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Invested in crypto mining rig?

anonemouse

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Aug 23, 2002
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I think that when it comes to Bitcoin mining, if you set yourself up with 3 graphics cards and some hopes and dreams you'll be out of luck. Look at the scale of other mining operations out there.

But that's the key: don't mine BTC. Mine any of the others instead while they're still on the way up.
 

Insidious Von

My head is my home
Sep 12, 2007
38,093
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Quoted for truth. The days of casual mining are gone, they were replaced by people running walls of graphics cards which were replaced by industrial level setups in countries with access to cheap electricity
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.

Bill Maher's OK Boomer moment.

 

fall

Well-known member
Dec 9, 2010
2,745
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I think that when it comes to Bitcoin mining, if you set yourself up with 3 graphics cards and some hopes and dreams you'll be out of luck. Look at the scale of other mining operations out there.

But that's the key: don't mine BTC. Mine any of the others instead while they're still on the way up.
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 :)
 

|2 /-\ | /|/

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Mar 5, 2015
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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 it

 

George The Curious

Active member
Nov 28, 2011
2,006
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Crypto mining is so last decades. Most of new smart contract networks ie. Cardano, Polkadots uses proof of stake instead of proof of work used in Bitcoin. Proof of stake doesn't use much electricity and way faster and scalable than proof of work. Ethereum 2.0 will also migrate to proof of stake. And currently there is a revolt of Ethereum miners because they will all lose the source of income by year end. Being a validator on proof of stake network can also be very profitable, but requires some human attention and work unlike proof of work using brute computer power. I hear being Chainlink node validator can cash in 2 - 3k USD per DAY in some cases.
 

fall

Well-known member
Dec 9, 2010
2,745
680
113
Crypto mining is so last decades. Most of new smart contract networks ie. Cardano, Polkadots uses proof of stake instead of proof of work used in Bitcoin. Proof of stake doesn't use much electricity and way faster and scalable than proof of work. Ethereum 2.0 will also migrate to proof of stake. And currently there is a revolt of Ethereum miners because they will all lose the source of income by year end. Being a validator on proof of stake network can also be very profitable, but requires some human attention and work unlike proof of work using brute computer power. I hear being Chainlink node validator can cash in 2 - 3k USD per DAY in some cases.
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 :).
 

George The Curious

Active member
Nov 28, 2011
2,006
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38
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.
Virtually, anybody can setup a decentralized cryptoexchange (and soon tokenized stock exchanges), and people can start trading on it with crypto currencies without having to put trust in because smart contract is so transparent there is no chance the developer can "steal" your money you deposit in. However there is still risk of hackers or crashes from buggy code. So choose DEXes or yield farms with proven history and have been peer reviewed by as many people as possible. In contrast, traditional banks computers that store your money is centrally controlled and opaque to external scrutiny. So you must "trust" them not to steal your money via legal framework and pay them a fat commission to achieve this. Even so, there still plenty of financial crimes committed by the people supposedly we trust to handle our money.
 

fall

Well-known member
Dec 9, 2010
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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.
Virtually, anybody can setup a decentralized cryptoexchange (and soon tokenized stock exchanges), and people can start trading on it with crypto currencies without having to put trust in because smart contract is so transparent there is no chance the developer can "steal" your money you deposit in. However there is still risk of hackers or crashes from buggy code. So choose DEXes or yield farms with proven history and have been peer reviewed by as many people as possible. In contrast, traditional banks computers that store your money is centrally controlled and opaque to external scrutiny. So you must "trust" them not to steal your money via legal framework and pay them a fat commission to achieve this. Even so, there still plenty of financial crimes committed by the people supposedly we trust to handle our money.
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"
 

George The Curious

Active member
Nov 28, 2011
2,006
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So yeah, I believe good days of big banks are numbered, and will be seriously disrupted by decentralization and trustless nature of crypto currencies. The only barrier is the speed of adoption. This is similar to how electric cars are slowly but surely disrupting big oil and big autos. Crypto will surely replce all centralized financial institutions be it banks or stock exchanges, insurance etc.
 

George The Curious

Active member
Nov 28, 2011
2,006
8
38
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.
 
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malata

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Paradise by the dashboard light.
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.
i want to validate the hotties

 
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|2 /-\ | /|/

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Mar 5, 2015
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LMFAO at how much ignorance is displayed at terb from the resident know it all’s who only know how much they know and not how much they don’t know and their cult followers.

Here are the stats through direct experience

1620415978441.png

1620416004050.png

This is exactly why I don’t post on here anymore and especially the politics section.

It’s just a pissing match between know it all’s who don’t know much.

Same with investment and crypto. I invested $3,000 in January and now have over $30k in profits.

