Announcement

Collapse
No announcement yet.

Business, Economics, and Taxes: Capitalism. Yay? >=(

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Originally posted by dxmnkd316 View Post

    Right, but what's the value in it at that point? The whole point now is that new bitcoins are the carrot to spend untold amounts of energy and carbon to process the blockchain. Without the carrot, you need to find another way to pay for those services. Good luck when the market is so crowded you have a farking dog-meme currency that started as a joke.
    From here:

    "Miners receive both a block subsidy (newly minted bitcoin) and transaction fees for ordering transactions into blocks. This means they are incentivized to prioritize the transaction with the highest fees. During times of high network congestion, where a large number of users want to transact, the transactions with the highest fees are more likely to be included in the next block."

    Once the newly minted subsidy goes away, the "miners" will be limited to collecting transaction fees, which are effectively always at auction pricing - how valuable is transaction speed to the payer? If payers stop offering transaction fees that are sufficient to cover the cost of the server farm (and the energy to run it), then the whole thing will go bankrupt.
    Last edited by LynahFan; 04-14-2021, 01:25 PM.
    If you don't change the world today, how can it be any better tomorrow?

    Comment


    • Originally posted by dxmnkd316 View Post

      Right, but what's the value in it at that point? The whole point now is that new bitcoins are the carrot to spend untold amounts of energy and carbon to process the blockchain. Without the carrot, you need to find another way to pay for those services. Good luck when the market is so crowded you have a farking dog-meme currency that started as a joke.
      The value is what anyone is willing to value it at. People trade currency every day this is just currency not linked to a country or government. Right now it is a bubble which won't last but it is not going anywhere. Consolidation will happen as it becomes more mainstream to use.

      I mean it isnt like crypto is new...it is just something non-nerds care about now.
      "It's as if the Drumpf Administration is made up of the worst and unfunny parts of the Cleveland Browns, Washington Generals, and the alien Mon-Stars from Space Jam."
      -aparch

      "Scenes in "Empire Strikes Back" that take place on the tundra planet Hoth were shot on the present-day site of Ralph Engelstad Arena."
      -INCH

      Of course I'm a fan of the Vikings. A sick and demented Masochist of a fan, but a fan none the less.
      -ScoobyDoo 12/17/2007

      Comment


      • Originally posted by LynahFan View Post

        From here:

        "Miners receive both a block subsidy (newly minted bitcoin) and transaction fees for ordering transactions into blocks. This means they are incentivized to prioritize the transaction with the highest fees. During times of high network congestion, where a large number of users want to transact, the transactions with the highest fees are more likely to be included in the next block."

        Once the newly minted subsidy goes away, the "miners" will be limited to collecting transaction fees, which are effectively always at auction pricing - how valuable is transaction speed to the payer? If payers stop offering transaction fees that are sufficient to cover the cost of the server farm, then the whole thing will go bankrupt.
        Ah, there it is. Makes sense. Now I'm curious how slow we're talking and how much it costs to improve that by some unit.
        Code:
        As of 9/21/10:         As of 9/13/10:
        College Hockey 6       College Football 0
        BTHC 4                 WCHA FC:  1
        Originally posted by SanTropez
        May your paint thinner run dry and the fleas of a thousand camels infest your dead deer.
        Originally posted by bigblue_dl
        I don't even know how to classify magic vagina smoke babies..
        Originally posted by Kepler
        When the giraffes start building radio telescopes they can join too.
        He's probably going to be a superstar but that man has more baggage than North West

        Comment


        • Originally posted by Handyman View Post

          The value is what anyone is willing to value it at. People trade currency every day this is just currency not linked to a country or government. Right now it is a bubble which won't last but it is not going anywhere. Consolidation will happen as it becomes more mainstream to use.

          I mean it isnt like crypto is new...it is just something non-nerds care about now.
          Haven't the nerds moved on to non-fungible tokens?
          That community is already in the process of dissolution where each man begins to eye his neighbor as a possible enemy, where non-conformity with the accepted creed, political as well as religious, is a mark of disaffection; where denunciation, without specification or backing, takes the place of evidence; where orthodoxy chokes freedom of dissent; where faith in the eventual supremacy of reason has become so timid that we dare not enter our convictions in the open lists, to win or lose.

          Comment


          • Originally posted by Handyman View Post

            Sorry about that...although I bought a system that has an RTX 3060 (for more than just mining) pretty cheap in the secondary market.
            I bought a prebuilt gaming PC, like everyone else is doing because of the GPU shortage, and that was my charge. $1600 total for the system.

