Crypto-Currency Ethereum Wallet Gets Hacked

Yil · Jul 21, 2017

Pacheko17 said:
It is a proper business practice.
Otherwise, a friend of mine wouldn't be where he is today.
He started pretty early but he still profits from it.

I don't really see how a currency that jumps hundreds of times in less than a year suggest a stable economy.

Pacheko17 · Jul 21, 2017

Yil said:
I don't really see how a currency that jumps hundreds of times in less than a year suggest a stable economy.

That's the cool part, people really like trading it.
Also, the brazillian real does that all the time, Brazil is still a thing though and our economy is pretty strong.

FAST6191 · Jul 21, 2017

TotalInsanity4 said:
If we want to get technical one could make the same argument for locking a card out of mining

It is not really the same though; it was just the main example I had of fun and games at the driver level in the past.
Driver lockout would be blacklisting a program.
You can still run a CAD program on a consumer card, might even run faster. The idea behind the CAD type cards was like all the fancy hard drives (right now it would be SAS type drives https://www.scan.co.uk/shop/computer-hardware/hard-drives-internal/serial-attached-scsi-sas-25 ) they were there to do a task well. Or if you prefer "oh dear COD crashed" matters little for most in the grand scheme of things, "oh dear my day rates are $3000 and the firm I am working for bills me out at even more, CAD program I am designing the part in crashed" is something you can then sell a more stable approach, and possibly a more robust card for (a workstation for that sort of thing might have hard things like dual power supplies, power backup, ECC memory... basically a server with a fancy graphics card to run all the 3d and warranties that read "we will fly an engineer out if it breaks"), and the CAD companies would also play to it and say "we will guarantee it works and if it does not we are up until it is done".
However as you don't really need to design a whole new card (to say nothing of having thousands of gamers test it for you) you can make a card, test it more in the factory, give it a good warranty, maybe stick better capacitors in there or if there is such a thing as ECC GDDR memory then that... and sell that. Part of that was also the drivers, which by this point in time were more than just a way to interface with the card and did some calculations in their own right, did all the fun safe/secure coding practices ( https://www.securecoding.cert.org/confluence/display/seccode/Top+10+Secure+Coding+Practices ) which slow things down and gamers don't care about.
Some people then figured out you could buy the gamer equivalent of the CAD focused card, hack the drivers a bit and get much of the fun of a CAD card on the cheap.

Yil · Jul 21, 2017

Say a piece of bread is worth 1 buck today. In half a year you cannot even get a slice for the same money but the same time next year you can buy a room of them. How is that good?

--------------------- MERGED ---------------------------

brickmii82 said:
The programmer will sell it, and install it in TeamViewer. In my research I found many people selling the FW they created, or just giving it away as freeware. They'd have a donation address for Eth though.

If it's that profitable they would be doing it themselves.

brickmii82 · Jul 21, 2017

Yil said:
Not every miner has that capacity, even installing a custom firmware can be hard let alone writing them.

The programmer will sell it, and install it in TeamViewer. In my research I found many people selling the FW they created, or just giving it away as freeware. They'd have a donation address for Eth though.

brickmii82 · Jul 21, 2017

The GPU market will approach a Nash Equilibrium regardless if Eth stays or dies off. Manufacturers will increase production to meet demand if demand continues to increase, or if it stays where it's at. AMD won't lose money by sending miners to Nvidia for "principles." Likewise for Nvidia.

--------------------- MERGED ---------------------------

Yil said:
Say a piece of bread is worth 1 buck today. In half a year you cannot even get a slice for the same money but the same time next year you can buy a room of them. How is that good?

--------------------- MERGED ---------------------------

If it's that profitable they would be doing it themselves.

They do. Usually they do it for extra money. Once the rig is set up, all you do is transfer currency to wallets or exchanges.

Yil · Jul 21, 2017

brickmii82 said:
The GPU market will approach a Nash Equilibrium regardless if Eth stays or dies off. Manufacturers will increase production to meet demand if demand continues to increase, or if it stays where it's at. AMD won't lose money by sending miners to Nvidia for "principles." Likewise for Nvidia.

But Nvidia understands the backlash while AMD don't have the resource for a separate line of cards.

--------------------- MERGED ---------------------------

brickmii82 said:
The GPU market will approach a Nash Equilibrium regardless if Eth stays or dies off. Manufacturers will increase production to meet demand if demand continues to increase, or if it stays where it's at. AMD won't lose money by sending miners to Nvidia for "principles." Likewise for Nvidia.

--------------------- MERGED ---------------------------

They do. Usually they do it for extra money. Once the rig is set up, all you do is transfer currency to wallets or exchanges.

No, I mean using that money to buy more hardware to increase your own chance than diverting it.

N64 · Jul 21, 2017

glad to see crypto fans here. I'm a Gamecredits fan myself, not a huge fan of Ethereum (due to the DAO hardfork) but I like Ethereum Classic. Mining is out of reach imo so its better to just buy the crypto itself with the funds you would use for mining equipment, unless you're looking at very low cap coins

brickmii82 · Jul 21, 2017

Yil said:
But Nvidia understands the backlash while AMD don't have the resource for a separate line of cards.

AMD has plenty of resources to accommodate both miners and PC enthusiasts. In the end, the onus of responsibility falls on the manufacturers. They have an opportunity to sell more, so they need to produce more.

