3'rd largest coin miner declares bankruptsy

Pretty sure the point went right over your head. Thanks for sharing.
If you give use the definition or the list of countries to end up with 85% of the world lives in third world countries with unstable economies with hyperinflation and currencies that are worth nothing from one day to the next, it would be easier
 
If you give use the definition or the list of countries to end up with 85% of the world lives in third world countries with unstable economies with hyperinflation and currencies that are worth nothing from one day to the next, it would be easier

What he actually means is "This one example which I am extrapolating to the whole world and thus take to mean that everyone will buy bitcoin so I can get rich." It is something I've seen from crypto enthusiasts more than a few times. They find a country whose currency is sliding, and extrapolate that to ALL currencies and their argument is thus that everyone should buy the crypto they like. It is couched as caring about the economy of those countries but really is them hoping that it'll make them rich.

Considering china, a second world country, has 17 percent of the global population, his numbers don't really add up.

Of course they don't, his claim isn't based on any kind of reality. Never mind 1st vs 2nd vs 3rd world definitions, there's the second part that assumes that everyone who does live in a 3rd world country is experiencing hyperinflation which is just patently false and easy to find out that is the case. This isn't a logical argument, it is a "I think people should buy Bitcoin so that the price will go up and I will be rich," argument.
 
Yes I did google, looked at a list of country population and currencies and I cannot get anywhere close even in Internet hyperbole talk, specially if South Africa is too developed to be a third world country we will be far from 85% of the population living in them let alone in the subgroup of hyper inflation being common ones.

Could just list the country you have in mind just for the first 5 billions of people ?
 
I dunno, maybe they can #LearnToMineCoal ?

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It's funny because up in Canada we have governments banning new crypto mining operations because they are worried about it over-stressing the already over-stressed grid and making electric cars nonviable. Mining coal again would actually be a solution to this problem. :)

I am sad to see a big company go under especially this time of the year as lots of unemployed folks are going to home to their families with not great news. I've gone through it myself, it's not great.

That said, I have made a point to avoid anything crypto like the plague. One reason is that I am intrinsically distrustful of fads that people get crazy hyped about but more significantly because the whole concept seems absurd to me especially with the prospect of quantum computers that can basically hack anything being on the horizon. My understanding is that all it takes is for China to develop even a just a tiny quantum computer and pretty much any encryption ever made becomes instantly compromised, including crypto. That along with the prospect of world war which will almost certainly include emp attacks makes me want to move my assets into tangibles such as land and definitely not a digital currency that will disappear with the electricity. I know folks will disagree with me and I am sure that lots of people have made big money in crypto and then moved out, I just see it more as a speculative bubble than something that will be a long-term solution.
 
It's funny because up in Canada we have governments banning new crypto mining operations because they are worried about it over-stressing the already over-stressed grid and making electric cars nonviable. Mining coal again would actually be a solution to this problem. :)

I am sad to see a big company go under especially this time of the year as lots of unemployed folks are going to home to their families with not great news. I've gone through it myself, it's not great.

That said, I have made a point to avoid anything crypto like the plague. One reason is that I am intrinsically distrustful of fads that people get crazy hyped about but more significantly because the whole concept seems absurd to me especially with the prospect of quantum computers that can basically hack anything being on the horizon. My understanding is that all it takes is for China to develop even a just a tiny quantum computer and pretty much any encryption ever made becomes instantly compromised, including crypto. That along with the prospect of world war which will almost certainly include emp attacks makes me want to move my assets into tangibles such as land and definitely not a digital currency that will disappear with the electricity. I know folks will disagree with me and I am sure that lots of people have made big money in crypto and then moved out, I just see it more as a speculative bubble than something that will be a long-term solution.

Cryptocurrency isn't a fad. It's been around longer than 10 years. There will be ups and downs but it has and will slowly, but steadily grow.

Your understanding about quantum computers is wrong. They aren't as magical as you think they are.

If you're worried about your money being vulnerable because it's digital, well I hate to break it to you but USD and every currency is essentially all digital now. And if it comes down to world war and EMPs your money won't really matter anyways.

I'm not advocating for everyone to go invest in crypto and never have. It's just as risky as any other investment that has potential for big payoffs. And just like anything new and popular there are tons of scams around it.

I personally have never invested any money at all in cypto and don't recommend anyone does. But at some point in the future some form of cryptocurrency it will likely become a universally used currency and centralized currencies will fade away.
 
Cryptocurrency isn't a fad. It's been around longer than 10 years. There will be ups and downs but it has and will slowly, but steadily grow.

Your understanding about quantum computers is wrong. They aren't as magical as you think they are.

If you're worried about your money being vulnerable because it's digital, well I hate to break it to you but USD and every currency is essentially all digital now. And if it comes down to world war and EMPs your money won't really matter anyways.

I'm not advocating for everyone to go invest in crypto and never have. It's just as risky as any other investment that has potential for big payoffs. And just like anything new and popular there are tons of scams around it.

