All those GWh wasted on “mining” only got us closer to the edge.
Which is why a lot of cryptocurrencies adopted proof of stake in favor of proof of work.
which is literally a rich get richer scheme on steroids…
It’s trickle up economics
Just like the cycle of water ! if it never rained
Vacuum cleaner economics
Too little too late.
They were using more power than the entirety of Switzerland, just so a handful of people could get rich.
asdfasdf
Not like the millions or billions of man hours wasted to make 50-ish removed into defacto-gods.
Don’t forget its not just man-hours, but man-lives too
Potentially our future as well considering the carbon and ecological footprint of crypto, both in terms of energy spent mining, and production of single-purpose hardware that can’t really do anything else, rival some medium sized developed countries.
Electricity better spent than what is dimming our night skies with light pollution, IMO, but also proof of stake fixed that.
The GPU mining got me a free GPU and several hundred dollars, for the cost of about 10 cents per KWh. I’d take that “scam” any day of the week, and so I mined until it was over for GPU mining. No regerts.
And that money came from someone. You can’t win in crypto unless someone else loses. Typically it’s vulnerable people wishing for a get rich quick hack who lose.
You probably don’t really know how much of it works. I was paid by a mining pool, for completing blockchain work segments. The mining pool being a for-profit enterprise that pays GPU workers to mine coins that they keep or sell for profit. If you want to extrapolate that to the extent that you imagine I’m harvesting someone else’s wealth, then you’re going to have to warm up for an intense workout of mental gymnastics.
No, you were given a piece of a worthless token by the mining pool. If you ever want to get anything with that worthless token somebody else has to lose money. That somebody makes the bet that another somebody will be an idiot and lose more money so he can get his back.
I bought gold with the crypto haha. Mined me up some gold with a computer.
I’m hoping the gold appreciates in value over time, but I also just wanted to see if I could directly get gold with the crypto and I could.
noo you don’t understand it’s going to the moon noooo hodl hodl hodl nooooooooo plz buy my crypto thank you :(
I sleep well at night knowing nobody will steal my thing I don’t care about because I don’t own any. I just wanted you all to know that.
Like it was basically just digital gold… which is also a terrible currency in physical form.
I mean it is very very useful for specific purposes, like purchasing, uh, certain substances in certain, uh… unregulated online marketplaces.
As far as being a currency for other purposes goes though, I think it is incredibly unfit for purpose. And as far as being an investment vehicle goes it’s essentially a ponzi scheme.
Also the hands down best way to do remittances. No more will WorldRemit steal 15% of my remittance, nor screw me on the exchange rate.
Gold is useful in that it always remains gold but that’s the extent of it.
Wouldn’t say terrible. Just volatile and with a specific use cas. But incaseyour currency loses value you still have some wealth wich you can use for financial interactions (assuming you still have access to it)
I have invested a total of $2000 in crypto.
I took out $2000 when I had like $12000.
I have no idea how much what is left is now. Probably $500-$700. Definitely less than a months rent.
Imma let it ride. I have rss feeds that’ll let me know if any of the coins I own spike for some reason. Otherwise, whatever.
This is the way to do it. What I’ve got is all profit too, whether that means a million dollars or just one.
I have rss feeds that’ll let me know if any of the coins I own spike for some reason.
Ooh, that sounds handy! Mind if I ask where those feeds are coming from?
Same. I had the money to spare and the means to mine so why not? We made more doing that than I have in working for the last few years and even if it were gone tomorrow it wouldn’t affect our livelihood. It’s just so nice thing to have when we are old.
I can’t wait for the crypto Bois to nuke this thread
I’ll fight them fisticuffs style 💪🏽💪🏽
But what’s wrong with using real money to buy imaginary money? /S
What is this “real” money you speak of? What makes it real?
Nothing more than it’s widely accepted and that it’s backed by yet another widely accepted from of currency (usually; gold). Some systems don’t back it up, IIRC.
Because it’s widely accepted, there’s a degree of stability built into it. People generally agree on its value.
