|
ikanreed posted:In spite of claims of decentralized control, virtually all stable coin Blockchains are owned by specific entities and they can give more money invented from thin air to anyone they want. I must not have the galaxy-brain level of genius required to understand how this isn't the most obvious scam ever.
|
#
?
Jun 17, 2022 15:51
|
|
|
|
| # ? Jun 12, 2024 00:11 |
|
|
WhiteHowler posted:I must not have the galaxy-brain level of genius required to understand how this isn't the most obvious scam ever. Because everyone who "doesn't trust the banks, man" trusts everyone else who "doesn't trust the banks, man." Why would someone on "your team" lie to you, even if that lie lets them take "all your money"?
|
|
#
?
Jun 17, 2022 16:00
|
|
|
It doesn't seem that much different than me as a child drawing a fake eleventy zillion dollar bill in ballpoint pen on printer paper and a bunch of grown rear end adults literally clamoring over one another to buy it.
|
|
#
?
Jun 17, 2022 16:01
|
|
|
Scam Likely posted:It doesn't seem that much different than me as a child drawing a fake eleventy zillion dollar bill in ballpoint pen on printer paper and a bunch of grown rear end adults literally clamoring over one another to buy it. Nah, that's NFTs.
|
|
#
?
Jun 17, 2022 16:01
|
|
|
JohnCompany posted:Because everyone who "doesn't trust the banks, man" trusts everyone else who "doesn't trust the banks, man." Why would someone on "your team" lie to you, even if that lie lets them take "all your money"? I guess I get why people buy in (greed), but you'd think something like "it's actually hard to get US dollars back out of your EXTREMELY VALUABLE WE PROMISE crypto coins" might be a moon-sized red flag.
|
|
#
?
Jun 17, 2022 16:04
|
|
|
dsf posted:Bitcoin will most likely bounce back a bit before the next leg down below 20k (probably around the same time the "real" stock market has a chance to recover and consolidate a bit) barring anything crazy like tether getting completely de-pegged. Crypto shills will be sure to use the intervening time to draw ridiculous charts and try to get as many people as possible back in to 'buy the dip!!!' 
|
|
#
?
Jun 17, 2022 16:07
|
|
|
Orvin posted:No thinking allowed. Only number up.
|
|
#
?
Jun 17, 2022 16:16
|
|
|
steinrokkan posted:Oh so when you want to trade bitcoins or sell bitcoins you don't get dollars, you get MegaValue Family Funbucks? And a promise that each Funbucks is actually covered by a real dollar (no you can't see the dollar) For the most part it's self-contained which is why watching a crash like this is so satisfying. It's karma, a beautiful natural thing like watching the Niagara Falls at sundown or witnessing the miracle of birth.
|
|
#
?
Jun 17, 2022 16:20
|
|
|
KakerMix posted:People are profoundly ignorant holy poo poo
|
|
#
?
Jun 17, 2022 16:23
|
|
|
Figured out the "secret" of why Three Arrows is collapsing. https://www.wsj.com/articles/battered-crypto-hedge-fund-three-arrows-capital-considers-asset-sales-bailout-11655469932 quote:Three Arrows was among a group of large investors that took part in a $1 billion token sale earlier this year by Luna Foundation Guard, a nonprofit organization started by South Korean developer Do Kwon, the creator of TerraUSD. The funds went toward a bitcoin-denominated reserve for the stablecoin, and were meant to help maintain TerraUSD’s value at $1 per coin. Those "illiquid assets" that they have invested into dozens of crypto players are worthless, hth.
|
|
#
?
Jun 17, 2022 16:25
|
|
|
Is there any way to grift some people out of their life savings, or am I too late
|
|
#
?
Jun 17, 2022 16:25
|
|
|
I'd love to see those perfectly objective and logical "technicals" applied to charts of blackjack winnings or horserace results, bonus points if you can somehow convince someone that the data is from a new underground coin
|
|
#
?
