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Crypto mining, good, bad, or just another gamble?
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Forum LongTimerGSResource Superstar
Past Site Supporter
Super Site Supporter- Apr 2005
- 15530
- Murray Kentucky
Crypto mining, good, bad, or just another gamble?
Here is Western Kentucky we have cheaper electricity than many other areas which it appears has made this area desirable to set up Crypto Mining operations. There are at least two in the County I know of, nondescript buildings with a lot of power input and large cooling fans. These compounds are surrounded by 8 foot fences with razor wire on top and no signs or addresses visable. I don't understand Crypto but I know where big $$ can be made, big $ can be lost.Tags: None
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Crypto is a scam its elaborate but it may just be the essence of greedy people showing the world what bastards the super rich are.
its used by criminals. It purports to make money from nothing. I can barely recall Das Kapital but even Marx insisted money was at least a symbolic value of work.
If the oracle of Omaha eschews it you'd do well to follow his example.
the waste of resources in crypto mining name open pits and tar ponds look good.1983 GS 550 LD
2009 BMW K1300s
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Crypto isn't any more or less a scam than any other Fiat monetary system. It's biggest drawback is the energy required to provide the "proof of work" required to earn the currency (mining)
Miners are in effect the ones who validate the transactions that happen on the network, this is the "work" they're performing instead of a centralized entity such as a bank. In order to get past the huge amounts of computing power needed to perform the "work" the next generation crypto could be based on a "proof of stake" concept.
Instead of solving a complex mathematical formula in order to validate a transfer "Miners" could put up some of their own crypto currency as a third party in something similar to an escrow account to "back up" the transfer of crypto funds between two separate entities while validating their transaction. Under that scenario about 0.5% of the current amount of energy would be required to "mine" new currency while still keeping the transfer decentralized.
Here's an article that goes into a bit more detail.
Last edited by LAB3; 01-24-2023, 10:06 PM.1980 Yamaha XS1100G (Current bike)
1982 GS450txz (former bike)
LONG list of previous bikes not listed here.
I identify as a man but according to the label on a box of Stauffers Baked Lasagne I'm actually a family of four
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Originally posted by Suzukian View PostCrypto is a Ledger system no different from "Private Money" used in the old days. Crypto ultimately relies on a person(people), the one(s) on top of the Pyramid Scheme.
1980 Yamaha XS1100G (Current bike)
1982 GS450txz (former bike)
LONG list of previous bikes not listed here.
I identify as a man but according to the label on a box of Stauffers Baked Lasagne I'm actually a family of four
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And how has that worked out so far? I understand all about the keys, and the theory, but I've written code for a long time. I can tell you and you probably know that Casinos never lose a dime. They make usually a guaranteed 30% right of the top. A little bit apples to oranges, but Crypto is even easy to bilk people out of their money, nobody's watching, except the guy taking your money. Or did everything that just happened with Crypto didn't?
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Lots of misinformation out there about crypto, and a lot of bad people out there putting good money into bad projects. Well over 10000 different crypto projects and only a handful will ever amount to anything. Sorta like Internet tech companies were in the 90's. The serious projects have a chance of replacing or at least seriously modifying how finance is done. The banking system is ripe for more modern tech. But it's more than that, too. Anybody who wants to get involved with crypto should go very slowly. It's the wild West out there right now, but if you can navigate that, there's opportunity. Lots of opportunity to lose too.Dogma
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O LORD, be gracious to me; heal me, for I have sinned against you! - David
Skeptical scrutiny is the means, in both science and religion, by which deep insights can be winnowed from deep nonsense. - Carl Sagan
--
'80 GS850 GLT
'80 GS1000 GT
'01 ZRX1200R
How to get a "What's New" feed without the Vortex, and without permanently quitting the Vortex
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My son got in early and bought a Bitcoin mining rig, he racked up quite a few coins and sold the rig about eight yrs ago once everyone and their brother got into mining. For a couple of years worth of electricity use he did pretty well with it but as stated above, you gotta be savvy about it!1980 Yamaha XS1100G (Current bike)
1982 GS450txz (former bike)
LONG list of previous bikes not listed here.
