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Crypto Mega-Thread [A.K.A Cryptocurrency mining isn't for hobbyists and Ethereum's terrible]

mega_thread
ethereum
bitcoin

#1

Fact: GPU Mining Hobbyists are pricing themselves out of profits by increasing the difficulty, ensuring that only the large players will see returns

Fact: Reliance on a speculative increase in price or a constant difficulty for your profit model to pay out means you will never hit ROI

Alternative Fact™: Even if you buy 1060’s at 300+ now, you’re sure to make it all back in a few months!

Fact: You will make more money, in all cases, by investing the same amount of money in BTC that you did in mining capital given the same ROI period.

Fact: Unless it has real world use-cases outside of speculative/capital control avoidance, it’s being overvalued in the current market.

Alternative Fact™: ASIC resistance means anyone can get started! It’s a totally level playing field!

Fact: Decentralized applications are Ethereum’s one market differentiator.

Fact: It’s hundreds of millions of times more expensive to run anything on ETH than on a cloud platform, like AWS.

Alternative Fact™: Ethereum is intrinsically useful and not an investment speculation bubble.

Fact: Ethereum scales worse than traditional coins like LTC or BTC because of the massive computational overhead and ledger size

Fact: every large project built on Ethereum has thus far been an affinity scam or ponzi, often with disastrous results. (e.g. The DAO)

Fact: there are no dApps in production today that aren’t attached to their own speculative token, and none in production on mainstream use-cases.

Alternative Fact™: ICOs are disruptive blockchain innovation that will change the face of startup investment.

Fact: A central authority controls code clearance for Ethereum, as well as a majority financial stake/position.

Fact: This governing body has no problem with forking on a price crash, and a fork necessarily destroys anything built on top of the old chain. This means ICOs and dApps can exit or dump any time a hack or theft occurs.

Alternative Fact™: Vitalik acts as a rational thought leader at the helm of the Ethereum foundation, and his strong governance protects the ecosystem.


Questions about mining
Mining powered by Radeon Pro WX Series
Cryptocurrency Trading
Will I be able to profit mining? (using ASIC)
#2

PREACH IT

This man is Certified Real™ News.

If you feel strongly otherwise, present evidence and prove you aren't just buying into the pump. If you can't, then you might want to take a hard look at that rack of overpriced asics you have in your closet.


#3

I tried mining Pandacoin in 2014 once when I had an A10-5800K and no dedicated graphics card. Needless to say I was disappointed.

Protip: Don't mine Pandacoin in 2014 with an A10-5800K using both the GPU and CPU part of the chip. You will be disappointed. Consider this a warning, hobbyists.

this is all the experience with cryptocurrencies I have. Although my first run with pandacoin was with an E-350 laptop. So you think YOUR mining rigs are underpowered? Think again, sucka!


#4

The first stage of Grief: Denial

(A story in 2 parts)

EDIT: A story in 3 parts --


#5

im still making like a hundred bucks a day,
roi is in august
im not sad about this investment,
just trying to get a nice profit going on this sold out hardware, to the unwashed masses trying to buy "mining rigs"


#6

Don't care, made money for small cost when not using workstation. If what I earn from it is worth nothing in the future, oh well. If it is worth a lot in the future. Cool.

There will always be new coins, the market will always go up and down. Who cares of you can't mine in the future as long as you didn't expect to be a millionaire from it. You're not going to make a living off something that takes very little effort.


#7

I already had 2x 290s and a 1070 I'm making about 10 bucks USD a day. Spending maybe $1.50CAN on electricity.

I'm doing okay as a hobbyist


#8

Post your numbers. I'm interested to see what mathemagics you've done to come to that conclusion.


#9

Which numbers do you want? I've made about 75mBTC(already sitting in my wallet) and have been mining less than 3 weeks.(less than 21days)

The 290s and 1070 are about 1kw at $0.13/kWh okay so maybe $3CAN/day


#10

miner(s), at the wall power, proof of funds. That's all.


#11


#12

1/3 ain't bad, but I wasn't addressing you.


#13

Remember to always have sufficient Ram when addressing a female port


#14

Oh, and hashrate, can't forget hashrate.


#15

We could start a system where we smoke hash at an incredible rate


#16

What do you even think ASICs are for?

They're just state-of-the-art hot-knives.


#17

Asic units are more of a square construction
so I would call them more like a ^hot-box^

Smoking hashing and hotboxing go hand-in-hand


#18

Duh, that's why people circlejerk to having the biggest dab rigs whenever mining comes up.


#19

But where did they get the doughnuts?
That's the most important part of a circlejerk


#20