BlooCoin is a crypto-currency currently in development, what makes it special is that it's coded in python making it very easy for any regular consumer to mine. It is similar to BitCoin, except you don't need a fancy mining rig in order to gain any profits...at least not yet ;)
Butthead from Fidelity Investments tries to defend Buttcoin. Let's dissect their "myth busting"...
Addressing Fidelity Digital Investments defense of Bitcoin: Note: Sorry about the misleading title. People (including myself initially) were under the assumption this was "Fidelity Investments" or a division of that company. Please see comment from madali0 - this whole press release is misleading and scammy, and apparently has no affilliation with the more more well known "Fidelity Investments" - this is a separate entity called, "Fidelity Digital Investments" which for all we know, is some dude in his mom's basement. EDIT: UPDATE 2: Apparently while it's a separate entity for obvious liability purposes, it does appear to be associated with the main Fidelity company one way or another (which makes it look even worse for Fidelity to be associated with such vapid propaganda, but there it is. See: https://www.fidelity.com/fidelitydigitalassets/blog Also, NOTE that Fidelity calls it a "blog" - which if it's like Forbes, Huffington Post or other sites that offer user blogs, they basically will let just about anybody post under their moniker (as a shady way to drive traffic), whether it's been vetted or approved. So take it with a grain of salt. I would bet the author of that post is neither employed by any "Fidelity" company. Note: This has also been added to our official De-facto list of examples of what crypto is good for document.
Criticism #1: Bitcoin is too volatile to be a store of value. Response: Bitcoin’s volatility is a trade-off it makes for perfect supply inelasticity and an intervention-free market. However, with greater adoption of bitcoin and the development of derivatives and investment products, bitcoin’s volatility may continue to decrease, as it has historically.
First off, bitcoin's volatility has not "historically decreased." It continues to dramatically drop and rise randomly. Since bitcoin is not mapped to any tangible asset or entity, there's no way to perform due diligence or technical analysis on it. Its price is a reflection of demand, nothing else, and demand is driven by marketing. In related news, if you add vitamins to water, it becomes a source of useful nutrients. If you take beanie babies, and build a state-sanctioned infrastructure around them, they'll become less volatile. Fidelity's argument here is, if you take a rock, add some bone broth, veggies, proteins, and spices, the rock becomes soup.
Criticism #2: Bitcoin has failed as a means of payment. Response: Bitcoin makes deliberate trade-offs, such as limited and expensive capacity, to offer core properties such as decentralization and immutability. Given its high settlement assurances, Bitcoin optimizes its limited capacity for settling transactions that aren’t well served by traditional rails.
Translation: Is bitcoin a crappy payment system? Hey, look over at that shiny thing in the corner. Isn't it shiny? Did we mention bitcoin is decentralized and the blockchain is immutable? We've already shown that blockchain isn't better, and being de-centralized isn't better. So if that's the best argument, which isn't really an argument at all, just a distraction, that's sad. Even I could come up with a better argument than a Red Herring.
Bitcoin optimizes its limited capacity for settling transactions that aren’t well served by traditional rails.
Anyone know what "transactions" exclusively fit Fidelity's description? Anyone? Buehler? Yes, that's right, you got it: Criminal transactions, money laundering, drug deals, ransom payments, etc.
Criticism #3: Bitcoin is wasteful. Response: A substantial portion of bitcoin mining is powered by renewable energy or energy that would otherwise be wasted. Additionally the energy the Bitcoin network does consume is a valid and important use of resources.
This is an unstated major premise. Argument from anonymous authority. Where's the evidence that this energy would be wasted if it weren't spent on mining? This is another common myth that is going around. Second, even if the energy were "free", it could be better spent on something than mining, which wastes tremendous amounts of energy and creates nothing useful. Most power plants scale their energy generation based on demand, and even renewable energy sources have ways to not waste energy that isn't needed at that time. This argument is completely false. Note that any example Fidelity may cite of mining operations using unused energy resources is not in any way representative of the even a sizeable portion of the mining pool's energy consumption. The exception doesn't prove the rule. A picture of a mining rig with a gas flare in the distance is not evidence that rig is using energy that would otherwise be wasted. Ultimately, "hey it would be wasted anyway" is the absolute worst argument ever. That's basically a justification for the Tragedy of the Commons.