This is all gross-oversimplification, I realize, and I don’t particularly want to get into the weeds on this topic, because it’s only of passing interest to me. Regardless, my points around ‘real’ money being more stable and accepted are valid.
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Nothing more than it’s widely accepted
Well, what’s wrong with Bitcoiners trying to make their currency widely accepted too?
that it’s backed by yet another widely accepted from of currency
So it’s turtles all the way down, is what you’re saying?
(usually; gold)
Not the USD, which is the worlds most widely accepted currency.
This is all gross-oversimplification, I realize, and I don’t particularly want to get into the weeds on this topic, because it’s only of passing interest to me.
Yes, I agree that this is gross-oversimplification. But if you don’t want to get into the weeds, why make a claim about something you don’t understand and don’t have interest in?
To troll; why else?
Not like I’m the first person to talk entirely out of their ass on the internet.
Your /S wasn’t loud enough. Next time try /S
I genuinely tried to look for a legit way to make it an option for paying in a small online store without having to depend on paypal or a bank gateway.
Well transaction fees for any big coin are like many dollars per transaction. It’s ridiculous. For smaller transaction fees you have to go to smaller coins that can disappear or lose half their value one day to the next.
And still, if we forget thar people wouls need to pay like a 14€ fee for 1€ transaction. They still have to go to a exange to change their money, and then I have to change it back, because very little things can be bought with crypto, less with cryptos that doesn’t have ridiculous transaction fees.
Did I mention than transaction are not instantaneous either? Unless you pay big transaction fee or use some obscure coin that no one uses.
At the end, I ended up with paypal. I really wanted a way to be “independent” of big companies for transaction. But crypto is completely ruined (if it was ever functional that I doubt it). It’s not a coin, they are just speculation and bets. With cybercrime and drug dealing being the only “real” uses it has.
I tried to do the same for an online marketplace I wanted to create so I didn’t have to fuck around with the legal stuff and the sellers could do whatever they wanted with the money and have them deal with legal when exchanging the crypto at an exchange. The closest project with some stability and something was the Blockchain Telos with their pinned Telos USD coin. It seemed promising, but I gave up.
Layer 2 networks like Arbitrum resolve the issue of high transaction fees and still be able to transact in ETH. I get there is hurdles compared with the simplicity of PayPal, but at least some of us prefer decentralized payment options where possible.
Bitcoin Lightning Network would have solved your fee and speed problem. You can use BTC at many businesses
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The idea was great, but it was ruined by greed.
It’s always been a solution to a problem that doesn’t exist.
How did you buy drugs online before crypto? I think it’s made it much easier. Also for international transactions of large sums I used to pay fees for services and crypto allows for an easy universal standard with no middle men. Micropayments never caught on, but it would be a nice solution for that as well. This argument that we already have money, we don’t need different money never flew with me. Crypto has its place, it was just abused as an investment commodity way too early and this massive inflation completely suffocated any practical application.
It’s funny cause crypto can totally be traced, like the whole idea is everyone has a copy of a history of the transactions, although wallets can be effectively anonymous with certain caveats. The idea of providing my address for a shipment was the part that always put me off with darknet. Although knowing how the laws work with how police obtain warrants etc, I didn’t see a huge risk on that front. Also the things I wanted to obtain weren’t necessarily illegal, mostly Shulgin’s compounds, spores, certain species of wood bark, and we already had a huge medical grey market cannabis market. Plain old etransfers were always preferred because under $10k its not a red flag and nothing “illegal” is happening anyway in the supply chain.
So the use cases are:
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Buying illegal shit
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Scummy crypto exchange as middle men
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Small payments that never got used
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Trying to become rich by sitting on money
The argument is more that we already have better solutions than the one crypto tries to fill. Instead of finding a solution for a problem, crypto tries to find a problem to solve.
Blockchain may have some use case somewhere, but it is definitely not in money.
