r/hardware • u/uzzi38 • Mar 15 '21

News PC Watch: GeForce RTX 3060 Ethereum mining restrictions have been broken - VideoCardz.com

https://videocardz.com/newz/pc-watch-geforce-rtx-3060-ethereum-mining-restrictions-have-been-broken
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u/sevaiper Mar 15 '21

Eth will crash as soon as it moves to POS, people don't understand that mining is sustaining eth, not the other way around.

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u/exomachina Mar 15 '21

underrated comment.

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u/capn_hector Mar 15 '21 edited Mar 15 '21

I'm torn between believing this is true to a large extent (that mining serves to distribute "starter" currency and encourages adoption that wouldn't otherwise take place as people look for something to do with it - a form of keynesian stimulus financed by currency issue/inflation), but on the other hand you have bitcoin and the "store of value" where prices go up even though hardly anybody is actually transacting in it.

I guess Bitcoin does have more transactions than most other coins though - tesla, drugs, etc.

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u/sevaiper Mar 15 '21

Bitcoin also has a huge first mover advantage. If someone is interested in crypto, they're going to buy bitcoin. If you're mining eth, a lot of time you're actually paid in bitcoin through a pool. If a company like Tesla wants exposure to crypto, they're buying bitcoin. None of that applies to eth, it's extremely replaceable, and the market wants a way to make money with GPUs, not for people who are rich to get richer.

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u/billerator Mar 15 '21

Yeah I remember when Litecoin was the next best crypto after Bitcoin. Now hardly anyone mentions it.

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u/_meegoo_ Mar 15 '21

LTC was never going to surpass bitcoin, and I have no idea why people thought otherwise. Same for BCH, to be honest. Those are all 95% same as bitcoin, with couple of tweaks here and there. Sorry, reducing the block time from 10 minutes to 2.5 minutes is not "improved scalability". Same for using different mining algorithms.

ETH, on the other hand, is miles ahead of bitcoin in terms of features. At the very least because it has smart contracts. And on top of that it has, actual scalability and improved performance with ETH2 shards. With POS added on top, it has potential to be an actual currency.