Criticism #4: Bitcoin is used for illicit activity. Response: Bitcoin, like cash or the internet, is neutral and has properties that may be valuable to good actors and bad actors. However, as a share of total transactions, Bitcoin transactions connected to illicit activity are very low.
Notice they didn't actually refute this point. They just sidestepped it. We know for a fact that a huge percentage of crypto transactions are wash trades. Even if you just count those transactions, it would probably account for the majority. At this time, because there may be more market speculation transactions than drug deal transactions, doesn't mean the activity is not "illicit." Any exchange that ever disappeared, was most likely engaged primarily in illicit transactions. Is bitcoin "neutral?" That's hard to say. It lends itself to criminal transactions much more easily than alternative methods, especially when it comes to stealing peoples' value. One thing Bitcoin does that's unique, is it allows someone to steal their bitcoin from thousands of miles away without them even knowing. That is one feature that's a lot harder to do with virtually every other monetary/value system. So given that unique attribute, I think their claim it's not "used for illicit activity" is bullshit. It's not only used for illicit acitvity. It's uniquely designed to be particularly efficient at it.
Criticism #5: Bitcoin is not backed by anything. Response: Bitcoin is not backed by cash flows, industrial utility, or decree. It is backed by code and the consensus that exists among its key stakeholders.
Bitcoin is backed by code? What is code worth? What is a consensus worth? How does that offer any stability? Code changes all the time. So does consensus. Fidelity here is mixing apples and oranges. This is a totally retarded, non-sensical argument. Hey, I need you to buy magic spreadsheet numbers. They're backed by "code". What "code?" Don't worry about it. A "consensus" of people you don't know think it's cool. That's all you need to know, right?
Criticism #6: Bitcoin will be replaced by a competitor. Response: While Bitcoin’s open-source software may be forked, its community and network effects cannot. Bitcoin makes trade-offs for core properties that the market deems valuable.
This makes no sense. Communities fork along with code. That's the whole point of forking. A fork also changes the "effect" of the network, you idiots. Does this guy really know anything about how crypto works? Fidelity's argument is absurd and wrong.
Conclusion While this piece does not cover the exhaustive list of criticisms against bitcoin, we believe the responses outlined here may be adapted to address other common misconceptions. Bitcoin is a unique digital asset for an increasingly digital world that requires digging deeper than the surface level to understand its core properties and trade-offs. It pushes onlookers to question pre-conceived notions of what is right and widely accepted to begin to understand its full value proposition.
Feel free to dig deeper. But note that none of you people have found the bottom of the pile of bullshit yet. Keep going. Conclusion What have we learned from this press release? Some people at fidelity have some bags they've recently bought into that they hope to unload soon.
What is a Good Side Business that Uses a lot of Electricity?
I have an 8 kW solar system that gives me an extra 200-400 kWh a month. I don't make much at all back from the utility company, so this energy is wasted, (it isn't oversized, I just net that much, given I have no battery system so I use a lot of utility power at night, just half what I do during the day). I know one good idea in the past was a bitcoin mining rig...but that is kind of becoming cost-prohibitive all around. So, what is a good alternative money maker that you would use if you had a lot of extra energy? I am an electrical engineer with an MBA and lots of technician and electrician experience in the past. I was thinking of some kind of motor-powered machine or several 3D printers, but continuous higher energy during the day is better.
Ultimate glossary of crypto currency terms, acronyms and abbreviations
Here's their github: https://github.com/MerosCrypto/Meros So, as a person who mined formerly, I really like the fact that it will be CPU mineable (especially as I was going to set up a CPU mining rig anyways) as that discourages big ASIC/heavy GPU action. I like the fact that it'll use DAG to facilitate easy, fast transfers. It's like Bitcoin, Nano, Monero and ETH all had a baby together and ended up with the best of all worlds. Anyone else watching it with interest? From what I've heard, the initial release date is sometime soon™.
