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.

 

[NTMBK]

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.

The CPU can't access the full bandwidth: https://www.anandtech.com/show/17024/apple-m1-max-performance-review/2 Limited to around 243GB/s in Anandtech testing, so a little over half the DRAM bandwidth.

 

[ultimatebob]

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.

There isn't supposed to be a "future" in mining... it's all supposed to go to Proof Of Stake instead if you believe the crypto pundits. I don't personally buy it... the Ethereum group doesn't seem to be able to pull it off. Hell, they can't even get the token transaction fees to something reasonably low, and that's been a problem for over a year now.

 

[ozzy702]

There isn't supposed to be a "future" in mining... it's all supposed to go to Proof Of Stake instead if you believe the crypto pundits. I don't personally buy it... the Ethereum group doesn't seem to be able to pull it off. Hell, they can't even get the token transaction fees to something reasonably low, and that's been a problem for over a year now.

It's a bit more complex and nuanced than this. As someone that follows the space closely, especially Ethereum, I think many will be surprised with how the next year goes for Ethereum. Yes, progress is slow, but it's moving forward and the merge will happen sometime spring/summer of next year.

As far as fees, they're just a function of available blockspace and demand. Demand has been through the roof and driven extremely high fees. Ethereum devs have gone pretty extreme on not willing to compromise decentralization as a way to increase throughput.

Rollups are the short term game plan for scaling and corresponding low fees and while Optimism and Arbutrum are live they're in their infancy and don't have CEX bridges yet. ZK rollups will be live starting with Starknet in the coming month or two and I suspect that by the end of 2022' Ethereum will have both scaled massively and moved to Proof of Stake.

2023' will be the move to sharding which will multiply existing L2 scaling by 64x to begin with.

 

[BFG10K]

The only possible silver lining here is that supply issues are going to cost all these companies a lot of money. Apple lost $6 billion last quarter: https://appleinsider.com/articles/2...-apple-6-billion-in-q4-2021-ceo-tim-cook-says

When it's affecting $trillion companies like Apple, you know something big will happen to try to fix it.

 

[GodisanAtheist]

The only possible silver lining here is that supply issues are going to cost all these companies a lot of money. Apple lost $6 billion last quarter: https://appleinsider.com/articles/2...-apple-6-billion-in-q4-2021-ceo-tim-cook-says

When it's affecting $trillion companies like Apple, you know something big will happen to try to fix it.

-Apple will buy TSMC and make all the chips for itself. When China threatens Taiwan, Apple will buy China to ensure their vertical integration remains unchallenged...

 

[ultimatebob]

-Apple will buy TSMC and make all the chips for itself. When China threatens Taiwan, Apple will buy China to ensure their vertical integration remains unchallenged...

Maybe Apple can build their own army and defend Taiwan from invasion? I mean... they have a trillion dollars in the bank. You can build yourself a pretty nice private military for that.

 

[GodisanAtheist]

Maybe Apple can build their own army and defend Taiwan from invasion? I mean... they have a trillion dollars in the bank. You can build yourself a pretty nice private military for that.

-At that point its cheaper to just bribe Winnie The Pooh.

 

[psolord]

-At that point its cheaper to just bribe Winnie The Pooh.

-20 sociar credit for what you said mate! xD

 

[Fanatical Meat]

-At that point its cheaper to just bribe Winnie The Pooh.

You just called him Pooh now you can’t bribe him.


I’ll lurk back to P&N

 

[nosurprises]

-Apple will buy TSMC and make all the chips for itself. When China threatens Taiwan, Apple will buy China to ensure their vertical integration remains unchallenged...

If apple has that much money, they wouldn't have gone to China for the cheap labor to save money.

 

[Ninjak]

-Apple will buy TSMC and make all the chips for itself. When China threatens Taiwan, Apple will buy China to ensure their vertical integration remains unchallenged...

And if things don't go as planned, Apple will build a fleet of iBattleships to protect their investment.

 

[ultimatebob]

And if things don't go as planned, Apple will build a fleet of iBattleships to protect their investment.

It might be cheaper to buy their own island sovereign nation for manufacturing stuff. Is Midway available? It's closer to the US, so shipping costs are lower.

 

[KentState]

And if things don't go as planned, Apple will build a fleet of iBattleships to protect their investment.

Only if they make Lightning cables with a really long cord. The first 5 iterations won't have wireless charging.

