If they put the best supercomputer in the world to mine bitcoins all day...

If they put the best supercomputer in the world to mine bitcoins all day, it would give them profit or debts with energy and stuff by the end of the day?

Probably debts, those supercomputers cost a lot of money in energy and refrigeration. You'd also have to take into account all the money they didn't earn while mining bitcoin since they could have rented the computer.

You need an ASIC farm to actually make a profit off of mining btc.

Depends on how efficiently written and compiled the miner's code is.

No. That would make virtually no difference.

Super computers are usually designed to a specific task, that is not mining bitcoins, relatively, they are not the cheapest hardware either. Also they are usually installed in first world countries, where energy is more expensive.

Let's that supercomputer was designed specifically for SHA hashing then yeah it would generate a profit.

But it would also flood the market with coin and devalue the existing supply... unless of course them turning the machine on raises the difficultly for all the other miners who then drop out. They in essence just replaced the smaller miners who can't compete for the same price per hash.

The price of this stuff is not set in stone. Computers are constantly getting faster and the network is designed to account for that and make the coins harder to mint/mine as time goes on.

>Most of supercomputers are in China
>China
>First world

>Most of supercomputers are in China
No.

China is the country with highest number of super computers. Most super computers are in first world countries.

Dumb poster.

Supercomputers are owned by organizations with better things to do than play with ponzi scheme monopoly money.

When I worked with ICHEC I was told that the Fionn cost €600 a week in electricity. Go look up the Fionn system, figure out the hash rate based on it's FLOPS and tell me if it would be profitable.

(Pro-tip, bitcoin is a pyramid scheme, that's why you only see neckbeards and opportunistic scammers get into it)

Money nowadays has no value. The only thing that keeps it valued is solid position of the US in the world.

>durrrrr money is only valuable based on people's confidence in it

No shit.

This is why I hate the cryptocoin community, it's full of assholes like you who learned some basic concepts about economics on libertarian blogs, and now you consider yourselves experts.

Which is why some other cryptocoins are designed to be ASIC resistant. They don't want some giant super computer owned by a govt/large company controlling the network.

There are advantages to a network stitched together with basement dweller battle stations. It's spread way out, with each node independently checking the other for integrity. Even if some of those dipshit in living in their moms basement get together and try to scam the network they would need over 50% of the miners in on it. Which is impossible when all the miners leave/destroy any group that gets near that 50% control ratio.

That's just protection against double spending. Even with control of 50% of the network you can't make coins out of thin air/move them around without the authority. Shit gets complicated and is more secure that most people realize. Unless you fuck up a line of code somewhere or let an insecure machine handle your keys. Vault made of titanium works great unless you forget to lock it or leave the keys with the janitor.

>Which is why some other cryptocoins are designed to be ASIC resistant. They don't want some giant super computer owned by a govt/large company controlling the network.


Uh... that makes no sense. It's easier for governments to take one of their many general purpose supercomputers and put them to use mining your monopoly money than it is for them to waste millions building some array of ASICs to mine ponzicoins. Also, why are you so afraid of the big bad government trying to get into your pyramid scheme? The EU is mostly concerned about protecting gullible consumers (like you) from crypto-currency pyramid schemes.

Do any of you guys understand deflation and why it's the worst possible thing that can happen to a currency? You understand that deflationary currencies would actually benefit the establishment (in the short term before the economy implodes), right?

>bitcoin is a pyramid scheme
So is a USD, or any other currency after 60s

>Inflationary currency that becomes less valuable over time
>Pyramid scheme

You really have no clue what you're talking about. If you're talking about monetary returns from investments, then that's an issue with capitalism in general rather than the US dollar.

Stop pretending to be an expert on economics and currency, it's obvious that you've never studied it in a formal setting. Reading libertarian blogs does not equate to being educated.

If blockchain networks are a pyramid scheme then why are BBVA, Goldman Sachs, J.P. Morgan, Bank of America, Citi, Deutsche Bank, HSBC, Wells Fargo, ING, IBM, and Intel joining together to implement its technology into their networks?

>you just don't GET Keynesian economics

kys

>>Inflationary currency that becomes less valuable over time

On a logarithmic scale the amount of inflation introduced is decreasing over time. It's far less inflationary in the long term than fiat.

Stop pretending to know anything about bitcoin.

>If blockchain networks are a pyramid scheme then why are BBVA, Goldman Sachs, J.P. Morgan, Bank of America, Citi, Deutsche Bank, HSBC, Wells Fargo, ING, IBM, and Intel joining together to implement its technology into their networks?
I said cryptocoins were a ponzi-scheme, not blockchains. Blockchains are mostly useless though, which is why big companies are only investing in research right now, but have not used any blockchain tech in production.

I never mentioned Keynesian economics, btw, quantitative easing is not part of Keynesianism, despite what your libertarian blogs tell you.


ITT: Edgy teens who think they're experts on finance and software development despite not being employed in either industry.

I never implied that shitcoin was inflationary, I was saying that fiat currency was inflationary, which is why fiat currency is not a pyramid scheme. You idiots really don't understand what a pyramid scheme is, do you?

My meme-arrows were quoting his retarded implication that an inflationary currency (the USD) was a pyramid scheme.

Learn to memetext.

And FYI, I've followed shitcoin from the beginning, I made a handy couple of thousand euro selling that shit to you morons because I was an early adopter.

>On a logarithmic scale the amount of inflation introduced is decreasing over time
Bitcoin is not inflationary you fucking moron. It's deflationary, which is why it's worthless as a currency and perfect as a pyramid scheme.

The only reason why bitcoin still exists is because anti money laundering authorities mostly decided that it's just not big enough to bother with. If they wanted to they could kill every single bitcoin business/exchange because all of them violate AML regulations.

shhh, you're ruining their libertard fantasy.

THE GUBIMENT HAYTES BITCOIN BUT THEY CAN'T STOP US ONCE EVERY1 USES OUR PONZI MONEY THE FREE MARKET WILL FIX EVERYTHING INFLATION IS EVIL 90% OF ECONOMIC THEORISTS ARE WRONG