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2019-03-06 Gold and Silver, China and Russia, Updates on QuadrigaCX Mystery, GRIN mining, and more!
Welcome to the Notes for Clubhouse call: 2019-03-06
To get to the Call..... Click "Mining Clubhouse!" voice channel in PiMP Discord!
- Last meeting's notes:https://forum.getpimp.org/topic/6217/2019-02-20-eth-fork-is-coming-vega-support-in-the-works-gtx1660-looks-promising-and-grins-all-around
Welcome/Intros (intro thread: https://forum.getpimp.org/topic/1465/please-introduce-yourself-here/ )
AnjinMeili DocDrydenn Eketubol FileMissing Geo Lily Louis md540i melt
- We talked about Compliance - EY CAAT is a good attempt from a major firm to create a system (1)
Great news!! Largest accountants around support crypto accounting!!
- We have some great questions coming in for Ask Brash, our crypto accountant. His article on Tax Evasion in the FebNewsletter was so useful that we received several compliments and thank yous! You're welcome pimps!!
- TurboTax / HR Block and other software are supporting crypto and asking the crypto-related questions in their workflow.
- IRS: This year entire new section for income for crypto.
- Is China Buying all the Gold? Or Russia? Currency concerns to think about. (4) (5) (6)
This is nothing new. Also, there is growth in communistic capitalism in China and they have over a billion people.
Russia says they got a bunch of it - https://www.rt.com/business/451954-russia-reserves-cover-debt/
UK sold half theirs https://www.telegraph.co.uk/news/politics/labour/4162054/Gordon-Browns-decision-to-sell-half-of-the-UKs-gold-reserves-cost-UK-5billion.html
Fed Reserve has been raising - interest rates ticking up - fiat is not worth anything unless its worth less tomorrow, so they have to have the moving target.
Silver is a great price right now -
how to buy? SPOT is the valuation of that metal at the moment of time. Some pawn shops and/or exchanges evaluate SPOT in realtime, or once a day, or something. the junk silver market. Never put more than 10% of your investment in a commodity because it might cost you to liquidate! before 1954. If you get 90% silver it's easy to buy and sell. Bullion is never worth more money than you paid for it. Collectible coins can be much more than the SPOT value so its a fun hobby to grade the coins and save the best ones for fun or profit. Rest can be sold at SPOT price.
Futures of silver: you trust the groups that own the silver - you are getting an IOU from the company - risky.
Futures Trading of crypto (2)
QuadrigaCX - all wallets drained april 2018 - they cracked his laptop and found out. All the stolen coins went to other exchanges. He was doing most of his transactions losing money on arbitrage on shapeshift. So many reasons why they should not have had $150 Million of investor funds. Indian hospital does have details regarding his death.
Cryptopia coming up in read-only mode next week
Coin/Algos (Prices/Mining Profits/Difficulty)
GRIN was always setup to include ASICs: Grin29 was built for GPUs, Grin31 was built for ASICs... thats why there arethe two different algos. Rather than create a divide over if it should be gpu or asic, they allow all to participate!
At launch, Grin will adjust to target 90% of blocks be GPU mined, and 10% ASIC mined. Under current plans, this will gradually change to 0% GPU and 100% ASIC over 2 years. They are specifically moving towards ASICs in the future...but some believe it will never hit 100% ASIC. -Thank you to a|ien from PiMP Support! (3)
ASICS coming out - do we think this will affect the price?
Rainforest algo - CPU/GPU both profitable - supported by wildrig-multi
CPU mining - EVERYTHING has a CPU in it - they should all be used to contribute a share to the network
Who controls them? How? Mining on Alexa? Throttle the speed so performance less affected.
Or, everyone contributes to the network (Not gonna happen. Privacy laws, esp in EU and UK)
- a|ien shared a screenshot of his PIMP 2.1 rig with 372 day uptime! Congratulations to you for tuning that rig perfect and we are proud to help make it possible.
No reported issues - currently no open bugs on the tracker that we can directly address. The stats are rock solid and we are continuing to develop more automation for our backend processes to free up more time for development.
Will need to get more subscriptions and/or PIMP OS sales to fund faster growth.
Question: scaling issue for hashrates on GRIN
Shows accepted/rejected shares
PIMP OS news:
2.9.3 - running well! possible production release soon!
- Since we are making a major change to the development process and languages for our apps, there's some learning curve. Basically we are rebuilding each app, fixing bugs, and adding features in the process.
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