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Are cryptocurrencies bad for IT world?
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Are cryptocurrencies bad for IT world?

amadex1337amadex1337 Member
edited May 2021 in General

What do you think about cryptocurrencies in IT world? Prices of hardware are going up and we can't enjoy the new stuff. Prices of graphic cards were up, now hard drives. I'm really pissed off at this cryptoshit.

Even for VPSes some guys are abusing CPU with mining their some cents worth crypto money.

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Comments

  • NeoonNeoon Community Contributor, Veteran

    @amadex1337 said:
    Even for VPSes some guys are abusing CPU with mining their some cents worth crypto money.

    Eh what? Because some Provider is unable to monitor the nodes crypto is to blame?
    Name and shame.

    Also prices are not only going up because of crypto, they are also going up because of covid.

  • DPDP Administrator, The Domain Guy
    edited May 2021

    Something goes up at least every morning, why are you not pissed at that?

    Thanked by 2JasonM Ympker
  • deankdeank Member, Troll

    Are humans bad for Earth?

    Thanked by 2Pixels james50a
  • randomqrandomq Member

    They're bad for the IT world, in that a lot of high paying banking and investment firm IT jobs will go away when they are replaced by software like Ethereum smart contracts, Uniswap, etc.

    Higher equipment prices are good for IT jobs, since your salary will look small by comparison. 😉

  • @amadex1337 said:
    What do you think about cryptocurrencies in IT world? Prices of hardware are going up and we can't enjoy the new stuff. Prices of graphic cards were up, now hard drives. I'm really pissed off at this cryptoshit.

    Even for VPSes some guys are abusing CPU with mining their some cents worth crypto money.

    Yes, would we have prevalent ransomware attacks without crypto?

  • @deank said:
    Are humans bad for Earth?

    Yes, we don't deserve to live on earth. That's why we live at /tmp

  • jbilohjbiloh Administrator, Veteran

    I see zero benefit to the IT industry from crypto. Call me a sceptic.

  • JasonMJasonM Member
    edited May 2021

    just IT industry? crypto has zero benefit to ANY industry except the crypto industry itself.
    In coming years you'll see a world-wide ban on it or it will be regulated in some way or the other!

    Thanked by 1webcraft
  • WebProjectWebProject Host Rep, Veteran

    @TimboJones said:

    @amadex1337 said:
    What do you think about cryptocurrencies in IT world? Prices of hardware are going up and we can't enjoy the new stuff. Prices of graphic cards were up, now hard drives. I'm really pissed off at this cryptoshit.

    Even for VPSes some guys are abusing CPU with mining their some cents worth crypto money.

    Yes, would we have prevalent ransomware attacks without crypto?

    Haha, scammers still using alternative method of payments, example: gift cards from Best Buy 😂 check the YouTube videos.

  • randvegetarandvegeta Member, Host Rep

    @JasonM said:
    just IT industry? crypto has zero benefit to ANY industry except the crypto industry itself.
    In coming years you'll see a world-wide ban on it or it will be regulated in some way or the other!

    Regulated, probably. Banned? Unlikely. Its highly integrated into the financial system now. Hundreds of billions already traded. BTC has been on the government radar for the better part of the decade and it's been allowed to continue to grow.

    It seems incredibly unlikely that BTC or crypto in general will be banned. At least not in civilized, democratic societies.

    Regulated? Almost certainly. All the large exchanges need to comply with KYC already.

  • raindog308raindog308 Administrator, Veteran

    @WebProject said: Haha, scammers still using alternative method of payments, example: gift cards from Best Buy 😂 check the YouTube videos.

    However, these can be instantly revoked. And to use them you have to be physically present in a store or provide an address, etc. Also, while a small amount of gift cards can be converted to cash or merchandise easily, this doesn't scale to a $1m blackmail. The nature of gift cards limits their effectiveness at scale.

    Thanked by 2lentro bulbasaur
  • For legit transactions I see no benefit.

  • Useless as of all - crypto won't buy the future of currencies.

    Thanked by 1randvegeta
  • WilliamWilliam Member

    @amadex1337 said: Prices of hardware are going up and we can't enjoy the new stuff.

    This is mostly COVID-19 related however.

    IMO Crypto has a future - BTC does not. ETH does not. XMR partially does as it provides anonymity.

  • WebProjectWebProject Host Rep, Veteran
    edited May 2021

    I personally think the crypto is required for simplicity of transfers as banking system is ripoff nowadays, if you wish to transfer money required to wait and not instant but at the end of the day it’s computer transfer money not staff and cost is high cost for no work required to process by human.

    The crypto it’s like financial loans companies or banks, majority people don’t need but they do exist. Why do we need several banks when one bank is enough and can do ge same job? At the end they do the same service and provide zero interest rate on saving!

    Thanked by 1SirFoxy
  • randvegetarandvegeta Member, Host Rep

    @amadex1337 said: Prices of hardware are going up and we can't enjoy the new stuff. Prices of graphic cards were up, now hard drives. I'm really pissed off at this cryptoshit.

    Even for VPSes some guys are abusing CPU with mining their some cents worth crypto money.

    It wont last.

