The anti-crypto thread

[BFG10K]

Great news, crypto's collapsing across the board: https://www.techpowerup.com/282380/...ions-in-less-than-24-hours-did-the-bubble-pop

Also China's banned crypto, though individuals can still have it: https://finance.yahoo.com/news/chinese-financial-payment-bodies-barred-122712260.html

The sooner this cancerous parasite is wiped out, the better.

 

[DrMrLordX]

The actually interesting part of that article is that, if the EF can stay on schedule (ugh) then PoW basically ends in May of next year.

 

[ozzy702]

The actually interesting part of that article is that, if the EF can stay on schedule (ugh) then PoW basically ends in May of next year.

That's assuming they don't accelerate the timeline, which it sounds like every client team wants to. From what I understand all the heavy lifting was done some time ago so there are no technical barriers to proceeding like there were prior to the launch of the beaconchain. It does seem like there's currently a push for more client diversity, which may hold things up, but after this past week's merge conference I'm a lot more confident in at a bare minimum the May deadline being met.

https://twitter.com/x/status/1446716766919483392

 

[GodisanAtheist]

Ethereum developers propose to postpone difficulty bomb until May 2022

Ethereum’s difficulty bomb is expected to usher in a new era for the digital asset. […]

ambcrypto.com

"Staying Alive, Staying Alive, ah, ah, ah, Staying Alive"... PoW...

- There is way too much money being made on this for any of the end users, especially the big boys, not to try and keep this gravy train going for as long as possible.

Is this was an actually regulated enterprise, it wouldn't surprise me at all if the folks behind the POS move (and associated delays) at Eth were on the take, unironically accepting a bunch of untraceable eth coins as payment...

 

[moonbogg]

If it goes until May, then around that time the entire generation of 3000 series cards will flood the market. Soon after the 4000 series will launch and they won't sell considering they will require a literal child sacrifice to acquire even at the low end. Maybe Intel's GPU will be a hit after all, considering people should actually be able to afford the thing.

 

[Glo.]

If it goes until May, then around that time the entire generation of 3000 series cards will flood the market. Soon after the 4000 series will launch and they won't sell considering they will require a literal child sacrifice to acquire even at the low end. Maybe Intel's GPU will be a hit after all, considering people should actually be able to afford the thing.

Every miner that has bought GPUs for mining will go onto another project which is profitable.

Ergo has quite decent fundamentals, but the developers have to expand the ecosystem for this coin for it to be truly worthy to mine, and use.

Funnily enough. ETH's difficulty bomb would happen AFTER the projected end to the bull cycle of this run.

Because, based on different looks at the market, the market cycle top will happen anywhere between 3 and 12 months(!), from now.

 

[VirtualLarry]

GPU prices going back up.

Ditto (same source), as well, BestBuy rising GPU prices.

 

[UsandThem]

GPU prices going back up.

PC gamers 2020-2021

 

[beginner99]

Latest news is that the client devs are a whole lot closer to the merge than most people realize.

Well yes the software is there, now it needs to be tested in test nets. In fact I feel the merge actually got pushed back quiet a bit. see below.

That's assuming they don't accelerate the timeline, which it sounds like every client team wants to. From what I understand all the heavy lifting was done some time ago so there are no technical barriers to proceeding like there were prior to the launch of the beaconchain. It does seem like there's currently a push for more client diversity, which may hold things up, but after this past week's merge conference I'm a lot more confident in at a bare minimum the May deadline being met.

https://twitter.com/x/status/1446716766919483392

Latest news is more like June 2022 given that at begining of 2021, many called late Q4 2021or Q1 2022 as merge date this is clearly a delay. Lack of client diversity will likely lead to prolonged testing. And this deadline assumes no issues are found.

 

[DrMrLordX]

Every miner that has bought GPUs for mining will go onto another project which is profitable.

I think you may not have noticed some of the (admittedly basic) math that has been done showing that once all those miners move to other projects that the mining will no longer be profitable.

 

[VirtualLarry]

I think you may not have noticed some of the (admittedly basic) math that has been done showing that once all those miners move to other projects that the mining will no longer be profitable.

Actually, there have been two analysis that I have seen done, one in r/ethermining, and one on Seb's Fintech Channel on YT, where both show that it should still be (barely, at current coin valuations) profitable.

