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Zeze

Lifer
Mar 4, 2011
10,294
501
126
Some of the more rabid crypto fans here might like this article.

https://www.project-syndicate.org/commentary/blockchain-technology-limited-applications-by-nouriel-roubini-and-preston-byrne-2018-03

If you don't know who Nouriel Roubini is, check out his wiki page.

https://en.wikipedia.org/wiki/Nouriel_Roubini
I raise you Jim Breyer. Well wiki him yourself I'm on mobile.

He's a huge supporter of VeChain BaaS. I think he and his consultancy is multiples times more successful than Nouriel.

https://www.quora.com/Which-cryptocurrency-should-I-invest-in-in-2018-Why/answer/Jim-Breyer

https://www.reddit.com/r/Vechain/comments/7pzt47/jim_breyer_investing_in_vechain_is_an_absolutely/
 

Charmonium

Diamond Member
May 15, 2015
5,922
474
126
I didn't actually think I would change anyone's mind but I'd be curious to hear any rebuttals of what Roubini has to say.
 

Zeze

Lifer
Mar 4, 2011
10,294
501
126
I didn't actually think I would change anyone's mind but I'd be curious to hear any rebuttals of what Roubini has to say.
I appreciate it and I agree with your post about blockchain being costly and overhyped in many applications
 

Regs

Lifer
Aug 9, 2002
16,665
21
81
I am one of those people that don't have much faith in the growth in our economy and hence I find bitcoin another speculative bubble rich people take advantage of dip weeds who spend time trying to "mine" for it. Seriously, how much time, labor, and opportunities does it cost you to mine for a bitcoin? You mean all this time I have been going to school, working 10-12 hour days, and all I had to run my computer non-stop? Does anyone else see the problem in this?
 

destrekor

Lifer
Nov 18, 2005
28,757
343
126
I am one of those people that don't have much faith in the growth in our economy and hence I find bitcoin another speculative bubble rich people take advantage of dip weeds who spend time trying to "mine" for it. Seriously, how much time, labor, and opportunities does it cost you to mine for a bitcoin? You mean all this time I have been going to school, working 10-12 hour days, and all I had to run my computer non-stop? Does anyone else see the problem in this?
Problem?

You can be using your computer's spare time (and electrical cost) to possibly make some immediate revenue -- or hold onto as a sunk cost now to see if the coins you mined today are worth more next year -- or you can go about your life without using your computer in that way. It's up to you. Not really anyone taking advantage of your situation as far as I can see; it's not really anything in which I can see there is a problem.
 
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FelixDeCat

Lifer
Aug 4, 2000
26,093
410
126
Posted on 1/11/18

Kodak coins? WTF? Now I know the days of this hysteria are limited.

2018...The year everyone woke up and realized ethermoney is exactly that - ether!
Update just 60 days later...

Kodak coins have not seen the light of day, Kodak stock plummets 2/3rd's from high.

RIOT blockchain was total garbage.....Riot stock plummets 3/4th's.

Overstock.com in trouble with SEC over their crypto fiasco. Stock plummets.


LOL
 

pete6032

Diamond Member
Dec 3, 2010
4,950
800
126
I am one of those people that don't have much faith in the growth in our economy and hence I find bitcoin another speculative bubble rich people take advantage of dip weeds who spend time trying to "mine" for it. Seriously, how much time, labor, and opportunities does it cost you to mine for a bitcoin? You mean all this time I have been going to school, working 10-12 hour days, and all I had to run my computer non-stop? Does anyone else see the problem in this?
Nobody said you would not have to work if you mined crypto.
 

Charmonium

Diamond Member
May 15, 2015
5,922
474
126
I am one of those people that don't have much faith in the growth in our economy and hence I find bitcoin another speculative bubble rich people take advantage of dip weeds who spend time trying to "mine" for it. Seriously, how much time, labor, and opportunities does it cost you to mine for a bitcoin? You mean all this time I have been going to school, working 10-12 hour days, and all I had to run my computer non-stop? Does anyone else see the problem in this?
Cryptos do have their uses I believe. One thing that I think Roubini overlooks in his article is the need for low-cost cross-border transfers by individuals. He's too focused on the financial/bank side of things because that's where his expertise lies. And he's right about cryptos being a very inefficient way to process transactions. From an efficiency point of view it makes much more sense to have a centralized system like SWIFT. And for large transactions like between banks, that's the better way to go. But there are millions if not billions of transactions every year where you have money going from individual to individual and right now the overhead cost for those transactions is very high. It's making organizations like Western Union and Moneygram very, very rich.

There is a huge need and desire for lower cost methods of handling these transactions where efficiency isn't you primary concern, it's cost.
 

