When Bitcoin Mining Gets REALLY serious :)

Discussion in 'Frontpage news' started by Hilbert Hagedoorn, Jun 23, 2017.

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  1. Clouseau

    Clouseau Ancient Guru

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    Missing the point of what am saying. CC itself is not the future it is the mechanism functioning behind the scenes that is the future. I see this as the first building blocks of actually developing a practical means to putting physical currency to an end. The crypto part has the use not the "currency" it is currently associated. The currency part is analogous to the futures market of the stock market.
     
  2. Well physical currency has ended long time ago. Probably no currency today is backed up by gold or even oil or something. All currencies are stored digitally and regulated by banks, governments and backed by national GDP and many other factors.

    The problem of CC is that there is no regulation. Well the only regulation is supply vs demand. That results in extreme(pure) stock volatility. No stable economics can function on such unpredictable basis. Even if there will be all 21 million bitcoins available, it won't be suitable as currency. It will always be just another stock market with extreme volatility. So it won't bring anything to human kind, it will just consume a lot of resources in form of electricity and possibly make some early adopters very rich.
     
  3. Clouseau

    Clouseau Ancient Guru

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    Physical currency is still about. I carry cash in my wallet all the time. It has bailed me out lots of times when phone lines were down. It is this coins and paper that can be put to history.
     
  4. Valken

    Valken Ancient Guru

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    I found his tone infers it. It would be no different if I swapped in Israelis or the English. I know this since the Irish, Welsh and Scots, even the French remind me constantly and believe me they call it rascism, not nationalism (vice versa)! Tell me that is not racism on a pragmatic level. :p

    Its not their business. They have investors who want to make money behind a SOLID business model, not a speculative one.

    CC has no value other then speculation. Call it for what it is but it is hard to vet any value behind it compared to a stock or bond, yet its value is the inherit right to hide assets.

    Don't say it is because it easy to use. Credit cards, debit cards, cash cards, steam wallet, paypal, traditional payment methods and etc... are all easy to use as well.

    As for folding, there is value in it. The network contribution does the "grunt" work to decipher protein makeup so the RESEARCHERS can use that information to create cures for health issues.

    The amount of manual time to just do that is enormous (more than ones lifetime) so it does have a positive net affect. Who says private pharmaceutical companies do NOT have access FOH data? They do through their relationships with those center who fold since many of those scientists and doctors graduated from there in the first place.
     
    Last edited: Jun 25, 2017

  5. Exascale

    Exascale Guest

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    If race doesnt exist, then racism can not exist.

    Used by who?

    I dont care about the UNs definition of anything, just the dictionary's.
     
  6. Exascale

    Exascale Guest

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    Why couldnt it? Government run currencies are backed by nothing and only have value because people believe they do.

    Its not like we have a gold standard anymore.
     
  7. Clouseau

    Clouseau Ancient Guru

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    The bickering about racism ends now. If it upsets you, ignore it. Do not reply to it to feed it. Not pointing fingers. If one wants to beat their chest and act like Neolithic DNA runs rough shot, go do it at a Wally George revival.
     
  8. D3M1G0D

    D3M1G0D Guest

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    Well, even when money was backed by gold, its value was essentially arbitrary. There is nothing about gold, silver or any other "precious metal" which makes them the final arbiter of wealth. Simply put, we value them because they are shiny rocks and pebbles... in a way, we are no different from birds of paradise which collect shiny rocks attract mates. :p

    Money is a medium of exchange, used to facilitate the transfer of goods and services, the real wealth in the economy. Money itself has no inherent value, whether it's represented by paper and coins, gold or silver, numbers in a bank account or the amount of ETH in your digital account. There is no need to back it up by anything, nor is there a need to have it declared by the government or the banks. As long as it can be used to buy goods and services, it is money, and its value derives from that.

    Of course that last point is where the problem with digital currency currently lies, since there are only a few places which accept it as a form of payment. In that sense, I wouldn't say digital currency is money (yet) - it's more like gold or oil, which can be exchanged for fiat currency but can't be spent directly. The ability for digital coins to become money will depend on how many large retailers recognize it as a form of payment, and that depends on how viable it is as a medium of exchange. My view is that this process will take some time, but the more that digital coins like Bitcoin and Ethereum are being talked about, traded and mined, the higher the chances that they will be taken seriously as a new type of money.
     
