Mine Crypto Before It's Too Late! (SPONSORED)

[JoeLogs]

4 minutes ago, tikker said:

Sure, but that doesn't make crypto bad. That's just computers getting infected with malware. I can see how this type of mining could pose tricky to crack from a fincrime perspective though.

This is comparing apples with oranges in my opinion. I believe you that ransomware is surging (lots of local universities have been held ransom past year for example), but ransomware incident response teams would have existed with or without crypto. Only 0.34% of crypto seems to illegal activities (maybe a bit underestimated based on previous paragraph).

Is that really how ransom negotiations go? Get out the money bags? Not trying to sound condescending here, genuinely interested, as the advice is always to never pay. On the plus side, with crypto you'll have the benefit of being able to trace exactly where it goes if they don't use a privacy coin.

Yeah Ethereum gas high fees are wicked currently. Another alt coin would've probably been a better choice for moving stuff around. Nano and Stellar are super quick in transferring for example (and also aim more to be a currency currency).

So here's my basic take. I have a philosophical objection to cryptocurrency which is it's bad because it is attempting to be a parallel option to fiat with monetary policy that's set by shareholder consensus. I think that's bad because I think it's preferable for monetary and fiscal policy to be set by democratically elected institutions, where everyone's vote counts the same regardless of how much USD they have in their bank account.  That's my philosophical problem with crypto, it's basically just an opinion, feel free to agree or disagree.

Then there's the practical issues which you can't really get around

In terms of paying ransom, if you're a fortune 500 company you have a ransomware plan, paying is plan Z and you go through plans A - Y first, but yeah if you lost access to your crown jewel data and can't get it back any other way you're going to pay. Wormable exploits can really fuck your shit up fast, they'll often have timer so by the time you realize anything is wrong your entire network is fucked and your back up service has already overwritten good backups with encrypted junk you can't restore from. I suggest reading about Maersk ransomware recovery after NotPetya. It cost them millions of dollars, and the only reason they were able to restore things was because they had a Domain Controller in a server farm in Ghana that happened to lose power during the attack, so by pure luck they had a foundation to rebuild from.

The environmental stuff is just awful. Again the same carbon footprint as New Zealand, a developed country with a population of nearly five million people. If something produces as much carbon as five million people living first world lifestyles it should be extremely fucking useful or we should stop doing it.

If cryptocurrency vanished tomorrow the only things that would change is FINCRIME groups lives would suddenly get a lot tougher, and we'd have a little  more time to figure out climate change. No actual economic productivity would be lost!

[Senzelian]

I would definitely do this, if I wouldn't need to be scared that my GTX 1080 could die at any moment now and I that can't get a replacement.

[warriorscot]

42 minutes ago, JoeLogs said:

I bought some eth ages ago cause I was curious about it, I recently realized it had become worth like $6000, I wanted to transfer it to coinbase to cash out, and it had a "Gas fee" of like $60. Fiat is way cheaper and faster to move.

Sure, but fiat doesn't do smart contractors or a bunch of other stuff? If you mine the gas is not much of a hassle since it's part and parcel of your profits i.e. you make your eth of gas. There's also mitigations for that coming as it has gotten higher and alternatives to eth where it is less of an issue. Although it does buy you security. 

 

You also wouldn't have made money on fiat, and that much Eth in defi could literally have doubled its value or more! At the moment the defi space is absolute money printing, it won't last, but if I had that much appetite for risk or had already made huge gains I would be up for the risk. 

[dogwitch]

1 minute ago, JoeLogs said:

So here's my basic take. I have a philosophical objection to cryptocurrency which is it's bad because it is attempting to be a parallel option to fiat with monetary policy that's set by shareholder consensus. I think that's bad because I think it's preferable for monetary and fiscal policy to be set by democratically elected institutions, where everyone's vote counts the same regardless of how much USD they have in their bank account.  That's my philosophical problem with crypto, it's basically just an opinion, feel free to agree or disagree.

