SSD HDD shortages due to crypto mining

griff30

Supreme [H]ardness
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Jul 15, 2000
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This makes no sense to me.

The cryptography aspect of cryptocurrencies requires computational powers. I don't see how toy replace that with storage space.

Even so, can all these goddamn cryptocurriencies just go away please? They are really starting to get annoying, and the world is a better place without every last one of them.
I'm thinking of starting a grassroots effort to get a NEW cryptocurrency going...
Decibel trade name" dB "
Uses computational power of sound cards and old dial-up modems.
 

Sycraft

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Nov 9, 2006
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people smokin something in this thread. outside of the deep dark web and offshore gambling there's no real transactions being done in crypto. even in "countries with failing fiat" crypto transactions are minutia and ephemeral.

crypto will continue in this state until one of the altcoins that uses good tech with low transaction fees, high security, etc (and hopefully staking rather than GPU mining) establishes itself as the winner in the current altcoin wars.
Even then maybe not. A problem that cryptos have is that transactions can't be reversed. This is not something you normally want. One of the nice things about credit cards, ACH, and such is a transaction can be stopped or reversed if there is a problem or fraud. This is generally desirable for companies and individuals alike. You really don't want things to go the route where if someone steals your info they can drain your money and you have no way of getting that fraud reversed.
 

GiGaBiTe

[H]ard|Gawd
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The thing is no one actually uses crypto for transactions.

Really? I guess I'm just hallucinating the near $1000 i9-10850k system I bought from Newegg using Bitcoin I mined 8 years ago that skyrocketed in value. Even 8 years ago, there were retailers accepting bitcoin and I was buying computer hardware with it then. Still have a couple of the motherboards, CPUs and RAM I bought back then. I also know someone who used the 1 bitcoin he bought years ago to buy a new truck not long ago after the price of bitcoin skyrocketed.

Many legitimate retailers accept Bitcoin directly because of 3rd party payment processors like Bitpay. While crypto has gained a bad reputation from MSM for being used by the "dark web" for "illegal contraband", it is still a very valid method of payment for legal use.
 

cybereality

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Well you can pay for some stuff with crypto. VISA and PayPal just recently added support.

I think eventually it will be something important. Right now it's mostly just speculators and people trying to make a quick buck.
 

cdabc123

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Jun 21, 2016
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Well you can pay for some stuff with crypto. VISA and PayPal just recently added support.

I think eventually it will be something important. Right now it's mostly just speculators and people trying to make a quick buck.
Paypals "crypto" is fake. Its not actually crypto you can transfer around its just somthing you can buy and sell on PayPal
 

Johnx64

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Apr 22, 2002
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I'm thinking of starting a grassroots effort to get a NEW cryptocurrency going...
Decibel trade name" dB "
Uses computational power of sound cards and old dial-up modems.


I'm buying up all the old Sound\Modems just to be a step ahead.
 

Ripskin

2[H]4U
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Jan 15, 2004
Messages
2,340
Lock the mining software to just duration based so it doesnt matter if its a cell phone, toaster or Jian Yang's fridge the hardware is out of the equation. At least for a year so the rest of us can buy some parts at a reasonable price.
 

sover

Limp Gawd
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Paypals "crypto" is fake. Its not actually crypto you can transfer around its just somthing you can buy and sell on PayPal
As far as I can tell that's really what pretty much all of the mainstream channels for "investing" in "crypto" are. Just crypto pegged securities.
 

sk3tch

[H]ard|Gawd
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As far as I can tell that's really what pretty much all of the mainstream channels for "investing" in "crypto" are. Just crypto pegged securities.
Depends on how hardcore of a crypto enthusiast you are. Binance and Coinbase - you "own" the coins in that you can transfer them. But you don't own them in that you don't have the keys and full control for offline storage. I'm of the mind that the balanced approach (Binance/Coinbase) is what is best for 99% of crypto users. But I support, and am happy you can use completely offline methods if that's your preference.

I'm very technical and I wish I would have gotten into Coinbase/Binance earlier than late last year. It's just so easy to use. 10+ years ago even I was a bit befuddled with the offline wallet stuff and all of that. Although I wish I stuck with it. :)
 

titan97

Gawd
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Sep 27, 2004
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[snip] Although I wish I stuck with it. :)
Yeah, me too. I was part of the [H]orde back in the late-2000s and early 2010's. I remember reading threads in the distributed computing subforum and thinking to myself, "Bitcoin? WTF is that? That will never work." Meanwhile, I will just donate my computing power to various projects because they are a "good cause", without any expectation of a reward.
 

Verado

Limp Gawd
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May 16, 2017
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As a crypto trader and a gaming nerd. I looked into HDD/SSD mining and have decided to buy a couple of spare drives for myself, because this should get real bad real soon.
If your storage fails on you in a month or two, you might be in trouble.
 
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ManofGod

[H]F Junkie
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Oct 4, 2007
Messages
12,299
As a crypto trader, and a gaming nerd. I looked into HDD/SSD mining and have decided to buy a couple of spare drives for myself, because this should get real bad real soon.
If your storage fails on you in a month or two, you might be in trouble.

