RichardGibbons Posted January 20, 2018 Posted January 20, 2018 My son just build his own gaming computer (an i7 7700k with a 1070 ti video card) and I was telling him last night that he should try to mine some altcoins and earn some of his money back. My wife said, “so if he starts mining, how does he get his check?”. FWIW, I am mining zcash with a 1070, and recently I've been making in the region of $3-5 per day. At this instant, it's $3.54 per day. Your son's 1070 TI should be slightly better than that. It's not going to make anyone wealthy, but it's pretty fun.
rb Posted January 20, 2018 Posted January 20, 2018 I would think that is more a representation of people who still don’t get it. Funny story. My son just build his own gaming computer (an i7 7700k with a 1070 ti video card) and I was telling him last night that he should try to mine some altcoins and earn some of his money back. My wife said, “so if he starts mining, how does he get his check?”. Next time get a Xeon and save yourself some money.
rkbabang Posted January 21, 2018 Author Posted January 21, 2018 My son just build his own gaming computer (an i7 7700k with a 1070 ti video card) and I was telling him last night that he should try to mine some altcoins and earn some of his money back. My wife said, “so if he starts mining, how does he get his check?”. FWIW, I am mining zcash with a 1070, and recently I've been making in the region of $3-5 per day. At this instant, it's $3.54 per day. Your son's 1070 TI should be slightly better than that. It's not going to make anyone wealthy, but it's pretty fun. We were looking into Zcash, Monero, Ether, etc but he decided to try this https://www.nicehash.com/cpu-gpu-mining They use both your GPU and CPU and have you mine whatever is most profitable at the moment with each of them. They are about 1% more expensive than most pools, but you should make up the difference in higher earnings. It says that he is earning between $5.50 and $6.00 per day right now (it changes from second to second). Yes I know they were hacked a month ago, but I figure if you cash out once in a while there will never be much in there to loose. And they changed their setup so that every transfer out of their system is human approved so that should mitigate someone hacking in and wiping out all the accounts again.
Cardboard Posted January 21, 2018 Posted January 21, 2018 "It says that he is earning between $5.50 and $6.00 per day right now (it changes from second to second). Yes I know they were hacked a month ago, but I figure if you cash out once in a while there will never be much in there to loose." You cash out hmmm? Sounds like a heck of a store of value. As soon as you make a few dollars, you want to leave asap because you are afraid of hacks. Then back to good old fiat despite its depreciating value. I can only imagine what will happen to crypto values in the next crash when people rush to get their hands on liquid. They were selling their gold in the Great Recession to access liquidity... Cardboard
clutch Posted January 21, 2018 Posted January 21, 2018 "It says that he is earning between $5.50 and $6.00 per day right now (it changes from second to second). Yes I know they were hacked a month ago, but I figure if you cash out once in a while there will never be much in there to loose." You cash out hmmm? Sounds like a heck of a store of value. As soon as you make a few dollars, you want to leave asap because you are afraid of hacks. Then back to good old fiat despite its depreciating value. I can only imagine what will happen to crypto values in the next crash when people rush to get their hands on liquid. They were selling their gold in the Great Recession to access liquidity... Cardboard So then gold isn't a store of value?
wachtwoord Posted January 21, 2018 Posted January 21, 2018 Lol @Cardboard. All he said is he wants to withdraw from a 3rd party holding his money because they got hacked lost month. Look, you don't have to be a fan but continuing to share your opinion on something you very obviously do not understand (or wish to understand) derails a legitimate thread.
RichardGibbons Posted January 21, 2018 Posted January 21, 2018 We were looking into Zcash, Monero, Ether, etc but he decided to try this https://www.nicehash.com/cpu-gpu-mining Interesting. Based on your thoughts, I may give it a shot too.
