261–270 of 352 posts
It's been years since the crypto boom - why hasn't production ramped up accordingly? Or are manufacturers waiting forever until it blows over? Because that may never happen.
Earlier quoted context omitted.
At least on the ethereum side they are moving to a Proof of Stake system which doesn't require the insane hardware and energy that Proof of Work consensus requires. So there will be some relief on the horizon. Also, I expect over time that fewer cryptos will use Proof of Work. Unless you're Bitcoin/Ethereum, proof of work chains get attacked all the time. Look at Ethereum Classic.
How many years has etherium been putting off proof of stake now? Two? Three?
At the minimum ban regulated institutions from dealing in it.
Problem is too many people are already heavily invested in the pyramid scheme.
Earlier quoted context omitted.
If nvidia straight up just stopped selling any cards, declined all their client/customer base, and just put 100% of their global output to mining cryptocurrencies, I think it's a good chance nvidia can do a 50%+1 attack on both bitcoin and ethereum at the same time. Once they successfully do the attack, they can take over the blockchains and allocate all cryptocurrencies to themselves, cash out, and it'd probably reg…
Would this be legal? Obviously bitcoin has no "terms of use" that Nvidia (or anyone) is bound to, but the US has very broad "hacking" laws like CFAA. I imagine that if Nvidia were to openly "steal" someone's bitcoin using a 51% attack then the victim could sue Nvidia in a US court and things could get interesting. What laws would apply and what would the outcome of such a case be? And could the act also be considered…
What if you are a drug dealer or dictator?
Earlier quoted context omitted.
Yeah, they could do that, but what most of these claims ("X could easily profit Y by doing 50%+1 attack") miss, is that once that attack has been made, who'd trade anything with the currency that was attacked? Lets say nvidia does "conquer" Bitcoin and have all the bitcoins, who'd in the right mind would continue to buy/sell Bitcoins after that? The market for Bitcoin would collapse faster than nvidia could excitedly…
A 51% attack can only reverse a transaction anyway, it can’t arbitrarily take money from someone you haven’t transacted with. But they could get short exposure to btc/eth in the market, profit when it went down from the ensuing panic, and then sell the graphics cards to retail (there are other complications that make this unrealistic, of course.)
Earlier quoted context omitted.
At least on the ethereum side they are moving to a Proof of Stake system which doesn't require the insane hardware and energy that Proof of Work consensus requires. So there will be some relief on the horizon. Also, I expect over time that fewer cryptos will use Proof of Work. Unless you're Bitcoin/Ethereum, proof of work chains get attacked all the time. Look at Ethereum Classic.
As someone deeply interested and invested in crypto I strongly disagree. Proof of work has it's place in the ecosystem and isn't going anywhere. Plenty of modern chains are utilizing proof of work for various reasons.
1: https://coinmarketcap.com/view/pos/
Edit: Also I should highlight I'm not arguing to shift away from PoW where it makes sense.
One word: yes. https://www.hardwaretimes.com/gpu-mining-farm-w-over-4000-ge... https://hothardware.com/news/a-look-inside-a-massive-rtx-307... https://www.tomshardware.com/news/gpu-shortages-worsen-crypt... And energy prices, of course. More demand = higher prices. Also keep in mind that cryptocurrencies become harder to mine with time, therefore the pursuit of more powerful hardware and more energy isn't going to st…
For all its faults, the market is great at solving these problems. Though I suppose it depends on what you mean by "normal".
Just waiting for the EU and US to restrict, crackdown or regulate bitcoin and other private crypto. At the minimum ban regulated institutions from dealing in it. Problem is too many people are already heavily invested in the pyramid scheme.
Given that crypto is already 10 years old and has other things depending on it you sound like an old man yelling at some kids on their lawn.
Earlier quoted context omitted.
Only if they know. "Clue" and "holding coin" have not so much overlap.
The part where they stop selling cards will sure go completely unnoticed by everyone and not draw any scrutiny at all.
I work in deep learning and had to camp out in front of a best buy to get my hands on some 3090s. A good portion of the people in line with me were crypto miners who were waiting to get more GPUs to add to their collection because they're making money on each one and as long as it's profitable it makes perfect sense for them to buy up more.
If nvidia straight up just stopped selling any cards, declined all their client/customer base, and just put 100% of their global output to mining cryptocurrencies, I think it's a good chance nvidia can do a 50%+1 attack on both bitcoin and ethereum at the same time. Once they successfully do the attack, they can take over the blockchains and allocate all cryptocurrencies to themselves, cash out, and it'd probably reg…
So they're going to manage to not sell any cards (without disclosing that as a public company), set up the infrastructure and do a 51% attack on bitcoin in front of everyone, then "cash out" as if there would be people lined up waiting to buy bitcoin when this has just happened in front of their eyes?
Unlikely.