Could you show me objective evidence of this? I have 2 x 2TB, at least 4 x 1TB and 3 x 500GB SSD's, at least, among my 3 computers as well as one 256GB SSD. I am asking is if you can show objective proof, I am going to pick up a couple more 2 x 1TB SSD's. (I also have a couple of 1 tb x 2 HDD's and a spare 2 TB HDD that I am not using.)
 

Verado

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Could you show me objective evidence of this? I have 2 x 2TB, at least 4 x 1TB and 3 x 500GB SSD's, at least, among my 3 computers as well as one 256GB SSD. I am asking is if you can show objective proof, I am going to pick up a couple more 2 x 1TB SSD's. (I also have a couple of 1 tb x 2 HDD's and a spare 2 TB HDD that I am not using.)
No.
I just bought related stocks.
 
Joined
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Also, cryptocurrencies are very poorly suited to take over from FIAT currencies.

Their "limited quantity" winds up being more of a problem than an assets. Many people who are into crypto see the fact that governments "can't print money" as a good thing, but it is actually a liability.

You don't want to have excessive inflation, but having a low and stable rate of inflation is absolutely crucial for the economy to function. Usually a long term average of about 2% is considered ideal and what central banks all over the world target. If a currency has no inflation at all (or even worse, negative inflation) it would seriously hurt the economy.

Crypto as a transactional means of abstraction (buy crypto with a real currency, use it to buy something, seller redeems crypto for real currency) can work, but having crypto take over for real currencies would be an absolutely awful idea.

As an example, picture getting a mortgage in some cryptocurrency. The cryptocurrency is in limited supply by design and as such will likely appreciate. Now you owe more on your mortgage as time goes on. In some cases a lot more.

Almost the entire economy, consumer and business depends on being able to utilize debt in one way or another. Being able to Actively manage the money supply to keep a low steady inflation is key to keeping the economy working, and you just can't do this with crypto.
 

Zarathustra[H]

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Adjusting (both increasing and decreasing) money supply as one of the levers of control of the economy to counteract it slowing down or speeding up too much is absolutely crucial.

You can call that "printing money" if you want, but having the option to do so is absolutely crucial in order to keep an economy stable. It only becomes a problem when not done responsibly, which usually only happens in 3rd world economies.

"Printing money" is not just a good tool to have, it is absolutely crucial in times when the economy slows too much and needs to be boosted, and the inflation rate is too low and needs to be raised.

Anyone telling you otherwise is completely clueless.

Supply side economics is an absolute disaster. The only thing that works at all, is an approach strongly influenced by Keynesianism.
 
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Joined
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Adjusting (both increasing and decreasing) money supply as one of the levers of control of the economy to countersct it slowing down or speeding up too much I'd absolutely crucial.

You can call that "printing money" if you want, bit having the option to do so is absolutely crucial in order to keep an economy stable. It only becomes a problem when not done irresponsibly, which usually only happens in 3rd world econonies.

"Printing money" is not just a good tool to have, it is absolutely crucial in times when the economy slows too much and needs to be boosted, and the inflation rate is too low and needs to be raised.

Anyone telling you otherwise is completely clueless.

Supply side economics is an absolute disaster. The only thing that works at all, is an approach strongly influenced by Keynesianism.
Settle down buddy. Your long detailed post on monetary policy reminded me of the video i posted. The one on the Greek economy is a riot...
 

Zarathustra[H]

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Settle down buddy. Your long detailed post on monetary policy reminded me of the video i posted. The one on the Greek economy is a riot...
My bad. Tone is always difficult in written form.

People waxing poetic about the gold standard and other fixed supply economic solutions make my head want to explode.

Not too many of us were around during the time the gold standard was in place to compare and contrast, now vs then, but the data is pretty clear, that short term stability is MUCH improved with actively central bank managed FIAT currencies, allowing people and businesses to better plan and not feel like they are on a constant roller coaster.

Long term (30+ year horizon) the two have fairly similar stability, meaning big, once or twice in a lifetime economic events are still going to happen, but with FIAT currencies and competently managed central banks, we have periods of relative stability between them, which everyone (except maybe wall street gamblers) benefits from.
 
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HAL_404

[H]ard|Gawd
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if they can create a cashless money system folks will not just be screwed but royally screwed. There are companies like Newegg for example that love to let you spend crypto on their website and recently Elon Musk gave DIGITAL $$$ a kick in the pants. Why is that? It doesn't take a degree from Harvard to learn how to profit from crypto. But once digital money becomes the only way to buy and sell (it may happen sooner than many realize) we will be unable to pay debts Private (US paper currency states on it "for Public and Private Debt). Once the ability to pay off debts in Private is gone we can add that to cell phones and PC's and tablets and street cameras and credit cards and how we gave up freedom for security and convenience.
 
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Joined
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My bad. Tone is always difficult in written form.

People waxing poetic about the gold standard and other fixed supply economic solutions make my head want to explode.

Not too many of us were around during the time the gold standard was in place to compare and contrast, now vs then, but the data is pretty clear, that short term stability is MUCH improved with actively central bank managed FIAT currencies, allowing people and businesses to better plan and not feel like they are on a constant roller coaster.

Long term (30+ year horizon) the two have fairly similar stability, meaning big, once or twice in a lifetime economic events are still going to happen, but with FIAT currencies and competently managed central banks, we have periods of relative stability between them, which everyone (except maybe wall street gamblers) benefits from.
I’ll see your seriousness and raise you humor.

 
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