Then there's the practical issues which you can't really get around

In terms of paying ransom, if you're a fortune 500 company you have a ransomware plan, paying is plan Z and you go through plans A - Y first, but yeah if you lost access to your crown jewel data and can't get it back any other way you're going to pay. Wormable exploits can really fuck your shit up fast, they'll often have timer so by the time you realize anything is wrong your entire network is fucked and your back up service has already overwritten good backups with encrypted junk you can't restore from. I suggest reading about Maersk ransomware recovery after NotPetya. It cost them millions of dollars, and the only reason they were able to restore things was because they had a Domain Controller in a server farm in Ghana that happened to lose power during the attack, so by pure luck they had a foundation to rebuild from.

The environmental stuff is just awful. Again the same carbon footprint as New Zealand, a developed country with a population of nearly five million people. If something produces as much carbon as five million people living first world lifestyles it should be extremely fucking useful or we should stop doing it.

If cryptocurrency vanished tomorrow the only things that would change is FINCRIME groups lives would suddenly get a lot tougher, and we'd have a little  more time to figure out climate change. No actual economic productivity would be lost!

Check up the boating shipping industry  they dont have any plan to go renewal. and yet there top 3  poloting(auto correct issue) and consuming energy . so really its the end user watching this video. complain for no other reason. they dont want to do any research in the matter.

[Middcore]

 

[Loki0111]

5 minutes ago, Middcore said:

 

Yah, I get the need the sponsorship money but given who their core viewer and support base actually is I am utterly shocked they ran with this sponsor spot.

 

Obviously they clearly just noticed the problem themselves with the backlash.

 

But they know the people watching their content are largely gamers and PC enthusiasts, how they hell did this even make it to production stage?

[JoeLogs]

5 minutes ago, dogwitch said:

Check up the boating shipping industry  they dont have any plan to go renewal. and yet there top 3  poloting(auto correct issue) and consuming energy . so really its the end user watching this video. complain for no other reason. they dont want to do any research in the matter.

The boating and shipping industry is extremely useful for shipping things. Like yes we should decarbonize that industry, but there's a very good reason for that industry to exist. It is extremely economically productive. This is a super weird comparison, because again cryptocurrencies consume massive amounts of energy without adding any productive economic activity to society. 

[Dracarris]

6 minutes ago, Middcore said:

 

ouuu there is already backlash? wow that was quick. Did enough people unsubscribe so LS thought he was forced to act?

[poochyena]

29 minutes ago, Loki0111 said:

People are going to mine all year around as long as its profitable to do so.

this is literally the entire point being made. Its profitable BECAUSE its in the winter, and more of a risk during warmer months.

[GodAtum]

I have a 3090 on my gaming rig. I does about 84 MH/s. Is that any good? Should I keep the BTC or sell? I usually wait until every $200 to sell BTC into cash.

[Loki0111]

3 minutes ago, Dracarris said:

ouuu there is already backlash? wow that was quick. Did enough people unsubscribe so LS thought he was forced to act?

You can see some of the activity on Youtube, I don't really pay attention to twitter.

 

I don't know if its had any impact on his subscriber numbers but it looks pretty clear on Youtube a portion of Linus's support base just started picking up gas cans and torches.

[dogwitch]

14 minutes ago, JoeLogs said:

The boating and shipping industry is extremely useful for shipping things. Like yes we should decarbonize that industry, but there's a very good reason for that industry to exist. It is extremely economically productive. This is a super weird comparison, because again cryptocurrencies consume massive amounts of energy without adding any productive economic activity to society. 

the point i made. seems you failed to understand it is this.

said area is not funding any research  for going green,. yes they do provide a service. but more and more demand. the dirty it gets.

where mining is using more green energy then ever.

 

[dilpickle]

There is no way Linus could be so naive to not know how controversial this sponsorship would be. Same thing for Raid Shadow Legends.

 

So then we have to conclude that he does it on purpose so he can have the best of both worlds. He takes their sponsorship money then he gets to do a half-hearted apology that leads to even more views and discussion which only benefits him in the end.

 

The whole thing is very cynical.

