News Ethereum Hits 15-Month Low As The Merge Is Delayed Again

[digitalgriffin]

As ETH descends to the $1,500 region, we hear another delay in "the merge," or the switch away from the processing intensive Proof of Work system. Also, the recent US inflation report is weighing on cryptocurrencies.

Ethereum Hits 15-Month Low As The Merge Is Delayed Again : Read more

Call it a conspiracy theory, but I wonder how many of those developers make a healthy profit from scalping GPUs.

 

[digitalgriffin]

Few concerns can affect PoW crypto worse than all-out bans in major markets regardless of whatever else is happening and much of the pressure to ban PoW crypto is the global energy crisis partly but not entirely caused by Putin's war on Ukraine.

A bill was just passed in NY that put a moratorium on starting up old plants to power crypto farms.

 

[Anubis01212]

Call it a conspiracy theory, but I wonder how many of those developers make a healthy profit from scalping GPUs.

0, they don't need to. they get coins for being involved. And those cuts are waaaaaay above mining profits.
Running a fully operational profitable mine is pretty difficult and very time consuming. I've run 18 cards on 3 rigs 4-5 years ago but that scale became lot to small to be profitable (and energy cost at my place made it not profitable enough/time spent in the end). Running 100 of those rigs would only add a bit of maintenance but generate big extra margin ofc (I've looked into it back then but decided to put my money into crypto vs mining for the profits, that would later turn out to be the correct call).

 

[Anubis01212]

A bill was just passed in NY that put a moratorium on starting up old plants to power crypto farms.

Most new plants go 100% solar powered though. Altough i'm a big fan of moving away of pow into pos or even poa.

 

[-Fran-]

Imagine depending on the volatility of the imaginary currency you've invested all/most of your money in and now can't sleep and have ulcers every time someone speculates it's just all a big scam and you're now deep enough that you can't speak against it objectively or you undermine your own profitability while at the same time looking at the price go down in almost free fall. Then imagine how the whole point of it not being tied to Govt's is just an illusion and not understanding why.

Wild.

Regards.

 

[InvalidError]

A bill was just passed in NY that put a moratorium on starting up old plants to power crypto farms.

With droughts all over the place and historically low reservoir levels in so many places, running hydro plants for crypto could definitely become a problem.

 

[Anubis01212]

Imagine depending on the volatility of the imaginary currency you've invested all/most of your money in and now can't sleep and have ulcers every time someone speculates it's just all a big scam and you're now deep enough that you can't speak against it objectively or you undermine your own profitability while at the same time looking at the price go down in almost free fall. Then imagine how the whole point of it not being tied to Govt's is just an illusion and not understanding why.

Wild.

Regards.

Imagine being sour you keep missing the boat and try rectifying being financially incompetent every time someone else has a setback by screaming scam without understanding anything about crypto. No worries I sleep like a baby on my profits .
Ps you are aware most governments have crypto projects running right? China will launch this year, projected profits of less government spending are north of 450billion...yeah probably just a hoax right.
Every single bank has blockchain projects, yeah probably a hoax. Every fortune 500 company is involved, wall street, JPMorgan. But not with Fran, she sees right through it, luckily.

 

[Anubis01212]

With droughts all over the place and historically low reservoir levels in so many places, running hydro plants for crypto could definitely become a problem.

Yeah hydro plants will be though I bet. Are there huge farms running on hydro plants? I imagine that would be super profitable but extremely high cost to build compared to solar right. Might be a bridge to far to break even anyways.
Mine broke even in about 5months back then, if I would do it now with current prices on small scale it would be years...

 

[digitalgriffin]

With droughts all over the place and historically low reservoir levels in so many places, running hydro plants for crypto could definitely become a problem.

New York Bill Puts Moratorium on Cryptomining Operations Burning Fossil Fuels

A milestone measure that would tap the brakes on the spread of cryptocurrency mining operations burning fossil fuels in New York has passed the state Legislature. The bill approved early Friday by the state Senate would establish a two-year moratorium on new and renewed air permits for fossil...

www.nbcnewyork.com

The curious thing here is power has to come from somewhere. As you said, if they have to use renewables, that's a renewable that could be used elsewhere. And during a power shortage, and drought this creates problems.

 

[digitalgriffin]

Ps you are aware most governments have crypto projects running right? China will launch this year, projected profits of less government spending are north of 450billion...yeah probably just a hoax right.

Now imagine a government created crypto that is fully traceable, fully taxable, and fully backed and tied to the country's currency. It's a wet dream for the IRS and other 3 letter agencies.

These are the very things Crypto proponents say the strength of reason for crypto. Now imagine the govt outlawing all other forms. There is no incentive for gov't to allow forms of currency that undermine their authority. China is a key example of this.

As I have always said, "Government Loathes what it can't control"

 

[-Fran-]

Imagine being sour you keep missing the boat and try rectifying being financially incompetent every time someone else has a setback by screaming scam without understanding anything about crypto. No worries I sleep like a baby on my profits .
Ps you are aware most governments have crypto projects running right? China will launch this year, projected profits of less government spending are north of 450billion...yeah probably just a hoax right.
Every single bank has blockchain projects, yeah probably a hoax. Every fortune 500 company is involved, wall street, JPMorgan. But not with Fran, she sees right through it, luckily.

