News Nvidia Wins Lawsuit Over $1 Billion in Cryptocurrency Mining-Related Sales

itzmec

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I wonder if there has ever been a lawsuit for being mislead after an unexpected rise in share prices?
 
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jkflipflop98

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I can't wait until this crypto fad dies and we can get back to gaming.

It's simply Tulip Mania. Crypto has no intrinsic worth other than the electricity you burned up doing math. Most forms of actual, real currency are backed by some other commodity. Gold, Silver, Oil, etc. Some are backed by other currencies such as when a foreign country uses the US Dollar as the basis of it's own currency. Crypto is inherently worthless. The only value it has is what you can convince the next sucker to buy it for with actual, real money.
 

CerianK

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Crypto mining, in its current state, is one of the biggest misapplications of technology I can think of.
I think it can be beat at its own game by building houses out of the discarded GPUs once they have out-lived their purpose.
People would look at the houses and say "That is beyond stupid!"... then the point will suddenly sink in, and they will want to buy those houses.

Deep Thoughts, (not) by Jack Handey
 

hasten

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I can't wait until this crypto fad dies and we can get back to gaming.

It's simply Tulip Mania. Crypto has no intrinsic worth other than the electricity you burned up doing math. Most forms of actual, real currency are backed by some other commodity. Gold, Silver, Oil, etc. Some are backed by other currencies such as when a foreign country uses the US Dollar as the basis of it's own currency. Crypto is inherently worthless. The only value it has is what you can convince the next sucker to buy it for with actual, real money.
I'm not in crypto, but you kinda make the counterargument in your post. What drives the value of gold, silver, and oil? Rarity and right now crypto is the rarest of resources. That is where the value comes in and it will likely become more valuable as it becomes more mainstream. Plus it has safeguards to keep it rare... I felt the same way as you for many years, have 2 decades in banking and didn't think a non fiat without some sort of backing (military, natural resource, etc.) Could survive. Well hindsight sure as hell should have fired up my extra hardware back in the day and mined away.
 

coolviper777

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I'm not in crypto, but you kinda make the counterargument in your post. What drives the value of gold, silver, and oil? Rarity and right now crypto is the rarest of resources. That is where the value comes in and it will likely become more valuable as it becomes more mainstream. Plus it has safeguards to keep it rare... I felt the same way as you for many years, have 2 decades in banking and didn't think a non fiat without some sort of backing (military, natural resource, etc.) Could survive. Well hindsight sure as hell should have fired up my extra hardware back in the day and mined away.
Crypto may have it's place an electronic store of value and/or a medium of exchange. But the reality is, you lose electrical power, and crypto is worthless. You lose your crypto drives or usb sticks, or the clearinghouse loses your crypto, you're screwed.

Gold/silver won't become useless due to power outages, or be erased or stolen remotely.
 
Mar 6, 2021
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I can't wait until this crypto fad dies and we can get back to gaming.

It's simply Tulip Mania. Crypto has no intrinsic worth other than the electricity you burned up doing math. Most forms of actual, real currency are backed by some other commodity. Gold, Silver, Oil, etc. Some are backed by other currencies such as when a foreign country uses the US Dollar as the basis of it's own currency. Crypto is inherently worthless. The only value it has is what you can convince the next sucker to buy it for with actual, real money.
I think you really have no clue what is going on in crypto/block chain world. When I started looking into what is going on I really got amazed!
 
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JfromNucleon

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I can't wait until this crypto fad dies and we can get back to gaming.

It's simply Tulip Mania. Crypto has no intrinsic worth other than the electricity you burned up doing math. Most forms of actual, real currency are backed by some other commodity. Gold, Silver, Oil, etc. Some are backed by other currencies such as when a foreign country uses the US Dollar as the basis of it's own currency. Crypto is inherently worthless. The only value it has is what you can convince the next sucker to buy it for with actual, real money.
There is so much wrong with your argument, first of all no currency is backed by anything, the last currency that was backed up by anything other than another currency was the USD but they got off the gold standard after France under Charles De Gaul started using that to ship good to France. Second the reason why currencies are not backed by physical things is due to John Law's statement that the availability of credit would be a bottleneck in the economies of countries and the bottleneck in the availability of credit was the availability of gold and silver then. Finally, I believe that crypto will be the currency of the future, even the mighty USD is valued basically at what the market values them at. And we're seeing history being repeated again, paper currencies were also once viewed with suspicion, now look at where they are. I'm gonna finish this argument by quoting John Law," Money is the medium by which goods are exchanged, not for which goods are exchanged." Thus, it doesn't matter what you use (not much, anyway), money isn't a fixed thing and it will continually change its form.
Also, the amount of crypto that can be mined is limited to prevent hyper inflation, which can plague any currency
 
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JfromNucleon

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Crypto may have it's place an electronic store of value and/or a medium of exchange. But the reality is, you lose electrical power, and crypto is worthless. You lose your crypto drives or usb sticks, or the clearinghouse loses your crypto, you're screwed.

