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.

 

[blckgrffn]

I mean I never looked into it but it was plain obvious for me some big parties are regularly manipulating the market.

Hence: HODL

This also goes back to Warren Buffets "mantra" to only invest in what you understand. Well I think I pretty well understand what Ethereum is and can become hence some dip "on the way to the moon" won't make me panic-sell.

Ethereum will soon be deflationary as money will get burned on each transaction. On top of that Proof-of-stake has much, much lower running costs. No need to sell your earned ETH to support the operation. In fact your better of saving up to add more validators. Plus the main reason to stake is because you think the value will go up while making some interest at the same time (like stock dividends and some funds reinvest the dividends). If you don't believe in crypto, then don't stake, cash out and invest in stocks.

TBH I only shared because it was succinctly and elegantly laid out. I didn't necessarily think it was ground breaking

 

[B-Riz]

So, if a giant Sun flare engulfed the Earth and all the electricity was cut off completely all over the Earth, how much would Eth and PoS be worth and how would you get to it? That's why I always keep $20 in my wallet and a gold coin in my sock, you never know.

If that happens, we need a sock full of quarters or nickels, what ever you have the most of, and the sock has to be sturdy, cause we will be fighting people for clean drinking water.

 

[B-Riz]

None of them 'keep value' - in most cases, these things are utterly useless as store of value (crypto in particular) for any real emergency/situation.

Out of curiosity I looked up ETH prices (~$2300 if I got it correct) - that right now in Chicago area is a rent on two bedroom apartment for two months, or a month of rent plus a month of food for five plus a pistol (or rifle) with ammunition to protect loved ones.. if you think in any emergency you can come up and offer to trade your 'digital coin' for anything of that , i don't know what else to say. With gold coin similarly, you get almost nothing (may get a food for dinner out of it as people were trading gold/jewelry for bread many times in history). crypto will get you absolutely nothing.

if you get your 3-S (Shelter , Sustenance, Security) already taken care of and dont see anything that is not diminishing returns, then yea play with whatever you like. As store of value for emergency, stay far away..

Sadly, the future is clean and accesible fresh water because the Earth has been pushed beyond natural carrying capacity. A lot of the migrations of people and refugee's in the past few years is because farmland became arid; changing weather, no rain, time to leave to prosperous countries.

 

[Fanatical Meat]

Off topic but made me giggle

https://www.reddit.com/r/pcmasterrace/comments/nnhhfj

 

[Amused]

So, if a giant Sun flare engulfed the Earth and all the electricity was cut off completely all over the Earth, how much would Eth and PoS be worth and how would you get to it? That's why I always keep $20 in my wallet and a gold coin in my sock, you never know.

The only things of value after an event like that will be food, water, shelter, friends, allies, weapons, and pussy.

 

[BFG10K]

They just printed another billion Tethers: https://whale-alert.io/transaction/...8b7c942baabaa47d5466ade64d457153121d396a2e6e0

1 Tether "equals" 1 USD, because some d00d on the internet said so. Crypto is tanking so the ponzi scheme simply creates more imaginary numbers.

"Fiat currencies are bad because they print money", yo!

 

[Magic Carpet]

The amount of hype and speculation in Crypto has been spectacular. The technology behind can be useful for the future, especially for the voting system, though. But for the day to day transactions VISA wins it every time.

Now, Crypto is a great way to bypass bans and other restrictions. In fact I’ve recently used Bitcoin to pay for some services, not available with regular means of paying (not necessarily illegal). But that’s niche.

Also, AFAIK, only Monero provides true anonymity when you do transactions. Everything else can be traced on the blockchain. And the above example just proves it.

And I’m gonna quote Frank from the Scarface movie: “Lesson number one: Don't underestimate the other guy's greed!”.

EDIT: Eventually, it will be like this.

Unlike other online payment platforms that are already commonly used in China, including Alibaba’s Alipay and Tencent’s WeChat Pay, the DCEP system supports payment transactions even without an internet connection. The function called “touch and touch” allows two users to simply touch their mobile devices together to make a transfer, leaving no payment record with a third party or the banking system.

 

[simas]

They just printed another billion Tethers: https://whale-alert.io/transaction/...8b7c942baabaa47d5466ade64d457153121d396a2e6e0

1 Tether "equals" 1 USD, because some d00d on the internet said so. Crypto is tanking so the ponzi scheme simply creates more imaginary numbers.

"Fiat currencies are bad because they print money", yo!

wait, wait, wait! BUT I thought it was not possible??!! the whole protected from fiat things ...

*sarcasm*

honestly, I am more interested in how bad/terrible would 3080 TI availability be and what distribution mechanics NVIDIA has chosen to take this release. If they are against just dumbing it to their distributors to sell to miners I am getting close to be done with NVIDIA altogether...

 

[Gideon]

honestly, I am more interested in how bad/terrible would 3080 TI availability be and what distribution mechanics NVIDIA has chosen to take this release. If they are against just dumbing it to their distributors to sell to miners I am getting close to be done with NVIDIA altogether...

Considering the prices they are selling it (essentially being a Crypto Light version of 3090 with half the ram), i doubt it ...