Jun 17, 2022 16:25
|
|
|
WhiteHowler posted:I must not have the galaxy-brain level of genius required to understand how this isn't the most obvious scam ever. People are inclined to engage in magical thinking when it comes to technology because most adults are only exposed to tech concepts through fiction. Also your average adult's financial literacy is so poor that "just print some more money" actually does seem like a reasonable solution to all the world's problems.
|
|
#
?
Jun 17, 2022 16:29
|
|
|
WhiteHowler posted:I must not have the galaxy-brain level of genius required to understand how this isn't the most obvious scam ever. It's literally how banking in the 19th century worked... and caused non-stop financial crises. It kind of amazing how many different ways you can find warning signs that crypto can't work. And they just ignore all of them.
|
|
#
?
Jun 17, 2022 16:30
|
|
|
its like the real estate crash where they have no idea how much all the houses are actually worth, except the houses were at least real and they're now trying to value a bunch of imaginary poo poo
|
|
#
?
Jun 17, 2022 16:32
|
|
|
Koopa Kid posted:People are inclined to engage in magical thinking when it comes to technology because most adults are only exposed to tech concepts through fiction. Also your average adult's financial literacy is so poor that "just print some more money" actually does seem like a reasonable solution to all the world's problems. It's almost like we need to improve financial education to teach people about banks, savings accounts, and retirement savings through an IRA. With follow-up education to spot and ignore MLMs, and various pyramid schemes. Instead, we have people like Jay-Z sponsoring crypto classes in the ghetto.
|
|
#
?
Jun 17, 2022 16:33
|
|
|
tpink posted:when TerraUSD and Luna both "became" worthless in a matter of days. yeah they were totally valuable before but through some form of black magic they transformed into something without value. weird how that worked
|
|
#
?
Jun 17, 2022 16:35
|
|
|
Rad Russian posted:It's almost like we need to improve financial education to teach people about banks, savings accounts, and retirement savings through an IRA. Instead, we have people like Jay-Z sponsoring crypto classes in the ghetto. Yes, but those are also not solutions given the capital hell world right now where none of those things help you as much as they should.
|
|
#
?
Jun 17, 2022 16:35
|
|
|
ElGroucho posted:Is there any way to grift some people out of their life savings, or am I too late Start a church
|
|
#
?
Jun 17, 2022 16:38
|
|
|
DickParasite posted:Start a church L. Ron Hubbard Like Typing Detected
|
|
#
?
Jun 17, 2022 16:39
|
|
|
OzyMandrill posted:Just because the actual value is meaningless doesn't mean it cant be valued too low - there is the vast amount of electricity and hardware (growing at the rate of human greed) that need to be kept running to keep the plates spinning, and the block rewards get exponentially smaller by design to inflate the price Right now a bunch of people are looking at very red bills and wondering what to do. Probably hoping stuff improves, and glad they generally cash out everything as soon as possible. Vampire Panties posted:Nah their toilet code has a ton of provisions for that. If mining bits on BTC every out values the price of BTC, the regulating body ( the frisbee on the roof scenario is based on the following:
so if I snap my fingers immediately after the difficulty calibration and blocks start taking 60 minutes instead of 10, the next difficulty calibration will be in 84 days instead of 14 - 12 weeks instead of 2. and in that period, the payout will essentially be 17% of normal - so there's less incentive to keep pushing through to the next calibration, leading to miners giving up and going offline, which drives the block rate down, which drives the payout lower and pushes the calibration farther out. similar to a short squeeze, it's a cascading effect driving out anyone who's mining for profit instead of ideology. there are two main problems with this: first, if I could snap my fingers in a way that fucks over the bitcoin miners, I would have already, I assure you. so what COULD cause a sudden sharp increase in block times? well, if the price went down far enough to make it unprofitable for long enough, a bunch of for-profit miners could give up and stop mining. historically, though, these crashes are never fast enough to start a frisbee-roof event - the price of electricity in rural china is so low that it's never stopped being worth it, and in a lot of cases these places are holding enough cash to wait it out a while, so they don't all drop off at once, so the hashrate drops more smoothly. second, even if the frisbee did go on the roof, and the bitcoin network would be hosed in a way where it was no longer profitable to mine, ever - the remaining nodes could just agree that they were going to start mining BTC2.0, a fork of the blockchain whose difficulty value starts at a level that matches the current hashrate of the network. forks lead to hilarious drama, but the blockchain would continue in this or another form. or maybe everybody would go to ethereum or something, who knows. anyway, there's no regulating body involved in the frisbee scenario beyond core bitcoin devs announcing this or that thing that they support. functionally it's like that, but in practical terms it's everyone agreeing to move to Jonestown 2 and forget Jonestown 1 ever existed. EDIT: if I had to give bitcoin a compliment, it's the degree to which it's caused a bunch of insufferable internet libertarians to cooperate by consensus EDIT EDIT: vvv that's what I'm describing with "BTC2.0" yeah. that's what that means, "the remaining nodes agree" is that LordSaturn fucked around with this message at 18:29 on Jun 17, 2022 |
|
#
?
