[OT] Crypto-Currency Discussion | Bitcoins, Lite, Etherium, etc.

wolf112

Beginner
Apr 4, 2017
42
0
0
Bitcoin mining is it legal?

i have few faulty vga card that i want to put into mining...but first i wanna know is it legal to do mining?
and is there any thread where i could get a guide for how to do it?
 

The Alchemist

Proficient
Oct 8, 2009
630
0
21
Lahore
i have few faulty vga card that i want to put into mining...but first i wanna know is it legal to do mining?
and is there any thread where i could get a guide for how to do it?
It is not illegal. Neither is mining nor using it.

You can join a mining pool and the mining pool's website will give you all the information including the software and their configuration.
You wont get much profits using a single card though.
 

M777

Talented
Jul 26, 2014
93
1
14
Lahore
I would not recommend mining BTC at all. With the current price of electricity in PK you will be only loosing money, not making any.
 

Dark Sith

Expert
Jan 7, 2009
16,032
11
43
Elysium
its very expensive - i have seen goons pick up 20 cards from a shop to mine thinking they will be on the FORBES list by the end of the year which will never happen - and when the bubble will burst which it will you will see 100 of thousands of gpus flooded in to the market .

it was profitable when bit coin was USD 10 back in the day ...its not now --
 

GloriousChicken

Glorious Chicken Lord of Team UG
Global Mod
Jul 30, 2013
2,656
165
69
Karachi
State Bank of Pakistan does not endorse Bitcoin.

However, there is no law in place to counter this.
So dont worry about doing anything illegal.
 

staticPointer

PG LEGENDARY
Dec 7, 2012
3,267
0
41
افغانستان
www.pakgamers.com
Bitcoin is still a total disaster

There’s one thing a currency is supposed to do that bitcoin never has. That’s maintain a stable value.

Indeed, as investment analyst Eddy Elfenbein points out, bitcoin has gone through four bear markets in 2018 alone. Now, maybe you don’t care if your money periodically loses 20 per cent of its value, but most people tend to. They want to be able to afford things whether or not cryptos are having a good day.

Although when it comes to bitcoin, the price changes so quickly and so violently that it really matters what point you’re comparing it to. Over the last year, you see, bitcoin is actually up 91pc, but over the last nine months it’s down 67pc. That, as you can see above, is why inflation would alternate between being nearly negative 100pc and positive 100pc or 200pc or even 300pc if we measured prices in terms of bitcoin rather than dollars.

There’s a reason why bitcoin has attracted so many scammers: all its transactions are irreversible. That’s the price of getting rid of intermediaries

Just what you want in a currency!

DAWN
 

kkfroma2j

Active member
Feb 7, 2016
369
0
0
Peshawar, KPK
When the USD was backed by gold back in the 70's ... things were different. Now that it (USD) is not backed by gold and the central bank can issue as much of it as it wants, when it wants (inflation) the USD will eventually fail, just like every other Fiat currency. All Fiat currencies are failing, albeit, very slowly ...

No Fiat currency in the history of the world has withstood the test of time...

Fiat Currency - The Daily Reckoning
 

kkfroma2j

Active member
Feb 7, 2016
369
0
0
Peshawar, KPK
Bitcoin is not very good (in its current form) at being used a currency for daily use ... that may change with development.

Bitcoin is currently acting more like a store of value (SOV) ... something akin to gold.

Cyrypto currencies are the first new asset class the world has seen in decades ... it is in its infancy ... and thus in price discovery mode ... hence the volatility.

They aren't going away ... governments can't stop this tech / movement ...

But be careful out there ... 98% of all cryptos out there today will not be there in 5 years time ...
 

William

Beginner
Sep 29, 2018
31
0
1
Bitcoin is not very good (in its current form) at being used a currency for daily use ... that may change with development.

Bitcoin is currently acting more like a store of value (SOV) ... something akin to gold.

Cyrypto currencies are the first new asset class the world has seen in decades ... it is in its infancy ... and thus in price discovery mode ... hence the volatility.

They aren't going away ... governments can't stop this tech / movement ...

But be careful out there ... 98% of all cryptos out there today will not be there in 5 years time ...
Volatility has many more factors than a price discovery mode, Bitcoin is becoming an adolescent, in its 10th year.
Ethereum is more advanced in that regard, it needs more retailers to accept ETH to make though.
Advantages Etherum are well known to some extend, to shut the blockchain down will be difficult to say the least.
Governments can shut down blockchains, they just need to work together, that has never happened before though (lmao)

Localbitcoins is a good idea, just be careful it is not 100% save rather 50%.
 