 

[VirtualLarry]

MINERS!!!! (in the same vein as "NERDS!!!!" from RotN)

 

[DrMrLordX]

Actually, there have been two analysis that I have seen done, one in r/ethermining, and one on Seb's Fintech Channel on YT, where both show that it should still be (barely, at current coin valuations) profitable.

Not really a ringing endorsement, is it? And power costs are variable.

 

[VirtualLarry]

Not really a ringing endorsement, is it? And power costs are variable.

I'm just pointing out, that it may not be all "doom and gloom, sell all of your GPUs, the mining market's crashing".

 

[GodisanAtheist]

I'm just pointing out ... sell all of your GPUs, the mining market's crashing".

-Alroght Miners, the man has spoken, time to let those gently used cards go for bargain bin prices!

 

[NTMBK]

I've been enjoying a lot of games on my Switch. I don't think I'll be buying a new GPU for quite a while.

 

[nOOky]

How long until power companies begin throttling power for homes that use exorbitant amounts of electricity for mining like they do during heat waves? My nephew lives in a 6 unit apartment complex and they started sending him notices about power consumption as he runs 6 rigs night and day. I suspect they monitor usage, but I'm not sure how they would guess or care what he is doing with the extra wattage he's drawing.

 

[beginner99]

How long until power companies begin throttling power for homes that use exorbitant amounts of electricity for mining like they do during heat waves? My nephew lives in a 6 unit apartment complex and they started sending him notices about power consumption as he runs 6 rigs night and day. I suspect they monitor usage, but I'm not sure how they would guess or care what he is doing with the extra wattage he's drawing.

what if you have an EV? that will suck more than 6 rigs.

 

[MrTeal]

what if you have an EV? that will suck more than 6 rigs.

In a lot of cases it won't. 6 rigs could easily be 6kW, or 144kWh a day. A Model 3 is rated at 14.9kWh per 100km (~60mi). Even if each rig was only 500W, that's 72kWh per day and likely way more than any electric car user would need on a daily basis.

 

[Markfw]

Or 18 rigs doing distributed computing to cure cancer ???? Electric bill is $600 a month

 

[GodisanAtheist]

Or 18 rigs doing distributed computing to cure cancer ???? Electric bill is $600 a month

-Paying rent is like having cancer: drains you slowly, gets worse over time, eventually kills you... why would they want to support the cure?

 

[Markfw]

-Paying rent is like having cancer: drains you slowly, gets worse over time, eventually kills you... why would they want to support the cure?

I don't understand... I own a house and I pay the electric bill. Where did I say anything about rent ?

 

[aigomorla]

BTC is almost at 60k again.
ETH will progbably see 5-6k by Xmas.

Death of crypto? nope...

BTW intel said their GPU's will not be hash rate limited.

Intel confirms it won't limit cryptocurrency mining on its new Alchemist graphics cards

Though Raja admits "I'm not going to say I have enough supply in this high-demand market."

www.pcgamer.com

GG PC Gamers, Console won..... just find a solution to put a USB HUB + Logitech/Razor Keyboard and Mouse Combo, and i can see a mass exodus.

 

[GodisanAtheist]

I don't understand... I own a house and I pay the electric bill. Where did I say anything about rent ?

-Thought it was a continuation of the apartment discussion by @nOOky above, regarding getting a notice for consuming too much power from the apartment managers due to mining.

My mistake.

 

[nOOky]

-Thought it was a continuation of the apartment discussion by @nOOky above, regarding getting a notice for consuming too much power from the apartment managers due to mining.

My mistake.

Apparently my nephew (who is into mining, I am not) has also heard of friends that mine choosing apartments with all utilities included and signing a 1 year lease, and then firing up a bunch of mining rigs lol and using a crap ton of electricity. I'm not even sure how much you can pull from a couple of wall outlets without looking it up, but you'd think the landlord could put in smaller breakers and lock the breaker panel or something?

Either way I think I am done buying new GPU's, I'll probably buy a console for Christmas and give that a whirl.

 

[Markfw]

-Thought it was a continuation of the apartment discussion by @nOOky above, regarding getting a notice for consuming too much power from the apartment managers due to mining.

My mistake.

It was about the first sentence from @n00ky regarding homes.