Mining "Renting" Service Nicehash Hacked; $68M Routed From User Wallets

[natr0n]

Hopefully we can buy graphic cards with normal pricing soon.

 

[trog100]

it dosnt seem to have had the slightest effect on the grand scale of things .. bitcoin is still heading for the moon just as if the nicehash story never happened..

strange..

trog

 

[Franzen4Real]

I admit that I don't have a very good understanding of how BitCoin works in regards to the digital wallets. So my question is, can you not have a digital wallet on something like an external hard drive or USB stick? Or is the only option to have your Bit Coin wallet tied to a service such as NiceHash or the late Mt. Gox? If I were a person with any real significant amount of currency, it would be pretty much impossible for me to trust any online wallet service to keep my funds safe. The one and only way I would ever consider using a crypto-currency is if I can have an encrypted usb stick that can be stored offline until I wanted to spend it. Perhaps that's just not a possibility for multiple reasons I am not thinking of. (such as duplication hacks, etc.)

 

[R-T-B]

Now tell me miners aren't (indirectly) responsible for this?

For a fire?

They aren't.

I admit that I don't have a very good understanding of how BitCoin works in regards to the digital wallets. So my question is, can you not have a digital wallet on something like an external hard drive or USB stick?

You can.

People just are ignorant. And apparently, never learn.

 

[mcraygsx]

Consumed all that energy and to what end. Serves them about right. This is a result of lack of Federal oversight.

 

[Franzen4Real]

You can.

People just are ignorant. And apparently, never learn.

wow... that is the understatement of the week. For a small amount of $$, ok I guess there is probably a convenience factor of being able to make mobile payments or what have you, where an online wallet makes sense... but anything more than that is crazy.

Consumed all that energy and to what end. Serves them about right. This is a result of lack of Federal oversight.

well... to go back another step further, BitCoin's existence is the result of Government oversight/regulation.

 

[the54thvoid]

it dosnt seem to have had the slightest effect on the grand scale of things .. bitcoin is still heading for the moon just as if the nicehash story never happened..

strange..

trog

BTC has nothing to do with mining anymore. It is bubbling nicely, waiting to burst (not crypto - just BTC). The rampant rise of BTC has attracted very wealthy investors, that in turn drives price up. Those investing in (not mining) BTC dont give a shit about cryptocurrency, for them all they see is a sure fire upwards investment. It's quite sad and depressing that something that had hobbyists and tech enthusiasts so 'geeked' out is actually now just another giant wealth bubble owned by the rich. I assume we all read about the Winklevoss brothers? Now BTC billionaires (though they invested early).

Mining, a geek craze creating wealth for the elite (and pocket money for most others). Awesome.

 

[R-T-B]

Consumed all that energy and to what end.

The payment network is the end. It arguably is way too inefficient in bitcoins implementation though.

 

[R0H1T]

For a fire?

They aren't.

You mean global warming, surely the increasing cases of wildfires across the world aren't all a coincidence? So yes they are responsible, even if only indirectly.

 

[infrared]

You mean global warming, surely the increasing cases of wildfires across the world aren't all a coincidence? So yes they are responsible, even if only indirectly.

So you 'feel' like mining is the cause? No evidence, just your gut feeling?

I think you're stretching reality to fit your 'mining is bad' agenda.

 

[R-T-B]

I think you're stretching reality to fit your 'mining is bad' agenda.

Quite. I doubt mining is a drop in the bucket when all of human industry is considered.

 

[R0H1T]

So you 'feel' like mining is the cause? No evidence, just your gut feeling?

I think you're stretching reality to fit your 'mining is bad' agenda.

So mining is not something that's led to (more) global warming? Really, does this point need any sort of special evidence? I'm sure the many miners on this forum will attest to it, or do you deny global warming itself?
Bitcoin Mining Now Consuming More Electricity Than 159 Countries

 

[infrared]

I don't deny 'climate change' (global warming is a stupid term) - nice assumption btw, or did you have that jab set up on a macro?
Changes on a planetary scale happen slowly, not overnight like the mining craze. You're looking at an upward trend that's been going on for a long time before crypto mining, and you're going "well, gpus make heat and use electric, must be that".

edit - I mean, it will make a slight difference in the future, not denying that, but blaming more forest fires on crypto mining specifically is beyond funny to me.

