Is crypto currency mining a meme?

Is crypto currency mining a meme?

Will it have impact upon the global economic system?

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It's competition.

It's a meme unless you want to take a loan to fund your own farm and risk the shitcoin ending up like every other shitcoin.

Yes, no.
If you're the average person, you're going to actually lose money between the setup and electric bill compared to your gains. If you're a criminal who sets up a mining operation sayyyy out of the office you work at then you might be able to scrounge up some beer money. It's not a poorman's game unless you have a brilliant system.

Won't affect global economics. Maybe in the distant future outside of our lifetimes it will have a small effect. Literally cowboy territory for the foreseeable future.

I think it will never really replace Fiat currencies at least not for the next 20 years. Imagine if there were no more physical cash tomorrow, people would lose their minds.

I think you should get in NOW if you want to tell your kids how did made his fortune mining coins in 2017.

the pubic hair stuck to her ass is a nice touch

...

>go to supermarket
>pay with bitcoin
>"ok, now wait 30 minutes until the transaction is confirmed - paying 100$ extra for your 50$ grocery shopping trip should speed things up"
Haha, no way.

BTW you can still get in on the mining thing, you just need to somehow get capable hardware and FAST.

I managed to get 415 Mhash (etherium) worth of graphics cards for less than $2k.

Ive already made back that money and now im on track to make $2600 this month at current going rate for Eth to USD.

Or
>Chinese gov cracks down on bitcoin
>Economy in the US comes to a screeching halt because no miners, no transactions are confirmed anymore
B... but I thought it was decentralized!

It's basically a precursor towards a global decentralized computing network

give me the 2k to set it up and ill give you half the profit each month after expenses.

>bitcoin is the only crypto

Other cryptos are far better for transactions.

Other cryptos are irrelevant (if you are willing to go as far as saying the bitcoin market cap were relevant).

Any suggestions?

litecoin

No, and No

dogecoin

I don't understand how people plan on actually making money with this cryptocurrency shit.

"b-b-ut they're worth..."

They're not worth anything. The only way you'll make anything is if someone's dumb enough to pay you real money for them. It's a meme.

The problem is finding the hardware. $2k would not net you more than 6 Rx 480's on eBay since that is the only place to get them really.

Thats only about 150 mhash, maybe a but more if you get into BIOS editing and memory straps.

I think everyone here with at least a RX 470/ GTX 1060 should be mining whenever they can.

I mined 1 bitcoin with a 9800GX2 back in 2011 and today that 1 bitcoin is worth over $2900.

Eth is going to the moon might as well get in on it.

its just like stocks essentially, you buy coke stock, it goes up, you sell coke stock and get cash.

it's worth it if you can score coins early and sell them to others when the price increases. better choose carefully goy, only a hundred or so choices now!

Dude... I know a guy that just bought a 200k house with money from bitcoins.... he bought in way back around 2011, had 100 bitcoins and held on to them till recently.

There was a bit of trouble getting the 200k USD withdrawal but he did manage it.

Its not a meme if you can get tangible results/money from it. Which you EASILY can. The exchanges are much more stable/reliable now than they were a few years ago....

ETH is even more of a scam than bitcoin. Currency based on ETH works like me sending you an EMail saying "IOU 1$" signed with PGP (what they call "smart contract").
And that's exactly what these tokens are "worth".

Dash has instant transaction.

To an extent sure. But with stocks your money is backed by a tangible company with real assets. Crypto currency has nothing backing it whatsoever.

Unless you are mining with ASIC machines at a large enough scale to make economy of scale worthwhile and have access to cheap electricity then it's a meme.

If you wanted to mine, you should have been doing it in 2012 already. Mining hasn't been profitable for people with consumer-grade hardware since 2013.

t. complete imbecile

Autism, the country, tried something similar with DEmail.
"Pay us a few cents [way less than an Ether] so the gubbermint provides an infrastructure that guarantees delivery and authenticity for EMails".
Guess how this worked out.

Well then AMD needs to start investing in hardware specifically made for crypto mining then, because I'm sick of these mining faggots buying up all of the GPUs.

STOP POSTING ABOUT CRYPTO ON Sup Forums NOT YET IM NOT DONE ACCUMULATING

I have a GTX1080 and a 970m i could use for mining, hell the 1080 i could use 50hrs a week.

