The anti-crypto thread

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Mar 11, 2004
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Sure. Sure...I don't live in the US and here we did not heavily print money the last years. And lo and behold we basically have the lowest inflation world-wide and the only reason there actually is any is globalization. But it's much less because the dollar is also worth less comparatively. Price up 10% in dollars, dollar down 8%, so you only pay 2% more, in a nutshell.

What I can concur is that inflation itself is not a problem. It's only a problem if salaries stagnate at the same time.



I would love to see how many funds get stolen via online banking each day. I know of 2 people that had this happen (friend, relative). In both cases the bank full refunded them but they had to sign an NDA. Yeah people getting hacked in online banking don't nmake it to the news. Doesn't mean no crime happening there. And it is entirely possible to have banking services in the crypto space that offer these same services. The fact you can be your own bank doesn't mean everyone has to be.
Crypto.com com actually has a 250k insurance in case of hacks. So you get up to 250k back.



I'm sure you don't see the irony here. You complain about hacks and security which if you look always affect some "alt-projects" and never Ethereum directly. Why? Because security matters even if it delays things. If they rushed and something bad happens you would post that. But I'm sure you will not post here once PoS is up and running just fine and fully secure. You are on a tech forum. You should understand the huge complexity involved and huge need to be 100% secure which is almost impossible in programming.

Which is the real issue for...going on like 50 years now. Which is why I get people wanting to not pay taxes (since hey, that's one of the key means by which wealthy people get wealthier), I just wish they'd be honest about it and not claim a load of nonsense, whilst they actually further enable other issues that are the actual problem with modern economic systems.

Er, pretty sure that's not an NDA (its just basically a form where you swear you weren't the one that did the charges so they can nail you for fraud should they find evidence you did). Also, absolutely that's an issue, but no one cares. Once it starts having real ramifications (safety for instance) maybe, but even then fairly doubtful. Intel has had one of the worst physical hardware security issues ever, that still is affecting even their most recent CPUs, and no one gives a shit. Most likely because security was already shit because companies do not prioritize it. And as we're seeing, blockchain doesn't magically fix it (despite the insistence from crypto-evangelists that it will). I'd be all for calling out companies that claim how secure their payment processing stuff is and the like (just like I'm all for calling out companies claiming "unlimited" that is in fact limited in various ways). I'm not sure why some of you argue like people are ok with that shit just because we might take issue with the lax security elsewhere.

I'd be all for energy audits of the current financial systems, especially wall street and others. And gaming. And a lot of other. But then I'd also be ok with crypto just so long as it was taxed adequately (and negative externalities - especially the ridiculous amount of energy consumption, were also properly addressed).

That's probably unConstitutional, what with activity on the Internet being the purview of the Feds.

Is that what is actually being done? Because the title says they're banning crypto-mining which I would think means people physically crypto mining in the state.

Googling and it seems they're banning new proof of work crypto-mining operations and making it so current ones are barred from renewing their permits for 2 years. So, seems that someone here isn't being honest or knows what they're talking about.

OP are you OK? You seem a little angry. 72 pages of ranting about CryptoCurrency...

I like how you're trying to be dismissive but I doubt the OP minds admitting that crypto-mining makes him angry. Its kinda like the way dickheads try to dismiss people being upset by real issues, as though its not something worth getting bothered by. Which I never understood this weird insistance that nothing bothers you some people seem to want to champion. It just makes you come off like a huge asshole that lacks any concern even for yourself. Then again, that does seem to be popular mentality with a lot of people. Who weirdly get upset when you call them out on such behavior. Almost like, it bothers them.
 

VirtualLarry

No Lifer
Aug 25, 2001
56,560
10,175
126
nicehash-nice-payment-png.60913


That pay spike for miners at the end of the graph? Yeah, that's because of "high gas fees". I sure got paid. :)
 

DrMrLordX

Lifer
Apr 27, 2000
22,065
11,693
136
Is that what is actually being done? Because the title says they're banning crypto-mining which I would think means people physically crypto mining in the state.

It's a legally thorny issue. You literally can not mine without an Internet connection to relevant nodes on a blockchain. The activity has interstate commerce built into it by default. Unless the blockchain were contained to servers only physically located in the State of NY, I don't think they have standing to regulate the activity.

They can pass regulations on power consumption, maybe. But that doesn't directly affect miners. It would affect a lot of things.
 

VirtualLarry

No Lifer
Aug 25, 2001
56,560
10,175
126
It's a legally thorny issue. You literally can not mine without an Internet connection to relevant nodes on a blockchain. The activity has interstate commerce built into it by default. Unless the blockchain were contained to servers only physically located in the State of NY, I don't think they have standing to regulate the activity.
+1, Insightful
 

ultimatebob

Lifer
Jul 1, 2001
25,134
2,446
126
I remember being told that Bitcoin was going to be an excellent hedge against inflation. You know... "money printer go brrr" and all that.

