Storage bottles for liquid soap
50 comments
Nakamoto bitcoin store stock
By now, everyone and their dog has at least heard of Bitcoin. Ethereum initially launched in is an open source, it has been making headway among the or so Bitcoin clones and is the number two cryptocurrency in the world, with only Bitcoin beating it in value. And while the Bitcoin world is dominated by professional, purpose-built mining rigs, there is still room in the Ethereum ecosystem for the little guy or gal.
Unlike Bitcoin, anyone with a half decent graphics card or decent gaming rig can mine Ether, giving them the chance to make some digital currency. The algorithm also has built-in ASIC detection and will refuse to mine properly on them. Some would go on to buy or build an ASIC but the vast majority just stopped mining. Economies of scale like those in Bitcoin mining tend to favor a small number of very large players, which is in tension with the distributed nature of cryptocurrencies which relies on consensus to validate transactions.
Ethereum on the other hand hopes to keep their miners GPU-based to avoid huge mining farms and give the average Joe a chance at scoring big and discovering a coin on their own computer. Suddenly, used high-end graphics cards are worth something again. And there are effects in new equipment market. For instance, AMD cards seem to outperform other cards at the moment and they are taking advantage of this with their release of Mining specific GPU drivers for their new Vega architecture.
Besides creating ripples in the market for high-end gaming computers, cryptocurrencies are probably going to be relevant in the broader economy, and Ethereum is number two for now. I understand that one could design an algorithm which is not well suited for execution on some kind of hardware, but the article sounds like there is some kind of if asic sleep in the algorithm which is plain stupid.
Regarding memory speed, sure. Its not that there cant be ASICs for ethereum, it is just very cost prohibitive to build them. Memory hard means that the proof of work that is calculated along with each hash requires a lot of memory. The current intent at Ethereum is to use a mining algorithm where miners are required to fetch random data from the state, compute some randomly selected transactions from the last N blocks in the blockchain, and return the hash of the result.
This has two important benefits. Second, mining requires access to the entire blockchain, forcing miners to store the entire blockchain and at least be capable of verifying every transaction.
Just as ETH is moving out of the realm of viability for hacker read: Also, Proof-of-Stake non-gpu-based mining is supposedly coming…. I mine various currencies and pay my rent, buy food, video games, pay for Netflix, and trade stocks. Are you also paying for your own electricity? I hear some are even trying to tax it.
What part of the world do you live in, how large is your mine, how resilient are you to fluctuations in the currency market, and do you have a backup plan if things become unsustainable? I have to admit I like the idea of unbanking currencies especially in develoyregions.
But the thought of someone far away or close to home using crypto currency to pay for things with their phone skipping any middle man is really compelling to me. But the impact of standing up KWh mines on anything but solar gives me pause.
I think there will be some truly amazing societal advances to come of blockchain technology. As far as the cost and environmental impact of mining — do gold investors or miners make the same consideration of their industry?
Ethereum is making this switch, but I must say, proof-of-work mining has been a very democratizing way to get ether into the hands of as many people as possible. If there are no gatekeepers at steemit and dtube I know nothing about them , then what do they do if someone posts child porn there?
Or are they free speech absolutists? Do you also have a real job, or do you effectively contribute nothing to society, and just consume? His day job is pulling bits of shiny metal from the ground while spilling heavy metal laden tailings across the Nevada desert. Gold actually has use. You can create wonderful things with it that can benefit society. You know, like that device you typed your post on.
Gold miners are actually contributing something to society. You probably know very little about mining. Read up, mining has a very specific purpose and it enables cryptocurrency network to work.
Or, a software engineer could spend time writing software to maximize efficiency of a public transport system, enabling more people to get where they want to go faster, using less resources and less of their money. Which of these actually produces a net benefit to society, and not just a transfer of wealth from one group of people to another? Money was supposed to represent an owed debt. With the shenanigans that go on these days with fiat currency, fractional reserve lending, and now cryptocurrency, it's fast becoming a joke.
Blockchains are a valuable technologies that can enable many things that would otherwise pretty much unthinkable. In regards of current uses for Ethereum: So the usage, while still not extremely widely spread, is allready starting to benefit more people than just criminals.
The crucial question is — do you really want to depend on a bunch of guys with a lot of money somewhere in Asia that are running the largest mining pools and are likely linked to money laundering and crime too for running critical infrastructure for you? Because this is what most of the blockchain projects assume — that someone somewhere will always do the mining and thus enable adding transactions to the blockchain.
If Ethereum, as they currently plan, will introduce PoS to the blockchain, there will be no need for miners. There still are risks of course but a loss of miners is none of them. Well, PoS is only a different way of determining which blocks are valid. Mining hashes is another way.
You will still need machines on the network doing it for you for the network to function. You do realize, however, that if miners leave a certain currency, the blockchain will adjust and it will be very easy to mine there read more profit , which will attract the miners back.
The only scenario where loss of miners would kill the network is when the coin under discussion already costs 0 and no one needs it in the first place good riddance. However, do you want to depend on something like that to build infrastructure for a system that has to be used for a decade or more?
I do it rather well. That would solve the problem that haunts Bitcoin as everyone would rather keep them as they increase in value the longer you keep them thus making them unfeasible as a payment system. There is simply no incentive to spend them.
It is like countries that have no capital tax. As an invest object BTC is as good as it gets, however as a payment it will never be useful as it is in perpetual deflation. Why buy a car today if you can buy 5 next year for the same amount? Do you have a job? Do you accept fiat currency in exchange for your labor?
If so, then you are already investing in something whose value disappears at a relatively fixed rate. Bitcoin tends to be based around political groups that think inflation in fiat currencies is the worst thing ever.
They see deflation as a feature, rather than a bug. They are wrong, for exactly the hoarding reasons you cite. The Ethereum community is wonderful. Nobody cares about the ideological bullshit which is crippling Bitcoin. Yes, the volatility was another factor in my decision to sell.
Its going to be a long time before governments fully recognize cryptocurrencies any time soon. At the very least the federal government should be selling bonds at market prices to accommodate all debt increases.
What goes on at the federal banking level is no less dishonest than printing money yourself. The only difference is that those in power bless one operation and try to stop the other while we all head along that path to slavery. Because of this, I expect the transition to be very dynamic as the powerful resist every new innovation that liberty minded people come up with.
New solutions WILL keep coming and will ultimately prevail as sure as water seeping through an earthen dam. Its just a matter of continuous pressure and time. Few know to whom the debt is owed to and what their goals are. Its about as mysterious as dark matter. Did you guys see that mining motherboard: One of the best miners atm for XMR is: Mining for tangible resources is speculative, cryptocurrency mining is as speculative, and cryptocurrency is is an intangible.
On taxes governments have taxed intangible assets in the past, so cryptocurrency has no inherent communities. Hopefully cryptocurrency mining will crash and burn before before it gets too pervasive, saving the non-speculators a lot of grief. Looking at ROI in days. Bought most of item from http: You are commenting using your WordPress. You are commenting using your Twitter account. You are commenting using your Facebook account.
Notify me of new comments via email. Notify me of new posts via email. By using our website and services, you expressly agree to the placement of our performance, functionality and advertising cookies. According to the Ethereum white paper: My post was not centered on any environmental concern.
The same applies to most of the financial field. I do all of those things without bitcoin.