Gold/silver won't become useless due to power outages, or be erased or stolen remotely.
But they can become useless due to flooding of the market with them, such as happened when Spain began to import silver from the Americas, silver basically lost all of its value in a night. That said, it seems it'll happen again soon when space mining takes off. Also there's the environmental impact of gold and silver, which crypto won't have provided they are mined using renewables.
 

JfromNucleon

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Crypto mining, in its current state, is one of the biggest misapplications of technology I can think of.
I think it can be beat at its own game by building houses out of the discarded GPUs once they have out-lived their purpose.
People would look at the houses and say "That is beyond stupid!"... then the point will suddenly sink in, and they will want to buy those houses.

Deep Thoughts, (not) by Jack Handey
Frank ly what you've said can be applied to gaming as well. If you're serious about this, donate your GPUs to scientific research and development
 

Chung Leong

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It's simply Tulip Mania. Crypto has no intrinsic worth other than the electricity you burned up doing math. Most forms of actual, real currency are backed by some other commodity.
Real currencies are backed by the power of the issuing states. The US dollar has value because the US government will inflict harm upon those who insist it does not. The power backing crypto is limited to that possessed by narco syndicates.
 

TheBeastInside

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The only problem with Crypto is its power usage it requires and its complete lack of any regulation.
Since all money is made up, this is just another form of it. I just wish there was a more eco friendly way to generate it.
 

JfromNucleon

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The only problem with Crypto is its power usage it requires and its complete lack of any regulation.
Since all money is made up, this is just another form of it. I just wish there was a more eco friendly way to generate it.
Well, the environmental impact is more about where the energy comes from than how much energy is used. That being said if crypto were to be encouraged to only mine using renewables (eg. Reducing electric cost for renewables), then crypto would have very low environmental impact .
 
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I can't wait until this crypto fad dies and we can get back to gaming.

It's simply Tulip Mania. Crypto has no intrinsic worth other than the electricity you burned up doing math. Most forms of actual, real currency are backed by some other commodity. Gold, Silver, Oil, etc. Some are backed by other currencies such as when a foreign country uses the US Dollar as the basis of it's own currency. Crypto is inherently worthless. The only value it has is what you can convince the next sucker to buy it for with actual, real money.
100% true .

I'm not in crypto, but you kinda make the counterargument in your post. What drives the value of gold, silver, and oil? Rarity and right now crypto is the rarest of resources. That is where the value comes in and it will likely become more valuable as it becomes more mainstream. Plus it has safeguards to keep it rare... I felt the same way as you for many years, have 2 decades in banking and didn't think a non fiat without some sort of backing (military, natural resource, etc.) Could survive. Well hindsight sure as hell should have fired up my extra hardware back in the day and mined away.



No currency has intrinsic value - so Crypto is no different. "actual, real currency" are not backed by gold or diamonds or anything. Crypto can be used to buy actual real world goods and services - therefore it has value - that all may change tomorrow - but we might get attacked by Giant Possums from Space.
There is so much wrong with your argument, first of all no currency is backed by anything,
What makes the Value of a currency is the Production you give in to the world in return of that currency.

This production can vary from your working hours in your Job , to goods you produce and sell . "sell" here is an exchange simply , you give your good and get back a currency in return that has the value of what you exchanged.

Crypto Mining is theft. you give nothing to the world . it is 100% like some one who bought a banknote printing machine and started printing US$ and buying stuffs with it in the market. which is illegal . now put the PC in place of the banknote printers , and electricity for pc in place of electricity for printing machine you will end up at the same criminal act.

It puzzles me how governments are not outlawing crypto mining at the same level of printing fake money.

and it puzzles me more how people are accepting it while they would never accept a fake printed out banknote . it is the same.

There is a production cycle in the world economy . you should not take something for nothing. that is , the Banknote concept is just a written paper that proves you gave some "good" to some one and it "replaces" your sold goods or hours of work (production).

if that cycle is cut and you start taking goods or "production" from others in return of zero production from you , in short time the economy would collapse , and poor increase and lack of production as well , you are replacing production with NULL .

People should remember how currency started to understand this . in the past , people exchanged goods , gave apples and took oranges , then they invented currency (Gold and silver) to ease logistics nothing else ... imagine carrying a car worth of apples with you to buy a car. keep in mind that Gold and silver are goods too , they chose them as currency because they were expensive and little size/worth and easier to carry. that is , it was still "goods exchange" but with a third "goods" . crypto currency is not "goods" at all.