Buying illegal shit is important. I never would have accomplished the truama recovery I have in the care access desert we lived in without being able to buy psychedelics online. I’m thriving personally because of a few high quality darkweb dealers. I’m great at my job in part because they sent me accurately labeled and carefully grown cannabis when it was illegal, so I was gaining strain knowledge and experience when most of my coworkers were getting the best generic weed they could find in town. If the fascists succeed in making trans care illegal, I’ll use it buy my hormones. It pains me to see the intense turn against crypto, because, used for actual commerce rather than as an investment, it kinda saved me. We never used bitcoin unless we couldn’t help it. I’ve always been angry that using the least energy efficient coin as an investment became the norm. The value of crypto, in my opinion, lies entirely in its prompt and regular use as currency. Hodlers ruined things for everyone.
Scummy crypto exchange as middle men
And you think the companies charging exorbitant fees to remit money aren’t scummy? Crypto has its myriad issues, but remittance is one rock-solid example of it disrupting an egregiously predatory industry in a very positive way.
You are just putting a negative spin on things that are not necessarily negative. The last one is not at all specific to crypto.
Let’s not forget that monitary structures are currently backed by governments, crypto offers a way out of the risks associated with that structure as well. Of course if crypto ever takes off it will end up controlled by corporations which is not inherently better, but at least it offers a choice / way out from governmental whims.
A lot of technological changes start as things trying to find problems to solve - that’s often how discovery works.
I don’t share your confidence. Clearly crypto isn’t going to sprout in popularity any time soon, but there aren’t nails in this coffin.
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Bitcoin was created shortly after some Banks almost crashed the world economy.
It was also a reaction on centralized services like PayPal freezing the accounts of Wikileaks or similar.
Saying that there were or are no problems is wrong. But Crypto is also not a perfect alternative.
[greed!] The cause of and solution to all of our problems
- homer Simpson
I welcome you to my comment thread where people downvote me for being a living example of where cryptocurrency solves a problem better than anything else.
the idea was great
I have questioned this ever since I learned that the more adoption there is, the less efficient mining becomes, ergo more power is wasted accomplishing the exact same task for no extra benefit. Difficulty creates a back asswards system that makes adoption a con.
Mining is only one strategy for concenous, but yes it is a pretty rudementary and inefficient version.
And even in mining there are different protocols, Bitcoin is just intentionally inefficient 🤷
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Man, try to make maximalists understand that 🤣
My Excel spreadsheet remains efficiency champion!
Pretty sure there are more efficient databases than Excel for the kind of information stored on blockchains 🤪
Sure, but when even Excel is a more efficient database, that should say something.
My bad joke was that a real world cost is the point.
Well it’s been over a decade and Bitcoin is still PoW, as well as nearly 50% of the entire crypto market.
Ok… that doesn’t make what they said any less true?
My point is how great can it be if over a decade later the terrible system for mining is still dominant? The more people participating, the worse it gets. We just had texas power companies paying crypto bros to stop mining it’s gotten so bad - and we aren’t even at .01% adoption yet.
You’re chiming in in a way that ignores nuance and implied meaning. I feel like my intention has been pretty clear but if I need to spell it out so be it.
That’s more a question of being first on the scene and the financial impact if Bitcoin maximalists finally accepted that their blockchain is crap compared to other options, that’s what keeps Bitcoin at the top, not how good or bad it is compared to the tech’s potential…
And no your intention wasn’t very clear otherwise I wouldn’t have had to reply how I did previously.
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Bitcoin is more religion and cult than anything. Of course they think it’s great or at least able to hand wave criticisms.
And yeah, consensus is a hard problem to solve for. Many have taken the route of least resistance and implemented what is known to work.
Ethereum doesn’t use mining at all anymore. It can get expensive to use though, which layer 2 chains help with
I know it’s PoS now but why does that matter? What does it solve? What does it actually do that needs to be done? Because so far the vast majority of crypto is used for speculation. It’s people hoping they can make money just by holding on or, God forbid, day trading.
It allows you to send money overseas very cheap. If you moved to a different country, cryptocurrency saves you a lot of headaches with exchange rates and bank fees.
It also allows you to lock down money into a program and distribute it systematically without anyone being able to touch it. Think mass donations being automatically distributed to a select number of organizations, but instead of trusting that the fundraiser doesn’t pocket any money for themselves, you make it impossible for them to do so.
