Is cryptocurrency mining the future or is it just a phase/trend ?

is cryptocurrency mining the future or is it just a phase/trend ?

Other urls found in this thread:

skycoin.net/blog/overview/skywire---skycoin-meshnet-project/
techcrunch.com/2018/01/15/researchers-finds-that-one-person-likely-drove-bitcoin-from-150-to-1000/
wired.com/2013/11/silk-road/
forbes.com/sites/kashmirhill/2014/11/07/how-did-law-enforcement-break-tor/
twitter.com/NSFWRedditImage

yes

no

maybe

i don't know

im from future

mining ass is the future sell btc

Mining at it's current state is definitely a phase.
The amount of energy that gets wasted on mining right now is retarded, so it's not gonna be long before governments and environmental agencies are going to do something about it.

>being this delusional
So the cops are going to knock on my door?

>ehm sir, we have reports of unusual power consumption here. I have a warrant to search your house for gpus. (gpu limit is 3 per household now)
>finds my 5rig farm pulling 6.5 kw off the wall
>proceeds to lay me and my familly down and execute us under state law

>exposed equipment
that area must be a absolute wireless dead zone

They already monitor household power consumption to check for grow lights. There's talk of federally mandated encryption again (the last push under Bill Clinton almost passed). And no-knock SWAT raids for nonviolent crimes and even to serve warrants or for routine permit inspection is commonplace. Government sanctioned summary executions of American citizens happens overseas via drones, but apart from some isolated cases isn't big in the us yet, but how long before that changes?

Stuff like this is ridiculous until right before it happens.

we're just getting started ;^)

skycoin.net/blog/overview/skywire---skycoin-meshnet-project/

Anyone want to buy my New in Box 1080 Ti ;^)

Good thing I'm not an americuck citizen

So a new ethereum with a fancy asic?

Current state quantum computers have cracked 768-bit RSA.

Bitcoin will be an early target as soon as quantum computers stop being used exclusively for research.

fuck these fags they are jacking the prices of GPUs holy shit

are you retarded? why would they come to your house instead of just handling the problem by the root? they can throw a tax on coins that use proof of work shit and that's it.

>16 rigs
>6 cards per rig
>1 card makes ~100 USD after power consumption with current prices

That's almost 10k per DAY.

>sign climate treaty that bans the connections related to mining
>enforce the ban at ISP level
>VPN providers have to comply as well to keep operating
As easy as that.

And this is how you incentivize a pure p2p pool instead of the current semi-p2p.

It's a cluster of Orange Pis that run as a node for the Skycoin/Skywire network. The goal is to create a new, free internet for everyone. It's basically just going to be a shitty mesh net most likely.

Burst coin is the future kido.

:o epic!!!

>Orange
Why an Orange Pi vs a Raspberry Pi?

yes please tell me how the government will tax crypto.

so heres the thing about this crypto stuff. after browsing /biz/ i realized that no one cashes out the alt-crypto for anything except cash or bitcoin, because bitcoin is accepted. they basically just trade from the small ones til eventually they have enough to make a sizable purchase of BTC and then take that and diversify into ethereum and the other big ones. so, that means that the lower crypto has really no purpose other than to leverage buying power by small increases til a person has cash to buy into the big boys.

and with BTC i can't see why it has any more buying power than say...beanie babies. there were rare beanie babies and exclusives and ones that were very common and for a bit they got somewhat expensive. but unless you traded them out to cash you were pretty much SOL because no one would accept them as their own currency. so if time comes and no one takes BTC except for drug lords and even then start manipulating how much they will take/give, then what's to keep it from all tumbling down on itself? i can't see why the US/Russia/China/SK/EU would give up the ability to keep a stable currency, because we all fucking know this shit isn't at all stable.

mining is expensive because of proof of work. Eth is moving away from proof of work to proof of stake, and hopefully other big coins will too. There are other alternatives like proof of space as well that people are looking into.

if that happens it will be the end of digital us currency too though

the whole cryptocurrency thing is the new tulip bulb

you'll never convince the retards invested in it to quit- every one of them thinks they're the smartest guy in the room.

