Nvidia's top-of-the-line CMP cryptomining GPU is now available for $4,300

godrilla

Posts: 315   +153
A state banning something doesn't make it worthless, it makes it illegal. There's an important distinction. For instance, if you hypothetically had some marijuana in your pocket and crossed state borders into a place where marijuana is illegal, does the value of the marijuana in your pocket immediately drop to zero? Obviously not, otherwise there would never be an instance of someone trying to sell marijuana away from the eyes of the law. Did alcohol become worthless during Prohibition? Governments aren't great at learning from history but even they will think twice about revisiting this old classic.


Given the large opposition to that proposed IRS bill, it's not certain if it will actually pass, but even if it did, the proposal only involves banks reporting the aggregate total annual amount going both in and out of an account, not each and every individual transaction. Their stated reasoning for this is to identify suspicious accounts that for example report $10,000 income but $3,000,000 of spending. It's obvious government overreach but they're not dumb enough to go full Orwell right out the gate. It's their intention to remove freedoms inch by inch, like slowly raising the water temp so the frog doesn't realize it's being boiled.

That aside, one does not need to use their bank account to buy Monero, in fact most people who buy Monero specifically avoid leaving behind an obvious paper trail. For example there are local exchanges (like LocalMonero) which function like Craigslist where one can meet up and buy Monero with cash. Prepaid cards are another popular option for buying crypto anonymously. Not that all this is super critical because once you actually have the Monero, what you do with it is completely unknowable by design.


A few misunderstandings here. Quantum computing isn't a "superior" form of computing but a different approach to solving very specific problems not feasible to attempt with classical computing. Techspot has a great introduction to quantum computers:
In short, quantum computers can't give you higher FPS in games, but it may finally enable us to factor prime numbers really quickly.

Similarly, quantum cryptography is not necessarily better than current cryptography. Certain aspects of quantum entanglement makes it easier to spot when a transmission is intercepted or tampered with during transit but as for securing data at rest, quantum encryption will not necessarily outperform current encryption standards in all metrics.

In regards to cryptocurrencies, the actual "crypto" part occurs during mining and verification of blocks. The blockchain itself is only a ledger, a record of all previous blocks and transactions. A quantum computer can't undo a blockchain because it can't rewrite causality. Every entry on the blockchain is hashed based on the entry before it, which means if any entry is altered, all entries before it must also be altered, and not just on one machine but on 51% of all machines which carry a copy of the blockchain. The near impossibility of this event occurring is where the faith in the integrity of bitcoin comes from. It is the people's money, not the Fed's.
TY,
Also while crypto currencies are marked as being finite is it not the opposite potentially an infinite new crypto currencies with new ones popping up every day. With the ability to exchange them the probability of it fighting inflation goes down because there is an infinite crypto coins potentially unlike previous metals that are actually finite.
 

JamesBlond

Posts: 151   +97
Crypto is tied to the fate of the fiat system, precious metals are the only real lifeboat, unfortunately many will learn this too late.
Exaclty, buy $200 a month of Gold, when the shirt hits the fan you will be ok for a few months...after that just go full on Left for Dead...
 

JamesBlond

Posts: 151   +97
Thanks for replying.
Question if the state declares crypto currencies as illegal wouldn't that make them worthless. Just a few weeks ago China banned crypto currencies.
Also If the irs has access to every bank account transaction when you buy Montero that transaction can be marketed as private but in reality if the IRS can log that transaction it doesn't seem that private/ secure anymore.
Lastly while quantum computers are in its infancy stages but are the future in computing. We can all agree that quantum level encryption is a higher level of encryption than current blockchain. Do you have proof that a quantum server can't decrypt current blockchains?
China didnt ban all Crypto, only NON Chinese Crypto, or Non Chinese Exchanges..... they not stupid like some like to think, they playing a game... force External people companies to pump money into Chinese Exchanges and make china rich, simple strat, no brains needed.
 

wiyosaya

Posts: 6,712   +5,140
@wiyosaya I've concocted a conspiracy theory about the origin of bitcoin, which I can say is quite clever and insidious, with all due modesty.

Bernie Madoff, that old scoundrel, knows a lot more about computers than anyone gives him credit for. He invented block chain coding,, wrote it down on toilet paper, and bribed the jail guards (**) to take it out to a nameless accomplice.for him.
It certainly did him a great deal of good. He gained the "good fortune" of not having to be around in the world anymore to ride the waves of his success in creating block-chain code. :laughing: (Well, really, hopefully whatever higher power he believed in, if he believed in one, is resting his soul).
OK, that's enough for me "tonight". I'm going to power down my Lava Lamps, and hit the sack.