[PeachGr]

Thank you for that video, many people prefer to look the other way, but the truth of the matter is that mining exists
It's unfair that they treat Linus like he invented mining or that it's evil to talk about it
The same people, i guess do not talk about global warming or starvation. Anyway
I also find it really cool that he expected the hate as he said on a wan show, so he did the video himself to take the blame instead of someone else (like Anthony) who knows the subject better
To use an example, Linus, you are the uncle who took us to a brothel XD
I appreciate the movement
BTW i didn't really understood the app, but i guess it will take time

[Dracarris]

5 minutes ago, dilpickle said:

There is no way Linus could be so naive to not know how controversial this sponsorship would be. Same thing for Raid Shadow Legends.

 

So then we have to conclude that he does it on purpose so he can have the best of both worlds. He takes their sponsorship money then he gets to do a half-hearted apology that leads to even more views and discussion which only benefits him in the end.

 

The whole thing is very cynical.

I'm curious to find out if the YT algorithm actually punishes them for this. As we learned in the past, losing subs, views and YT recommendation placement seem to be the only things LS fears.

[jtmoseley]

4 hours ago, tishous said:

I can't get an expensive GPU beacuse of Crypto mining, unless you mean my GTX 760 I'm using as a temporary GPU... 

 

 

No, you can't get a GPU because of production issues. Mining demand has been a thing for like 4 years now. Nvidia & AMD need to adjust to the demand instead of just blaming crypto miners for everything...

[JoeLogs]

10 minutes ago, dogwitch said:

the point i made. seems you failed to understand it is this.

said area is not funding any research  for going green,. yes they do provide a service. but more and more demand. the dirty it gets.

 

Decarbonization is a societal wide project that will almost be certainly led by the government and funded via carbon taxes that ensure the greatest polluters pay their fair share. My point is that cryptocurrency and the shipping industry is a terrible comparison. 

If the shipping industry ceased to exist tomorrow it would be a huge net loss for the world. We would be unable to access goods produced in places we don't have a land path to, and the cost of remaining goods would likely rise sharply, as land transport is more expensive and less efficient than shipping via waterways. Even locally produced goods may cease to be available if they relied on imported parts. Global productivity would plummet.

If cryptocurrency vanished tomorrow literally nothing of value would be lost, the economy would have the exact same productive outputs it had the day before, supply chains would be fine, goods would be plentiful, everything would keep ticking beautifully. Why should having your graphics card solve a bunch of sodukus give you magic internet money? The whole concept is silly on its face, and this silly concept also creates a ton of real world harms.

[jtmoseley]

8 minutes ago, JoeLogs said:

Decarbonization is a societal wide project that will almost be certainly led by the government and funded via carbon taxes that ensure the greatest polluters pay their fair share. My point is that cryptocurrency and the shipping industry is a terrible comparison. 

If the shipping industry ceased to exist tomorrow it would be a huge net loss for the world. We would be unable to access goods produced in places we don't have a land path to, and the cost of remaining goods would likely rise sharply, as land transport is more expensive and less efficient than shipping via waterways. Even locally produced goods may cease to be available if they relied on imported parts. Global productivity would plummet.

If cryptocurrency vanished tomorrow literally nothing of value would be lost, the economy would have the exact same productive outputs it had the day before, supply chains would be fine, goods would be plentiful, everything would keep ticking beautifully. Why should having your graphics card solve a bunch of sodukus give you magic internet money? The whole concept is silly on its face, and this silly concept also creates a ton of real world harms.

You're just mad cause you couldn't get a 30 series lol

[PeachGr]

2 minutes ago, JoeLogs said:

Decarbonization is a societal wide project that will almost be certainly led by the government and funded via carbon taxes that ensure the greatest polluters pay their fair share. My point is that cryptocurrency and the shipping industry is a terrible comparison. 

If the shipping industry ceased to exist tomorrow it would be a huge net loss for the world. We would be unable to access goods produced in places we don't have a land path to, and the cost of remaining goods would likely rise sharply, as land transport is more expensive and less efficient than shipping via waterways. Even locally produced goods may cease to be available if they relied on imported parts. Global productivity would plummet.