It also doesn’t run as a company so it needs no offices, no employees or bosses, so theoretically it is more cost effective than traditional banking. In a way it is like the fediverse where instead of relying on one big bank service, many people host their own ones, and just like the fediverse, you have some hosts that you can trust and some that you can’t, and while it is more expensive to keep track of multiple instances, that simply is the cost of decentralization.
You’re not really supposed to earn money with crypto (unless you host a node), just spend it or use as your own private bank.
asdfsadfasdf
This sounds like everything ever.
Having a huge penis got worse the greedier I was
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Its useful in that it can be used to perpetuate scams
You make more money as the cult leader but you have more fun as a follower
It also helps morons and crooks self-identify.
I have a friend who bought some eth in like 2015 (or whenever) just to see if he could make money on it. Same guy told me he once bought coke on the darkweb. As far as I know, he only did each of these once to see if they were true.
I would not associate with anyone who is an active participant in crypto. Much less anyone who owns and hypes NFTs. That’s like telling me you like cops / are pro-life / believe Jesus needs to save me. All of these are signs that we are not compatible.
Extremely relevant…
I love that “Web 1.0” link on the bottom for us NoScript users. Enough webs already!
Hah, cool! I didn’t even notice that until you pointed it out. 👍
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Idk isn’t a public ledger of drug transactions kinda naff?
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Funnily enough, the only people i know that made any actual insane gains from crypto were early adopters using it to buy cheap drugs from the dark web. Shit is a scam, just like fiat currency
One of my biggest regrets was not buying drugs on the dark web when I was willing and able. Would have had at least a handful of spare Bitcoin.
No kidding. Back in college I was kicking around the idea with my friends of dumping a few student loans for semester into bitcoin to buy quality mdma. It was like $0.50 a coin at the time.
I rest easy knowing that I would have sold it for beer money well before the price went absolutely nuts. I was never going to make real profit off of it
It was until the authorities learned how easy it is to connect transactions to actual people.
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Word
Preach
This
MY APES IS GOAN
Someone could just send you a copy
I can understand monero since you can actually use it as a currency on some certain websites, but that’s basically it. I do not care about crypto anymore because of the almost toxic culture it can brew.
Back when reddit was a thing, I asked how to even start with crypto (what type of wallet, general set up general use etc) and just didn’t even talk about the actual mining (I remember saying something around the lines of “I’m looking to mine because it’s supposed to get extra cold this winter, I do not care about actually getting any crypto” and those dense mfers kept linking a website that calculates how much I would make with the cost of electricity and the efficiently of it all… like… I didn’t even care about making anything, I just didn’t want it going into the ether)
Anyways that’s my rant
I ran a very small mining operation at home back in the day and it definitely was all about trying to optimize everything.
Today, I don’t think mining is economically viable without running a data center, but I still mine in the winter and turn my computer into a space heater for my home office. It definitely doesn’t cover the power cost but it does offset a small portion of it.Not affiliated in any way but Nicehash is what I use now since it (mostly) runs out of the box with minimal configuration.
As a side note, don’t mine on laptops - you won’t get enough heat to keep a room warm and you might end up with something failing from overheating.
Yeah, I knew it wouldn’t be cost effective since my old rig had an AMD RX580 8gb, but if I could play games and already have a space heater, I may as well mine crypto to heat up the whole house. Nowadays I’m just using Folding@Home during the winter
That makes sense. CPUs and GPUs convert most of their energy use into heat. May as well do something slightly useful with that.
No idea what the numbers are now, but last winter, I think my 3080Ti cost ~$2/day to run and generated ~$1/day in crypto.If you are doing folding@home you can earn !gridcoin@lemmy.ml and Curecoin at the same time for your folding. Helps w the electric bill :). Gridcoin also rewards !boinc@sopuli.xyz so you can do other medical & space research as well if you get bored of folding.
Clearly you didnt figure out how to turn crypto into fancy monitors and overpriced speaker systems.
…and yet here you are making a post about it. :)
