NVIDIA Fined $5.5 Million Fine As it did not Disclose 2018 Crypto Revenue

Discussion in 'Frontpage news' started by Hilbert Hagedoorn, May 9, 2022.

  1. Hilbert Hagedoorn

    Hilbert Hagedoorn Don Vito Corleone Staff Member

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  2. Horus-Anhur

    Horus-Anhur Ancient Guru

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    A slap on the wrist...
     
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  3. Maddness

    Maddness Ancient Guru

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    That's chump change for them.
     
  4. Venix

    Venix Ancient Guru

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    With 5.5mil fine... All they do is encourage em to do it again now 5.5 billion fine could have been effective.
     

  5. looktuc

    looktuc New Member

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    NBminer fully unlocked LHR 100%. Strange that NVIDIA is silent and does not say anything. the whole world already knows it.
     
  6. Denial

    Denial Ancient Guru

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    Only for gen 1 and not gen 2 LHR. Also like what would they say about it? Everyone said it would be cracked in a day and it took about a year to fully get around it. I think that's worth it.
     
  7. rl66

    rl66 Ancient Guru

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    The good point is that with energy that jump up due to sanction against Russia, nearly no one can farm in here, even with this unlock :)
     
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  8. fantaskarsef

    fantaskarsef Ancient Guru

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    That's what's called "opportunity costs" for managers.
     
    Last edited: May 9, 2022
  9. KissSh0t

    KissSh0t Ancient Guru

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    Some crypto bro's are honestly spending this much money on new cars each month.
     
  10. tty8k

    tty8k Master Guru

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    I kept saying this but some hypocrite members on this forum tried to deny it.
    We all know it happened.
     

  11. Embra

    Embra Maha Guru

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    No cookie for you!
     
  12. -Tj-

    -Tj- Ancient Guru

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    only 5.5milion, should have been 55milion minimum for that stunt.
     
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  13. Yogi

    Yogi Master Guru

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    Still don't get why Nvidia are being fined for this.

    From what I understand they are being asked to guess what their product is being used for so investors can make a slightly more educated gamble?
     
  14. reix2x

    reix2x Master Guru

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    Nvidia is a public company, so yes they have to disclosse every detail so investors can make more educated choises (you can call it gambles)
     
  15. H83

    H83 Ancient Guru

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    They are being fined because they mislead their own investors with false or incomplete information.

    But like others said, this is simply a slap on the wrist, a very faint one...
     

  16. schmidtbag

    schmidtbag Ancient Guru

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    I never really understood where they get these numbers from, and how exactly it's justified. Even though $5.5 million is just a slap on the wrist to Nvidia, that's also a massive chunk of change for not releasing a dozen numbers on a table, of which, Nvidia would not be able to report on with reasonable accuracy. Even though Nvidia sells mining-specific cards, they still don't know how many gaming units are used for crypto. It would have to be a rough estimate. You would be a fool to be invested in Nvidia and not know about the boon they see from crypto mining, so, it's plainly obvious that mining has made a big dent in their revenue.

    So, while I don't really care about Nvidia's "loss", I don't feel it was entirely justified either. Perhaps there's more to this that I'm not understanding, but reading the phrasing from SEC just sounds like the government finding flimsy excuses to cash in on Nvidia's success.
     
  17. Venix

    Venix Ancient Guru

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    So you invest in a cookie making company that makes a killing at the time because there are girl scout Olympics and their down time go from door to door selling cookies, when you ask the cookie company where all the sales come from they tell you is normal the people in the town buying the cookies like that always !... That will affect your decision to invest even more or keep your share ....by the law you are not allowed to lie to your investors.... Period !
     
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  18. Denial

    Denial Ancient Guru

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    If you read the full SEC report Nvidia knew that a larger chunk of it's sales were going to crypto then they were reporting. So it wasn't about Nvidia just guessing wrong, but they were intentionally misreporting it... whether it was maliciously or just incompetence who knows. Since that incident Nvidia has taken measures to work with it's vendor channels to improve reporting and presumably are doing their best to get accurate numbers to investors. So even though their estimates might still be off, they are at least attempting to distinguish sales channels, which is probably why the fine isn't bigger.
     
  19. aufkrawall2

    aufkrawall2 Ancient Guru

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    Not an excuse, though everyone with a brain knew the numbers were juked.
     
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  20. Yogi

    Yogi Master Guru

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    I read the article, unlike many posters it seems and the report. I still don't get why Nvidia has to report to investors that their "Gaming" products which were sold as pc gaming skus are being used for something other than gaming. Especially when they had dedicated cryptomining skus at the time.

    Shouldn't they also report that a not insignificant percentage of their Gaming products are used instead of Professional products for engineering tasks as an example. My laptop's 2080 spends more time drawing and rotating squares in CAD or displaying my inbox than it ever has playing any game.
     
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