 

[ozzy702]

This crypto collapse sure does look weird...

 

[prtskg]

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.

Doesn't US has maximum number of COVID victims in the world?
Well coming to topic, GPU prices increased again this month with no end to GPU mining in sight. What happened to asic mining? I think I remember asic mining coming for etherium too? So they're not good enough to take heat off GPUs?

 

[beginner99]

This crypto collapse sure does look weird...

People fear and hate what they don't understand.

 

[BFG10K]

This crypto collapse sure does look weird...

Nothing weird about it, entirely expected:

Squid Game crypto plunges to $0 after scammers steal millions of dollars from investors

A digital currency based off the popular Netflix series "Squid Game" is trading at $0 after its creators cashed out, effectively stealing an estimated $2.1 million from investors.

edition.cnn.com

Notice how it too "surged to a high". Because someone on the internet told us it had value, so it must've been true. Must've, yo.

I'm sure another 'coin is right around the corner, once someone invents a name for it. Remember folks, printing Fiat is bad, but printing imaginary coins is "the future of humanity".

But...but...refrigerator temperature readings.

 

[beginner99]

printing Fiat is bad, but printing imaginary coins is "the future of humanity".

Most fiat is actually imaginary as in just "numbers in spreadsheets" backed by nothing really. Do you think a bank has the complete value of all their customers accounts stashed in cash somewhere? No it's all imaginary inside the computer. However one of the system in question has it stored centralized, out of your control and can seize or deny the existence of your funds at their will or the will of the government. The other system has a public ledger showing everyone exactly what is yours and what not and no one can take it from you.

 

[nurturedhate]

and no one can take it from you.

You really want a landslide of articles on crypto being stolen, extorted, fleeced or scammed don't you...

 

[beginner99]

You really want a landslide of articles on crypto being stolen, extorted, fleeced or scammed don't you...

scams in fiat are older than "fiat" itself. Robbing cash is also easy and much more common. But if you are afraid of that, make multisig wallets.
EDIT: home invasion can easily extort all your money from online banking.

 

[VirtualLarry]

You really want a landslide of articles on crypto being stolen, extorted, fleeced or scammed don't you...

You have any articles on cypto's protocols themselves actually being "cracked" or "broken"? I'm not aware of any thefts occurring with, say, a cold wallet. Not your keys, not your crypto.

 

[nurturedhate]

scams in fiat are older than "fiat" itself. Robbing cash is also easy and much more common. But if you are afraid of that, make multisig wallets.
EDIT: home invasion can easily extort all your money from online banking.

You have any articles on cypto's protocols themselves actually being "cracked" or "broken"? I'm not aware of any thefts occurring with, say, a cold wallet. Not your keys, not your crypto.

However the two of you want to sugarcoat it the statement "no one can take it from you" is flat out incorrect.

 

[Fanatical Meat]

Doesn't US has maximum number of COVID victims in the world?
Well coming to topic, GPU prices increased again this month with no end to GPU mining in sight. What happened to asic mining? I think I remember asic mining coming for etherium too? So they're not good enough to take heat off GPUs?

Nope

 

[Fanatical Meat]

Most fiat is actually imaginary as in just "numbers in spreadsheets" backed by nothing really. Do you think a bank has the complete value of all their customers accounts stashed in cash somewhere? No it's all imaginary inside the computer. However one of the system in question has it stored centralized, out of your control and can seize or deny the existence of your funds at their will or the will of the government. The other system has a public ledger showing everyone exactly what is yours and what not and no one can take it from you.

They are backed by the US Gov & typically protected by FDIC insurance of up to $250k. The bank can’t “go out of business and keep all your money”
Crypto has none of these protections.
I have asked several times and haven’t had a good answer yet (maybe one see below).
What does Crypto do better than normal currency?
What is the point of Crypto?


**one answer was crypto is a good way to shuffle money to someone living in a oppressive regime.** Not that great of a benefit IMO.

 

[Fanatical Meat]

scams in fiat are older than "fiat" itself. Robbing cash is also easy and much more common. But if you are afraid of that, make multisig wallets.
EDIT: home invasion can easily extort all your money from online banking.

No it can’t. A hone invasion theft of password or even forced transfer of money is fraud.
Period full stop.
You are not held liable for fraudulent transactions. Maybe you could be held liable for the first $50 but I have yet to hear of a credit company or bank that enforced that. Not worth the bad press over fifty dollars.