It’s all about money laundering.
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Since I solved my stability issues (AMD crossfire trying to link all my GPU’s) I can tell you that I have barely touched my miner in weeks, I just have the tab open while im on a totally different pc doing other things and I just get an overview every few hours and go back to what I was doing.
I started with a computer that had 1 RX 580, at the time it earned me around £120 in 3 months, a clever person can work harder or do extra jobs to get the mining rig built or even create a plan with a few people involved, also one doesnt have to buy 6 GPU’s all at the same time, it’s ok to wait 3 months and have 1 or 2 gpu’s mining after those 3 months you’ll have money earned from mining to put toward the new GPU.
I didn’t have a large sum of money to start off with, all of the hardware I have now paid for itself as I chose to keep reinvesting and not spend any on myself for about 15 months. It got to a point where the profit amount I was mining was enough to pay for a buy now pay later installment on a new GPU which was about £160 every 30 days, so I just kept doing it this way.
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Just a tip:
If you try using the argument that you shouldn’t call cryptocurrencies and NFTs scams, unless you’ve dabbled in them, that’s not a good argument. It’s saying “You shouldn’t tell people not to touch a hot oven, unless you’ve burnt yourself on it.” “You shouldn’t tell people not to commit suicide, unless you’ve already killed yourself!” and so on.
The only way to make money with crypto, is to convince other people that it’s worth money, and sell it to them. Some of us see that. And we see what you’re doing. Looking for a greater fool.
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Well, I think crypto is a scam, but I don’t think Aaron is a scammer. I think he believes what he says.
And, I suppose I could bring up how MLM marks will defend their MLM up until the point it becomes undeniable, but this is the Eve forums. So, here’s a link to James315 talking about his army of “investors” defending his ponzi scheme as legitimate.
https://www.gwern.net/docs/economics/2006-james315-currintradingponzischeme.html
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You seem to be reading me wrong. my only point is to fully understand something before committing to an opinion on it. The truth is it will never make any difference to me if I am completely ignored in this thread, this is the part you have a terrible misunderstanding of.
How exactly would I benefit here by SUGGESTING someone buys hardware in order to generate crypto? Have I suddenly become the biggest computer hardware supplier in the UK within 24 hours? and in a position to scam someone? I would say you seem paranoid of being scammed, so paranoid in fact that you can’t even see that I would gain absolutely nothing from what I type here. My only goal here is to empower the little guy, especially the little guy who knows a thing or two about computers. I’m truly shocked you can’t or won’t see this. Talk to me brother.
I’m not arguing anything. I’m discussing the logic in the perspective that many of you have. It’s funny that this is the exact same problem in Eve, so many of you adopt many beliefs in game that are based on falsehood, or inaccurate info. And it would seem that this is the case in real life for some.
This is basically whats involved in mining;
1, buy hardware from a reputable retailer
2, set it up and plug it into the blockchain using Nicehash or other approved and legal mining pools
3, Leave it to run for a couple of months while analysing income vs expenditure and seeing if its your thing
4, If it’s not your thing, return the hardware back to retailer or sell for a good 90% of the value on ebay
5, if it is your thing then hooray! continue in a safe manner.
If this is still seen as a scam then it for sure doesn’t look like it’s the miner who is being scammed.
You can even skip the hardware buying part if you have a few old 8GB and some old working pc’s. Please feel free to explain to me how this is a scam from a miners perspective?
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Well, when the thread was created BTC was valued at 36k and I just checked it today and it’s valued at 44k. In USD.
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You get money from people who buy BTC. Why would they buy BTC when they would make money mining it ?
You are not providing any value to the system.
Your main value to BTC is : providing computing power, and promoting the idea. Which one is the most valuable ? Which one is the hardest and most expensive to obtain ?
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Yes, I think this recent value loss was due to the Russian announcement to clampdown on crypto, so lots of people will panic and dump all of their holdings which will drive the value down, this might be because they are looking for a more short term investment.
The value is now rising again which is great to see.
I’ll have to stop you there because without the miner there is absolutely nothing. The blockchain/ledger for bitcoin only exists on the computers (the Vram of the GPU) of the people who directly mine bitcoin and nowhere else.
Also, there are people out there who only want to analyse and work with numbers
If I purchased one bitcoin at the start of this thread and then sold it at the time of Arumi’s post I would have made $8k, Love it or hate it these facts do appeal to some people and if they want to spend all day watching numbers then they should do that and benefit.
There are also some people who like providing a platform in a small way and getting paid for it, perhaps the creator of bitcoin wanted to create something for everybody weather you like maintenance, or risk taking, or long term investments or short term, there seems to be a little something for everyone to possibly use as a 2nd income in addition to their main job.
Also, Bitcoin is not only a currency it is actually an anonymous and sophisticated money transfer network which is actually a very cheap way to send money to another country. I won’t be surprised if blockchain tech makes all other forms of money transfer obsolete.
Dude I know that already.
You can make a wind blowing industry, and claim that without the wind blower there would not be an industry. It does not mean you add value by blowing the wind.
So you repeat something that already known, and skip my question. I know that providing computing power is a part of your value to BTC, but as I wrote this is not relevant.
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Then why are you trying to ask me which one is more valuable?, can you not see this is an illogical question as there is value in both methods.
You’ve missed some thing here as this is a poor comparison. As I said it is only possible for a blockchain/ledger to originate from the Vram of a graphical processing unit, so it’s no point asking someone to compare it with the currency the process creates. This is illogical to me no matter which way I try and spin it.
