TechSpot

iBuyPower launches line of custom cryptocurrency miners

By Shawn Knight
Jan 14, 2014
Post New Reply
  1. Demand for AMD’s upper echelon Radeon R9 series graphics cards went through the roof during the latter half of the holiday season last month. A number of factors led to worldwide shortages and in turn, price hikes. Chief among them...

    Read more
     
  2. GhostRyder

    GhostRyder This guy again... Posts: 2,191   +590

    Interesting the ibuypower is jumping on the train, however to me this seems to be a foolish endeavor for people (Not ibuypower, people) because investing in this will look bad once asic miners that mine litcoins (March) come out. Just my thoughts...
     
  3. ikesmasher

    ikesmasher TS Evangelist Posts: 2,550   +852

    Im sorry but a liquid cooled i3? for coin mining? how in the world is that justified?
     
  4. ikesmasher

    ikesmasher TS Evangelist Posts: 2,550   +852

    you know, telling people they are wrong without providing a compelling counterargument makes you sound pretty stupid...
     
    Ranger12 likes this.
  5. GhostRyder

    GhostRyder This guy again... Posts: 2,191   +590

    Are you really that ignorant, first off if your going to counter my argument you better post some proof to your claims as I will now do. Link to Asic Miner Article with Litecoin My date was a tad off, nothing more.

    GPU mining is an expensive and wasteful endeavor in my opinion but its the users choice to do it. I have done it for fun from time to time and gotten a few Litecoins and even a few bitcoins in the past. But Asics will once again make GPU mining obsolete immediatly.
     
  6. ikesmasher

    ikesmasher TS Evangelist Posts: 2,550   +852

    Im not even part of the game, actually. Just said that you basically called someone an ***** without saying why, which makes you sound like a troll.
     
  7. captaincranky

    captaincranky TechSpot Addict Posts: 11,688   +1,878

    Generally speaking, someone who uses a "pirate flag" as an avatar, IS a troll. Saying that that someone, "sounds like a troll", just makes you sound naive.....:oops:

    What everybody has failed to recognize, in the whole "cyber money hoax", is this; a nation issues "currency", based on the estimated value of its GDP. In other words, "currency", is the avatar of goods and services produced by a country.

    And while it' is true that you can no longer exchange currency for gold or silver, you can still use it as, "legal tender for all debts public and private".

    Just because some shyster hid "XX millions" of bitcoins on computers around the world, doesn't give them value. It's all in your imagination.

    I would swear that "bitcoin" is the biggest Ponzie scheme ever. But what do I know? I'm old and out of touch with them thar gnu fangled computer thingeys.

    (Notice how cleverly worked the term, "gnu" (public license), in, to replace the word,"new")?

    [​IMG]
     
    Last edited: Jan 14, 2014
  8. Bubbajim

    Bubbajim TS Addict Posts: 142   +57

    Not that I'm particularly interested in any of these currency mining efforts, but your argument against them on the grounds of their value being imaginary is silly. Nothing has a value apart from what people agree to give to something. If everyone agrees, it can be used as currency.
     
  9. Enthusiast

    Enthusiast TS Rookie

    I don't think its that direct...a nation's currency does not entitle you to a share of their GDP, nor is currency only as valuable as the nation backing it. Currency is a storage of value; strong nations with high GDP are better able to protect that stored value.

    Precious metals store value (gold, silver, platinum, etc). Fiat currency stores value (with the risk of the nation behind it, as you indirectly pointed out). I look at cryptocurrency and see the value stored in it the resources spent to create it (power, technology costs).

    I do agree with the other poster who said that ASICs will shake up whatever cryptocurrency they're for. Think about it this way...Diamonds are valuable right? What if we created a technology to force carbon into lattices making it transparent and hard with little time, energy and pressure required - are diamonds still valuable? ASICs could be that technology. I think they already are for BitCoins - the new ASICs put mining rigs of yesteryear to shame.
     
  10. Ranger12

    Ranger12 TS Guru Posts: 620   +118

    They're not just hidden somewhere on computers around the world. It is accepted by ~21,000 vendors so it derives it's value as a medium of exchange partly from its utility and it's scarcity. A property of bitcoins that makes them desirable to many is the anonymity of transactions.
     
  11. GhostRyder

    GhostRyder This guy again... Posts: 2,191   +590

    I am going to laugh for awhile at this comment!

    But anyways, Crypto Currency is cool but at the same time a foolish endeavor unless your willing to invest in hundred of thousands of dollars to the art of mining it whether it be with GPUs or Asic miners. The thing is, the value is being given to it by us the consumers who are mining and using them to complete transactions. The problem is that theres going to be a point where either the craze dies or things occur to where its not accepted enough and the value will drop. But the same thing of course could happen to the Dollar or Euro for that matter, so its all up to the supporters of the currency.
     
  12. captaincranky

    captaincranky TechSpot Addict Posts: 11,688   +1,878

    Legend, (actually history), has it, that the English were able to purchase Manhattan Island for something on the order of $24.00, (or was it $28.00), in trinkets, such as cheap costume jewelry. Now, while history considers this a really stupid sales decision, at least the Indians didn't have to buy an expensive computer to mine the "profit" from this transaction as bitcoins, then have to find someone foolish enough to give them money for them.

    IMHO, this kind of makes those, "dumb savages", look really, really, smart, by today's standards.

    And even adjusting the junk jewelry for inflation doesn't help, since the Chinese would likely be able to make and sell it, for less than $28.00 today.
    What nobody takes into account, is that currency is the avatar of the "barter system".

    Today's economy is complex to the point, that traditional barter trades are unworkable. You can't go down the road and trade 3 turnips for a pack of smokes. That's why we invented, "currency". It maintains a relative value for the underlying trades taking place. Correct me if you think I'm wrong, (I'm sure you don't need an invitation to do so), but "bitcoin" has no value in the first place. It isn't the avatar of anything.

    Take heart though, you just need to click your heels together three times, and bitcoin will be the coin of the realm before you know it.

    You kids today are so wrapped up in the computer, you think "cyber space", is a physical address. It isn't.

    Don't pay me any mind though. I think the only people that add ANY value to the economy, are those that dig up oil, chop down trees, grow food. The rest that sit around dreaming up bitcoins, or writing useless, redundant, apps for the iPhone, are simply parasites.
     

Similar Topics

Add New Comment

You need to be a member to leave a comment. Join thousands of tech enthusiasts and participate.
TechSpot Account You may also...