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Nvidia cripples cryptocurrency mining on RTX 3080 and 3070 cards

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Re: Nvidia cripples cryptocurrency mining on RTX 3080 and 3070 cards

#671

Post by TheRealSteel »

kyboren wrote: post #512
caconym_ wrote: post #165

Earlier quoted context omitted.

My next GPU is going to be one that a) supports the features I want, and b) that I can actually go out and buy without putting hundreds or thousands of dollars into some economic parasite’s pocket. It’s not just “hard” to buy high-end GPUs right now—it’s impossible unless you make a lifestyle out of chasing them down. If this has any effect on anybody who isn’t a crypto miner, it’s going to be to open up possibilitie…

They are not economic parasites. They are the physical manifestation of the Invisible Hand. These are people doing God's work making an efficient market. If you don't want arbitrageurs to capture that value, maybe NVidia should start pricing their products correctly so that they capture the value. This isn't rocket science. > If this has any effect on anybody who isn’t a crypto miner, it’s going to be to open up poss…

They are indeed economic parasites. Much like landlords, they are not doing any useful work, not contributing to society in any way, but sitting on their ass expecting to collect a free paycheck while other people work.

Miners are parasites.

Re: Nvidia cripples cryptocurrency mining on RTX 3080 and 3070 cards

#672

Post by TheRealSteel »

arthurcolle wrote: post #10
creato wrote: post #8

Earlier quoted context omitted.

It is unfortunate, but it is less unfortunate than the behavior of crypto miners. Freedom is great when people aren't using their freedom to infringe on other people's freedom.

How is someone mining on GPUs they bought themselves infringing on your freedom, pray tell?

I'm no longer free to live on a planet that has been destroyed by climate change. Crptocurrency mining uses more energy than Argentina.

Re: Nvidia cripples cryptocurrency mining on RTX 3080 and 3070 cards

#673

Post by TheRealSteel »

arthurcolle wrote: post #39
belltaco wrote: post #24

Earlier quoted context omitted.

The extra power usage is destroying our planet all for someone to try and make a quick buck, and causing shortages of GPUs during a pandemic where mental health from entertainment like gaming is valuable and stops people from going outside and getting/spreading the virus. The incentives for crypto all are f'ed up right now. The ETH PoS switch can't come soon enough.

So earning income is less important than letting people play video games? Let's just say I'm unconvinced by this argument.

Mining crytprocurrency isn't "earning" income. Doing work is warning income. Crypto miners are about as useful as landlords - they shouldn't exist and don't deserve any money

Re: Nvidia cripples cryptocurrency mining on RTX 3080 and 3070 cards

#674

Post by cableshaft »

cableshaft wrote: post #558

Thanks Nvidia. Not even 6 hours and already all the RTX 3070 computers (of which I was planning to buy one this week) are already sold out just about everywhere, as people are panic buying computers with these cards. Probably going to have to wait months before I have a chance at one of these as a gaming PC again.

...ended up spending as much on a computer as I would have yesterday with an RTX2070 Super instead, still really good but not quite as good.

Don't really want to risk the situation getting even worse yet again, and even these computers going out of stock.

Re: Nvidia cripples cryptocurrency mining on RTX 3080 and 3070 cards

#675

Post by TheRealSteel »

arthurcolle wrote: post #616
munk-a wrote: post #48

Earlier quoted context omitted.

I think it's quite fair to say earning income is less important than allowing people to achieve happiness and video games are a pretty well known way to accomplish that.

I unequivocally disagree with this statement - "happiness" achieved by video games is superficial, without real meaning. They are thrilling endeavors and fill time effectively, but they are absolutely secondary to the absolute positive of actually deriving income. I seriously can't believe that anyone would seriously argue a distraction is worth more than actual income.

What does mining crytprocurrency have to do with earning income? The two are completely mutually exclusive, in fact mining is a great example of making money without doing any useful work

Re: Nvidia cripples cryptocurrency mining on RTX 3080 and 3070 cards

#676

Post by TheRealSteel »

arthurcolle wrote: post #292
knorker wrote: post #155

Earlier quoted context omitted.

Would you say the same if you could mine bitcoin by buying up as much medicine as you could, and burning it? Because if you think the above behavior isn't "earning income" clearly better than "play video games", then your argument falls completely flat.

this is a total false equivalence. you’re really comparing computing hashes to buying medicine and destroying it?

