Etherum price back up to "pre-crash value"

[maartendc]

14 minutes ago, Bcat00 said:

Am i the only one noticing the whole crypo currency thing is a ponzy scheme bullcrap?

 

I mean, not quite. A currency has value as long as everyone agrees it has value. Therefore, if a society 'agrees' that Etherum is worth $300 per coin, and you can purchase goods and services with it, it is no different from a US Dollar or a Euro or whatever.

 

A paper dollar bill has no intrinstic value either, it only has value because everyone says it has value.

 

The only difference is there is no real institution behind it, whereas there is the European Central Bank or the Federal Reserve behind the Euro and the USD.

 

The weird thing happening here is that people launch a new cryptocurrency, and then it somehow manages to catch on and increase in value. Possibly because of the whole "Silicon Valley Venture Capitalist" thing, where everyone wants to invest in the 'next big thing' because they are afraid of missing the boat. (Why does a company like Snapchat get sold for $1 Billion, while not making any money, those are the real Ponzi schemes if you ask me)

[NvidiaIntelAMDLoveTriangle]

33 minutes ago, brendon1996 said:

Crypto currency is the future.

That would be one of the dumbest things that could ever happen.

[Mooshi]

Spending just 15-20mins at work gets more than a miner getting under $3 a day of full mining stress and it's not as bipolar. Plus I'm not harming the environment or spiking my power bill. Whole craze is dumb.

 

I applaud the feds for addressing crypto currency as being a sketchy currency associated with pedophilia, drug rings and ransomeware.

[Misanthrope]

18 minutes ago, tom_w141 said:

Generally agree with your post except the above. Ethereum and other popular alt coins are designed to be ASIC resistant so they will always be mined by gpus.

That's why I included the qualifier of being possible. But if that's the case Nvidia and specially AMD need to stop delaying and introduce driver limitations to kill compute outside of approved applications. 

 

It's drastic but a way to force miners into their own skus will be needed at this rate. 

[Lurick]

16 minutes ago, TOMPPIX said:

cryptocurrency should be banned worldwide.

Because you don't like what other people are doing with their gpus?

[Doobeedoo]

So RX Vega 64 with said ~64MH/s I'm buying all of them, you can't stop me. 

[maartendc]

2 minutes ago, Misanthrope said:

That's why I included the qualifier of being possible. But if that's the case Nvidia and specially AMD need to stop delaying and introduce driver limitations to kill compute outside of approved applications. 

 

It's drastic but a way to force miners into their own skus will be needed at this rate. 

But people will find a way to just modify drivers and install unsigned drivers onto their cards to enable mining. You could not prevent people from installing whatever driver they want that is optimized for mining. I remember installing the famous Omega drivers back in the day because they offered better performance supposedly.

 

You would need to cripple the mining capability at the hardware level.

[tom_w141]

5 minutes ago, Misanthrope said:

But if that's the case Nvidia and specially AMD need to stop delaying and introduce driver limitations to kill compute outside of approved applications. 

Woah hold your horses there. I'd rather not have driver censorship thanks. I'd rather not have my hardware refuse to do what I tell it.

[SpaceGhostC2C]

6 minutes ago, Mooshi said:

Spending just 15-20mins at work gets more than a miner getting under $3 a day of full mining stress and it's not as bipolar.

What prevents your computer from mining while you are at work, though?

I never understand the work vs. mining comparisons. It's work+mining vs. work, if you ask me.

[tom_w141]

5 minutes ago, Doobeedoo said:

So RX Vega 64 with said ~64MH/s I'm buying all of them, you can't stop me. 

Sadly its reported higher than that. Or are you just memeing with 64 64?  

[tom_w141]

9 minutes ago, Mooshi said:

Spending just 15-20mins at work gets more than a miner getting under $3 a day of full mining stress and it's not as bipolar. Plus I'm not harming the environment or spiking my power bill. Whole craze is dumb.

 

I applaud the feds for addressing crypto currency as being a sketchy currency associated with pedophilia, drug rings and ransomeware.

I've seen you make this comparison in nearly every thread and you get the same answer every time. ITS ADDITIONAL. You don't sit and watch it mine, you do it while you work or while you sleep. Therefore its purely extra money that you couldn't make otherwise.

[Mooshi]

2 minutes ago, SpaceGhostC2C said:

What prevents your computer from mining while you are at work, though?

I never understand the work vs. mining comparisons. It's work+mining vs. work, if you ask me.

Because burning power in Arizona in the summer needlessly is a really stupid thing to do, especially when the AC alone is spiking the power bill as is.