Jun 17, 2022 16:46
|
|
|
Could 51% of the network agree to lower the difficulty ahead of schedule?
|
|
#
?
Jun 17, 2022 17:00
|
|
|
steinrokkan posted:Oh so when you want to trade bitcoins or sell bitcoins you don't get dollars, you get MegaValue Family Funbucks? And a promise that each Funbucks is actually covered by a real dollar (no you can't see the dollar) And to add the extra layer of irony, you peg yourself to the dollar to make your commodity to be worth something. So, Bitcoin which is suppose to be anti-fiat currency only has value because of fiat currency.
|
|
#
?
Jun 17, 2022 17:25
|
|
|
The Pirate Captain posted:Could 51% of the network agree to lower the difficulty ahead of schedule?
|
|
#
?
Jun 17, 2022 17:25
|
|
|
 I figured it out. All of it. BTC just needs to break that 61.8 on the fib and we'll be back flying towards the sun like Icarus.
|
|
#
?
Jun 17, 2022 17:27
|
|
|
Koopa Kid posted:People are inclined to engage in magical thinking when it comes to technology because most adults are only exposed to tech concepts through fiction. Also your average adult's financial literacy is so poor that "just print some more money" actually does seem like a reasonable solution to all the world's problems. I've talked about this before in this thread but crypto also appeals to certain person (wealthy-ish, mostly white) because it preys on their fears of being screwed over by "the system" and appeals to them saying, you're a smart and bright person and this is the future. Others saying this won't work lack the imagination you do, bright person and you can finally be recognized as the stable genius and the wealth that comes with it. Basically, it preys on the burnout "bright" students by playing to their insecurities. PITY BONER posted:
and as we all know Icarus flew to the sun and all the Grecian women loved him and he ruled greece and the world.
|
|
#
?
Jun 17, 2022 17:30
|
|
|
The number just needs to go up is all
|
|
#
?
Jun 17, 2022 17:32
|
|
|
Bitcoin (or WallStreetBets for that matter) appeal to middle class white nerds in the same way MIT dorks learned to count cards in blackjack in 2000, or later started multi-screening internet poker. It’s  Gambling but without their own internalized stigma of lottery tickets being for poors & stupids. They get the emotional reward of being smarter than the system without having to do anything. Bitcoin and GME are unique lottery tickets because (in theory) if you just keep buying them and never sell
|
|
#
?
Jun 17, 2022 17:37
|
|
|
tpink posted:The balls on Celcius are truly out of this world. No withdrawal, only deposit
|
|
#
?
Jun 17, 2022 17:42
|
|
|
Bitcoins are for nerds and dorks Real Americans™ gamble with bar pull tabs.
|
|
#
?