Then came banknotes to ease moving heavy gold as well , then they stolen our gold by removing the amount of gold per banknote from currency ... but crypto mining is worse than that .. at least banknotes still have value even if the gold was stolen by the bankers and the value is lower than what you got when you took the banknote.

you dont solve a problem with a bigger problem.

Cryupto mining PC = Banknote printer = Crime
 
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Crypto Mining is theft. you give nothing to the world . it is 100% like some one who bought a banknote printing machine and started printing US$ and buying stuffs with it in the market. which is illegal . now put the PC in place of the banknote printers , and electricity for pc in place of electricity for printing machine you will end up at the same criminal act.

It puzzles me how governments are not outlawing crypto mining at the same level of printing fake money.
and it puzzles me more how people are accepting it while they would never accept a fake printed out banknote . it is the same.
.....
you dont solve a problem with a bigger problem.
Cryupto mining PC = Banknote printer = Crime
Exactly. "Mining" should be banned worldwide by international law. The sooner it will happen, the sooner GPU market will begin to normalize.
 

vanadiel007

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You know what I always find amusing? That bitcoin or any other crypto currency is painted as an independent form of currency, not tied to any commodity. Follow that up by showing the charts of bitcoin or any other crypto currency shown in USD or another currency.
So yes, crypto currency is worth nothing in itself. It's only worth something after you exchange it for a real world currency. There goes the whole notion that it's an independent form of currency.
 

luissantos

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Gold/Silver/Oil have practical value beyond being used for market speculation.
Without Gold, for instance, it would be much harder to produce electronic components.
Without Oil, you'd have no flying machines, or the vast majority of land vehicles.
To compare these with a cryptocurrency which actually consumes valuable, irreplaceable energy is completely insapient. Read up on "entropy" before countering with "but, renewable energy"... and mind you, what matters is that the energy used to mine is not fully clean or renewable. Hypothetical "but if it was" arguments are moot.
 
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motocros1

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i love when someone implies the USD is backed by something physical(gold, silver, etc). even though i too am outraged at the current gpu prices. i thought asics took over mining a while ago.
 

Phaaze88

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i thought asics took over mining a while ago.
Unfortunately, as blockchains move from Proof Of Work to Proof Of Stake, more Proof of Work chains seem to take their place.
The cost also keeps ASICs from 'taking over'.
POS: Mining with ASICs, more efficient, more profitable, but there is a high cost ceiling to get into it. Limited to people who are well off and are resourceful.
POW: Mining with gpus, less efficient, less profitable, but accessible to everyone.

I've heard it's better to just buy, hold, and trade the coins if one can't afford to delve into ASICs, but I dunno... I haven't looked that much into it.
 

CerianK

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Frankly what you've said can be applied to gaming as well. If you're serious about this, donate your GPUs to scientific research and development.
I was referring to the inefficiency aspect, which ideas like 'Proof of Stake' will attempt to address. The current system wastes GPU cycles in a way that could have been put to better use. And yes, I'm serious about this, so already use CPU (mostly) and GPU for research and development (but not on crypto, though thinking about it). Gaming is bonus, but I'm still counting the days for the release of D2 Resurrected... which is what GPUs were really meant for (in my narrow opinion).
 
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Petr Berka

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The environment and investors, everything around nVidia is toxic. Everybody is milking "through the corpses" no matter what. If irbwas even possibke, I would drop such investor in a heartbeat. Effers. nVidia is nonsaint, but this....
 

coolviper777

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Isn't the Trillions of dollars in bailout covid money basically money conjured from thin air? It's in essence counterfeit, sice it didn't exist, no value or expansion of economy caused this expansion?

It is nothing like someone buying a "banknote printing machine" and starting to print US$. Counterfeiting is illegal, whether it's currency or Ray Ban sunglasses - we have determined that in the case of consumer goods that it is infringement on the Intellectual Property of an individual or company. In the case of currency it is illegal because it can destabilize the economy if left unchecked - it is the #1 responsibility of the Secret Service to investigate and confiscate counterfeit currency.

So, no Crypto mining is not theft.
 

coolviper777

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USD is backed by something physical. It's backed by the government/military and and economic/technological might of the USA.

Without it, the USD would be a worthless currency. But this is generally true of any other paper currency which has no intrinsic value. It's worth what the government says it is crossed with what the people think it woth.

i love when someone implies the USD is backed by something physical(gold, silver, etc). even though i too am outraged at the current gpu prices. i thought asics took over mining a while ago.
 

coolviper777

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It's hard to imagine that Bitcoin will be a primary payment mechanism. Blockchain is slow to process transactions. Bitcoins primary value is it's rarity (supposedly), and because it's "hard" to create, people think it has value. Similar to the fact that mining gold is hard to do, takes a lot of time and money to produce.

Tesla will start accepting BTC as payment - and more will follow. This is still a sector that is in its infancy
 

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