From a technological perspective, blockchains and etc. (IMO) remains a solution in search of a problem. Ask anyone who works in actual big data transmission (which using digital money as an actual currency for millions of people would require) their opinion of it and see how long it takes for them to stop laughing.

NFT’s especially rolls eyes - see the following

Jonbwfc If anyone had any doubts as to whether it’s a scam those should have been erased by this. 🤣

    Each of those sets of racks is, what, 500 GPUs? And there are 12 racks so 6000 altogether. And they’re presumably being run flat out 24/7. Nvidia recommend a 700w psu, so let’s say they’re pulling 500 watts each for ease of maths. Even if we ignore all the other kit required (e.g control, aircon etc) that means that room is pulling absolute minimum 3 megawatts of power. That is the same as about 1000 average U.K. homes. Put together.

    And he’s got four of them. He is literally using as much electricity as a small town.

    Given all of that is producing nothing useful at all (note : ‘has value’ != ‘useful’) I would not shed a single tear if it was all gone tomorrow.

      There are also interesting questions about how they got the GPUs. They are all founders editions so source directly from Nvidia.

      This thread is an interesting read :

      6 days later

      Alex

      As the visual manifestation of cryptocurrency, NFT art combines the nuanced social awareness of computer programmers with the soulful whimsy of hedge fund managers.

      😃

        Mentioned as an aside to a related story on TSA, there have been 15 trades of Ubisoft’s in game cosmetic NFTs is about two weeks. Yes, fifteen. Total. And four of them were the same guy trading to himself, presumably in an attempt to increase the apparent interest. It almost certainly cost more to mine the NFTs than the total value of trades put together.

        Oh, you’d have to be a saint not to find it hilarious.

        A lot of sales of NFTs are just people buying them from themselves to artificially increase the price. As the blockchain is anonymous it’s hard to know how much this happens but it’s one of the chief reasons the prices are so crazy.

        The thing I can’t get my head round with the blockchain stuff is why are companies so keen on this when the cost of transaction is so high? For a service like Visa you can do a transaction in about 100 milliseconds and it costs 0.001p or whatever. For the Ethereum blockchain it can cost multiple dollars and can take hours to complete. The value you would need to be getting out of your service to justify that cost would need to be massive.

        Financially this just doesn’t make sense, especially when you consider that a lot of the time it’s just being used as an elaborate database.

        Just who’s motivation is ‘play so I can pay someone money to do so’? What the, and I say this with great sincerity, fuck?

        I mean, I knew I’d somehow landed in the upside down back to front universe sometime back in… ohhhh… 2016? Had it confirmed during the last couple of years, but that one definitely means I’m not getting out.

        I’ve said it before and I’ll say it again. - ‘I am the only sane one left’