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Author Topic: The State of Cryptocurrency Mining by David Vorick (Sia)  (Read 25609 times)
mikeywith
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January 21, 2019, 10:50:14 PM
 #61

while they use the machine for 6 months and get all the profit, then sell it to you.

this is the unicorn of crypto. a thing that people have only in their mind, i have yet to see a single solid proof about  this statement that many people keep on repeating.

don't get me wrong, bitmain are capable of doing worse stuff than this, but this theory of using the miners and then re-selling them is as stupid as mining bitcoin with a pentium 1 processor.

anyone who had experienced brand new miners and used miners can make certain that putting a used device back to brand new status is practically impossible. 

if you mine with the miner for 24 hours straight, it will be nightmare to try and bring it back to brand new shape, not to mention that smell of fresh launch that all electronics have, i can almost differentiate a brand new ASIC from a used ASIC with my eyes closed.

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January 21, 2019, 11:01:51 PM
Last edit: January 22, 2019, 03:08:17 AM by frodocooper
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 #62

Some may think this.  but it is not what bitmain needs to do.

they simply hold back tech and or firmware.

An s9 now can magically do 750 watts and 9th with firmware up grade.

So lets see they build 2 s9's keep them run them at 750 watts an 9th or 1500 watts and 9th

sell the third one  to a miner for top dollar  set it to do 1500 watts and 14th.  it will burn up faster and it effectively pays for the 2 they use in house.

better yet  they had hashnest   with s7's and s9's   so if you purchased an s7 share they charged yo at 250 watts a th while they mined with an 82 watt a th miner.

they did sell old miners filled with dust years ago.  Until some clever motherfucker figured out the scheme I outlined above.

They also raped and pillaged gpu mining by simply selling endless amounts of gear  until it crashed all prices.

which is what I don't understand about them. As that was simply fucking stupid business on their part.

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February 20, 2019, 07:35:37 AM
Last edit: February 20, 2019, 09:37:51 AM by frodocooper
 #63

Honestly I wish this wasn’t driven mostly by get rich traders.  They give two shits about how the system should be working. Honestly price should continue to head down as the whole idea of bitcoins worth is at jeopardy(decentralization).  It should be nearing 0$ per bitcoin.  Bitmain owns entirely too much of this space.  The only way to remedy this situation is for all devs to stand together for the betterment of mankind.  Not their own personal wealth.  EVERYONE!  If we just all walk away and ignore them what power do they have?  ZERO!    If we all succeed we all do better.  When the money lies in only the hands of a few well it don’t take a long look at history to see how that plays out.  Def a turning point for me whether this whole thing is a bust or will make it.

How do we walk away from their mining power??

Even if everybody stopped buying their stuff, they still make the best stuff..... So this seems like a catalyst for what they already have in motion.

Bitcoin will eventually die. Every form of currency every existed has/will off. Democracy didn't completely remove consolidation of power. It did improve the situation.

Bitcoin has to be taken not as a panacea but as a guideline with which new ideas can be developed.

This is not written in disagreement with you, it's intended to be a cheerful but firm reminder. Read the myth of Sisyphus. Remember, life is gritty, and the same problems are going to come back again and again. We can't control the repetition, but we can control our attitudes. We can move fwd with a sense of internal competition. Take things one step further. Do things a little better than we could do them last time.
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March 19, 2019, 11:02:53 AM
 #64

I remember my roommates mining back in 2010. Back then and until a couple years ago the "little guy" seemed to have a fighting chance in the crypto world. It's sad to see the state of mining shift towards the "big guys". I'm hoping Bitmain gets supplanted by someone with better ethics and that power can shift back to those running small setups.

It is what it is. The same thing happens in all areas of life. If economies of scale and finance produce enough advantage then it's going to congregate near the top. It'll be interesting to see how committed other coins remain to combating it. It seems a bit like trying to hold back the tide by shouting at it to me.
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March 19, 2019, 11:09:50 AM
Last edit: March 20, 2019, 03:18:26 AM by frodocooper
Merited by heyuniverse (1)
 #65

It is what it is. The same thing happens in all areas of life. If economies of scale and finance produce enough advantage then it's going to congregate near the top. It'll be interesting to see how committed other coins remain to combating it. It seems a bit like trying to hold back the tide by shouting at it to me.

What is the point of Decentralized crypto then?  Why not just have one server run the whole network.  That would be efficient.  Why waste resources and heat up an already pissed off planet.  I mean hell let’s add solar to the mix and trap the suns heat here as well.  I mean what could go wrong.  What is the point of this if in ten years we end up right back where we started.  The top with all the means and the rest of us bottom feeding.  Why did satoshi put together all those other great people ideas if he didn’t see the problem at hand.  Centralized power corrupts even the purest of minds over time.  What exactly is the point of all this other than to sell snake oil to some to enrich others.  What do you feel this will accomplish?

BR

As in nature, all is ebb and tide, all is wave motion, so it seems that in all branches of industry, alternating currents - electric wave motion - will have the sway. ~Nikola Tesla~
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March 19, 2019, 11:21:13 AM
Merited by frodocooper (1)
 #66

Why did satoshi put together all those other great people ideas if he didn’t see the problem at hand.  Centralized power corrupts even the purest of minds over time.  What exactly is the point of all this other than to sell snake oil to some to enrich others.  What do you feel this will accomplish?

BR

He did foresee it - https://bitcointalk.org/index.php?topic=532.msg6306#msg6306

The requirement and incentives to keep others honest is still there, albeit moved up from individual to commercial entities. Each user mining and validating is long dead and getting deader by the second for Bitcoin at least.
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March 21, 2019, 11:39:14 AM
Last edit: March 22, 2019, 09:56:45 AM by frodocooper
 #67

He did foresee it - https://bitcointalk.org/index.php?topic=532.msg6306#msg6306

The requirement and incentives to keep others honest is still there, albeit moved up from individual to commercial entities. Each user mining and validating is long dead and getting deader by the second for Bitcoin at least.

Well hell... my apologies for being that guy screaming at the tsunami.  I guess I listened to far to many scammers trying to make us believe decentralization is something attainable.  Even satoshi knew decentralization in a world with unequal resources couldn’t happen.    Honest and crypto.  Two words that need to get a relationship with each other for crypto to even be considered.  But hell look at the fraud Coming out daily. .  Doesn’t look like honesty is a virtue people take pride in.  A symptom of the greater disease that is capitalism

BR

As in nature, all is ebb and tide, all is wave motion, so it seems that in all branches of industry, alternating currents - electric wave motion - will have the sway. ~Nikola Tesla~
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