Just don’t listen to people on terb even though some of them think and are convinced they know what they are talking about. I give it to them they are good talkers convincing themselves and others that they actually know shit. Please just pure nonsense

I have been here 10+ years and has taken me this long to realize how much full of shit 85%of the posts are on here.

You will still get some value and truth but for the vast majority is drivel. Also there are still some amazing people on here but rare.

Just some friendly advice from direct experience.
 

fall

Well-known member
Dec 9, 2010
2,745
680
113
LMFAO at how much ignorance is displayed at terb from the resident know it all’s who only know how much they know and not how much they don’t know and their cult followers.

Here are the stats through direct experience

View attachment 45032

View attachment 45034

This is exactly why I don’t post on here anymore and especially the politics section.

It’s just a pissing match between know it all’s who don’t know much.

Same with investment and crypto. I invested $3,000 in January and now have over $30k in profits.

Just don’t listen to people on terb even though some of them think and are convinced they know what they are talking about. I give it to them they are good talkers convincing themselves and others that they actually know shit. Please just pure nonsense

I have been here 10+ years and has taken me this long to realize how much full of shit 85%of the posts are on here.

You will still get some value and truth but for the vast majority is drivel. Also there are still some amazing people on here but rare.

Just some friendly advice from direct experience.
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.
 
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|2 /-\ | /|/

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Mar 5, 2015
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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.

Keep dreaming bro. Reality based on fantasy is quite exciting.

False ideas are quite powerful and spread like mind viruses.

You should start a cult or religion and gather a following based on fantasy and live your lives in ignorance.
 
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Butler1000

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Oct 31, 2011
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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.
I invite you to go look at ADA Cardano and VeChain blockchain projects to see how they will be doing real world problem solving.

These arent just currency but a brand new class of investment. Im up about 40% in a month + with a conservative by Crypto standands portfolio, and a few mistakes along the way. And thats with a stable steady rise.
 
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|2 /-\ | /|/

Well-known member
Mar 5, 2015
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I invite you to go look at ADA Cardano and VeChain blockchain projects to see how they will be doing real world problem solving.

These arent just currency but a brand new class of investment. Im up about 40% in a month + with a conservative by Crypto standands portfolio, and a few mistakes along the way. And thats with a stable steady rise.
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?

Only invested minimum, however thinking it has good potential. This is a good podcast about chainlinks applications.


 

fall

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Dec 9, 2010
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680
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Another bunch of anecdotal evidences:"I tried it for 3 years I win so and so, blah, blah, blah. Why do you think countries abandoned the gold standard? There were no electronic payments 40 years ago and cash was the king a century ago, so, why fiat money? What is so good about fiat currency? The inflation!!! Inflation is good!!! Economies cannot survive in deflation (and fixed supply of Crypto is even worse than gold). Losing monetary policy (yes, including the ability to set artificially low interest rates and print money to give them away or to pay for fiscal expansion) means that it would not be possible to get out of a recession fast enough and even a small recession will lead to huge depression. What do you think would have happened in the world during COVID pandemic if the central banks were not able to "print" money to loan it to the government? Please, read any Macroeconomics 101 texbook before start arguing of the benefits of the government losing control of the money supply. I agree that blockchain is a good technology, but using it to develop an alternative money is, at best, a Ponzi scheme, and, at worst, can lead to severe damage to world economy. Fiat money is the immune system that economy needs to fight recessions.
 

Butler1000

Well-known member
Oct 31, 2011
28,711
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Another bunch of anecdotal evidences:"I tried it for 3 years I win so and so, blah, blah, blah. Why do you think countries abandoned the gold standard? There were no electronic payments 40 years ago and cash was the king a century ago, so, why fiat money? What is so good about fiat currency? The inflation!!! Inflation is good!!! Economies cannot survive in deflation (and fixed supply of Crypto is even worse than gold). Losing monetary policy (yes, including the ability to set artificially low interest rates and print money to give them away or to pay for fiscal expansion) means that it would not be possible to get out of a recession fast enough and even a small recession will lead to huge depression. What do you think would have happened in the world during COVID pandemic if the central banks were not able to "print" money to loan it to the government? Please, read any Macroeconomics 101 texbook before start arguing of the benefits of the government losing control of the money supply. I agree that blockchain is a good technology, but using it to develop an alternative money is, at best, a Ponzi scheme, and, at worst, can lead to severe damage to world economy. Fiat money is the immune system that economy needs to fight recessions.
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.

The Western Govts run the central banking system for the rich now. Not for the greater benefit of their citizens. People turning away is a natural reaction to a rigged system.

And the USA can't use the military to invade the Internet
 
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