Bitcoins/Litecoins/Virtual Currencies

Rajaah

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They'll play out the "long term asset" story....

Although the more I'm looking the more feasible $25k BTC, and $1500 ETC are looking in the short term. (i.e. probably through end of the Summer)

Yeah, I'm waiting for 25k BTC and sub-2k Ethereum before I really buy more of either. Feels like I jumped the gun by buying anything in the past few weeks. Also want more VET, and it's down to 8 cents which is pretty nice in the grand scheme of VET, but who knows if that's gonna drop even more?

Speaking of...what happened to Truebit? Bought 10k Truebit at 27 cents, then it drops to 20 cents. Me being bad luck is supposed to be a humorous joke, not a goddamn bellweather.

Bottom line is, great sale on Truebit this week, like I "predicted".
 

Torrid

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That doesnt change everything surrounding the mining of coins is one of the largest waste of resources ever.

Global video game use is roughly as much energy use as Bitcoin, (which only very recently reached parity) according to some cursory googling I just did. This is also an activity that is growing rapidly. Video games are merely a source of amusement and therefore just a hobby of little importance to society (wrong place to make that argument I suppose) that could be replaced with other forms of amusement that consume less energy. (after all, the world is ending, it's the least you can do) If nothing else, crypto could be considered a hobby. What makes my hobby unworthy of power consumption but yours is? My hobby also just happens to shelter my wealth from theft and debasement, grants financial sovereignty, and enables novel forms of financial instruments and payment networks such as payment streaming of tiny fractions of a penny. "I don't use it therefore it's useless and should be banned because, energy" seems to only apply to one thing for some reason.

Consider that the vast majority of energy use from video games is actually just to increase the fidelity -- you can run the same games on weaker hardware just fine. Hell I bought a handheld emulation device recently (RG351P, would recommend) and it'll run Playstation 1 games for 6 hours using a battery half the size of a phone battery. Cyberpunk runs on Ryzen APUs at low settings. Where is the shame for raytraced minecraft players?

This argument is before the mitigating factors such as energy mix and renewable subsidization which just make the whining much sillier. If the 'resource wasted' is a resource that would have gone to waste anyway (i.e. surplus hydro power) then there is no consequence. Even the chips used in the ASICs are the lowest priority at TSMC so they're not preventing iPhones or desktop CPUs from being made. The halvings every 4 years dramatically reduce the energy consumption so it's possible in the future the rate will be less than it is now even with a much higher BTC price.
 
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Sanrith Descartes

Veteran of a thousand threadban wars
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Yeah, I'm waiting for 25k BTC and sub-2k Ethereum before I really buy more of either. Feels like I jumped the gun by buying anything in the past few weeks. Also want more VET, and it's down to 8 cents which is pretty nice in the grand scheme of VET, but who knows if that's gonna drop even more?

Speaking of...what happened to Truebit? Bought 10k Truebit at 27 cents, then it drops to 20 cents. Me being bad luck is supposed to be a humorous joke, not a goddamn bellweather.

Bottom line is, great sale on Truebit this week, like I "predicted".
I thought Ether did drop below 2k today?
 

Rajaah

Honorable Member
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You're right. Didn't check Ether yet today. Looks like this latest major downturn is pretty much across the board.

Even though Ether is more within my target buying zone now I feel like it's a bad idea to buy more of anything at the moment. Buying the dip loses a lot of its appeal when the dip is followed by a crash.
 

Big Phoenix

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Global video game use is roughly as much energy use as Bitcoin, (which only very recently reached parity) according to some cursory googling I just did. This is also an activity that is growing rapidly. Video games are merely a source of amusement and therefore just a hobby of little importance to society (wrong place to make that argument I suppose) that could be replaced with other forms of amusement that consume less energy. (after all, the world is ending, it's the least you can do) If nothing else, crypto could be considered a hobby. What makes my hobby unworthy of power consumption but yours is? My hobby also just happens to shelter my wealth from theft and debasement, grants financial sovereignty, and enables novel forms of financial instruments and payment networks such as payment streaming of tiny fractions of a penny. "I don't use it therefore it's useless and should be banned because, energy" seems to only apply to one thing for some reason.

Consider that the vast majority of energy use from video games is actually just to increase the fidelity -- you can run the same games on weaker hardware just fine. Hell I bought a handheld emulation device recently (RG351P, would recommend) and it'll run Playstation 1 games for 6 hours using a battery half the size of a phone battery. Cyberpunk runs on Ryzen APUs at low settings. Where is the shame for raytraced minecraft players?

This argument is before the mitigating factors such as energy mix and renewable subsidization which just make the whining much sillier. If the 'resource wasted' is a resource that would have gone to waste anyway (i.e. surplus hydro power) then there is no consequence. Even the chips used in the ASICs are the lowest priority at TSMC so they're not preventing iPhones or desktop CPUs from being made. The halvings every 4 years dramatically reduce the energy consumption so it's possible in the future the rate will be less than it is now even with a much higher BTC price.
Im not talking about energy consumption, Im talking about the ear marking of an ungodly amount of computational resources to produce whats nothing more than 21st century digital fiat currency. All of that hardware being used to produce what amounts to numbers in a spreadsheet. Its a supreme waste of computer hardware and a good chunk of this hardware is likely to go straight into dumps the second this current crypto craze dies as it did a few years ago before.

Then theres the little fact all of the coins are absolute dogshit pump and dump schemes being pushed by degenerates looking to make a quick buck off of other degenerates.
 

Rajaah

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Well we all know what happened!!!!

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Deathwing

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Im using a 7 year old GPU thats the problem!

My GPU isn't that old(1060 TI) but I'm just counting the days until *something* breaks the repairs are costly for really stupid reasons.

I don't mind stuff being more expensive, but it should be for the right reason. Like paying the true(environmental and otherwise) costs to manufacture foods and other cheap products halfway around the world from us. The last couple years of pandemic, supply chain disruptions, crypto miners, etc have been the exact opposite of that.
 

Daezuel

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Video cards aren't expensive or hard to find because of bitcoin. (and most of those people in that line are probably scalping the gpus instead of mining)
 
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Deathwing

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Video cards aren't expensive or hard to find because of bitcoin. (and most of those people in that line are probably scalping the gpus instead of mining)
Oh, I know there's more going on than just crypto miners. Intel can't seem to work out the issues on their bleeding edge manufacturing process and there's drought in Taiwan affecting TSMC.

But, I think it's wrong to dismiss crypto in this case. Those people aren't scalping because they're watching markets and know how to take advantage of supply squeezes. Crypto is popular.
 

Daezuel

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Oh, I know there's more going on than just crypto miners. Intel can't seem to work out the issues on their bleeding edge manufacturing process and there's drought in Taiwan affecting TSMC.

But, I think it's wrong to dismiss crypto in this case. Those people aren't scalping because they're watching markets and know how to take advantage of supply squeezes. Crypto is popular.
Sure, I'm just saying no one is using a gpu to mine BTC. Profits for ETH are way down and have been for a while too.

So semantics maybe, but the GPU thing is almost entirely about ETH. (and the ti launch all have LHR on them to limit hashrates for ETH)

I have a pal that mines and lines up at these things and from his experience a majority of people in line are there to scalp.
 

Big Phoenix

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Video cards aren't expensive or hard to find because of bitcoin. (and most of those people in that line are probably scalping the gpus instead of mining)
I didnt say bitcoin, I said because of mining and it certainly is. All the shitcoins are mined on GPUs that should be in my computer.
 
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