The State of Cryptocurrency

[FordGT90Concept]

keep seeing some new coins called "Grin" even with Sapphire making a 16GB VRAM RX570 for it? Any idea about this thing? I hope mining aint trying to have another go again.

https://www.techpowerup.com/forums/...raphics-card-with-16gb-memory-but-why.251575/

Apparently it has forks that are ASIC resistant. I really, really, really hope it doesn't gain traction because it literally exists for only one reason: to keep GPUs mining forever.

 

[xkm1948]

https://www.techpowerup.com/forums/...raphics-card-with-16gb-memory-but-why.251575/

Apparently it has forks that are ASIC resistant. I really, really, really hope it doesn't gain traction because it literally exists for only one reason: to keep GPUs mining forever.

Well if there is one group of people I truly hate that is crypto-miners and developers. F*ucking aholes doing nothing but finding new creative ways to waste energy as well as raw material (silicon and rare earth material used to build useless silicons mining unicore farts)

 

[moproblems99]

as well as raw material

Luckily, crypto coins are made of magic - no raw materials needed.

EDIT:

Don't worry, I also heard there was an incoming RTX coin in order to get the community to generate all the jiggarays needed for proper real time ray tracing.

 

[xkm1948]

Luckily, crypto coins are made of magic - no raw materials needed.

ASIC mining chips are also made of magic? GPUs are made of magic? What are you smoking right now?

 

[FordGT90Concept]

ASIC mining chips are also made of magic? GPUs are made of magic? What are you smoking right now?

Pretty sure he was being sarcastic.

Don't worry, I also heard there was an incoming RTX coin in order to get the community to generate all the jiggarays needed for proper real time ray tracing.

Fantastic. Here's hoping there's no buyers for it.

 

[dorsetknob]

70c a day on blahhh.................

 

[hat]

Don't really think that one will take off. If it can only be supported by RTX cards, that means there's very few pieces of hardware that it can run on compared to other coins. It doesn't have a very sturdy foundation.

 

[moproblems99]

Schwoosh....

 

[Easy Rhino]

Trading electricity for virtual currency. Sounds like Enron.

 

[Mescalamba]

How is that saying.. "Idiots are always best informed and most confident ppl."

Dunning-Kruger in practice..

 

[damian246]

Have you guys heard about Quadriga?

The CEO dies and took the password with him.
Consequences are: https://www.coindesk.com/quadriga-creditor-protection-filing

 

[P4-630]

Have you guys heard about Quadriga?

The CEO dies and took the password with him.
Consequences are: https://www.coindesk.com/quadriga-creditor-protection-filing

https://www.techpowerup.com/forums/...-million-cold-wallet-key-to-his-grave.252188/

 

[notb]

Have you guys heard about Quadriga?

The CEO dies and took the password with him.
Consequences are: https://www.coindesk.com/quadriga-creditor-protection-filing

Hilarious.
Until now I wasn't really interested in how crypto stocks work.

I wonder how many Quadriga clients would open an account in a brokerage firm or a bank where the owner could access their assets and "take them home" for safekeeping.
Imagine the headlines: bank owner dies and doesn't share a map to his treasure cave - clients lose lifetime savings.

 

[damian246]

Hilarious.
Until now I wasn't really interested in how crypto stocks work.

I wonder how many Quadriga clients would open an account in a brokerage firm or a bank where the owner could access their assets and "take them home" for safekeeping.
Imagine the headlines: bank owner dies and doesn't share a map to his treasure cave - clients lose lifetime savings.

Chances are different in each firm IMHO. Swissquote lets you keep Cryptos in Coldstorage.
New firms with little or insufficient Info are to be avoided.

 

[Deleted member 158293]

Twitter CEO Jack Dorsey just jumped right in with a public Bitcoin Lightning transaction doing the developer rounds on twitter:

https://t.co/YVMAv62fCN

Needless to say.... this is a MASSIVE surprise to everyone involved!

 

[R-T-B]

Trading electricity for virtual currency. Sounds like Enron.

How is that saying.. "Idiots are always best informed and most confident ppl."

Dunning-Kruger in practice..

You know these general purpose "Waaah crypto bad, you stupid!" posts don't really add anything constructive to the thread, right?

If you're going to hate, at least bring something new to the thread or go home.

I wonder how many Quadriga clients would open an account in a brokerage firm or a bank where the owner could access their assets and "take them home" for safekeeping.

You do understand when you give a bank a savings account, they are essentially entitled to use that money, right? For investing and such? That's where the "interest" comes from?

Yes it's insured but the concept is the same, at least if my elementary school teacher was teaching us right (I have a feeling he was pretty on target if simplifying things).

New firms with little or insufficient Info are to be avoided.

This has been the story since day 1. Crypto isn't different from any other financial instrument in that if you go into it blind, you will get robbed.

 

[notb]

You do understand when you give a bank a savings account, they are essentially entitled to use that money, right? For investing and such? That's where the "interest" comes from?
Yes it's insured but the concept is the same, at least if my elementary school teacher was teaching us right (I have a feeling he was pretty on target if simplifying things).

No, it's not and they aren't using our money.
When you put your money into a bank account, what you own is that number you see on a website. And no matter what the bank does, this value stays the same. And the bank isn't allowed to access it or move it somewhere else when you don't look, which is exactly what happens on crypto exchanges.

