Not you too! - Miners looking towards gaming laptops powered by NVIDIA's Ampere GPUs for Ethereum

[TOMPPIX]

I can't make counterfeit money but the cryptocurrency market sure can... Burn these motherf*ckers to the ground already.

[jagdtigger]

2 hours ago, AngryBeaver said:

We are past the point of it just dying and going away.

Governments  could kill it if they wanted to pretty easily.......

[handymanshandle]

Honestly this is starting to get annoying with these Crypto miners.

Like I'm generally against more regulation but fuck hoarding hardware for greed is deplorable.

[D13H4RD]

Apparently, even on a GTX 1060, Ethereum at its current rate is profitable. 

 

I've got a laptop with a 1060 that's on its last legs. 

 

thonk.gif

[NeuesTestament]

18 hours ago, CephDigital said:

Well rip, looks like I wont be buying a new laptop in April then...

Don't worry, you can buy one in April 2023

[williamcll]

I can only wish the price of CPUs go down.

 

wait till someone develops Bitcoin Mining for NPUs.

[AngryBeaver]

6 hours ago, jagdtigger said:

Governments  could kill it if they wanted to pretty easily.......

Only if every government in the world had the exact same stance. Which will not happen in any of our life times. Not only that since they government has already basically acknowledged it as a form of currency that can be taxed... they would be on the hook for any losses caused if they did kill it off.

 

That all aside the way block chain works would make it incredibly hard for a government to "kill it." They could make it illegal, but that wouldn't stop it. They could try to shutdown the parts of the chain in the USA, but that still wouldn't stop it. It would just lead to more secure exchanges that would be more inclined to completely go anonymous.

[EL02]

I mean...it is a good investment, perfectly legal and somewhat acceptable.

[Zodiark1593]

8 hours ago, DrMacintosh said:

Imagine letting a group of people become rich as long as enough of them come together and believe that they are rich. Something has to give. If it were up to me I would have governments declare crypto currency a danger to national security (bc crypto directly threatens legal tender of every nation) and ban its use. That or slap a 50% tax on it so nobody wants to use it. 

The decentralization and anonymity does take away a lot of governments’ power to effectively do away with it. From a practical sense, I don’t think a simple ban is going to kill it.

 

In a sense, the value of cryptocurrencies are determined by those actually using them rather then by a government body, which arguably is a democratization of currency. 

[jagdtigger]

2 hours ago, AngryBeaver said:

they would be on the hook for any losses caused if they did kill it off.

Its the worlds biggest money laundering operation, users should be glad if they can get away with just money lost.....

[atxcyclist]

33 minutes ago, Zodiark1593 said:

The decentralization and anonymity does take away a lot of governments’ power to effectively do away with it. From a practical sense, I don’t think a simple ban is going to kill it.

 

In a sense, the value of cryptocurrencies are determined by those actually using them rather then by a government body, which arguably is a democratization of currency. 

Currency has to be established by a government to be legitimate, because there has to be universal acceptance of that currency. Crypto isn't like that. If I had a wallet with cryptocurrency in it, I cannot go to my local grocery store and buy anything, nor could I go to a car dealer and purchase a new car. 

[DrMacintosh]

1 hour ago, Zodiark1593 said:

it. From a practical sense, I don’t think a simple ban is going to kill it.

It would actually do more damage than you think. For one it would bar your ability to buy/sell crypto on the stock market making any big deals with it basically unreliable for businesses and small users will be unable to trade efficiently (as if small users are a significant user base or crypto anyway)

[AngryBeaver]

46 minutes ago, atxcyclist said:

Currency has to be established by a government to be legitimate, because there has to be universal acceptance of that currency. Crypto isn't like that. If I had a wallet with cryptocurrency in it, I cannot go to my local grocery store and buy anything, nor could I go to a car dealer and purchase a new car. 

No. The difference is USD and other currency is backed by a country/bank. With bitcoin there is no physical backing in the same way... the Currency gets it's value from the resources required to mine it and the value people place on it. As long as people use it as a currency it will still be a viable source. So while etherium for example doesn't have a country backing it... that doesn't mean I can't exchange it for a currency that does.. and as long as others see it that way it will continue to have a value.