It's actually worse, climate change is going to kill all of us, medicine unavailability will only kill some of us.

Re: Nvidia cripples cryptocurrency mining on RTX 3080 and 3070 cards

#677

Post by hyperbovine »

kodt wrote: post #551
akelly wrote: post #441

This won't really do anything for availability or reducing scalper pricing. Miners are a sizeable proportion of sales but far from the majority. Gamers will be able to buy more of these GPUs but less of the non-LHR or AMD GPU's. GPU prices won't actually change. The real reason Nvidia is doing this is that when mining profitability inevitably drops, either because of a crypto price crash or Ethereum moving to Proof o…

Don’t gamers usually frown upon buying cards previously used for mining? It’s like buying a used car that used to be part of a rental fleet. I suppose demand is high enough that people will buy whatever they can get though.

Yes, in the same way that “audiophiles” frown on playing a CD before running it through the demagnetizer.

Re: Nvidia cripples cryptocurrency mining on RTX 3080 and 3070 cards

#678

Post by [deleted] »

lmm wrote: post #603
rsj_hn wrote: post #445

Earlier quoted context omitted.

This is missing half the story. Yes, things can be temporarily underpriced and then an appeal to scalpers makes sense, as scalpers can instantly raise the price to the market clearing rate. But at the same time they can instantly lower the price to the market clearing rate. What manufacturers and consumers both want is price stability. They want prices to change in regular intervals and in predictable amounts. Both p…

But "scalpers" are the people who stabilise prices, by buying when it's cheap and selling when it's expensive. (Remember that a nominal low price that you can't actually buy at is worse for the consumer than a high price that's actually available).

[deleted]

Re: Nvidia cripples cryptocurrency mining on RTX 3080 and 3070 cards

#679

Post by tomnipotent »

kbenson wrote: post #664
tomnipotent wrote: post #659

Earlier quoted context omitted.

> So is Amazon You lost your entire argument right there. Amazon doesn't price gouge, and buys with the express intent to sell with reasonable margins to customers. They provider valuable services, like customer service and fast delivery. Scalpers provide jack shit value other than trying to rip off customers because they got something first, while offering no other value to customers. > they provide liquidity No, th…

> Amazon doesn't price gouge I didn't say they did. But by the argument of the GP, they are often (depending on the product) "needless middlemen in a market that already sells direct to consumers", which is what I was responding to. > They steal liquidity They offer stuff for sale in markets which would have nothing for sale at other times (because if supply didn't outstrip demand, there would be no profit to be made…

And you didn't provide any argument against them being "needless middlemen". Many middlemen are not needless, like Amazon, where a value is provided that benefits manufacturers, distributors, warehouses, sellers, and buyers. Some asshole buying tickets or PS5's specifically to resell with massive price hikes is not a valuable middleman providing a valuable service. They're a leech, forcing themselves into the middle of a transaction they didn't belong in the first place to steal value from both sides of the marketplace.

HBO was a perfect example of this. Cable companies acted as the middlemen, because HBO didn't have the staff or inhouse expertise to operate a direct-to-consumer facing product. Now they do, but cable companies can still offer services that make their participation as middlemen sustainable and desirable for some consumers.

> That is liquidity where it might not have existed previously.

It did exist, only it was stolen by scalpers. They're not creating value out of thin air. They're not redistributing assets geographically to make them more accessible, or offering secondary insurance or warranties that make choosing them a smart option. They're stealing opportunities from actual customers looking to purchase a service or good, but instead are forced to secondary markets because of rent-seeking parasites.

Re: Nvidia cripples cryptocurrency mining on RTX 3080 and 3070 cards

#680

Post by timwaagh »

wbraun wrote: post #2

Does this behavior anger anyone else on a deep level? I get that its hard to buy GPUs right now, but this seems like such an attack on general purpose computing. Hardware manufactures already segment features between consumer and busness grade parts that the silicon itself is capable of, such as virtualization, but restricting what algorithms one can run is a whole new level. I am pretty sure my next GPU is going to…

Nvidia sells toys for gamers. Expensive toys, sure. But crypto is for people wanting to convert graphics cards into serious money. Nvidia would probably want to extract a majority of the profits of such customers if it can, because it's doing the majority of the work.
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