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. MrSnuffy

    MrSnuffy Member

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    Need specific hardware to effectively mine bitcoin.
    It could work for anything which can be mined on a GPU though.

    At a very quick "back of the envelope" calculation... 50 million high-end GPUs (@ 50 Mh/s each) added to Ethereum, would reduce profit by ~80%
     
    BurningFeetMan, jvalente and Myne_h like this.
  2. dirkmirk

    dirkmirk Member

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    So what's the go with graphics today Etheruem pumping, dogecoin, Litecoin etc, it's gonna get worse.
     
  3. OP
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    Slug69

    Slug69 Member

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    Not sure, I actually saw a 6900XT in person today on the shelf at JW. THe shop owner and I were having a chuckle about it and he also said earlier in the week they had 2 3080's arrive and they were quickly sold online when they published the stock. (The white Strix ones).
     
  4. Sunder

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    Imagine for a second, that the US announced a raft of new Anti Money Laundering/Counter Terrorism Funding laws against another country's currency. Let's say "Columbia"... And in response, the value of the Columbian Peso dropped 14% overnight. Your first assumption would be quite reasonably, that the Columbian Peso was significantly involved in money laundering or terrorism funding, wouldn't it?

    Well:

    https://www.dailymail.co.uk/news/article-9484317/Bitcoin-slumps-14-pullback-record-gathers-pace.html

    Now, Bitcoin die-hards will probably already have a few defences up their sleeves: "That's only a week or two's gains, it's nothing". or "Research has already shown the use of bitcoin in crime is only 2-3%, roughly the same as cash", neither of which are particularly relevant. (For reasons I won't go into here, as the arguments both ways are fairly lengthy).

    But it's food for thought, right? This currency that so many say can't be controlled, can't be confiscated... If people believed that, it should be completely immune to any announcement about regulation, right?

    Bitcoin's (and other cryptocurrencies), biggest weakness is still that very few vendors accept crypto directly. Sure, there are still a few computer stores that take crypto. But can you go onto Static Ice and look up the best price and stock levels and assume they take Eth or Monero? Or go down to Woolies and get your Bitcoin Wallet ready? Nope. The weakness is that for every day use, you still need to convert it back to a fiat currency, and that means it can still be regulated.
     
  5. RP_Automotive

    RP_Automotive Member

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    Except that as a payment method, crypto’s adsorption and acceptance trajectory far outweighs any regulation that has occurred. In any event, I don’t think your example is accurate, as the reason for the drop was not that one simple tweet.

    I don’t see the issue with regulation on crypto payments, in fact they already exist in Australia - just go ask anyone who traded crypto last year whether that got a letter from the ATO or not. In order to use crypto on an exchange you need to submit the same amount of ID as you would to open a bank account.

    Regulating it to prevent money laundering is absolutely fine. As you said yourself, it only accounts for a very small percentage, so you can only assume the activity would reduce by that sort of amount.
     
  6. MrSnuffy

    MrSnuffy Member

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    Anyone intelligent in bitcoin will tell you that yes, it is used for a lot of that and worse.... so is fiat.

    The difference that the blockchain keeps a permanent evidence trail, so these people are potentially not very smart.... bitcoin isn't a good method for criminals (contrary to popular belief), it is just that governments are only catching on slowly re: what can be done.

    That being said.... both the BTC and BCH forks of bitcoin are trying to add "features", which WILL make it good for criminals.... basically features which make users completely anonymous (rather than pseudoanonymous and reasonably private), and/or to lose the records of transactions. This would be good for crime.... and is what many "anarchist" types in the space have wanted from the beginning (and got pretty disappointed when they found out bitcoin wasn't designed that way).

    This will get them on the wrong side of the law.
     
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    Slug69

    Slug69 Member

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    Ahem...
    Turkish lira losing value
    Turkey's currency tumbled as much as 15% after President Recep Tayyip Erdogan sacked the country's central bank governor over the weekend. Naci Agbal had been credited as a key force in pulling the lira back from historic lows.
    March 22, 2021.
     
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  8. Sunder

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    Sorry, you're going to have to explain the context to me for that one. Not quite sure what you're saying.
     
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    Slug69

    Slug69 Member

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    Just in case you implied that only Crypto currencies can be affected by a change of policy. Knowing Crypto would have to be regulated in all countries to become worthless.
     
  10. Sunder

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    Didn't mean to imply that at all, and to be honest, still can't see that I did even reading it back. In fact, complete opposite: The implication wasn't that ONLY crypto can be affected by change of policy, but rather that crypto is NOT immune to change of policy, just like any other currency.
     
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    Slug69

    Slug69 Member

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    So you believe that story was correct that the 14% slump in BTC pricing was because of the SEC announcement? Knowing BTC at the time was at all time highs?
     
  12. Sunder

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    At those precarious heights, anything could have triggered it. I suspect a small dip from the rumour caused a larger one.
     
  13. FuzwaldQO

    FuzwaldQO Member

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  14. DarkWorld

    DarkWorld Member

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    If the US announced sanctions against another country I would first assume that they had found oil there.
     
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