I mean currency was originally a physical representation of how much gold a country had. Which is why some currency is worth more than others, but that pool has been so diluted and gold is no longer the much coveted resource it once was. 

[DrMacintosh]

3 hours ago, AngryBeaver said:

Not only that since they government has already basically acknowledged it as a form of currency that can be taxed... they would be on the hook for any losses caused if they did kill it off.

Why would they be liable for losses for a currency that no longer exists and has no value or backing? The deals in existence would simply collapse. That’s the cost of business. 

[atxcyclist]

Just now, AngryBeaver said:

No. The difference is USD and other currency is backed by a country/bank. With bitcoin there is no physical backing in the same way... the Currency gets it's value from the resources required to mine it and the value people place on it. As long as people use it as a currency it will still be a viable source. So while etherium for example doesn't have a country backing it... that doesn't mean I can't exchange it for a currency that does.. and as long as others see it that way it will continue to have a value.

I mean currency was originally a physical representation of how much gold a country had. Which is why some currency is worth more than others, but that pool has been so diluted and gold is no longer the much coveted resource it once was. 

Everyone has to use and accept it for it to be viable as currency. Every sales counter, every private citizen, and every banking institution. Just because there are brick and mortars and online institutions that will exchange cryptocurrency for something like USD, Euro, Yen, and etc., doesn't legitimize the crypto as a true currency. It's just bartering, and at that the assumed value of cryptocurrencies are so volatile that within a 20 minute span you could go from being able to buy a new Mercedes to being able to buy a Big Mac with the same amount of a cryptocurrency. There's no accountability in any sense with crypto.

[AngryBeaver]

10 hours ago, TOMPPIX said:

I can't make counterfeit money but the cryptocurrency market sure can... Burn these motherf*ckers to the ground already.

Except it isn't counterfeit? They aren't trying to make a copy of the Dollar, Euro, or any other currency.

Crypto also has a value which is created by the resources required to generate (mine) it. Using it as a form of payment is no different than any other type of barter and the government trying to control barter becomes a pretty iffy area. I mean if crypto being digitally mined means it has no value... then maybe gold, oil, and other precious resources shouldn't be tradable for money as they are just physical extensions of this. Barter is barter... there shouldn't be exceptions to this.

[AngryBeaver]

2 minutes ago, atxcyclist said:

Everyone has to use and accept it for it to be viable as currency. Every sales counter, every private citizen, and every banking institution. Just because there are brick and mortars and online institutions that will exchange cryptocurrency for something like USD, Euro, Yen, and etc., doesn't legitimize the crypto as a true currency. It's just bartering, and at that the assumed value of cryptocurrencies are so volatile that within a 20 minute span you could go from being able to buy a new Mercedes to being able to buy a Big Mac with the same amount of a cryptocurrency. There's no accountability in any sense with crypto.

Which is the risk people who use it have to accept. It only takes 2 people agreeing on something as a form of currency to make it legitimate (barter). The whole point of crypto currency was to decentralize currency. So crypto doesn't have a value derived from any one government.

[atxcyclist]

2 minutes ago, AngryBeaver said:

Except it isn't counterfeit? They aren't trying to make a copy of the Dollar, Euro, or any other currency.

Crypto also has a value which is created by the resources required to generate (mine) it. Using it as a form of payment is no different than any other type of barter and the government trying to control barter becomes a pretty iffy area. I mean if crypto being digitally mined means it has no value... then maybe gold, oil, and other precious resources shouldn't be tradable for money as they are just physical extensions of this. Barter is barter... there shouldn't be exceptions to this.

Currency values are based on gold and silver, not the other way around. 

[atxcyclist]

1 minute ago, AngryBeaver said:

Which is the risk people who use it have to accept. It only takes 2 people agreeing on something as a form of currency to make it legitimate (barter). The whole point of crypto currency was to decentralize currency. So crypto doesn't have a value derived from any one government.

