak hours. Clean water is always useful, and that way at least some of the excess power is used for a good purpose.

 

[beginner99]

Unfortunately, most places with lots of sun don't require a lot of heating. Otherwise you could store the excess energy as hot water. We're doing that a lot of that here in Denmark for home heating (fjernvarme) using big insulated buffer tanks. It's not 100% effective, but at least some of the energy isn't lost completely

Honestly using solar for thermal energy vs PV makes a lot more sense because it's simpler and much higher efficiency at the downside of heat having "low value".

Some large and I mean really large constructions project use this to pump heat into the ground to later then reuse in winter. This makes so much sense but simply is too costly.

 

[aigomorla]

Honestly using solar for thermal energy vs PV makes a lot more sense because it's simpler and much higher efficiency at the downside of heat having "low value".

there has been studies on making molten salt reactors using mirrors and a center point to heat up the molt salt.
something simular to this:


This would allow the molten salt to turn steam turbines at night, as the steam would be produced by the molt salt.
But i don't know how far the research has gone, or how far viable / efficient the study was.

 

[beginner99]

there has been studies on making molten salt reactors using mirrors and a center point to heat up the molt salt.
something simular to this:


This would allow the molten salt to turn steam turbines at night, as the steam would be produced by the molt salt.
But i don't know how far the research has gone, or how far viable / efficient the study was.

Yeah but this is again for generating power and not heat. It's for sure "cleaner" and more efficient than PV and has all the same problems. Said storage is rather limited so it's only really a good idea in a desert with tons of sun shine and even then it take a lot of space and a lot of material like steel and concrete per kwh of power generated. Like 100x more than say nuclear.

What I advocate would be a "heat network". In summer you pump excees heat into the ground from "thermal panels", in winter you can take it out again with a heat pump. It's a simple and cheap way to store solar energy from summer to winter. Power can't really be stored in the needed amounts. Even large scale hydro plants (damns) are still too small. Here in winter it's often cold and foggy. So you can go easily weeks! without sun at all with close to 0 solar output.

 

[Insert_Nickname]

What I advocate would be a "heat network". In summer you pump excees heat into the ground from "thermal panels", in winter you can take it out again with a heat pump. It's a simple and cheap way to store solar energy from summer to winter. Power can't really be stored in the needed amounts. Even large scale hydro plants (damns) are still too small. Here in winter it's often cold and foggy. So you can go easily weeks! without sun at all with close to 0 solar output.

I'm not sure it's even needed to pump excess heat into the ground. There are plenty of places where you already have viable geothermal. There has been a bit of research into that here also, but nothing has come of it so far. But it's apparently viable enough here if somebody wants to invest in it. (looks enviously at Iceland...)

There has also been a fair amount of work into using industrial waste heat for heating homes. Aalborg Portland (a big cement producer) is already supplying 7500 homes worth a year. There is even talk of using waste heat from supermarket coolers. Some regulation has just been lifted, so it's even commercially viable for businesses to just plug into the existing system now.

The really nice part about using water as a thermal medium is that it's easy to do and doesn't care how it's heated, so there is a lot of potential there.

 

[GodisanAtheist]

Treating this like our stock "**** these prices" thread, I figured I'd drop this info here.

It's been speculated on, but this is a bit more concrete:

The New Chip Shortage is Passive Components

If you thought that the chip shortage was bad, then the building shortage of passive components, such as capacitors, resistors, inductors and so on, is going to have you in tears. Due to lockdowns in Malaysia and Indonesia, where most of the well known Japanese aluminium capacitors are made, the...

www.techpowerup.com

Not GPU related, but it might be a good time to do that core system upgrade (CPU/Mobo/RAM) soon given these shortages will affect products across the board.

 

[Fallen Kell]

And the shoe finally dropped (like I speculated several months ago in post #42 in this thread). China just effectively banned all cryptocurrencies and transactions with the Chinese Central Bank and 10 government agencies vowing to work closely together to completely crack down and stop all use. More specifically, it also stated "The surge in usage of cryptocurrencies has disrupted “economic and financial order,” and prompted a proliferation of “money laundering, illegal fund-raising, fraud, pyramid schemes and other illegal and criminal activities,” it said. "

Read the coverage on the web, I first saw the article on Techcrunch: https://techcrunch.com/2021/09/24/china-says-all-cryptocurrency-related-transactions-are-illegal/

Again, none of this is a surprise to anyone who has a partial understanding. And it looks like the way they are phrasing it is that any/all speculation/investment in, use of, "mining" of, and conversion of assets to/from are being banned (including use of foreign locations/banks/exchanges). So even if you are a citizen in a foreign country, you are still banned from from using crypto and can and will be brought up on charges/suffer penalties for any future usage.

Now the above being said, if you still for some reason think this whole thing isn't going to start crumbling, you should be able to get some good buy in prices as assets are converted (assuming they find a way to dump whatever they are holding without running afoul of the new rules, which might be hard). Looks like bitcoin already dropped $2000. And eth has dropped about $300 (about -10%).

 

[GodisanAtheist]

Looks like China just "like, super officially" banned all Crypto...

China declares all crypto-currency transactions illegal

Trading Bitcoin and other crypto-currenices is a criminal activity, China's central bank says.

www.bbc.com

Still waiting for the "super duper, I really mean it now, for serious guys" ban.

Edit 2: Accidentally put this in the 6600XT review thread first, deleting there and adding here...

 

[DrMrLordX]

Looks like China just "like, super officially" banned all Crypto...

Looks like attempted market manipulation at this point.

 

[moonbogg]

Hey everyone. Just thought I'd pop in to let you know 3080Ti's are still $2000.