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

[Alexcalibur]

Just now, DeadEyePsycho said:

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

THATS SOME CRAZY SHADE RIGHT THERE

[minibois]

4 minutes ago, DrMacintosh said:

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. 

People like to hate on restrictions on customers (like on a deal, where it is 2 per customer max), but there wasn't on these products, making it so people bought them in bulk (think 6 cards+).

It's not even just people buying one or two cards to mine, it's people buying 6+ that are the poisoning the GPU market (both new and second hand).

[DrMacintosh]

2 minutes ago, Minibois said:

It's not even just people buying one or two cards to mine, it's people buying 6+ that are the poisoning the GPU market (both new and second hand).

This is my biggest beef with it, not even that people are using their computers to print money. 

 

So few do it that I could care less if you want to, but when it starts affecting real people to the point where they can't build systems the whole thing has gone too far. 

[Alexcalibur]

Just now, DrMacintosh said:

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.  

Now I might be wrong, but hear me out here. 

 

Any crypto currency is legal, you just need to view it as a good. Let's say you have 10 chickens and each chicken is producing 2 eggs, so in the end you have 20 eggs. Now you sell those eggs to a dude that wants them for let's say $20.

 

Now let's just change some names. Let's say you have 10 RX 580s and each 580 is producing 2 bitcon (imaginary number XD) so in the end you have 20 bitcoin. Now you can sell those bitcoins to a dude that wants them for $20.

 

Might be a bad analogy but I hope you get my point. Bitcoin is just another means of trade, not all trade has to happen under the USD. 

[DrMacintosh]

2 minutes ago, IskanderEXC said:

10 chickens and each chicken is producing 2 eggs, so in the end you have 20 eggs.

I think the problem with that analogy is that the Chickens and the eggs here have intrinsic value. 

 

They can be eaten and their eggs can be eaten

 

Crypto Currency isn't even tangible. 

[Alexcalibur]

Just now, DrMacintosh said:

Crypto Currency isn't even tangible. 

It doesn't matter if it is tangible, as long as there is a demand.

[cj09beira]

1 minute ago, DrMacintosh said:

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.  

not exactly you have look more into it, the coin has value because people give it value, in ethereum for example we have intel, microsoft and a big bank i don't remember which all backing this coin and they will be using it internally, the coin has huge advantages over bitcoin like the fact that its much faster at making transactions.

plus its not controled by some government.

Governments Print money all the time so that's not a new concept at all.

 

[DrMacintosh]

Just now, IskanderEXC said:

It doesn't matter if it is tangible, as long as there is a demand.

Historically currencies have always failed if they couldn't be grabbed onto. 

 

There was heavy backlash against going paper from coins......I can't imagine the struggle it would be for people to go to virtual currencies. 

 

Not to mention its not possible for Crypto Currencies to become the main form of payment, there is no way to scale it when so much work FROM A GPU is required to get them, not a person.  

 

 

[cj09beira]

2 minutes ago, DrMacintosh said:

I think the problem with that analogy is that the Chickens and the eggs here have intrinsic value. 

 

They can be eaten and their eggs can be eaten

 

Crypto Currency isn't even tangible. 

you are assuming people don't want to buy ethereum (only because its the one i know best) and people do because its decentralized, its very secure and its exploding in terms of usage its reaching the size of bitcoin very quickly 

[Alexcalibur]

Just now, DrMacintosh said:

Not to mention its not possible for Crypto Currencies to become the main form of payment, there is no way to scale it when so much work FROM A GPU is required to get them, not a person. 

If you look earlier in the post I was saying that they were going to fail lol. Reason I am not buying a 4/580 to mine lol. But there is no reason to be so salty about it. 

[DrMacintosh]

4 minutes ago, cj09beira said:

plus its not controled by some government.

This is not a pro for a currency. 

 

A handful of people and a few companies have no real power over the currency and can't enforce its value, unlike a nation with a military, global investments, and physical power. 

[Silverfields]

This is an uneducated opinion of someone who has only done light research on things like Bitcoin and Etherium, along with the USD and other currencies. If what I ask if completely ignorant, tell me, and I'll remove/edit my post.

The main argument I keep seeing on this thread is that virtual currencies aren't backed by anything. Are virtual currencies not backed by the purchasing currency? i.e, Bitcoin has a certain value in USD/Other currencies. Doesn't that back the virtual currency in itself?

I also can't help but think of the gold in WoW (I know nothing about WoW, but I know their gold has real monetary value; see gold farmers). I can think of many currencies in video games that translate to "real" currencies because there is a demand for said games currency.


The other argument I'm seeing on this thread is that virtual currencies aren't backed by anything. Ignoring my opinions/questions above, you'd also have to think that the USD/Other global currencies are stupid as well, as they aren't backed by anything either(other than the country saying it has a certain value for trade).

Again, I'm not educated in economics or how currency works at all. But I couldn't help but think of the things I typed above. Thanks in advance for your opinions.

[Beef Boss]

There's always someone to look down upon something. It's not illegal to mine. and if you don't use it for illegal transactions then it's fine. You just can't find something that everyone can agree on. But that doesn't mean you shouldn't do it. It's your life do what you want without listening to people who critique everything. 

[Mihle]

You should rather compare it to for example Gold, than like dollar.
Value of Gold is based on supply and demand, cryptocurrencies is too.

A normal person, can take Gold up of the ground, and then sell it. In the same way you can use your GPU to mine cryptocurrencies.
If Mining cryptocurrencies = Printing Money
Then
Digging after Gold = Printing Money