All I can say is if you want to trade it go ahead, if you want to maintain it’s network, go ahead, and if you want to only use it to send money to another country you can at a cheap price.
That’s the problem. What you bring to the system is not what you believe is valuable.
Advertising a scam is a major part of its success. Your computing power is very easy to find somewhere else, and actually at a cheaper price than what you are actually paying.
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How can the very foundation of something (in this case a digitally generated currency) not have value compared to what it’s used to create?
You don’t see they are one and the same no?
The value is in the logic of the network, nothing, I mean absolutely nothing can be duplicated or copied.
If person a gives person b 1 bitcoin then that record is recorded and can never ever be changed even in 1 million years if the original blockchain still exits that record will be there. That is the power of the block chain we now have the ability to crete a record that can never be corrupted or changed or manipulated, can yo not see we are on the edge of a powerful tool that can help move us forward?
Well, they just can not have.
Your are shifting the burden of proof.
You can blow in the wind, in a wind blowing industry, and not make any value. Just because it costs you, does not mean it adds value.
Just because people speculate, does not mean it has any intrinsic value.
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It is very important all humans understand what we actually have. Or what exists and what it does.
I’ve done no such thing sir, I am in no way responsible for you not having a full understanding of a system that has been created. Whatever your understanding level here is it’s totally on you and noone else.
You repeat the same thing, it does not even remotely address my point.
By definition the entries in a ledger will persist until erased or the ledger disappears. It’s the same for BTC. It’s not added value.
Yes you did. Until you prove your actions add value to the system, they don’t, even if they are the basis of a system.
I am not responsible for you not understanding what the burden of proof is. Suffice to say, what you affirm without a proof, is discarded without a proof - in that case, that your mining does add any value.
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Say whatever you need to. All I have said is fact and it is millions of people other than myself all contributing to what bitcoin is. I don’t have to tell you why I think bitcoin has value or convince you it’s worth something. As I said I’m just here talking about how the little guy might be able to get ahead with crypto if they know computers.
There is nothing for me to prove to you. I am secure in my ability to log into my mining pool, check the bitcoin balance, send it to coinbase, covert it to GBP, Send it to my normal bank, and then withdraw or spend how I choose.
The only thing I need to be secure is that my mining pool has calculated my share of bitcoin for the processing I have done, for a few years they have done this successfully and I have no complaint. At no point do I need to prove to anyone if it has value or not, I am confident of what I see before my very own eyes.
I can’t address your point until you understand what it is you’re talking about. I’d suggest you do a bit more digging on what blockchain tech is and what it can do. This is probably the best way to answer your question.
It is silly and illogical to bother asking a miner what value their mining adds, It’s like you’re asking me if the process to create steel is important compared to the actual steel it produces. Both entities have the value because they depend on each other. The steel depends on the machine used to create it and the machine depends on sales of the steel it creates.
If I run a legal business in a part of the USA where growing and selling THC products is legal, would I be wise to request all of my customers pay me by crypto due to security concerns and the high value of my product? It would then be posted by a private and secure courier.
Some legal THC flower businesses in the US handle billions in stock on a yearly basis, why can’t these guys have a currency they can use to operate safely and covertly due to the nature of their business?
My impression goes something like this. Keep in mind it is a broad generalization and not applicable to everyone or an accusation against anyone:
- People involved in crypto are motivated to do so by a desire to gain wealth.
- People define ‘gaining wealth’ as having more traditional currency, not as having more bitcoin.
- Traditional currencies only enter the bitcoin economy if someone pays in.
- If people stop paying in, whoever still holds bitcoin is going to be in a bad way.
It may very well be that people keep up this exchange indefinitely, but I think it is a fad fueled by hype that will burn out at some point. The best I can imagine is Bitcoin and crypto end up as another middle man exacting a sort of sales tax or commission to process transactions.
It does allow people who don’t want to be bound by government rules a means of exchange, if that’s a thing that’s important to them, but I don’t need to do this so I don’t consider it an advantage. If more merchants accept bitcoin (or some other crypto) so that I could spend it directly to acquire goods like I use regular money for, then I might take it more seriously.
With regard to what other people do, I am neutral so long as they are not willfully inflicting harm on anyone. I think people should be held accountable for their own decisions, either to be involved with crypto or not to be. If everyone investing in crypto gets rich and I don’t, that’s on me. If everyone investing in crypto gets poor and I don’t, that’s on them.
What we learn in Eve serves us well in real life. Do not risk what you can’t afford to lose. Have a back up plan for when things go wrong. Investigate everything so you know what you’re dealing with before you jump in with both feet. Be careful who you trust.
If people are happy with it, I’m happy they’re happy. I mean that, too, since trying to optimize the amount of happiness in the world is what I consider to be my ‘true’ job, but I will also maintain some degree of anxiety over whether it’s only temporary since I don’t have the same faith in the currency that they do.
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Hi, A couple of things to consider;
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when a country like Russia makes an announcement to ban crypto it makes everyone panic and many will sell, only crypto exchanges will buy along with countries like El Salvador and very rich people who want a long term investment stretching across family generations.
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Bitcoin has a finite amount so there will only ever be 21 million bitcoins ever created
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Love it or hate it there is a huge legal market of people wanting to trade goods and services in private, this fact will never change, bitcoin is something that can support this desire. There is a huge market for VPN and ip address masks bitcoin seems to fit into this privacy niche nicely. So there will be a huge cult following of people happy to exchange physical cash for crypto and then spend it privately at their legal retailers.