I have a PC that was pretty high end about 7 years ago. It was given to me by a friend who built it as a mining rig for some kind of magic coin (not bitcoin, but similar). Mobo: ASUS ROG Rampage IV black edition E8670 CPU: Intel i7 (not sure specific model, PC is not running atmo Cooler: Unsure of brand, but it's a pretty bad ass liquid cooler with large heat exchanger, plus extra case fans Ram: 16GB of ripsaw DD3 I believe. I don't believe RAM is the issue because I've removed pairs of DIMMs, and swapped slots, and still having issues. GPU: NVIDIA GTX 750 Ti (swapped into my old PC and it runs fine) Power Supply: Seasonic FOCUS 750w (purchased April 2020) Fresh Windows 10 install The PC is having random shutdowns. Sometimes it will blue screen, sometimes it will hang in the boot sequence. The thing is, there often won't be issues listed in the event viewer, other than "your PC just restarted unexpectedly". Which leads me to believe this is a hardware issue. I did a fresh install of Win10 anyway to rule that out. What I've done: As I said above, I swapped DIMMS between slots, and removed alternating pairs ruling out a bad DIMM. This did not change anything. I also removed the GPU and used on board graphics with no change. So I'm assuming this is a hardware issue, probably in CPU or mobo. But I'm not sure what other troubleshooting steps I can try before just throwing parts at it. And throwing parts at it sucks, because the mobo, CPU, and ram are all outdated, which means swapping all of them at the same time. TIA
Im new to bitcoin and would like some insight. I know some of it I know people use minding hardware for mining. How long would it take with something like a antminor or some other rig to mine 1BTC? I know the hash rate makes all the difference, What is the ideal rate?
About 6 weeks ago, I had a few consecutive realizations that have motivated me to make a large bet on ETH. I have been a casual follower of Crypto since early days, but missed the big rise of Bitcoin. I feel that ETH is going to have an enormous rise in the next few years due to what I can only call "increasing contact with the real world." A confluence of factors have made me think that more traditional macroeconomic pressures will start to take root in the Crypto sector, and that ETH is positioned at the leading edge of this contact. And, based on traditional macro analysis, it is, as they say on Twitter, "undervalued af." I've set up a staking node on the madalla test net. I've set up new mining rigs. My initial 32 ETH is now tied up on one of my long-term bets, but ... now I have MORE ETH, and this has me looking at it wondering, "Well, what should I do with it?" (1) Can I add it to my staking share on the test net? Oddly, I haven't been able to find any way to do this that I fully understand. I'm not sure that "wait until I have another 32 and set up a new node" is the ideal method. My spike in Comcast usage confirms this. Does anyone have a link or can you personally provide instructions on increasing my proof-of-stake? (2) What is the gain of a "staking pool?" From a mining perspective, I understand why pooling proof-of-work makes sense. However, what am I missing about "staking pools" that would make them attractive? What is my gain for joining a "team"? It doesn't make any sense to me, so far, but I wonder what I'm overlooking.
so i am really new to all that. and my english isnt the best so bare with me and help me understand all that better the thing i do not understand is: what does satoshi do with all his coins (better what could he do) and why are there so many transactions (3,500 says google) per block why not just one per block? and then WHEN will it happen that bitcoin mining just isnt profitable anymore because of the to high electricity costs. so i am in a funny position where i dont have to pay for my energy bill but all i have, is a crappy internet connection and a ryzen 5 8 gb ram laptop, (i am currently typing this in shool) could i start mining or would i just be crushed by someone with 8 RTX 2080 ti super in a cool rgb rig in his climate controlled closet?
What will happen when the last Bitcoin is mined? Will it all expire in 2140?
Pardon my ignorance as this may be common information to most of you, but this question has burned in my mind since I started investing in Bitcoin about 4 years ago, and I don't think I ever received a satisfactory answer. We can all agree mining is expensive and energy consuming, while more Bitcoins are produced mining rigs costs get covered. What will happen to the ledger when last Bitcoin is mined in 2140? (estimated year when all 21 million Bitcoins will get mined - got this from various sources) Will no one mine any longer? Will mining be less expensive once technology advances? Will it all expire?
