When I first started working for an Internet provider in 1996 most people didn't 'get' The Internet, and couldn't really see its purpose.
Try thinking like that now.
I don't 'get' cryptocurrencies at the moment (that's a major oversimplifcation, because to an extent I do, and to an extent I don't) and I don't hold any. However, I do see that there is scope for the underlying technologies — blockchains — to become a distribution medium in the same way that the internet has democratised many things we used to take for granted as coming through some sort of custodian or aggregator (TV for example — youtube has democratised content creation; and just look at 'radio' now — podcasts).
Crypto is a tricky and detailed topic, a bit like the internet when you actually look at the details. If you like to understand things like TCP/IP and routing protocols, then taking an interest in what Ethereum has enabled might interest you.
But if you simply think this stuff is a currency and it's useless, then you might also think the internet is only for criminals and cat memes.
Regulators are taking a bigger look now, which to me just says there is some merit.
Interesting times ahead!
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Fancy a club Nürburgring trip in 2023?
GPUs typically have thousands of cores that can work in parallel. Your average CPU probably has 4 cores.
The Sub Prime crash happened when risky investments were repackaged to appear as safe ones.
By all means invest in/use crypto currency but don't do so if you cannot afford to lose all of your stake.
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I think that there are two main groups who like crypto - speculators and bad-uns who need a way to shift their ill gotten gains. For the general public to use it, it would need to be much more stable in its rate of exchange. If it ever gets there, all of the speculators will lose interest and move elsewhere.
Proud poster of mindless drivel on BlatChat since 2006.
GPUs are designed to do simple operations in parallel. They can do the same operation on hundreds of data items simultaneously. Whereas CPUs can usually only work on a limited number of items at a time, typically between 4 and 12 (my 6-core Intel i5, is limited to 6 threads, for example). Crypto mining suits the parallel model.
Well that explains the massive tanking this morning then.
#15: I think that there are two main groups who hate crypto - governments and bad-uns who need a way to hide their ill-gotten gains from the taxman.
Oh, and environmentalists. Three main groups...
The bad-uns like crypto, surely?
The PayPal platform is a game changer in terms of accessibility. It's probably a fantastic investment but my understanding is that the gains are charged as Income tax - so needs declaring on a tax return when sold. I wonder how many will do that and if PayPal will provide an end of year tax certificate? Not sure it's for me.
I read that Elon Musk, having got into Crypto got out quite quickly when he found out how much electricity it takes to create just 1 Bitcoin.
I also read that a lot of banks will not let you deal in them.
About a week ago, in Malaysia, the authoriies trashed with tractors about 2 million £'s of of computers as the onwers were creating crypt currency and not paying their £1.5M electric bill.
Very environmentally unfriendly.