So who's money are the banks using? Well, their money.
You have to remember that money is not physical and banks aren't agencies that just help moving it around. Banks create money (and so it's called "money creation").
Long story short: banks can give loans up to a particular sum related to how much "cash" they have. And they do. It doesn't matter if they have deposits or not.
Which means they can give more loans than they have deposits.

And you shouldn't care about insurance. Insurance is for the banks' money, so that they get a compensation when, for example, they lose cash (they insure safes, trucks etc).

If you're a client of a bank, your money is not insured (even if it is called "deposit insurance"). It is guaranteed by the state. So when a bank has solvency problems, because they lost everything they had in bad investments or something like that and they can't give you your money, you're still guaranteed to get it back up to some limit ($250k in USA). This money is paid by the state, not the bank.

 

[R-T-B]

No, it's not and they aren't using our money.
When you put your money into a bank account, what you own is that number you see on a website. And no matter what the bank does, this value stays the same. And the bank isn't allowed to access it or move it somewhere else when you don't look, which is exactly what happens on crypto exchanges.

So who's money are the banks using? Well, their money.
You have to remember that money is not physical and banks aren't agencies that just help moving it around. Banks create money (and so it's called "money creation").
Long story short: banks can give loans up to a particular sum related to how much "cash" they have. And they do. It doesn't matter if they have deposits or not.
Which means they can give more loans than they have deposits.

And you shouldn't care about insurance. Insurance is for the banks' money, so that they get a compensation when, for example, they lose cash (they insure safes, trucks etc).

If you're a client of a bank, your money is not insured (even if it is called "deposit insurance"). It is guaranteed by the state. So when a bank has solvency problems, because they lost everything they had in bad investments or something like that and they can't give you your money, you're still guaranteed to get it back up to some limit ($250k in USA). This money is paid by the state, not the bank.

I feel like you can excuse my 5th grade general class teacher for using a simpler analogy when asked though. But I appreciate the explanation.

 

[trog100]

if a bank is insolvent it can in essence take the depositors money to bail itself out.. when you put money in a bank you are simply lending them it to gamble with.. if they lose it you lose it..

as for the state paying you that may not work that well if the state is basically insolvent as well.. they can of course print up some but it wont be worth that much.. counterfeit money never is.. not when its discovered thats exactly what it is..

trog

 

[R-T-B]

counterfeit money never is..

I think you are misusing this term. Counterfeit money can be worth something if it's good and you have no morals. Rampant inflation currency created via printing press run amok (ala Zimbabwe) is NOT counterfeit, but if you need to buy dinner, you might be better off with some counterfeit bills that ARE worth passing off, heh.

 

[moproblems99]

(ala Zimbabwe)

I have a few trillion Zimbabwean dollars if you are interested. I know where a trillion of it is but I misplaced the other trillion. Not to sure where that I ended up....might have used it on a pizza.

 

[notb]

if a bank is insolvent it can in essence take the depositors money to bail itself out.. when you put money in a bank you are simply lending them it to gamble with.. if they lose it you lose it..

Incorrect.
Don't you get this? Deposit is just a value in a database. There is no money that the bank can take from you.
In fact by definition insolvency means the bank can't give you money that you wish to withdraw. They have none. So what exactly are they going to take?

as for the state paying you that may not work that well if the state is basically insolvent as well.. they can of course print up some but it wont be worth that much.. counterfeit money never is.. not when its discovered thats exactly what it is..

If your state is insolvent, you most likely have bigger problems than how quickly you'll get your money back. For example: there's no police, no army, no health and safety, no courts and in most cases no energy or clean water.

I feel like you can excuse my 5th grade general class teacher for using a simpler analogy when asked though.

I believe I can. But it's a very important concept in general, so it's worth knowing IMO.
And yeah... I think my "what is money" lesson at school wasn't that great either. In Poland you have 1 year of something called "introduction to entrepreneurship" or "introduction to business" in high school, but it's very basic and focused on practical aspects. I've always found this weird considering my 12 years of compulsory education included things as important as knitting, making salads, drilling, cycling, 10 longest rivers on every continent and using WordArt.

 

[Jetster]

A bank takes money, yours. Then they give loans for interest. The laws allows a percentage of leverage meaning they have more loans than cash. Then they insure this amount
And investment is buying something that has a track record of at least 10 years growth, 20 would be better. Mutual funds typically
Buying a single stock, any stock is a gamble. Unless it has a slow growth record of at least 10 years which is not many.
You will see very few wealthy people gamble. They like slow, sure growth

 

[hat]

Incorrect.
Don't you get this? Deposit is just a value in a database. There is no money that the bank can take from you.
In fact by definition insolvency means the bank can't give you money that you wish to withdraw. They have none. So what exactly are they going to take?

You appear to be arguing semantics at this point. When you deposit money in a bank, you give them your money. They take your money, and your value increases in their database. The next day, they become insolvent, so they have no money to give you when you want it. That means they took your money and they do not give you your money, which they took from you when you deposited it.

 

[Mescalamba]

You know these general purpose "Waaah crypto bad, you stupid!" posts don't really add anything constructive to the thread, right?

If you're going to hate, at least bring something new to the thread or go home.

Was targeted towards amazing number of really stupid stuff in this thread related to crypto. People here (and not only here) have apparently no clue how crypto works, how currency or stock market works. Amount of ppl here that thinks they know something, while clearly they know nothing is too damn high..

Crypto is fine for me.