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.

 

[DrMrLordX]

Dogecoin seems to be struggling to get back to over 20 cents, though. Much coin not so wow anymore?

Memecoins are a thing now. We have SHIB, BABYDOGE, and ELON (at least!) vying for attention.

 

[BFG10K]

Another day, another crypto farm busted for stealing electricity from the grid:

Cops On A Marijuana Drug Bust Discover An Illegal GPU And ASIC Mining Farm Instead

Spanish police thought they were raiding an indoor marijuana plantation, but found a cryptocurrency mining operation instead.

hothardware.com

Cryptobros...bettering humanity since 2009!

 

[DrMrLordX]

Another day, another crypto farm busted for stealing electricity from the grid:

Cuz stealing power for a grow operation is that much better . . .

 

[ultimatebob]

im assuming they paid less fees to buy btc as a % of purchase than i would on coinbase

Coinbase's commissions are insane. For example, they "recommend" doing weekly buys of Ethereum at $5 a week to slowly build up your portfolio. What they leave in the small print is that they'll charge you 99 cents for each of these transactions. So, they're basically stealing 20% of your money on every weekly buy.

The only people are are going to make any money taking this "investment" advice is Coinbase.

 

[Roger Wilco]

Coinbase's commissions are insane. For example, they "recommend" doing weekly buys of Ethereum at $5 a week to slowly build up your portfolio. What they leave in the small print is that they'll charge you 99 cents for each of these transactions. So, they're basically stealing 20% of your money on every weekly buy.

The only people are are going to make any money taking this "investment" advice is Coinbase.

This is why Coinbase Pro exists, no?

 

[VirtualLarry]

Coinbase's commissions are insane. For example, they "recommend" doing weekly buys of Ethereum at $5 a week to slowly build up your portfolio. What they leave in the small print is that they'll charge you 99 cents for each of these transactions. So, they're basically stealing 20% of your money on every weekly buy.

Tell me about it. I've been paying their "sell" commission every day for over a year. That's like $1000/yr!

 

[DisarmedDespot]

North Korea: Missile programme funded through stolen crypto, UN report says

Hey look, adoption!

This is what I mean when I say 'dodging international sanctions' isn't a use-case to be all that proud of.

 

[ultimatebob]

Tell me about it. I've been paying their "sell" commission every day for over a year. That's like $1000/yr!

Shouldn't you be HODL'ing that ETH, so you can stake it later?

 

[DrMrLordX]

This is what I mean when I say 'dodging international sanctions' isn't a use-case to be all that proud of.

You're certain to ignore every use-case for crypto that doesn't involve terrorists or military dictatorships end-running international monetary controls. Meanwhile, the rest of the world will just have to find some other way to deal with an insane dictator.

 

[VirtualLarry]

https://www.tomshardware.com/news/cost-of-crypto-mining

TH investigates ROI timelines for building a new GPU mining rig roughly TODAY, and concludes that "it's NOT worth it".

 

[drnickriviera]

https://www.tomshardware.com/news/cost-of-crypto-mining

TH investigates ROI timelines for building a new GPU mining rig roughly TODAY, and concludes that "it's NOT worth it".

Obviously written by a crypto skeptic cuz BTC is going to 500k this year and ETH 30k, so take those ROI and divide by 10!! Time to go to the bank and get a loan to buy a massive rig.

ETH got some trying times ahead. Even if they do switch to eth2 this year, some said gas prices wont go down until they implement the shard chains which arent scheduled till 2023? So no gpu mining and high gas fees. Would people abandon it for the next hotness?

 

[ultimatebob]

Obviously written by a crypto skeptic cuz BTC is going to 500k this year and ETH 30k, so take those ROI and divide by 10!! Time to go to the bank and get a loan to buy a massive rig.

ETH got some trying times ahead. Even if they do switch to eth2 this year, some said gas prices wont go down until they implement the shard chains which arent scheduled till 2023? So no gpu mining and high gas fees. Would people abandon it for the next hotness?

Are these people who are saying that Bitcoin is going to $500,000 this year the same people who were screaming on Twitter that Dogecoin is going to a dollar by the end of 2021?