            I bought it a month ago and it still hasn’t been built (though that’s not surprising).
            U-A-A!!!Go!Go!GreenandGold!
            Applejack Tells You How UAA Is Doing...
            I spell Failure with UAF

            Originally posted by UAFIceAngel
            But let's be real...There are 40 some other teams and only two alaskan teams...the day one of us wins something big will be the day I transfer to UAA
            Originally posted by Doyle Woody
            Best sign by a visting Seawolf fan Friday went to a young man who held up a piece of white poster board that read: "YOU CAN'T SPELL FAILURE WITHOUT UAF."

            Comment


            • Originally posted by LynahFan View Post

              From here:

              "Miners receive both a block subsidy (newly minted bitcoin) and transaction fees for ordering transactions into blocks. This means they are incentivized to prioritize the transaction with the highest fees. During times of high network congestion, where a large number of users want to transact, the transactions with the highest fees are more likely to be included in the next block."

              Once the newly minted subsidy goes away, the "miners" will be limited to collecting transaction fees, which are effectively always at auction pricing - how valuable is transaction speed to the payer? If payers stop offering transaction fees that are sufficient to cover the cost of the server farm (and the energy to run it), then the whole thing will go bankrupt.
              Which is why Bitcoin is going to crash and crash hard. It wont go away though...even if you mine for things other than Bitcoin you are usually paid in Bitcoin because it is the most secure and widely respected.

              The 2 things that can stop a total bust of crypto are other people like Cuban wanting their business model to be crypto friendly and China keeping things going until that becomes a thing. If China (and some other places where the massive farms exist) bail out the this will be more fun to watch than the Tech Bubble imploding!

              My investment is minimal even with the computer I bought (which has other uses besides just this) so if the bottom falls out won't hurt me one bit.
              "It's as if the Drumpf Administration is made up of the worst and unfunny parts of the Cleveland Browns, Washington Generals, and the alien Mon-Stars from Space Jam."
              -aparch

              "Scenes in "Empire Strikes Back" that take place on the tundra planet Hoth were shot on the present-day site of Ralph Engelstad Arena."
              -INCH

              Of course I'm a fan of the Vikings. A sick and demented Masochist of a fan, but a fan none the less.
              -ScoobyDoo 12/17/2007

              Comment


              • Originally posted by SJHovey View Post

                Haven't the nerds moved on to non-fungible tokens?
                Yeah I dont get that stuff...I tried researching it but went crosseyed. :^)
                "It's as if the Drumpf Administration is made up of the worst and unfunny parts of the Cleveland Browns, Washington Generals, and the alien Mon-Stars from Space Jam."
                -aparch

                "Scenes in "Empire Strikes Back" that take place on the tundra planet Hoth were shot on the present-day site of Ralph Engelstad Arena."
                -INCH

                Of course I'm a fan of the Vikings. A sick and demented Masochist of a fan, but a fan none the less.
                -ScoobyDoo 12/17/2007

                Comment


                • Originally posted by Jimjamesak View Post
                  I bought a prebuilt gaming PC, like everyone else is doing because of the GPU shortage, and that was my charge. $1600 total for the system.

                  I bought it a month ago and it still hasn’t been built (though that’s not surprising).
                  Really? Who did you have build it? My buddy built an Alienware (with 2080s which arent as rare) and it was made in a week.
                  "It's as if the Drumpf Administration is made up of the worst and unfunny parts of the Cleveland Browns, Washington Generals, and the alien Mon-Stars from Space Jam."
                  -aparch

                  "Scenes in "Empire Strikes Back" that take place on the tundra planet Hoth were shot on the present-day site of Ralph Engelstad Arena."
                  -INCH

                  Of course I'm a fan of the Vikings. A sick and demented Masochist of a fan, but a fan none the less.
                  -ScoobyDoo 12/17/2007

                  Comment


                  • Originally posted by Handyman View Post

                    Sorry about that...although I bought a system that has an RTX 3060 (for more than just mining) pretty cheap in the secondary market.

                    dx,

                    Unless China puts in a carbon tax crypto will never die because of it. Plus I would guess many of the cryptos have other means. By the time such a tax was implemented anyways enough crypto will exist that it won't go away anyways. Too many powerful people are supporting it now. The Bitcoin crash will be fun to watch though :^)

                    My guess is 5 years from now coins like Ethereum will be the "dominant" force.
                    I don't think it would take that long. My company makes a product the mining farms gobble up at already insane prices. The costs to manufacture this product will necessarily go up as carbon becomes expensive. We aren't moving the production of this product and there aren't many companies who can compete. The miners can move all they want, the inputs will cost more. Nvidia is already finding ways of blocking their chips from being used to mine. Eventually it's going to be a problem where no one is going to want to provide the energy that adds nothing to the world economy at an extreme cost to the entire planet.