    All new industries with hyper growth will bottleneck, resulting in some things in an unrelated area to become more expensive.

    In the long term, things will settle and find a balance. Even at $1M, BTC won't consume vastly more energy than it does today (unless we see a price jump in an extremely short period of time). Miners mine for the reward. The fees are too small for miners to find enticing, especially for a new fledgling 'currency'. The rewards are the incentive to get miners on the network in the first place. Once the network has been established, the network relies more and more on fees. And once the majority of the miner's earnings come from fees and not rewards, the energy (or resource use in general) should gradually decline and then stabilise. It won't be a problem then. But the growth stage is a problem.

  • SirFoxySirFoxy Member
    edited May 2021

    @WebProject said:
    I personally think the crypto is required for simplicity of transfers as banking system is ripoff nowadays, if you wish to transfer money required to wait and not instant but at the end of the day it’s computer transfer money not staff and cost is high cost for no work required to process by human.

    The crypto it’s like financial loans companies or banks, majority people don’t need but they do exist. Why do we need several banks when one bank is enough and can do ge same job? At the end they do the same service and provide zero interest rate on saving!

    savings accounts are a scam, per inflation you'd lose 2% of your money in the us a year just keeping it in a savings account so the bank can loan out your money.

  • WilliamWilliam Member

    @SirFoxy said: savings accounts are a scam, per inflation you'd lose 2% of your money in the us a year just keeping it in a savings account so the bank can loan out your money.

    This is the same in any country.

  • raindog308raindog308 Administrator, Veteran

    @WebProject said: I personally think the crypto is required for simplicity of transfers as banking system is ripoff nowadays, if you wish to transfer money required to wait and not instant but at the end of the day it’s computer transfer money not staff and cost is high cost for no work required to process by human.

    It's not the cost of the transaction, it's the cost of the guarantee, working out all the relationships, handling disputes, developing these financial networks in the first place, etc.

    @SirFoxy said: savings accounts are a scam, per inflation you'd lose 2% of your money in the us a year just keeping it in a savings account so the bank can loan out your money.

    You call everything you don't understand a "scam".

    In the 70s, you could get 5% in a savings bank. But guess what it cost to borrow? 10-15% or more. In 2021, you can get a new mortgage at 2.5%. If the banks are lending money out at such a pittance, they can't pay depositors more. It's simply supply and demand. There's a gross oversupply of money at the moment and a lot of it is not money people can afford to gamble on Robin Hood and DogeCoin. You don't want banks speculating.

    Personally, I'd be happy if interest rates tripled and savings accounts payed 5% again ...but then, I'm not a debtor, am not planning on getting a new mortgage, etc. People with credit card debt or those looking to buy their first home would not like that scenario.

    BTW, the interest is not all you're getting. You're also paying for the insured security vs. keeping it under your mattress.

  • SirFoxySirFoxy Member
    edited May 2021

    @raindog308 said:

    @WebProject said: I personally think the crypto is required for simplicity of transfers as banking system is ripoff nowadays, if you wish to transfer money required to wait and not instant but at the end of the day it’s computer transfer money not staff and cost is high cost for no work required to process by human.

    It's not the cost of the transaction, it's the cost of the guarantee, working out all the relationships, handling disputes, developing these financial networks in the first place, etc.

    @SirFoxy said: savings accounts are a scam, per inflation you'd lose 2% of your money in the us a year just keeping it in a savings account so the bank can loan out your money.

    You call everything you don't understand a "scam".

    In the 70s, you could get 5% in a savings bank. But guess what it cost to borrow? 10-15% or more. In 2021, you can get a new mortgage at 2.5%. If the banks are lending money out at such a pittance, they can't pay depositors more. It's simply supply and demand. There's a gross oversupply of money at the moment and a lot of it is not money people can afford to gamble on Robin Hood and DogeCoin. You don't want banks speculating.

    Personally, I'd be happy if interest rates tripled and savings accounts payed 5% again ...but then, I'm not a debtor, am not planning on getting a new mortgage, etc. People with credit card debt or those looking to buy their first home would not like that scenario.

    BTW, the interest is not all you're getting. You're also paying for the insured security vs. keeping it under your mattress.

    you could have put your money in an s&p 500 boomer fund and still got a 10% avg return since inception in the early 19's without being fucked in the ass without lube by banks and that is pure boomer talk without speculation

  • raindog308raindog308 Administrator, Veteran

    @SirFoxy said: you could have put your money in an s&p 500 boomer fund and still got a 10% avg return since inception in the early 19's without being fucked in the ass without lube by banks and that is pure boomer talk without speculation

    You are young and inexperienced. Even worse, you're cherry-picking data.

    Average S&P 500 return over 30 years is 11.5%. But over 20 years it's 7.65%.

    S&P funds (or any equity investment) are great if you have a 20-year horizon on your money. What if you don't?

    Getting a "10% average return" over a long period is easy. It's impossible over a short period when your risk tolerance is zero, and there's a lot of money out there in that boat.

    And what happens at the end of that period? You're 65 and want to retire. You're not going to keep your money in that S&P fund because then next year you might have 20-30% less money - that's happened 3 times since 1970. The value of $1.00 invested the S&P 500 in 1970 was only 89 cents in 1974.

