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.

 

[Insert_Nickname]

Nah if we can find a way to harness stupidity as energy, even the universe itself could not contain us. As i feel human stupidity even outpaces the universe in expansion even.

"Two things are infinite: the universe and human stupidity; and I’m not sure about the universe!" -- Albert Einstein

 

[GodisanAtheist]

"Two things are infinite: the universe and human stupidity; and I’m not sure about the universe!" -- Albert Einstein

I've always heard "The difference between genius and stupidity are that there are limits to genius" - Albert Einstein.

Probably yet another misattributed quote, but solid nonetheless.

 

[VirtualLarry]

Hmm...

 

[Harry_Wild]

From what I can tell; people are waiting for the Arc Alchemist line to be released and I going to be jumping on the lowest price graphic card and buy it at any price; even above MSRP!

 

[amenx]

bitcoin dumped a little today, but it still high

In response to this:

Bitcoin falls as China takes aim once again at 'extremely harmful' crypto mining

Chinese authorities are ramping up a crackdown on crypto mining, calling it an "extremely harmful" practice that threatens to jeopardize the country's efforts to reduce carbon emissions.

edition.cnn.com

 

[CuriousMike]

In response to this:

Bitcoin falls as China takes aim once again at 'extremely harmful' crypto mining

Chinese authorities are ramping up a crackdown on crypto mining, calling it an "extremely harmful" practice that threatens to jeopardize the country's efforts to reduce carbon emissions.

edition.cnn.com

I do wonder how much of that is lip service, vs the Chinese actually care about the carbon emission footprint.

If there is a large carbon cost to Crypto, I wonder why we haven't seen more about this on mainstream news.

I have this image of Greenpeace volunteers chopping down power lines outside Larrys house.

 

[DrMrLordX]

In response to this:

China's very public announcements about banning/persecuting miners have become a joke by this point. How many times will they announce the same thing?

 

[VirtualLarry]

I have this image of Greenpeace volunteers chopping down power lines outside Larrys house.

ROTFL... you don't say...

Meanwhile, I'm having trouble heating my small two-room apt., in 36F weather outside, with my vent exhaust fan running, because the mining rigs use so little power / give off so little heat.

I don't really have a huge operation (25 GPUs), and the ones that I have are very power-efficient, I prioritized that during my purchases.

Edit: Besides, my apt has electric heat. If I wasn't heating my apt., with crypto, I would have been burning the power anyways just for heating. Win-win! Power that pays you back!

 

[fleshconsumed]

ROTFL... you don't say...

Meanwhile, I'm having trouble heating my small two-room apt., in 36F weather outside, with my vent exhaust fan running, because the mining rigs use so little power / give off so little heat.

I don't really have a huge operation (25 GPUs), and the ones that I have are very power-efficient, I prioritized that during my purchases.

Edit: Besides, my apt has electric heat. If I wasn't heating my apt., with crypto, I would have been burning the power anyways just for heating. Win-win! Power that pays you back!

Eh, 25 GPUs, even if they're super efficient at only 100W that's still close to 3000W of heat, that's plenty to heat a medium size room.

 

[DisarmedDespot]

I do wonder how much of that is lip service, vs the Chinese actually care about the carbon emission footprint.

If there is a large carbon cost to Crypto, I wonder why we haven't seen more about this on mainstream news.

China is probably using the carbon footprint to try and make itself look good, and I know people cite capital flight for why China is cracking down so hard, but I think the answer's simpler: electricity. China's had some massive outages from a power shortfall and it's affecting entire industrial cities. Scapegoat or not, warehouses (some illegally tapped into the power grid) full of (soon-to-be e-waste) single-purpose mining rigs are the last thing you want when power shortages are making entire factories (that produce things with actual usages) shut down.

 

[aigomorla]

i look at the creation of this thread, and i still do not see a end near sight.
Infect it seems like all the ends we saw were just mirages out in a desert with GPU's being the water illusion.
As we keep chasing it, we realize its just pitted sand teasing us to keep wanting.

 

[ultimatebob]

i look at the creation of this thread, and i still do not see a end near sight.
Infect it seems like all the ends we saw were just mirages out in a desert with GPU's being the water illusion.
As we keep chasing it, we realize its just pitted sand teasing us to keep wanting.

