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.

 

[ozzy702]

The Ethereum group better try harder to fix their high fee issues, because a lot of developers are switching over to Solana for their tokens and NFT transactions instead. Their fees are in the pennies instead of costing $7 for Ethereum transactions and over $20 for an ERC-20 token transaction.

A rollup-centric road map in the long run will be more secure, decentralized, and have greater throughput than Solana. Growing pains on the way there for sure, but far more scalable than the short term game plan and impossible arms race that Solana is pursuing.

 

[DrMrLordX]

There are already people complaining about Ethereum being centralized. Have been for years.

We'll just have to see which tech wins out in the long run. There are several good candidates.

 

[ozzy702]

Solana is simply more centralized than Ethereum and always will be. Even just client diversity is infinitely in Ethereum's favor with 7+ PoS clients and plans for over a dozen in the next 18 months. Ethereum isn't perfect, and there's plenty of valid criticism to be leveled at it, but Solana isn't what the VCs want everyone to believe it is.

 

[beginner99]

Yeah... the folks who are complaining about Solana being centralized are mostly complaining that much of the network is being run by "whales" with huge holdings that are affiliated with the Solana foundation, and that it takes big servers to be able to process the improved transaction volume.

This and it is true. To run a Solana node you need at least 10k worth in hardware + a 1gbit (up/down) internet connection. The you need A LOT of people delegating to your node to at least break even. No desire to redo the calculation but AFAIK the net worth of solana delegated to your node runs in the million(s).
This means the actual cost of operation is far higher because you really need server grade hardware with redundancy so the actual hardware cost will be more like 20k up front + you need back-internet connection and so forth. Essentially you need to run it in a data center. By that simple fact solana is not decentralized because the ddatacenter can shut you down at any time.

And that the solana devs where caught lying multiple times with questionable explanations just like the tether guys.

That's not suprising, as Solana is a new project and there aren't a lot of organizations running staking servers yet. This situation is already improving, and it will get better with time. Most of the whining honestly sounds like sour grapes from Ethereum and Bitcoin fanboys. Besides, once Ethereum migrates to Proof Of Stake, it too will likely be controlled by a handful of whales with huge holdings as well.

See above. Something you need to run in a data center is never decentralized regardless of how many parties involved.
Ethereum you can stake on $400 of hardware and and an average internet connection. Don't have 32 ETH? join rocketpool (ideally) or another service for staking.

 

[VirtualLarry]

Suspected crypto mining farm burns down in Thailand

Around $60,000 of damage ensues.

www.pcgamer.com

Gloat, all you want, haters, cause a whole lot of GPUs just went up in smoke.

 

[ultimatebob]

This and it is true. To run a Solana node you need at least 10k worth in hardware + a 1gbit (up/down) internet connection. The you need A LOT of people delegating to your node to at least break even. No desire to redo the calculation but AFAIK the net worth of solana delegated to your node runs in the million(s).
This means the actual cost of operation is far higher because you really need server grade hardware with redundancy so the actual hardware cost will be more like 20k up front + you need back-internet connection and so forth. Essentially you need to run it in a data center. By that simple fact solana is not decentralized because the ddatacenter can shut you down at any time.

And that the solana devs where caught lying multiple times with questionable explanations just like the tether guys.


See above. Something you need to run in a data center is never decentralized regardless of how many parties involved.
Ethereum you can stake on $400 of hardware and and an average internet connection. Don't have 32 ETH? join rocketpool (ideally) or another service for staking.

I'd imagine that most folks would just use a cloud hosting service to rent that hardware, which lowers the cost barrier to entry. Some cloud hosts (like Google Cloud) aren't crypto friendly, but most of them don't care what you're running as long as it's legal where you're running it.

 

[DrMrLordX]

Ethereum you can stake on $400 of hardware and and an average internet connection. Don't have 32 ETH? join rocketpool (ideally) or another service for staking.

Is no one offering a node sharing service for Solana? Raptoreum is.

 

[njdevilsfan87]

Solana is simply more centralized than Ethereum and always will be. Even just client diversity is infinitely in Ethereum's favor with 7+ PoS clients and plans for over a dozen in the next 18 months. Ethereum isn't perfect, and there's plenty of valid criticism to be leveled at it, but Solana isn't what the VCs want everyone to believe it is.

That network is actively over 50% VC/insider controlled. They literally own it, meaning nothing is tamper-proof on that network. And so it is susceptible to hostile takeover internally - as well as externally (i.e. government intervention only needs to shut down about 20 nodes to take down the network).

It is not in any way part of the vision that Bitcoin, Ethereum and many newer competing blockchains are. Technically, it's an alternative decentralized processing and backup system for individual corporations and institutions (and maybe even governments too) that's been able to capitalize on the crypto craze.

 

[psolord]

Suspected crypto mining farm burns down in Thailand

Around $60,000 of damage ensues.

www.pcgamer.com

Gloat, all you want, haters, cause a whole lot of GPUs just went up in smoke.

Why would we haters, gloat for burned down gpus? This was a day for mourning.

Now if the owners were also inside, then yes, christmas came early!

