CryptoCurrency Mining with GPUs *spawn*

That is a horrible blank statement to make. Any defense is biased under that perspective. Its egotistical AF. Translation: if our opinions are different, yours is wrong and any challenge from me you say "Yes, there's that thing again".



Please.



You are not seeing counter arguments to legitimate critiques. Just the ones factually inaccurate. Inaccurate according to who, you may ask? Not flat earthers thank you very much.



If your sentiment about any tech was created from a place of misconception and misrepresentation of the factual properties of the tech, its your sentiment that need changing, and not those of the people correcting you. Again, right or wrong according to who you may ask? The freaking computer science behind blockchain and smart contracts.

 

There's a lot of things I will defend where I have no financial motivation to do so.

Can you say the same in this situation?

 

whataboutism ...

 

God forbid that honesty and consistency exist in a discussion.

 

Alleged honesty.
There's no reason that we should believe you when you say you have no financial motivation (nor you to believe any of us claiming the same). Hence that point is useless entirely

Whataboutism is an attack on the consistency of the discussion by definition; so at least that claim can be invalidated easily

 

Yes I can. I currently do not have a financial position in crypto. But when I had, the motivation was one you are familiar with, that is to understand the tech the same way when you buy a car you read 100 forums pages 50 youtube videos and 20 professional reviews.

After 5 years of the above, you cringe hard at the sight of random verdicts based on false facts and misconceptions.

Much like I am aware how phase-change in fridges work, but it does not give me the right to publicly spread my unqualified criticism on triple-stage cascade CPU coolers. You could pull it off in a family dinner with nurses and librarians and school teachers, but in a high-level tech forum you are liable to be caught with your pants down and I caught plenty here.

 

Is it ok if I hope crypto crashes and burns just because I still hate them for what they've done to the GPU market? That and all the annoying people who started buying/trading it a year or so ago as the hottest thing ever who had no clue what they were getting in to trying to explain to me that I was wrong that it was extremely volatile and dangerous? I felt so bad for those people! No matter what I'd say they believed all the hype about crypto just going up forever.

 

"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

 

What was it that I said last page, regarding the most clueless crowd towards crypto being the crowd that Beyond3D represents? Of which I concluded with the following remark:

"To confidently offer a verdict without knowing the basics, is what I mean."

Lo and behold, enters @Albuquerque. Confidently incorrect, no knowledge of the basics, gathering "likes" from his equals.

False. The economic model and cashflow was explained earlier in this thread. You skipped the entire thread to quickly parrot the popular opinion, and in the process learnt nothing. To claim that the very thing that makes cryptocurrencies work, does not exist. What can I say.

False. First, not every project is bitcoin or dogecoin. Secondly, user adoption is not being made on those.

Its being made on Smart-contract blockchains which are selling a digital services in the same category as many other digital-only companies. Paypal. Visa. Google. Facebook etc. You know the economic model of these, but you don't know the economic model of Ethereum, and yet you feel confident you must be correct.

This entire quote is a contradiction.

The underlying technologies you mentioned are precisely the tools that give crypto value because they provide security and decentralization to the products they sell. It also doesn't help your quote, that the technologies you spoke of (exception being encryption) were born, created, developed, and matured in Crypto projects.Their usefulness is self fulfilling.

The distinction between NFT - the technology, and the popular term "NFTs" - people selling jpegs, was already discussed in the NFT topic of this forum, and the correct and academic conclusion is that one must not condemn technologies for what some bad actors do with it.

Regarding your shortsighted views on bubbles, they are also named open markets. And in waves, they brought you the computer, and later the Internet, and later social networks, and now DeFi.

 

*ahem* Remain civil with your posts or your posting privileges will be revoked.

 

Saying a topic was explained, versus actually having the topic proper and logically explained, are two very different things. There is no economic controls, it's simply a thing that is commodity-traded -- like beanie babies, baseball cards and Hot Wheels cars.

Case in point regarding explanations: your "explaination" of this topic mirrors your "explaination" of economic controls, which is to say you didn't explain literally anything both times.

Your first statement of alt-coins? Zero bearing on intrinsic value.
Your second statement of general user acceptance? Zero bearing on intrinsic value.

Your examples are not equivalent. The "digital companies" you listed are all backed by the United States Federal Reserve currency, or the currencies of their local country where they operate. There are some outliers markets who will on-the-fly convert other currencies (including the big coin players) however, at the end of the day, those outliers still end up backing into a local, government currency. Yes, there is a single country who decided to pin their country currency to Bitcoin, I'm aware. So far, it's gone quite badly for them...