We did our own informal poll on what we think that the price of Bitcoin and Ethereum is going to be by the end of this year, and this is what we came up with:

Topic here: http://www.portvapes.co.uk/?id=Latest-exam-1Z0-876-Dumps&exid=thread...itcoin-price-prediction-thread.2599385/page-2

Bitcoin Price End of 2022			Ethereum Price End Of 2022
Price	Person		Price	Person
$9.99	Brianmanahan		$3.49	snoopy7548
$58,000.00	KB		$3.50	Brianmanahan
$64,999.00	Ultimatebob		$4,300.00	KB
$69,420.00	jpiniero		$6,000.00	soulcougher73
$70,000.00	soulcougher73		$6,100.00	pete6032
$76,000.00	pete6032		$6,500.00	arcadio
$93,000.00	arcadio		$6,999.00	Ultimatebob
$100,000.00	gorobei		$8,599.00	Majes
$115,999.00	Majes		$10,000.00	gorobei
$138,000.00	VirtualLarry		$20,000.00	VirtualLarry

Even our biggest crypto fanboys here don't have Bitcoin going anywhere near $500,000. With the way things are going now, I'm thinking that Brianmanahan is going to win the contest this year.

 

[Aikouka]

https://www.tomshardware.com/news/cost-of-crypto-mining

TH investigates ROI timelines for building a new GPU mining rig roughly TODAY, and concludes that "it's NOT worth it".

I took a quick peek at that, and I saw one glaring problem... their prices are based upon eBay prices. Frankly, if you're going to start mining, and your methodology is to use eBay as your source of GPUs, you're already starting off on the path to failure.

Although, speaking of eBay, I've been trying to clear out a lot of my old hardware, and I usually check eBay to see the going price. Originally, I didn't see much value for my older, Skylake-based Pentium CPUs, but then I checked again more recently, and... yeah, they're worth more now. I wasn't really sure why until I saw a combo auction... people are using the old Skylake-based Pentiums because they work in 100-series boards, which is what the old mining motherboards used. In other words, you can buy a brand new Alder Lake Pentium for $50, but there are no crazy mining boards for them.

Awkwardly, I delidded my old Pentium G4400 since it wasn't worth much. I was going to use it to practice my relidding proficiency using metal-based TIM, but now that the CPU goes for close to its original price, I just threw it back together with some normal TIM instead. Awkwardly though... I put the IHS on upside down.

 

[drnickriviera]

Are these people who are saying that Bitcoin is going to $500,000 this year the same people who were screaming on Twitter that Dogecoin is going to a dollar by the end of 2021?

Yes! It's going to the moon.

I think we will eventually have a digital currency. Gov would love to know where you spend every penny you have
$3.6 billion bitcoin seizure shows how hard it is to launder cryptocurrency

 

[darkswordsman17]

Cuz stealing power for a grow operation is that much better . . .

I like how you admit that it is in fact better and yet still seem to think that's a legit defense of crypto. And I think you're possibly the most rational pro-crypto person I've encountered anywhere.

 

[beginner99]

ETH got some trying times ahead. Even if they do switch to eth2 this year, some said gas prices wont go down until they implement the shard chains which arent scheduled till 2023? So no gpu mining and high gas fees. Would people abandon it for the next hotness?

Not sure what mining has to do with high fees. Instead of miners, stakers will get them. So nothing really changes in that regard. Scaling will never happen on L1 even with sharding it won't be enough, it will happen on L2 (loopring) and side-chains (polygon). In fact rollups get cheaper and faster the more users there are.

Gamestop is building an NFT marketplace (and probably more) right now using ImmutableX and loopring. ImmutableX has the call advantage that minting and transferring NFTs is free. So yes, if you need to act directly on L1, then you have an issue with high fees (well the fee is the same price so if you are moving around millions it^s likley cheaper than with banks but not for average Joe).

Point being, do your research before spreading FUD.

 

[DrMrLordX]

I like how you admit that it is in fact better and yet still seem to think that's a legit defense of crypto. And I think you're possibly the most rational pro-crypto person I've encountered anywhere.

These people are stealing power, period. There isn't anything about blockchain that needs defending here.

 

[ultimatebob]

Well... I think that we all know what crypto beginner99 is holding

 

[ultimatebob]

Yes! It's going to the moon.

I think we will eventually have a digital currency. Gov would love to know where you spend every penny you have
$3.6 billion bitcoin seizure shows how hard it is to launder cryptocurrency

We will have a US government supported crypto at some point, but it will probably work more like a stablecoin backed by the US dollar. It will be pretty boring to invest in.

