The State of Cryptocurrency

[trog100]

profits from large scale mining are very energy cost dependent.. they seek out places with very low energy costs.. the place quoted is such a place.. a rural boating fishing area probably with its own local power station supplying for whatever reason extra cheap power..

the miners move in because of the extra cheap power.. the local (extra cheap) power supply is probably very limited.. the only and obvious answer is to increase the energy price to more normal levels..

having said that.. mining profits are near none existent at the moment.. this will in fact increase the need for the large scale miners to seek out the extra cheap power.. china with its cheap state subsidized power was an ideal place for them to operate but the government for political reasons has driven them out..

the general state of crypto at the moment is at a critical point.. the recent price crash may change the entire scene..

my own mining energy costs at the moment could be considered zero.. simply because its being used to help heat my house..

trog

 

[yotano211]

profits from large scale mining are very energy cost dependent.. they seek out places with very low energy costs.. the place quoted is such a place.. a rural boating fishing area probably with its own local power station supplying for whatever reason extra cheap power..

the miners move in because of the extra cheap power.. the local (extra cheap) power supply is probably very limited.. the only and obvious answer is to increase the energy price to more normal levels..

having said that.. mining profits are near none existent at the moment.. this will in fact increase the need for the large scale miners to seek out the extra cheap power.. china with its cheap state subsidized power was an ideal place for them to operate but the government for political reasons has driven them out..

the general state of crypto at the moment is at a critical point.. the recent price crash may change the entire scene..

my own mining energy costs at the moment could be considered zero.. simply because its being used to help heat my house..

trog

You can have all of my apartments heat right now. I havent lived at my apartment since last winter.

 

[aldo5]

and I was questioning my self these last 6 weeks "was it smart to sell used my gtx 1080 for 700$, could I have gotten more?" and I really needed that gpu because I used that both for gaming and mining... well now I see farmers start to sell used gtx 1080 ti for 700$ and vega 64 for 600$ (in local craigslist equivalent) and advertisments are still active (before 3 weeks these advertisments would be gone in minutes)... that is a good sign . I thought you miners will hold of little longer before panic sales... but I guess currency you mined and held (trading experts) will not be worth your electricity bill soon and gpus you bought up for 1000$ (used or new) will be less than 1/2 worth... and if nvida will move on to next gen (more powerfull and efficient for mining)... oh boy I cant w8 to get that gtx 1080 back for 250$? too soon to ask for that?

 

[silkstone]

and I was questioning my self these last 6 weeks "was it smart to sell used my gtx 1080 for 700$, could I have gotten more?" and I really needed that gpu because I used that both for gaming and mining... well now I see farmers start to sell used gtx 1080 ti for 700$ and vega 64 for 600$ (in local craigslist equivalent) and advertisments are still active (before 3 weeks these advertisments would be gone in minutes)... that is a good sign . I thought you miners will hold of little longer before panic sales... but I guess currency you mined and held (trading experts) will not be worth your electricity bill soon and gpus you bought up for 1000$ (used or new) will be less than 1/2 worth... and if nvida will move on to next gen (more powerfull and efficient for mining)... oh boy I cant w8 to get that gtx 1080 back for 250$? too soon to ask for that?

Yes, mining profits are right down. I'm getting maybe $300 a month for $100 in electricity right now. Back when it was booming, it was closer to $1k per month.

I'm going to keep mining while it's more economical to mine rather than buy. That way I can get free electricity and still hold some coins. Who's to say that there won't be another frenzy later this year?

 

[aldo5]

it was closer to $1k per month

what kind of rig you have? and when (if) you will dump it to the market? because you know - right now you still can sell used gpus for almost full price in ebay - but it can be too late if all will try to dump them.

Who's to say that there won't be another frenzy later this year

true, but it can go another -50% frenzy too - but that is all speculative toughts, and if one had info and talent to determien that (where price would be after time) - he would be not a millionare, but a billionare without single mining rig. so if one has that info and talent - he should feel free to go long or short anytime and to use levarage too - to get those billionzz real fazt
I know many traders did hold their mined currencies when ETH was around 900$ saying "it will go back to1400$+ and more sooner or later, I just will w8 and cash in then" - I guess there will be no Wallstreet traders from them anytime soon

 

[FordGT90Concept]

Who's to say that there won't be another frenzy later this year?

Driven by what? Bitcoin isn't new and trendy any more. The USD its tied to is shaky because the heydays of 2017 are over.

 

[hat]

My two 1070s and i5 2400 aren't even making $3/day at this point. It's all relative to the price of btc though, if btc goes up again I'll have quite a bit more...

On the upside, it's all play money for me now. I found a way to make things a little cheaper and simpler for myself, so I won't have to sell my btc out of necessity anymore.

I might upgrade my computer with a nice 8600k or equivalent when the time comes once I've built up enough... This locked i5 system is starting to get a little old, and so is my plex server that the i5 will likely go to.