I most likely won't be able to sleep though. I'll be too busy kicking myself in the a**, for wasting all that electricity, which I could have used for coin mining.. :poop:
Actually, I went back to "mining" over the weekend again. I'm not really mining, just being rewarded with a worthless coin for running distributed computing projects - https://www.boincstats.com/stats/-1/user/detail/36239171501/overview Well, my reward is more bragging rights - of which I have no qualms over the electricity used.
BTW, I got my covid booster shot Friday. I guess I haven't caught on to the fact that, "covid,is a Democrat hoax.
Well, if you hear satellites over your head going "beep, beep, beep" or you notice that the ground near you is being mysteriously vaporized as you walk, presumably from "space lasers", you will know its true. 不 不 不
(**) Sorry, "corrections officers"

Dude, hair trigger much? :rolleyes: 不 不 不
Who? Lil ole me?? I was surprised that the only notice waiting for me when I logged in this morning was that you mentioned me in a post.

Well, you know, I'm just doing the same things over and over again, expecting different results. 不 不 不 Fighting those battles seems akin to trying to provide blind people with proof of something by showing them a photograph. :facepalm:
 

wiyosaya

Posts: 6,712   +5,140
This is demonstrably incorrect. I know of several means of exchanging bitcoins directly for goods or services. For example, any VPN worth using will accept bitcoin as payment. How many places do you know of that will accept gold or silver coins as direct payment?
:rolleyes: IMO, whataboutism at its finest. Why? Your argument assumes that those services are actually useful to the person making the transaction. To some people, a VPN is useless as are the other services that accept crapto as payment. So, that leaves, once again, exchanging for the local currency.
 

JohnSmithESP

Posts: 72   +47
Practical uses for gold are limited and exclusive uses even more so as there are usually substitute alloys that will suffice. In other words, gold's high value is derived from... wait for it... fiat! Gold has really high value because we as a collective have all agreed that it does. Same thing with silver, although silver has more industrial uses than gold.
Tie fiat to bread (or food)
Country that doesn't have a production of bread, people are kinda ****ed in there, so it's currency should not be valuable.
Do you make a lot of bread? Do you hoard it? Oh sorry, good luck trying to eat that
This theory might need some development tho
 
I will stick to buying 3080TI's With the LHR fix I can get 150Mh/s with 2 cards and only spend $1499 per a card with good resale value. These are over price with almost no resale value.
 

merikafyeah

Posts: 268   +217
:rolleyes: IMO, whataboutism at its finest. Why? Your argument assumes that those services are actually useful to the person making the transaction. To some people, a VPN is useless as are the other services that accept crapto as payment. So, that leaves, once again, exchanging for the local currency.
My reply was in response to the statement:
"bitcoin must be converted to local currencies, before it has any value whatsoever. That is not the case with gold."

"Any value whatsoever" is an absolute statement. For the statement to be true it must remain valid for any person at any time, no exceptions. By providing a single exception I have therefore demonstrated the statement to be false.

The second part of the statement is:
"That is not the case with gold."
Implying that unlike crypto, gold can be exchanged directly for goods or services, without first being converted to typical fiat currency. I presented a challenge to provide one common example that supports the validity of this assertion. No one has succeeded yet.

So I ask you, were I to hand you a bag of gold coins, walk me through how you'd make it useful without involving fiat currencies.
 

merikafyeah

Posts: 268   +217
Tie fiat to bread (or food)
Country that doesn't have a production of bread, people are kinda ****ed in there, so it's currency should not be valuable.
Do you make a lot of bread? Do you hoard it? Oh sorry, good luck trying to eat that
This theory might need some development tho
Humans have tried to use many things as money, from seashells to animal furs. But for thousands of years only gold and silver has worked reliably. For something to be practical for use as money, certain conditions must be met.

1. The material should not change or spoil over time or else your money will not be stable. Food and other organics could work for bartering but are infeasible for use as money.

2. The material should be reasonably scarce. If it's too common it can't function as a store of value. Iron for instance is far too common and can only be traded in tons, not coins. Uranium is too rare (and also dangerous).

3. The material should be relatively easy to handle and work with. Liquids and gases are ruled out. Material like tungsten is too hard while silicon is too fragile. Copper kind of worked but nowadays it's too common.

