Chia's a non-starter. The lottery method of operation means it only feeds whales. I gave 1.6 TB to Chia and my "time to win" was 12 years.
Concur that it was best used as a pump and dump.
Looks like the crypto collapse has begun
- Thread starter BFG10K
- Start date
Concur that it was best used as a pump and dump.
Yeah, I filled up one 6TB drive and was looking at 10 years to get anything out of it during which time the network would continue growing so... effectively I would never see a dime from it unless I 'won the lottery'. A complete waste of resources and the way it punched up the drive market makes me wonder if the people who started it were really just hard drive maker stock holders or something. :/
So I'm not saying I condone the destruction of GPUs that could be put back into the consumer market, but this is a satisfying thing to watch:
article: Watch 1,000 illegal bitcoin PCs get literally steamrolled, experience justice
youtube: link
They all look like ASIC style miners, but there might be a desktop tower or two with some GPUs in the mix...
Personally, I would have preferred if they hired the Mythbusters and explosives expert teams that the MBs used to fill a shipping container full of these things, then go full TNT on them, like they did with the cement truck. I want to see slow motion shockwaves.
article: Watch 1,000 illegal bitcoin PCs get literally steamrolled, experience justice
youtube: link
They all look like ASIC style miners, but there might be a desktop tower or two with some GPUs in the mix...
Personally, I would have preferred if they hired the Mythbusters and explosives expert teams that the MBs used to fill a shipping container full of these things, then go full TNT on them, like they did with the cement truck. I want to see slow motion shockwaves.
Bitcoin hasn't been mined on GPUs for years. Those look to be ASIC miners, which have no life outside Bitcoin mining. Not saying crushing them makes the most sense, but few to no GPUs were harmed from the looks of it.
What is crushing is thinking about the energy consumed and carbon released to extract and process all the raw materials that eventually go into an ASIC miner, which consumes even more energy to produce something of little societal benefit and no intrinsic value (yeah yeah value schmalue), only to be destroyed in the end.
Such colossal waste for nothing.
I feel like they could’ve donated them to schools and made the miners teach kids how to program them.
Typical spammer prepping by posting junk for a few posts before dumping spam.
It's interesting to read some of these more critical investigations about crypto stuff:
https://cryptowhale.medium.com/the-teth ... a169003205
That one on Tether is particularly interesting in that they cover how Tether has been used repeatedly to shore up Bitcoin price (and thereby the rest of the market) when it drops. They simply 'print' Tether and use it to buy Bitcoin. Recently their claim that every Tether is tied 1 to 1 to actual USD cash/gold/whatever has changed to being 'eh, sort of...' which makes sense when you have to just make up Tether to buy Bitcoin to prop up the price when it slumps.
I'm still hoping for more regulation and taxation on crypto from more world governments.
It's interesting to read some of these more critical investigations about crypto stuff:
https://cryptowhale.medium.com/the-teth ... a169003205
That one on Tether is particularly interesting in that they cover how Tether has been used repeatedly to shore up Bitcoin price (and thereby the rest of the market) when it drops. They simply 'print' Tether and use it to buy Bitcoin. Recently their claim that every Tether is tied 1 to 1 to actual USD cash/gold/whatever has changed to being 'eh, sort of...' which makes sense when you have to just make up Tether to buy Bitcoin to prop up the price when it slumps.
I'm still hoping for more regulation and taxation on crypto from more world governments.
I was concerned about the Crypto bounceback as far as GPU pricing goes, but China's further cracking down: https://www.msn.com/en-us/money/other/b ... ar-AANOYqC
Also, a single mining company had over 485,000 GPUs: https://www.techspot.com/news/91002-chi ... cloud.html
Also, a single mining company had over 485,000 GPUs: https://www.techspot.com/news/91002-chi ... cloud.html
LHR cards are up to 80% of non-LHR:
https://www.youtube.com/watch?v=uaF-IdZCpfk
nbminer expects to get to 100% of non-LHR before long, so... yeah.
https://www.youtube.com/watch?v=uaF-IdZCpfk
nbminer expects to get to 100% of non-LHR before long, so... yeah.
Eh. They were RX 470 cards. AMD took a bath on increased Polaris production, so it's not like end users were buying those anyway.