Is it even worth bothing with bitcoin and eth with this?

Get with the times. The first commercially available ASIC machines for mining bitcoin went on the market in 2013 afaik.

Yeah, it was called the Jalapeno or some such shit. I heard it was trash, which is why consumer cards are still the preferred method for most.

buy niggers and make them do the mining work for you

get with the times, no one except the chinks mine BTC, everyone else mines other coins with GPUs (not ASICS)

You need to be running the 1080 anytime your not playing on it, only issue is you might need to use older drivers with NVIDIA cards for best hash rate.

Also, I've heard the 1080 is slower than the 1070 for mining because of the GDDR5X memory. The 1080ti is faster than the 1070.

970m is meh, I pm not sure I'd want to run a laptop card almost 24/7.

people that shill for cryptocurrency are literally just pool sharks. they're trying to hustle you,

Kek this is old info and not relevant to 2017.

Etherium is not feasible for ASIC mining because of the DAG size, over 2GB. They made it this way so that you could not use an ASIC.

Now with ETH trading at $340, do. you see how one might want to get in on that? Especially if not too long ago you could easily buy RX cards for cheap

Kek, that's a good one user. Where'd you get that, 2014?

I have forgot how to do anything with bitcoin, i messed with mining and moving fractionals around back in 2013 but lost interest, i found a paper wallet and key i had the other day.

1vpe7ya73VPiBTe8PSfpTMCQwdaWT2Xi4
>0.00007005 BTC
About 2 cents US i have from 2013, im rich lel.

Fucked if i know how i would get those fractionals from that address, i take it i need bitcoin software and to put the security key from the paper wallet in it and send them to another wallet?

So as long as nobody gets that key that address is safe? If i got a mining setup going on that 1080 i could send the output to that addy right?

Always found bitcoin confusing as fuck even when it was explained.

Why dont you just run AWS vms?

don't believe his lies

You spend more on electricity than you gain from mining. That being said, you are counting on the appreciation of the currency in the long run. Since each cryptocurrency is a finite resource, it's value will increase until it is all produced (which will take quite a while). The only value it has is that people are willing to trade it.

So: If you believe the currency will continue to be traded in the long run, and it is, it is a good investment. I've made about $20k on bitcoin, but I sold early, could have made a lot more. I sold when it looked like countries were going to ban it. I fucked up.

It's a meme currently because of cost effectiveness.

Using bitcoin as a currency for exchange is a meme, but using it as a trading platform is potentially extremely profitable. Fees are lower, volatility is higher, market is far less regulated.

For example, insider trading is legal with bitcoin.

If by "Get in NOW" you mean "Get in 5 years ago" then I'd agree. It basically already exploded.

buying the herbal jew is legal with bitcoin
how does pol feel about that

Only in legal states. In most possessing it at all is a crime, and so is trading it for other shit.

You might slide past dealer charges with it, but bitcoin is treated as property by federal law so I'm not 100% sure.

I don't even smoke so IDGAF

From when i very breifly messed with it i think i managed to put a few computers and netbooks in a pool, couldnt i just pool the 970m sometimes and run it at a slower hash rate as to not fry the laptop?

Wondering if its better to jump in with eth or something else rather than mess with bitcoin again.

May have had a couple of hundred if not thousand doge at some point, think they are lost now though

I'm high right now and I purchased my stash with American dollars. Better ban paper money!

It's been explained that it's not financially feasible, no one has been able to turn a profit using any cloud based system.

ASIC miners get better power usage, but not better upfront cost.

In theory if you get industrial power rates you can run a cost-effective bitcoin mine in some areas, and ASIC machines make that a hell of a lot easier.

>If you believe the currency will continue to be traded in the long run, and it is, it is a good investment.
it's back by nothing -- more "fiat" than jewback

that, and (((they))) won't let it take a hold... to say nothing of its finite nature being it's very Achilles heel (you need MORE currency as time goes on)

the only thing Bitcoin et al. will do is pave the way for said crypto-currencies for more officially sanctioned varieties -- allowing (((them))) to eradicate tangible money (as they're already doing) and control seize absolute control over the planet's wealth and transactions

Bitcoin fees are horribly high compared to other expensive shit like WU or the Pal.

