Author Topic: TBG Commentary: The Great Ethereum Scam?  (Read 121 times)

Ari Altman

  • TBG Founder
  • Administrator
  • Hero Member
  • *****
  • Posts: 2286
    • View Profile
TBG Commentary: The Great Ethereum Scam?
« on: July 08, 2017, 01:47:41 PM »
If you have questions or comments regarding TBG's Commentary article "The Great Ethereum Scam?", post them here!

Abowman

  • Newbie
  • *
  • Posts: 25
    • View Profile
Re: TBG Commentary: The Great Ethereum Scam?
« Reply #1 on: July 09, 2017, 01:30:56 PM »
Is Nanopool the pool you're part of? Have you checked to see if that's how other pools work or if some deal in smaller amounts of Ethereum?

Oh and that's great information! Good to see the actual numbers for profit that can be made. Basically, all the people who have been buying and driving GPU prices up need Ethereum prices to continue increasing or they'll never see a solid profit. Hopefully this information gets spread around the craze will end and the great GPU prices we had 2 months ago will come back. That and if Vega ever gets released will hopefully see prices drop even lower. I'd love for sub-$500 1080s to come back.

Ari Altman

  • TBG Founder
  • Administrator
  • Hero Member
  • *****
  • Posts: 2286
    • View Profile
Re: TBG Commentary: The Great Ethereum Scam?
« Reply #2 on: July 09, 2017, 01:56:00 PM »
Is Nanopool the pool you're part of? Have you checked to see if that's how other pools work or if some deal in smaller amounts of Ethereum?

Oh and that's great information! Good to see the actual numbers for profit that can be made. Basically, all the people who have been buying and driving GPU prices up need Ethereum prices to continue increasing or they'll never see a solid profit. Hopefully this information gets spread around the craze will end and the great GPU prices we had 2 months ago will come back. That and if Vega ever gets released will hopefully see prices drop even lower. I'd love for sub-$500 1080s to come back.

The issue of pools not dealing in reasonable quantities of coins is not a new one. In fact, TechPowerUp just ran its own editorial on the moral issues related to cryptocurrency, and made a similar point, as follows:

Quote
When I started mining, this impact was still not clear. I entered the market as a miner when Bitcoin was about $20.00 per coin. I began my mining adventure on the CPU of an old Pentium M notebook before quickly learning this was uneconomical, and made approximately 0.02 bitcoins over the course of a week, worth then only 40 cents. The only exchange at the time, MtGox, would not even let me withdraw such a measly amount, and so it sat in their online wallet until MtGox would collapse in the later days of Bitcoin. Interesting to note, if I still had those .02 bitcoins, they'd be worth over 40 dollars today, but ah, thus is the nature of cryptocurrency.

That's the other problem with cryptocurrency, and again, it isn't actually a problem with cryptocurrency itself, but people. People are unreliable. You give your coins over to someone random on the internet, it isn't really the fault of cryptocurrency when it vanishes. This is a very human issue. When people use cryptocurrency to buy drugs online, it too isn't cryptocurrency's fault nor was it our goal for it to be used that way. It is the users fault, the human element again is to blame.

By the way, there's no way AMD will launch Vega into this mess - they absolutely have to wait until the mining craze dies down, because their reputation was sullied when the $400 R9 290 was launched in Nov. 2013 only to be sold out at $550 and up a week later due to Bitcoin, making it a bad deal for gamers, and calling into question all the glowing reviews it received. It took months for the R9 290 to return - board partners basically re-launched the R9 290 in late Jan. 2014 as a custom-cooled card.
« Last Edit: July 09, 2017, 01:58:19 PM by Ari Altman »