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The New Coffee Room

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  3. The Bitcoin/Crypto Thread

The Bitcoin/Crypto Thread

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  • HoraceH Offline
    HoraceH Offline
    Horace
    wrote on last edited by
    #207

    I wonder how many levels deep you have to go under Biden before you reach the first person who has a clue about crypto.

    Education is extremely important.

    AxtremusA jon-nycJ 2 Replies Last reply
    • taiwan_girlT Offline
      taiwan_girlT Offline
      taiwan_girl
      wrote on last edited by
      #208

      QUOTE
      U.S. President Joe Biden signed an executive order on Wednesday calling on the government to examine the risks and benefits of cryptocurrencies.
      UNQUOTE

      Why would this be an executive order? Seems kind of goofy. Would an executive order be needed to set up a team to look at this?

      1 Reply Last reply
      • taiwan_girlT Offline
        taiwan_girlT Offline
        taiwan_girl
        wrote on last edited by
        #209

        US Department of Labor basically says "no" on having crypto currency in a 401K plan.

        (https://www.natlawreview.com/article/cryptocurrency-401k-plans-might-be-more-crypto-nite-says-dol-its-latest-release)

        1 Reply Last reply
        • George KG Offline
          George KG Offline
          George K
          wrote on last edited by
          #210

          Screen Shot 2022-03-28 at 5.25.48 PM.png

          "Now look here, you Baltic gas passer... " - Mik, 6/14/08

          The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

          taiwan_girlT 1 Reply Last reply
          • AxtremusA Offline
            AxtremusA Offline
            Axtremus
            wrote on last edited by Axtremus
            #211

            https://www.cnn.com/2022/04/03/tech/axie-infinity-hack-party-nft-la/index.html

            Crypto gaming platform, where the crypto assets that are supposedly backing the in-game currency got hacked, and the players now cannot convert their in-game currency back into trade-able crypto assets.

            Also some unusual things about “digital serfdom” and “crypto Ponzi,” where a properly registered gamers can hire others (from low income communities) to play on their behalf, or to “rent out” their gaming credentials to others and split the earnings from playing the game.

            1 Reply Last reply
            • George KG George K

              Screen Shot 2022-03-28 at 5.25.48 PM.png

              taiwan_girlT Offline
              taiwan_girlT Offline
              taiwan_girl
              wrote on last edited by
              #212

              @George-K If only I had a crystal ball!!!!!

              @Axtremus I have heard of that. There are supposedely "game shops" in mainland china where groups of people work in shifts on someone elses game to gain them game coins or more game power. Crazy!!

              1 Reply Last reply
              • HoraceH Horace

                I wonder how many levels deep you have to go under Biden before you reach the first person who has a clue about crypto.

                AxtremusA Offline
                AxtremusA Offline
                Axtremus
                wrote on last edited by
                #213

                @Horace said in The Bitcoin/Crypto Thread:

                I wonder how many levels deep you have to go under Biden before you reach the first person who has a clue about crypto.

                I am guessing four levels on the policy making side, three levels on the law enforcement side.

                Policy making: POTUS, Treasury Secretary, head of some Crypto task force, some scientists/engineers on the task force who actually know crypto.

                Law enforcement: POTUS, head of the Secret Service, head of some crypto crime investigative unit (who I expect is some one who has solid STEM background and understands enough about crypto currency to investigate crypto crimes)

                1 Reply Last reply
                • HoraceH Horace

                  I wonder how many levels deep you have to go under Biden before you reach the first person who has a clue about crypto.

                  jon-nycJ Offline
                  jon-nycJ Offline
                  jon-nyc
                  wrote on last edited by jon-nyc
                  #214

                  @Horace said in The Bitcoin/Crypto Thread:

                  I wonder how many levels deep you have to go under Biden before you reach the first person who has a clue about crypto.

                  Gensler. I guess that’s technically one layer down but pretty far removed operationally from the WH.

                  And not at all involved in Biden’s exec order I’m sure. But it is the answer to the question

                  Only non-witches get due process.

                  • Cotton Mather, Salem Massachusetts, 1692
                  AxtremusA KlausK 2 Replies Last reply
                  • jon-nycJ jon-nyc

                    @Horace said in The Bitcoin/Crypto Thread:

                    I wonder how many levels deep you have to go under Biden before you reach the first person who has a clue about crypto.