Looks like cryptominers.bh has no trouble getting graphics cards.
https://twitter.com/i/web/status/1433035948531593217
https://twitter.com/i/web/status/1433035948531593217
If you can buy a pallet at a time from a distributor, you can easily get cards.
Of the cards they showed off, none were Ampere, so not cards people really want right off the bat.
There was a stack of RX 580 cards. That's about the most desired of AMD's offerings for mining. The rest were RDNA2. 6700 XT is in stock at multiple places. RX 6800 and 6800 XT are harder to get, but there are some 6800 XT cards in stock in bundles at Newegg right now.
China declares all Crypto transactions to be illegal: https://www.techspot.com/news/91409-chi ... price.html
The original post of this thread is May 2021.
We'll see if China "bans crypto" some more in 2022.
This reminds me so much of early internet days. "the internet will route around censorship". https://en.wikipedia.org/wiki/John_Gilmore_(activist)
We'll see if China "bans crypto" some more in 2022.
This reminds me so much of early internet days. "the internet will route around censorship". https://en.wikipedia.org/wiki/John_Gilmore_(activist)
So much for the collapse:
https://www.coinbase.com/learn/crypto-b ... gn_3054067
Just get used to mining on your GPU to fund the over-MSRP price you pay for it.
https://www.coinbase.com/learn/crypto-b ... gn_3054067
Just get used to mining on your GPU to fund the over-MSRP price you pay for it.
ETFs means that now you don't have to own coins personally, you just own shares in a fund, and at that point it's the same as existing regulated index funds and the tax implications that go with investing.
IRS already has rules for actual coins. They're treated as property.
Yup, but I'm assuming that won't last.
They're income and should be taxed as such and with the high cost to the environment they cause, there should be some additional fee/tax burden to offset that as well. If people can get taxed on gambling income (and claim losses), crypto should be as well, especially once it is exchanged/spent.
The only reasons they haven't been so far is that the government is slow to move, likes to look for the best way to profit off of new things like this and that there is undoubtedly some large number of politicians (and their influential friends/contributors) who have a bundle of money involved in 'crypto stuff' of some kind or another so they are not going to be super happy if they have to suddenly pay taxes on it all. The psuedo-anonymity is only a minor stumbling block since you have to put your name on something to take any fiat currency out of it or bank any value beyond the cool factor of having tokens (assuming you don't want to have them for black market crime type stuff that doesn't ever end up on an accounting record somewhere). If you ever actually spend/exchange your tokens, that calculation/valuation can end up in the hands of *someone* in government and that means there will be motive to take a bite out of it.
The bigger crypto gets, the more motive there is for governments to have their fingers ever deeper in the pie and not just for getting money out of it, they want the data on what/when/where/who/howmuch too.
They're income and should be taxed as such and with the high cost to the environment they cause, there should be some additional fee/tax burden to offset that as well. If people can get taxed on gambling income (and claim losses), crypto should be as well, especially once it is exchanged/spent.
The only reasons they haven't been so far is that the government is slow to move, likes to look for the best way to profit off of new things like this and that there is undoubtedly some large number of politicians (and their influential friends/contributors) who have a bundle of money involved in 'crypto stuff' of some kind or another so they are not going to be super happy if they have to suddenly pay taxes on it all. The psuedo-anonymity is only a minor stumbling block since you have to put your name on something to take any fiat currency out of it or bank any value beyond the cool factor of having tokens (assuming you don't want to have them for black market crime type stuff that doesn't ever end up on an accounting record somewhere). If you ever actually spend/exchange your tokens, that calculation/valuation can end up in the hands of *someone* in government and that means there will be motive to take a bite out of it.
The bigger crypto gets, the more motive there is for governments to have their fingers ever deeper in the pie and not just for getting money out of it, they want the data on what/when/where/who/howmuch too.
I mean, you can assume it, but it doesn't change the way the ETF is handled for an investor.
The IRS rules for crypto were finalized a year or two ago, and I don't see them acknowledging crypto as a currency any time soon. It's an asset.
Gains on assets sold that are held less than a year are ordinary income, and taxed as such.
