1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Other Cryptocurrency

Discussion in 'General' started by MLyons, 6 Dec 2017.

  1. adidan

    adidan Avatar now in stock for xmas 2019

    Joined:
    25 Mar 2009
    Posts:
    13,848
    Likes Received:
    1,524
    I'm not going to mine, that's just a purely personal energy use preference, but one thing mining has highlighted is the imaginary nature of currencies we use day to day.

    Remember when we had a financial meltdown? Oh we've got no money so we've done some quantitative easing and magicked some more digitally.
     
  2. Guest-23315

    Guest-23315 Guest

    Yeah, but you can say that about literally every currency in the world since they've stopped using the Gold Standard.

    EDIT - I know it isnt that simple, but I got on a plane at 2am to fly back here and I've been at work all day so sue me.
     
  3. Gareth Halfacree

    Gareth Halfacree WIIGII! Staff Administrator Super Moderator Moderator

    Joined:
    4 Dec 2007
    Posts:
    12,383
    Likes Received:
    1,807
    I have no idea what a 3blue1brown is, but I'll assume it's a good thing.
    So long as no one participant can provide 80% of the computational power, that's absolutely fine. There's a great talk by Andreas M. Antonopoulos, transcribed in Internet of Money Volume Two, which points out just how much of the compute power an attacker would need in order to rewrite the blockchain successfully - a so-called "51 percent attack." From P33, discussing the process whereby an attacker with 51 percent of the compute power under its control tries to rewrite an entry from three weeks ago, which would take weeks to complete: 'Sustaining a 51 percent attack for weeks is brutally hard. Of course, that means you'd probably only do it if you had 75-80 percent of the hashing power.'

    Does a single entity control 75-80 percent of the Bitcoin hashing power? No, so it ain't a problem.
    A miner needs an incentive to mine, yes - the use the user gets of the blockchain (whether that's "using a cryptocurrency" or "tracking my shipment of guava to Guam" or "validating my identity" or what have you) is the user's incentive. That miner's incentive may well be altruism - what is SETI@Home but an altruism-powered project to literally mine data for interesting signals?

    There are cases, interestingly enough, of people mining cryptocurrencies at a loss purely because they like the technology. Dogecoin has miners, and not a man jack of 'em is making even a fraction of what they're spending in electricity - they're doing it quite literally for the lulz, which I'll grant you isn't quite the same as altruism.
    Depends on whether you think that the current system of fiat currency - with its lack of tethering to a real-world value, its use of fractional reserve banking, and the ability for governments to literally print more of it at any time and thus reduce the value of the money in your pocket - is working, really. Some do, some don't. Some of those who don't see cryptocurrencies as a valid alternative and possible successor (others just keep gold bars under their mattresses). Others see potential in a mixture of the two - like Ripple, a cryptocurrency literally designed to make it easier and cheaper for banks to keep doing what they already do.
     
  4. adidan

    adidan Avatar now in stock for xmas 2019

    Joined:
    25 Mar 2009
    Posts:
    13,848
    Likes Received:
    1,524
  5. Anfield

    Anfield Well-Known Member

    Joined:
    15 Jan 2010
    Posts:
    4,997
    Likes Received:
    376
    Given the absurd quantity of crypto related scam ads in recent months that is a good thing.
     
  6. Zoon

    Zoon Hunting Wabbits since the 80s

    Joined:
    12 Mar 2001
    Posts:
    4,914
    Likes Received:
    458
    What a sea of red today has been :(
     
    Guest-23315 likes this.
  7. Wakka

    Wakka Yo, eat this, ya?

    Joined:
    23 Feb 2017
    Posts:
    1,934
    Likes Received:
    534
    Aaaaaaand we're pumping again.
     
