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mining cryptocurencies..huh

Timopomer
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hey ,am i the only one that thinks mining is nothing but bad?

 

you use power to make your graphics card solve a "problem" and you get a "coin" for every problem solved...

 

i do not understand why all this power is going into so unnecessary stuff..

 

ive seen the htc commercial of creating a supercomputer with all the phones.now think what all these mining rigs could do to help science and not a made up algorithm so it can pay out a coin after a while.

 

 

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a coin worth what 400$ or something(changes and i dont care to check current value)

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Well the mining is what makes the infrastructure of the transactions work. It's not useless, it's what makes crypto currencies exist and gives them value. 

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but ....its redicolous! the amount of power that is wasted on problems that do not exsist...they are made up

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but the thing is it started out with each coin being worth a lot this guy started early now he has a warehouse of mining rigs he makes millions of dollars by just checking on his computers so that doesn't sound too stupid to me it sounds like a good life to me 

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but the thing is it started out with each coin being worth a lot this guy started early now he has a warehouse of mining rigs he makes millions of dollars by just checking on his computers so that doesn't sound too stupid to me it sounds like a good life to me 

 

there is just something about that that's sooo wrong on so many levels.

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but ....its redicolous! the amount of power that is wasted on problems that do not exsist...they are made up

 

They aren't problems.

 

I believe the way crypto-currencies and mining works is that the Miners are encrypting and decrypting transactions from peer-to-peer.

Say I send you 5 bitcoins, miners encrypt the transaction, and decrypt it as-well.

Then the fee you/ they pay, is the reward for the miners.

 

( someone explained it to me, not 100% sure if that's what it is)

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there is just something about that that's sooo wrong on so many levels.

lol yea sounds pretty wierd the way I stated it...

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Bitcoin solves several problems like inflation, government money controlled by the elite, sending money to blacklisted insatutions like wikileaks, and so on. If you don't like the amount of power needed for bitcoin choose an alt coin like litecoin. Litecoin uses less power but requires more memory. Crypto currency is the future so you should get adjusted to it early on.

 

Bitcoin has been influentual in some areas of science, like chip manufacturing. The latest bitcoin miners no longer use GPU's and are on specialized chips called ASICs. Within 2 years bitcoin mining has went from CPU to GPU and now ASICs. Bitcoin is also driving down the cost of smaller / faster chips like cpu, gpu, and memory.

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but ....its redicolous! the amount of power that is wasted on problems that do not exsist...they are made up

You could essentially make the same argument for money printing machines. Except cryptocurrency mining also makes the currencies virtually 'uncrackable' meaning you couldn't just have and use fake bitcoins for example.

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Bitcoin solves several problems like inflation, government money controlled by the elite, sending money to blacklisted insatutions like wikileaks, and so on. If you don't like the amount of power needed for bitcoin choose an alt coin like litecoin. Litecoin uses less power but requires more memory. Crypto currency is the future so you should get adjusted to it early on.

 

Bitcoin has been influentual in some areas of science, like chip manufacturing. The latest bitcoin miners no longer use GPU's and are on specialized chips called ASICs. Within 2 years bitcoin mining has went from CPU to GPU and now ASICs. Bitcoin is also driving down the cost of smaller / faster chips like cpu, gpu, and memory.

acctualy hardware prices go up.

 

look at AMD! they are struggling to keep up with the gpu demand

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True but only in the short run. When bitcoin Asics first came out, you could buy AMD graphics cards for super cheap because everyone was selling them. Now people are mining litecoin, dogecoin ect with ascis, so again prices are coming down. Bitcoin has only been kinda popular for a few years now. Look at the prices of memory, ssd are affordable now and decent ram can be bought for $20. When I built my first pc, 1 GB of total RAM cost about $400, prices of tech are coming down and bitcoin is playing a small role in driving inovation in a number of areas.

https://onefoldmedia.com/
https://sites.google.com/view/nano-blockchain

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acctualy hardware prices go up.

 

look at AMD! they are struggling to keep up with the gpu demand

Your the most biased person ever... Suck it up... If you don't like it don't do it! Your too late to join the bandwagon anyways lol There is a bunch of people flying in private jets because of cryptocurency... go tell them its stupid... What is the point of this thread anyways??? Not like your going to keep people from mining...

Its all looks these days

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Your the most biased person ever... Suck it up... If you don't like it don't do it! Your too late to join the bandwagon anyways lol There is a bunch of people flying in private jets because of cryptocurency... go tell them its stupid... What is the point of this thread anyways??? Not like your going to keep people from mining...

you seem pretty butthurt  :huh: im just asking how it makes sence,i dont want to make people stop mining.

i also wish i had an asic when btc just started to whipe a shitton of bitcoins

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you seem pretty butthurt  :huh: im just asking how it makes sence,i dont want to make people stop mining.

i also wish i had an asic when btc just started to whipe a shitton of bitcoins

 

That makes no sense.

Pilates

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Crypto currency is the future so you should get adjusted to it early on.

 

Yeah uhm right that's why it's falling apart since mt gox shutdown

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you seem pretty butthurt  :huh: im just asking how it makes sence,i dont want to make people stop mining.

i also wish i had an asic when btc just started to whipe a shitton of bitcoins

lol #confused???

Its all looks these days

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Why do I work to earn money when i could work to help science?! :o you have open my eyes, EVERYONE should stop working for money and instead go do science, i mean who needs money anyhow?!

Proud Member of the Glorious PC Master Race

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you seem pretty butthurt  :huh: im just asking how it makes sence,i dont want to make people stop mining.

i also wish i had an asic when btc just started to whipe a shitton of bitcoins

Wait you think mining is nothing but bad yet you want a asic OP? 

 

Mining is a money making opportunity, if there is money in it people will flock to it. Simple as that, will folding@home(however awesome it is) pay the bills? No it won't. 

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i do not understand why all this power is going into so unnecessary stuff..

ive seen the htc commercial of creating a supercomputer with all the phones.now think what all these mining rigs could do to help science and not a made up algorithm so it can pay out a coin after a while.

Uhhh, Folding perhaps?

.

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Wait you think mining is nothing but bad yet you want a asic OP? 

 

Mining is a money making opportunity, if there is money in it people will flock to it. Simple as that, will folding@home(however awesome it is) pay the bills? No it won't. 

well i said that everyone would want to be rich but i dont think everyone having a little "money printing machine" at his home is the solution...

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I think so helping, I think so

no ,im just curious how we are spending money for computer hardware to "mine" these coins and arent really helping anyone or doing anything..we are sitting with crossed legs on a chair while waiting for our graphics cards to finish their thing...why does that give value ...think if one day all jobs would be like that! we would stop well...working?

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well i said that everyone would want to be rich but i dont think everyone having a little "money printing machine" at his home is the solution...

Its not a money printing machine..... there aren't a lot of people who mine as their main source of income in the first place.

Like watching Anime? Consider joining the unofficial LTT Anime Club Heaven Society~ ^.^

 

 

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