But how many crypto hodlers actually report that income? How many even know they are supposed to? I assume no one outside the few big US based exchanges are sending them a report at the end of the year to tell them, "Hey, here is what we sent to the IRS so you better file to match it."
https://www.accointing.com/the-hub/cryp ... rt-to-irs/
It looks like after Coinbase got sued they started issuing 1099-K forms to people who actually take out money or do enough transactions but for everyone running on exchanged outside the US, is it just the wild, wild west or something? If so, yeah, it's basically offshoring wealth like the reviled 1% do or whatever and that is something the basically everyone else in the world agrees is pretty crappy to do because it essentially amounts to cheating the system, taking wealth from the circumstances they live in and hiding it so they don't have to pay back into the system that they benefit from.
But again, I don't think that is enough. Even if a small percentage of people actually do pay taxes on the money they take out of exchanges (as in, fiat currency they get in exchange for selling tokens), it's not enough to offset the damage done to create those coins and certainly not enough to balance the tokens spent on other things that will never generate any kind of taxable income on any accounting sheets, let alone the tokens that go into criminal activity. We need to *more* than balance the damage done by the massive consumption of power and related generation of pollution and e-waste that has already happened and continues to happen to keep the market floating. There needs to be some kind of associated fee that is levied across the board on any coin exchange as soon as the wallet is associated to the exchange, to offset the ecological, social and other costs to crypto that have so far gone unaccounted. Basically it needs to be punitive to a degree, and designed to discourage the growth of the market and should be intentionally created to ramp down the growth of the market and cool it's growth so it no longer presents such an ongoing source of problems.
https://www.accointing.com/the-hub/cryp ... rt-to-irs/
It looks like after Coinbase got sued they started issuing 1099-K forms to people who actually take out money or do enough transactions but for everyone running on exchanged outside the US, is it just the wild, wild west or something? If so, yeah, it's basically offshoring wealth like the reviled 1% do or whatever and that is something the basically everyone else in the world agrees is pretty crappy to do because it essentially amounts to cheating the system, taking wealth from the circumstances they live in and hiding it so they don't have to pay back into the system that they benefit from.
But again, I don't think that is enough. Even if a small percentage of people actually do pay taxes on the money they take out of exchanges (as in, fiat currency they get in exchange for selling tokens), it's not enough to offset the damage done to create those coins and certainly not enough to balance the tokens spent on other things that will never generate any kind of taxable income on any accounting sheets, let alone the tokens that go into criminal activity. We need to *more* than balance the damage done by the massive consumption of power and related generation of pollution and e-waste that has already happened and continues to happen to keep the market floating. There needs to be some kind of associated fee that is levied across the board on any coin exchange as soon as the wallet is associated to the exchange, to offset the ecological, social and other costs to crypto that have so far gone unaccounted. Basically it needs to be punitive to a degree, and designed to discourage the growth of the market and should be intentionally created to ramp down the growth of the market and cool it's growth so it no longer presents such an ongoing source of problems.
Your arguments seems to mostly apply to "Proof of Work" (PoW) blockchains; there are now several operating ones that are "proof of stake" which use a lot less energy at the cost of being less decentralized. Cardano, Solana being the top two and Ethereum being in the middle of a migration to proof of stake (possibly called ETH2?). It is possible that these lower-energy more-centralized blockchains will win out in the end.
Yeah, there is definitely a benefit to that kind of change as far as the efficiency and cost to the environment goes but that is only a part of the equation. The part where the mere existence of crypto coins are a huge benefit to criminals is another. If there were no effective way to use or transfer crypto tokens in relation to money, criminal organizations would take a big arrow to the knee. Sure, DDoS and cryptolocker/malware threats have always been an annoyance and problem but since criminals can now take payment anonymously (or close enough for the short term anyway) it has become a lot more of a problem for a lot of people. The underground market stuff that it enables is another big issue. Yes, those also existed before but crypto currency makes it a lot easier to run with more anonymity.
Taking a bite out of all of those issues while improving the availability of parts to gamers and content producers would be a big improvement for a lot of people and a relatively small cost to a few. If done carefully, it could be done without much damage to the large part of the legit market, other than a dent in their profits. Though one could argue that those profits have been basically the result of a ponzi scheme, more or less.
Taking a bite out of all of those issues while improving the availability of parts to gamers and content producers would be a big improvement for a lot of people and a relatively small cost to a few. If done carefully, it could be done without much damage to the large part of the legit market, other than a dent in their profits. Though one could argue that those profits have been basically the result of a ponzi scheme, more or less.
