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Using AI to make PoW cryptocurrency
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2024-07-12 at 4:04 AM UTC
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2024-07-12 at 5:24 AM UTCShut up. We're tired of your stupid charts and stat reports
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2024-07-12 at 7:40 AM UTCusing PoWs' manual labour to power crypto mining farmsThe following users say it would be alright if the author of this post didn't die in a fire!
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2024-07-12 at 2:02 PM UTCjust design the coins to use 1/100th of the electricity, problem solved. THe US Government can stop developing power grid software to detect bitcoin mining farms "unfairly using the grid" now
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2024-07-12 at 3:24 PM UTC
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2024-07-12 at 3:30 PM UTC
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2024-07-12 at 3:47 PM UTCThe following users say it would be alright if the author of this post didn't die in a fire!
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2024-07-12 at 4:11 PM UTCplastic cards are what about 75% of people consider to be "money"
as much as I like crypto the common view amongst the market is that money is not a physical coin or cash or token proved by work but instead an imaginary floating digit supported by a financial institution.
Are they foolish for having full trust in this system and never imagine a scenario where they try to withdraw their "millions in life savings" only to be told there is "no money left" ? perhaps. But I believe the market is also correct. If the arrows were weighted I think the arrow between plastic cards and electronic money would be 100x larger than any arrow, that's really the only arrow that matters. That arrow represents nearly all global finance.
I think the real argument of economic theory is in which way these arrows should be balanced and by which mechanisms -
2024-07-13 at 1:03 AM UTC
Originally posted by the man who put it in my hood plastic cards are what about 75% of people consider to be "money"
as much as I like crypto the common view amongst the market is that money is not a physical coin or cash or token proved by work but instead an imaginary floating digit supported by a financial institution.
Are they foolish for having full trust in this system and never imagine a scenario where they try to withdraw their "millions in life savings" only to be told there is "no money left" ? perhaps. But I believe the market is also correct. If the arrows were weighted I think the arrow between plastic cards and electronic money would be 100x larger than any arrow, that's really the only arrow that matters. That arrow represents nearly all global finance.
I think the real argument of economic theory is in which way these arrows should be balanced and by which mechanisms
more than 75% of the population dont know what money is. -
2024-07-13 at 2:42 AM UTC
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2024-07-13 at 3:07 AM UTC
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2024-07-13 at 3:10 AM UTCI don't understand how this works.
is there a Mine4Dummies tutorial video somewhere? -
2024-07-13 at 3:35 AM UTCAll PoW crypto generally works the same. Having dedicated hardware is really the best way to do it, even a spare old computer works fine.
If you can get a decent ASIC to run you might hit a block. On a low cap coin you might be able to get a monthly income for very little electricity use
with something like an s9 bitmain miner you can maybe make $1/day for a $4000 machine
https://www.asicminervalue.com/miners/bitmain/antminer-s9-14th
but if you had the same power for something like DOGE you would make a lot more. But DOGE is ASIC mining only so people don't develop $4000 specialized mining machines its a more distributed mining pool and hence "more fair" which is how LTC, XMR and DOGE work. People still make money mining those coins
the real profit of smaller networks is running mining pools and network nodes which give you a % cut of every transaction which uses your node which gives incentive to people to build robust tolerant resistant networks dedicated to the network specifically
https://nownodes.io/blog/how-to-run-monero-node/
PoW cryto creates an endless demand for network developers and programmers and people that build servers and develop technology.
https://www.web3isgoinggreat.com/?id=monero-community-wallet-hackNovember 1, 2023
Monero discloses that its community crowdfunding wallet was drained
An orange and grey circle with a white M in the middle(attribution)
Monero's Community Crowdfunding System (CCS) funds projects that aim to improve the ecosystem of Monero, a privacycoin. The CCS is funded by donations, and up until September 1, 2023, held a balance of 2675.73 XMR (~$460,000). Two months after the fact, "Luigi" (a Monero developer and one of the two people with access to the wallet seed phrase) disclosed on Github that the wallet had been drained entirely. According to Luigi, he only discovered this a month after the theft.
The other person with access to the wallet is a former Monero developer named "fluffypony", or Ricardo Spagni. He surrendered to US authorities in July 2023 for extradition to South Africa, where he has been charged with invoice fraud against a cookie company (think chocolate chip, not software). However, he was released in late September, and has been working to "address this matter" while free but under court supervision.