Ok, NOW the RTX 3060 eth hash limiter has been hacked.

[Krenum]

Sure they could ban it. But I don't think major countries like the U.S and other developed nations will because lot of it is already regulated. Rumors out of india I wasn't surprised. I am indian myself but the country is a cluster fuck right now with nationalist movement. They are becoming the next china or even worst. With the recent rumors coming out they want to ban crypto and jail people lol. I mean I get it you want to ban crypto but you want to jail people for holding crypto and buying it? That is some Nazi shit right there lol.

Now I won't be surprised if few months from now they come out and none of it is true cuz corrupt politicians there wanted to buy the dip lol.

Countries will protect their national interests. Can you blame them?

 

[LukeTbk]

The more money you print the less valuable it gets. Modern money is not tied to gold so what gives it value is based on a lot of factors. One factor is the purchase power relative to other currencies. If America were to say print 40% of the dollars in circulation then relative to the euro the dollar would drop by 40%, assuming all other factors stay relatively constant like GDP and etc. Crypto though is not tied directly to any government issued currencies, so therefore crypto can go up in value. Again, crypto doesn't have people to feed or keep alive like other currencies have. Crypto doesn't need to print more currency. What gives something value can be as simple as having a limited supply of it.

I am not sure how much we could fully == printing money with the fed accounting sheet trick done here, but those dollars are not in circulation, money never circulated less in the USA than 2020.

Globalism is the reason. If milk is worth twice as much some place else then that's where I'm shipping my milk. Also the materials I need to do business can also go up due to the value of the currency going down. Though milk would be harder to ship around the world before spoiling but yea, you get the idea.

To me it sound like you are giving the reason why in case of inflation would the face value cost of milk rise even if the Euro did the same.

Imagine there is only one country with only one money on earth, now you can easily see the amount of money required to buy article over time change (and not because of production or demand change, but that money purchasing power), money purchasing power can change regardless of other money.

 

[LukeTbk]

Rumors out of india I wasn't surprised.

Didn't they work a lot not so long ago to remove most cash money, so I would go with you with not being surprised if they would be world leader in that regard.

 

[NKD]

Didn't they work a lot not so long ago to remove most cash money, so I would go with you with not being surprised if they would be world leader in that regard.

They banned a bunch of bills. I believe it was certain ruppee bills to force people to deposit cash in the bank instead of holding on to cash. The rumor is Only reason they wanna ban crypto is so they can launch their own digital currency. Doesn’t seem like a fair market to me for a democracy lol. Never though they would go as far as jailing people 10 years of spending their money the way they want lol.

 

[LukeTbk]

They banned a bunch of bills. I believe it was certain ruppee bills to force people to deposit cash in the bank instead of holding on to cash. The rumor is Only reason they wanna ban crypto is so they can launch their own digital currency. Doesn’t seem like a fair market to me for a democracy lol. Never though they would go as far as jailing people 10 years of spending their money the way they want lol.

I think having their own digital currency instead of crypto going around would be motivated by the same force that motivates them to ban higher bills, clam down unregistered transaction (corruption, tax evasion and so on)

 

[NKD]

I think having their own digital currency instead of crypto going around would be motivated by the same force that motivates them to ban higher bills, clam down unregistered transaction (corruption, tax evasion and so on)

Poticians there evade more shit then citizens themselves lol.

 

[LukeTbk]

Poticians there evade more shit then citizens themselves lol.

But the high level one have more tool to do it without cash (or other untraced transaction value exchange) the local cops or permit officer, construction worker and so on.

 

[DPI]

Sure they could ban it. But I don't think major countries like the U.S and other developed nations will because lot of it is already regulated. Rumors out of india I wasn't surprised. I am indian myself but the country is a cluster fuck right now with nationalist movement. They are becoming the next china or even worst. With the recent rumors coming out they want to ban crypto and jail people lol. I mean I get it you want to ban crypto but you want to jail people for holding crypto and buying it? That is some Nazi shit right there lol.

Now I won't be surprised if few months from now they come out and none of it is true cuz corrupt politicians there wanted to buy the dip lol.

India's not banning anything, that was a market manipulation. I mean, the lax hygiene and mouth breathing notwithstanding they're not total idiots: they know banning crypto (somehow) would be like trying to ban air. That horse not only already left the barn but the barn burned down.