 

[the54thvoid]

Unless another cryptocurrency comers along to rule them all, I can see the growth of ASIC mining diminishing the role of GPU's. It would be good for (us gamers) if the crypto industry embraced the ASIC's and allowed GPU's to be used for their intended purpose. We know they're being mass produced so here's hoping...

 

[moproblems99]

Bitcoin isn't new and trendy any more.

Pretty sure Bitcoin was new around circa 2009. That said, it definitely doesn't appear trendy right now.

 

[silkstone]

what kind of rig you have? and when (if) you will dump it to the market? because you know - right now you still can sell used gpus for almost full price in ebay - but it can be too late if all will try to dump them.

true, but it can go another -50% frenzy too - but that is all speculative toughts, and if one had info and talent to determien that (where price would be after time) - he would be not a millionare, but a billionare without single mining rig. so if one has that info and talent - he should feel free to go long or short anytime and to use levarage too - to get those billionzz real fazt
I know many traders did hold their mined currencies when ETH was around 900$ saying "it will go back to1400$+ and more sooner or later, I just will w8 and cash in then" - I guess there will be no Wallstreet traders from them anytime soon

you are right, it could just as easily fall another 50%. My plan was always to sell 50% of the coins that I mine and keep the rest until 2020 and I've pretty much done that up to now.
I have 1x 1080Ti, 3x 1060 and 1x 1080, so not a big operation by any means. I've sold about $1800 worth of coins since Oct/Nov last year and still hold around $1000 which means I've paid my cards off already, if not all of the electricity. But hey, I got the cards for free (especially considering i had the 1080 for gaming anyway)
The 1080Ti cost $800
2 x 1060 3gb cost $500 for both
1 x 1060 6Gb cost $300

Making a total of around $1600, not counting the cost of the 1080.

I wouldn't bother selling the cards, even if the prices continue to fall and it becomes impossible to mine. I don't really want to sell ex-mining cards and I have 3 PCs they can be used in and I could build another that would be used leaving just 1 spare card. I might consider exchanging this up for a 1080Ti to do SLI. I actually wanted to do this before, but I couldn't find a WC one at a reasonable price. They get too hot to run in SLI with aircooling solutions or I would have done this before.

At the end of the day, if it all goes to hell, I still have my free cards

 

[R-T-B]

At the end of the day, if it all goes to hell, I still have my free cards

I hate to be greedy, but my cards will probably go that route as well rather than the firesale I planned. They'll still go to a gamer at this years end, the gamer in question will just be in the family (my younger brother, in this case).

 

[dorsetknob]

USA BANS FIRST CRYPTO CURRENCY
The US has formally banned the trade of Venezuela's new state-backed cryptocurrency.
The announcement came after an executive order by the Trump administration that lists the cryptocoins among the items prohibited by a new set of sanctions on the South American country.

"All transactions related to, provision of financing for, and other dealings in, by a United States person or within the United States, any digital currency, digital coin, or digital token, that was issued by, for, or on behalf of the Government of Venezuela on or after January 9, 2018, are prohibited as of the effective date of this order," the executive order reads.

>>>>>............................................................................................................................................<<<
The Start of a Slippy Slope ... or .....
Full story here >http://www.theregister.co.uk/2018/03/19/trump_86s_venezuelan_petro_cryptocoins_in_the_us/

 

[R-T-B]

heh, that's just Trumps anti-venezuela fetish getting the best of him again. I wouldn't call it a slippery slope to anything but more venezuela related bans.

Still, the irony does not escape me that the first crypto outlawed by the USA isn't even mined...

 

[trog100]

the US hasnt banned any crypto.. simply banned american citizens from buying or selling a particular version of it..

pure politics and an attack on venezuela with the intention of doing it damage..

such actions are the very thing that crypto is about.. avoiding things like trade sanctions.. the fact that the US is behind such things dosnt make them right..

trog

 

[xkm1948]

Since all blockchain algorithm use some sort of proof based calculations. Some researchers have been thinking of utilizing the enthusiasm for scientific computing. Algorithm can be developed so all end miner can help aligning massive amount of DNA sequence data for all kinds of genetic disorder. This way miner get a coin and the scientific community gets problem solved.

This will be different from the protein folding, as this is basically exploring all possible genetic mutation. Who knows, maybe we can launch a Genetic-coin? Would people mine that though?

 

[R-T-B]

Since all blockchain algorithm use some sort of proof based calculations. Some researchers have been thinking of utilizing the enthusiasm for scientific computing. Algorithm can be developed so all end miner can help aligning massive amount of DNA sequence data for all kinds of genetic disorder. This way miner get a coin and the scientific community gets problem solved.

This will be different from the protein folding, as this is basically exploring all possible genetic mutation. Who knows, maybe we can launch a Genetic-coin? Would people mine that though?

I would.