SharperDingaan Posted January 21, 2018 Posted January 21, 2018 We were looking into Zcash, Monero, Ether, etc but he decided to try this https://www.nicehash.com/cpu-gpu-mining Interesting. Based on your thoughts, I may give it a shot too. Just be mindful that today - much of the reason for selling you a rig; is because the seller expects to make MORE from you - than he would had he simply kept the rig, & mined for himself. It's OK for a hobby and experimentation, but it's not what it seems. Obviously, not a popular view among many! At the aggregate: 1) Only the fastest miner gets paid. New rigs are always faster than yours; meaning that over time you progressively earn less, and more & more of it is in less desirable token. Rigs have a short economic life. 2) Appearance of distributed security. The more rigs sold outside of the 'tech' community, the more diverse the aggregate mining network 'appears' to be, and the more real distributed security 'seems' to be. Problem is that its a 70% layer of very fast computers in mining consortia, and a 30% layer of much slower computers spread throughout the world, with hash rate controlled by degree of hash complexity. A small drop in complexity, and the faster computers win - erasing distributed security. 3) Capital cost downloading. Every utility downloads the capital cost of producing its product onto its customers, most often by the customer paying a 'debt service' charge on their bill every month. An alternative is to simply have the customer build their own generation facility (take on the capital cost) and buy their net output. See any difference between this and a mining rig? SD
rkbabang Posted January 21, 2018 Author Posted January 21, 2018 Lol @Cardboard. All he said is he wants to withdraw from a 3rd party holding his money because they got hacked lost month. Look, you don't have to be a fan but continuing to share your opinion on something you very obviously do not understand (or wish to understand) derails a legitimate thread. Thanks wachtwoord for saving me the trouble. Maybe I should have said ”coin-out”.
NeverLoseMoney Posted January 21, 2018 Posted January 21, 2018 Are any of the crypto bulls here concerned with Tether (USDT)? Especially the "printing" of new USDT and some indications that the main people behind it are also principals of the Bitfinex exchange. Apparently major USDT printing occurred after bitcoin crashed to $10k and some say those were being used to prop-up the bitcoin price. Supposedly USDT are backed by US dollars in a bank account (in an obscure Polish bank if I recall correctly), but I'm very skeptical about that. I thought this was an interesting video about this issue: https://www.youtube.com/watch?time_continue=2&v=MwKYbT9MoPE
rkbabang Posted January 21, 2018 Author Posted January 21, 2018 Are any of the crypto bulls here concerned with Tether (USDT)? Especially the "printing" of new USDT and some indications that the main people behind it are also principals of the Bitfinex exchange. Apparently major USDT printing occurred after bitcoin crashed to $10k and some say those were being used to prop-up the bitcoin price. Supposedly USDT are backed by US dollars in a bank account (in an obscure Polish bank if I recall correctly), but I'm very skeptical about that. I thought this was an interesting video about this issue: https://www.youtube.com/watch?time_continue=2&v=MwKYbT9MoPE It concerns me. But I put it in the same category as MtGox. A short term problem that won’t matter in 10 years. I’m in for the long haul I’m not all that worried about the little problems inbetween. If it all blows up the panic will create a nice buying opportunity.
rkbabang Posted January 21, 2018 Author Posted January 21, 2018 We were looking into Zcash, Monero, Ether, etc but he decided to try this https://www.nicehash.com/cpu-gpu-mining Interesting. Based on your thoughts, I may give it a shot too. Just be mindful that today - much of the reason for selling you a rig; is because the seller expects to make MORE from you - than he would had he simply kept the rig, & mined for himself. It's OK for a hobby and experimentation, but it's not what it seems. Obviously, not a popular view among many! At the aggregate: 1) Only the fastest miner gets paid. New rigs are always faster than yours; meaning that over time you progressively earn less, and more & more of it is in less desirable token. Rigs have a short economic life. 2) Appearance of distributed security. The more rigs sold outside of the 'tech' community, the more diverse the aggregate mining network 'appears' to be, and the more real distributed security 'seems' to be. Problem is that its a 70% layer of very fast computers in mining consortia, and a 30% layer of much slower computers spread throughout the world, with hash rate controlled by degree of hash complexity. A small drop in complexity, and the faster computers win - erasing distributed security. 3) Capital cost downloading. Every utility downloads the capital cost of producing its product onto its customers, most often by the customer paying a 'debt service' charge on their bill every month. An alternative is to simply have the customer build their own generation facility (take on the capital cost) and buy their net output. See any difference between this and a mining rig? SD I agree. I think it would be better to just buy $500 worth of bitcoin rather than go out and buy a $500 video card to start mining. But if you already have the video card like my son does, why not mine whenever it is otherwise idle.