Jun 17, 2022 17:42
|
|
|
Mooseontheloose posted:I've talked about this before in this thread but crypto also appeals to certain person (wealthy-ish, mostly white) because it preys on their fears of being screwed over by "the system" and appeals to them saying, you're a smart and bright person and this is the future. Others saying this won't work lack the imagination you do, bright person and you can finally be recognized as the stable genius and the wealth that comes with it. One of my relatives was a huge anti-establishment punk who realized he was good at programming, so he got his degree in compsci and spent that last decade or so working in tech. He transferred his anti-establishment stance into everything technological, including the typical "I gotta be at the forefront of something, because anyone at the forefront of anything in this field got to cash out with huge money" thinking that's common there. This, of course, all funneled his attention into cypto. He gambled his life savings on coins, and the last I heard from others (since we haven't spoken in years due to his frantic obsession with all this poo poo) is that he never sleeps anymore and doesn't eat, and all he can do besides work is fret over how much money he is losing. Edit: Vampire Panties posted:Bitcoin and GME are unique lottery tickets because (in theory) if you just keep buying them and never sell Those GME dorks are bit different to me because I get way more culty vibes from them. They keep buying the ever-dropping dip as if any day now the price is going to rocket back to ATH. GameStop has always been an absolute poo poo place to work or shop, but they're convinced its going to replace Steam and other platforms, especially now they GS is going to sell NFTs. The fact that DeepFuckingValue didn't even sell his position and walk away with $40+ million is loving hilarious. PITY BONER fucked around with this message at 17:55 on Jun 17, 2022 |
|
#
?
Jun 17, 2022 17:47
|
|
|
PITY BONER posted:One of my relatives was a huge anti-establishment punk who realized he was good at programming, so he got his degree in compsci and spent that last decade or so working in tech. He transferred his anti-establishment stance into everything technological, including the typical "I gotta be at the forefront of something, because anyone at the forefront of anything in this field got to cash out with huge money" thinking that's common there. This, of course, all funneled his attention into cypto. This doesn't surprise me. I work in politics, policy, and campaigns and live in New England. I know exactly the type you are talking about.
|
|
#
?
Jun 17, 2022 17:50
|
|
|
Vampire Panties posted:Bitcoin (or WallStreetBets for that matter) appeal to middle class white nerds in the same way MIT dorks learned to count cards in blackjack in 2000, or later started multi-screening internet poker. It’s but the MIT card-counting nerds actually made a poo poo-ton of money? and had a system so good that the only way casinos could handle them was to ban them from setting foot in the building? Bitcoin & wallstreetbets is made up of the guys who are kinda smart but think they're the mega-brains, even at subjects they know little about.
|
|
#
?
Jun 17, 2022 17:51
|
|
|
Vampire Panties posted:Bitcoin (or WallStreetBets for that matter) appeal to middle class white nerds in the same way MIT dorks learned to count cards in blackjack in 2000, or later started multi-screening internet poker. It’s card counting or multitabling online poker are not bitcoin Strong Sauce fucked around with this message at 17:56 on Jun 17, 2022 |
|
#
?
Jun 17, 2022 17:51
|
|
|
https://twitter.com/web3isgreat/status/1537837060895264769?s=21&t=hOHYH-cLndbjv8hL6tSUIw No problems here at all, this is totally normal
|
|
#
?
Jun 17, 2022 17:53
|
|
|
Mooseontheloose posted:This doesn't surprise me. I work in politics, policy, and campaigns and live in New England. I know exactly the type you are talking about. I bet you love the Free Staters.
|
|
#
?
Jun 17, 2022 17:55
|
|
|
https://twitter.com/ChrisBloomstran/status/1537799873629659136
|
|
#
?
Jun 17, 2022 17:55
|
|
|
another day another halt of withdrawals https://twitter.com/vhranger/status/1537775633014657026
|
|
#
?
Jun 17, 2022 17:57
|
|
|
Time for a new Onion headlinequote:“No way to prevent this” says only industry where this regularly happens.
|
|
#
?
Jun 17, 2022 17:58
|
|
|
|
| # ? Jun 12, 2024 00:11 |
|
|
Number19 posted:No problems here at all, this is totally normal "3AC has hierd legal and financial advisors to pursue solutions" I bet one of them was wearing these socks 
|
|
#
?
Jun 17, 2022 17:59
|
|