Basically you just have to wait until the governments of most first-world nations basically put an end to it or it collapses under its own weight.

Please tell me you are retarded..
Pls just kys. Lol government can't enforce taxes. Keklord

POW won't go anywhere

>mfw they realise bitcoins are backed by nothing

More cores

Good observations and true.
BTC isn't worth shit and the niche coins are just accelerated ponzis that leverage off the main ponzi. Money in = Money out (zero sum) - the money leaked off from transaction fees. For every seller there must be a buyer and that buyer ultimately holds the bag until the next sucker. Ultimately, there is no intrinsic value so if it goes to zero, it will have been the people who sold to the sucker who would have captured the wealth.

What keeps the price up and what got the price to move?
Insider trading
Whale Accounts linked to coordinated trading to bid the spot price up/down.
Market making schemes underlying the exchanges ran by ex-wallstreeters

Essentially, all of the illegal shit in regulated markets.
Partial source sauce :
techcrunch.com/2018/01/15/researchers-finds-that-one-person-likely-drove-bitcoin-from-150-to-1000/

Essentially, the insiders and a small range of connected people determine the pricing action/up or down. Transaction flows and pleb wallets don't determine the spot price. I'm assuming by the sheer level of stupidity shared by the average person involved in this that they never stopped to question how this functions.

Got suckers to provide brute force backing of the currency ... Then once its established moved to a model that relies on centralization [proof of stake : Big wallets/stake determine influence over market) - the very thing these coins claim they were against.

So, they took a bunch of dumbass suckers for a wild ride all to arrive at fiat 2.0 + oppression via public ledgers . Kind of the same way fiat 1.0 got started w/a bunch of useful idiots and then became an insiders game.

> Raspberry pi = quad core
> Orange Pi = quad core

I like the rig .. can you provide more info on projects like this.. what's the software stack look like?

Its hilarious how a couple of years ago people thought online businesses would move to bitcoins for payment, but it turns out companies don't want to risk losing half their wealth overnight and the mere concept of bitcoins is too complicated for the average pleb to understand anyway

Neither is the USD

oh you dumb fucking libertarians keep saying that. but this is what backs the USD. a whole lot of pain and death controlled by the hands of people with a lot of US dollars in their accounts.

We are probably going to see a few countries ban it. Though that will just lead to exchanges being setup in countries where it is legal. (think the early days of file sharing) It will take a hard "this is interfering with taxes" ban to really put it down. (With IRS penalties to match)

I wouldn't be surprised if a few of the big G1 countries went after crypto for how much power it uses. Especially if it gets to the point where it actually threatens power grids that are already fragile. (ala Cali in the summer)

The Diary of Frank Anderson.

>mfw everyone else realises usd is backed by nothing

Most governments will ban mining, not only a few. So much energy consumption for such less impact is bot desirable. Probably a few countries won't forbit it. But who gives a fuck about a currency that isn't allowed as a payment method in most countries.

USD is backed by the US federal government and its' associated military and diplomatic power

I expected the USA will go after it eventually for tax purposes. Possibly the EPA as well once the heavy power requirements become known to environmental groups. (Hell CNN ran a story about the extreme power usage a few weeks ago as an obvious hit piece. It just didn't stick)

>there are people so retarded that they think governments that can't even shut down the pirate bay are going to take down global decentralized networks

Because the pirate bay isn't that big in the grand scheme of things. (Neither is file sharing)

Evading taxes IS.

Its a meme

The drug trade is a pretty big deal too, how effective has the war on drugs been?

it's not just the evading taxes, it's bringing a currency into a place that's already over saturated. that's the issue. we already have the USD, euro, pound, russian ruble, chinese renminbi, yen, and those are just the powerhouses. so what, are these government officials supposed to just sit back while a group of l33t haxors takes their turf?