SharperDingaan Posted January 21, 2018 Posted January 21, 2018 Are any of the crypto bulls here concerned with Tether (USDT)? Especially the "printing" of new USDT and some indications that the main people behind it are also principals of the Bitfinex exchange. Apparently major USDT printing occurred after bitcoin crashed to $10k and some say those were being used to prop-up the bitcoin price. Supposedly USDT are backed by US dollars in a bank account (in an obscure Polish bank if I recall correctly), but I'm very skeptical about that. I thought this was an interesting video about this issue: https://www.youtube.com/watch?time_continue=2&v=MwKYbT9MoPE USDT isn't backed by anything - if it were it would be fully exchangeable into fiat USD, on multiple exchanges. The fact that they have to give you a token (USDT) that is supposed to be the same as a fiat USD, versus the actual fiat USD, is hard evidence of that. You can give me fiat USD for a token, but you're never getting your fiat USD back - just another token. A matryoshka doll. SD
wachtwoord Posted January 21, 2018 Posted January 21, 2018 Are any of the crypto bulls here concerned with Tether (USDT)? Especially the "printing" of new USDT and some indications that the main people behind it are also principals of the Bitfinex exchange. Apparently major USDT printing occurred after bitcoin crashed to $10k and some say those were being used to prop-up the bitcoin price. Supposedly USDT are backed by US dollars in a bank account (in an obscure Polish bank if I recall correctly), but I'm very skeptical about that. I thought this was an interesting video about this issue: https://www.youtube.com/watch?time_continue=2&v=MwKYbT9MoPE Why would I be concerned? Don't touch Tether with a 5-foot pole and you'll be fine (it's 100% a scam).
NeverLoseMoney Posted January 21, 2018 Posted January 21, 2018 If it goes to zero, any exchange with exposure to Tether/Bitfinex will suffer major fallout as well. It gives authorities a valid reason to freeze exchange bank accounts. It's going to cause a huge shitstorm. I don't think it's going to be a small, isolated event. Even when you're a massive crypto bull, I don't see why you would want exposure to any coin before Tether blows up (provided you think it's a scam of course). Everything will be a lot cheaper after.
rkbabang Posted January 21, 2018 Author Posted January 21, 2018 Are any of the crypto bulls here concerned with Tether (USDT)? Especially the "printing" of new USDT and some indications that the main people behind it are also principals of the Bitfinex exchange. Apparently major USDT printing occurred after bitcoin crashed to $10k and some say those were being used to prop-up the bitcoin price. Supposedly USDT are backed by US dollars in a bank account (in an obscure Polish bank if I recall correctly), but I'm very skeptical about that. I thought this was an interesting video about this issue: https://www.youtube.com/watch?time_continue=2&v=MwKYbT9MoPE Why would I be concerned? Don't touch Tether with a 5-foot pole and you'll be fine (it's 100% a scam). The theory is that they are “printing” thether out of nothing and using it to buy bitcoin, thus inflating the price of bitcoin far above its actual demand. I’m not sure how much of the bitcoin demand is tether related, but long term it means nothing either way.
sjh Posted January 21, 2018 Posted January 21, 2018 If it goes to zero, any exchange with exposure to Tether/Bitfinex will suffer major fallout as well. It gives authorities a valid reason to freeze exchange bank accounts. It's going to cause a huge shitstorm. I don't think it's going to be a small, isolated event. Even when you're a massive crypto bull, I don't see why you would want exposure to any coin before Tether blows up (provided you think it's a scam of course). Everything will be a lot cheaper after. Very good point. I changed my opinion about the mid term prospects of the crypto market after going to a few blockchain meetups. Just lots of irrational behavior and reasoning out there. There are so many parallels to the dotcom bubble, watched this today and had a deja-vu.