It's a bit of a moot point though, on all of this thread. By Nov 1 the Ethereum network is to be converted to Proof of Stake rather than Proof of Work. The reason for this is a 51% attack (buying a shitton of Eth) can cripple the network. But, this blockchain formula doesn't utilize mining anymore. So no more miners.

Yil · Jul 21, 2017

brickmii82 said:
AMD has plenty of resources to accommodate both miners and PC enthusiasts. In the end, the onus of responsibility falls on the manufacturers. They have an opportunity to sell more, so they need to produce more.

It's a bit of a moot point though, on all of this thread. By Nov 1 the Ethereum network is to be converted to Proof of Stake rather than Proof of Work. The reason for this is a 51% attack (buying a shitton of Eth) can cripple the network. But, this blockchain formula doesn't utilize mining anymore. So no more miners.

Yes but since using the card does not violate the warrent, the manufacturer have to deal with customer support in the future when the board gets damaged.

brickmii82 · Jul 21, 2017

Yil said:
But Nvidia understands the backlash while AMD don't have the resource for a separate line of cards.

--------------------- MERGED ---------------------------

No, I mean using that money to buy more hardware to increase your own chance than diverting it.

Even if you built 100 rigs, you're still not likely to be competitive against mining pools. You have 100 rigs, they have 20,000. Due to hashing difficulty increasing, and the shear amount of miners now, @N64 is right. Just buy and sell for profits.

FAST6191 · Jul 21, 2017

Yil said:
Say a piece of bread is worth 1 buck today. In half a year you cannot even get a slice for the same money but the same time next year you can buy a room of them. How is that good?

If your aim is to facilitate a country style economy with day to day transactions of the common man, and a rate of inflation that all but guarantees your money will be about as useful this time next year and possibly even in 10, then yes it would fail miserably.
If your aim is something more immediate (with all the other benefits like being free, without any great oversight/regulation, somewhat anonymous, pretty quick as these things go) or something more long term then it appears to work just fine.

In just the same fashion I can buy any number of conventional financial instruments (bearer bonds, stocks/shares, land rights... more in this video) which fail if I need bread and milk from my local corner shop. Still valid things though.

Yil · Jul 21, 2017

FAST6191 said:
If your aim is to facilitate a country style economy with day to day transactions of the common man, and a rate of inflation that all but guarantees your money will be about as useful this time next year and possibly even in 10, then yes it would fail miserably.
If your aim is something more immediate (with all the other benefits like being free, without any great oversight/regulation, somewhat anonymous, pretty quick as these things go) or something more long term then it appears to work just fine.

In just the same fashion I can buy any number of conventional financial instruments (bearer bonds, stocks/shares, land rights... more in this video) which fail if I need bread and milk from my local corner shop. Still valid things though.

First quick bucks are always shady, and second most oppotunist are not great at long term planning.

FAST6191 · Jul 21, 2017

Yil said:
First quick bucks are always shady, and second most oppotunist are not great at long term planning.

Give or take environmental concerns there are ways to quite legitimately make money fast. By the nature of the world they tend to be hard to spot and the gaps tend to rapidly close as people rush in and margins get reduced but perfectly legitimate ones do exist.
So opportunists are not great at long term planning, what is your point here?

brickmii82 · Jul 21, 2017

Yil said:
First quick bucks are always shady, and second most oppotunist are not great at long term planning.

I wouldn't say "always" shady. The quick buck just has the highest risk for shadiness. You don't have to be great at long term planning either. Just have a plan. That's called investment strategy. Buy low, sell high. Set the profit margins to your liking, and execute your plan accordingly.

Yil · Jul 21, 2017

FAST6191 said:
Give or take environmental concerns there are ways to quite legitimately make money fast. By the nature of the world they tend to be hard to spot and the gaps tend to rapidly close as people rush in and margins get reduced but perfectly legitimate ones do exist.
So opportunists are not great at long term planning, what is your point here?

What I am saying is that at this point most government will have to illegitimize mining and crypto currency. Germany is already on it.

brickmii82 · Jul 21, 2017

Yil said:
What I am saying is that at this point most government will have to illegitimize mining and crypto currency. Germany is already on it.

Then they might as well start burning books again. Crypto isn't a Ponzi Scheme. It's an experiment in currencies and economics.

Yil · Jul 21, 2017

brickmii82 said:
I wouldn't say "always" shady. The quick buck just has the highest risk for shadiness. You don't have to be great at long term planning either. Just have a plan. That's called investment strategy. Buy low, sell high. Set the profit margins to your liking, and execute your plan accordingly.

But how many people has the foresight? Many miners pays more electric bills than their earning.

--------------------- MERGED ---------------------------

brickmii82 said:
Then they might as well start burning books again. Crypto isn't a Ponzi Scheme. It's an experiment in currencies and economics.

It's not intended to be but currently gets overrun by people who only joins after all the profits are gone.

brickmii82 · Jul 21, 2017

Yil said:
But how many people has the foresight? Many miners pays more electric bills than their earning.

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

You can't say it's not profitable. It may not be for some, but for others it is. I've posted the entire lifetime currency to value charts earlier in this thread. For Bitcoin, Eth, and Litecoin. It appears highly profitable and potentially a groundbreaking idea.

FAST6191 · Jul 21, 2017

Yil said:
What I am saying is that at this point most government will have to illegitimize mining and crypto currency. Germany is already on it.

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.

Well-Known Member

Controversial opinions guy.

Techromancer

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Techromancer

Well-Known Member

Techromancer

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Techromancer

Similar threads