                    And even China has been regulating energy and pollution more. Certainly not as much as Europe, but more than it has in the past.
                    Code:
                    As of 9/21/10:         As of 9/13/10:
                    College Hockey 6       College Football 0
                    BTHC 4                 WCHA FC:  1
                    Originally posted by SanTropez
                    May your paint thinner run dry and the fleas of a thousand camels infest your dead deer.
                    Originally posted by bigblue_dl
                    I don't even know how to classify magic vagina smoke babies..
                    Originally posted by Kepler
                    When the giraffes start building radio telescopes they can join too.
                    He's probably going to be a superstar but that man has more baggage than North West

                    Comment


                    • Originally posted by Handyman View Post

                      Really? Who did you have build it? My buddy built an Alienware (with 2080s which arent as rare) and it was made in a week.
                      Newer company called Build Redux, they use off the shelf parts and only charge a $75 build fee. Thought about NZXT but I didn’t like any of what they had to offer, same with Digital Storm.

                      Alienware (which is really Dell) and Omen (which is HP) aren’t really great value for gaming PCs.
                      U-A-A!!!Go!Go!GreenandGold!
                      Applejack Tells You How UAA Is Doing...
                      I spell Failure with UAF

                      Originally posted by UAFIceAngel
                      But let's be real...There are 40 some other teams and only two alaskan teams...the day one of us wins something big will be the day I transfer to UAA
                      Originally posted by Doyle Woody
                      Best sign by a visting Seawolf fan Friday went to a young man who held up a piece of white poster board that read: "YOU CAN'T SPELL FAILURE WITHOUT UAF."

                      Comment


                      • Originally posted by Handyman View Post

                        Yeah I dont get that stuff...I tried researching it but went crosseyed. :^)
                        Here's the research you need to know where NFTs are headed.


                        Last edited by Kepler; 04-14-2021, 02:59 PM.
                        Cornell University
                        National Champion 1967, 1970
                        ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
                        Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

                        Comment


                        • Originally posted by dxmnkd316 View Post
                          Nvidia is already finding ways of blocking their chips from being used to mine.
                          You mean the one they’ve already gotten around?

                          Nvidia is also releasing a mining specific gpu soon too.
                          U-A-A!!!Go!Go!GreenandGold!
                          Applejack Tells You How UAA Is Doing...
                          I spell Failure with UAF

                          Originally posted by UAFIceAngel
                          But let's be real...There are 40 some other teams and only two alaskan teams...the day one of us wins something big will be the day I transfer to UAA
                          Originally posted by Doyle Woody
                          Best sign by a visting Seawolf fan Friday went to a young man who held up a piece of white poster board that read: "YOU CAN'T SPELL FAILURE WITHOUT UAF."

                          Comment


                          • Originally posted by Jimjamesak View Post
                            Newer company called Build Redux, they use off the shelf parts and only charge a $75 build fee. Thought about NZXT but I didn’t like any of what they had to offer, same with Digital Storm.

                            Alienware (which is really Dell) and Omen (which is HP) aren’t really great value for gaming PCs.
                            Yeah I know...but we dont high end game on comps cause we are old ;^) (we have other uses for the comps that are work related)

                            And Nvidia is never gonna block mining...they can say it all they want to but they wont just like cell phones never blocked people from rooting their phones despite always making a stink about of it. In fact they all ended up embracing. Well except Apple, but Apple is awful anyways so jailbreaking didn't much matter :^)
                            Last edited by Handyman; 04-14-2021, 04:07 PM.
                            "It's as if the Drumpf Administration is made up of the worst and unfunny parts of the Cleveland Browns, Washington Generals, and the alien Mon-Stars from Space Jam."
                            -aparch

                            "Scenes in "Empire Strikes Back" that take place on the tundra planet Hoth were shot on the present-day site of Ralph Engelstad Arena."
                            -INCH

                            Of course I'm a fan of the Vikings. A sick and demented Masochist of a fan, but a fan none the less.
                            -ScoobyDoo 12/17/2007

                            Comment


                            • Sorry, old man here. How do you "mine" Bitcoin?
                              What kind of cheese are you planning to put on top?

                              Comment


                              • Originally posted by rufus View Post
                                Sorry, old man here. How do you "mine" Bitcoin?
                                https://www.investopedia.com/tech/ho...n-mining-work/
                                That community is already in the process of dissolution where each man begins to eye his neighbor as a possible enemy, where non-conformity with the accepted creed, political as well as religious, is a mark of disaffection; where denunciation, without specification or backing, takes the place of evidence; where orthodoxy chokes freedom of dissent; where faith in the eventual supremacy of reason has become so timid that we dare not enter our convictions in the open lists, to win or lose.

                                Comment

                                Working...
                                X