[PCGAMER] Sapphire says GPU mining is making a comeback, outs a 16GB Radeon RX 570 - Page 4 - Overclock.net - An Overclocking Community

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[PCGAMER] Sapphire says GPU mining is making a comeback, outs a 16GB Radeon RX 570

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post #31 of 36 (permalink) Old 01-23-2019, 04:30 PM
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Cryptyo coins work like any other kind of money (not backed by gold), it only has value because people think it does. When GPU mining was new and gaining attention, it was peoples own FOMO that drove the price up so high until the market collectively realized crypto is just like anything other currency in terms of how it's valued. It gained a lot of attention because it was new, it has certain benefits over real money like not being controlled by a government, and because people figured out they could more or less literally start printing their own money. Long term, cryptos only real power is to simply exist as an alternative to government controlled money. That's it's only real value and going forward there is no more or less reason to invest in crypto vs investing in the stock market.

One of the biggest reasons crypto got so high is because young people can understand it a lot better than they understand the stock market, and it's a lot easier to get started with crypto than stocks. Once the FOMO wore off things came back down to reality and there will never be another FOMO rush on crypto.

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post #32 of 36 (permalink) Old 01-23-2019, 05:29 PM
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post #33 of 36 (permalink) Old 01-24-2019, 04:55 AM
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Quote: Originally Posted by mothergoose729 View Post
Why? Why would the developers behind any coin want to change their block chain algorithms to accommodate GPU miners?
Because it is a race, like every ponzi scheme: the first ones to mine are accumulating coins with a relatively modest effort, then waiting for the buzz to happen, inflate the price of every of their coin, before mass selling all of them, and crashing the market.
This is the past bitcoin situation as I understand it.

This means, if everyone is equipped with good GPU, there is a need to raise the bar higher, so as only top higer end gear will reach it, ahead of the curve. Then the story will carry on again.

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post #34 of 36 (permalink) Old 01-24-2019, 09:05 AM
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Quote: Originally Posted by mothergoose729 View Post
Why? Why would the developers behind any coin want to change their block chain algorithms to accommodate GPU miners?

This is a peculiar kind of delusion. GPU mining is something that is a byproduct of cryptocurrency, not the point.
A true believer in decentralization would say that GPU mining ensures the most decentralization. That is the entire point.

With ASIC's, they are expensive and power hungry (good perf/watt just high total wattage per ASIC), which causes it to be only possible to mine by people/companies that can afford the infrastructure/up front costs required for that.

If you can only mine on gpu's then MANY more nodes/people can be mining, theoretically increasing the decentralization.

I guess everyone on here is salty about new blockchain/decentralized technology because it hurt gpu prices for a couple months.

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post #35 of 36 (permalink) Old 01-26-2019, 09:22 AM
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I could have got a cheap 1080 ti from a miner yesterday, for cheaper than my rtx 2070, here in Canada the 1080 /Ti were way more expensive used/new than 2070, and most used ones are from the US with high shipping and import tax

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post #36 of 36 (permalink) Old 01-26-2019, 10:15 AM
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Quote: Originally Posted by Sir Beregond View Post
I heard Crypto was dead many times over the past decade...
lol, yep along with the American Dream & the Stock Market.

Just dead for mindless people that want to get rich flying by night.

at this point though, i don't really see the point in mining. Day trading is more than good enough.

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