 

[TheoneandonlyMrK]

Since all blockchain algorithm use some sort of proof based calculations. Some researchers have been thinking of utilizing the enthusiasm for scientific computing. Algorithm can be developed so all end miner can help aligning massive amount of DNA sequence data for all kinds of genetic disorder. This way miner get a coin and the scientific community gets problem solved.

This will be different from the protein folding, as this is basically exploring all possible genetic mutation. Who knows, maybe we can launch a Genetic-coin? Would people mine that though?

I would.

Me too but that would not work out any better for gamers and then where would their hate get directed, there's also foldingcoin out afaik

 

[moproblems99]

Me too but that would not work out any better for gamers and then where would their hate get directed, there's also foldingcoin out afaik

Plus CureCoin

 

[Xzibit]

WTF!!!

Fortune - Bitcoin's Blockchain Contains "Hundreds of Links" to Child Pornography

“As a result, it could become illegal (or even already is today) to possess the blockchain, which is required to participate in Bitcoin.”

 

[R-T-B]

WTF!!!

Fortune - Bitcoin's Blockchain Contains "Hundreds of Links" to Child Pornography

That's been known for a while now. Sadly, nature of blockchain and most likely done by outside sabautuers to try and shut down bitcoin.

The only thing saving it is that these are mere links, not content (many of them onion domains and/or shortened via web shorteners) and they are not easily accessible. They are effectively like a transaction "comment" with tweet char limitations.

At least in the USA, you could probably argue freedom of speech on this one. And in the 1st world, no one is going to prosecute over this.

All in all, big hoot about nothing.

 

[neatfeatguy]

WTF!!!

Fortune - Bitcoin's Blockchain Contains "Hundreds of Links" to Child Pornography

That's been known for a while now. Sadly, nature of blockchain and most likely done by outside sabautuers to try and shut down bitcoin.

The only thing saving it is that these are mere links, not content (many of them onion domains and/or shortened via web shorteners) and they are not easily accessible. They are effectively like a transaction "comment" with tweet char limitations.

At least in the USA, you could probably argue freedom of speech on this one. And in the 1st world, no one is going to prosecute over this.

All in all, big hoot about nothing.

Bitcoin gains a little traction and finally breaks $9k after a week down to almost $8K and has been holding close to it for a bit now....then something like this comes out? Someone trying to push anything they can to keep it down....conspiracy theory? Or maybe it's just a coincidence? Or maybe I'm just making things up to entertain my mind.....the world may never know.

 

[Xzibit]

That's been known for a while now. Sadly, nature of blockchain and most likely done by outside sabautuers to try and shut down bitcoin.

The only thing saving it is that these are mere links, not content (many of them onion domains and/or shortened via web shorteners) and they are not easily accessible. They are effectively like a transaction "comment" with tweet char limitations.

At least in the USA, you could probably argue freedom of speech on this one. And in the 1st world, no one is going to prosecute over this.

All in all, big hoot about nothing.

Images not links

The remaining instance is an image depicting mild nudity of a young woman. In an online forum this image is claimed to show child pornography, albeit this claim cannot be verified (due to ethical concerns we refrain from providing a citation). Notably, two of the explicit images were only detected by our suspicioustransaction detector, i.e., they were not inserted via known services.

The links are refered to as

Two of them are backups of link lists to child pornography, containing 274 links to websites, 142 of which refer to Tor hidden services

Bitcoin gains a little traction and finally breaks $9k after a week down to almost $8K and has been holding close to it for a bit now....then something like this comes out? Someone trying to push anything they can to keep it down....conspiracy theory? Or maybe it's just a coincidence? Or maybe I'm just making things up to entertain my mind.....the world may never know.

It was found in a study by RWTH Aachen University, Germany

 

[R-T-B]

Images not links



The links are refered to as







It was found in a study by RWTH Aachen University, Germany

I'm curious how they fit anything that could fit the definition of a "pornographic image" in the 255 char byte comment field. Something is missing here, or their definition of "pornographic" isn't something most would even consider.

This is effectively hexidecimal grade porn at this point.

It's also interesting to note that they came from no known bitcoin service... certainly speaks to outside sabotage.

 

[Xzibit]

I'm curious how they fit anything that could fit the definition of a "pornographic image" in the 255 char byte comment field. Something is missing here, or their definition of "pornographic" isn't something most would even consider.

This is effectively hexidecimal grade porn at this point.

It's also interesting to note that they came from no known bitcoin service... certainly speaks to outside sabotage.

Isn't there a way to jettison this info from the chain.

Essentially you have people verifying and distributing illegal information. Not just Childporn but other types the study points out in certain countries.

 

[R-T-B]

Isn't there a way to jettison this info from the chain.

Not without breaking the fundamentals of blockchain, I think.

It might be possible to just jetison the comment section but I am unsure and it certainly would require client consensus.

Honestly the comment field is a long dead tool anyways. Anyone with a enough power to find a block doesn't need his "tweet," he already made a shitton of money.

EDIT: Slightly related "porn" from reddit:

https://www.reddit.com/r/PrequelMemes/comments/85vn10