10-25 17:55 - 'If energy was not an issue, is mining still profitable?' (self.Bitcoin) by /u/platinium29 removed from /r/Bitcoin within 12-22min
''' Hi, not sure if this belongs here, so excuse in advance if it doesnt. But i just wanted to know, IF, energy bill/costs isnt an issue, would buying a $2000-3000k mining rig still profitable in 2021, and if yes, whats the best coin to get you ROI in the shortest time and what would be that esimated time? The thing is i just moved to a place where i wont have to pay energy because everything is solar powered with very powerful system and huge battery storage, so energy bills for me wont be a problem. Thanks in advance. ''' If energy was not an issue, is mining still profitable? Go1dfish undelete link unreddit undelete link Author: platinium29
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Ok, A little backround. I know hardware and networking. I can build just about any config of a computer. I understand overclocking and undervolting. I can invest around 2,700 for initial investment. So do I buy hardware to build a GPU miner with at least 6 cards or more? Probably RX580 as they are cheap and I have one in my rig. More on that later. Or do I a Asic miner like this I understand a GPU miner is multiple coins and not Bitcoin, and Asic is nothing but Bitcoin. I've done the math on the Asic miner and the ROI in about 3 months with a net gain of about ~10,000 USD a year @ .13 cents per Watt. I've had a hard time finding a solid or semi way of calculating the earnings for a GPU miner. Not only because it is many coins or dedicated to one coin, but there our other variables involved. However I have more control of the hardware if it fails. I dipped my toe into mining with my own rig that has a RX580 fatboy and a AMD Phenom ii x4 955 black edition. I overclocked the GPU and undervolted the CPU to reduce heat since it was hitting 62 cel. The GPU gets 12.5 sol/s and the CPU was getting ~322 h/s. All this added up to ~170 watts and a net of .00218322 BTC/Month. This was all done using Cudo as it was easy to find and setup just to test. This was just a test to see how it would work. I wouldn't use Cudo to full scale as it is a pool and the transfer to a Wallet is pretty steep in relationship to earns. I understand that in a pool you get your share based upon how much of the "work" you did to get find block. So do I build or buy? With that much computation power do I need to join a pool? What software is best for pool or alone? I am comfortable with CLI as long as it's well documented, but would like a remote GUI. Also what is the best wallet with the best fees for transactions. Currently using uphold since I use Brave. I think I covered as much as I could, if you have any questions let me know. Any advice would be great. If I should post this else where let me know please or I could just cross post it. TIA. Be safe, stay safe! Edit: Words and BTC earning was WAY off then I first typed this.
Der Großteil des Bitcoin Mining ist spezialisiert und die Lagerhäuser sehen in etwa so aus: Quelle ieee.org. Damit haben Sie es zu tun! Es ist einfach zu teuer und es ist unwahrscheinlich, dass Sie einen Gewinn erzielen. Allerdings: Zum Hobby-Mining zeigen wir Ihnen ein paar Schritte, die Sie unternehmen können, um sofort mit dem Mining von Bitcoins zu beginnen. Schritt #1: Besorgen Sie ... Cryptocurrency mining has in many respects become an industrialized business. But despite the concentration of hashing power, the increasing difficulty and diminishing returns, in some cases it ... Bitcoin Mining ist das neue Goldschürfen: Als Miner, also Schürfer, verdienen Sie virtuelles Geld dafür, dass Sie Ihre Rechnerleistung zur Verfügung stellen. Allerdings ist hierfür so einiges ... Mining Rig Kaufen Bauen Verstehen. Hier findest du Informationen rund um das Thema Mining Rig.Ob du einen kaufen oder einen selber zusammenbauen willst, hier wirst du fündig. Steig ein in die Welt des Schürfens! Shark Mining is a well-regarded company that makes some excellent pre-built mining rigs. Its Shark Mini is a compact rig that comes with four GPUs. The base model comes with AMD RX 570/580, but ...
What is Bitcoin Mining? (In Plain English) - YouTube
Learn how to mine your very own Cryptocurrency! In the video, we go over the tech you will need and how to put all the pieces together. There's many ways to ... Vosk reviews how to build the best cheap beginner crypto GPU mining rig in a few easy steps! Anyone can build this Duo Mining Rig for less than $1000 with no... Should you buy a pre-built btc cryptocurrency mining rig? The answer depends, lets review the Coinmine One and discuss the status of gpu mining in 2019 and t... Some Helpful Links: • Buy Parts for a Mining Rig: http://amzn.to/2jSSsCz • Download NiceHash Miner: https://www.nicehash.com/?p=nhmintro • Choose a Wallet: h... Start mining Bitcoin today: https://pool.bitcoin.com Video: Inside America’s largest Bitcoin mining operation http://bitshare.cm/news/inside-americas-largest...