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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

#321

Post by ThorsBane »

kkielhofner wrote: post #282
ThorsBane wrote: post #256

Earlier quoted context omitted.

Cryptocurrency generation mechanics are 14 years old. Run-time and application deployables on top are not 14 years old. This is a brand new space and it's still in its infancy. Ethereum is an amazing technology.

Moving the goal posts a little but sure. Ethereum is eight years old. The Ethereum foundation alone has a billion dollars. Ethereum and the related ecosystem has had tens of billions of dollars thrown into it. I don’t know how that can be described as “infancy”. The web was opened by CERN in 1993. By 2001 it was being used by over 500 million people daily. Please look at an eth block explorer and tell me how many peo…

I can assure you that incredible software is being built and deployed. It's just a matter of time. Go ahead and come back to this post in a year and see.

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

#322

Post by everfree »

permo-w wrote: post #317
everfree wrote: post #284

Earlier quoted context omitted.

I wasn't referring to the demand for units of cryptocurrency on particular networks. I was referring to actual industry, i.e. the companies that are researching, improving, and selling the technology itself.

the industry is a result of the demand

Well, China's ban didn't negatively affect global demand enough that any relevant companies closed up shop. Just reporting to you what happened.

Most of these blockchain R&D companies (and their investors) are still in the bootstrapping phase anyways. They're looking ahead 3+ years before they expect their product to go parabolic, so the actions of one or two governments in the mean time is just noise.

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

#323

Post by landoftheice »

anigbrowl wrote: post #226
thenaturalist wrote: post #212

Earlier quoted context omitted.

The repeating theme of crypto fans postulating "free" cashflow without government involvment is the road to salvation is annoying me so much. Cashflow without government involvement is the absolute opposite of democratic freedom. Take literally any autocratic government ripe with corruption, look at Russia, China et al. Look at any large criminal organization which tries to avoid democratically elected governmental r…

They know it. When you dig down under the surface a lot of freedom evangelists favor religious warlordism or monarchy.

[dead]

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

#324

Post by junofan »

everfree wrote: post #320
dheera wrote: post #307

Earlier quoted context omitted.

> 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.

Theoretically, a stock's fair value is the sum of their current and (discounted) future earnings. > Many times stocks perform well at earnings and shareholders still put on a fit and downvote its price. Price fluctuations at earnings calls are due to relative earnings expectations, not the absolute value of the earnings itself. Such stock revaluation is due to investors suddenly having more accurate earnings figures…

Nit: fair value is more an accounting thing related to observed market price. It’s not really a theoretical concept.

You can make up some valuation using a variety of methods.

Today stock price is gonna be heavily sector specific but for tech it’s mostly comparables + signals, not really future earnings.

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

#325

Post by tric »

uxp100 wrote: post #309
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.

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

Take a look at Bitcoin. It's up 80% from the recent bottom.

NVDA is up 140% for similar reasons: the market anticipates the tightening cycle is over.

It's up more than Bitcoin because of the AI narrative. It's also possible money is moving out of bank stocks (compare to KRE or XLF), small/mid-cap stocks (compare to IWM), and other semiconductor stocks (compare to SMH). This trend could mean-revert into the new quarter.

The comment I was originally addressing was about the decline, not the rally.

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

#326

Post by unvx-n-banned »

menzoic wrote: post #235
jboy55 wrote: post #204

Earlier quoted context omitted.

If bitcoin was the only crypto, maybe, but there is an infinite number of possible crypto coins.

Why is that relevant? Anyone can create crap. That doesn't change the tech.

Bitcoin is smarter than anything you've invented

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

#327

Post by tornato7 »

altairprime wrote: post #155
everfree wrote: post #34

> “All this crypto stuff, it needed parallel processing, and [Nvidia] is the best, so people just programmed it to use for this purpose. They bought a lot of stuff, and then eventually it collapsed, because it doesn’t bring anything useful for society. AI does,” Kagan told the Guardian. No, the crypto mining industry collapsed because the largest GPU-mined cryptocurrency (Ethereum) removed the ability for people to m…

Wasn’t Nvidia trying to block cryptomining a year or two ago so they could sell to their core target markets in peace? It seems difficult to reconcile “we’re actively trying to stop cryptominers from buying our product” actions with “we’re against cryptomining only because they’re not buying our product” views.

What the other commenters are missing is that Nvidia is not purely a hardware business, they make a lot of money on gaming partnerships, GeForce Ultimate, and other secondary software subscriptions that miners do not pay for but gamers do. That's why they attempted to restrict mining with their GPUs, because they can get recurring revenue from gamers.

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

#328

Post by permo-w »

everfree wrote: post #322
permo-w wrote: post #317

Earlier quoted context omitted.

the industry is a result of the demand

Well, China's ban didn't negatively affect global demand enough that any relevant companies closed up shop. Just reporting to you what happened. Most of these blockchain R&D companies (and their investors) are still in the bootstrapping phase anyways. They're looking ahead 3+ years before they expect their product to go parabolic, so the actions of one or two governments in the mean time is just noise.

if I wasn’t already convinced that crypto is a bad investment, I am now

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

#329

Post by everfree »

permo-w wrote: post #328
everfree wrote: post #322

Earlier quoted context omitted.

Well, China's ban didn't negatively affect global demand enough that any relevant companies closed up shop. Just reporting to you what happened. Most of these blockchain R&D companies (and their investors) are still in the bootstrapping phase anyways. They're looking ahead 3+ years before they expect their product to go parabolic, so the actions of one or two governments in the mean time is just noise.

if I wasn’t already convinced that crypto is a bad investment, I am now

I honestly don’t see how that follows from what I said. I would be curious to hear your reasoning.

Unless you mistakenly thought that the crypto industry has been built on solid foundational end-user demand for products this whole time.

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