Bogus Bitcoiners battered with US$12 million penalty America's Securities and Exchange Commission has won its case against two bogus – and now shuttered – Bitcoin companies operated by Homero Joshua Garza. At the end of May, the SEC won its case in a Connecticut federal court, and at that time requested the penalties, which amount to $10 million from the defunct companies in “ …
No Bitcoins were mined, and thus it all falls down. Sure, looking back with what Bitcoin has leapt to, they should have just held it, but hindsight doesn't count.
Cryptocurrencies and cryptomining doesn't go well together. Something needs to be transparent and verifiable. The only "mining" you can trust is what you do yourself, and it's all massive custom ASICs from here on out.
"Consider vertcoin, no custom ASICs"
I went to the "get started" section of the vertcoin.org site. After downloading a Vertcoin wallet, the next step is ... buy Bitcoin. There's an unpopulated link for where you can buy Vertcoin directly with hard currency. In other words, you can't buy Vertcoin with dollars. Yet (to be fair). Then you convert the Bitcoin to Vertcoin. So custom ASICs are there, just a layer deeper in the onion than you're used to. OM.
Sounds like their use is temporary. You use them as an intermediate when buying Vertcoin, but once bought you don't use them thereafter. And even this step will vanish if/when exchanges accept direct dollar/Vertcoin trades.
It's often the same with Proof of Stake coins too, like Nxt. No ASICS or GPUs needed, you can mine them with a Raspberry Pi, but to buy them you depend on the exchanges that expect Bitcoin.
"it's all massive custom ASICs from here on out."
For bitcoin mining, and scrypt that's true.
For ones aimed at GPUs, it's profitable to mine them with GPUs. Depending on your GDDR size, it sems to be Dagger-Hashimoto, Ethereum or one of the LBRA forks.
For the CPU ones like monero, pretty much any modern CPU will make you 50 cents to a euro a day.
I'm using old Dell workstations (Xeon 4/6 cores ~2.5Ghz) with modern GPUs, and they pay themselves off in about ~110 days of operation, with a bit of hand wiggling around depending on what I can flog the spare bits of the Dells for, and exactly what price and chipset and shiny toys the GPUs are.
The popular mining ones (AMD RX 470/480) are a pig to find with decent RAM, but even then a ~280 euro card with shitty RAM produces ~3 euros a day profit, or for a 1080ti a ~750 euro card produces about ~7.50 a day. YMMV depending on undervolting, over clocking, limiting TDP and the efficiency of your PSU.
Never thought ASICs where a good investment idea, high end graphics cards hold their value very well as do efficient PSUs.
AS an example, I just sold a R9 270 for 50 euro, it cost 180 euros several years ago and has produced ~1400 euros (at a cost of ~250 euro) during that time. Still making ~50 cents a day
even after this news reinforcing how vulnerable bitcoin users are to a system that is dependent on brokers and intangibles for becoming something traded for actual goods and services, the price of bitcoins will continue to grow.
Anything else, investor confidence would drop and so would prices.
makes no sense in a naturally occuring environment. Makes some sense if one allows for a central, strong point of control-which isn't something that ever benefits anyone not part of that cabal.
Because no-one has ever run a Ponzi scheme using real assets as the alleged backing?
It's a headline because Bitcoin.
There are dozens of Ponzi scheme convictions each month, along with assorted rulings. There are at least two that have larger numbers of victims and greater damage done, that have been convicted in the US this month alone.
They all claimed to be buying stuff, and promised returns they knew they could not make. As long as people will accept a "too good to be true" deal, and are not willing to probe the murky details, then people will prey on others greed.
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