All about Blockchain, Cryptocurrency, Digital Transformation

Discussion in 'Off Topic' started by Dr. AMK, Jan 7, 2018.

  1. Dr. AMK

    Dr. AMK Living with Hope

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  2. Dr. AMK

    Dr. AMK Living with Hope

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  3. hmscott

    hmscott Notebook Nobel Laureate

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    When I saw this it seems like it might be something other than mining for coins, as the text of the description doesn't mention coin's or mining.

    It's talking about it like it's a Cloud sharing distributed computing environment - like BOINC or Folding@Home, which use idle CPU / GPU time to run distributed signal or data processing.

    So I followed the link in the Quantum Cloud description to the Q & A:
    https://www.quantumcloudai.com/en/index.html

    What is Quantumcloud and how does it profit?
    Quantum Cloud's platform allows gamers to utilize idle GPUs to earn low-maintenance income. When you start the app, Quantum Cloud uses some of your GPU's power to run powerful cloud-based applications. These applications generate profit for the platform, and you'll earn a cut based on the amount of GPU power provided.

    Are my daily earnings stable?
    Daily earnings fluctuates and is depending on your network environment, CPU/GPU and the level of usage.

    What is the system requirement for Quantumcloud?
    Windows 10 64bit with 4GB or above graphics card installed.

    Are Quantum Dots kept if they’re not linked to a PayPal account? If so, how long are they kept for?
    non-linked Quantum Dots in more than one month will be removed from the server.

    Those aren't all of the Q&A's, but none of them mention coin mining.

    Googling brought back confusing "Quantum Cloud" hits:
    https://www.google.com/search?q=what+is+quantum+cloud

    More googling brought up this site, which is also confusing:
    https://www.quantumcloud.com/

    Going back to that Q&A site, to their About page, are they related?:
    https://www.quantumcloudai.com/en/index.html

    Going further, I found a reddit thread discussing this, and their line of reasoning is similar to mine above, but they've gone further to find it is likely coin mining:
    https://www.reddit.com/r/pcmasterrace/comments/9h08jr/what_is_quantum_cloud_ai/

    I had to dig further and found some articles by authors that contacted Asus and Quantum Cloud:

    ASUS Partners With Quantumcloud to let Gamers Mine Cryptos With Idle-power From Their GPUs
    by Jose Antonio Lanz, December 2, 2018
    https://ethereumworldnews.com/asus-...mine-cryptos-with-idle-power-from-their-gpus/

    "An Interesting Project With a Few Questions To Answer
    The details of the agreement and the product they will offer are not yet 100% known. The idea is that thanks to Quantumcloud software, players will be able to power cloud-based miners managed by the blockchain company.

    Until now neither ASUS nor Quantumcloud have mentioned what cryptocurrencies will be minable or how much percentage each player will get after using the software. However, to calm suspicions, ASUS stated that the entire operation complies with GDPR regulations, which ensures the privacy of users’ data.

    Likewise, gamers will not have to perform complicated steps or carry wallets since Quantumcloud will automatically provide payments in fiat money to a Paypal or Wechat account configured by each customer.

    It is also important to note that the idea is not to promote mining as a profitable activity but to generate a little “beer money.” People at Quantumcloud have been emphatic in clarifying this with a message to potential clients:

    “An example of a typical scenario would be a gaming PC with a GTX 1070. This system could generate more than 20000 Quantum dots every day, which would result in approximately USD$10 deposited in your account over the course of a month. You won’t get rich quick, but you can earn some easy money with your idle GPUs. So, what are you waiting for?”"

    In that reddit thread, they computed electricity costs for their region to be $6.50, and without the added load of air-conditioning cutting into "profit" during the Winter, you'd clear $3.50 by running all month... so it's not worth it as far as wear and tear on your nerves keeping it running with the fan's wailing.

    I just don't understand how people are still justifying mining other than as a hobby or trying to remain relevant in a crumbling infrastructure that won't support itself monetarily - except for a few alt coin exceptions that can still eek a bit of profit from the effort, until they don't either - which as reports of miners closing down can happen very quickly and without notice as people cash out before the losses are too large to swallow.
     
    Last edited: Dec 9, 2018
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  4. hmscott

    hmscott Notebook Nobel Laureate

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    DHS looking into tracking Monero and Zcash transactions
    DHS has had great success with tracking and analyzing Bitcoin transactions already. They are now looking for similar solutions for tracking "privacy coins."
    By Catalin Cimpanu for Zero Day | December 7, 2018 -- 18:38 GMT (10:38 PST)
    https://www.zdnet.com/article/dhs-looking-into-tracking-monero-and-zcash-transactions/

    11:55 - DHS looking into tracking Monero and Zcash transactions

    http://forum.notebookreview.com/thr...8-i-only-read-tumblr-for-the-articles.826348/
     
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  5. hmscott

    hmscott Notebook Nobel Laureate

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    Level1 News December 12 2018: Future Fridge and the Bitcoin Bubble
    30:44 - Bitcoin falls 10% as bad news descends like ‘cockroaches coming out of a hole’
    32:01 - Bitcoin Options Bought for $1 Million Will Soon Be Worthless
    http://forum.notebookreview.com/thr...tumblr-for-the-articles.826348/#post-10832797