                    Gensler. I guess that’s technically one layer down but pretty far removed operationally from the WH.

                    And not at all involved in Biden’s exec order I’m sure. But it is the answer to the question

                    AxtremusA Offline
                    AxtremusA Offline
                    Axtremus
                    wrote on last edited by
                    #215

                    @jon-nyc, re: “Gensler”

                    Thanks!

                    Per Wikipedia on Gary Gensler:

                    Gensler is … chair of the U.S. Securities and Exchange Commission … Co-Director of MIT’s Fintech@CSAIL and Senior Advisor to the MIT Media Lab Digital Currency Initiative.

                    That fits the bill and directly answers @Horace’s question.
                    A different, future SEC chair may not be similarly credentialed with regards to crypto currency.

                    1 Reply Last reply
                    • markM Offline
                      markM Offline
                      mark
                      wrote on last edited by mark
                      #216

                      I am syncing the daemons and as soon as all 2.8 million blocks finish synchronizing, I will be ready to start mining Monero.

                      It's sitting at $234 or so down from a high of 500. It is projected to hit $1000 sometime mid 2020s

                      Going to put all these extra cores to work when I am not using them.

                      It's solo mining effort that does have pools but I am going solo. It does not permit ASICs to mine. It is meant for smaller and many CPU and GPU mining operations. I intend to get at least 3 machines in on the effort. 72 threads on off hours, probably 64 during work and 54 during gaming. All CPU based.

                      1 Reply Last reply
                      • markM Offline
                        markM Offline
                        mark
                        wrote on last edited by mark
                        #217

                        Mining for the first time. I might just build a solar powered mining rig. If you can get miners to run on solar, the profit margin jumps significantly.

                        2022-04-15 12_26_14-Monero - mark.png

                        Not sure how far down this rabbit hole I am going to venture, but, it will not just be dipping the toe that's for sure. lol

                        One report I read said that some people actually do win the BitCoin lottery on occasion using a simple USB stick ASIC miner. One person reportedly solo mined something like 6.5 bitcoin just a short time ago using a $2,500 miner. Made over $250k

                        Additional miners that look like WiFi access points are producing $30 per day and use very little power on the order or .30 per day.

                        A solar powered money tree is my goal.

                        There is one miner available that is producing $250+ per day 365 days per year. It costs a whopping $58k to buy one and the power requirements are pretty stiff but that $250 per day is profit. The payoff is 232 days of operation per miner. Imagine having 4 of them just mining away producing $300k+ of annual profit.

                        1 Reply Last reply
                        • LuFins DadL Offline
                          LuFins DadL Offline
                          LuFins Dad
                          wrote on last edited by
                          #218

                          @mark are you better off mining bitcoin or a different currency?

                          I’ve been thinking about buying a moderate mining rig and having Lucas run it at college…

                          The Brad

                          markM 1 Reply Last reply
                          • LuFins DadL LuFins Dad

                            @mark are you better off mining bitcoin or a different currency?

                            I’ve been thinking about buying a moderate mining rig and having Lucas run it at college…

                            markM Offline
                            markM Offline
                            mark
                            wrote on last edited by
                            #219

                            @LuFins-Dad Right now I am mining Monero (XMR).

                            I am looking to get a couple of small Bitcoin miners and probably one or two that can mine more than one coin and are proven profit centers.

                            1 Reply Last reply
                            • George KG Offline
                              George KG Offline
                              George K
                              wrote on last edited by
                              #220

                              OK, please type REALLY SLOWLY so that I can understand this.

                              What, exactly, does "mining" mean? Do you have to have a dedicated computer to do it? What's the investment, the cost?

                              Again, please type really slowly.

                              "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                              The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                              1 Reply Last reply
                              • markM Offline
                                markM Offline
                                mark
                                wrote on last edited by
                                #221

                                @George-K

                                I am a noob at all of this myself. Mining is just an application that generates hashes which in turn are used to look for blocks. As you contribute to the building of the block, you get credits for helping out (Proof of Work) and occasionally you hit the jackpot actually find a block. When you find a block I think you are rewarded with a full coin or multiple coins. I have no idea how long it will take for a reward to be issued. I will let you know how it goes.