 

[beginner99]

Is no one offering a node sharing service for Solana? Raptoreum is.

Not 100% sure but in solana (and many other altcoins) you have a server/validator to which you can delegate your stake. Therefore the barrier to entry to get some APY from staking is essentially 0 and no need to try to understand rocketpool. So from that regard it's good as it's simple. But operating the node is the costly part and you need so much delegated to your node to make a profit, it is simply too risky to not run it in a data center.

 

[beginner99]

I'd imagine that most folks would just use a cloud hosting service to rent that hardware, which lowers the cost barrier to entry. Some cloud hosts (like Google Cloud) aren't crypto friendly, but most of them don't care what you're running as long as it's legal where you're running it.

That's the point. Running in the cloud is centralized. If say half the nodes are on AWS and aws goes down so does the network. In contrast with say Ethereum you can just install a NUC in your home and stake on it. This is decentralized. there isn't a single kill-switch.

 

[DrMrLordX]

Now if the owners were also inside, then yes, christmas came early!

. . . no

 

[ultimatebob]

That's the point. Running in the cloud is centralized. If say half the nodes are on AWS and aws goes down so does the network. In contrast with say Ethereum you can just install a NUC in your home and stake on it. This is decentralized. there isn't a single kill-switch.

If all of AWS went down, we would have a much bigger problem than Solana transactions not working. I'd imagine that most banks and crypto exchanges have at least something hosted there.

 

[ultimatebob]

There are already people complaining about Ethereum being centralized. Have been for years.

We'll just have to see which tech wins out in the long run. There are several good candidates.

You could even argue that Bitcoin is somewhat centralized, as the top 5 mining pools control over 40% of the total mining hash rate.

 

[DrMrLordX]

You could even argue that Bitcoin is somewhat centralized, as the top 5 mining pools control over 40% of the total mining hash rate.

True, though those are pools, and pools don't always seek to control their miners. I used to mine ETH via nanopool, and when we needed to signal for one chain or another (such as in the DAO hack), they allowed us to signal independently. I don't remember if that signal went to the main chain or if it was a "vote' to see how the pool as a whole would signal, but in the end I don't think it mattered.

In the case of pools attempting to force their miners to consent to something like a 51% attack, hashrate can be taken offline temporarily or moved to other pools to prevent that.

The big issue with BTC and BCH was that a frightening amount of the hashrate was controlled by parties physically located in the PRC for awhile. A government crackdown could have resulted in a 51% attack on both chains. Instead they just banned it, multiple times.

 

[thecoolnessrune]

Suspected crypto mining farm burns down in Thailand

Around $60,000 of damage ensues.

www.pcgamer.com

Gloat, all you want, haters, cause a whole lot of GPUs just went up in smoke.

~$60,000 worth of damages. So like a single 1660 Super?

 

[ultimatebob]

~$60,000 worth of damages. So like a single 1660 Super?

Yeah, nowadays that's only like 30 GeForce 3080 Ti's. Pretty weak commercial mining setup they had there!

 

[VirtualLarry]

Yeah, nowadays that's only like 30 GeForce 3080 Ti's. Pretty weak commercial mining setup they had there!

Maybe it was a residential miner, that got in over their limits or capabilities, and didn't know what they were doing.

And then the "internet news outlets" picked it up, and hyped it all to heck, to show "mining == BAD! SEE!".

 

[Mopetar]

Probably not residential since the article says no one was in the building at the time. Since it's a three story building that caught fire I'm imagining a second or third floor of an office building was being used since it's apparently 72 servers that were destroyed and that's likely going to need more power than I would imagine most residential buildings could supply to a single unit.

I'm not sure what's meant by 72 servers precisely because that puts the average price of each at a little under $900 so it's hard to imagine 72 boards stuffed full of GPUs. Even 72 mid-range cards are worth around the $60,000 just by themselves.

 

[beginner99]

If all of AWS went down, we would have a much bigger problem than Solana transactions not working. I'd imagine that most banks and crypto exchanges have at least something hosted there.

True. But more like if AWS decides to forbid running nodes (or the government) then they can easily shut it down.

 

[ultimatebob]

I just saw a crypto.com ad that showed Matt Damon going to Mars. Was that REALLY a good idea? I mean, the last time we sent Matt to Mars, he had nothing but trouble up there. Not exactly something that I would want my trading platform to be associated with

 

[Mopetar]

I just saw a crypto.com ad that showed Matt Damon going to Mars. Was that REALLY a good idea? I mean, the last time we sent Matt to Mars, he had nothing but trouble up there. Not exactly something that I would want my trading platform to be associated with

I'd be more put off by anyone blowing that kind of money on a commercial. I can't imagine Matt Damon is cheap.

 

[VirtualLarry]

Cop gets his retirement crypto stolen via MetaMask on Chrome; does not use/require 2FA.

 

[AdamK47]

Cop gets his retirement crypto stolen via MetaMask on Chrome; does not use/require 2FA.

The crypto collapse began suddenly for him.

 

[ultimatebob]

The crypto collapse began suddenly for him.

Only a total dummy would leave anything of value sitting in their Metamask wallet.