    Bitcoin falls 10% as bad news descends like ‘cockroaches coming out of a hole’
    Ether tumbles below $100 as altcoins log double-digit losses
    Published: Dec 7, 2018 4:56 p.m. ET
    https://www.marketwatch.com/story/b...nth-low-as-crypto-collapse-resumes-2018-12-07

    Bitcoin Options Bought for $1 Million Will Soon Be Worthless
    By Gregor Stuart Hunter, Updated on December 6, 2018, 5:18 PM PST
    https://www.bloomberg.com/news/arti...es-that-cost-1-million-will-soon-be-worthless

    Harvard Economist: Bitcoin’s Future Value More Likely to Be $100 Than $100K
    By Marie Huillet
    https://cointelegraph.com/news/harv...-future-value-more-likely-to-be-100-than-100k
     
    Last edited: Dec 12, 2018
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  6. Fishon

    Fishon I Will Close You

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  7. hmscott

    hmscott Notebook Nobel Laureate

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    Bitcoin miners shutting down world wide! Bitmain in trouble.
    Mr_Kristof
    Published on Dec 5, 2018
    Bitcoin miners shutting down world wide! Bitmain in trouble. And it looks like the problem is getting worse for all the big miners across the world. Makes me wonder is this is the real sign bottom is close.


    Packing, Destroyed Gate, Update, Sellgpu.com, TopResume
    Digital Gold
    Premiered Dec 13, 2018
    Just another update for ya. Are you still mining?
     
    Last edited: Dec 15, 2018
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  8. Dr. AMK

    Dr. AMK Living with Hope

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    Bitcoin.gif
     
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  9. hmscott

    hmscott Notebook Nobel Laureate

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    Ethereum-Based Chat Platform Lays Off 25% of Staff Due to Crypto Market Decline
    Ana Alexandre, DEC 15, 2018
    https://cointelegraph.com/news/ethe...-off-25-of-staff-due-to-crypto-market-decline

    "Ethereum (ETH)-based chat platform Status is laying off 25 percent of its staff due to the recent cryptocurrency market decline, according to a post published Dec. 11.

    Founded in 2017 in Switzerland, Status is an open source Ethereum-based mobile app that enables its users to chat, transact, and access decentralized applications (DApps).

    In the announcement, the startup's co-founder Jarrad Hope said that Status is “much larger than we can sustain” in the environment of the declining market, wherein the company was not prepared for scenarios of ETH dropping over 80 percent since August.
    “This was compounded by not having solid banking partners due to the difficulty in opening banking accounts for crypto projects until Q2 of this year, and have been hedging since then accordingly,” the announcement further reads.

    According to Status, 25 percent of its staff is “non-essential” to the company’s long-term growth projects, and are therefore being laid off. Remaining employees have been asked to take a paycut and will purportedly be given a sum of Status’ native virtual currency SNT “to help offset the cut and align with the network’s success.”

    In order to set up a “runway measured in years,” Status is going to tap into its remaining fiat money and “large” ETH holdings. The startup has also asked remaining employees to actively contribute to the development of its two priority projects, which are to “deliver on white paper promises” and get the app to a “usable state.”

    In November, another cryptocurrency-based startup, Steemit, laid off more than 70 percent of its staff due to the cryptocurrency market crash, and began a structural reorganization. The recent drop in crypto markets purportedly resulted in a decrease in fiat currency returns from the company’s automated STEEM token sales. Additionally, the cost of running Steem’s nodes has increased.

    The crypto market experienced a harsh fall on Nov. 14, with Bitcoin (BTC) slumping from its average trading price of around $6,400 to as low as $5,506. This week, the leading coin dipped even lower, to as low as $3,199, while ETH’s lowest price point was $83.50.

    At press time, SNT is the 67th largest coin by market capitalization and is trading at $0.0134, down 4.41 percent on the day. The coin’s market capitalization is nearly $47 million, and its total supply is over 6.8 billion coins, according to CoinMarketCap."

    Price of bitcoin falls below cost to mine
    By Ed Zwirn December 16, 2018 | 1:29pm
    https://nypost.com/2018/12/16/price-of-bitcoin-falls-below-cost-to-mine/

    "...“Mining is only profitable at this point in China and Iceland,“ says James Rickards, strategic director at Meraglim, a financial analytics firm. “They both have very low electricity rates, and Iceland has the added advantage of lower temperatures to cool computers.”
    “If you’re a miner and you can’t make money that could mean that nobody wants to validate“ Bitcoin transactions, he says. “I believe we’re at that point and that’s why this drop has been so precipitous.”

    Offering a somewhat less bleak prognosis is Nick Colas, co-founder of DataTrek Research.

    “I’ve had a lot more questions about Bitcoin in the last 30 days and I tell people I don’t think we’re at the bottom yet,“ he says. “We’re in what I call a ‘technological winter.’ It’s like what happened in the Nasdaq bubble. There was a recovery but it took many years.”

