The morals of Mining Crypto, Gamers vs Miners, general angst about crypto thread.

Discussion in 'Blockchain & Cryptocurrency Mining' started by Slug69, Apr 6, 2021.

  1. dirkmirk

    dirkmirk Member

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    https://www.google.com/amp/s/mobile.reuters.com/article/amp/idINL4N1MZ34H

    This article is a few years old and I'm work so can't really check up on the current situation in sichuan province.

    So theirs your excess renewables connecting up to nearby province to displace coal, where will the Bitcoin miners go next or do they stay put and keep coal use going in neighboring grids ...
     
  2. douver

    douver Member

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    There's quite a bit of people on both sides here just seeing what is best for them. Crypto is shit for the environment sure, but most industries are. If people are going to effectively cancel culture crypto mining just because they 'think' it doesn't provide anything to society, where does that rabbit hole end.
     
  3. xplod140

    xplod140 Member

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    It arguably contributes more to the economy than gaming from a personal wealth perspective whereas gaming contributes more to corporate wealth. There's a lot of angles to this diamond shaped turd of a topic.
     
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  4. Mac-Pro

    Mac-Pro Member

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    China has banned bitcoin and is closing down mining farms. China is also releasing their own digital currency and have just finished testing expiration functions. It's designed to keep money moving and deter people from saving. Like wow, I hope we never get that here and another reason to store your assets in bitcoin.
     
  5. mr camouflage

    mr camouflage Member

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    So, as near as I can find with some quick googling, Bitcoin uses 121 terawatt hours globally per year (source) and PC gaming uses 75 terawatt hours globally per year (source), not including console gaming.

    Seems that they are both bad for the environment ¯\_(ツ)_/¯
     
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  6. jvalente

    jvalente Member

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    Is fiat money worse than crypto from the environmental perspective? Paper/plastic vs electricity?
     
  7. fureien

    fureien Member

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    Last edited: Apr 9, 2021
  8. r3s

    r3s Member

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    I'm confused what reading a thread has to do with getting a good deal in the FS forums if he is going to use them rather then flip.
     
  9. Matthew kane

    Matthew kane Member

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    I've already seen 3 listings from here flipped elsewhere. And I'm not going to report them.
     
  10. sTeeLzor

    sTeeLzor Member

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    Buullshit. It contributes nothing to the economy and actively takes resources away.
     
  11. MrSnuffy

    MrSnuffy Member

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    At huge scale the bitcoin protocol will be "eleventy gazillion to the power of a really big number" times more efficient than it is today (with respect to transaction capacity vs 'hash power' used) .... and will not use 'general purpose' compute (so won't be a factor in video cards).

    Contrary to people who think this is a "stupidly inefficient system" (which granted it IS today) .... it's going to be very very efficient way to do "fully" (ie. anyone to anyone) distributed computing.


    As for the rest of the "crypto" quagmire. Well, ride the way while it lasts... sucks to be a gamer, but I guess that's how free markets work. How long can it go? - Probably a lot longer than some expect <shrug> ... but it will end.

    BTC is such a horribly bad way to look at bitcoin... as there is basically no competition with respect to fees, and competition is ONLY focussed on hashing power (rather than block construction and transmission) due to the purposefully crippled protocol.

    That isn't how bitcoin was originally designed to work.... and not surprisingly leads to a stupidly crippled and inefficient system that is not very useful.


    Said another way, everyone making comparisons about BTC transactions per watt.... have a huge and valid point to make. BUT... BTC is not a representative example of "what is bitcoin". Bitcoin was designed to be 'infinitely' more efficient (hashing is not the intended way nodes would "compete" to add blocks).
     
    Last edited by a moderator: Apr 10, 2021
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  12. fureien

    fureien Member

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    3 cards is more cards than a single gamer would need. so he sure as heck isnt using them for gaming. The separate issue of flipping aside, its clearly being bought to use for mining.

    im not saying i have problems with either flipping or mining in this scenario.
    i am simply calling out the fact that i just happenned to spot his viewing history about morals of crypto mining and when juxtaposed against physical act of buying cards to mine, it got a laugh out of me

    > reads topic about morals of mining
    > proceeds to immediately buy cards to mine anyway
     
  13. adamsleath

    adamsleath Member

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    i think it has been noted that crypto activities consume a fair whack of resources, and actually derives much of its value from those activities. ie. specifically mining related consumption of energy and hardware. as a mere transactional medium, like currency, it's just as easy to store noughts and zeroes as any other bit of data.

    as for its farcical characterisation as a currency. bleh. despite the various fluctuations in currency valuations, currency is, as much as anything can be, relatively stable as a unit of value. but of course, price movement profiteers don't find that very interesting. they want to turn a quick profit on a volatile commodity.

    stability? yeh nah, they want none of that. the greedy thrive where opportunities to exploit flux exist, or can be arranged. hype? yeh. global crises? yeh, that too. supply shortages ? yeh. that too.
     
    Last edited: Apr 11, 2021
  14. havabeer

    havabeer Member

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    what about the tax implications?
     
  15. OP
    OP
    Slug69

    Slug69 Member

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    I declare.
     
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  16. dirkmirk

    dirkmirk Member

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    This is my biggest gripe when people sell the idea of Crypto saying that fiat is garbage or scam.

    ONE 12 hour overtime shift paid for last year?

    A flight to Bangalore AND BACK, that to me says alot about the purchasing power of my dollars that I earnt for 12 hours of labour........

    Dollars have alot of purchasing power, you just need to undertand the types of assets that your dollars loose purchasing power against, anyway its really all a stupid topic to discuss with alot of people.
     
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  17. Mac-Pro

    Mac-Pro Member

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    Crypto can still have the inherited flaws of fiat, not all crypto's are the same. Crypto can be debased like fiat just by making more coins if they're not algorithmically programmed to be capped. Having digital currency allows monetary tasks to be done faster.
     
    Last edited: Apr 11, 2021
  18. Matthew kane

    Matthew kane Member

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    All a rigged ponzi scheme scam.
     
  19. adamsleath

    adamsleath Member

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    it's the other other scam. the currency scam is a lot older. and is actually funding this new scam. :lol:

    it (crypto which isn't a currency so much as an asset) has massive upside potential, riding on the coat-tails of the longest running scam in history.

    the keyword being "currency"

    one differentiator i find significant is the concept of limiting the number of units. i think that idea can be useful. but one logical consequence of that is that crypto wealth, if limited in supply will simply end up concentrated like all other wealth in the hands of a few. highly inflated in value of course.

    but they keep coming up with new types of crypto don't they? so the execution of that concept is rather...limited. it is an expanding unit base, similar to 'regular' currency used by governments.

    i think you will find that there is already a highly concentrated set of holdings in 'cryptocurrencies' and those holders can make or break it at their whim.

    and every new alt-coin that pops into existence reminds me of the old penny stocks. more sucker bait . certainly can see the price graph, but i wouldn't touch it with a 10 foot pole. not sure why. it just smells risky and volatile.
     
    Last edited: Apr 11, 2021
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  20. Myne_h

    Myne_h Member

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    They're the ones choking on it. Not us.
     

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