  9. Exascale

    Exascale Guest

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    Precious metals have always been used as money or the backing for money, because there is a finite amount of them on Earth, theyre difficult to mine and refine, and they essentially last forever.

    Must be why China buys >90% of the PHYSICAL gold mined and mines so much of it themselves, often illegally and to the detriment of the African countries they mine it in.

    They know whats up econimically, so they do that in addition to having MASSIVE import taxes on foreign made goods sold in China, while simultaneously making stuff that self destructive westerners import and dont tax at all.

    And people wonder why the west is bankrupt and looking to cryptocurrency? Plenty of places already accept them.
     
    Last edited: Jun 25, 2017
  10. yasamoka

    yasamoka Ancient Guru

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    Your posts cannot possibly get more ignorant.

    Instead of spouting nonsense, why don't you take a real look at the F@H project and see what it achieves?

    Instead of lecturing us here about how you're skeptical that the project might be doing something completely different to what it claims to do, go read a bit. I would have believed you had I not run F@H for years. More so in the past, one used to be able to see the protein simulation occurring live (albeit not at real-time given how complex the process is). Even now, you have a viewer available. So stuff that nonsense. This is a well-respected university with cutting-edge medical research.
     

  11. Evildead666

    Evildead666 Guest

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    I think the F@H and BOINC people need to have a good look, and maybe try to fuse the two, so the people who "mine" or "fold" for them, mine coins also.
    It would attract many more miners, than just plain F@H or BOINC.
     
  12. Turanis

    Turanis Guest

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    Off-topic

    Racism?You are SJW-fanboy?
    I like Asians,especially Korea-Thai-Japan gurls. :)
    https://img-9gag-fun.9cache.com/photo/anjqd05_700b_v1.jpg

    Thank you,Exascale.

    "Just because few of them use game GPUs to make money"
    They,chinese,do it at Industrial Scale,not few of them.Thats why they buy all the video cards at the manufacturers gate to take it all.We,USA or EU,we get nothing.
    They already build 2 supercomputers to mine something or to boast with them,not for science.
    https://www.wired.com/2016/06/fastest-supercomputer-sunway-taihulight/


    On Topic:
    After this bubble will go,the video cards will be put it on boxes and sell it as new.
    So dont buy these used cards from ebay or else.
    Until then,the new Volta or Vega will be on the market.
     
    Last edited: Jun 25, 2017
  13. Koniakki

    Koniakki Guest

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    My EK block arrives in a couple days and I will put my new Ms. Kon to work.. :D
     
  14. tsunami231

    tsunami231 Ancient Guru

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    a digital currency that is complete screwed if and when power and all tech goes belly up and those 1's and 0's are gone?

    dont know, I honestly dont get the fascination with it.
     
  15. gx-x

    gx-x Ancient Guru

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    Pablo Escobar would be fascinated with it ;)
     

  16. Evildead666

    Evildead666 Guest

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    I mined some litecoin LTC a while back. they were only worth $11 back then, but after a couple of weeks of mining, I gave up.
    I wanted to game a bit. So I just did it for a try, sort of.
    They are now worth ~$250 or so , depending on the day lol :)
    One of the Ether coins, not sure if ETC of ETH (or both), is supposed to be ASIC adverse, so GPU's should always be the miner of choice.

    Its speculation that the coin will be worth more later down the line, and "getting in" before it becomes seriously economically viable to mine on a single GPU.

    As I said before, the Distributed computing guys should be all over this.

    edit : I get 29MH/s on my 290 in ETH at 1025/1225 core/mem, on the latest driver (flashed the bios to an XFX to solve black screens at bootup after every driver change, higher voltage at idle.)
     
    Last edited: Jun 25, 2017
  17. tsunami231

    tsunami231 Ancient Guru

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    wee need a real snake plisken to do exactly what he did there anyway :)
     
  18. Noisiv

    Noisiv Ancient Guru

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    should that happen, btc going belly up would be the least of everyones concerns :wanker:
     
  19. gx-x

    gx-x Ancient Guru

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    Certainly much better option to buy bitcoin then to bury cash in the ground :D
     
  20. tsunami231

    tsunami231 Ancient Guru

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    and 99% populations will die cause they wont no how to survive, and the earth will laugh and recoup from all the damage we doing to it XD
     
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