Multiple GeForce RTX 3080 Ti Models Listed for More Than $2,000

Time to break the piggy bank

www.tomshardware.com

It's over $2K all around

 

[CP5670]

Really pointless at those prices. You may as well get a 3090 instead, which is the same price at retailers if you wait for a buying opportunity.

 

[simas]

Really pointless at those prices. You may as well get a 3090 instead, which is the same price at retailers if you wait for a buying opportunity.

makes me question my sanity as I am seriously considering paying $2K for top video card (IF I can find it). Same me that thought I was insane paying $700 for the 1080 TI back in fall of 2017 and thinking wow, what a strange world. Same me that struggled with idea of "mid-range" creeping up to 300-400 frame earlier (prior to 1080 TI , I bought GTX 970 for $290 new from Newegg in the fall of 2015)...

strange times..

 

[beginner99]

If that happens, we need a sock full of quarters or nickels, what ever you have the most of, and the sock has to be sturdy, cause we will be fighting people for clean drinking water.

Only thing you really need, and why prepers are a wasting space and money, is guns and bullets. Whats the point if having food, water, fuel and a generator when the first guy with a gun will simply steal it from you?

 

[beginner99]

They just printed another billion Tethers: https://whale-alert.io/transaction/...8b7c942baabaa47d5466ade64d457153121d396a2e6e0

1 Tether "equals" 1 USD, because some d00d on the internet said so. Crypto is tanking so the ponzi scheme simply creates more imaginary numbers.

"Fiat currencies are bad because they print money", yo!

Well they need to keep up with the Federal Reserves printing presses. Which actually is quiet hard. If the $ gets watered down due to relentless money printing so must everything that needs to stay at the same value.

The $ is actually much, much worse than any crypto if you look at it in such ways.

Having said that the most likley reason for the tethers is that people are not actually cashing out of crypto (else they would convert to fiat) but in fact they are keeping the money on the exchanges (which do not allow real $ unless it has a banking license which most don't have). It's a way do not have to pay transaction fees twice (cash-out, cash-in) if you plan to invest it again anyway.

 

[jpiniero]

makes me question my sanity as I am seriously considering paying $2K for top video card (IF I can find it). Same me that thought I was insane paying $700 for the 1080 TI back in fall of 2017 and thinking wow, what a strange world. Same me that struggled with idea of "mid-range" creeping up to 300-400 frame earlier (prior to 1080 TI , I bought GTX 970 for $290 new from Newegg in the fall of 2015)...

strange times..

I'd say wait it out until next gen.

 

[simas]

I'd say wait it out until next gen.

that is what I told myself back in September 2020, then October, then November, then you know the story.

next gen would be targeted 'for the holidays', which later becomes "some availability may be better in Q1 2022", oops we mean actually you may see something "second half of 2022" by which time it would be 'wait for next gen' again..

I have parts for the next build purchased (570 Taichi, Ryzen 5950 CPU, just need a video card or give up and migrate 1080 TI to it..)

 

[Gideon]

that is what I told myself back in September 2020, then October, then November, then you know the story.

next gen would be targeted 'for the holidays', which later becomes "some availability may be better in Q1 2022", oops we mean actually you may see something "second half of 2022" by which time it would be 'wait for next gen' again..

I have parts for the next build purchased (570 Taichi, Ryzen 5950 CPU, just need a video card or give up and migrate 1080 TI to it..)

IMO it's worth waiting even for just this gen. The prices are beyond insane even considering the $800 3070 levels we had not so long ago (and people considered expensive). While Crypto will stay eventually GPU mining should have a burst bubble again.

I wouldn't buy a 3080Ti for this price. Even If you must upgrade soon, I'd rather take the 3070 Ti (provided it's around $1000 ) and sell it and buy another card of the same price bracket from next gen. You'll waste the same money but be overall better off.That's of corse provided that 3070Ti won't cost $1500 either (but i doubt that, the performance difference is too large).

 

[moonbogg]

Only thing you really need, and why prepers are a wasting space and money, is guns and bullets. Whats the point if having food, water, fuel and a generator when the first guy with a gun will simply steal it from you?

I've played enough battle royale in VR to know that skills and equipment won't save even the best of us in a situation like that. It's a roll of the dice for everyone, straight up. You need to be in a strong group of ruthless bastards to survive any length of time. You basically have to be Negan.
Regarding the 3080Ti pricing, it's sickening but I understand it and even agree with it. Why should the distributers or AIBs simply let scalpers literally steal their cards for $1000 and just flip them all for $2500 in the same day? The market price is what it is, so that's what they should charge. I like it because it takes opportunity away from the scalpers and may even deter some miners. Gamers certainly won't pay that price either. So, if this means most people are priced out of a card, then it is what it is. Let the rich and desperate pay $2500 for a card that should be $800 considering the modest spec bump over the 3080. Maybe a few cards will even stay in stock for more than 5 seconds.
My eyes are on next gen now. This gen is a bust.

 

[Leeea]

I've played enough battle royale in VR to know that skills and equipment won't save even the best of us in a situation like that. It's a roll of the dice for everyone, straight up. You need to be in a strong group of ruthless bastards to survive any length of time. You basically have to be Negan.