    At the same time, Colas says he is definitely not expecting the blockchain system itself to shut down any time soon. “A lot of miners definitely are losing money but there’s still miners that can make money,“ he maintains.

    China: Crypto Miners Sell off Mining Devices ‘by Kilo’ Amidst Market Decline
    By Ana Alexandre, NOV 22, 2018
    https://cointelegraph.com/news/chin...-mining-devices-by-kilo-amidst-market-decline

    "Cryptocurrency mining operations in China are reportedly selling mining machines by weight, as opposed to price per unit.

    This selloff was reported by local Chinese crypto outlet 8BTC Wednesday, Nov. 21, with reference to the cryptocurrency mining pool F2Pool.
    Cryptocurrency markets experienced widespread decline throughout last week, with Bitcoin (BTC) declining to as low as $4,300 per coin.

    The decline has resulted in a similar drop in mining profitability and forced Chinese operators to sell their mining devices at a loss, according to 8BTC. The news outlet has reported that the miners are being sold “by kilo,” citing a post made by the founder of F2Pool on the Weibo microblogging platform.

    Crypto miners are reportedly especially eager to sell the older models, including Antminer S7, Antminer T9, and Avalon A741, as these have reached their “shutdown price.” According to local Chinese outlet Tencent News, the earnings from mining are no longer enough to cover electric power and other associated costs.

    The market slump has reportedly affected mostly small and medium-sized mining operations in the Chinese regions of Xinjiang and Inner Mongolia. There, 8BTC reports, some mining machines are being sold on the second-hand market for merely 5 percent of their original value. A mining machine bought at a price of up to 20,000 yuan ($2,885) a year ago is reportedly currently sold for just 1,000 yuan ($144).

    Bitcoin’s price has kept falling, along with the rest of the crypto market, since the hard fork network upgrade of Bitcoin Cash (BCH) that took place Nov. 15. The update has led cryptocurrency exchanges around the world to suspend BCH trading and withdrawals.

    Earlier this month, Bitcoin mining giant Bitmain announced plans to reach out to local mining farms in the coal-rich province of Xinjiang, and deploy around 90,000 Antminer S9 devices in the region. Bitmain’s move is reported to be a strategic one in the computing “power war” associated with the BCH hard fork.

    At press time, the crypto markets have calmed down, with most of the top ten cryptocurrencies seeing only mild losses. BTC has today hovered between $4,450 and $4,630.

    In September, the CEO of F2Pool published an infographic that indicated that if Bitcoin price would reach lower than 36,792 Chinese yuan (about $5,376), mining the cryptocurrency with an Antminer T9 would become unprofitable. In the case of an S7 model miner, the break-even point amounted to a significantly higher Bitcoin price point of about 79,258 yuan (about $11,581)."
     
    Last edited: Dec 17, 2018
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  10. hmscott

    hmscott Notebook Nobel Laureate

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    Bitcoin panic selling made easier by Coinbase
    By Layla Harding, December 16, 2018
    https://coinnounce.com/bitcoin-panic-selling-made-easier-by-coinbase/

    "The current cryptocurrency market situation which may be termed as cryptocurrency winter has now gone into freezing temperature with panic selling growing more and more over the days.

    Coinbase, one of the largest cryptocurrency exchanges in the world has now initiated Paypal withdrawals for its users letting them sell their bitcoin and other cryptos directly into their Paypal accounts which makes panic selling much easier than before.
    Coinbase Paypal Withdrawals
    With the integration of Paypal withdrawals for bitcoin and other cryptocurrencies, the users have started to sell their holding in a much more easier and faster method and the best part is that these withdrawals are free of cost. Earlier, Coinbase customers had to withdraw their funds by selling bitcoin and other cryptos by a complicated method which included the time-consuming process of wire transactions into their bank account which also charged a fee for the same. Now that Paypal withdrawals have been made possible, there is more panic selling than ever as the process is just a matter of minutes.

    Paypal has a tremendous speed of more than 50 million transactions per second and also has a great user experience on the platform which is quite easier and much convenient than the current Dapps in the market driving people away from Dapps. Paypal also lets the users attach their debit cards to their Paypal accounts and unlike blockchains such as Cardano, their system does not need a 100 PhDs for building their services.

    The Coinbase’s Paypal integration has given the best opportunity to bitcoin investors who wish to conveniently invest or take out their funds from cryptocurrencies such as bitcoin. Paypal is exceptionally convenient than decentralization for the newcomers in the crypto space.

    Experts bearish for Bitcoin
    Experts like Nouriel Roubini are still criticizing bitcoin by telling people that it is much better to sell your bitcoin at the current rate of $3200 than waiting for it to reach $0.

    Experts are also predicting that bitcoin could even reach $0 by the first quarter of 2019 and are suggesting others to withdraw their cryptos out of their hardware wallets such as Trezor or Nano Ledger and sell their holdings into their Paypal accounts using Coinbase.

    This following article is not financial advice and only presents the opinion of the writer and not the opinion of Coinnounce. The readers are advised to do their own research and analysis before trading or investing in any digital asset such as bitcoin."
     
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