I personally have never invested any money at all in cypto and don't recommend anyone does. But at some point in the future some form of cryptocurrency it will likely become a universally used currency and centralized currencies will fade away.
Yeah but before 5 years ago, I never heard about it. Then for a few years (2018-2021) bitcoin was insanely popular and "everybody needed to buy into it asap." Now, there is a big deflation in the hype and we are seeing a glut of gpu's and bankruptcies. Crypto is behaving like the dotcom bubble of the late 90's, computers didn't go away after that burst but I am sure glad that I didn't invest heavily in one of the multitude of failed startups at the time.

And yes, I have no doubt that a one world currency is coming that will be based on crypto. That makes me less enthusiastic about getting involved with it, not more.
 
Cryptocurrency isn't a fad. It's been around longer than 10 years. There will be ups and downs but it has and will slowly, but steadily grow.
Beanie Babies have been around for 28 years (1994)

Also, may I interest you in some Tulips?
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Yeah, they fell out of style almost 400 years ago, but they've been a collectors item since the early 1600s, so you should absolutely invest. I have a few bulbs right here, you can propagate them them pretty easily. It's free money! All you need is some dirt and some sun!
 
Anybody know what Dread Pirate and Varsity Jones have to say about this? Where did all those Thai pot seeds go?
Some people I know, including my late girlfriend's son-in-law were big into the silk road and bitcoin early on. Both were supposed to change the world. After he offed himself, you can bet I checked out his laptops for the 5k coins he often bragged about. Would have been worth over 55-mill at the time. Nada. Soon as I heard about talk of murder for hire on there I knew the road was nearing it's end. Horse of a different color than illicit drugs and sex. The whole time I took the sit back with some popcorn and watch approach just like during that dot com stock bubble thing. Seems to me many of the same people just changed platforms.
 
Yeah but before 5 years ago, I never heard about it. Then for a few years (2018-2021) bitcoin was insanely popular and "everybody needed to buy into it asap."

That's marketing, and that's what all of us thinking types have to be wary of.............what are they trying to sell me here. Ever see a burger look as good in real life as the one's on TV in advertisements? Same principle applies.

Yep, the government doesn't like competition.
No I think it's more people don't like investing their time, energy and "established currencies" into someones Digital Coin idea that could evaporate like a Ponzi scheme the minute the person leading the revolution thing decides they want to buy
a billion dollar yacht and needs more strippers to staff it.
 
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I dabbled in Bitcoin for fun, but personally I just stack physical gold and silver for a real store of value and hedge against the dollar that carries no counter party risk.

If you do sit on a pile of precious metals, make sure you can defend it. And stack non-perishable food items as well. You can't eat your gold in a SHTF scenario.
Condoms. Rolling stack of condoms. When SHTF you don’t wanna have to worry about where you, uh, put it.
 
Lol the only crypto that is destined for the future will be a government one that is just as centralized and much easier to track than cash.
The existing setup for Crypto is extremely easy to track. The ledgers are public and the software exists to watch it all in near real time. When things are stolen and known, governments have shown they are quite adept at tracking it down and flagging it.

https://www.washingtonpost.com/technology/2021/09/22/stolen-crypto/
 
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Maybe the kind of payout that prevents Survivor Guilt of a loved one?
"Gee, now they have a cure for the cancer Mom died from, looking back, they could have had it sooner if I used my GPU farm to Fold instead of greed."
Do you think the power company or the landlord will accept that as payment?
 
Do you think the power company or the landlord will accept that as payment?
Does mining on a GPU give enough payout to pay for the power used these days? Bitcoin can't be economically mined on anything but ASICs and even then with current price levels you probably need a sweetheart deal on power to make it economical. Ethereum has switched to proof-of-stake. What are you mining that is providing reliable returns of more than the power cost to mine it?
 
Maybe the kind of payout that prevents Survivor Guilt of a loved one?
"Gee, now they have a cure for the cancer Mom died from, looking back, they could have had it sooner if I used my GPU farm to Fold instead of greed."
If only the American health care system won't won't bend you over to get the cure.
 
What kind of payouts does folding give?
Do you think the power company or the landlord will accept that as payment?
I would think you could at least be positive about someone folding for Team 33, and if only for the benefit of humankind at a minimum.

Maybe the kind of payout that prevents Survivor Guilt of a loved one?
"Gee, now they have a cure for the cancer Mom died from, looking back, they could have had it sooner if I used my GPU farm to Fold instead of greed."
Exactly, it isn't about the money.
In fact, I have only ever lost money doing what I thought was right with what I could provide to help humanity with folding and BOINC projects.

If someone can't afford it, that's totally fine, there is no guilt nor is anyone forcing anyone to do so.
For those of us that can do this, especially during the winter months, we are doing our best to help out. (y)
 
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Considering you likely aren't making enough money mining to pay full rent and a working, living, loved one can, that point is moot.
Im not but the crypto mine that people say needs to just switchover were. They cant just switch over to something that has zero payout with overheads. The whole its a good cause thing doesnt work at scale.
 