Cardboard Posted January 22, 2018 Posted January 22, 2018 "Look, you don't have to be a fan but continuing to share your opinion on something you very obviously do not understand (or wish to understand) derails a legitimate thread." You are right, it would be a shame to derail a thread by some who have outsmarted Buffett, Munger, Dimon, Shiller and so many others... LOL! So we will let you live your mania. Let you enjoy this Libertarian euphoria over magnetic 0´s and 1's sitting on some server. Cardboard
wachtwoord Posted January 22, 2018 Posted January 22, 2018 Are any of the crypto bulls here concerned with Tether (USDT)? Especially the "printing" of new USDT and some indications that the main people behind it are also principals of the Bitfinex exchange. Apparently major USDT printing occurred after bitcoin crashed to $10k and some say those were being used to prop-up the bitcoin price. Supposedly USDT are backed by US dollars in a bank account (in an obscure Polish bank if I recall correctly), but I'm very skeptical about that. I thought this was an interesting video about this issue: https://www.youtube.com/watch?time_continue=2&v=MwKYbT9MoPE Why would I be concerned? Don't touch Tether with a 5-foot pole and you'll be fine (it's 100% a scam). The theory is that they are “printing” thether out of nothing and using it to buy bitcoin, thus inflating the price of bitcoin far above its actual demand. I’m not sure how much of the bitcoin demand is tether related, but long term it means nothing either way. That's only the Thether Bitcoin price. Not USD/BTC. It has no effect other than some fools parting with their money.
wachtwoord Posted January 22, 2018 Posted January 22, 2018 "Look, you don't have to be a fan but continuing to share your opinion on something you very obviously do not understand (or wish to understand) derails a legitimate thread." You are right, it would be a shame to derail a thread by some who have outsmarted Buffett, Munger, Dimon, Shiller and so many others... LOL! So we will let you live your mania. Let you enjoy this Libertarian euphoria over magnetic 0´s and 1's sitting on some server. Cardboard Some server? ::) This is what I meant with talking about something you don't comprehend in the slightest.
Liberty Posted January 22, 2018 Posted January 22, 2018 https://arstechnica.com/information-technology/2018/01/in-the-wild-malware-preys-on-computers-dedicated-to-mining-cryptocurrency/
SnarkyPuppy Posted January 22, 2018 Posted January 22, 2018 "Look, you don't have to be a fan but continuing to share your opinion on something you very obviously do not understand (or wish to understand) derails a legitimate thread." You are right, it would be a shame to derail a thread by some who have outsmarted Buffett, Munger, Dimon, Shiller and so many others... LOL! So we will let you live your mania. Let you enjoy this Libertarian euphoria over magnetic 0´s and 1's sitting on some server. Cardboard If I made a post in any other thread that was this factually wrong about a company or business I would be called out. No reason those minimum standards shouldn't apply here. It is very obvious you have not even the slightest basic understand of how this works. Either do the work and spend the time to actually be able to have an informed opinion or stop posting meme's in these threads. To be clear - this is totally independent on whether or not it actually has value. But you can't make the statement it doesn't have value while making demonstrably ignorant statements like this.
RichardGibbons Posted January 22, 2018 Posted January 22, 2018 Just be mindful that today - much of the reason for selling you a rig; is because the seller expects to make MORE from you - than he would had he simply kept the rig, & mined for himself. It's OK for a hobby and experimentation, but it's not what it seems. Obviously, not a popular view among many! Yeah, this is a good warning, SD. In my case, I bought a PC in September because my old one was 7 years old, slow, and getting BSOD every few days. I got a better graphics card than I would have otherwise--maybe an incremental cost of $300--so I could mine effectively. Normally my computer is on whenever I'm awake, so the incremental cost of electricity is low. I don't know if it was a good decision, but seemed like a reasonable gamble in that $300 isn't that much money to me and I've enjoyed doing it. Economically, it has paid off, returning about $600 so far. Of course, that's just an outcome that says little about whether the decision to buy the better card had a positive expected return. Even if one happens to win at roulette, it doesn't imply it was a smart decision to play.
clutch Posted January 22, 2018 Posted January 22, 2018 "Look, you don't have to be a fan but continuing to share your opinion on something you very obviously do not understand (or wish to understand) derails a legitimate thread." You are right, it would be a shame to derail a thread by some who have outsmarted Buffett, Munger, Dimon, Shiller and so many others... LOL! So we will let you live your mania. Let you enjoy this Libertarian euphoria over magnetic 0´s and 1's sitting on some server electrons, protons, and neutrons arranged in some particular manner. Cardboard
writser Posted January 22, 2018 Posted January 22, 2018 magnetic 0´s and 1's sitting on some server electrons, protons, and neutrons arranged in some particular manner. Though frankly you could also describe Berkshire that way.
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now