• There seems to be an uptick in Political comments in recent months. Those of us who are long time members of the site know that Political and Religious content has been banned for years. Nothing has changed. Please leave all political and religious comments out of the forums.

    If you recently joined the forums you were not presented with this restriction in the terms of service. This was due to a conversion error when we went from vBulletin to Xenforo. We have updated our terms of service to reflect these corrections.

    Please note any post refering to a politician will be considered political even if it is intended to be humor. Our experience is these topics have a way of dividing the forums and causing deep resentment among members. It is a poison to the community. We appreciate compliance with the rules.

    The Staff of SOH

  • Server side Maintenance is done. We still have an update to the forum software to run but that one will have to wait for a better time.

GeForce price heading up due to mining!

IMHO

OK guys...don't frag me over this one. :biggrin-new:

This reminds me Black Box Trading. Institutional traders on Wall Street have been utilizing algorithms to run "light speed" trading for a few years now. The need to locate their servers closer and closer to the Carrier Hotel main servers triggered a kind of real estate boom in Manhattan as entire buildings were hollowed out and filled with servers dedicated to spinning the algorithms. There was actually a mega million dollar fiberoptic cable run from New York to Chicago to jack in the traders there. The traders that were a nano second closer to the Carrier Hotel servers got their bids in...quicker.

Link for those inclined to evoke the "tin foil hat" clause.
https://www.youtube.com/watch?v=S0zHseKUU1A

There was another story a few years ago about Chinese prison guards forcing prisoners to play online games that accumulated points, which were sold on the black market. The prison guards were pocketing the proceeds while prisoners were suiciding themselves after being forced to play for days at a time with no sleep.
http://www.foxnews.com/tech/2011/05/26/chinese-prisoners-forced-play-world-warcraft-detainee-says.html


This cryptomining trend is the latest in a long line of hustles trying to squeeze a few Bitcoin out of another revenue micro source. There might be a "gold rush" effect at the beginning, but as the entire thing is pegged on Bitcoin, Crypto Economics, Dinar and Dong, it's popularity will ebb and flow in relation to the value of those commodities, which are massively speculated and due for an equally massive correction as global economics continue to become more and more tenuous with the Bond Bubble, Euro and Yuan playing major roles. The conundrum is...nobody knows which dam will break first.


I thought I'd seen 'em all, but this one is almost too bizarre. :dizzy:
 
Last edited:
The good news is, these graphic cards may return to the market when the coins go bust. And they should sell at a good discount on ebay.

Dick
 
TuFun said:
Interesting enough why hackers demand payment in bitcons, plus very hard to track. Now a Nvidia card specific for bitcon mining.
Click to expand...

I'm going to preface this by making it clear...I'm answering TuFun's question utilizing example and illustration. Not wanting to step on any toes at all.


I went to the national debt clock today. Two entries of interest are Gold and Silver which are calculations of the money supply versus the actual amount of metal that has been taken out of the ground...world wide, year to year.

Gold was $6,741.00 and Silver was $817.00. As of today, there is no entry for Bitcoin, but you can still buy silver at spot...$17.00.

The hackers and speculators want their ransom paid in Bitcoin due to the skyrocketing speculation of the physical coins as a hedge against economic uncertainties. It is a valid strategy for metals like Gold and Silver, but Bitcoin is only as valuable as what the traders agree upon. Of course, the same can be said for any commodity or share of a company.

I've watched Bitcoin as well as the Dinar, Dong and even the Yuan over the years. Speculation has been all over the place, and the security represented by holding the physical currency is entirely dependent upon the buying power of that currency against a barrel of oil, which is only sold in USD. Up until now, at least...but that is changing rapidly as the BRICS alliance and most recently Qatar have indicated.

When the bond/derivatives bubble reaches the point where everyone runs for the door at once (2008 on steroids), every thing else will correct in real time. So where does that leave Bitcoin? The smart trader would have converted the speculated prices into something tangible...like gold, silver, real property or even cash (surprisingly).

I would wager that this is the strategy amongst the hacking community, but then, many of these traders are agents for other entities who back these wild speculations. The big question with Bitcoin is who is behind it? I'm not talking about Satoshi Nakamoto...who is probably a straw man entity created by the originators in 2009. If the original open source authors were simply looking for another venue to exploit fractional reserve banking strategy, then the entire scheme is as vulnerable as any other debt based paper commodity.

The Bitcoin strategy came on the heels of the TARP bail in and quantitative easing bailouts, about 29 Trillion dollars all told, which by the way was pumped back into the system and re-inflated by the legitimate "hackers" on Wall Street who began spinning the algorithms. The entire process is mind boggling in it's scope and scale. The numbers represented on the exchanges are wildly out of proportion to corporate and state GDP figures, which total about 58 Trillion globally. In reality, the interest on the global debt can never be repaid at current GDP.