Of course. All of them want to squeeze as much money as possible from regular people. Why wouldn't they jump on the bandwaggon? It's like Free 2 Play games and their "cashing" tactics on people.

Crypto is not a hoax at all, just a big (real) scam predating on people unsure on what to do with their little saved money or gold seekers. The "wild west" analogy is very apt. So far, it's been spot on.

Regards.

 

[Anubis01212]

New York Bill Puts Moratorium on Cryptomining Operations Burning Fossil Fuels

A milestone measure that would tap the brakes on the spread of cryptocurrency mining operations burning fossil fuels in New York has passed the state Legislature. The bill approved early Friday by the state Senate would establish a two-year moratorium on new and renewed air permits for fossil...

www.nbcnewyork.com

The curious thing here is power has to come from somewhere. As you said, if they have to use renewables, that's a renewable that could be used elsewhere. And during a power shortage, and drought this creates problems.

Fact that's why they are pushing so hard for pos, witch uses 99,9% less energy.
Although I know mining companies that wouldn't have put solar energy farms if they wouldn't be mining, so in the end when they move to pos that energy is added to the net, win win imo.
But let me ask you another question, let's calculate how much energy it costs to keep paper money. Printing, transporting, atm's,... The whole thing. I know who will win in efficiency, co2 and power wise.
It's actually not so different than what banks have been doing for years, most of our euro's and dollars are virtual already. If everyone would withdraw all their money in paper at once it wouldn't be possible. So the next logical evolution is blockchain. So as backbone for financial institutions I have no doubt something like xrp is the way to go(doesn't mean it can't be backed in real assets ofc, like gold). I think on this point most people can agree, it's the public blockchains that people have difficulty with I guess. But there are so many different type of chains that we can't speak about those as just crypto anymore. You have stable coins that are backed in real assets and stable coins based on algorithms (Luna being one of them that failed hard, other have no issues as they are backed in other assets.).

 

[digitalgriffin]

Fact that's why they are pushing so hard for pos, witch uses 99,9% less energy.
Although I know mining companies that wouldn't have put solar energy farms if they wouldn't be mining, so in the end when they move to pos that energy is added to the net, win win imo.
But let me ask you another question, let's calculate how much energy it costs to keep paper money. Printing, transporting, atm's,... The whole thing. I know who will win in efficiency, co2 and power wise.
It's actually not so different than what banks have been doing for years, most of our euro's and dollars are virtual already. If everyone would withdraw all their money in paper at once it wouldn't be possible. So the next logical evolution is blockchain. So as backbone for financial institutions I have no doubt something like xrp is the way to go(doesn't mean it can't be backed in real assets ofc, like gold). I think on this point most people can agree, it's the public blockchains that people have difficulty with I guess. But there are so many different type of chains that we can't speak about those as just crypto anymore. You have stable coins that are backed in real assets and stable coins based on algorithms (Luna being one of them that failed hard, other have no issues as they are backed in other assets.).

Studies suggest paper money is more efficient in terms of energy used. But paper money is only a small fraction of current transactions. Most people use bank cards these days which is absurdly more efficient than both. Even soda machines take bank cards now.

Stable coin has been tied to china real estate investments. They haven't been open about how stable coins like tether have been held up. And now a few of them are destabilized. Look what happened to Luna.

 

[Anubis01212]

Of course. All of them want to squeeze as much money as possible from regular people. Why wouldn't they jump on the bandwaggon? It's like Free 2 Play games and their "cashing" tactics on people.

Crypto is not a hoax at all, just a big (real) scam predating on people unsure on what to do with their little saved money or gold seekers. The "wild west" analogy is very apt. So far, it's been spot on.

Regards.

You have 0 clue about "crypto". You put a store of value chain next to a yielding farm next to a Dao and a government regulated currency. They have all different uses and completely different risk/rewards. Saying government regulated crypto are scams is like saying euro and usd are scams (although there might be some truth in that everything is a ponzi, ve

Studies suggest paper money is more efficient in terms of energy used. But paper money is only a small fraction of current transactions. Most people use bank cards these days which is absurdly more efficient than both. Even soda machines take bank cards now.

Yes but the studies don't take the full life cycle of money into account, just the printing... Ps bank cards are insanly less efficient than pos btw (granted not pow, that's why we evolve to pos, banks included). Like probably 10000% at least (you should see the data center of a single bank :s).

 

[digitalgriffin]

Yes but the studies don't take the full life cycle of money into account, just the printing... Ps bank cards are insanly less efficient than pos btw (granted not pow, that's why we evolve to pos, banks included). Like probably 10000% at least (you should see the data center of a single bank :s).