> Has never heard of the Tor take down
> Decentralized nodes running on a centralized monitored network
Really makes you think how dumb the idiots are who believe Crypto currencies are invisible... Oh and they don't focus on the small fries. You namely end up on their radar when money is exchange, at stake, or if you're evading taxes.

Raid an a few exchanges and they have all your asses... But I guess your lack of intellect precludes you from thinking of weakest links in an overall system. I'm guessing you think they'll try the hardest vector to put their foot up your asses...
> Being this fucking stupid.

you don't really have to shut it down, just make it so it's not lucrative to pursue and then it will fizzle out

Shut the fuck up

> l33t haxors.. you give them too much credit.. More like useful idiots participating in something they don't fully understand for shekels.
There are tons of attack vectors to compromise, unmask, and/or shut this shit down. They're letting these fools roam like dogs on a leash also because the people participating in this are beta testing fiat oppression system 2.0. There's no revolution. There's no l33t haxors. There's no unbreakable encryption. The encryption methodology is ages old and it's largely managed by framework numale techies. All of the exchanges are ran by ex-wallstreeters because you need licenses to INTO financial services.

Overall, I've coiners rank very high up in the rankings of misinformed and dumbass group of useful idiots.

Some cryptocurrency ARE invisible and impossible to trace. And one day we're going to be able to create decentralized exchanges.

>implying the government cares about file sharing beyond making Hollywood happy.

Taxes and the Drug trade are a FAR bigger target to them.

I fully expect we will see a push to ban crypto in developed nations sometime this year. South Korea just opened the flood gates.

Maybe have a "datacap" on power?

Anyone who use over x kwh have to pay a premium per kwh.

We're also on Rizon.net #/biz/ if you wanna complain to us

Idiot, good luck shutting something this big down. It’s too late, crypto is here to stay.
So many gayymers are mad when realistically all their cards would do is watch hentai, porn and games. At least miners are making money with hardware every single weaboo here would waste and put their cum sweaty fingers on. Fuck off with these threads now

/thread

I might not like Crytpos, but tired of hearing people bitch about this. Look for deals on eBay or Craigslist and stfu. Got a 1080ti for 650 still in the box, he just needed the money back. Showed me the receipt of when he bought it too

>good luck shutting something this big down

Awww how cute, that's the exact same line I got when Silk Road got raided.

Currency is backed in the real world sweetie. Crypto is nothing but a fad that will die out once it either infringes on government taxation or people realize it isn't backed by anything substantial.

It's a phase. Future cryptocurrencies will likely use a different distributed consensus system that still provides verifiability and disincentivizes lieing. Proof of work might still be used, but it'll be less used at the least. The power cost of cryptocurrency is a heavily researched problem.

Trips don’t lie, you guys are poor and mad is all. Just go look at reddit, never heard so much crying from gamers holy shit.
Also this is real technology talk. Not these cancer threads
>>Sup Forums needs to get out

All right Sup Forums, which one of you posted this?

But there are tons of sites just like Silk Road that sprang up pretty much immediately. Ie, the government couldn't really take it down.

what happens when states start banning it based on environmental concerns?

The silk road didn't require them to raid the houses of millions of people around the globe. If you think taking down the silk road and taking down cryptocurrency are anywhere near the same level of difficulty you are a total idiot. And dozens of websites have sprouted up to take the silk roads place anyway.

>Millions of people around the globe.

All it would take would be hitting a handful of the big exchanges.

Also, none of the sties that sprung up after Silk Road are remotely comparable.

Cryptography has no future in the long run

Nothing that transmits over the open internet across centralized routing equipment that can tag packets and trace flows is untraceable or invisible. It's quite transparent to the right equipment. Spend too much effort trying to make your traffic opaque and you'll quickly find yourself on an automated escalation list that will quick put enough resources on you and your traffic to 'see' what's going on.

Always hilarious how morons who don't understand fuck all about network infrastructure or network technologies feel they're invisible. You'd think not knowing shit would humble a person but it seems it leads to an ignorant feeling of invisibility.

