Following recent crypto-currency news, the popular currency known as Ethereum has been driving up GPU prices and demolishing availability, has been hacked. An estimated 153,000 "Ether" has been stolen, with estimates at a value of 32.6 million US dollars.

"The initWallet function should have been marked internal, but was instead not marked. Unmarked functions default to public in Solidity, so anyone can call that function and reinitialize the wallet to be under their control"

Will this be the down-fall of Ethereum? Will we see a sudden surge of cheap, high end GPU's on the markets? One can only hope!

Read more about the wallet hack here.

 

[Yil]

It's still a personal liberty they're partaking in. They make those choices, and have a right to.

And f****d over themselves, then they either move on losing an portion or become broke and homeless.

 

[FAST6191]

And f****d over themselves, then they either move on losing an portion or become broke and homeless.

So? Businesses and other ventures fail all the time. It seems to be a risk society is OK with, especially as the upside is you get nice businesses and ventures.

 

[Yil]

Bitcoin has been around, popular even, for how many years now? Most governments I have seen have ultimately said "we will treat it like various other types of investments and as long as you pay the relevant tax (capital gains or something) when you sell it or perform exchanges with it then it is all good". Any other illegal services/items you might purchase then fall under existing laws, possibly with the nature of payment being an aggravating factor in charges.

Likewise the grounds for making it illegal would conflict somewhat with the basic concepts of law in most "free" countries, that being something like you are free to live your life as you see fit as long as you are not harming others or society at large.

First gpu mining is now useless for bitcoin, and second it's stable.

 

[brickmii82]

Tell me how these charts show crypto as unprofitable?

 

[Yil]

So? Businesses and other ventures fail all the time. It seems to be a risk society is OK with, especially as the upside is you get nice businesses and ventures.

The problem is they start 'b*t**ing' after suffering the consequences. And the recent Eth drop?

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Tell me how these charts show crypto as unprofitable?

Trading, yes. Mining, hell no.

 

[brickmii82]

The problem is they start 'b*t**ing' after suffering the consequences. And the recent Eth drop?

The mandatory bust after a bubble. It's why the Federal Reserve was created in America. Too much growth too quickly always has a backlash.

 

[Yil]

The mandatory bust after a bubble. It's why the Federal Reserve was created in America. Too much growth too quickly always has a backlash.

Maybe the government gets smart before things get out of hand.

 

[FAST6191]

First gpu mining is now useless for bitcoin, and second it's stable.

How is GPU mining relevant to this aspect of the discussion? I can go just as broke by buying FPGAs or custom silicon.
Also
https://bitcoincharts.com/charts/bitstampUSD#rg730ztgTzm1g10zm2g25
Hardly stable compared to other financial instruments; start of the year around 1000 exchange rate for that exchange (for the sake of keeping the posts relatively link free can we agree it is going to be broadly similar for the other exchanges), topped 3000 a few months later, then saw a drop of 33% to 2000 or so which is still double what the thing started the year at and in the last few days has crept back up.

The problem is they start 'b*t**ing' after suffering the consequences.

And? A business I do some stuff for had a partner completely drop the ball and tank it a while back. Some harsh words were said by people involved there. After that life carried on. Seems no different here.

 

[brickmii82]

Maybe the government gets smart before things get out of hand.

It's not a governments job to think for people. They need to do that for themselves.

 

[N64]

Trading, yes. Mining, hell no.

Smart miners mine today and hold for the future. Those that mine today to sell immediately will always break even or lose

 

[Yil]

It's not a governments job to think for people.

No. It's to save themselves the trouble of cleanning up.

How is GPU mining relevant to this aspect of the discussion? I can go just as broke by buying FPGAs or custom silicon.
Also
https://bitcoincharts.com/charts/bitstampUSD#rg730ztgTzm1g10zm2g25
Hardly stable compared to other financial instruments; start of the year around 1000 exchange rate for that exchange (for the sake of keeping the posts relatively link free can we agree it is going to be broadly similar for the other exchanges), topped 3000 a few months later, then saw a drop of 33% to 2000 or so which is still double what the thing started the year at and in the last few days has crept back up.


And? A business I do some stuff for had a partner completely drop the ball and tank it a while back. Some harsh words were said by people involved there. After that life carried on. Seems no different here.

It's much better than years back but after it enters public eyes.

 

[FAST6191]

No. It's to save themselves the trouble of cleanning up.

What great harms are befalling or about to befall society because of virtual currency mining, and the existence thereof?

 

[brickmii82]

No. It's to save themselves the trouble of cleanning up.

Clean up what? Money lost
in poor investment strategy? That's not a governments job either.

I can understand regulations and oversight. Humanity has greedy tendencies. However, the intrusion into personal liberties for the sake of "protection" is always a bad idea.

 

[Naridar]

HA!
Justice has been done. In case somebody forgot, many organized crime syndicates and even terrorist organizations relied on cryptocurrency to do their finances. Not to mention buying up GPUs en masse to the point where their prices skyrocket and using them for purposes other than their intended use is analogue to scalping. GPU manufacturers should have torpedoed mining with driver updates long ago.

 

[darkangel5000]

and using them for purposes other than their intended use is analogue to scalping

>researchers relying on raw GPU power in their campuses
>CAD designers that need a decent GPU
>people that do Blender renders as a hobby
>people that have 8GB of VRAM but'll never do anything but using MS Office and surfing on Facebook
Are those "intended uses" for a gaming GPU? If so - why not mining? How is it any different in comparison to projects like folding@home? And why do you keep your head so far up your intestinal cavities?

 

[Yil]

>researchers relying on raw GPU power in their campuses
>CAD designers that need a decent GPU
>people that do Blender renders as a hobby
>people that have 8GB of VRAM but'll never do anything but using MS Office and surfing on Facebook
Are those "intended uses" for a gaming GPU? If so - why not mining? How is it any different in comparison to projects like folding@home? And why do you keep your head so far up your intestinal cavities?

People can still be pissed with not very good reasons.

 

[Todderbert]

Big companies like mining too. There went your GPU. Anyway, I do not support crypto-currency but I do support a silver/gold standard system.

 

[FAST6191]

Anyway, I do not support crypto-currency but I do support a silver/gold standard system.

I can't eat gold, burn it to make heat and it makes for an awful building material. What good then is gold?

 

[TotalInsanity4]

I can't eat gold, burn it to make heat and it makes for an awful building material. What good then is gold?

It's pretty good at being conductive

 

[FAST6191]

It's pretty good at being conductive

Not really. Copper is better and considerably less dense. Gold just does not corrode that easily so it is OK for coating connectors.

I will give that unlike diamonds and the purity fetish there it is not without practical uses, however they are not so many. It is harder to imagine what it might be used for were it as common as brick and steel but its mechanical properties are known and they are not great.