Ns1

No Lifer
Jun 17, 2001
55,399
1,510
126
But there are millions if not billions of transactions every year where you have money going from individual to individual and right now the overhead cost for those transactions is very high. It's making organizations like Western Union and Moneygram very, very rich.
Venmo is free?
 
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Charmonium

Diamond Member
May 15, 2015
5,922
474
126
Venmo is free?
I've never used Venmo, just paypal. But I assume you need a bank account or credit card and so does the recipient.

What I'm thinking of is something like Mpesa where the recipient converts their Mpesa money into local currency w/o the need for anything but a cellphone.
 

DrMrLordX

Lifer
Apr 27, 2000
16,765
5,741
136
Update just 60 days later...

Kodak coins have not seen the light of day, Kodak stock plummets 2/3rd's from high.

RIOT blockchain was total garbage.....Riot stock plummets 3/4th's.

Overstock.com in trouble with SEC over their crypto fiasco. Stock plummets.
Good. Those projects had no real merit. Let them die.

There is a huge need and desire for lower cost methods of handling these transactions where efficiency isn't you primary concern, it's cost.
Guys like Roubini also overlook the need/want for the transaction system to be decentralized and (potentially) private. He's also looking at the cost/transaction on blockchains today, and ignoring where they could be/should be a few years from now.
 
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Red Storm

Lifer
Oct 2, 2005
14,214
216
106
Something to keep in mind for those thinking "I'll just sell the expensive video cards I bought if it all crashes."

Not only will there be a flood of other people also trying to sell their cards, but all of these cards have been used for mining, which is a lot more intensive than typical gamer usage. I personally wouldn't touch a used video card with a ten foot pole because who knows what condition it is in after all that mining.
 

evident

Lifer
Apr 5, 2005
11,618
161
106
should i sell off all my bitcoin into VEN? or should i just keep hodling what i have in BTC
 

digiram

Diamond Member
Apr 17, 2004
3,793
70
91
Something to keep in mind for those thinking "I'll just sell the expensive video cards I bought if it all crashes."

Not only will there be a flood of other people also trying to sell their cards, but all of these cards have been used for mining, which is a lot more intensive than typical gamer usage. I personally wouldn't touch a used video card with a ten foot pole because who knows what condition it is in after all that mining.
YMMV of course, but I bought an R9280x years ago after the initial crypto fallout Still using it today Can't wait to grab a 1070 after the next fall out.
 

evident

Lifer
Apr 5, 2005
11,618
161
106
You should do proper research and decide if there's anything you want to invest/diversify in.
bleh. im tempted to convert it into cash, buy a rolex and not deal with cryptos anymore... I have no idea about any of these crypto things and woefully behind the times.
 

Aikouka

Lifer
Nov 27, 2001
29,660
490
126
https://youtu.be/g6iDZspbRMg

John Oliver did a segment on crypto just yesterday.
I saw that last night, and I thought it was an okay segment. There are two things that I would've liked to have seen...

1) He never referenced the one big negative aspect of cryptocurrency: power usage. A lot of currencies use a type of algorithm referred to as Proof of Work, and what makes these worse is that as difficulty go up, finishing a solution requires extra, superfluous hashes being solved that are simply meant to raise the processing required. In other words, we're doing more processing to perform the same task, which means more power per task for no reason other than making it slightly harder. It comes across as a simplistic solution to solve excessive hardware, which makes me think that they never expected it to get this crazy. Anyway, I do think it's an important topic given how we're trying to be a bit more efficient with our power usage, and compared to centralized banking, I wouldn't be surprised if the power usage is higher by a few orders of magnitude.

2) I think mentioning PonziCoin would've been a better example of the absurdity of altcoins than DogeCoin. While DogeCoin isn't a bad example, PonziCoin is a great example of where the "double facepalm" meme really fits. A guy created PonziCoin and its website was one huge joke. The guy flat out called it "a Ponzi Scheme that you could trust" and referred to his security as "Equihash quality". The thing is... people bought into it. Although, I do have a friend that keeps telling me that I should buy into DogeCoin. :rolleyes:
 
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Ns1

No Lifer
Jun 17, 2001
55,399
1,510
126
Something to keep in mind for those thinking "I'll just sell the expensive video cards I bought if it all crashes."

Not only will there be a flood of other people also trying to sell their cards, but all of these cards have been used for mining, which is a lot more intensive than typical gamer usage. I personally wouldn't touch a used video card with a ten foot pole because who knows what condition it is in after all that mining.
Nobody doubts this, but resale value should be > 0.
 

T_Yamamoto

Lifer
Jul 6, 2011
15,002
771
126
Nobody doubts this, but resale value should be > 0.
Mining farms aren't going to go for insane hashrate. Reliability is always important, which includes keeping temps down, clean air, etc .etc.

I'd happily pick up a used mining card for cheap.
 

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