[QUOTE=a-k-t-w;52486146]This talk about exposure, youre just guessing the reasons people mine. I'll say it again, you mine because you are getting paid to mine. Have you heard of the concept of giving someone labour in exchange for cash? It's like that.[/quote]
Because you're not getting cash, you're getting whatever "money" they're offering. If you did work and got paid in Monopoly money and the promises that it would be accepted everywhere, would you roll with it?
[quote]Who is spending millions of dollars on... What? If you invest into something without doing research than you're just an idiot. If anyone is dropping this kind of money on a mining setup they would have done the math to see if it's worth it, otherwise they would not have that kind of money to begin with.[/quote]
Obviously no one person is dropping millions on their own personal mining rigs. I'm talking about mining [I]farms[/I], as in data centers dedicated to mining that people can "rent" spots in.
[media]https://www.youtube.com/watch?v=rsSuay53kIc[/media]
One of the extreme examples, but far from the only one.
[quote]I never made any connection with TF2 hats and currency, that's all you.[/quote]
You were bringing them up as an example of monetary legitimacy for something that isn't money, yet is treated like money. If there were no connection, why did you bring them up at all?
[quote]The reason you call it funny money is because the concept is lost on you.[/quote]
Clearly, and sad to say you've not done much to convince me of its merits or ultimate end-goal.
[quote]Bitcoin is not any different from any other kind of investment. You could win some you could lose some, even with Gold. It's taken seriously by many people and the fact that its worth anything at all proves this.[/QUOTE]
Going back to the TF2 hats example which you've brought up (at least twice if I remember correctly), that it has value does not make it any more sensible [i]in my opinion[/i]. With TF2 hats, people trade them for money/more valuable hats, sure. People farm them for this purpose, sure enough Hell, people even spend money in the hopes of getting a valuable hat (some more than others, obviously). But in the end I thought/still think it was ridiculous that people were spending such ludicrous amounts of time/money for something that does next to nothing and has next to no tangible value, outside of making a game character look more/less ridiculous, depending on the hat. In fact, in the very line you quoted, I made this clear by stating that my line of thinking regarding what I refer to as "internet funny money" also applies to TF2 hats.
[QUOTE=Laserbeams;52486027]How is jewelry not useless? Its only purpose is to show that you have even more gold. Yeah, it looks nice, but I still don't think that gold was ever expensive because of any of its properties. It was expensive because it was rare[/QUOTE]
Jewelry has been an industry/art form for millennia, and the end result is typically used as a status symbol, so in that regard I agree that it's ridiculous, but nontheless here we are. But its rarity combined with how easy it was to form into shapes, as well as its inability to tarnish under most conditions, made it perfect for the role.
And like I said, even if gold [I]weren't[/I] as rare as it currently is, it would still be sought after for its combination of properties, with the side-effect of likely being more common due to availability.
Wow you clearly have no idea what you're talking about. Please go get educated, go get a basic idea of economics before talking out your ass.
Monopoly money has no value. You can't trade monopoly money for anything, no one will accept it. There is no market for it. When you get paid in bitcoin, you are getting paid an equivalent dollar value. If you do work here in Australia, you'll get paid in AUD which is worthless in the USA and won't be accepted anywhere. That doesn't mean AUD is monopoly money.
I never once compared TF2 hats with currency, you made that up yourself. I simply explained that just like bitcoin it has a dollar value. You saying it has no tangible value is flat out wrong.
What you are saying shows how little you understand things like this. It doesn't matter if it's worthless to you, if there is a market for it it has value.
[QUOTE=Kabus Iblis;52385416]I can't wait for crypto currencies to crash hard which results in a flood of used GPUs being liquidated[/QUOTE]
:downs:
[QUOTE=a-k-t-w;52488359]Wow you clearly have no idea what you're talking about. Please go get educated, go get a basic idea of economics before talking out your ass.[/quote]
I did ask to take this to PM, seeing as half of this thread has become you and a few others saying "your opinion is wrong" when it's just that. An opinion. I never said to tear down your mining rigs because you're wasting your time, just that I don't personally see the point in mining crypto-currencies. Again, you're being hyper-defensive about it.
[quote]Monopoly money has no value. You can't trade monopoly money for anything, no one will accept it. There is no market for it.[/quote]
Nobody accepted Bitcoin/Dogecoin/etc. for a good while either. They only did once it started catching on for whatever reason.
And to say it has no value when you could technically get paid selling it off for recycling by the bale is odd, though granted you'd need a FUCKTON of Monopoly money to get any decent payout in that regard.
Plus if you do the math on the "value" of Monopoly money based on the cost of the games themselves, it technically has a better exchange rate than Somalia's currency. :v:
[quote]When you get paid in bitcoin, you are getting paid an equivalent dollar value. If you do work here in Australia, you'll get paid in AUD which is worthless in the USA and won't be accepted anywhere. That doesn't mean AUD is monopoly money.[/quote]
Except AUD is an established currency backed by a government and the values it builds through trade with other nations and their established currencies. Bitcoin/other crypto-currencies literally just sort of pop up out of nowhere and are only somewhat accepted because people just decide they should.
[quote]I never once compared TF2 hats with currency, you made that up yourself. I simply explained that just like bitcoin it has a dollar value. You saying it has no tangible value is flat out wrong.[/quote]
You didn't compare TF2 hats with currency, but just now compare them to Bitcoin to make a point that it has a dollar value. Okay.
I mean it has no tangible value because TF2 hats are:
1) Incorporeal. They're not real. You won't find TF2 hats in a Goodwill or Thrift Shop, because they're literally just polygons and texture files.
2) Valued entirely arbitrarily. People decide their worth based on what gaudy trend is going on at the time, which in my mind is ridiculous, given point 1.
[quote]What you are saying shows how little you understand things like this. It doesn't matter if it's worthless to you, if there is a market for it it has value.[/QUOTE]
I never said I understood economics, nor did I ever claim to be an expert. I said that I didn't understand the point of crypto-currencies outside of "if I mine them I can get [I]REAL[/I] money out of it!", and I've backed up my opinion based on what little I [I]do[/I] know, not necessarily about economics, but about how actual, material things have value, even if they're not rare or expensive (note that I never said gold deserves to be expensive, I only said that it has [I]value[/I] even if it somehow weren't rare and, therefor, expensive).
Literally all I did was call it "internet funny money" and you and a few others have gone completely off the rails for me simply stating my opinion, which last I checked is held by me and me alone (though I could be wrong). I never once said "Dismantle your mining rigs, you're wasting your time!" or "I don't like *thing* you should stop!", I just said that [I]I [B]personally[/B][/I] think it's funny money. If you or anyone else wants to perceive that as me literally shitting all over your hobby/career/whatever the hell you're making out of it, then I'm sorry?
I've explained to you again and again and you continue to disregard everything I've said. Doesn't matter your opinion, it doesn't change the facts. Value isn't some random number people decided it's worth, it is simple SUPPLY AND DEMAND. Go read a book.
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