Decentralizing currency is the worst quest there is, why wouldn't you want your currency to have backing and universal acceptance status? Why would someone want to get paid for an hour's work with something that might be worth nothing in a few days.

[AngryBeaver]

14 minutes ago, atxcyclist said:

Currency values are based on gold and silver, not the other way around. 

Yes and no. I cannot walk up to the federal reserve and trade my cash for gold. Cash no longer has the same value it use to. The amount of money circulating is much higher than the gold reserves it represents and this doesn't even dive into trade deficits and the like. 

So while I can buy gold from private parties... I cannot just walk down to the federal reserve and trade cash for gold that is because in 1971 most governments moved away from the "gold standard." So money is just paper with a value derived by the government that we have chosen to accept and use. So again, you don't need a government backing to give something a value or use it as a form of currency. You need a government backing if you want some type of guarantee that the currency will hold value, but with how the world market is that value, even of the dollar, fluctuates compared to other currencies... just not as drastically.

[BuckGup]

Isn't this a good thing though? People are spending a ton of money as well as making a ton of money. Little bit of an economic bump

[Moonzy]

@AngryBeaver you're not gonna persuade anyone, I would save my breathe

 

mining is like a dream for me as a tech enthusiast. now instead of spending thousands a year on PC components, I spend what i earn from crypto on PC parts, it's pretty sweet

unless people can come up with a good reason why not to mine, I'll continue to do it because saying no to free money is kind of silly in my eyes.

inb4 people saying I'm not earning anything, and my entire PC that I bought using crypto money is an illusion

 

As long as it remains profitable, people will buy everything that will make them money.

No one is stopping u from mining to justify the higher costs of the GPUs too, other than yourselves

[AngryBeaver]

6 minutes ago, Moonzy said:

@AngryBeaver you're not gonna persuade anyone, I would save my breathe

 

mining is like a dream for me as a tech enthusiast. now instead of spending thousands a year on PC components, I spend what i earn from crypto on PC parts, it's pretty sweet

unless people can come up with a good reason why not to mine, I'll continue to do it because saying no to free money is kind of silly in my eyes.

inb4 people saying I'm not earning anything, and my entire PC that I bought using crypto money is an illusion

 

As long as it remains profitable, people will buy everything that will make them money.

No one is stopping u from mining to justify the higher costs of the GPUs too, other than yourselves

Exactly. My 3080 if used 24/7 to mine pays for itself in 2 months... then it is all profit. That is also at current rates which are likely to continue climbing with occasional crashes thrown in.

[atxcyclist]

12 minutes ago, Moonzy said:

@AngryBeaver you're not gonna persuade anyone, I would save my breathe

 

mining is like a dream for me as a tech enthusiast. now instead of spending thousands a year on PC components, I spend what i earn from crypto on PC parts, it's pretty sweet

unless people can come up with a good reason why not to mine, I'll continue to do it because saying no to free money is kind of silly in my eyes.

inb4 people saying I'm not earning anything, and my entire PC that I bought using crypto money is an illusion

 

As long as it remains profitable, people will buy everything that will make them money.

No one is stopping u from mining to justify the higher costs of the GPUs too, other than yourselves

Except we cannot buy graphics cards to do anything with, they’re not available. What’s the main reason for that? Crypto miners.

[AngryBeaver]

13 minutes ago, atxcyclist said:

Except we cannot buy graphics cards to do anything with, they’re not available. What’s the main reason for that? Crypto miners.

That isn't true either. People are getting cards all the time. You just have to be vigilant if you want one. I will be going back to microcenter in about 10 days to get another 3080 (30 day cooldown on buying them) Meaning that in that 30 day cooldown window if I was mining I could have paid for about half of my next card. I might try the newegg lottery system too to see if I can get some from multiple sources.

 

People always want to blame the miners, but honestly it comes down to supply/demand and the ways retailer are protecting customers from people buying cards up in bulk. Hard for miners to clear out inventory when retailers have a good system in place to prevent it. The people mining with these cards have just as much right to own one as anyone else.