False. Those tools are available to anyone, irrespective of tying a "digital currency" to them. It does not prove value, no more than the global top-level certificate authorities do not have their own currency either while still digitally encrypting 99% of everything on this planet.

No part of my statement said I condemned it, I simply said it was pointless eg has no intrinsic value. Baseball cards, Hot Wheels cars, and Beanie Babies all have a tiny sliver of intrinsic value (the materials used to construct them, however fleeting) and yet are still pointless. Their inflated value is purely speculative.

 

I'm sorry, I'll stop thinking bad thoughts out loud. My apologies.

 

My question to you. Do you wish to learn and discuss, or to discuss without learning? There is effort involved. These crypto topics begin on page 1 and not on page 29.

The topics usually begin in page one and not in page 29. Your laziness to read the topic does not equal that an explanation of the subject does not exist, and it does not automatically mean that your opinion is the valid one. It isn't.

You'll find the economics of crypto here https://forum.beyond3d.com/posts/2194339/

Deep discussions on what gives crypto projects intrinsic value were on the NFT topic here: https://forum.beyond3d.com/threads/the-general-state-of-gaming-nfts-in-2022-spawn.62698/

The examples are 100% equivalent despite your personal opinion of what constitutes a currency or what constitutes intrinsic value is whats wrong here.

Both Ethereum and Paypal are backed by multiple currencies and the tokens are equivalent to stocks, meaning neither the tokens nor the stocks are federal currencies nor are they backed by the gov. They are speculative assets that can be traded. Both Ethereum and Paypal value falls on the digital services they provide. Same as google, microsoft, facebook. Each with its own economic model of revenue. It pertains to my point that not all crypto is bitcoin or dogecoin, in the sense that ethereum for example, offers much much much more than just transfering value.

That, is what intrinsic value means. https://en.wikipedia.org/wiki/Intrinsic_value_(finance)

.

You are again mistaking cryptocurrencies for currency, much like you also mistake NFT for digital jpegs markets.

Forget the currency, you do not understand it yet. Refer to the link above that explains the economy. The currency aspect of crypto is only needed to sustain the economic model of security of blockchain.

The tools were developed within the cryptocurrencies themselves to sustain and provide the backbone of what gives them security and decentralization. They were built for blockchain and are as relevamt to crypto as the invention of the wheels are for cars. Cryptography excluded.

Again, your definition of what constitutes intrinsic value is what is sending you into a spiral of misconceptions.

The intrinsic value of baseball cards is not the paper they are printed on. You desperately need to educate yourself on these basic concepts before participating in a discussion that demands absolute understanding of them.




Your perception that you already understand this topic is whats causing problems here, aided by the fact you did not felt the need to read the topic from page 1, and absurdly find yourself on the last page reading concepts that will obviously be different than your current understanding. None of it is my fault.

 

I think many of us perfectly understand some or all the challenges that face block chain in general and crypto currencies in particular.

Claiming we don't understand is equivalent to calling us dumb; That won't improve our affinity towards crypto, - or you, for that matter.

Cheers

 

Most critics of cryptocurrencies and general blockchain applications tend to "understand" them both way better than "cryptobros" who say that people just don't understand.

 

Oh please.

When the arguments are being built on top of pseudo facts that dont match what tech does or how it works, how else should It be explained?

If the assumption is that you are being called dumb, I'm actually calling it being lazzy because the relevant info was already posted and your choice is the assume it hasn't or that the ones correcting you are "cryptobros". Offensive to say the least.

 

Btw despite coin prices still tanking, miners didn't flood the market with used gpu. Seems they are still strongly holding the gpus.

My dream to grab a nice, cheap, used rtx 3090 or 3080 vaporated...

 

Prices for new GPUs are going down for about a month now.
Used GPUs won't flood the market until ETH2 launch I'd say.
With ETH/gas being where it is now in price it is still very profitable to mine it so no real reason to sell the h/w just yet.

 

Not only are they holding strong, the network hashrate is increasing. They are buying more and more GPU's regardless of the coin price.

https://etherscan.io/chart/hashrate

Unlike the old days, most miners have now learned that the value of the coin you are mining today, maybe be worth 10x in a year.

 

Read about it yes, that GPU prices are predicted to go down later this year, i think they predicted by august somewhere.