Bitcoin

[netcat]

nocoiner

A Nocoiner is a person who has no Bitcoin. Nocoiners (usually Socialists, Lawyers or MBA Economists ) are people who missed their opportunity to buy Bitcoin at a low price because they thought it was a scam, and who is now bitter at having missed out. The nocoiner takes out his or her bitterness on Bitcoin Hodlers, by constantly claiming that Bitcoin will crash, is a scam, is a bubble, or other types of easily refuted FUD. Nocoiners have little to no computer skills or imagination; even when they see the price of Bitcoin go up and its adoption spread they consider all Bitcoin users to be in a collective delusion, with only themselves as the ones who can see what is happening. This attitude comes from being steeped in the elitist priest cultures found at Harvard, Yale and Columbia, where anyone who is not part of their clique is treated with suspicion by default. The worst nocoiners are tenured academics and goldbugs. Nocoiners believe that the world owes them everything they want because they are part of an elite; they are hysterical liars, brats, prostitutes and losers.
I'm pretty sure Emin is a Nocoiner. Yesterday he made a Tweet about how Bitcoin going up was just a fad, and that a crash was inevitable. He's always talking Bitcoin down; if he had Bitcoin, he would never trash his own stash.

 

[EvilDragon]

Well, honestly, I don't see a bubble bursting here.

It ALWAYS goes down around 20 days before Chinese New Years (it's done that 2014, 2015, 2016 and 2017), as the biggest market still is in asia and they all need money for the festival.
So that's nothing special.

Additionally, it grew exponentially in November / December, now it's going back to more reasonable values. Which is good, in my opinion.
I'd rather have it stabilized than going haywire in any direction.

 

[carlberry]

"The #1 thing most commonly purchased with bitcoin is the future regret that you didn't keep your bitcoin." @MalwareTech

 

[Klumpen]

 

[FBnil]

@Klumpen: If 1060, then it is overpriced compared to new prices. If 1070, then I'd rather buy a 1080 for 20% more.

 

[Askarus]

Well, I am happy I can buy more Bitcoin now
I only regret that becaus of slow bank transfers I could not buy at price under 6000$ as I wanted to.
I now bought for half of the money I wanted to invest. If it will fall again, I'll buy more. If not, I'll also be happy with the profit I made and see the rest of my portfolio recover and me getting rich
Nevertheless: Silly banks. Ancient technology takes hours to transfer virtual money from one account to the other.

 

[Klumpen]

@Klumpen: If 1060, then it is overpriced compared to new prices. If 1070, then I'd rather buy a 1080 for 20% more.

Buying a graphics card that was used for mining 6 months straight is a mistake either way.

 

[benoitb]

Buying a graphics card that was used for mining 6 months straight is a mistake either way.

Not sure about that. The 1060 is running cool and quiet even at high usage.

 

[Klumpen]

Not sure about that. The 1060 is running cool and quiet even at high usage.

Mining means running 24/7 at high stress, that's not even comparable to the most hardcore gaming.

 

[levi]

It's just a slightly higher standard of soak test than is usual

 

[WizardStan]

6 months, 24 hours a day, basically 4300 hours of *extremely* heavy use.
If the average gamer puts in 30 hours a week heavy use (extreme or regular) that's still almost 3 years worth of "use" in just 6 months.
Like buying a car that is only 6 months old, and then finding out it was used to drive cross-country several times in that 6 months and has wracked up over 60'000 KM.

 

[benoitb]

Sure but what would put strain on the electronics ?

Overvoltage or heat ? Even in extreme cases these shouldnt be an issue on the 1060.

The fans running at too high speeds ? Again shouldn't be an issue on a 1060 even while mining.

I could understand the concerns on high-end 28nm cards. I'm arguing there might not be much concerns on a mid-range 16nm card. Plus the sweet spot for Ethereum mining (to maximize computing power vs used electrical power) is with the GPU downclocked and memory overclocked allowing lower temperatures and fan speeds.

 

[Grench]

Bitcoin (and the others) are proof of having used electricity for no constructive purpose.

People who think they can build a 'home rig' with $2400 in consumer graphics cards while paying residential consumer prices for electricity and compete with gigantic server farms full of ASIC hardware running on tax-subsidized power are simply fooling themselves.

https://en.wikipedia.org/wiki/Application-specific_integrated_circuit
https://motherboard.vice.com/en_us/article/qkvxk3/chinas-biggest-secret-bitcoin-mine
^2 years ago...

 

[levi]

Bitcoin (and the others) are proof of having used electricity for no constructive purpose.

You can say pretty much the same about most of the better paying jobs in the world as well. As a species in the western world we got to a point where genuinely useful jobs are in the minority quite a while ago, or at least that's the way it feels most days.

 

[ible]

it makes me wonder why money really even works. my grandparents owned a farm (and some uncles still farm it), but everything i've done in my life has been "useless," but has fetched a decent penny. math, physics, software.

it makes me really wonder why people also are so upset (in america) about their kids not getting a useful degree (i.e. one that makes money) or trade (i.e. one which will be taken over by robots in a few years). things are changing so fast now, and we should be adaptable but also have a universal basic income

 

[Grench]

Imagine instead if Bitcoin were generated by humans pushing a button to capture a traveling cursor. Whoever trapped the cursor closest to 'center' wins. There would be farms of people shackled to computers with only one button to push and a chute delivering a food reward for accurate presses.

Instead we're spinning up coal fired turbine power plants in already polluted, starving, thirsty regions and using the electricity to generate hashes and smog.

I am uncertain which is better.

 

[gpsqueeek]

things are changing so fast now, and we should be adaptable but also have a universal basic income

... or an Universal Dividend, which is the case with Libre Currency / Duniter / G1. :-D

 

[WizardStan]

Sure but what would put strain on the electronics ?

I don't see how it can't. Like, I understand you saying that it shouldn't, it's operating within expected parameters, but it's doing so 24/7. If we assume that everything wears out from use then there has to be a difference in the remaining lifespan between something that was used for 780 hours in 6 months vs something used for 4368 hours in that same 6 months.

 

[Cloudef]

You can say pretty much the same about most of the better paying jobs in the world as well. As a species in the western world we got to a point where genuinely useful jobs are in the minority quite a while ago, or at least that's the way it feels most days.

Expect PoW actually has very valuable usecase, and that is keeping the network trustless. The "energy usage" is also fraction compared of the resources needed to maintain current monetary system and its related technology.

 

[Grench]

I don't see how it can't. Like, I understand you saying that it shouldn't, it's operating within expected parameters, but it's doing so 24/7. If we assume that everything wears out from use then there has to be a difference in the remaining lifespan between something that was used for 780 hours in 6 months vs something used for 4368 hours in that same 6 months.

Hypothetically a solid state device should never wear out. It's a good hypothesis.

Pro: I have a 12 year old HP xw9400 with dual AMD2419ee CPUs (yes, modded bios), 32GB RAM and eight 2TB HDDs in RAID5 on an 8 port PCIX-133 3ware controller. I use it as a VM & file server. It runs fine and I've never had an issue with it. I vacuum the dust out of it once every year or so.

Con: But, I just lost a 4 year old 500GB Samsung 840 SSD from my two SSD RAID 0 array on my primary workstation. Doing an fdisk -l with it connected to any SATA controller yields 20 minutes of waiting for cursor - it doesn't show up in the list at all.

Usually if an electronic gizmo is going to fail, it will do so in the first few months of use. That said, if I were to purchase a still working card that has been beaten on for multiple months in a mining operation, I would expect a discount in the 50% range.