                                Anyone can do this. You can allocate the number of processor threads you want to dedicate to the mining process. I am using half of my 32 threads on this AMD 5950X workstation. I have another 5950X machine that I am going to use all 32 threads. Then I am probably going to invest in a dedicated ASIC miner for something that will generate monthly profit. Helium is one that I have read about. There are a few money makers to choose from. I just need to do a lot more research.

                                https://www.getmonero.org/

                                George KG 1 Reply Last reply
                                • markM mark

                                  @George-K

                                  I am a noob at all of this myself. Mining is just an application that generates hashes which in turn are used to look for blocks. As you contribute to the building of the block, you get credits for helping out (Proof of Work) and occasionally you hit the jackpot actually find a block. When you find a block I think you are rewarded with a full coin or multiple coins. I have no idea how long it will take for a reward to be issued. I will let you know how it goes.

                                  Anyone can do this. You can allocate the number of processor threads you want to dedicate to the mining process. I am using half of my 32 threads on this AMD 5950X workstation. I have another 5950X machine that I am going to use all 32 threads. Then I am probably going to invest in a dedicated ASIC miner for something that will generate monthly profit. Helium is one that I have read about. There are a few money makers to choose from. I just need to do a lot more research.

                                  https://www.getmonero.org/

                                  George KG Offline
                                  George KG Offline
                                  George K
                                  wrote on last edited by
                                  #222

                                  @mark said in The Bitcoin/Crypto Thread:

                                  Mining is just an application that generates hashes which in turn are used to look for blocks. As you contribute to the building of the block, you get credits for helping out (Proof of Work) and occasionally you hit the jackpot actually find a block.

                                  You typed too fast...

                                  "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                                  The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                                  KlausK CopperC 2 Replies Last reply
                                  • HoraceH Offline
                                    HoraceH Offline
                                    Horace
                                    wrote on last edited by Horace
                                    #223

                                    It's using your computer's cpu to brute-force the solution to problems that are known to have no elegant, non-brute-force solution. The time-consuming nature of solving these problems, is what enforces scarcity of the results, and that scarcity is what allows the results to be used as currency.

                                    Education is extremely important.

                                    1 Reply Last reply
                                    • taiwan_girlT Offline
                                      taiwan_girlT Offline
                                      taiwan_girl
                                      wrote on last edited by
                                      #224

                                      Isnt the electricity cost in many cases higher than the actual bit coin made?

                                      I was reading something about how the only people making money are the big companies that can have thousands of computers running on cheap electricity.

                                      markM 1 Reply Last reply
                                      • taiwan_girlT taiwan_girl

                                        Isnt the electricity cost in many cases higher than the actual bit coin made?

                                        I was reading something about how the only people making money are the big companies that can have thousands of computers running on cheap electricity.

                                        markM Offline
                                        markM Offline
                                        mark
                                        wrote on last edited by
                                        #225

                                        @taiwan_girl DIY solar using used equipment is very cheap and one you pay off the solar power equipment, it's free.

                                        1 Reply Last reply
                                        • taiwan_girlT Offline
                                          taiwan_girlT Offline
                                          taiwan_girl
                                          wrote on last edited by taiwan_girl
                                          #226

                                          I will admit I dont know much about crypto currency, but it seems to my non-understanding mind that I would have just as much luck ( and may be save money) if I just went out and bought a lottery ticket. LOL

                                          QUOTE
                                          Mining is the process of adding new blocks to the Bitcoin blockchain to validate transactions. It involves a process of trial-and-error that resembles a competitive numeric guessing game in which a correct “guess” completes a block and only the winner obtains rewards in the form of both newly minted Bitcoins and transaction fees. The Bitcoin software automatically adjusts the difficulty of guessing a correct number to maintain a constant time of 10 min between the creation of new blocks. In May 2021, approximately 2.9 million specialized hardware devices worldwide competed in this game, generating 160 quintillion guesses per second2 and consuming approximately 13 gigawatts (GW) of electricity (see Data S1, sheet 10 and 11).
                                          UNQUOTE

                                          Cost of Crypto Currenty

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