In real world terms, the gold and silver could see massive corrections to the upside, possibly beyond the extrapolated numbers on the debt clock. Bitcoin may or may not survive the global tsunami of currency corrections, but the value of that commodity will only be represented by what it can "buy".


My basic position on Bitcoin has always been extremely cautious. I like the idea of the transparent block chain ledger. Bitcoin Services chart is another thing entirely...especially this month. When speculation on the "commodity" arrives at a place where legitimate trade has been usurped by hacks, ransomware and agents provocateur for "anonymous" benefactors, the entire scheme goes completely off my radar, and into the commode.

As always...IMO. My analysis and two bits will still buy a cup of coffee at todays prices. :very_drunk:



A picture is worth a thousand words

35308587592_9909d69ea6_o.jpg
 
Last edited:
Bitcoin? BAH!
Etherium? BAH!
Gold? BAH!
Silver? BAH!

I buy all the tinfoil I can get my hands on. Why? Because when the internet collapses, the markets collapse, the economies collapse, and governments collapse, the people will all be wondering what happened. This will lead to massive speculation and conspiracy theories. What do people really need in such times? Tinfoil! They need lots and lots of tinfoil for the construction of their hats. :biggrin-new:




By the way, I am in no way suggesting that you invest in tinfoil nor that what I just said should be taken as anything serious. But, then again, what if I'm right? Hmmmmmm...
 
stansdds said:
Bitcoin? BAH!
Etherium? BAH!
Gold? BAH!
Silver? BAH!

I buy all the tinfoil I can get my hands on. Why? Because when the internet collapses, the markets collapse, the economies collapse, and governments collapse, the people will all be wondering what happened. This will lead to massive speculation and conspiracy theories. What do people really need in such times? Tinfoil! They need lots and lots of tinfoil for the construction of their hats. :biggrin-new:




By the way, I am in no way suggesting that you invest in tinfoil nor that what I just said should be taken as anything serious. But, then again, what if I'm right? Hmmmmmm...
Click to expand...

LMFAO:biggrin-new:
 
stansdds said:
Bitcoin? BAH!
Etherium? BAH!
Gold? BAH!
Silver? BAH!

I buy all the tinfoil I can get my hands on. Why? Because when the internet collapses, the markets collapse, the economies collapse, and governments collapse, the people will all be wondering what happened. This will lead to massive speculation and conspiracy theories. What do people really need in such times? Tinfoil! They need lots and lots of tinfoil for the construction of their hats. :biggrin-new:




By the way, I am in no way suggesting that you invest in tinfoil nor that what I just said should be taken as anything serious. But, then again, what if I'm right? Hmmmmmm...
Click to expand...


NOW THAT"S FUNNY! :applause::applause::applause:
 
stansdds said:
Bitcoin? BAH!


By the way, I am in no way suggesting that you invest in tinfoil nor that what I just said should be taken as anything serious. But, then again, what if I'm right? Hmmmmmm...
Click to expand...

DoH! Too late, now my garage is full of ALCAN. :banghead:
 
I have always considered myself to be a fairly well educated and well-rounded person. Honestly though, I'm simply unable to wrap my mind around just what precisely this whole "Bitcoin Mining" is all about.

All I know is that one has a computer spinning "something" through intense computations, and somehow "generating" revenue in the form of Bitcoin(s).

It all sounds to me as though some algorithim is spinning "gold" out of "fried electrons" or some other such magical process. :biggrin-new:
 
stansdds said:
Bitcoin? BAH!
Etherium? BAH!
Gold? BAH!
Silver? BAH!

I buy all the tinfoil I can get my hands on. Why? Because when the internet collapses, the markets collapse, the economies collapse, and governments collapse, the people will all be wondering what happened. This will lead to massive speculation and conspiracy theories. What do people really need in such times? Tinfoil! They need lots and lots of tinfoil for the construction of their hats. :biggrin-new:




By the way, I am in no way suggesting that you invest in tinfoil nor that what I just said should be taken as anything serious. But, then again, what if I'm right? Hmmmmmm...
Click to expand...

Exactly my thoughts!!! :biggrin-new:
 
n4gix said:
I have always considered myself to be a fairly well educated and well-rounded person. Honestly though, I'm simply unable to wrap my mind around just what precisely this whole "Bitcoin Mining" is all about.

All I know is that one has a computer spinning "something" through intense computations, and somehow "generating" revenue in the form of Bitcoin(s).

It all sounds to me as though some algorithim is spinning "gold" out of "fried electrons" or some other such magical process. :biggrin-new:
Click to expand...

Neither can I. There are a few miners on Guru posting about this and one buying 6 graphic cards to do this stuff. Why it's driving prices up is a wonder to me.
 
You must log in or register to reply here.
Back
Top