CryptoCurrency Mining with GPUs *spawn*

trinibwoy said:
Blockchain as a distributed ledger could seriously speed up transactions in the financial industry, eliminate a lot of errors and remove the need for trade matching and reconciliation. But it would require all the banks, brokers, exchanges, hedge funds etc to agree on a single shared network and protocol. Never going to happen.
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You're basically describing SWIFT that already exists
 
Oooh, new term! "Cryptocrash"! :D

The Terra Luna token fell from a high of $118 (£96), last month, to $0.09 on Thursday.

The collapse had a knock-on effect on a linked token, TerraUSD, which is normally stable.

And spooked investors are now pulling out of major crypto-currencies, sending markets plummeting.

The companies behind stablecoins try to ensure they remain in parity with assets such as the US dollar - with one token equalling $1, for example.

But on Thursday TerraUSD fell to $0.4 according to the trading website Coin Market Cap.


Tether, the most popular stablecoin, also fell off its US dollar peg - to an all-time low of $0.95.

The term "cryptocrash" has been trending on Twitter and Google Search.

And the combined market value of all crypto-currencies is now reportedly $1.12trillion, about a third of its November value, with more than 35% of that loss coming this week.

One Bitcoin is now worth about $27,000, its lowest value since December 2020 and down from a high of nearly $70,000 late last year.

Ethereum, the second largest coin by value, has lost 20% of its value in 24 hours.
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Qesa said:
You're basically describing SWIFT that already exists
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No SWIFT doesn’t solve that problem. It’s just a messaging platform for communicating market activity and holdings. It doesn’t guarantee settlement or reconciled books between parties like blockchain would.
 
I am enjoying this crash very much.

LUNA is down to 0.0029c, running out of 9s to describe how much it's down :)

UST is now 11.6c instead of $1.

The blockchain was actually halted yesterday, because of fears that it would be "cheap" to perform a governance attack. So it was halted to issue the stakeholders with new software (yes, it's proof of stake).

Coinbase is getting lots of heat:

Coinbase junk bonds tank amid market rout and creditors’ fears (cointelegraph.com)

as somehow it lost nearly $0.5B this past quarter, despite the fact that running an exchange is a literal "licence to print money".

Really hoping Tether, USDT, suffers a terrible fate, too. Soon, please.
 
I read recently that if Coinbase go into bankruptcy, essentially all the users' crypto money is frozen as it becomes unsecured creditors.

edit: From that article:

The disclosure noted if the company were to go bankrupt, user’s digital assets held on the platform may “be subject to bankruptcy proceedings” and could see them treated as “unsecured creditors.”
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The irony is that this has always been the case. But recently the SEC required that these exchanges declare this fact explicitly.

So, what's happened is that Coinbase has been required to officially disclose something that was true from day one.

The bonds that Coinbase has issued have reacted badly to this recent declaration because bonds are behind cryptoassets when it comes to creditors. So if bankruptcy causes Coinbase's administrators to use cryptoassets to pay debts, then bonds have even less value!

So the information asymmetry is strong here. Bond holders were not correctly informed of the risks.

It's amusing because the SEC makes great pains about it being in business to protect the little guys. Yet it was years and years before these businesses were forced to state the risks associated with cryptoassets explicitly.
 
Malo said:
I read recently that if Coinbase go into bankruptcy, essentially all the users' crypto money is frozen as it becomes unsecured creditors.

edit: From that article:
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That's why people recommend to use your own wallets.

Its cumbersome AF tho, and the fees can be too much... I'm also those kind of people that use exchange wallet instead of own wallet...
 
I feel a little bad for all the clueless people who invested in crypto without understanding it was actually worthless, but there's been too many of 'em who've been smug arseholes to me about what an idiot I am for speaking bad of crypto that it's sort of balancing out and I think I'm just gonna enjoy watching it all burn.

I do hate when innocent people get hurt, but when something is too good to be true it usually is. Isn't that like one of the first lessons everyone learns?
 
trinibwoy said:
Insanity. How is that legal.
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Because CoinBase and other Crypto exchanges do not operate as a Bank nor do they follow any Banking Regulations, same with not following any financial trading market regulations, etc. Thus anything in the wallets of the exchange are viewed as being merely resources owned by the exchange, just like office furniture, telephones, chairs, desks, cabinets, plants, supplies, or server equipment.
 
Another reason why it's legal: crypto has no intrinsic value. Lemme just be that guy and repost something here:

Albuquerque said:
"Digitally mined" currency is an investment product of the greater-fool-theory variety. It has zero intrinsic value and therefore can't be categorized as an asset. The so-called "value" is purely speculative on price and movement. There is no cashflow or economic activity, rather it's a medium of exchange / bartering tool that various people have assigned value to, as part of a larger zero-sum game.

The underlying technologies of blockchain and proof of work/proof of stake, and various metaimprovements with encryption are all useful technologies, none of which have any bearing on establishing crypto value.

Crypto is only so much the future as any other pointless bubble. See also: NFTs
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Your cash on Coinbase is protected up to a limit, seemingly around $200,000. It's just that your cryptoassets aren't.
 
It didn't actually "plunge" though. The -10% is after market trading and it didn't reflect on the next day (it actually went up on regular trading hours).
 
pcchen said:
It didn't actually "plunge" though. The -10% is after market trading and it didn't reflect on the next day (it actually went up on regular trading hours).
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I didn't link that article for the headline, rather for the summary relating to the change in revenue explicitly due to "crypto" that NVidia has reported over recent quarters.

How many GPUs is NVidia no longer selling explicitly for crypto. How many more GPUs are there for the gamers?

A few tens of thousands, it seems. or maybe low hundreds of thousands. A drop in the ocean, I guess.
 
digitalwanderer said:
How could we tell? I mean I've never been asked when buying a GPU if it's for gaming or crypto.
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Because it shouldn't be anyone's business what I use a GPU I paid my own money for. I understand frustrations of real gamers and that a lot of cards went straight from factories to big farms, but what landed in retail shouldn't be any more regulated than it is now.
My card, I can use it as a flower pot if I wish, I bought it and own it. At least that is what I like to think ...
 
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