I identify as a man but according to the label on a box of Stauffers Baked Lasagne I'm actually a family of four
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Originally posted by LAB3 View PostMy son got in early and bought a Bitcoin mining rig, he racked up quite a few coins and sold the rig about eight yrs ago once everyone and their brother got into mining. For a couple of years worth of electricity use he did pretty well with it but as stated above, you gotta be savvy about it!
Wait a minute, isn't a big part of bitcoin usage to avoid the middle man fees? So, when all bitcoin has been mined, will there be any value to owning bitcoin as the fee structure will surely need to be raised?
It is risky business, for sure. But if you want to play, it seems that buying shortly before halving occurs is the preferred timing. Next one is looking like May of 2024. BUT, with the next halving bringing the fee to 3 coins, will bitcoin see the bump as it has in previous halvings????
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I'm not really "up' on how a transaction is verified under a fee based system or how that would work, it's the open ledger aspect that intrigues me!
Everyone gets uptight over the privacy aspect of that, they don't want their wife, boss etc to know how much they're spending on liquor and hookers. The upside to that is being in a better position of being able to hold corporations, money managers etc accountable for their actions which is something that absolutely needs to be addressed.
As to having, that may have been part of the reason he got out. At that time he figured he was spending about $30 a month on electricity to run the miner and was being offered $400 per coin which put him at about the break even point. He sold the mining rig for more than what he paid for it since there was a several month backlog on getting a new one.Last edited by LAB3; 01-29-2023, 09:59 AM.1980 Yamaha XS1100G (Current bike)
1982 GS450txz (former bike)
LONG list of previous bikes not listed here.
I identify as a man but according to the label on a box of Stauffers Baked Lasagne I'm actually a family of four
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Originally posted by Vmass View Post
will bitcoin see the bump as it has in previous halvings????Dogma
--
O LORD, be gracious to me; heal me, for I have sinned against you! - David
Skeptical scrutiny is the means, in both science and religion, by which deep insights can be winnowed from deep nonsense. - Carl Sagan
--
'80 GS850 GLT
'80 GS1000 GT
'01 ZRX1200R
How to get a "What's New" feed without the Vortex, and without permanently quitting the Vortex
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Anyone see the (6 part?) show The Anarchists? New age hippies want to live 'off the grid' in Mexico, all funded by crypto. Sad, but interesting.1982 GS1100E V&H "SS" exhaust, APE pods, 1150 oil cooler, 140 speedo, 99.3 rear wheel HP, black engine, '83 red
2016 XL883L sigpic Two-tone blue and white. Almost 42 hp! Status: destroyed, now owned by the insurance company. The hole in my memory starts an hour before the accident and ends 24 hours after.
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Forum LongTimerGSResource Superstar
Past Site Supporter- Oct 2006
- 13962
- London, UK to Redondo Beach, California
Too late... the time to mine coin was 10 years+ ago before the big mining operations got involved. Back then you had to be pretty computer savvy to work out how to do it. I used to have an office with a back room with "free" electricity back then... 20/20 hindsight & all that.
It certainly isn't very green hence the new proof of stake... there is also one that uses radio transmissions as "proof of work" which is meant as a low bandwidth network for things like parking meters etc. Lots of ideas out there but nothing particularly safe (look at how the exchanges were being run!)1980 GS1000G - Sold
1978 GS1000E - Finished!
1980 GS550E - Fixed & given to a friend
1983 GS750ES Special - Sold
2009 KLR 650 - Sold - gone to TX!
1982 GS1100G - Rebuilt and finished. - Sold
2009 TE610 - Dual Sporting around dreaming of Dakar..... - FOR SALE!
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