You're not invisible and you're always traceable...

We have windmills, solar panels etc etc poor fags, invest for a better future
Also this user gets it unlike you other idiots on Sup Forums. Seriously all you guys do is shit post memes and never have any ethnical conversations. Sometimes it’s a blur between reddit, Facebook, and >>Sup Forums

>What are Poxies, throw away computers/Tablets and vpns
Idiots

If a decentralized exchange can be created(I believe the lightning network is planned to allow trading of different cryptos) that does absolutely nothing.

>none of the sites that sprung up after Silk Road are remotely comparable
you clearly don't know what you're talking about, they're all exactly the same. The same exact people from the silk road are selling the same shit on the whatever the newest exchange is as we speak.

^this. Backing up this post :
If your a lazy ass who is hunting down in stock for MSRP cards then you can pay the e-bay/craigslist premium for the convenience of getting an out-of-stock card in stock. Like the dumbasses in the world, it's always interesting seeing the broke asses doing nothing to solve their overall problem. Retailers get GPUs on shipments on Mon/Tues most of all w/ sprinkles of dumps throughout the week. They take it off the truck and put it into inventory. Use the [instock] websites and/or camp your sorry ass on their website and get it before others do if you're a broke fag who can't afford a $100/$200 premium for getting it from someone who did.

Spotted the neck beard nerd virgin who has zits all over his face

Someone clip this and pin it on Sup Forums homepage so this threads can piss off

Another dumbass...
> wired.com/2013/11/silk-road/
> forbes.com/sites/kashmirhill/2014/11/07/how-did-law-enforcement-break-tor/

Phase until most coins move to PoS or any variant of it.

Tor isn't the only darknet.

How many aircraft carriers does Satoshi have?

Found the moron who doesn't know how encryption works, nor even knows what it is from the looks of it.

>You'd think not knowing shit would humble a person

The lack of self-awareness is at an ATH.

Even now, miners tend to crop up in places where they can get cheap subsidized electricity or steal it. If gov'ts get rid of subsidies or ban mining, they're gonna fuck the large scale operations

There's always a rebuttal.
This isn't the only example of them cracking an encrypted distributed network nigger. If you want to play pretend like you're invisible, more resourceful, and can pay an entire research department at a top ranking university go ahead... When they drill a hole in your ass, you'll come to understand the lengths they'll go and the capabilities they have.
Absolutely done trying to educated dumb fucks. Enjoy the coming age nigger.

Can you repeat the question?

what kind of card makes 100 bucks per day?

I wish I could find out where one of these little buttcoin shacks are, I'd break in and snatch about five of those cards and make a dash.

You're right that they can always find you, but the biggest hole is the social / trust one. You can make your communication impregnable and payments untraceable cryptographically, but you can't know for sure you aren't talking to a cop (or that the guy making a drop or trade isn't surveiled, or that they don't already have a warrant to search your mail or whatever else. Your can send cryptocurrency untraceably, but if you suddenly end up with an extra $100k, the IRS will want to know where it came from. Etc. Etc.

I agree that all networks are vulnerable, but they need not be vulnerable via cryptography for that to be true.

t. brainlet

US government is crumbling as we speak. It's basically the best time to have some cryptocurrency.

remember that armada can't function without oil

YOU'RE NOT THE BOSS OF ME NOW

>energy waste
Proof of work is gonna stick around for a long time user. Get used to it.

It was a phase in 2013. It was a phase again in 2015. It is a phase again now.

YOU'RE NOT THE BOSS OF ME NOW

They already do that with people who grow weed. So I don't see why not.

Reddit

you fuckers are literally powering CIA AI

It would be pretty easy. They already check for grow lights and unlike grow lights, mining also leaves a trail on your ISP.

YOU'RE NOT THE BOSS OF ME NOW
AND YOU'RE NOT SOO BIG

>thinking it only happens in USA
lul.

Its going to crash hard. All that hardware is going to go down the drain (aka ebay cheap)