So in the end the only elements that remained were gold and silver. However in the 21st century the economy operates too quickly and on a scale far too large to be supported purely by precious metal. Cryptocurrencies are the future. Gold and silver will always remain to hedge against inflation but have little use outside of that. Crypto can not only hedge against inflation but can also be used in day to day transactions at a speed and scale that can't be matched by metal coins and bullion.
 

captaincranky

Posts: 17,623   +6,411
Crypto can not only hedge against inflation but can also be used in day to day transactions at a speed and scale that can't be matched by metal coins and bullion.
Holy shiite,I wonder how my bank manages to pay my bills within 24 hours after I post the request? Wow, they must be using bitcoin, and never told me. Or is it possible the the fiat of the realm works just as well for that?

But speaking sincerely, shouldn't you be out buying yourself a ten pack of these new $4,300,00 GPUs, instead of wasting you time trying to "educate" dolts like me? I wonder if Nvidia will accept bitcoin for them? Oh well, you'll never know until you try

Oh, and thanks for telling me that, "bread goes stale". Given the fact I was considering starting a bread mining scam, back in the old California gold rush area, you saved me a bunch of time and trouble.

I figured I'd just spread a bunch of breadcrumbs around, tell people, "there's only so many", and insane wealth would bear a path to my door. But, as you say, "bread goes stale". and In all my 73 years, I'd have never figured that out for myself.

BTW, bitcoin doesn't, "prevent inflation", is is inflation.

Any supposed, "collectible", is the very definition of inflation.
A Fender USA Stratocaster can be had for as little as about $1,400. (Give or take).

If I didn't know Eric Clapton's soul infested this guitar:

One of the most expensive guitars ever sold was Eric Clapton's Fender Stratocaster known as "Blackie," which went for $959,500 at auction in 2004. But not all rock star guitars sell for big bucks. A Stratocaster played by Jimi Hendrix reportedly sold for just $320,000 in April. It was expected to fetch up to $800,000

I'd say thr gent paid way too much for it. Not to mention that Clapton didn't even have to give up the guitar by modern standards. All he had to do was create an "NFT" that said the person that bought it, owned it, while he continued to play it.

After all, "cyberspace is the only true reality". Either that, or I've been watching too many "Matrix" movies.
 
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merikafyeah

Posts: 268   +217
Holy shiite,I wonder how my bank manages to pay my bills within 24 hours after I post the request? Wow, they must be using bitcoin, and never told me. Or is it possible the the fiat of the realm works just as well for that?
Never said or implied that it didn't? How did all my explanations on the limitations of gold suddenly become the limitations of fiat?

But speaking sincerely, shouldn't you be out buying yourself a ten pack of these new $4,300,00 GPUs, instead of wasting you time trying to "educate" dolts like me? I wonder if Nvidia will accept bitcoin for them? Oh well, you'll never know until you try
If I ever gave the impression that I am flush with more purchasing power than I know what to do with, very regrettably that is not the case. I'm not all that enthusiastic about most cryptocurrencies, mainly just Bitcoin (BTC), Bitcoin Cash (BCH) and Monero (XMR). Sadly the era of profitable mining for single households is over (end of the "gold rush"), otherwise I really would take out a large loan for a bunch of $4,300 GPUs knowing that my ROI with mining would exceed my minimum monthly loan payments plus interest and the cost of electricity.

Even joining a mining pool with a bunch of these new CMP GPUs would not likely be profitable unless you'd already spent many tens of thousands on a mini server farm prior. It's simply not good business for any Joe Schmoe to jump onto mining just because Nvidia decides to release a new "mining" GPU.

I figured I'd just spread a bunch of breadcrumbs around, tell people, "there's only so many", and insane wealth would bear a path to my door. But, as you say, "bread goes stale". and In all my 73 years, I'd have never figured that out for myself.
Don't know why you're telling me that. Tell that to JohnSmithESP, he's the one who mentioned tying fiat to bread. Likely as a joke that went over my head.

BTW, bitcoin doesn't, "prevent inflation", is is inflation.
I specifically said "hedge against inflation". Nowhere did I mention or imply anything about "preventing" inflation.

In hindsight I should have clarified what I meant by "inflation". Whenever I use the word "inflation" I am only specifically referring to the theft of the people's purchasing power by a central entity via the dilution of the currency supply, aka "money printing" aka "quantitative easing".

Preventing such a thing isn't possible. The only solution is to store value in assets (like gold, silver, and now, bitcoin) which cannot be arbitrarily devalued whenever a certain someone gets the itch to print more currency out of thin air (three trillion dollars, let's go Brandon!).
 

Mugsy

Posts: 740   +173
Today's $4,000 CMP is tomorrow's $1,200 top-end graphics card.

The technology will unquestionably be turned into a video card at a later date, so it would be interesting if someone could calculate what the effective performance would be if this card had video ports.
 

Mugsy

Posts: 740   +173
I will stick to buying 3080TI's With the LHR fix I can get 150Mh/s with 2 cards and only spend $1499 per a card with good resale value. These are over price with almost no resale value.