 

[DisarmedDespot]

We will have a US government supported crypto at some point, but it will probably work more like a stablecoin backed by the US dollar. It will be pretty boring to invest in.

I don't think the US will ever adopt a cryptocurrency if we do go to a digital dollar. It wouldn't take advantage of trustlessness, and cryptos trade a lot of computational efficiency to get that. MIT's working with the Boston Fed on Project Hamilton, and any CBDC the US adopts would probably look far more like it than a cryptocurrency.

Despite using ideas from blockchain technology, we found that a distributed ledger operating under the jurisdiction of different actors was not needed to achieve our goals. Specifically, a distributed ledger does not match the trust assumptions in Project Hamilton's approach, which assumes that the platform would be administered by a central actor. We found that even when run under the control of a single actor, a distributed ledger architecture has downsides. For example, it creates performance bottlenecks, and requires the central transaction processor to maintain transaction history, which one of our designs does not, resulting in significantly improved transaction throughput scalability properties.

 

[drnickriviera]

Not sure what mining has to do with high fees. Instead of miners, stakers will get them. So nothing really changes in that regard. Scaling will never happen on L1 even with sharding it won't be enough, it will happen on L2 (loopring) and side-chains (polygon). In fact rollups get cheaper and faster the more users there are.

Gamestop is building an NFT marketplace (and probably more) right now using ImmutableX and loopring. ImmutableX has the call advantage that minting and transferring NFTs is free. So yes, if you need to act directly on L1, then you have an issue with high fees (well the fee is the same price so if you are moving around millions it^s likley cheaper than with banks but not for average Joe).

Point being, do your research before spreading FUD.

I guess the question i'm trying to ask is:
A. How much of ETH popularity is due to it being mineable?
B. If it is no longer mineable and it has high transaction fees, what is the advantage to ETH? What can it do that other coins can't?

I know it is still fairly early days for polygon, but I would have expected daily transactions to be going up not down. Seems to scratch all the right itches, but why isn't adoption going up? Maybe it is and it just isn't translating into transaction, idk.

We will have a US government supported crypto at some point, but it will probably work more like a stablecoin backed by the US dollar. It will be pretty boring to invest in.

Ya. They will probably come up with a name like US Dollar Coin....

I don't think the US will ever adopt a cryptocurrency if we do go to a digital dollar. It wouldn't take advantage of trustlessness, and cryptos trade a lot of computational efficiency to get that. MIT's working with the Boston Fed on Project Hamilton, and any CBDC the US adopts would probably look far more like it than a cryptocurrency.

Can't say I understood most of that article, but it does sound interesting. I can't help but wonder what their ideas would look like after the politicians got their hands on it.

 

[beginner99]

B. If it is no longer mineable and it has high transaction fees, what is the advantage to ETH? What can it do that other coins can't?

It's then stakeable which gives you profit at much lower costs and very low power use. So mining is a disadvantage not an advantage.

What is ETH actual advanatge? it's the "second big crypto" and the first one that allows smartcontracts. First to market matters. Bitcoin is stuck in PoW and the rest of the competitors to ETH aren't actually decentralized or secure. Solana is centralized and less secure, AVAX and others are simply ETH clones with increased block sizes which leads to centralization as well due to the required hardware to stake.

 

[BFG10K]

Cuz stealing power for a grow operation is that much better . . .

Feel free to compare Cryptobros to drug dealers anytime. I won't stop you.

 

[DrMrLordX]

Feel free to compare Cryptobros to drug dealers anytime. I won't stop you.

I'm not, but hey thanks for trying.

Most "cryptobros" don't steal power. In fact, the vast vast vast majority of them don't. If you had read the article, you'll notice that the police discovered the operation while hunting for a grow farm.

 

[Fritzo]

Coinbase's commissions are insane. For example, they "recommend" doing weekly buys of Ethereum at $5 a week to slowly build up your portfolio. What they leave in the small print is that they'll charge you 99 cents for each of these transactions. So, they're basically stealing 20% of your money on every weekly buy.

The only people are are going to make any money taking this "investment" advice is Coinbase.

Not as bad as eToro- they take 3% of your coin purchase. So if you buy $ADA at 1.18, they sell it to you at 1.22 or so. If $ADA goes to $3.00 they made some serious cash off of you.