Those companies must be producing some products or services which most people on earth are using. Whereas, as I pointed out above if the final goal of cryptocurrency is to be used as a govt regulated currency then why is even a need for it because we already have those currencies. So apart from gambling money in hopes of getting rich and wasting electricity for it, crypto doesn't have any use.
Chia Plotting Service in India
- Thread starter rsaeon
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Those companies must be producing some products or services which most people on earth are using. Whereas, as I pointed out above if the final goal of cryptocurrency is to be used as a govt regulated currency then why is even a need for it because we already have those currencies. So apart from gambling money in hopes of getting rich and wasting electricity for it, crypto doesn't have any use.
One can make a similar argument about video games and GPUs in terms of utility and benefit - video games can be classified as a complete waste of time, hence one should use GPUs only for scientific purposes which definitely have a positive impact almost always, compared to using GPUs for leisure activities such a s gaming and VR.
I'm sot saying I necessarily support Proof of Work cryptocurrencies or Chia, just pointing out that if we start thinking like that, then 99% of modern equipment (ie, from the 1900s onwards) we use are totally useless and wasteful.
The world be a much more boring, if not worse, place otherwise
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This has never been the goal of any crypto. If anything, this statement has been the antithesis of crypto from the very inception of crypto. The absolute last thing any crypto wants is governmental or institutional regulation and control. How or where did you even get this idea?
I'd have to strongly disagree based on my own experiences. I've mentioned above how crypto is the only way for people in certain countries to earn income from a global market, I've lived in those countries and I've seen firsthand how crypto helps improve their financial standing. We're incredibly sheltered in India, this country being a socialist republic. We're afforded certain protections and support through the government that citizens of other countries simply do not have.
For those people in those countries that their livelihood is improved, 0.005% of the world's yearly electricity bill being spent on bitcoin isn't wasteful, in my opinion.
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NotMyRealName
Leisure/entertainment is not a waste of anything. All work and no play makes Jack a dull boy remember? There are many mental, emotional, social and even health benefits from leisure activities. And that topic is way beyond the scope of this thread even.One can make a similar argument about video games and GPUs in terms of utility and benefit - video games can be classified as a complete waste of time, hence one should use GPUs only for scientific purposes which definitely have a positive impact almost always, compared to using GPUs for leisure activities such a s gaming and VR.
I'm sot saying I necessarily support Proof of Work cryptocurrencies or Chia, just pointing out that if we start thinking like that, then 99% of modern equipment (ie, from the 1900s onwards) we use are totally useless and wasteful.
The world be a much more boring, if not worse, place otherwise
Proof of work/space cannot even begin to be compared with leisure as a waste. The closest i could think of was my example of seti or larger Pi digits.
IMO, this is a false equivalency.
The number of people attempting and reattempting exams is a stupid phenomenon found in epidemic proportions only in India, due to the fail upwards "government job" incentive. Most people attempt an exam maybe a couple of times, <5 would cover 99% of that dataset.
A doctor who does not become an MD via a free seat still gains valuable information which can be used to treat patients, a person playing sports uses his earned skill to become a coach, a commentator etc.
Most animal societies including humans works in a hierarchy, where people move up and down a ladder. An example of an aberration to this was probably Genghis Khan, do you see this happening today? The president of the US / China is probably the most powerful status for a human being, do you think they have it "all", what percentage of the human population competes for these positions?
In the real world effort not winning the apex prize still serves the needs of the collective, in crypto wasted compute cycles are exactly what the name suggests, a waste.
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NotMyRealName
Major Indian Bank HDFC Says 'It's a Matter of Time Before Indian Investors Have Legal Access to Crypto Plays' – Featured Bitcoin News
One of India's leading private banks with 5,608 branches and 16,087 ATMs, HDFC Bank, has published a report stating that "it is just a matter of time before Indian investors have legal access to crypto plays." This statement came as the bank scrutinizes crypto transactions in customer accounts.news.bitcoin.com
On that note, was this news already posted elsewhere?
Investors cheer after RBI clarifies crypto trading isn’t banned
The regulator late on Monday told banks not to cite a 2018 central bank circular as a reason to hinder crypto trades.
AFAIK in WD 8tb and above used to be non-smr, but with Seagate it was 12tb i think.
