robertmo wrote on 2021-05-13, 15:08:

Elon Musk likes the idea of Chia

Time for an Elon Musk chia pet...

5EB

So much storage space wasted not for porn!

What a shame.

if the farms resell the drives to data centres just before dying its gonna be a double win.
at least the ssds cause hdds mechanics may not be enough to support reading
it depends what dies earlier mechanics or discs

Personally I had to dabble with some of the technical aspects of blockchain/ethereum for work years ago (extremely boring work I may add). But even understanding some of the principles behind it I cannot shake a gut feeling that this is all a big elaborate scam, however irrational it may sound to experts in this "field". At the very least I think this is an endeavor that does not add any inherent value to the world, much like Wall Street speculators.

The Serpent Rider wrote on 2021-05-15, 10:02:

So much storage space wasted not for porn!

I wouldn't be sad if a quantum computer is invented that completely breaks this and makes it crash and burn, and all this storage and processing power is used for a more noble purpose like genetic research, astronomy, particle physics. Or porn.

https://www.youtube.com/watch?v=LTJvdGcb7Fs

In the USA WD40PURZ costs only 96$ (newegg). In my country the price has doubled since the chia craziness started and now the same model costs 260$

Meanwhile all main cryptos took serious nosedive after Elon Musk's comments and Bank of China statements. This includes Chia.

I guess we will probably see droves of used graphics cards in the market soon. *fist pump*

appiah4 wrote on 2021-05-19, 15:00:

I guess we will probably see droves of used graphics cards in the market soon. *fist pump*

everybody would hope that, but probably not so fast unfortunately, the more the scamcoins get traded the more "miners" profit from it, with the current volatility that meens a lot of trading volume.

imi wrote on 2021-05-19, 15:07:

appiah4 wrote on 2021-05-19, 15:00:

I guess we will probably see droves of used graphics cards in the market soon. *fist pump*

everybody would hope that, but probably not so fast unfortunately, the more the scamcoins get traded the more "miners" profit from it, with the current volatility that meens a lot of trading volume.

Most miners are not traders though, at least anectodally the ones I know are HODLers and that way of thinking ended up dumping cards at firesale prices once the price slumped beyond 50% (which is where it is now)

The Serpent Rider wrote on 2021-05-19, 14:06:

Meanwhile all main cryptos took serious nosedive after Elon Musk's comments and Bank of China statements. This includes Chia.

You know what is good about Chinese communists ? They embraced capitalism, but the difference is, since they are communists, they study capitalism from the basis that it sucks, so it is easier for them to recognize BS when they see it. In last few years they are taking on both cryptocurrencies and their domestic tech monopolies like Alibaba who put their financial system in jeopardy. Meanwhile West seems to be completely passive about all this. I bet if Musk was Chinese he would be invited to a talk with the government for market manipulation like Jack Ma was.

antrad wrote on 2021-05-20, 22:19:

The Serpent Rider wrote on 2021-05-19, 14:06:

Meanwhile all main cryptos took serious nosedive after Elon Musk's comments and Bank of China statements. This includes Chia.

You know what is good about Chinese communists ? They embraced capitalism, but the difference is, since they are communists, they study capitalism from the basis that it sucks, so it is easier for them to recognize BS when they see it. In last few years they are taking on both cryptocurrencies and their domestic tech monopolies like Alibaba who put their financial system in jeopardy. Meanwhile West seems to be completely passive about all this. I bet if Musk was Chinese he would be invited to a talk with the government for market manipulation like Jack Ma was.

If the Chinese govt are truly "taking on" crypto, then their power cannot be as absolute as it seems. But I doubt it's that simple.

A majority of the world's crypto mining has for a long time (and still does) occurred within Chinese territory, and several of the world's largest crypto corporations are founded and run by free Chinese citizens in good standing, operating "under the name of" another country (such as the tax- and legal- haven Seychelles) : Changpeng Zhao of Binance, Xu Mingzing of OKEx, Jihan Wu of Bitmain, Justin Sun of Tron and Poloniex, Leon Li of Huobi, to name just a few. None of these are in jail or fugitives, yet they are free Chinese citizens who personally oversee the majority of the world's crypto business and volume. Virtually every Bitcoin minted passes through one (if not several!) of their hands in short order.

So, while the Chinese govt might be playing the "resist crypto" card with one hand, the other hand is - just like every other power in the world! - behind the back, subtly playing the very game they pretend to resist. Or so it must seem, based upon the evidence above. Because there are very few countries in the world more intrinsically connected with cryptocurrency than China.

antrad wrote on 2021-05-20, 22:19:

The Serpent Rider wrote on 2021-05-19, 14:06:

Meanwhile all main cryptos took serious nosedive after Elon Musk's comments and Bank of China statements. This includes Chia.

You know what is good about Chinese communists ? They embraced capitalism, but the difference is, since they are communists, they study capitalism from the basis that it sucks, so it is easier for them to recognize BS when they see it. In last few years they are taking on both cryptocurrencies and their domestic tech monopolies like Alibaba who put their financial system in jeopardy. Meanwhile West seems to be completely passive about all this. I bet if Musk was Chinese he would be invited to a talk with the government for market manipulation like Jack Ma was.

it's a stretch to call China communist any more, but corporatist - yes. If you think of Chinese government as a corporate headquarters and China as its wholly owned company and outcompeting all perceived rivals to gain power and influence as the goal then it all makes sense. Its working too, and everyone else is just watching it happen and feeding it in fact, making sure it happens.

the industrial might, and even the scope for innovation, is ever increasing and the world will depend on China one way or another very much over the decades to come

I'm not making a value or moral judgement about China either, but it's clear that while those of us born in west europe, usa, canada, australasia or generally 'the west' may have grown up subconsciously or consciously with the self perception that 'we' are the global leaders and superpowers, it is now seemingly certain that children being born in 'the west' today will not have that same experience or perception. The ability to control trade and to set and influence the value of currencies all forms part of that

Crypto currencies represent an uncontrolled chaos to China's interests and they act in their interest to increase their influence over it in whatever way seems to work

It's all old-hat anyway.

China, 2013: "We are banning crypto!" - didn't ban crypto
China, 2017: "We are banning crypto!" - didn't ban crypto
China, 2021: "We are banning crypto!" - ........................

Exactly the same as:

India, 2016: "We are banning crypto!" - didn't ban crypto
India, 2018: "We are banning crypto!" - didn't ban crypto
India, 2020: "We are banning crypto!" - didn't ban crypto

The one commonality is the use of broadcast to set a widespread narrative and take immediate effect upon market prices. After seeing this crap for years, you get a lot more cynical.

In China, you can now report on your neighbours if they're mining: https://www.ft.com/content/c26ef6bb-ed04-44a0 … e0-5f7908e0d854

Now, send all the miners to China.

To uranium mines!

I am trying to make a joke about minor miners but it ain't happening...