Qubic Cryptocurrency Mining Craze Causes AMD Ryzen 9 7950X Stocks to Evaporate

[silentbogo]

Stumbled upon this QUBIC a few weeks ago, when my buddy mentioned that he started mining it with some ridiculous profits.
Looked it up - and it ended up worse than I thought...
Economics doesn't work at all(with gazillion coins in the works, 8% already minted not even two months in active existence, and already "burning" reserves to bump price if you take their word for it), and that's without even mentioning the whole concept of distributed AI training. It's going to be so inefficient and potentially so expensive that for any potential customer it will definitely be cheaper and faster to rent whatever next DGX Jensen Huang will announce tomorrow.
The only "potential" use case is simply baking a bunch of pretrained models to sell them after the fact, but you need to find buyers before justifying that ridiculous $680M market cap.
The "founder" is also bonkers. Claims he invented or participated in nearly every major crypto project (including him being Satoshi Nakamoto in the flesh).

On the bright side:
1) It's mineable on GPUs too (on windows via WSL) with better "performance" (whatever that means in this context), so the CPU fever will end quite soon with many freshly bought chips going to the used market.
2) QUBIC is already on the downtrend. I doubt in 6mo anyone will even mention it
3) It's market cap is overblown already, mostly by the fact that most of trade volume(initially it was as much as 90%) is happening on SafeTrade - another barely known exchange that basically does only QUBIC trades for the past month and all of that volume is assuringly "backed by SafeCoin" (e.g. someone's old socks, bottlecaps and baseball cards).

 

[Random_User]

These crypto dudes, should be allowed to buy only used/secondhand/refurbished hardware for their hobby/projects. Especially when there are tons of factory refurbished HW, that otherwise would sit on shelves with nobody risk of buying it. That would let people to buy more stuff new, and eventually the second-hand market could be treated with bigger trust, (if there's some). Since the miners won't be able to sell it off after their destructive use. And it wouldn't be that pity, if the refurbished/used stuff got burnt in the process, as none of the new quality HW would be ruined.
Miners/Crypto are like roaches. Nobody like them running in the fresh food, but don't mind if they inhabit where they should be. Crypto should get only stuff that has served the purpose. Nobody would complain this way, and the miners/crypto will get their HW anyway. Why people should buy after them and be grateful for the spoiled stuff, that is not even eligible for RMA, and risk of getting the waste products of the deliberately harmful use.?

 

[Speedyblupi]

Every single semiconductor degrades under heavy use. Read up on electromigration for starters

I didn't say they don't degrade. It's just that modern CPUs don't degrade significantly over their normal lifetime if they are properly cooled and aren't overvolted.
In other words, VRAM degrades much faster than CPUs.

 

[Dr. Dro]

These crypto dudes, should be allowed to buy only used/secondhand/refurbished hardware for their hobby/projects. Especially when there are tons of factory refurbished HW, that otherwise would sit on shelves with nobody risk of buying it. That would let people to buy more stuff new, and eventually the second-hand market could be treated with bigger trust, (if there's some). Since the miners won't be able to sell it off after their destructive use. And it wouldn't be that pity, if the refurbished/used stuff got burnt in the process, as none of the new quality HW would be ruined.
Miners/Crypto are like roaches. Nobody like them running in the fresh food, but don't mind if they inhabit where they should be. Crypto should get only stuff that has served the purpose. Nobody would complain this way, and the miners/crypto will get their HW anyway. Why people should buy after them and be grateful for the spoiled stuff, that is not even eligible for RMA, and risk of getting the waste products of the deliberately harmful use.?

Cryptobros are swimming in laundered money and are backed by legions of broke gamers in third world countries willing to buy their spent junk in droves, it'll never get better while this is the case

I didn't say they don't degrade. It's just that modern CPUs don't degrade significantly over their normal lifetime if they are properly cooled and aren't overvolted.
In other words, VRAM degrades much faster than CPUs.

Yes, point in case, the endless supply of Chinese counterfeit RX 580 GPUs. Just a 50-50 that it makes past 3 months (so, minimum legal warranty in most countries) on an unsuspecting gamer's rig, until they come to this forum asking for a BIOS in hopes of a miraculous fix to a problem they subjected themselves to. Oh bother.

