CryptoCurrency Mining with GPUs *spawn*

Discussion in 'Architecture and Products' started by CarstenS, Jun 1, 2017.

  1. pharma

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    Visa will allow some transactions to be settled with cryptocurrency | Engadget
     
  2. dskneo

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    Because it wasn't clear, the above is running on Ethereum.
     
  3. pcchen

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    I guess it depends on how much volume Visa is willing to take, and where are those USDC going to.
    One of the biggest issue about stable coins is that no one is sure about how real the liquidity of these coins. Take Tether, for example, there are currently more than 40B of USDT (the Tether coin pegged to the USD) circulating, but is there really US$40B in Tether's vault to back these coins? I won't blame you if you question that :)
    So people are acting like these USDT actually having the face value, but no one can be sure. There's very few store willing to take USDT. In theory you can sell USDT back to Tether for USD, but the fee is not cheap. Most people just sell their USDT for fiat on exchanges, which means someone else (likely not Tether) is using some fiat currency to buy your USDT.
    USDC is a bit different because it's backed by Coinbase, and it's relatively easy to buy/sell USDC on Coinbase. I guess that's why Visa elected to use USDC in this pilot program.
     
  4. HLJ

    HLJ
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    I have always wonder when people say "I earned x $ mining last month".
    As it seems to be hard to do a 1:1 conversion from "coins" to "cash"...and looking at guides it seems there is a LOT of pitfalls.

    As long as "coins" != "cash" ...I question the "earnings claims".
     
  5. dskneo

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    The typical newcomer sells their coins immediately, so they just add up what they sold. If they didn't sell, and claim that you earned X$, they are wrong of course. 1 Eth = 1 Eth and the USD value is only determined at the selling point.
     
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  6. HLJ

    HLJ
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    Agreed, I think some people fail to grasp that concept...it like "stock value"...it can drop fast...or rise fast....but i don't consider "stock value" for "cash"...and again, there seems to be soooo many pitfalls when trying to convert "coins" to "cash"...I wonder how much of the "value" is real "cash"...and how much is "perceived value".
     
  7. pcchen

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    I believe it’s more accurate to evaluate mining “profits” by comparing to the cost of actually buying the resulting crypto over the same period of time. The difference between the cost of mining (including the equipments, electricity, housing, etc.) and buying the coins is the actual mining profits.
     
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  8. HLJ

    HLJ
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    I am still thinking a lot of the profits are "false"...aka "percived value".
    I doubt everyone could sell their coins for cash.
    Prove me wrong.
     
  9. Rootax

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    You can sell your coins... What are you saying ? If you mean, everyone selling at the same time, maybe it could cause problem, but it would be a problem too for every other market... Or if you want to have cash if everybody empty their accounts... It wouldn't work...
     
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  10. HLJ

    HLJ
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    You have any numbers of the percentage of coins being sold?
    Because the more I look into it seems chance and precautions are important when trying to cash out.

    If I want to sell my share, that is seldom a problem...not so easy with crypotocoins:
    https://cointelegraph.com/bitcoin-for-beginners/how-do-i-sell-bitcoins

    So I wonder how big is the trade (coins for cash) versus the "game of coins"?
     
  11. Rootax

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    I don't have numbers but mining guys are often selling some to have dollars and invest more.
    I did in 2017-2018. I'm pretty sure you can go analyze the market, like Kraken, to see the mouvements in usd or euro...

    I don't know from where this question come from. Crypto have problems, but cashing out is not one of them from what I see. I still have some cryptos, I can sell them when I want...
     
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  12. pcchen

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    This is one of the crypto exchange in Taiwan with fiat trading pairs. Their BTC/TWD trading pair has ~40 BTC volume last 24hrs. So if you don't have a huge amount of BTC to sell, I think you won't have too much trouble selling your BTC for TWD.
     
  13. HLJ

    HLJ
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    I was just looking into and it is far from as simple as "click-???-money-in-hand"
     
  14. HLJ

    HLJ
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    So 40 out of 18 million'ish...again I am left wondering.
     
  15. pcchen

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    Well, it's one exchange pair for a local fiat currency. What I'm saying is that if you are a small miner you shouldn't have any problem selling your BTC.
    If one considers most BTC/crypto pairs (such as BTC/USDT, etc.) the daily trading volume of BTC is slightly less than 1M BTC. That's more than 5% of the total number of BTC.
    By comparison, Apple has 16.77 billion outstanding shares, and the average daily volume is 100M, which is less than 1%.
     
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  16. sonen

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    1.2 million BTC traded for USD in the last 30 days.
    70 billion USD

    https://data.bitcoinity.org/markets/volume/30d/USD?c=e&t=b
     
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  17. entity279

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    Sold several thousants of $'s worth of coins for cash. What you are saying is nonesense.
    Just find an exchange that trades fiat, check how the widthdrawal works and be mindful of the fees. The end

    LE : also more niche (not as beginer friendly I rekon), nicer options are things like localbitcoins.com or descentralized exchanges like bisq
     
    #1037 entity279, Apr 2, 2021
    Last edited: Apr 2, 2021
  18. dobwal

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    "Perceived value"? That literally encompasses almost everything of value including currency, stocks, land and personal property. What do think would happen if all the countries in the world dump their currency reserves in US dollars on the market in exchange for other currencies?

    Yes, if everyone tried to sell their crypto then it would devalue crypto coins. Same thing would happen to gold or the US dollar. There is no value in anything no one wants to own.
     
  19. A1xLLcqAgt0qc2RyMz0y

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    I fall into the sell the coin when mined. I sell either the day it was mined or within a few weeks if the coin value recently declined and recovered some of its lost value.

    So if I state I sold $xxx then that is the value I got in USD dollars into my checking account.

    Now the coin that gets sold does lose some of its value getting the coin into cash.

    I mine two different coins Ethereum (ETH) and Monero (XMR)

    Converting ETH to USD is very easy with Coinbase. I mine directly into my Coinbase ETH wallet then tell Coinbase to sell my ETH for USD. There is a small fee to do this.

    On March 10, 2021 I sold 0.19788574 ETH ($1813.27) into $358.82 USD. The fee for doing this was $5.35 so I cleared $353.47 which was direct deposited into my checking account.


    On Monero it has many more steps and each step it loses a little value.

    Steps:

    #1 - transfer from Monero wallet to Kracken wallet
    #2 - trade Monero into Bitcoin
    #3 - transfer Bitcoin to Coinbase wallet
    #4 - Sell Bitcoin into USD cash
     
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  20. sonen

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    No financial asset has any other value than its perceived value.

    "Perceived value" is The value.
     
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