Just a small correction (apologies for pointing this out specifically but this was bugging me
I meant to say 2015-2016, personally been using BTC only since 2011 when I bought it on Virwox to buy some meds on the first silk road
dafreaking
Skilled
On that note, was this news already posted elsewhere?
Investors cheer after RBI clarifies crypto trading isn’t banned
The regulator late on Monday told banks not to cite a 2018 central bank circular as a reason to hinder crypto trades.m.economictimes.com
AFAIK in WD 8tb and above used to be non-smr, but with Seagate it was 12tb i think.
CMR and SMR Hard Drives | Seagate India
See the list of recording technology utilised on our internal hard drives
www.seagate.com
Even 10 TB should be safe. The goal was to buy 4 more 8tb WDs and 3 x 16tb seagates as the backup. Won;t happen anytime soon it seems,
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NotMyRealName
Yeah man, the 16tb/exos pain is real ! lol
I mean, i didn't need it now or even soon so i thought why waste warranty by buying too early. But looking at how the gpu market has been screwed for the last 3-5 years, god knows if hdds will ever become reasonably priced (and available) again.
dafreaking
Skilled
Hopefully they will go back. Again, I meant 16TB externals. The thing is as of now Chia isn't particularly profitable the way ETH is. No proper pools, etc so unless you want to play the lottery it's not worth it. . Also, not there on most exchanges. Also the plotting price the OP is offering is very very good vs stuff advertised online.
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NotMyRealName
Yes I'm hoping they all see the light and drop it and go back to effing up the gpu market.
Leave us hoarders alone!
Leave us hoarders alone!
I think someone else already pointed it out, gaming does serve a purpose. I am not saying that the purpose only has to be educational or anything like that. I just don't see the purpose of a cryptocurrency.One can make a similar argument about video games and GPUs in terms of utility and benefit - video games can be classified as a complete waste of time, hence one should use GPUs only for scientific purposes which definitely have a positive impact almost always, compared to using GPUs for leisure activities such a s gaming and VR.
I'm sot saying I necessarily support Proof of Work cryptocurrencies or Chia, just pointing out that if we start thinking like that, then 99% of modern equipment (ie, from the 1900s onwards) we use are totally useless and wasteful.
The world be a much more boring, if not worse, place otherwise
So what is the purpose of a crypto currency. I have used crypto to buy stuff a long time back and it's pretty clear, it has not caught on. So even if their is no regulation, as it is now, why hasn't it caught on? And now they are just continuing to keep the hype running without showing any real world applications at a large/global scale.
Please also share with us the countries where normal banking services are not available to take payment but Crypto is.
Like I said, we're incredibly sheltered and privileged here in India and your lack of exposure to crypto transactions prove this (assuming you're from India). Especially with the push towards digital payments in recent years, we have never needed an alternative form of payment. Even in a place like the US, would you believe there's absolutely nothing like the UPI system there? You simply cannot make personal digital payments without some private institution taking some fee or the other. Canada has something, but not the US.
The clearest example is Venezuela. Their entire fiat system has collapsed and the consumer economy runs on crypto. But I've not been there, and right now I'm not willing to share my travel history to explain a point.
Take a look at countries that don't have Paypal. People there earn online through crypto. Before the lockdown I was an advisor for an instagram business, and we had customers from Myanmar, Bangladesh, Sri Lanka, Nepal — they couldn't use Paypal (either because it wasn't available or the sign up process needed governmental approval), so they paid in crypto. They had no access to a banking system that allowed them to send payments abroad or even receive them. They would earn in crypto online and spend in crypto. Same with the Caribbean, Central America and South America. People there don't have the luxuries we do with UPI and NEFT and Mobile Banking.
Granted all of these solutions for crypto arose out of necessity. The main intention for crypto was decentralization and anonymity. No government or bank should know how much money I have and that no corporation should know who I'm making payments to and how much and how often. My wealth is my own and no one has any right to it. This was the founding principle of Bitcoin.
All of the domains I own and websites I host, I'm paying in crypto. Services like Purse.io allow you to purchase from Amazon US, at a discount, using crypto. Even with package forwarding services from the US to India, those places accept crypto. Why should a US shipping company have my financial information when they themselves are subject to US law and I am not?
Just because something has no value to you personally, doesn't mean there's no value in it for the rest of the world.