If cryptocurrency vanished tomorrow literally nothing of value would be lost, the economy would have the exact same productive outputs it had the day before, supply chains would be fine, goods would be plentiful, everything would keep ticking beautifully. Why should having your graphics card solve a bunch of sodukus give you magic internet money? The whole concept is silly on its face, and this silly concept also creates a ton of real world harms.

Sam goes for so many things right?
At least now that miners pay from their wallet, some "whales" will combine mining with renewable sources like photovoltaic

[asquirrel]

Apparently I could make $3.50 a day with my GTX 1080. Nice. I won't bother though, since I'd only get to mine about 8 hours a day, and the $1-2/day isn't that worth it to me. For what it's worth @LinusTech I don't have a problem with this sponsorship. You've made your point about crypto mining with nicehash very clear over the past few months:

1. If you already own the card
2. You are using electrical resistance heating anyway
3. It's cold where you live
4. go for it

and that is 100% sane and reasonable as a position. The people trying to say 'hurr durr teh environmentalezes!' are the same people who think Nestle bottled water is fine, and that their iPhone wasn't make with help from literal Chinese slave labor. The people trying to rip you up for this piece only care about being mad. I think you're smart enough to realize it, but I wanted to pass along my thoughts as well.

 

One thing you maybe shoulda mentioned for your US audience though is that the IRS considers mined coins 'found money' and you DO have to declare it on your taxes. :p

[jtmoseley]

Just now, PeachGr said:

Sam goes for so many things right?
At least now that miners pay from their wallet, some "whales" will combine mining with renewable sources like photovoltaic

Yea, I mean its just a currency. You could say the same thing about the cost of using paper money. Printing, stopping counterfeits, ATMs, shipping cash, etc all take a large toll on the environment too. 

[asquirrel]

27 minutes ago, GodAtum said:

I have a 3090 on my gaming rig. I does about 84 MH/s. Is that any good? Should I keep the BTC or sell? I usually wait until every $200 to sell BTC into cash.

https://www.nicehash.com/profitability-calculator/nvidia-rtx-3090

[jtmoseley]

3 minutes ago, asquirrel said:

Apparently I could make $3.50 a day with my GTX 1080. Nice. I won't bother though, since I'd only get to mine about 8 hours a day, and the $1-2/day isn't that worth it to me. For what it's worth @LinusTech I don't have a problem with this sponsorship. You've made your point about crypto mining with nicehash very clear over the past few months:

1. If you already own the card
2. You are using electrical resistance heating anyway
3. It's cold where you live
4. go for it

and that is 100% sane and reasonable as a position. The people trying to say 'hurr durr teh environmentalezes!' are the same people who think Nestle bottled water is fine, and that their iPhone wasn't make with help from literal Chinese slave labor. The people trying to rip you up for this piece only care about being mad. I think you're smart enough to realize it, but I wanted to pass along my thoughts as well.

 

One thing you maybe shoulda mentioned for your US audience though is that the IRS considers mined coins 'found money' and you DO have to declare it on your taxes.

One thing I found interesting was that when I started mining with my 3070 I thought I could only mine OR game, that they were mutually exclusive. But in actuality as long as I'm not playing super hard to run games I can very easily do both at the same time. For instance Valorant or CSGO or Rocket League I can easily run at 144 fps while still making 5 dollars a day mining.

[MultiGamerClub]

Watching the video, doesnt sound so bad as i originally thought.. Maybe mining wont be so bad.. Having 2 heaters on at the moment while norway's electric prices are as high as ever.. Tempting to start lightly.

[Loki0111]

8 minutes ago, jtmoseley said:

You're just mad cause you couldn't get a 30 series lol

I'd imagine something like 80% or more of the PC gaming community is mad, that is what this is actually all about. Between the scalpers and miners you can't buy a card and its pretty clear its not a production issue since Nvidia has already manufactured more 30 series cards then they did 20 series over the same time period.

 

If you go on Amazon any hardware related to GPU mining is sold out or going for massive premiums. The Ethereum run has absolutely heavily impact GPU availability.