Can governments not step in and put an end to the cryptocurrency madness?

[MrWhippy]

Come on, a currency where every transaction leaves a permanent trail. Why do you think any govenrment would want to get rid of that?

Just imagine if the UK outlawed GBP and switched to one of the crypto coins as the only legal national currency. Every transaction would be chasable for tax.
They could switch to a coin that had an inbuilt, unavoidable transaction tax that goes directly to the Exchequer's address and then just abandon all other forms of taxation.
UK Tax would be collected anytime anyone made any financial transaction. No need for accountants to do anyones tax returns.

Sounds great actually. I should invent it.

 

[Theophany]

Come on, a currency where every transaction leaves a permanent trail. Why do you think any govenrment would want to get rid of that?

Just imagine if the UK outlawed GBP and switched to one of the crypto coins as the only legal national currency. Every transaction would be chasable for tax.
They could switch to a coin that had an inbuilt, unavoidable transaction tax that goes directly to the Exchequer's address and then just abandon all other forms of taxation.
UK Tax would be collected anytime anyone made any financial transaction. No need for accountants to do anyones tax returns.

Sounds great actually. I should invent it.

Sounds like it would suck if a government decided to arbitrarily hike taxes.

 

[Narj]

They cant stop it otherwise they would already. Even the ones which are "banned" in some countries you can just use a VPN to trade the coins abroad.

It isnt a centralised system, so no one really has control over it.

Well, at least until a few Chinese mining pools decide to club together and do a 51% attack

 

[Nasher]

Well, at least until a few Chinese mining pools decide to club together and do a 51% attack

That would crash the price and it may never recocer as people would lose trust in it.

 

[MrWhippy]

Well, at least until a few Chinese mining pools decide to club together and do a 51% attack

I don't think that would even be too much of a problem. The Chinese chain would carry on and the other 49% chain would fork into a new coin.
The relative values might diverge but people could continue in either or both chains as they see fit.

 

[Narj]

That would crash the price and it may never recover as people would lose trust in it.

Depends how much money could be screwed out of it before people realise what's going on I suppose.

 

[StonedPenguin]

Op missed out on the train.

Choo Choo

This.

 

[Psycho Sonny]

I believe Bitcoin only uses so much electricity as a way to prevent people from doing fraudulent transactions, as it would cost more to dupe the network than what you'd gain, however people are well aware of this and I think other currencies have solved the problem.

Bitcoin was created as a way to shake up the banking system so you don't need banks to prove you own £x. In principal it makes perfect sense. Goverments etc don't like it as it's a way to hide money, however Bitcoin isn't actually anonymous unlike other currencies such as Monero. You can trace a bitcoin all the way back to the original bank account that funded it technically.



This guy has 78 3080s!

https://videocardz.com/newz/this-geforce-rtx-3080-ethereum-mining-rig-now-makes-20k-per-month

He's not in the UK.

You can't make a profit in the UK with our leccy prices.

Even then it says it will take him 7 months to break even given his profits stay at their current rate which they won't.

More like a year to break even. Complete waste of time IMO.

If you cannot break even within 3 months you are better off just buying bitcoin than selling your hashing power.

 

[200sols]

You can't make a profit in the UK with our leccy prices.

Simply not true. We are in a boom time right now nearly every card is profitable in the UK even with our prices. 6 months, 12 months ROI is still very good, not many investments in todays market can offer that.

 

[Pho]

Apparently that guy is in Las Vegas where apparently the price of electric is on average 10.70 cents/kWh. I think mine is about 15.82p/kWh, so about double at 21.50 cents/kWh.

I imagine he can sell those cards on for a decent amount too, especially right this moment with all the short supply.

 

[Psycho Sonny]

Apparently that guy is in Las Vegas where apparently the price of electric is on average 10.70 cents/kWh. I think mine is about 15.82p/kWh, so about double at 21.50 cents/kWh.

I imagine he can sell those cards on for a decent amount too, especially right this moment with all the short supply.

Even better he will likely be using solar panels.

So return on investment here would be 14 months at current profit levels which always fall with time. More like 2 years.

As profits get good everyone starts mining making them fall.

It gets harder and harder and those in countries with free power take over.

Hydro, solar, thermal power is where the big farms are.

UK isn't a big mining country. People who do it here are either ignorant, not paying the leccy or enthusiasts.

The time to get into mining was 5+ years ago the boat has sailed. Unless your going to be holding for 20 years

 

[Rofflay]

Crypto makes no sense, But people accept paper so hardly surprising. Another thingof value that has no value. And of course a few will profit and mine using solar and other schemes. All while making life worse for the rest of us. Taking away all the 3080s, The enviromental impact of all of this will see you go to hell anyways and i am sure you also endanger real currency and impact the values on it. If they made mining illegal tomorrow i would nod in approval.

 

[touch]

Crypto makes no sense, But people accept paper so hardly surprising. Another thingof value that has no value. And of course a few will profit and mine using solar and other schemes. All while making life worse for the rest of us. Taking away all the 3080s, The enviromental impact of all of this will see you go to hell anyways and i am sure you also endanger real currency and impact the values on it. If they made mining illegal tomorrow i would nod in approval.

What benefit does you using those 3080s for gaming bring to society? If they banned mining because it's an unproductive use of power and computer hardware then gaming on them should also be banned.

 

[Rofflay]

What benefit does you using those 3080s for gaming bring to society? If they banned mining because it's an unproductive use of power and computer hardware then gaming on them should also be banned.

Ok ban holidays and ban cars too then unless you use it for work. Gaming is for relaxation and a hobby. Mining is neither it is a way of making an income. A happy society does need recreation. Mining is not something we need is it?

 

[touch]

Ok ban holidays and ban cars too then unless you use it for work. Gaming is for relaxation and a hobby. Mining is neither it is a way of making an income.

Just because you can make an income from it doesn't mean it's not a valid hobby. It's equally as valid as gaming (or holidays and driving). I'm sure there's plenty of people on here who do so.

In fact, there's an entire subforum on here dedicated to it.
https://www.overclockers.co.uk/forums/community/crypto-currency-mining.158/

 

[R.P.L]

Crypto makes no sense, But people accept paper so hardly surprising. Another thingof value that has no value.

The whole idea of common currency is that it's an arbitrary medium which we agree to assign value to so that we don't have to pay for goods and services using other goods and services.

 

[Efour]

Crypto currency is not a currency.....

No one here has a reality check because we are all financially invested in it, in some way. Can someone please step back from the e-bong and explain what use is a currency that fluctuates in value 100% in a week or two?

You can compare real world currency systems to it sure.
Value is given, scarcity is introduced, trust in a system.

But its complete bull and just because you cling to your 0.000005 bit coins hoping it will be worth £500 in 5 years doesn't make it a usable currency

 

[touch]

doesn't make it a usable currency

The fact that you can literally use it as a currency makes it a useable currency.

 

[-UnderClocker-]

Instead of making this post, OP should have invested in XRP yesterday. It's up 50% today. Made me a tidy sum

 

[Martini1991]

Crypto currency is not a currency.....

No one here has a reality check because we are all financially invested in it, in some way. Can someone please step back from the e-bong and explain what use is a currency that fluctuates in value 100% in a week or two?

You can compare real world currency systems to it sure.
Value is given, scarcity is introduced, trust in a system.

But its complete bull and just because you cling to your 0.000005 bit coins hoping it will be worth £500 in 5 years doesn't make it a usable currency

This is honestly my feeling on it.

I could have purchased 10K of Bitcoin and have a 100K now.
But at what point am I actually using it as a currency?

I mean, obviously I'd be quids in had I done that lol.