Reply to post: Re: gambling

Cryptocurrencies to end in tears, says investor wizard Warren Buffett

Anonymous Coward
Anonymous Coward

Re: gambling

yep, gambling and nothing more. I did a lot of research and have some servers sitting around so I thought I'd do some mining. Got to the point of selecting the mining software and was looking at the download button. Couldn't bring myself to do it. Here is what ran through my mind.. ( a rat :-) )

1. I have no clue what is in the software I am about to download.

2. I have no clue who the people are that made the software I am about to download.

3. Even after reading descriptions of "mining" it really didn't make sense.

4 I have no idea who else has access to any "wallet" I might create or software I install or how any information I provide these strangers in this entire process will be used. I mean BitCoin and crypto seem to be the preferred currency of some very shady people - but I'll get lucky and avoid them all, because, hey, that's how I roll. Right up to the point where I don't.

5. I can't see how the use of my machines and electricity will definitively provide profit.

6. How do I know this "mining software" is actually mining for me and not the people who provided it?

I have since watched several yt videos by people calling out how crypto is a scam on many levels and am happy with my decision to just leave it alone.

That said, I am an infrastructure guy and see the value of blockchain and its various implementations. Blockchain will continue long after this unbelievable crypto hype has died down and all the lawsuits have been settled. My first hope for a lawsuit is to nail the asshats that are promoting putting your retirement funds in BitCoin. There will be much wailing and gnashing of teeth before this is over.

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