In reality, inflation is up about 10% over the past year, but Bitcoin is down about 35%.
 

brianmanahan

Lifer
Sep 2, 2006
24,428
5,861
136
I remember being told that Bitcoin was going to be an excellent hedge against inflation. You know... "money printer go brrr" and all that.

In reality, inflation is up about 10% over the past year, but Bitcoin is down about 35%.

maybe because tether go brrr too, lol

or maybe because it's still seen as risky and people are de-risk-ifying
 

AdamK47

Lifer
Oct 9, 1999
15,587
3,293
136
I remember being told that Bitcoin was going to be an excellent hedge against inflation. You know... "money printer go brrr" and all that.

In reality, inflation is up about 10% over the past year, but Bitcoin is down about 35%.
It was crypto bros telling their flock this. It's part of the grand utopian dream.
 

DrMrLordX

Lifer
Apr 27, 2000
22,065
11,693
136
I remember being told that Bitcoin was going to be an excellent hedge against inflation. You know... "money printer go brrr" and all that.

In reality, inflation is up about 10% over the past year, but Bitcoin is down about 35%.

In theory, yes. In practice, when BTC prices are being bolstered by indirect cash injections due to QE, BTC is vulnerable to fluctuations in the value of USD. Also cut off QE and the immediate upside for BTC tanks. Inflation may eventually bolster its value, but it's going to have to correct first.
 

njdevilsfan87

Platinum Member
Apr 19, 2007
2,331
251
126
Crypto is going through some pain, and then we'll end up at $100K the next time we've got a bull run. If gold isn't hedging well against inflation, then nothing really will.

Crypto still provides a great opportunity if you know what you're doing. Right now you sit back and yield BTC and stablecoin pairs at 10-40% APY across multiple blockchains. If you yield during the "U" of a market cycle, you have the opportunity to exit with very little or no impermanent loss further down the line with... 10-40% APY. It's not without risk of course, but if it goes well it's still significantly better than the next best thing during bear markets: dividend stocks.
 

BFG10K

Lifer
Aug 14, 2000
22,709
2,996
126
I remember being told that Bitcoin was going to be an excellent hedge against inflation. You know... "money printer go brrr" and all that.

In reality, inflation is up about 10% over the past year, but Bitcoin is down about 35%.
And of course they respond that it's something else's fault. Always is. Couldn't possibly be their Crypto fetish is a delusional failure.

Like how we were told Crypto doesn't need power / internet infrastructure because "millionaires just pop over the border with their paper wallets".
 

DrMrLordX

Lifer
Apr 27, 2000
22,065
11,693
136
It’s a hedge against inflation they said … 😂

Again, when people keep pumping up prices with Fed funny money, what do you expect to happen? Eventually prices had to crash once the Fed pulled in QE and started raising rates.

As a hedge against inflation, it has performed quite well since 2009/2010 or whenever you trace BTC's value back to its infancy when it was selling for around $.01-$.09.
 

JEDI

Lifer
Sep 25, 2001
29,391
2,736
126
Theory:
Once it goes down to it's old high of 27k, it'll shoot up through 6 figures, just like when it went back to the old high of $7k, it went up to 27k
 

ultimatebob

Lifer
Jul 1, 2001
25,134
2,446
126
Theory:
Once it goes down to it's old high of 27k, it'll shoot up through 6 figures, just like when it went back to the old high of $7k, it went up to 27k

Who's going to be buying all of the crypto to get the valuations up to $100K, though? We already got mainstream investors and Wall Street to buy-in during the last crypto rally. We're running out of new suckers... er... "investors" to pay for the next rally.
 

dullard

Elite Member
May 21, 2001
25,509
4,003
126
Who's going to be buying all of the crypto to get the valuations up to $100K, though? We already got mainstream investors and Wall Street to buy-in during the last crypto rally. We're running out of new suckers... er... "investors" to pay for the next rally.
Fidelity is opening up a whole new group of suckers. Also there seem to be a lot of tulips blooming right now. Maybe tulip profits will come through to buy Bitcoin.
 

Zorba

Lifer
Oct 22, 1999
15,282
10,879
136

Welp, NY (State) doesn't want crypto-mining no more.

(Just wait until they get a load of what's coming down the pike for Gamers, new PSUs that support transient wattage demands of 2400W, needed by the new 40-series GPUs with PCI-E 5.0 16-pin connectors. Some cards sport two of them!)

I should write their legislature, and inform them. They might want to put a moratorium on PC Gaming as well. (Eventually, in NYS, all Gaming will have to be done on Cell Phones, for environmental reasons, of course.)

Or maybe just blanket ban on importing PCI-E 5.0 power connector -using peripherals and components, including PSUs.
How is a computer going to pull 2400W? Unless you are installing a 220V plug for it. I think 1500W is the max appliance wattage you can sell in the US. And nearly all houses are built with 15-amp plugs and circuits which would be a max of 1,800 watts.

In general though, I would support a maximum wattage on computers. I also support minimum efficiency standards.