Like all shortages, it will eventually end. New foundries will get built, new competitors will arrive to take up market-share, and supply chains will eventually improve.

It's probably more a "later next year" thing than a "2 months from now" thing, though.

The real question is if TSMC will have new chip plants online before Ethereum transitions off of GPU mining. You would think that a software change would be easier than building new plants, but then the Ethereum team seems to really suck at their job.

 

[BFG10K]

US Department of Justice gets approval to liquidate $56 million in cryptocurrency from BitConnect seizure

Back in September, 44-year-old Glenn Arcaro of Los Angeles pleaded guilty to participating in a conspiracy to defraud BitConnect investors. Arcaro said he and others knowingly mislead...

www.techspot.com

“In truth, BitConnect operated a textbook Ponzi scheme by paying earlier BitConnect investors with money from later investors,” the Justice Department said.

That definition applies to all Crypto mining. Absolutely nothing of value is ever created or represented. It's just imaginary numbers on an infinite scale, and the whales controlling the whole thing sit on the FIAT where the real value is.

Also notice how the restitution is being paid back in FIAT and not [inset another coin here]? The same reason why nobody ever says "wow, Ether is worth 10,000 Doggiecoin" or whatever, because it always comes back to FIAT.

 

[bigboxes]

I don't really have a huge operation (25 GPUs), and the ones that I have are very power-efficient, I prioritized that during my purchases.

Love ya, Larry. But you are nuts. 25 GPUs.

 

[VirtualLarry]

Love ya, Larry. But you are nuts. 25 GPUs.

It's kind of like in Highlander. I find gamers and cut their heads off, and then I get their GPUs.




/s

 

[DisarmedDespot]

US Department of Justice gets approval to liquidate $56 million in cryptocurrency from BitConnect seizure

Back in September, 44-year-old Glenn Arcaro of Los Angeles pleaded guilty to participating in a conspiracy to defraud BitConnect investors. Arcaro said he and others knowingly mislead...

www.techspot.com

That definition applies to all Crypto mining. Absolutely nothing of value is ever created or represented. It's just imaginary numbers on an infinite scale, and the whales controlling the whole thing sit on the FIAT where the real value is.

Also notice how the restitution is being paid back in FIAT and not [inset another coin here]? The same reason why nobody ever says "wow, Ether is worth 10,000 Doggiecoin" or whatever, because it always comes back to FIAT.

So, Bitconnect was interesting because it was shady from the start and people kept going with it long after it was clear the thing was a scam. The various cryptobros don't actually care if something's a scam, they only care about if they can make money off it. And Bitconnect isn't alone. Just look at Safemoon, an objectively pointless coin that even people here were talking up (I hope they got out while the getting was good). Safemoon has a built-in 10% fee on EVERY transaction (5% to holders, 5% to a 'reserve currency' fund controlled by the devs), rendering it completely and totally useless for literally everything. A 10% fee means it can never be competitive as a currency or as a tech. I've yet to hear a single use for the damn thing that wasn't "but duh price will go upppp!" People bought into it in the hopes of dumping coins on suckers who would sign up once their mobile app was released (iirc, the app was broken on release, because of course it was) and they're now waiting on the devs to release an exchange (can't wait to see that mess) to somehow pump their useless coins up. It needs new suckers to keep buying into the hype to keep the price going up, because there's literally no use for it otherwise.

At this point, I'm not sure I blame the scumbags running scams in the cryptosphere anymore. When you're in an industry that keeps growing exponentially with millions of dollars flowing in despite crypto projects having an astounding 0% success rate, you might as well fleece the suckers for all they got while you can.

 

[DrMrLordX]

LOL @ BitConnect.

It's kind of like in Highlander. I find gamers and cut their heads off, and then I get their GPUs.

I would hate cleaning up the mess.

So much glass . . .

 

[Shmee]

I heard safemoon actually has some promise, they have some ambitious goals at least. I haven't bought any yet, but I know some who have.

Bitconnect was a funny one. Glad I got out of that for the most part. Oh well, win some lose some.

 

[DrMrLordX]

I heard safemoon actually has some promise, they have some ambitious goals at least. I haven't bought any yet, but I know some who have.

What's funny is that there are some crypto projects producing results now that get less investor interest than projects that have "goals for the future". Crypto investors can be an infuriatingly stupid lot sometimes.