[SpaceGhostC2C]

Just now, Mooshi said:

Because burning power in Arizona in the summer needlessly is a really stupid thing to do, especially when the AC alone is spiking the power bill as is.

Still, it's not about any "opportunity cost of working", it's just that mining isn't profitable at your local electricity costs, whether working, unemployed or retired.

[Misanthrope]

8 minutes ago, tom_w141 said:

Woah hold your horses there. I'd rather not have driver censorship thanks. I'd rather not have my hardware refuse to do what I tell it.

Well would you rather not play games at all because mining will eat up all gpus? I know it's drastic but even if ethereum crashes what would stop another asshole from creating another gpu coin? 

[Mooshi]

1 minute ago, SpaceGhostC2C said:

Still, it's not about any "opportunity cost of working", it's just that mining isn't profitable at your local electricity costs, whether working, unemployed or retired.

 

It seems like the ones hyping mining on LTT are either underaged to have an actual job, living with their parents/have someone else pay the electric bill/have redic rates that are super low. Or people that does have a job, but make poor life decisions like hording 1060's.

[Misanthrope]

14 minutes ago, maartendc said:

But people will find a way to just modify drivers and install unsigned drivers onto their cards to enable mining. You could not prevent people from installing whatever driver they want that is optimized for mining. I remember installing the famous Omega drivers back in the day because they offered better performance supposedly.

 

You would need to cripple the mining capability at the hardware level.

Then a hardware lock for anything but gaming apps. It should be possible and Nvidia would probably like the idea of pushing a lot more quadros for example that do the opposite

[Doobeedoo]

15 minutes ago, tom_w141 said:

Sadly its reported higher than that. Or are you just memeing with 64 64?  

It was just a rumor being 70-100 though. And was somewhat confirmed being actually 64 though.

https://www.eteknix.com/amd-radeon-rx-vega-64-and-rx-vega-56-hashrates-calculated/

It's linear increase from Polaris it appears. 

[SteveGrabowski0]

47 minutes ago, 2Buck said:

Bitcoin GPU mining is the worst thing to ever happen to this community... It's just a god damn disaster. I feel sorry for anyone building PCs right now.

Man I think I'm done with PC gaming once my 970 gets too old to play games well if this is going to be the new normal. I can't stomach the thought of paying $300 for a year-old old 60 series card now. What the hell is Volta's 60 series going to sell for if it's any kind of real upgrade over the 1060 6GB? It was nice that the mining craze over Bitcoin and Litecoin died off, but now that we're seeing new coins designed to be mined on gpus and not ASICs and there is no end in sight? Goodbye PC gaming for me if cryptocurrency ends up keeping gpu prices ridiculous. It's already bad enough we had the huge inflation in gpu prices with the AMD 7000 series and the Nvidia 600 series, now compound that with an effective cryptocurrency tax too and PC gaming looks like shit IMO.

[maartendc]

3 minutes ago, Mooshi said:

 

It seems like the ones hyping mining on LTT are either underaged to have an actual job, living with their parents/have someone else pay the electric bill

LOL, if you are making money mining while your mom is picking up the bill, you're going to have a bad day when she finds out. Haha

 

Why dont you skip a step and just take the money from her purse.

[DocSwag]

Plz no I just want an rx Vega card  

[Teddy07]

4 hours ago, DocSwag said:

Plz no I just want an rx Vega card  

we have a conflict there. I want AMD to make the most money to still exist in the future

[DocSwag]

Just now, Teddy07 said:

we have a conflict there. I want AMD to make the most money to still exist in the future

They're gonna continue existing that's not an issue imo. Intel won't let them die since then they'd get split up

[AnonymousGuy]

5 hours ago, Bcat00 said:

Am i the only one noticing the whole crypo currency thing is a ponzy scheme bullcrap?

 

It's going to be quite spectacular if/when these things crash.  It's going to become a case study on mania and speculation for a virtual commodity with no intrinsic value of its own.

[maartendc]

14 hours ago, AnonymousGuy said:

It's going to be quite spectacular if/when these things crash.  It's going to become a case study on mania and speculation for a virtual commodity with no intrinsic value of its own.

It is not different in that respect from any other currency. See my detailed post above.

 

A US Dollar bill has no intrinstic value either. The Federal Reserve does not have an amount of gold of the same value in reserve backing up each bill like they used to. They literally just print money as it suits them. Print too much, and your currencies' value inflates however.

 

Money only has value because people say it has value. Same thing with cryptocurrencies.