It's the same playbook China has run 7 or 8 notable times over the lifespan of Bitcoin: threaten a "Bitcoin ban" with a big loud announcement, but never follow up with any enforcement action. Ever. The people in government - or connected to government - that know the timing of the announcement ahead of time make utter fortunes: on the way down with leveraged shorts, and on the bounce back up. India merely pulled the same maneuver.

 

[M76]

doubt it. they seem to still charge more that they are worth, theyre greedy.

i wish it would all go asic, leave the gpus alone.

Going to asic does not solve the problem, it is still a leech on the economy, producing no value while siphoning excessive amounts of resources, contributing to blackouts and chip shortages.

 

[kirbyrj]

Going to asic does not solve the problem, it is still a leech on the economy, producing no value while siphoning excessive amounts of resources, contributing to blackouts and chip shortages.

Sounds like someone who missed the boat. A market cap of over $1.7 Trillion sure seems to indicate that there is some value even if you don't see it. That's more than every company in the world except Apple, Saudi Aramco, and Microsoft.

 

[DukenukemX]

I am not sure how much we could fully == printing money with the fed accounting sheet trick done here, but those dollars are not in circulation, money never circulated less in the USA than 2020.

But they did print 40% more dollars and did circulate straight up to the wealthy. What do you think most people are going to do with their stimulus checks? Buy GameStop stock? Buy a PS5 on sale? Good chance these people are going to pay bills, which means the money flows straight up.

To me it sound like you are giving the reason why in case of inflation would the face value cost of milk rise even if the Euro did the same.

Imagine there is only one country with only one money on earth, now you can easily see the amount of money required to buy article over time change (and not because of production or demand change, but that money purchasing power), money purchasing power can change regardless of other money.

Modern money isn't too different than crypto in that as long as you believe it's magic, and I know you do, then this currency has value. What gives crypto value? What gives any currency value? If people buy and sell with it then that gives currency value. The difficulty of mining crypto gives it value, because it isn't easy to do. If ASIC's are created then the value of crypto goes down because mining has gotten easier. Fiat money is extremely funny business and it borderlines Monopoly Play money you get in board games.

 

[DukenukemX]

Going to asic does not solve the problem, it is still a leech on the economy, producing no value while siphoning excessive amounts of resources, contributing to blackouts and chip shortages.

There's a lot of businesses that fit that description. It's my belief that half of businesses that operate in America run a scam in one form or another. I got a fortune teller down the road, so what service do they serve besides to scam people? The lottery system is a tax on people too stupid to realize they're wasting money. I'm getting phone calls everyday from people who want to sell me car warranty. I get phone calls from the IRS that I owe money, and the IRS never calls. These are businesses that are clearly producing no value right in your face, but there are legitimate businesses who scam on the side like Wells Fargo who opened up fake accounts under real peoples names. Most colleges who leave you with a fantastically impossible debt you gotta pay back but still work at WalMart. The stock market as proven by WallStreetBets as they produce no value and siphon it directly. The moment you get into stonks, they stop you from buying anymore. Crypto seems to be the less offensive scam so far.

The reason why crypto exist is because people don't trust governments to handle currency. That distrust has created this system where we convert electricity to fake money. Right now it's because the economy is so bad that fake money is looking really good.

 

[Wizard220]

Nvidia is saying they "accidently" unlocked it.

LoL Nvidia must think we are fools to believe that BS. Nvidia did that crap on purpose as they were loading up the pallets with more cards for the miners. F Nvidia, nothing but liars.

 

[Axman]

Going to asic does not solve the problem, it is still a leech on the economy

Crypto is not a leech, it's a giant move forward away from government-controlled currencies. It does not consume resources, it's converting them into a whole new one.

 

[Dark12]

Nvidia is saying they "accidently" unlocked it.

LoL Nvidia must think we are fools to believe that BS. Nvidia did that crap on purpose as they were loading up the pallets with more cards for the miners. F Nvidia, nothing but liars.

https://www.theverge.com/platform/a...limit-unlock-driver?__twitter_impression=true

 

[Mosie100]

This is just supply and demand, plain and simple.
Also, if you don't like Capitalism, feel free to move to China and enjoy.

lol Have no issues with capitalism --I wish yall could hear my tone when typing. I meant that as a good thing (especially as a proud NVIDIA shareholder) LOL <3
I mean sure, it has it's issues. But I am 100% not complaining about it in my OP.

 

[Wizard220]

https://www.theverge.com/platform/a...limit-unlock-driver?__twitter_impression=true

More like did it on purpose. Accident my ass...

 

[Manny Calavera]

any card in stock is a good target for miners - short of bitcoin crashing to 10k again. Any hopes to the contrary will be met with disappointment.