Two 3080Ti's require much more cooling, much more power, and use up 4 slots instead of just 2.

So lower power consumption, passively cooled, and requiring half the space, more than makes up for the additional cost if you're a miner.
 

NightAntilli

Posts: 787   +993
Holy shiite,I wonder how my bank manages to pay my bills within 24 hours after I post the request? Wow, they must be using bitcoin, and never told me. Or is it possible the the fiat of the realm works just as well for that?
Bitcoin transactions settle in 10 minutes across the world. Bank transactions settle in days. Credit transactions settle in months.

BTW, bitcoin doesn't, "prevent inflation", is is inflation.

Any supposed, "collectible", is the very definition of inflation.
A Fender USA Stratocaster can be had for as little as about $1,400. (Give or take).
Either you're talking about something novel that I don't understand, or, you don't know what inflation is.
 

captaincranky

Posts: 17,623   +6,411
Bitcoin transactions settle in 10 minutes across the world. Bank transactions settle in days. Credit transactions settle in months.
That simply isn't true. My City card settles before I leave the site. You can count on the any payment I make from my account to be made on the day specified.

Now, the bank's back end work on the transaction make take a couple of day to post. But posting, and actually being paid, are two entirely..

And by the way, my credit rating is starting to nudge up against 800, and that's without the help of these internet scam TV ad companies doing anything for me. Given that I live on a fixed income and am retired, that's about as good as it gets.
 

NightAntilli

Posts: 787   +993
That simply isn't true. My City card settles before I leave the site. You can count on the any payment I make from my account to be made on the day specified.
That doesn't mean that it's settled. Ever wonder why your credit card doesn't charge you interest if you pay it off before the end of the month....?
 

captaincranky

Posts: 17,623   +6,411
That doesn't mean that it's settled. Ever wonder why your credit card doesn't charge you interest if you pay it off before the end of the month....?
No, never.l

Does it really matter if the transaction doesn't post on split second it's made? Should I change all to crypto, because it's faster? Is that you're big selling point? You're getting really tedious.

I type in the bills I want to pay at my bank's, they give me a date, usually.it's the next day, unless they have to mail it themselves

If I use a credit or debit card, the approval comes in seconds. If I get an approval on the spot, that means it's paid. So why on earth do I need crypto?

Get this through your head, I don't.

And by The Way:

Thanks to the Credit CARD Act of 2009, lenders are legally required to give cardholders a minimum of 21 days between the end of their monthly billing cycle and their bill due date to pay off their credit card balance before interest charges kick in. Most major credit cards count those 21 days as a grace period and dont charge interest on that billing cycles balance until the grace period is over.




 
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captaincranky

Posts: 17,623   +6,411
1 for almost $5k. Any advice how to make the most?
"Crysis" at 4K? (Sorry, but I'm a non-mining-nonbeliever).

And given the threads we've had recently about, "somebody bought a power station for crypto mining", And, "10% of the people in Crypto own 90% of the assets" (**), I hope you'll appreciate where the question came from, and forgive me for asking it.

(**) Ain't it funny how, "art imitates life", where 90% of the state issued currencies are owned by 10% of the people?
 

NightAntilli

Posts: 787   +993
No, never.l

Does it really matter if the transaction doesn't post on split second it's made? Should I change all to crypto, because it's faster? Is that you're big selling point? You're getting really tedious.

I type in the bills I want to pay at my bank's, they give me a date, usually.it's the next day, unless they have to mail it themselves

If I use a credit or debit card, the approval comes in seconds. If I get an approval on the spot, that means it's paid. So why on earth do I need crypto?

Get this through your head, I don't.
Quick is one of the selling points. Cheap is another one. And centralized entities being unable to steal your wealth through inflation is another one. And nobody being able to freeze your funds or close your account is another one. And getting respectable interest rates is another one. And there are more, but I think you get the idea.

You do need crypto. You simply don't know it yet.
 

captaincranky

Posts: 17,623   +6,411
Quick is one of the selling points. Cheap is another one. And centralized entities being unable to steal your wealth through inflation is another one. And nobody being able to freeze your funds or close your account is another one. And getting respectable interest rates is another one. And there are more, but I think you get the idea.

You do need crypto. You simply don't know it yet.
And how much of the crapto has been stolen by the supposed "guardians of the sacred wallet"?

I haven't had a penny stolen from my bank account, many of which are "federally insured".

BTW, it's nice to see you've dislodged your foot from your mouth about "why do credit card companies not charge you interest from the day of the purchase". Or have you? :poop: :rolleyes:
 
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