  8. TheMadDutchDude

    TheMadDutchDude The Flying Dutchman

    Joined:
    23 Aug 2013
    Posts:
    4,744
    Likes Received:
    521
    And we are dumping again. It’s a never ending cycle. :(
     
  9. Zoon

    Zoon Hunting Wabbits since the 80s

    Joined:
    12 Mar 2001
    Posts:
    4,914
    Likes Received:
    458
    There’s several great gains to be made day trading raiblocks right now. It’s varying £3 in a day, buy low, sell high, cross you fingers it keeps bouncing!
     
  10. hyperion

    hyperion Active Member

    Joined:
    30 Jun 2007
    Posts:
    754
    Likes Received:
    30
    Where are you trading xrb, kucoin? Pretty sure the extreme volatility in xrb at the moment is entirely due to the bitgrail shambles.
     
  11. Zoon

    Zoon Hunting Wabbits since the 80s

    Joined:
    12 Mar 2001
    Posts:
    4,914
    Likes Received:
    458
    Me personally not yet trading XRB. Watching around ten coins on HODL. All of them are well regarded as the altcoins to watch. Some of them should go pence to pounds in the next year some of them pounds to hundreds. When XRB hits binance I’ll grab some. Won’t be many but I’m gonna do a https://buyandhold100crypto.com/ style thing.
     
  12. Wakka

    Wakka Yo, eat this, ya?

    Joined:
    23 Feb 2017
    Posts:
    1,934
    Likes Received:
    534
    ETH still eating into BTC's dominance (and only top 10 crypto in the green on CMC right now), many predicting it to surpass BTC's marketcap this year - i'm hoping that means a massive November style bull run.

    EDIT:

    At this rate, 1 ETH will be worth more than 1 BCH before spring!
     
    Last edited: 1 Feb 2018
  13. B1GBUD

    B1GBUD ¯\_(ツ)_/¯ Accidentally Funny

    Joined:
    29 May 2008
    Posts:
    3,308
    Likes Received:
    410
    MINE my little beauties.... M I N E !!!!

    Waiting for an 8 GPU frame to ship out of Hong Kong, it's been sat there for 5 days and hasn't moved!!

    I have everything else, just need the sodding frame!
     
    Last edited: 1 Feb 2018
  14. MLyons

    MLyons Half dev, Half doge. Staff Administrator Super Moderator Moderator

    Joined:
    3 Mar 2017
    Posts:
    2,861
    Likes Received:
    1,018
    Why not just go DIY?
     
  15. TheMadDutchDude

    TheMadDutchDude The Flying Dutchman

    Joined:
    23 Aug 2013
    Posts:
    4,744
    Likes Received:
    521
    Run them on their boxes and spaced with the risers. You’re wasting time, man.
     
  16. B1GBUD

    B1GBUD ¯\_(ツ)_/¯ Accidentally Funny

    Joined:
    29 May 2008
    Posts:
    3,308
    Likes Received:
    410
    You bloody savages!! :hehe:

    Although I may just have to.....
     
  17. TheMadDutchDude

    TheMadDutchDude The Flying Dutchman

    Joined:
    23 Aug 2013
    Posts:
    4,744
    Likes Received:
    521
    That’s how I ran my rigs for months. No need for frames.
     
  18. koola

    koola Banned

    Joined:
    11 Jul 2004
    Posts:
    2,401
    Likes Received:
    10
    I've picked up a lot of TRAC recently on EtherDelta, project and team look solid. Get in early for the 10x pump!
     
  19. MLyons

    MLyons Half dev, Half doge. Staff Administrator Super Moderator Moderator

    Joined:
    3 Mar 2017
    Posts:
    2,861
    Likes Received:
    1,018
    Go to your local DIY shop and buy some shelves. Google mining rig shelf and you will get plenty of examples.
     
  20. Parge

    Parge the worst Super Moderator

    Joined:
    16 Jul 2010
    Posts:
    12,866
    Likes Received:
    552
    What is the story with this? Supply chain logistics? So like modum except generalised?
     

Share This Page