BitCoin will be 100,000 USD by December 2021, and most folks will be on UBI by Spring 2022.

 

[LukeTbk]

But they did print 40% more dollars and did circulate straight up to the wealthy.

From what I understand not all more in circulating dollars (there was a rush toward stable asset for example), currency in circulation is only one part of M1.

There is an other blog that goes into details where that explosion come from:
https://fredblog.stlouisfed.org/202..._term=related_resources&utm_campaign=fredblog

For example for M1 there was some april 2020 rules change, some saving accounts became indistinguishable from checking/transaction account and started to be considered more has liquid money in the stats:
https://fred.stlouisfed.org/series/M1

Someone that look like that could have assumed that they almost multiplied by 4 the amount of dollars in circulation in a week.

M2 is closer to the reality (the 40% you are talking about I imagine), but M2 is more than dollars:
https://fred.stlouisfed.org/series/M2

19,413 in feb 1 2021 that 34% more than the 14,470 in early february 2020

but the rules of thumb equation for inflation is:
MV = PT
M is the supply of money, V the velocity at which money circulates (i.e., the number of times in a given period money is used, on average), and PT the value (price times number) of total transactions in a given time.

Velocity of M1 felt like a rock

What do you think most people are going to do with their stimulus checks? Buy GameStop stock? Buy a PS5 on sale? Good chance these people are going to pay bills, which means the money flows straight up.

There was some study made about what they did about it, we can consult

https://www.marketwatch.com/story/what-did-people-do-with-their-1-200-stimulus-checks-finally-an-answer-11597681021#:~:text=Americans who spent their stimulus,, +1.84% Homescan panel.
People who spent most of their stimulus checks account for just 15% of U.S. households

According to that pool:
https://www.nber.org/system/files/working_papers/w27693/w27693.pdf
For the last one it was, 42% spent-58% non spent:

The way it was used among the 42% of people that spent it was:

Saving: 27% of the amount
Debt payment: 31%
Durable good: 7%
food, household product: 16%
Medical: 6%
Consumer spending: 13%

Not sure why you say that money is flowing, you can look at the money velocity stats, what people did with their checks above or the national consumer spending stats:
https://tradingeconomics.com/united-states/consumer-spending

If money was flowing, inflation would happen I think.

 

[LukeTbk]

Crypto is not a leech, it's a giant move forward away from government-controlled currencies. It does not consume resources, it's converting them into a whole new one.

With how good modern government became with money they control I am really unsure why we would want to make any move away from them.

Has for not consuming resource but converting them into a whole new one that sound interesting, but it used the same electricity than a country like Argentina last year, for something barely anyone used.

More like did it on purpose. Accident my ass...

Making a bad build for something like this would be extremely easy to occur if it was not a top priority for that to never occur, could easily have been a bad accident.

 

[Axman]

With how good modern government became with money they control I am really unsure why we would want to make any move away from them.

For reasons no one understands, the world started to lose faith in the USD earlier this year ... and crypto's worth more and more.

 

[Armenius]

Sounds like someone who missed the boat. A market cap of over $1.7 Trillion sure seems to indicate that there is some value even if you don't see it. That's more than every company in the world except Apple, Saudi Aramco, and Microsoft.

I'll consider crypto currency legitimate when you can start speaking of its value without relating it to the USD or other fiat currency.

 

[kirbyrj]

I'll consider crypto currency legitimate when you can start speaking of its value without relating it to the USD or other fiat currency.

Lol...that's ridiculous. You couldn't possibly apply that foolish standard uniformly to any other commodity. People literally discuss the value of everything in USD (or other fiat currency) from a loaf of bread, a dozen eggs, and a gallon of milk to the market cap of Apple, your own net worth, and the relative value of other currencies around the world.

 

[Randall Stephens]

Just wait until the governments start pumping crypto into the monetary system. Can’t happen you say? They’ll pass legislation, it’ll survive the Supreme Court and next thing you know crypto is another fiat currency.

 

[Tactlesss]

Crypto is not a leech, it's a giant move forward away from government-controlled currencies. It does not consume resources, it's converting them into a whole new one.

I didn't barely graduate High-School not go to College and peruse this site between customers at a dead end minimum wage job. you guys are flaunting your economics majors and it should go with out saying that I can barely follow this discussion, but I sincerely hope that was intended to be a flippant remark....

 

[Axman]

I sincerely hope that was intended to be a flippant remark....