Wow, this coming from a former staff member of [H]ard|OCP, I would think you could at least be positive about someone folding for Team 33, and if only for the benefit of humankind at a minimum.
If you were still an active staff member, I would reconsider changing teams on your posts alone.
I think you got me mixed up with someone else. But i can get the manager for you if you want.
 
Im not but everyone who says that the crypto mine needs to just switchover were. They cant just switch over to something that has zero payout with overheads. The whole its a good cause thing doesnt work at scale.
Yeah, burning literal tons of coal in a day to net $3.00 USD, what a great deal.
This isn't being anti-capitalist, this is just being anti-stupid with limited resources.

The only thing crypto has led up to was prototyping for CBDC.
Hope the minimal gains were worth what will soon be the world's loss.

I think you got me mixed up with someone else. But i can get the manager for you if you want.
I know exactly who I quoted.
Did I break any rules by responding to your posts that directly quoted me?
 
Yeah, burning literal tons of coal in a day to net $3.00 USD, what a great deal.
This isn't being anti-capitalist, this is just being anti-stupid with limited resources.

The only thing crypto has led up to was prototyping for CBDC.
Hope the minimal gains were worth what will soon be the world's loss.


I know exactly who I quoted.
Did I break any rules by responding to your posts that directly quoted me?
But burning literal tones of coal in a day to gross $0.00 is a better deal?

I dont think you do as i have never been a staff member. I never said you broke any rules.
 
But burning literal tones of coal in a day to gross $0.00 is a better deal?
Benefiting humankind in a positive way is much better overall compared to making fractions of a currency that will soon be outlawed via CBDC anyways.
I didn't know willingly donating one's own technology to benefit humankind and the pursuit of science and knowledge was a "worse deal".

I dont think you do as i have never been a staff member. I never said you broke any rules.
You must have had a custom title years ago, and if so nvm.
 
Actually, I think it was more of removing control of your assets from intermediaries like banks, which have to answer to the government (sometimes?), and putting control of your assets in your hands instead.
Banks were just replaced with exchanges and the same problem exists. Cryptocurrency needs to be converted to fiat before it can be used to purchase anything.
 
That isn't true anymore. Here's the first obvious example I could think of, newegg https://kb.newegg.com/knowledge-base/using-crypto-on-newegg/
And I'm sure the amount of cryptocurrency used to purchase an item is first converted from USD price or whatever your local fiat currency is at the current exchange rate. You can't just go to the website and see a 4080 listed for 1 ETH. It's going to be listed as $1,199 and then converted to 1 ETH when you checkout.
 
And I'm sure the amount of cryptocurrency used to purchase an item is first converted from USD price or whatever your local fiat currency is at the current exchange rate. You can't just go to the website and see a 4080 listed for 1 ETH. It's going to be listed as $1,199 and then converted to 1 ETH when you checkout.
Yes in that case, you are correct. The listed value has to be converted. I thought you meant you have to sell your eth/btc/etc at an exchange for fiat (incurring all those fees and the taxable event,) and then once that clears use your fiat to buy, that was the portion I was concerned with. Many other countries have to do this with their currency vs the usd/euro/etc if the website or store they are using doesn't have a specific listing for their native currency. Only makes sense that stores list their prices in what the vast majority will be paying in, don't know if we will ever see full listings including fiat and crypto prices. Hell even those who store gold & silver are in an identical boat.
 
Ah some things never change. Every bear market since I've learned about Bitcoin has the same types coming out of the woodwork to cheer the decline and prognosticate on Bitcoin's demise. It is telling how the counterarguments have evolved over time - from "it's not real, it's a scam, only used by criminals" to "OK it's a real asset but you can't buy anything with it", to "sure, you can buy toys and electronics with it but it's a party trick and no one will accept it for a car, house, or taxes," etc etc, all the while the value of Bitcoin grinds ever higher in a three steps forward two steps back fashion.

History books make revolutions come across as events when they are actually processes. We're living through one right now. This is a 20-30 year process that will culminate with Bitcoin (or Ethereum as a darkhorse candidate) adopted as global money.
 
Ah some things never change. Every bear market since I've learned about Bitcoin has the same types coming out of the woodwork to cheer the decline and prognosticate on Bitcoin's demise. It is telling how the counterarguments have evolved over time - from "it's not real, it's a scam, only used by criminals" to "OK it's a real asset but you can't buy anything with it", to "sure, you can buy toys and electronics with it but it's a party trick and no one will accept it for a car, house, or taxes," etc etc, all the while the value of Bitcoin grinds ever higher in a three steps forward two steps back fashion.

History books make revolutions come across as events when they are actually processes. We're living through one right now. This is a 20-30 year process that will culminate with Bitcoin (or Ethereum as a darkhorse candidate) adopted as global money.

LOL talk about same ole arguments never changing....just wait!

It falls apart when reminded that all magic coins eventually have to be converted to fiat currencies in order to hold any value. If you can't convert it is worth nothing.
 
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