    I mean, I don't plan to keep my "safe money" in a savings account when I retire, but it's foolish to assume there are always 10% vehicles available for all scenarios.

    Thanked by 2bulbasaur vimalware
  • WilliamWilliam Member

    @raindog308 said: I mean, I don't plan to keep my "safe money" in a savings account when I retire, but it's foolish to assume there are always 10% vehicles available for all scenarios.

    There are always 10%+ vehicles available. They are just not always legal.

    Thanked by 1SirFoxy
  • WebProjectWebProject Host Rep, Veteran
    edited May 2021

    @SirFoxy said:

    @WebProject said:
    I personally think the crypto is required for simplicity of transfers as banking system is ripoff nowadays, if you wish to transfer money required to wait and not instant but at the end of the day it’s computer transfer money not staff and cost is high cost for no work required to process by human.

    The crypto it’s like financial loans companies or banks, majority people don’t need but they do exist. Why do we need several banks when one bank is enough and can do ge same job? At the end they do the same service and provide zero interest rate on saving!

    savings accounts are a scam, per inflation you'd lose 2% of your money in the us a year just keeping it in a savings account so the bank can loan out your money.

    agree, if you are lucky in UK you will find some banks will offer 2.75% (APR) interest on savings accounts but the consumer inflation rate is higher per year.

    Could someone tell me why the insurance companies are not financial scam?
    When you do buy service you do expect service, but with insurance if you do claim (use the service) you will be penalise for it as usual in event of the claim the premium will go up even with "no claim discount protection", so double scam and the insurance companies are protected by government.

    @raindog308 said: it's the cost of the guarantee

    The banks will not guarantee any time level and if transaction is lost normally to investigate it will be additional fees for tracing, example: sent money from UK to other country.

  • SirFoxySirFoxy Member

    @raindog308 said:

    @SirFoxy said: you could have put your money in an s&p 500 boomer fund and still got a 10% avg return since inception in the early 19's without being fucked in the ass without lube by banks and that is pure boomer talk without speculation

    You are young and inexperienced. Even worse, you're cherry-picking data.

    Average S&P 500 return over 30 years is 11.5%. But over 20 years it's 7.65%.

    S&P funds (or any equity investment) are great if you have a 20-year horizon on your money. What if you don't?

    Getting a "10% average return" over a long period is easy. It's impossible over a short period when your risk tolerance is zero, and there's a lot of money out there in that boat.

    And what happens at the end of that period? You're 65 and want to retire. You're not going to keep your money in that S&P fund because then next year you might have 20-30% less money - that's happened 3 times since 1970. The value of $1.00 invested the S&P 500 in 1970 was only 89 cents in 1974.

    I mean, I don't plan to keep my "safe money" in a savings account when I retire, but it's foolish to assume there are always 10% vehicles available for all scenarios.

    i get that ur a super risk adverse boomer and understand what ur saying but how is it cherry picking if i used the wider sample of data

  • raindog308raindog308 Administrator, Veteran

    @SirFoxy said:

    i get that ur a super risk adverse boomer and understand what ur saying but how is it cherry picking if i used the wider sample of data

    I’m not a boomer actually, or even close. That may be another word you use without understanding its meaning.

    It’s cherry-picking because your investment time frame is not 100 years.

  • This is happened today where I live. A guy was robbed under threat of a gun. They stole his mining rig from his car.

    More about: https://radiosarajevo.ba/vijesti/crna-hronika/potraga-u-sarajevu-policija-traga-za-tri-naoruzana-razbojnika/418214

  • WilliamWilliam Member

    @amadex1337 said: This is happened today where I live. A guy was robbed under threat of a gun. They stole his mining rig from his car.

    We hired an armed guard for our Bosnian mining back then. Was absolutely needed.

  • SirFoxySirFoxy Member

    @raindog308 said:

    @SirFoxy said:

    i get that ur a super risk adverse boomer and understand what ur saying but how is it cherry picking if i used the wider sample of data

    I’m not a boomer actually, or even close. That may be another word you use without understanding its meaning.

    It’s cherry-picking because your investment time frame is not 100 years.

    S&P 500: $100 in 1970 → $17,911.95 in 2021
    This is a return on investment of 17,811.95%, or 10.71% per year.

    https://www.officialdata.org/us/stocks/s-p-500/1970

    no one is investing for 4 years and the average mortgage is 25 years

    anyways the thread is about crypto and nothing about crypto appeals to boomers or ppl who think banks and the system are on your side

  • @WebProject said:

    @TimboJones said:

    @amadex1337 said:
    What do you think about cryptocurrencies in IT world? Prices of hardware are going up and we can't enjoy the new stuff. Prices of graphic cards were up, now hard drives. I'm really pissed off at this cryptoshit.

    Even for VPSes some guys are abusing CPU with mining their some cents worth crypto money.

    Yes, would we have prevalent ransomware attacks without crypto?

    Haha, scammers still using alternative method of payments, example: gift cards from Best Buy 😂 check the YouTube videos.

    $5M in gift cards? GTFO

    Thanked by 1WebProject
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