Is Bitcoin (or something similar) mining looked down upon?

[VicRik]

Hi guys,

 

I've been wondering whether the mining of virtual currency is looked down upon? People seem to be pretty open about it however it does seem a little shady to me.

Any thoughts?

 

-VicRik

[You_are_a_cunt]

Yay! Another cryptocurrency thread! At least it isn't another "how do I mine" one.

 

Cryptocurrency mining isn't shady per se. What makes it shady is people abusing the inability to track where funds come from and where they go to when it comes to exchanging the currency.

[LogicalDrm]

My personal opinion is that it seems bit pointless and even scammy way to make "money". Feels like they invent new things to mine as soon as first rush makes mining too expensive for the profits.

[cj09beira]

its mostly people being but hurt because they can't find amd cards in the market for sale because of miners 

[minibois]

Well yea. Bitcoin miners a couple years back and ETH/ZCash miners now are buying up consumer cards like crazy (sometimes 25 at a time), making it so they can't purchase them for gaming needs. As well as using precious power just to turn it into a profit of a couple euros or cents a day, likely without thinking of the environment effects it has.

 

So yes for sure it's looked down upon, but not shady I would say.

 

Also, there is a dedicated sub forum for cryptocurrency mining, which would have better suited this topic rather than dumping it in GD.

[minibois]

Just now, cj09beira said:

its mostly people being but hurt because they can't find amd cards in the market for sale because of miners 

Nvidia cards now too!

 

(and yes, I would like some fries with all this salt).

[cj09beira]

because i had 2 480s already, i am very happy :-)

(almost 200 bucks came back to my pockets )

[DrMacintosh]

1 minute ago, cj09beira said:

almost 200 bucks came back to my pockets )

2 480s cost over $400....you operated at a loss.......

[Alexcalibur]

Bitcoin mining or any cryptocurrency mining isn't the shady part. The shady part is what people do with it. IMO though I think bitcoin is going to crash soon so just be careful. 

[Techicolors]

just food for thought, but you could 'invest' whatever you earn... but then you're betting on whether it'll be worth even more than it is now 

[Alexcalibur]

Just now, DrMacintosh said:

2 480s cost over $400....you operated at a loss.......

Unless he got them with a deal or something

[DrMacintosh]

I look down on it. 

 

It is my view that the money derived from Crypto Currency mining is not legitimate. 

[DrMacintosh]

Just now, IskanderEXC said:

Unless he got them with a deal or something

Even he got a 2 for 1 he hasn't even broken even yet......

[cj09beira]

Just now, DrMacintosh said:

2 480s cost over $400....you operated at a loss.......

in one month i got 200 bucks from cards that would be wasting energy to game anyway, so no i am not working at a loss, plus i can mine while gaming

[MoonlightSylv]

I do it, and I don't think it's shady per-se.

 

I don't like how people are buying a shit ton of cards (more than 2) and are making the prices rise.

[Alexcalibur]

1 minute ago, DrMacintosh said:

yet

^^^

[minibois]

3 minutes ago, cj09beira said:

because i had 2 480s already, i am very happy :-)

(almost 200 bucks came back to my pockets )

I assume you sold the 480's you had?

People who already had the GPU's (either for selling or mining), miners, stores and the GPU manufacturers are pretty much the only people happy about the whole mining thing.

Everyone else (read: people looking to buy the GPU's) is getting shafted because of it.

[Daniel644]

Mining is in no way shady, personally I find it stupid that it somehow translates to money with nothing backing it, but then again paper money doesn't have anything backing it since we went OFF the gold standard.

 

where is becomes "shady" is when people use it to pay for criminal activity on the dark web, Bitcoin has plenty of uses, I remember way back when Bitcoin was still young of a guy that earned enough bitcoin he used them to buy a car (like a Tesla or something, I can't remember), some online retailers even take it as payment, like Newegg for example, it's no more shady then anything else that has actual use that criminals have taken advantage of.

[DrMacintosh]

Just now, IskanderEXC said:

^^^

You would be better off pocketing that $200+. Again its assuming he got a really good deal on the GPUs. 

 

 

[DrMacintosh]

1 minute ago, Minibois said:

Everyone else (read: people looking to buy the GPU's) is getting shafted because of it.

Which is another reason I don't like it. 

 

The tech community is screwed because some selfish brats want their GPUs to print them money. 

[cj09beira]

1 minute ago, Minibois said:

I assume you sold the 480's you had?

People who already had the GPU's (either for selling or mining), miners, stores and the GPU manufacturers are pretty much the only people happy about the whole mining thing.

Everyone else (read: people looking to buy the GPU's) is getting shafted because of it.

no i bought them for gaming and discovered i could make money as a by product as well 

[Alexcalibur]

1 minute ago, DrMacintosh said:

You would be better off pocketing that $200+

Well according to what this dude said he made $200 in a month of mining. So it should pay for itself next month ja?

[2FA]

1 minute ago, IskanderEXC said:

Well according to what this dude said he made $200 in a month of mining. So it should pay for itself next month ja?

Nah because the person you quoted thinks any money made from mining doesn't count.

[VicRik]

13 minutes ago, revsilverspine said:

Yay! Another cryptocurrency thread! At least it isn't another "how do I mine" one.

 

Cryptocurrency mining isn't shady per se. What makes it shady is people abusing the inability to track where funds come from and where they go to when it comes to exchanging the currency.

Hahaha Sorry! Not planning on starting though

[DrMacintosh]

1 minute ago, IskanderEXC said:

Well according to what this dude said he made $200 in a month of mining. So it should pay for itself next month ja?

theoretically yes

 

But now there is an extra $200 floating in the economy that shouldn't be there. 

 

idk, I haven't taken AP Econ yet but Crypto-Currency doesn't sound legal to me at all when you convert it into USD, at least on the surface. It literally is printing money.