The two studies by universities I saw did indeed account for manual money transfers (full life cycle) via bank cars like Brinks. But it's all very rough math based on several assumptions including Jules of energy released by diesel and the number of miles companies brinks uses each year. I don't remember the exact number, but they estimate somewhere around 20% that paper money is more efficient than POW (based on difficulty levels a year ago) If I find the link I'll post it here. But I have a lot of work to do today.

It is impossible for POS to be more efficient than bank servers. It has to consult at least 51% of nodes to confirm the transaction is valid. With a bank server, you don't have to consult 51% of the servers to process a database transaction, even if they are running COBAL.

 

[Anubis01212]

To clarify the 10000% : current validator nodes on eth for example is 401016 servers distributed world wide.
All banks in the world run billions of servers in thousands datacenters... easy to see how pos will be huge ofc.

 

[Anubis01212]

The two studies by universities I saw did indeed account for manual money transfers (full life cycle) via bank cars like Brinks. But it's all very rough math based on several assumptions including Jules of energy released by diesel and the number of miles companies brinks uses each year. I don't remember the exact number, but they estimate somewhere around 20% that paper money is more efficient than POW (based on difficulty levels a year ago) If I find the link I'll post it here. But I have a lot of work to do today.

It is impossible for POS to be more efficient than bank servers. It has to consult at least 51% of nodes to confirm the transaction is valid. With a bank server, you don't have to consult 51% of the servers to process a database transaction, even if they are running COBAL.

For this you have to understand how programming/architecture in financial institutions work, they have hundreds of servers running for doing a single transaction, front end, transaction data, client services, ... literally hundreds of servers. While the transaction part could be replaced with a single validator node on a given chain now (ok that's overly simplified but you won't need hundreds of validator nodes like they currently have for the transactions. On top of that they are running tons of servers for security, not needed on pos as it's included in the single node they can run. Well the people that designed this are hell of a lot smarter than we are, let's say they did the math. And pos is just the first iteration I would even say pre launch of real world crypto use. While traditional backend services and transactions have been optimized for years and years. There is no doubt defi and blockchain is the way to go, wich chain, that's a whole other topic ofc .

 

[digitalgriffin]

To clarify the 10000% : current validator nodes on eth for example is 401016 servers distributed world wide.
All banks in the world run billions of servers in thousands datacenters... easy to see how pos will be huge ofc.

But are you comparing that to the % of transactions? Crypto is a blip compared to banks.

 

[InvalidError]

It is impossible for POS to be more efficient than bank servers. It has to consult at least 51% of nodes to confirm the transaction is valid.

Not quite. With PoS, each stake is somewhat like its own branch on the block chain that only needs to be validated by validators assigned to a given transaction since the block chain has your 32 ETH stake as collateral in case you get caught cheating.

 

[Anubis01212]

Not exactly

But are you comparing that to the % of transactions? Crypto is a blip compared to banks.

Not exactly visa has most transactions a day lets say around 600m a day. Stellar alone did 9mil a day without being stressed at all, Xrp did 4m/day on peak without a hickup. Eth in current form did 1,4m a day. After the merge of eth they will work on danksharding which will multiply those numbers by 1milion easily (with networks like optimism, arbitrum and zkSync) and against virtually 0 fees. Try sending money from eu to usa through your bank, they charge insane amounts for nothing.

 

[Anubis01212]

Not quite. With PoS, each stake is somewhat like its own branch on the block chain that only needs to be validated by validators assigned to a given transaction since the block chain has your 32 ETH stake as collateral in case you get caught cheating.

Correct, while the explanation was correct for pow however. The whole goal here is to detect when some1 is trying to cheat the system they will get caught, not on the block itself, but on the next blocks it tries to push through. As others will have different parent blocks they will start ignoring that one wrong one and it will get penalized.

 

[JamesJones44]

Please go to zero, enough wasting resources for a solution looking for problems to solve, instead of having a solution to solve an actual problem.

P.S. I'm talking about the "currencies", not Block Chain itself.

 

[Anubis01212]

Please go to zero, enough wasting resources for a solution looking for problems to solve, instead of having a solution to solve an actual problem.

P.S. I'm talking about the "currencies", not Block Chain itself.

Well they are inherently bound to each other...
And I can understand the point where you want them to finally be used. But let's face it its extremely complex and build from the ground up. It's gonna take time and iterations. That being said it already shows how versatile it can be, complain about power usage? 2-3 years later ok we gonna fix that and consume 99,9% less. Complain to governments about climate issues... They fly 100's of private planes to meet somewhere and outcome is yeah we have a goal but it's not mandatory to make it, we will try.

 

[Anubis01212]

Please go to zero, enough wasting resources for a solution looking for problems to solve, instead of having a solution to solve an actual problem.

P.S. I'm talking about the "currencies", not Block Chain itself.

But coins like Inu Shiba, litecoin, the pure meme coins I fully agree. Be gone 0 value in that! But then you get a musk supporting that 🙁.

 

[digitalgriffin]

CRYPTO MELTDOWN as Prices CRASH, BINANCE & CELSIUS Suspend Withdrawals & BOE Warns of 100% LOSSES. - YouTube