Sorry to break it to you dude but if you personally are not able to see value in some particular thing, that doesn't automatically mean that it's inherently useless. Cryptocurrencies have a lot of uses apart from just being a payment system. I'm quite tired rn so wotn type much but look up projects such as Nano, Algorand, Cardano, Elrond etc. The first 3 have much less power consumption than btc, and algorand is in fact carbon negative. All of the above solve one or more real problems, and none of them are mined via GPUs. Look up "proof of stake" coins, most newer cryptocurrencies have since long moved past the initial PoW ways, though this is not to say that PoW coins aren't released any more.
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Well, I have used crypto to make payments long back because I didn't want to share my CC details. And I also used to use PayPal for the same thing. Everywhere else I would just use a credit card as they are accepted in most places.
Are you saying all transactions using BTC or any other crypto currencies don't have a transaction cost. And if that's true, then are articles like these spreading false information - https://www.coindesk.com/bitcoin-transaction-fees-more-expensive-than-ever
Also, long before crypto, one has had the option to send and receive International Payments via SWIFT in most countries.
Sure, I have not made many crypto transactions (although I have made a few), but I just don't see it as a better method of making and receiving payments than the current ones available especially with the volatility the currencies show. Maybe I will be proven wrong in the future, but at least for now, I'll stick with the traditional currencies and methods of sending and receiving money.
Edit - Many, if not all banks also allow for free money transfer between accounts, even in the US.
ACH Transfers: What They Are, How They Work and How Much They Cost - NerdWallet
An ACH transfer is an electronic bank transfer that's cheaper and slower than a wire transfer. Examples of ACH payments include direct deposits, e-bills and P2P payments.
Edit 2 - I am not against crypto as I don't even have a horse in the race and I am neither miffed due to the GPU shortage or the assumed HDD shortage. I just saw that you were open to discussion and hence was spitballing about the actual usability of the technology in present form.
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Dude you're not getting the point. Cryptocurrencies are no longer used just for making payments and as a means of transactions. They are finding use in a whole new industry called decentralized finance, which has everything including loans, to providing security and transparency, to providing vaccine certificates, to solving problems such as transferring almost instantly any amount of money to anyone in the world. Blockchain, as a tech, is just starting out and it's only in the last few years that people are realising the immense potential it has. The biggest example is NFTs - even though personally I see it as almsot a sham, I don't deny the fact that it has changed several people's lives for the better. Similarly with Cardano, it is helping bring transparency in African nations hwee governance has traditionally been opaque and highly corrupt.
Try to look beyond your biases and have an open mind; there is a lot of genuinely exciting stuff going on in this space, rather than just miners wasting energy for profits.
I personally believe that Cryptos are here to stay and have faith in the technology. I can also understand how frustrating the current situation (hardware shortage) can be for people who are desperate to build a PC but let's not flood this thread with our personal opinions.
@rsaeon is trying to provide a service and those interested can avail it. It would be better if all unrelated discussion can be moved to another thread like the GPU price ranting thread.
Goodluck with the endeavour @rsaeon
@rsaeon is trying to provide a service and those interested can avail it. It would be better if all unrelated discussion can be moved to another thread like the GPU price ranting thread.
Goodluck with the endeavour @rsaeon
At this point, you're going to need to do your own research instead of having someone else explain it. I'm trying to understand what it is that you don't understand and I feel like it's an entire ocean lost in a single drop. Transaction fees did spike a few weeks ago, but you don't actually have to pay the full amount if you're not in a rush for confirmation:
$0.36 to send ~$76 is an order of magnitude less than Paypal or even VISA.
Have you tried to send a SWIFT payment from India recently? There's exhaustive paperwork. The current goverment of India absolutely does not want you to send money abroad these days. It was easier to send crypto when we were purchasing raw materials from abroad. And what I said about other people in other countries, banking services are not easily available for the common person. But everyone has a mobile phone and everyone has an app for a crypto wallet.
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For me Blockchain != Cryptocurrencies and in all my posts I haven't alluded to that either. Maybe you are taking my stance on the usability of cryptocurrencies as same as that on blockchain but that is not what I am saying.
Also, I might have a bias, but I am not closed to changing my opinion if enough information is presented.
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NotMyRealName
Ok, nothing to do with this OR you, but i'm extremely interested/concerned how sharing one's travel history can be a privacy risk. Please elaborate if you don't mind. No personal deets required. Thanks.