Nope, and I think if we play our cards right, blockchain will enable more than just monetary freedoms. In any case, I don't see mining going away, or the basic model of it running on GPUs, unless somehow quantum computing makes it irrelevant.

 

[Tactlesss]

Nope, and I think if we play our cards right, blockchain will enable more than just monetary freedoms. In any case, I don't see mining going away, or the basic model of it running on GPUs, unless somehow quantum computing makes it irrelevant.

Yeah I'm sure it'll work itself out in the end.
Meanwhile my friends and I need to get better computer hardware at reasonable prices for the LAN party we have planned in about two thousand years...

 

[Krenum]

Nvidia claims it was an "Accident". Sure. Sure.

 

[GoldenTiger]

Yeah I'm sure it'll work itself out in the end.
Meanwhile my friends and I need to get better computer hardware at reasonable prices for the LAN party we have planned in about two thousand years...

Right, because playing video games at the price you want to pay is somehow direly important compared to crypto... Or others willing to pay more to game.

 

[LukeTbk]

Modern money isn't too different than crypto in that as long as you believe it's magic, and I know you do, then this currency has value. What gives crypto value? What gives any currency value? If people buy and sell with it then that gives currency value. The difficulty of mining crypto gives it value, because it isn't easy to do. If ASIC's are created then the value of crypto goes down because mining has gotten easier. Fiat money is extremely funny business and it borderlines Monopoly Play money you get in board games.

If no one buy or sell anything in 2022 with USD it would still have value, has the US government would accept tax payment with it (not only accept but often demand by force that it is with it) and about every US citizen (and company) would have tax payment to do and interested in your USD for that purpose, that why they say USD is backed by US taxpayers. It is already based on confidence enough to not exaggerate how much purely on it, it is. For USD to loose all is value it would has a necessary condition for either the US government to stop to exist, to stop to collect tax or stop demanding that is tax payment are in US dollar.

 

[DukenukemX]

Nvidia is saying they "accidently" unlocked it.

LoL Nvidia must think we are fools to believe that BS. Nvidia did that crap on purpose as they were loading up the pallets with more cards for the miners. F Nvidia, nothing but liars.

It's most likely an accident. Nvidia would rather sell special mining cards to crypto miners than gaming cards that can be resold in the event of a crypto crash. By special I mean cards with no video output on the card. Nvidia knows that at some point the market will dip and their cards will go on sale for a discount. This is why there's so many GTX 1060's.

BitCoin will be 100,000 USD by December 2021, and most folks will be on UBI by Spring 2022.

I wouldn't be shocked if BitCoin did hit $100K by the end of the year. UBI makes a lot of sense because vaccines won't bring back jobs. You have a number of issues to deal with in 2021 like a lot of people who owe rent and mortgage money. Joe Biden has to stop the unemployment and stimulus money flow but the moment he does the amount of desperate people are going to increase. I already have someone running around cutting off catalytic converters off cars for money which is forcing me to put more cameras around my home. Realistically, Joe Biden is not a UBI kinda guy. Even if he did somehow get a UBI, I wouldn't expect more than $300-$500 per month. I believe Europeans will be the ones to push for a UBI.

I can see people flooding their homes with graphic cards to mine and heat their homes at the same time, for fall of 2021. I can see people's resume's that say, "professional crypto miner".

 

[NightReaver]

I wouldn't be shocked if BitCoin did hit $100K by the end of the year. UBI makes a lot of sense because vaccines won't bring back jobs. You have a number of issues to deal with in 2021 like a lot of people who owe rent and mortgage money. Joe Biden has to stop the unemployment and stimulus money flow but the moment he does the amount of desperate people are going to increase. I already have someone running around cutting off catalytic converters off cars for money which is forcing me to put more cameras around my home. Realistically, Joe Biden is not a UBI kinda guy. Even if he did somehow get a UBI, I wouldn't expect more than $300-$500 per month. I believe Europeans will be the ones to push for a UBI.

I can see people flooding their homes with graphic cards to mine and heat their homes at the same time, for fall of 2021. I can see people's resume's that say, "professional crypto miner".

What a terrible future to imagine.

 

[Krenum]

What a terrible future to imagine.

*Twister Drive-In Scene*

"It's already here"...

Sadly.

 

[HockeyJon]

I'm not sure how many GPU's AMD and Nvidia are manufacturing but the idea is that they're saturating the GPU market and when ASIC's do a better job then they will all go for sale. If Intel enters the market then prices will drop but not enough to match MSRP. You won't see sane GPU prices until 2022 unfortunately, assuming we even see a BitCoin market crash in 2022.


