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Cryptocurrencies add nothing useful to society, says chip-maker Nvidia

theguardian.com

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Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia

#301

Post by epgui »

mike741 wrote: post #297
epgui wrote: post #265

Earlier quoted context omitted.

^ Exhibit A: commenter fails to recognize that there are sometimes good reason to temporarily limit rights, such as to limit the spread of infectious diseases, because commenter knows very little about public health or epidemiology. Commenter believes that anytime rights are limited, it's for a nefarious purpose, and it can't possibly be for a good reason. How's the syphillis and HIV treating you? Oh what's that? You…

Not the best example. We live in a society that intentionally infected 600 African American men with syphilis, without their consent, simply to see what happens despite knowing effective treatment already existed. Nice concept indeed.

I am aware, and that is indeed very bad, but do you realize how irrelevant that is?

Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia

#302

Post by tric »

anonymouskimmer wrote: post #98
tric wrote: post #57

Earlier quoted context omitted.

His claim... "it collapsed, because it doesn’t bring anything useful for society" ...is incorrect. The total crypto market cap collapsed because of interest rate hikes. Nvidia's stock dropped 68%. Is that because it didn't bring anything useful for society? No. It was trading at a premium because of low rates.

> The total crypto market cap collapsed because of interest rate hikes. It's constantly been peaking and collapsing since 2013, when there were no US interest rate increases. The 2017 peak happened in the middle of a US interest rate increase cycle. The 2021 peak happened 6 months before the most recent US interest rate increase cycle. I'm sure interest rates were varying in other countries on different schedules, bu…

> The 2017 peak happened in the middle of a US interest rate increase cycle. The 2021 peak happened 6 months before the most recent US interest rate increase cycle

Denominate the Bitcoin market cap in US M1 money supply. You will then see that it peaked in 2017, 2019, and 2021 (twice). This ratio also bottomed recently.

Effectively, when the central bank that manages the word's reserve currency starts printing money (or there is an anticipation of printing), Bitcoin appreciates. The opposite happens during tightening (ie rate hikes).

Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia

#303

Post by anonymouskimmer »

AviationAtom wrote: post #294
anonymouskimmer wrote: post #147

Earlier quoted context omitted.

Just like everything it depends on what you buy and when you buy and sell it. Post 2017 the largest theoretical gain from bitcoin so far was about 20x, if you bought at the post 2017 low in December of 2018 and sold at the 2021 high almost three years later. Gamestop stock almost matched that 20x for 2020-21 gains alone. Apple has been up well over 500x in the last 20 years. Ethereum was a better deal during this tim…

That's the problem with many hyped assets: they're only profitable in the short term if you buy in before the pump, and sell before the dump. I still believe Ethereum is poised for a fair amount of growth in the long-term, though likely nothing near the rise it's enjoyed in it's last run. I say that only because it's an on-ramp to so many other cryptocurrencies.

For those with enough Eth to stake, Ethereum has the bonus that so many stocks due: perpetual dividends. Unlike stocks Ethereum, as a whole, doesn't have a liquidation value. The dividends are it. And your particular share of the pie can be constantly diluted by further stakes. Is a vote required to allow further stakes? Or can anyone stake if they meet criteria?

This strikes me more like a buyer's club than a stock.

Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia

#304

Post by femiagbabiaka »

landemva wrote: post #59
femiagbabiaka wrote: post #26

Earlier quoted context omitted.

How does shifting from a physical currency based on the petrodollar to a digital currency backed by the petrodollar address any of this? Technology cannot solve problems of power…

The story of 'dollar backed by petrol' is fiction. Petrodollar exists as much as a corndollar exists. The dollar is US Treasury debt.

If I follow your train of logic, why does Russia carry USD reserves?

Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia

#305

Post by mike741 »

epgui wrote: post #301
mike741 wrote: post #297

Earlier quoted context omitted.

Not the best example. We live in a society that intentionally infected 600 African American men with syphilis, without their consent, simply to see what happens despite knowing effective treatment already existed. Nice concept indeed.

I am aware, and that is indeed very bad, but do you realize how irrelevant that is?

Irrelevant to a response regarding both the importance of human rights and the spread of syphilis? I can't imagine an instance where it would be more relevant, I'd be interested to hear why it's not though.

Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia

#306

Post by bathory »

mike741 wrote: post #245
twawaaay wrote: post #201

Earlier quoted context omitted.

Oh yeah, and those same people later cry foul when they get robbed of their money because it was not protected in any way. Suddenly everybody wants crypto but with protections. Fools. There is a reason why money and banking is regulated -- to protect little guys from getting scammed right and left. Those protections are not perfect, true, but still orders of magnitude better than crypto free for all. And as to monopo…

> Oh yeah, and those same people later cry foul when they get robbed of their money because it was not protected in any way. Can you give an example? Do you actually know any of these people? > Suddenly everybody wants crypto but with protections Not me, So not everybody. > There is a reason why money and banking is regulated -- to protect little guys from getting scammed right and left. The reason is that their prot…

you don't want an insured deposit because you are your own back right? libertarian cryptotard

Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia

#307

Post by dheera »

everfree wrote: post #269
EdwardDiego wrote: post #249

Earlier quoted context omitted.

> None of those factors establish a fundamental market price for the dollar Neither does the P/E ratio of a company, yet it's still a fundamental used to value stocks. > The dollar has declined in value by over 90% since 1933. Relative to which other currencies?

> Neither does the P/E ratio of a company, yet it's still a fundamental used to value stocks. Earnings is used to create a valuation of a stock. Price-to-earnings is the result. As a company's earnings increase, the stock's value increases. As a country's earnings increase, there is no similar correlation with its currency. > Relative to which other currencies? Relative to a standard basket of goods.

> Earnings is used to create a valuation of a stock

Is it? Many times stocks perform well at earnings and shareholders still put on a fit and downvote its price.

Conversely, they often upvote its price based on some PR hype instead of actual earnings.

Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia

#308

Post by bauruine »

saurik wrote: post #300
bauruine wrote: post #292

Earlier quoted context omitted.

Tor relies on the IPv4 scarcity to make Sybil attacks more expensive but is slowly moving away from it e.g. the number of allowed relays per IP was recently doubled from 2 to 4 and it may get doubled in the near future again. >Roger Dingledine does claim to "personally have met" 2/3rds of them Hey said that he knew 2/3 in the beginning so 10 years+ ago and that it's no longer the case but he would like to increase th…

FWIW, he had told me that five years ago. I fully admit 5 is as close to 10 as it is to 0, though ;P. But like, even if he was stuck using an old stat the idea that he wants to know all of them isn't confidence inspiring from this angle. I asked him what he would do if someone came to him with a lead pipe and threatened him with a demand to poison his directory server and he seemed confident until I asked him the sam…

I think he said it sometimes after KAX17 so around 2022 but honestly I'm not exactly sure since when he doesn't know that much anymore maybe it has been till a few years ago and not 10.

Yeah you're right it's a small group with a lot power. I have no solution to make it decentralized but I'm pretty sure if the solution includes "money" it's not a solution I like.

Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia

#309

Post by uxp100 »

tric wrote: post #57
DeepYogurt wrote: post #45

Earlier quoted context omitted.

It's entirely possible for nvidia to be sour and also correct. Crypto currencies have done nothing for society but to introduce scam and money laundering vectors.

His claim... "it collapsed, because it doesn’t bring anything useful for society" ...is incorrect. The total crypto market cap collapsed because of interest rate hikes. Nvidia's stock dropped 68%. Is that because it didn't bring anything useful for society? No. It was trading at a premium because of low rates.

Might be true, but I think you should look at Nvidias stock price.

Re: Cryptocurrencies add nothing useful to society, says chip-maker Nvidia

#310

Post by EdwardDiego »

everfree wrote: post #269
EdwardDiego wrote: post #249

Earlier quoted context omitted.

> None of those factors establish a fundamental market price for the dollar Neither does the P/E ratio of a company, yet it's still a fundamental used to value stocks. > The dollar has declined in value by over 90% since 1933. Relative to which other currencies?

> Neither does the P/E ratio of a company, yet it's still a fundamental used to value stocks. Earnings is used to create a valuation of a stock. Price-to-earnings is the result. As a company's earnings increase, the stock's value increases. As a country's earnings increase, there is no similar correlation with its currency. > Relative to which other currencies? Relative to a standard basket of goods.

> As a country's earnings increase, there is no similar correlation with its currency.

Oh right, so balance of trade doesn't impact a currency's value. Interesting.

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