Last edited:

kkfroma2j

Active member
Feb 7, 2016
369
0
0
Peshawar, KPK
Volatility has many more factors than a price discovery mode, Bitcoin is becoming an adolescent, in its 10th year.
Ethereum is more advanced in that regard, it needs more retailers to accept ETH to make though.
Advantages Etherum are well known to some extend, to shut the blockchain down will be difficult to say the least.
Governments can shut down blockchains, they just need to work together, that has never happened before though (lmao)

Localbitcoins is a good idea, just be careful it is not 100% save rather 50%.

Volatility has many more factors than a price discovery mode, Bitcoin is becoming an adolescent, in its 10th year.
Ethereum is more advanced in that regard, it needs more retailers to accept ETH to make though.
Advantages Etherum are well known to some extend, to shut the blockchain down will be difficult to say the least.
Governments can shut down blockchains, they just need to work together, that has never happened before though (lmao)

Localbitcoins is a good idea, just be careful it is not 100% save rather 50%.

Shit mate ... does it sound like I need the kind of advice that you offered?

"Volatility has many more factors than a price discovery mode" ... Like duh ... what kind of moron doesn't know that ... but it is the biggest cause for the volatility.

Thanks for the useless advice re Ethereum .... now why don't you go and check out things like Zilliqa, Thunder, Algorand, Cosmos, Dfinity, Polkadot, Ontology, Vechain, Hasgraph ... etc etc ... yes Ethereum likes to tout it's developer ecosystem ... but that won't last forever ...

If you're interested in this space ... go checkout projects like Urbit, FOAM and Mainframe ... they're doing some really cool shit.

As to your claim that this tech can be stopped ... I call bullshit ... the only way to stop it is if all the governments shut down every single power plant ... and even then, there'd be renewable energy ... they could all make laws and make it illegal ... but that aint going to do shit ... while there is electricity, there will be blockchains


"Ethereum is more advanced in that regard, it needs more retailers to accept ETH to make though." .... LOL more retailers is what it needs? Please dude .. stop embarrassing yourself ... what it needs is sharding ... which will let it scale beyond 16 tx/s ...

Transactions per second is the biggest thing holding this tech back ...

Go do some research before you go acting like a pro ...

Peace :)

I'm pissed off at Zong ... 10 fucking megabytes for my international raoming ... what a fuckin joke ...


 

frac

Intermediate
Jul 16, 2018
180
0
11
Lahore
So when did you boys realize that this was a Ponzi scheme? How much have you made/lost?


(In all fairness though, currencies in general are a concept that's very likely to collapse).
 

kkfroma2j

Active member
Feb 7, 2016
369
0
0
Peshawar, KPK
Like I pointed out earlier ... there hasn't been a FIAT currency that has withstood the test of time ... ever ...

Why would anyone tell you how much they've made or lost?

I'm long on this tech ... bullish mid to long term ...

I'm up ... but I have been super super dooper lucky.

Ponzi my ass ...
 

frac

Intermediate
Jul 16, 2018
180
0
11
Lahore
You're taking stuff too personal there buddy, I was hoping for constructive discussion but it seems that isn't possible. Good day.
 

William

Beginner
Sep 29, 2018
31
0
1
You're taking stuff too personal there buddy, I was hoping for constructive discussion but it seems that isn't possible. Good day.

I agree with you here.

My so called claims are just thoughts on the matter. The retailer issue is the point where BTC has the clearest advantage but 95% or more of the new ICO have not seen that detail as important, similar to kkfroma2j

They just look at it to make a fast and quick buck. The advocates of the blockchain proclaim the end of FIAT which will not come as many people in all age groups are pretty much against tec as we take it.
 

kkfroma2j

Active member
Feb 7, 2016
369
0
0
Peshawar, KPK
You're taking stuff too personal there buddy, I was hoping for constructive discussion but it seems that isn't possible. Good day.
You (inmho) can't start a constructive conversation when you lead with "you're a moron ... you're being scammed" ... and "how much money do you have in the bank".

Tbh thought you were jumping on William's "ignorant but thinks he knows his shit" bandwagon ... my apologies if I offended you ... like I said ... I was in a real bad mood m(-_-)m
 
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