 

[R0H1T]

I don't deny 'climate change' (global warming is a stupid term) - nice assumption btw, or did you have that jab set up on a macro?
Changes on a planetary scale happen slowly, not overnight like the mining craze. You're looking at an upward trend that's been going on for a long time before crypto mining, and you're going "well, gpus make heat and use electric, must be that".

Nice deflection!

No I'm saying the whole mining thing is stupid & fuckin crazy, it's human greed at it's very best. As a proof of concept we already have blockchain, so why do people need to mine $ out of thin air? They could spend the money dedicated to mining (hardware) on something else & so many other/better things. I can understand DC & totally support it, not this abomination!

Yes it is but something like mining is such a massive deviation that the cumulative effects will just add up exponentially. You think mining is just about electricity consumption, what about the extra hardware that was built/ordered just for mining, does that come out of thin air? What about transporting those things, cooling mining equipment et al?

 

[infrared]

Edited - Sorry R0, had a rubbish day and more argumentative than normal. I actually agree with a lot of your points, just not the forest fires.

 

[fullinfusion]

It's the government hacking this, They don't want this BS currency..

Blockchain is the future, but for the individual making money = NO, THE MAN DONT GET TAX OFF IT!

They don't want it period.

I'll keep my tinfoil hat on and run away

 

[Totally]

You mean global warming, surely the increasing cases of wildfires across the world aren't all a coincidence? So yes they are responsible, even if only indirectly.

Ha, large scale wildfires are a man-made issue but not because of 'global warming'. The fires are naturally supposed to happen on their own they don't get too big but they will happen frequently. Of course, no one likes the occasional spontaneous fire, so some thought it would be a great idea to try and control them. So instead of having a small amount of flammable stuff that catches on fire once in a while, due to buildup we now have huge amounts of flammable kindling that go up in flames all at once. As long as the population of people in fire prone areas continue to increase these fires are going to continue due to the lack of natural occurring firebreaks/windbreaks(i.e. densely packed trees) and the broken equilibrium of active fires and unburnt kindling. Blaming climate change is just a convenient scapegoat.

 

[R-T-B]

As a proof of concept we already have blockchain, so why do people need to mine $ out of thin air?

What would you suggest the blockchain uses instead of PoW to secure the network?

Without PoW, we could do away with mining. But no one has really answered this question yet.

Blaming climate change is just a convenient scapegoat.

Climate change does have an impact on the frequency of fires, but that's off topic for here really.

 

[Totally]

What would you suggest the blockchain uses instead of PoW to secure the network?

Climate change does have an impact on the frequency of fires, but that's off topic for here really.

I'm not saying it doesn't but it plays a much smaller role than the attempts at taming wildfires in the first place.

 

[Melvis]

lol thats what you get when you start growing money on tree's

 

[punani]

lol thats what you get when you start growing money on tree's

In all fairness dollars also grow on trees.

 

[R-T-B]

lol thats what you get when you start growing money on tree's

It doesn't "grow on trees." It's a fixed supply, backed by the dollar at this point, via investor money.

 

[FYFI13]

NiceHash gets away with 60m, as a sorry makes “official” statement on REDDIT My granny used to say: “stupid people get beaten even in heaven”.

 

[Aquinus]

What would you suggest the blockchain uses instead of PoW to secure the network?

Without PoW, we could do away with mining. But no one has really answered this question yet.



Climate change does have an impact on the frequency of fires, but that's off topic for here really.

The problem is requiring a limited amount of the currency, hence making the creation of it artificially hard and mining. The US dollar isn't a limited commodity though, the fed constantly creates new notes but, they're also constantly destroying old notes. It's not like bitcoins are constantly being created and destroyed and I think that the limited quantity part is to make up for the lack of there being a good solution to retire bitcoins. The amount of currency in circulation should depend on the number of transactions being made. The amount of money in circulation should scale to use, or some metric with regard to transactions being made.

 

[Melvis]

It doesn't "grow on trees." It's a fixed supply, backed by the dollar at this point, via investor money.

Yes it does, this isnt regulated by any government anywhere in the world, this is literally the same as growing money on trees, and in that case I should have just as much right to buy "dollars" with my monopoly money as people that grow there money from there PC. Mining needs to be regulated or banned in my eyes.

In all fairness dollars also grow on trees.

I have to go work and earn my dollars, not just grow it at home on a PC, massive difference.