The crypto market crashed in 2017 because of ASIC's. The current boom I believe is because Bitcoin is holding its value better than the Dollar, the Euro, and other currencies. Americans aren't the only ones who made the money printer go Brrr, which is why we're not seeing hyper inflation despite that 40% of Dollars that exist were created in the past 12 months. The value of money is relative to the value of other countries money. If the Euro is also devaluing just like the Dollar then no value was lost. Crypto though isn't beholden to one country and doesn't have to make more currency because of unemployment and stimulus checks. It would make sense that crypto is going up in value and why I believe the crypto boom won't end in 2021, because this economic depression won't end in 2021 despite COVID vaccines. If crypto goes down in value, it will be because governments around the world will start a massive campaign to prevent the use of it. As amazing as crypto is, you won't find it to have much value if you can't convert it to Dollars or Euros or any currency for that matter. Though a ban in crypto would hardly be effective I think but it would certainly effect its value.

To be honest, the real reason crypto is increasing in value is because it’s become a religion amongst its adherents. Diamond hands, laser eyes, have fun staying poor, etc. That’s pretty much it. We can’t discuss the fundamentals of Bitcoin because that changes as required to whatever definition is convenient for the moment to formulate a reason for why it’s valued at what it’s valued at.

 

[Red Falcon]

What a terrible future to imagine.

A dark cyberpunk future...

*Twister Drive-In Scene*

"It's already here"...

Sadly.

...which indeed, is already here, and here to stay.

 

[SirKronan]

I have a 3060 and this new driver and can confirm it works since I have been mining steadily for 6 hours now at right around 50 MH/s. There are some limitations however as follows:

1. 3060 must be primary GPU with monitor connected to it (didn't work with monitor connected directly to motherboard)
2. 3060 must be in a 16x PCIe slot (doesn't work on a 1x riser)
3. Windows only driver

Given those limitations, I don't think the 3060 will be very attractive to miners still. But this is great news for casual gamers that would like their rig to mine ETH when sitting idle.

What settings are you using to hit 50Mh/s? Asking for a friend....

 

[DukenukemX]

What a terrible future to imagine.

You think that's a terrible future? You haven't seen nothing yet. Star Trek Bell Riots maybe coming true soon. What exactly you think is going to happen to all those people who haven't paid rent or mortgages for a year? At some point we'll round them up like cattle and keep them together until the government finds a way to starve them to death.

 

[SmokeRngs]

To be honest, the real reason crypto is increasing in value is because it’s become a religion amongst its adherents. Diamond hands, laser eyes, have fun staying poor, etc. That’s pretty much it. We can’t discuss the fundamentals of Bitcoin because that changes as required to whatever definition is convenient for the moment to formulate a reason for why it’s valued at what it’s valued at.

There's a bit more to it than that. Much of the "value" is simply demand driven by buying and selling. That's the reason I can't believe that it's a currency at all. Most people don't care about it as a currency and don't use it that way. It's seen and used as an investment or commodity of hot air.

Can it be used as a currency, sure. But until it has anything resembling stability in "value" it can never exist as a real currency. The bane of any currency is massive spikes in value. Spikes we see with crypto give no confidence in the ability to use it because in a week you have no clue what its current value could be and the difference can be massive. If the $1 USD was worth $1 today, $5 next week and $0.25 a week later no one would use it as a currency.

 

[pclausen]

What settings are you using to hit 50Mh/s? Asking for a friend....

-100 core + 1380 mem 85% power This is on an EVGA 12G-P5-3657-KR and it consumes 144 watts with those settings.

While decent, it is no where near as efficient as my 3080's (EVGA FTW3 Ultra's) which do 100 MH/s @ 230 watts or my 3090's (EVGA KingPin and XC3 Ultra Hybrid) which do 122 MH/s @ 300 watts.

Hell, even my 5700XT rigs do better at 57 MH/s @ 110 watts.

 

[mnewxcv]

-100 core + 1380 mem 85% power This is on an EVGA 12G-P5-3657-KR and it consumes 144 watts with those settings.

While decent, it is no where near as efficient as my 3080's (EVGA FTW3 Ultra's) which do 100 MH/s @ 230 watts or my 3090's (EVGA KingPin and XC3 Ultra Hybrid) which do 122 MH/s @ 300 watts.

Hell, even my 5700XT rigs do better at 57 MH/s @ 110 watts.

try locking it to 700mv.