 

[R-T-B]

Cryptobros are swimming in laundered money

You have to be careful with comments like this. "Laundered money" is a harsh accusation, and despite all the trouble crypto causes not all (or even most I'd wager, but who knows?) with stakes in it or believing in it are criminals. Some may even have the mistaken idea they are somehow improving the world.

Case in point: me, circa about 2 years ago. The only money I ever laundered was a $20.00 bill in my pants pocket and personal washing machine.

 

[Dr. Dro]

You have to be careful with comments like this. "Laundered money" is a harsh accusation, and despite all the trouble crypto causes not all (or even most I'd wager, but who knows?) with stakes in it or believing in it are criminals. Some may even have the mistaken idea they are somehow improving the world.

Case in point: me, circa about 2 years ago. The only money I ever laundered was a $20.00 bill in my pants pocket and personal washing machine.

Take it at face value, it's more of my (actual disdain) of cryptocurrency as a whole rather than an actual statement of fact. It started as a libertarian dream which ended up corrupted to the very core by greed.

 

[R-T-B]

Take it at face value, it's more of my (actual disdain) of cryptocurrency as a whole rather than an actual statement of fact. It started as a libertarian dream which ended up corrupted to the very core by greed.

That I can agree with.

 

[kapone32]

That I can agree with.

It has been corrupted but you don't have to be corrupt to benefit from it. I know I had my AM4 system sitting around (Could not sell my X570S Ace Max) and now that CPU mining is a thing it is making money 24/7 so it is good. As someone with a lot of AM4 hardware it is good. I have bought like 4 5900X CPUs in the last 6 months and they all are paying for themselves quite nicely. The recent jump in the price has more than realized my principal for those chips too.

Having said that, I have friend that invested in one of those vehicles and lost every cent he invested.

Whether we like it or not the digital world is real. There is an app called Wealthsimple. That app allows you to buy Stocks without Commission. That means that you can buy and sell to your heart's content with no $8.95 per transaction fee. There is a digital bank that offers you 3% interest on your checking account. That has forced the old banks to up their Game and now they all offer 5% + on your Savings accounts from as low as .25%. Indeed some banks are offering people hundreds to open accounts with them.

 

[R-T-B]

It has been corrupted but you don't have to be corrupt to benefit from it. I know I had my AM4 system sitting around (Could not sell my X570S Ace Max) and now that CPU mining is a thing it is making money 24/7 so it is good.

If you believe burning energy for pointless individualistic gain is good, sure.

There is a digital bank that offers you 3% interest on your checking account. That has forced the old banks to up their Game and now they all offer 5% + on your Savings accounts from as low as .25%. Indeed some banks are offering people hundreds to open accounts with them.

Nah couldn't be that the national interest rate rose by about the same amount recently. /s

 

[Vayra86]

It has been corrupted but you don't have to be corrupt to benefit from it.

Some pretty twisted logic there. Its not any less corrupt if you take part - you've become part of the problem. Simple. And there's nothing wrong with that, do as you do. But don't lie to yourself or the rest of the world. It is what it is.

 

[kapone32]

If you believe burning energy for pointless individualistic gain is good, sure.


Nah couldn't be that the national interest rate rose by about the same amount recently. /s

I have an ultimate plan to have Renewable sources for my mining rigs. The banks in Canada have not given us these kinds of rates since I was a kid. None of my Nieces or Nephews actually have a bank account with any of the traditional banks other than the ones created for them when they were kids.

Some pretty twisted logic there. Its not any less corrupt if you take part - you've become part of the problem. Simple. And there's nothing wrong with that, do as you do. But don't lie to yourself or the rest of the world. It is what it is.

What is exactly wrong with using things that I have bought to do exactly what I want with it? I am just a regular person not a group using a decommissioned mine's power source to mine or trying to buy all the CPUs I can find. This is not new for me. A few months ago I posted a thread talking about CPU mining with AMD 5950/5900x CPUs. Some people even told me that my numbers were off.

 

[R-T-B]

What is exactly wrong with using things that I have bought to do exactly what I want with it?

It's the sum result of the movement that is the issue. I'd sooner not support it at all, but legally you are in the right, of course. And honestly I'd not change that. I may not like what you are doing but I don't really want to start regulating what people can run on their home hardware either.