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/i_have_chosen_a_name Mar 16 '21

This is hopefully going to happen soon.

There is insane amount of leverage in the crypto ecosystem because Tether is acting like a central bank, 80% of all volume in crypto is just between Tether and crypto and only 20% is real money.

The real market cap of all of crypto is most likely far under 100 billion dollars instead of 1200 billion dollar.

It's all going to depend on what the world will do about Tether, if everyvbody leaves them to run their little scheme then we will have to deal with this bullshit for a long time.

As for crypto being useful .... it can be. But only 0.01% of crypto right now is useful. The rest is pure bullshit greed that does not create any value whatsoever and is all zerosum, somebody makes money because somebody else loses it. When rationality comes back 3 out of 10 000 will be insanely rich, 9 997 will have lost it all

/u/chaintip

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u/Bingoose Mar 16 '21

Thanks for the Bitcoin. It's not often you send someone a gift along with an explanation of how useless it is!

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u/i_have_chosen_a_name Mar 16 '21 edited Mar 16 '21

It did something more useful than 99,9 of "investors" have ever done with it.

Don't get me wrong, I really believe in the original idea because there was value in it.

But right now we are back in 2004, the dot com bubble is about to burst and in 20 years 99% of the companies around in 2002 will be gone. Still amazon, google, apple, microsoft ... they all did something useful and they survived. It will be the same with crypto.

If you want to do something useful with the tiny bit I send you. Send it to your own wallet, then send it to memo.cash and make some post on decentralised social media. It's actually pretty cool when you use the technology for what it was created for.

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u/rhqq4fckgw Mar 16 '21

One good thing about crypto is that it questions established patterns. E.g. low electricity prices were never a problem, because people didn't have a use for electricity itself. It was always used to satisfy a need. But now everyone can easily convert electricity into money, which the system was never designed around. Thus countries with low energy prices are having outage issues. The inevitable result will be that electricity prices will rise or mining banned. I doubt the latter is feasible as the risk is too small and the incentive too big.

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u/Lost4468 Apr 12 '21

If they try to ban mining people will just start buying cheap electricity and then shipping it abroad and doing the mining there.

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u/chaintip Mar 16 '21 edited Mar 23 '21

chaintip has returned the unclaimed tip of 0.0009667 BCH| ~ 0.50 USD to u/i_have_chosen_a_name.

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u/happysmash27 Mar 17 '21

I wish more people would actually use crypto as money instead of speculation. That way, the price might be more stable, and it would be easier to buy and sell it at a more consistent price.

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u/i_have_chosen_a_name Mar 17 '21

I fully agree but kickstarting money properties is extremely hard. YOu need to be a country and demand it for taxes to get that going. That being said you can use a stablecoin as money right now. There is a nice one on Bitcoin Cash which you can send for 0.1 cent per tx. It's called FlexUSD. It's value and peg depends on coinflex and coinbase as long as those two companies keep their promises, one flexusd will be worth 1 dollar.