I wonder what the point even is of a bitcoin ETF. I mean I guess conceptually I understand people wanting to buy paper gold or other commodities since you avoid the hassle of storage, but crypto is already an electronic/paper asset. It's like a weird Russian nesting doll. More complexity and no upside (the expense ratios I would imagine would make owning it dubious--gbtc has a 2% ER!!).
It's not a BTC ETF. It's a BTC Futures ETF. In that regard, it does provide some hedging functionality. It will be interesting to see how much use it gets as such versus poor schmucks that have heard of bitcoin and pump some of their 401k into it.
It will be interesting to see how well these future funds track the actual price of Bitcoin. Specifically BITO (ProShares) and Valkyrie (BTF), which both charge 0.95%.
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/21/10 ... -cook-says
When it's affecting $trillion companies like Apple, you know something big will happen to try to fix it.
Then there's this gem: https://edition.cnn.com/2021/11/01/inve ... index.html
When it's affecting $trillion companies like Apple, you know something big will happen to try to fix it.
Then there's this gem: https://edition.cnn.com/2021/11/01/inve ... index.html
Lisa Su indicated in AMD's investor call yesterday that crypto was a negligible part of their 6x00 demand.
https://www.fool.com/investing/2021/11/ ... -earnings/
The only thing that will help companies like Apple is more fabs, which are years out at this point.
https://www.fool.com/investing/2021/11/ ... -earnings/
The only thing that will help companies like Apple is more fabs, which are years out at this point.
Of course the manufacturers *should* be able to tell what their users are buying their devices for but... do they really know? I mean, there are probably plenty of resellers that are buying cards and then using them for mining or selling them to miners without telling AMD/Nvidia, right? Plus there are people who game once or twice a week and spend the rest of the time mining, or some mix in between. I know there are poster here who basically 'excuse' the ridiculous price jumps for GPUs by saying, 'just make up the difference by doing mining when you're not gaming.'
I'd guess it is more that they know that mining has a certain distasteful tinge to it and would prefer to pretend their products are not enabling it any more than necessary.
I'd guess it is more that they know that mining has a certain distasteful tinge to it and would prefer to pretend their products are not enabling it any more than necessary.
Well mining might not be dead afterall.
Some GTA wannabes just jacked a shipment of GPUs from EVGA
https://forums.evga.com/Notice-of-Stole ... 90851.aspx
Some GTA wannabes just jacked a shipment of GPUs from EVGA
https://forums.evga.com/Notice-of-Stole ... 90851.aspx
I heard they got them on video during the heist:
I wonder if EVGA could blacklist the serial numbers in their drivers so on boot it pops up a warning that the card is stolen and police have been notified, please stay where you are, etc.
Better yet, it bluescreens your computer, and then shows the police notification instead of an error message hehehe
I heard they got them on video during the heist:
I wonder if EVGA could blacklist the serial numbers in their drivers so on boot it pops up a warning that the card is stolen and police have been notified, please stay where you are, etc.
I bet there's way more thefts occurring closer to the beginning of the supply chain than at the end delivery point. Weren't there news of entire containers full of nvidia GPUs being stolen in China?
Twitter hubbub fueling a hilarious panic on Reddit:
https://twitter.com/JTheAccountant/status/1456835909303869447
Le Panique: https://www.reddit.com/r/CryptoCurr...rgent_the_house_has_passed_an_infrastructure/
In case the hotlink dies and the post disappears, here's a transcript:
I found it hilarious that some of these monkeys have been squawking at me to consider crypto a "real" currency and then suddenly it's DEADLY for it to be treated like a real currency.
https://twitter.com/JTheAccountant/status/1456835909303869447
Le Panique: https://www.reddit.com/r/CryptoCurr...rgent_the_house_has_passed_an_infrastructure/
In case the hotlink dies and the post disappears, here's a transcript:
I found it hilarious that some of these monkeys have been squawking at me to consider crypto a "real" currency and then suddenly it's DEADLY for it to be treated like a real currency.
I absolutely love the part you quoted from there. "Anti-fragility", until Musk opens his piehole and it loses $trillions in value within 5 minutes. When that happens, all of the exchanges co-ordinate like financial cartels and have mysterious "system problems" at the same time, preventing mass selloff.
These people really are deluded religious nutters. "Crypto will save us from fiat and create financial utopia...by converting it back to fiat!"