There's no such thing as cheap electricity anywhere in the world. Spain under Franco tried it, all that achieved was doubling the size of Extremadura...which turned out to be good for Sergio Leone.
Depends on the size of your rig. A few computers won't cut it. The electricity could cost you more. Better to buy bitcoin.
I just hope that guys who think that mining crypto currency is OK are not the same people who support fuel tax and lower carbon footprint. I am wondering why Greta did not voice any opinion on the harm of crypto mining on the environment
omg your guys kill me. just when you thought you heard it all you guys keep topping itI just hope that guys who think that mining crypto currency is OK are not the same people who support fuel tax and lower carbon footprint. I am wondering why Greta did not voice any opinion on the harm of crypto mining on the environment
I am just wondering where this $2-3K a day come from? Do not tell me that it is from people who want to use crypto for transactions and/or wealth storage
. I love how crypto fans always present one side of the coin .Validators get rewarded with Chainlink tokens. And look how the price chart of LINK token, it's has shot up exponentially in rent months. This is mostly due to explosion of Defi space, especially in borrow and lending markets, as well as various DEXes popping up. A lot of them weren't designed to give out such high yield at the start, but due to the exceptional bull market in crypto space, their returns have been unreal. For example, you can right now park your cash (in forms of stable coins) in some yield farms or liquidity pools and earn around 10% even 50% returns, and you can withdraw and redeposit anytime. This is the reason crypto DeFis are growing exponentially, and possibly disrupt traditional banks and financial industry for good. They can payout such high interest rates partly due to cutting out middleman banks with their high expenses. Just think how much stock market brokers / traders make, and investment bankers fat pay cheques. All these money can be distributed to investors instead because the smart contract enables automation without need of trust. Check out Pancakeswap, Kava.io, Aave, Compound finance, and many more.I am just wondering where this $2-3K a day come from? Do not tell me that it is from people who want to use crypto for transactions and/or wealth storage
You missed my points. Money is just paper (or electronic record). It is what you can buy with money matters. So, if someone can get $3K a day for "verifying" and buys goods and services with them, it means that the rest of the people can get less goods and services for their money. So, my (rhetorical) question again "where this $3K comes from" and the answer is "from people who hold and use that crypto currency"
Well, the money validators make is for the services they provide to validate hundreds of thousands of transactions to ensure integrity of blockchain. this is similar to how your stock broker ensure your trades are done correctly, and money is settled etc. But the difference is that your stock broker / banks must also maintain their expensive physical infrastures, especially those beautiful buildings with lots of marbles, and fat pay checks of CEOs executives and board of directors and advertising costs etc. the $3k / day is probably not every validator. The average validator maybe getting much less. But still quite lucrative considering they can just work from home, without need of formal education and credentials. Keep in mind validators are usually paid in blockchain tokens, such as Chainlink, Ether, or whatever blockchain they are on. These prices are currently inflated, thus it seems quite in dollar terms. Most of these crypto token prices were 1/10 of what it is now 8 months ago. A lot of future expectation are priced in already. So to answer your question, where does money come from? A lot of it comes crypto investors who are willing to pay for the inflated prices of these tokens.
Another post from "I did it, it worked for me, sop, now I am an expert and I know it will work" without any economics argument of why this is sustainable in light that all macroeconomics points to simple fact: deflation leads to depression and gold standard (i.e., no monetary growth) and inability of the government to use monetary policy leads to bad outcomes.
Another example of disconnection to reality, no direct experience and delusions.
I invite you to go look at ADA Cardano and VeChain blockchain projects to see how they will be doing real world problem solving.
What do you think about chainlink. It seems to have lot of potential for real world applications and solves many problems effectively especially with smart contracts and oracle networks?
For West Nation perhaps. But third world ones? They are already moving towards it. And there is nothing the West can do about it. The Western Banking system refuses to go into these nations. So they are going with a different model. In some ways its crowdfunded banking. Eliminating large institutions that are more interested in bonuses than supplying services. And to lessen the influence of the USD on the world economy.
