The cryptocurrency mining is the very definition of a ponzi scheme,

B
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Try harder

>>61297822

You can't just argue against any point you disagree with by saying BAIT.

Well, I mean, you can...but it's not very convincing.

It's a scam, every scam isn't a ponzi scheme you fucking retard. Maybe go learn what specifically a ponzi scheme is before you start throwing that shit around

Jesus you sound like a fucking libtard calling everyone a nazi

Cryptocurrency is the work of the devil
only criminals use it

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>>61297806
At least once it all comes TUMBLING DOWN you'll be able to load up a quad SLI for next to nothing

1. Modern currency isn't backed by anything anymore either.
2. Organized crime/corrupt politicians/corrupt officials will keep crpytocurrency afloat because of how useful it is to them.

>>61297858
Its just like stocks, they rise and fall. Also just like stocks there are winners and losers. Nothing new here

reminder no one buys anything with bitcoin

anything that converts the cost from US dollars doesnt count, you may as well be cashing out and then paying in US dollars as they probably sell the bitcoin back into US dollars regularly

there are no actual shops where you buy things for X amount of bitcoin that aren't just drugs and illegal shit, and even those got shut down lately from the sounds of it.

bitcoin is a dead currency, yet for some reason it's higher than its ever been. nearly useless except to cash out. but people haven't figured that out. It's due for a gigantic drop.

Suppose all of a sudden bitcoin couldn't be converted to another currency like USD anymore. What would you do with it? It's useless. It's not actual money and I don't mean that in the sense that it's not real, I mean it's not actually useable. It's monopoly board game money that people are spending real money on.

Meme investment.

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>So what useful thing does your favorite coin do that Bitcoin doesn't?

>other then pump and dump scamming for you or its founders

>>61297974
https://99bitcoins.com/who-accepts-bitcoins-payment-companies-stores-take-bitcoins/?gclid=EAIaIQobChMIqpW4kND91AIVAwRpCh3GtgzLEAAYAiAAEgLIQvD_BwE


Thats right, even 4chan uses it

>>61297938
False. Denbt-based currency is backed by the issuer's ability to service the denbts it issues. Usually this means forced labor by or expropriation of the property of its subjects.
>mfw the US central bank is a privately-owned entity

>>61297942
Stocks give you part ownership of a actual company and dividends.

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>You listened to /g/ and missed out on being a buttcoin billionare
>Now you waste all your time and money on pump n dump shitcoins

>>61298036
>Stocks give you part ownership of a actual company and dividends.
>dividends
Huff some more solder fumes, Avi.

>>61298011
They take payment in bitcoins. Not the same thing, read the second line I wrote.

4chan is slightly better since you get a discount for paying in bitcoin. Paying in bitcoin usually just means converting the price based on the current market. It's like using your credit card overseas. People only hold them longterm as an investment, not to use as actual money.

Nobody is actually doing transactions in bitcoins. There's no bitcoin markets where farmers are selling produce for bitcoins. Silk Road was one of the only places that ever did. Drug coin. A few companies allow you to pay with it but that's like using your credit card in China that auto converts, and then claiming you can buy things there in US dollars.

>>61297806
>ponzi scheme
>creators generally gain nothing of value
KEK

>2013
>people were saying BTC is a ponzi scheme

I can understand and agree with pump and dump, sure-alot of it if not most is speculation
but most aren't ponzi schemes; at least in respect to miners

>>61297806
On the positive side, this forces video card manufacturers etc to think more in terms of performance per watt.

You're on a forum that is specifically for technology, and being able to see what blockchain technology could bring to the forefront makes you the biggest idiot on here...even worse than what I've seen on /b/.

There is nothing wrong with speculation, and I will agree that there are shitcoins, but there are also legitimate companies and developers that are thinking of new and innovative ways to implement this technology.

To completely dismiss it as some Ponzi scheme, makes you a complete dumbass and why you will always be poor...always.

Im curious what people were saying about the internet back in the mid-90s during the tech boom. I'm thinking there were shitty baby boomers who sounded just like you when they spoke of the internet.

>>61299652
You realize the internet boom crashed in the late 90's right?

>>61299705
yes, the boom crashed, yet here you are using certain technologies innovated from the tech boom. not onky that, but it most likely changed the way you deal with information.

you COMPLETELY missed the point of the post.

>>61297806
Cryptocurrency has no inherent value, and (like most modern day currencies) is not tied to anything physical.
The value of cryptocurrency lies in its nature of being 100% user driven. It's value (just like a stock) is being judged by every single person trading, since they determine their buying/selling price.
It's value is not tied to any government policies and will shrug off MOST real world phenomenon. Government currencies don't often do the same.
Mining certain coins would surely be a waste of money now, but the mined coins still maintain value.

thx OP, I'm still accumulating too

I made money off of selling my gpu a month in before the prices of legit gpus inflated like crazy so I think i made off pretty good
went from a 480 to a 1080

>>61299997
I walked out with 15k last week after cashing in my crypto. The teller whispered "one fifty tens" and another guy went into another room to get it. The stack of 100s was about 1.5" thick.

I mesn I have like 100k to my name but this is the first time I've held this much real money. It felt surreal. I made this much with only 4x 280x back in 2013 as well. The boom exploded during the fall so I was within the holiday return policy and I ended up returning the cards.