I'm just joking although bitcoin got me some great pot years ago.
I hold it now and hope it keeps growing.

I'm looking into mining alts and support a couple small alts. I've been digging vertcoin lately, it's a bitcoin copy that stays asic resistant, no premine has been around a few years and has segwit.

this

I'm not sure if you can manually throttle, but it sounds feasible.

Yes you can pool it.

I also had some huge amount of doge but it's lost forever.....

holy hseeet eth jumped
simplyin buyig it with $ would ve been higely profitable
but now its dubious

Anyone here own some niggers I got 8

retarded nigger

Wrong, anyone with decent hardware (most mid to high end AMD cards) can mine eth right now and make a massive profit compared to the electricity used.

litecoin is still under the thumb of the chinajew scrypt asic chip producers and miners

If you use an exchange it's only ~0.2% per trade. I'm not talking about wallet transactions here.

What are stocks, debt, bonds if not crypto currency? Something that it's hard to trace and we don't know where money is aka money doesn't exists, it only exists in numbers. We need to go to paper money bound to one country and only one country, everything else is 100% scam.

You can still mine it, if you have the hardware. That way if the price jumps, it's great news, not bad news.

what exchange?

you can't be a true Sup Forumsack without owning a nigger

Nope. You don't get enough btc/hr to even pay the electric bill. Professional farms only produce at ~70% efficiency even after the recent boom.

>Is crypto currency mining a meme?
Crypto-commodity, actually (only governments can issue currencies), and no.

>Will it have impact upon the global economic system?
Yes, the same that any other value store/safe haven investment does.

Think of it like metals. That's all it is.

>real money
There is no such thing since kikes removed the gold standard.
Even with gold, it's only worth what people are willing to give for it.
You can't eat the stuff.

Ugh I don't know much but I think the answer is waveswallet

That's like RPG, but where your character can get hacked and you lose all treasures you collected from dead dragons.

You do realize hundreds of millions of dollars are exchanged between bitcoins and dollars on a daily basis, right?

but they are just niggers

I got me some niggers. This is the only time in history where niggers are going to the moon.

believe me miners are making money, especially with asicboost and cheap ass electricity in china

difficulty jumps too
ALL Amd cards are sold out to miners and 1070 are being bought out now too

Im doubtful about jumping into mining now

You wouldn't download a nigger.

Dumb kike you're wrong , did you not see where I said "ETH" as in etherium?

Everyone knows that you can't mine damn bitcoins anymore..ll

I did and now I own 8 fucking niggers

there's a handfull of fintech companies working for the major banks here. blockchain is a great concept, but they want ctrl.

ethereum is kind of a meme and when it cracks I hope it doesn't take much of the market with it

I found a black door into mining no one noticed, AMD SKY cards, i loaded up on them for so little money, essentially dual 7950 cards, similar to 7990.

Got to think outside the box.

inb4 your computer gets [BLACKED]

i have 0.2

don't worry they are kept locked up when not picking my cotton

Get a job you parasite.
also

>>/biz/

blockchain.info/address/1vpe7ya73VPiBTe8PSfpTMCQwdaWT2Xi4

I've got 2 cents in bitcoin, how much do you want for a piece of nigger?

Isn't there something besides the blockchain that ETH offers?

yeah its a meme

ASIC resistance

No I mean financially, not technologically.

i am already a poorfag in nigger terms. ask this man

This is why Trump needs to hurry up with deregulating coal here, if our energy pries went down by a lot it would be huge.

can someone please send me some niggers? 3PLDdEatE2Wtm11RE4hTasSFV2V9JyWi96c

>I've got 2 cents in bitcoin, how much do you want for a piece of nigger?

Oh actually its 20cents, holy shit i might have enough bitcoin to buy some gum or something.

Yeah but like the Bitcoin is like the highest valued fiat currency amongst the like non-fiat currencies.

and if you're planning to multiply this amount you have right now and not invest physical money, go on livecoin

>mining bitcoin is actually a way for the NSA to make people use calculating power for a pittance

How do i measure 1 nigger? Do i measure it with gold or with dollar. But do notice that if i measure it with dollar you defeat the whole purpose of this currency existing.