Actually, you really do not need to be negan.

We had cities before we had electricity. You just need to be friendly, with your neighbors*, and everyone else.

You see, the first nutcase with a gun? He is not going to steal it from you. He is going to get his ass shot stealing from your paranoid neighbor. Or he is going to shoot your paranoid neighbor. Either way, everyone with a gun in the area is going to say hi. And they will all know you as the friendly neighbor. Which is good, because that new guy that just shot your neighbor? He is going to get strung up.

The old west may have been violent at times, but people knew right from wrong. Breaking the rules was considerably more lethal back then.


*the towns and cities have I lived in would pull together. People naturally form communities, and fight for them. It is our nature. Where I am at now would reboot the electricity in a day or so from one of the ships** in the maintenance yard. There is more then enough materials on hand to run everything for years.

** a surprisingly large number of marine diesels have specific design features to allow them to be started without a single piece of working electronics. All that is required is hand cranking and desperation.

 

[maddogmcgee]

You guys should take up Rim World. Not only can you practise for the fall of civilisation, but you can mine at full efficiency while playing.

 

[Timmah!]

My former colleague and good buddy, who is into crypto and invested some money into it, tried recently to convince me to start mining on my 3090. To be fair, for a moment i started to consider it, cause he claimed that card does currently (at the moment he told me, about 2 weeks ago) 120 USD per day. So i went to that NiceHash site, gain some more info, about what to do, and found out the card actually mines/mined 12 USD of worth per day, and that without electricity cost taken into account. LOL, just a minor 10-fold difference.

 

[beginner99]

My former colleague and good buddy, who is into crypto and invested some money into it, tried recently to convince me to start mining on my 3090. To be fair, for a moment i started to consider it, cause he claimed that card does currently (at the moment he told me, about 2 weeks ago) 120 USD per day. So i went to that NiceHash site, gain some more info, about what to do, and found out the card actually mines/mined 12 USD of worth per day, and that without electricity cost taken into account. LOL, just a minor 10-fold difference.

Mining as a single user in a average Western country hasn't been a very good propistion for a long time because the power costs too much and all the other downsides like the heat output.

 

[aleader]

My former colleague and good buddy, who is into crypto and invested some money into it, tried recently to convince me to start mining on my 3090. To be fair, for a moment i started to consider it, cause he claimed that card does currently (at the moment he told me, about 2 weeks ago) 120 USD per day. So i went to that NiceHash site, gain some more info, about what to do, and found out the card actually mines/mined 12 USD of worth per day, and that without electricity cost taken into account. LOL, just a minor 10-fold difference.

He must have meant $12. Crypto 'enthusiasts' tend to exaggerate things (quite) a bit, even the longtime youtube guys. Right now on Whattomine with a 3090 (very optimistically if you don't run into overheating issues with that card: 100MH/s, 225W) you will get $6.47 USD mining straight Eth, $6.03 USD with Nicehash, after power costs.

With power factored out it's still only $7. Also, Whattomine is VERY inaccurate ATM. I've been getting about 0.0029 eth/day on Ethermine with 145MH/s avg on 3 cards. That equates to about $8 USD per day before power costs. So a lot less than what Whattomine is reporting.

What I don't get is with all these supposed articles about the imminent collapse of crypto as a fraud (posted earlier), and the massive drop in daily earnings in the last month (I was getting 0.1 eth per day), why are miners still lining up to buy my new 3070 for $1,300 USD that I just picked up (for $720 USD)? Do they know something I don't?

 

[simas]

My former colleague and good buddy, who is into crypto and invested some money into it, tried recently to convince me to start mining on my 3090. To be fair, for a moment i started to consider it, cause he claimed that card does currently (at the moment he told me, about 2 weeks ago) 120 USD per day. So i went to that NiceHash site, gain some more info, about what to do, and found out the card actually mines/mined 12 USD of worth per day, and that without electricity cost taken into account. LOL, just a minor 10-fold difference.

and falling.. remember there are three things in play here
- network complexity (hash rate?) which increases by a percentage point a day (!)
- the limiters that NVIDA is placing on the new cards (LHR)
- the price of the coin you are mining (which is variable)

so 3080 TI for mining ETH specifically , I am not sure it is that great of payoff..

 

[VirtualLarry]

Do they know something I don't?

That the bottom may drop out of the dollar at any time?

 

[aleader]

That the bottom may drop out of the dollar at any time?

Well, as a finance major, I'm well aware of the scam that is the stock market, and with the continued total lack of regulation in the US, the collapse this time will be even more spectacular (yet people bleat on about how wonderful it is when it's at all-time highs). Some yahoo with his whole future invested in stocks will now downvote me . I'm not however convinced that the proletariat will suddenly embrace crypto as the new medium, nor do I believe governments will ever allow it.

What if they simply seize your PC/phone? I tend to think it's still just miners in collect-a-card frenzy. I have been buying land for the last few years...that's the only failsafe investment (yes, I know the government could seize that too...that's a bleak future indeed though).

I believe you also said in an earlier post that you are cashing out your Eth Larry? Do you believe in it or not?