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.

 

[Red Squirrel]

Seems that would be hard to enforce, either use solar, or run off batteries and have a charger kick on and off to top them up. Idea is to make sure the power usage signature of the GPUs never hits the hydro meter. And of course mine over a VPN.

Unless they have another way to detect it? You'd still have to be creative when it comes time to convert the crypto to cash though. I guess you could try to find online services/stores that actually accept crypto and actually just spend it directly. Wonder if any gold/silver bullion places take crypto, that would be the best bet actually.

 

[DisarmedDespot]

Seems that would be hard to enforce, either use solar, or run off batteries and have a charger kick on and off to top them up. Idea is to make sure the power usage signature of the GPUs never hits the hydro meter. And of course mine over a VPN.

Unless they have another way to detect it? You'd still have to be creative when it comes time to convert the crypto to cash though. I guess you could try to find online services/stores that actually accept crypto and actually just spend it directly. Wonder if any gold/silver bullion places take crypto, that would be the best bet actually.

This is targeting companies, not individuals. They don't care about someone mining with a few GPUs at home. They care about warehouses full of ASICs brute-forcing sha256 hashes. Remember, this is an industry that re-opened a coal power plant in New York.

 

[Red Squirrel]

This is targeting companies, not individuals. They don't care about someone mining with a few GPUs at home. They care about warehouses full of ASICs brute-forcing sha256 hashes. Remember, this is an industry that re-opened a coal power plant in New York.

Oh I see, and using coal of all sources is pretty horrible. They should have at least used clean energy like solar, wind, or hydro, or even nuclear. I imagine getting coal is not really that easy these days either and probably not cheap. Seems like an odd choice.

 

[njdevilsfan87]

The problem is while it may be enforced within the US, other countries around the world will do whatever they want with their carbon output. It's largely why we are spiraling towards climate collapse (with Bitcoin having contributed an entire... 1% towards that). And so these companies will offshore and resume elsewhere. Nothing changes.


If/when Ethereum passes Bitcoin in market cap, that will be the beginning of the end for Bitcoin (and proof-of-work). Since Ethereum and beyond are green techs a good path forward to me is pretty simple: consequences for income earned via proof-of-work networks and incentives for income earned via proof-of-stake networks. It well aligns with the green innovation of the country, though none of you here would actually want to admit that because such would mean starting to promote use of these other networks (that you totally missed the boat on... actually there would be a huge opportunity again, but you'd still all miss the boat).

 

[IronWing]

The problem is while it may be enforced within the US, other countries around the world will do whatever they want with their carbon output. It's largely why we are spiraling towards climate collapse (with Bitcoin having contributed an entire... 1% towards that). And so these companies will offshore and resume elsewhere. Nothing changes.

If it is true that Bitcoin mining accounts for 1% of global carbon output, it would be utterly irresponsible for any government to not shut it down immediately. That is a flagrant waste of resources and appalling pollution load for gambling activity.

 

[repoman0]

If it is true that Bitcoin mining accounts for 1% of global carbon output, it would be utterly irresponsible for any government to not shut it down immediately. That is a flagrant waste of resources and appalling pollution load for gambling activity.

But ethereum will overtake Bitcoin soon and allow for totally pollution free gambling, which makes it green tech for some reason. Right up there with solar power in importance and usefulness.

 

[Red Squirrel]

IMO the REAL solution is to stop using such dirty ways to produce power. Even if you get rid of mining, that's only 1%. Best to just fix the problem entirely by going to 100% clean and renewable sources. The tech is there it's just there's too much politics to move to it.

 

[IronWing]

1% is more than the national power usage of most countries.

 

[repoman0]

1% is more than the national power usage of most countries.

Glad I’m not the only one who reads that and sees an astronomical sickening number. We can spend an extra year or two that we don’t have manufacturing tens of thousands of additional solar panels and windmills to offset that 1% … or just shut down useless Bitcoin and get it for free.

 

[repoman0]

Also lol at “missing the crypto douchebro boat”. I proudly choose to not board. Some of us don’t need this shit to be productive and make money.

 

[Red Squirrel]

I kinda regret not getting in early, and can't fault those who are into it. It's easy money. I did mine ethereum for a bit but I got in too late so it was too hard to get GPUs and with only 2 of them it was just not worthwhile. Sold one, and kept the other to upgrade my gaming machine.

I still have the mining case unused, it's too overkill in size to use for a regular system but maybe redesign it as a storage vault or something at some point.

 

[JEDI]

the fad called nft is dead.
but bitcoins still alive and kicking @$29k

 

[Zorba]

IMO the REAL solution is to stop using such dirty ways to produce power. Even if you get rid of mining, that's only 1%. Best to just fix the problem entirely by going to 100% clean and renewable sources. The tech is there it's just there's too much politics to move to it.

Much easier to do if we stop wasting power on bullshit. Throw in the e-hummer and stupidly bright lighting everywhere too.

 

[Charmonium]

Isn't there a coin that pays you for storage space? If it at least pretends to have some infrastructure, that might be worth doing.

I have all of the fixin's for a new 50T raid array of which maybe I'll see about 38T. Then I could connect the 40T (no redundancy) to the router and let the world have at it.

 

[igor_kavinski]

I have all of the fixin's for a new 50T raid array of which maybe I'll see about 38T. Then I could connect the 40T (no redundancy) to the router and let the world have at it.

Using ZFS?

 

[IronWing]

FAT32 for backward compatibility.

 

[njdevilsfan87]

200+ gwei fees on Ethereum the past few days. Sorry guys, but people are getting back on.

I'm actually frustrated over, yet again, the stupidity that people are paying for. Like let's go ahead and block legitimate projects from deploying and using Ethereum so degens can speculate on stupid meme crap.

 

[snoopy7548]

But what about "crypto good?"

 

[VirtualLarry]

But what about "crypto good?"

Powering Crypto with cow shit.

 

[Charmonium]

ZFS

Filecoin. Not much about it on the web. I mean some info and they have a website where you can dl the software.

 

[Lost_in_the_HTTP]

US DOJ to crackdown on crypto exchanges, NCET director says - FT​

Reuters|2 hours ago
(Reuters) - The U.S. cryptocurrency enforcement tsar has said that the country was stepping up scrutiny of crypto exchanges to target illicit behavior on the platforms, the Financial Times reported ...


Did the other shoe just drop?

 

[Charmonium]

I think the past few years have just been a feeding frenzy for the "sharks." Think about it. You have all of these essentially unregulated securities exchanges, trading billions of USD worth every day but with none of the oversight or regulation that normally goes with real securities. What's not to like? So why worry about the SEC, FTC, etc harshing your buzz dealing in traditional but fraudulent securities when there are many millions of sheep practically begging to be shorn outside of the watchful eyes of any regulators. Well, up until now.

Crypto has been the big punch bowl not the traditional markets. And the threat of regulation has been heard so many times I doubt that this will be much more than a healthy post prandial burp before everyone digs back in.

 

[BFG10K]

No surprise blockchain can't actually solve anything. A "solution" looking for a problem.

Australian stock exchange abandons plans to rebuild its platform on blockchain

Australian Securities Exchange (ASX) Ltd has recently confirmed that a proposed plan to rebuild its software platform on a blockchain solution is no more. The "blockchain revolution"...

www.techspot.com

 

[VirtualLarry]

Ethermine, one of the LARGEST ETH mining pools is SHUTTING DOWN on July 1, 2023.

"The ERA of MINING is OVER..."

 

[Heartbreaker]

"The ERA of MINING is OVER..."

Oh, wait...