I have 20x 580 running now. Will be holding for a few years.

anyway, it's better than having your money in a jew basement.

how the fuck can you speculate on a bitcoin when there are a defined number of maximum bitcoins allowed on the network.

In 2018 there will be a major economy crash, and jews will blame it on trump

>>61297806
>very definition of a ponzi scheme
You dont understand what a ponzi scheme is, do you?
Stupid fucking kid get off the internet

>>61301551
no real surprise they said they would do this at a "undisclosed wall street convention"

Gobalists are fucked off with trump, no surpise they would crash the china bank.

Bte the china bank gets all its money from bit coin and other currency.
Its going to be the "great depression 2.0"

>>61297806
https://youtu.be/bBC-nXj3Ng4
They earn money by keeping the network running.

>The cryptocurrency mining is the very definition of a ponzi scheme

I literally stopped reading right there. You can call it dumb, wasteful and such, but it is in no way a fucking Ponzi scheme you dumb memer. Do you even know what a Ponzi scheme is? Or do you just call anything that has lose you money a 'Ponzi scheme'?

>>61297806
Mining is as much a Ponzi scheme as your government.

>tfw sold ETH almost 1 year ago for £1,400
>tfw that ETH today is worth £32,000
>tfw also now super broke

Hold me.

>>61297974
>Suppose all of a sudden bitcoin couldn't be converted to another currency like USD anymore. What would you do with it? It's useless. It's not actual money and I don't mean that in the sense that it's not real, I mean it's not actually useable. It's monopoly board game money that people are spending real money on.
This.
I prefer to think of cryptocurrencies as digital IOUs.
Say you have no money on you and you ask a friend to buy lunch for you, saying you'll pay him back. He might accept if he knows you will honor it. Now imagine that formalized into a trade-able commodity. He could trade around that $15 worth of IOU for $15 worth of product from other places.
That's bitcoin. And it works so long as there are places willing to take that IOU, but if they pull out and especially if no one is willing to trade real money for it, the IOU becomes worthless and the person holding it becomes the loser.
So in a way it's also like hot potato. The people who lose are the ones holding the cryptocurrency in the end, and the best we can hope for is that it is all corporations (which would be hilarious, every private individual should sell out of bitcoin just to see that happen).

The main problem with bitcoin is that it's super deflationary, and you can't run an economy on such a currency(promotes hording, and money needs to circulate). You simply can't scale all the transactions in the world on 20 millions currency units.
Maybe some sort of distributed ML AI to agree to mine some more once there is a desperate need for more cash on the market, and let some of it naturally fade away or absorb them back in once there is too much?

>but it's divisible to the 8th digit!
That's like saying there's no problem if you someone has 98% of all dollars in circulation, since you can use pennies.

>>61301708
Cannot brah, I'm holding all these bags

>>61297917

> Buying cards that were used for mining

Have fun seeing them burn out right after you buy them because they've been sitting at 100% utilization for the past eight months

>>61301853
Its mostly the fans If you can buy a aftermarket cooler you shouln't have a problem on that front.

The hard part is buying the hardware for the mining rig.
In my country (as i live outside of the US) is very high for eletricity, so i need a powerful car that uses alot less watts otherwise there is no savings.

The ehole point is to make coin and other only way to do that is have hardware powerfull enough that you can pay your bills whilst eraning Coin.

If I was earning in USD I earn at my shitty part time job 45USD a week.
My power bill is about 60USD a month.
So earning in USD for currency in my country would greatly benefit me and not a american for the same hardware unless he can buy better shit than me.

So this is why i haven't done mining because its greedy IMO

>>61302280
>Car
*Card.

>>61301853
>100% utilization
Better profit with lower utilization for alot of people, not that it matters.
The hashrate doesn't change on my nvidias by undervolting

>>61301587
Europe is begging for another depression not to fall, but to get up in feet again stronger.

I really hope people will wake the fuck up

>>61297806
This. I briefly explained what crypto currency mining was to my dad on a high level and the first thing he said was it sounds like a ponzi scheme.

>>61300044
>The teller whispered
first plot hole in your story bucko.
I work in a bank and the tellers are around large amounts of cash enough to really not give a shit

>>61297974
Money laundering, trust me.

>>61301747
This is how currency has always worked, well modern currency not so much as some countries currency isn't backed by gold / oil anymore... Funny that. But you should have a look at this article posted today:

www.bbc.co.uk/news/amp/40189959

>>61303264
>This is how currency has always worked
You're right, but the big difference is what is behind the currency.
Because the government backs your currency you're pretty much not going to come across a person who won't accept it. If you walk into a pizza shop (in America) they're not going to say "we don't accept American Dollars". There are some fairly recent cases of currencies greatly depreciating, like Zimbabwe, but you can be pretty sure your country's currency will be accepted.
Your pizza shop that accepts bitcoin today may not accept bitcoin tomorrow. It is backed by the users alone.

>>61303487
That's where the future of the cryptocurrencies lies - secure, logged, replicate-able data transactions.

Blackchain isn't just for memes.

>>61301747
>And it works so long as there are places willing to take that IOU
nigga this is currency in general. Money used to be backed by gold but now it's backed by the Dollar. No really, we said fuck you to the gold standard in the 70's and now people accept your currency literally because MURCA FUCK YEAH. Countries have DOLLAR reserves. They might have gold reserves, even silver, but right now it's all about the greenback