Crypto mining

LabR@t said:
If that is the case, it's a disgusting waste of power and resources that could be used for good.

I suggest a crypto-tax to help repair the damage to the environment and the extra costs to non miners that these excessive energy loads they are running. Which surely must result in higher prices for us all?
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One thing we agree on:)
 
Avenged7Fold said:
It is not just a gimmick though, there some interesting aspects of crypto that can be applied to other things which would be game changers in the industry.

A few friends of mine are working on using something focusing on the decentralized aspect of crypto currencies, as well as how it validates the transactions and could keep track and confirm the legitimacy of the trade. Rather than use it in a digital currency, they are planning on using it to counter things such as counterfeiting, fraud as well as reselling. Imagine if ticket sales to events, concerts and such could not be better tracked and huge re-sellers stopped dead in their tracks, you could also stop counterfeiting and could validate and check your ticket. It also has application in ID/passports and not just to prevent fraud.

I don't know much about it, just snippets from what they have said when the topic strays that way when we go tot he pub. I know that it was just an idea a while ago and over the course of 2 years, they have come out with something impressive enough to attracted huge backers from a variety of industries which you simply would not expect to be interested.
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The technology can sure be useful, but the entire mining craze is entirely pointless and not needed. Moreover, crypto currencies biggest uses so far are for fraud, money laundering, drug trafficking, and tax evasion.
 
D.P. said:
The technology can sure be useful, but the entire mining craze is entirely pointless and not needed. Moreover, crypto currencies biggest uses so far are for fraud, money laundering, drug trafficking, and tax evasion.
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Expect to see it in the Conservative Party's manifesto at the next general election. ;)
 
I agree to an extent. As far as energy usage goes, it is the amateurs using GPU setups are the biggest problem. Incredibly inefficient vs the use of asics in power by a long way.

Many negative points against them can be compared to other high value commodities which are traded for similar reasons, except more convenient and digital. Sure some of the biggest uses of them at the moment is its use in drug trafficking, tax evasion and it is rife with fraudulent sales and excessive charges. Drug trafficking though will continue as normal and payment would come under some other form. Before bitcoin was worth anything some people still bought drugs over the internet and i think that is just part of the modern world. Regulation has been coming in left right and center to fight the crypto currency and the refusal to accept or legitimize it has made its worth unstable, making it far less attractive to use as an investment or commodity to trade, though so long as enough buyers think it will rise again - you are fighting an uphill battle.

Our capital has always been a money laundering capital of the modern world and though i don't particularly agree to it, i can't help but feel that our government turns a blind eye to things to enable it. Cryptos seem to make things a lot easier for launderers and though i don't know the intricacies of laundering with cryptos, i am not surprised if they can dodge a lot of expense, faff and tax they would normally pay in the process of laundering large amounts of money using fraudulent companies and under invoicing/over invoicing - so i i can imagine the government is putting pressure on financial institutions to make things tougher for crypto users, as the taxman likely collected more in tax associated with foreign money being laundered prior to crypto. These financial institutions such as Visa, Mastercard are happy to help, as crypto currencies pose a different threat to their market.
 
I have to wonder about the tradeoff between paying fort the exorbitant amount of power required to mine bitcoins,and the value of the coins themselves.

Seems to me that it would make more sense to buy them instead of mining them.
 
Is that realistic?

What are the hash rates?

When i last did anything was when the 290/290x came out and Asics soon made it next to useless as far as efficiency goes.
 
I can't speak for their figures but I suspect the Vega figure is earning bitcoin (through NH for example or trading alts for it) rather than mining bitcoin directly, which is essentially impossible for all intents and purposes with GPU'S.

It does however highlight how some naysayers wade in with big opinions but little knowledge.
 
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