5 ms·

The part where you say "cash out" is hilarious. There is no cash in it. You only get to keep the bits. Any cash comes from buyers and if there is any attack all

by groone 5y ago

The part where you say "cash out" is hilarious. There is no cash in it. You only get to keep the bits. Any cash comes from buyers and if there is any attack all the buyers are scared away.

ncmncm 5y ago
Only if they know. "Clue" and "holding coin" have not so much overlap.
- philipov 5y ago
  The part where they stop selling cards will sure go completely unnoticed by everyone and not draw any scrutiny at all.
  - ncmncm 5y ago
    They could re-route 10% of their wafers with no one noticing.
littlestymaar 5y ago
> Any cash comes from buyers and if there is any attack all the buyers are scared away. Well, assuming any kind of rationality in the crypto market is always hazardous: meme coins (doge coin, shiba inu) are worth billions in market cap, so do hard forks of bitcoin, and Ethereum didn't not collapse after they decided to rollback a bunch of things they didn't like during the DAO “hack” while they are advertising Ethereum as immutable and tampering resistant. You can never be sure how this market will react in any event (well, except Elon tweets I guess)
andy_ppp 5y ago
This is the terrifying thing about a bug in one of these systems or some other kind of attack. The whole network can suddenly drop to zero in the blink of an eye.
- mikotodomo 5y ago
  OMG it should be illegal.
- lotsofpulp 5y ago
  Hence the value of a stabler currency such as USD or GBP versus more volatile currencies. It is an implicit judgment on how much trust there is in the system that uses them.
- kingo55 5y ago
  As with any software, bugs can be fixed or forked out. The risk of it going to zero is smaller than most people think. Remember the inflation bugs Bitcoin had in it's early days? [1] 1: https://medium.datadriveninvestor.com/itcoin-unhackable-it-happened-twice-not-blowing-smoke-9e16bcddd5ab https://medium.datadriveninvestor.com/itcoin-unhackable-it-h...
- ByteJockey 5y ago
  Sure, but basically every currency has some theoretical problem. Usually it's just about the currency becoming worthless (usually only a problem in government controlled currencies that have loans in foreign currencies), or people just not accepting it anymore. There's no inherent value in any currency, it's just a useful fiction because it's really hard to go get five goats to trade somebody for a laptop.
  - Retric 5y ago
    Currencies are propped up by taxes. The IRS wants a significant percentage of the US GDP paid in USD, as long as the economy exists and the government doesn’t print truly vast amounts of money from thin air the USD can only move within a fairly narrow range.
    - ByteJockey 5y ago
      That would be true if only the US was using the dollar. Given the number of countries using the dollar as their reserve currency, value could collapse quite a ways without the US doing anything. It's not likely, but neither is a 50 + 1 attack on bitcoin given the amount of computing power currently tied up there.
DSMan195276 5y ago
> Any cash comes from buyers and if there is any attack all the buyers are scared away. I used to assume that, but there are coins which have been attacked successfully before and people still use them anyway. I don't attempt to explain the logic there :P
jokethrowaway 5y ago
There are BTC futures, they could use those to bet against BTC
Aeolun 5y ago
So NVIDEA is doing the smart thing, and just keep raking in cold hard cash from the miners, whom take on all the risk for when the market collapses.

by groone 5y ago

The part where you say "cash out" is hilarious. There is no cash in it. You only get to keep the bits. Any cash comes from buyers and if there is any attack all the buyers are scared away.

ncmncm 5y ago

Only if they know. "Clue" and "holding coin" have not so much overlap.

philipov 5y ago
The part where they stop selling cards will sure go completely unnoticed by everyone and not draw any scrutiny at all.
- ncmncm 5y ago
  They could re-route 10% of their wafers with no one noticing.

littlestymaar 5y ago

> Any cash comes from buyers and if there is any attack all the buyers are scared away. Well, assuming any kind of rationality in the crypto market is always hazardous: meme coins (doge coin, shiba inu) are worth billions in market cap, so do hard forks of bitcoin, and Ethereum didn't not collapse after they decided to rollback a bunch of things they didn't like during the DAO “hack” while they are advertising Ethereum as immutable and tampering resistant. You can never be sure how this market will react in any event (well, except Elon tweets I guess)

andy_ppp 5y ago

This is the terrifying thing about a bug in one of these systems or some other kind of attack. The whole network can suddenly drop to zero in the blink of an eye.

mikotodomo 5y ago
OMG it should be illegal.
lotsofpulp 5y ago
Hence the value of a stabler currency such as USD or GBP versus more volatile currencies. It is an implicit judgment on how much trust there is in the system that uses them.
kingo55 5y ago
As with any software, bugs can be fixed or forked out. The risk of it going to zero is smaller than most people think. Remember the inflation bugs Bitcoin had in it's early days? [1] 1: https://medium.datadriveninvestor.com/itcoin-unhackable-it-happened-twice-not-blowing-smoke-9e16bcddd5ab https://medium.datadriveninvestor.com/itcoin-unhackable-it-h...
ByteJockey 5y ago
Sure, but basically every currency has some theoretical problem. Usually it's just about the currency becoming worthless (usually only a problem in government controlled currencies that have loans in foreign currencies), or people just not accepting it anymore. There's no inherent value in any currency, it's just a useful fiction because it's really hard to go get five goats to trade somebody for a laptop.
- Retric 5y ago
  Currencies are propped up by taxes. The IRS wants a significant percentage of the US GDP paid in USD, as long as the economy exists and the government doesn’t print truly vast amounts of money from thin air the USD can only move within a fairly narrow range.
  - ByteJockey 5y ago
    That would be true if only the US was using the dollar. Given the number of countries using the dollar as their reserve currency, value could collapse quite a ways without the US doing anything. It's not likely, but neither is a 50 + 1 attack on bitcoin given the amount of computing power currently tied up there.

DSMan195276 5y ago

> Any cash comes from buyers and if there is any attack all the buyers are scared away. I used to assume that, but there are coins which have been attacked successfully before and people still use them anyway. I don't attempt to explain the logic there :P

jokethrowaway 5y ago

There are BTC futures, they could use those to bet against BTC

Aeolun 5y ago

So NVIDEA is doing the smart thing, and just keep raking in cold hard cash from the miners, whom take on all the risk for when the market collapses.