 

[VirtualLarry]

Riddle me this, bat-people.

If ethereum, is a "utiity token" for a "global virtual supercomputer", and people that are really into crypto say that you "shoudn't care about the Fiat value" of those tokens/coins, that they are their own currency, with value derived from the "utility of the network", then why the F*CK is EIP-1559 in existence, except only to raise the FOUNDERS/DEVs "bag" of pre-mined Ethereum value in Fiat, by making the token "deflationary", and thus reducing it's network utility. Ethereum is thus the ultimate pump-n-dump, if you think about it the right way.

Pretty sh*tty that the whole of the technological world is effectively held hostage by their sparse dev. team and what they do. (Shortages at TSMC for GPUs, leading to shortages for chips for cars, microwaves, and other real-world issues.)

Sure, I love me some free Magical Internet Money as much as the next bloke, but .... it IS madness, when you think about it.

Edit: Maybe the only reason that Ethereum is still around, is that it: 1) is fairly easily mineable, and 2) It functions as a layer-1 network, upon which many OTHER "pump-and-dump" schemes are built. Much like "derivatives" in finance.

 

[DrMrLordX]

Riddle me this, bat-people.

Pretty sure we already addressed that in this very thread. But if not, to recap:

Actual token supply is modulated to assure that there's sufficient supply for people to utilize the blockchain but not too many to prevent blockchain fees from becoming excessively high. If there's too much ETH in circulation then they're going to burn some.

 

[DisarmedDespot]

I heard safemoon actually has some promise, they have some ambitious goals at least. I haven't bought any yet, but I know some who have.

Honestly, what promise can it possibly have besides 'price goes up'? I'm being serious here, that 10% fee makes it dead in the water for every use I can think of.

 

[beginner99]

then why the F*CK is EIP-1559 in existence, except only to raise the FOUNDERS/DEVs "bag" of pre-mined Ethereum value in Fiat, by making the token "deflationary", and thus reducing it's network utility. Ethereum is thus the ultimate pump-n-dump, if you think about it the right way.

If founders wanted to dump, they would have in 2017 because the would all have been billionaires then already.

I do agree in not seeing or understanding the need for ETH to be deflationary. Bitcoin? OK, it acts as a value store but Ethereum? it makes people use it less because you simply get more by just waiting and doing nothing. the core reason why a deflation is much, much worse than what we are seeing now.
Maybe the argument really is to do only what you really need to run on ETH and most of the rest on a side-chain or via roll-ups eg. layer 2. high fees (high eth value) incentivize layer 2 adoption and remove pressure from core block chain. Anyway, it's complex and I assume neither you or I but much thought into the actual economics.


As for the constant haters coming with links to scams, I can only say "A Fool and His Money Are Soon Parted". Doesn't matter if it is crypto or fiat. safemoon was mentioned. It's clearly shit with no usage. SHIB hasn't been mentioned because it actually made many. many people millionaires, on paper for now. But yes, it's an example of "just wanting to make quick buck" and not really believing in a tech. It doesn't have any use and will go away at some point like doge.
If you are in it in the long term, look at projects with an actual use-case. Monero for privacy is an obvious example outside of the big 2 (ETH, BTC).

 

[DrMrLordX]

@beginner99

EIP-1559 in particular seems to have reduced fees that are otherwise being driven up by demand for blockchain space:

The technical benefits of EIP-1559

By Yuga Cohler

blog.coinbase.com

It's a shame that reactionaries (sorry Larry) want to paint EIP-1559 as a way for EF members to feather their own nest, so to speak.

 

[VirtualLarry]

It's a shame that reactionaries (sorry Larry) want to paint EIP-1559 as a way for EF members to feather their own nest, so to speak.

Well, from a miner's perspective, they're still collecting those transaction fees from users of their network, but now they're just burning them, rather than properly use them for paying the miners that make those transactions possible and secure.

They're stealing my pay.

Do I not have a right to be upset? And is anything that I portrayed untrue? ETH TXN fees are more consistent under EIP-1559, but they are NOT appreciably lower in general.

EF/DEVs are NOT miners, and they'll do everything necessary to protect their large bag-holders (DEVs, and larger initial investors - pre-mined, if I might add), and screws everyone else, users (with high fees) and miners (stealing their pay).