Hammerite posted:

has it occurred to anyone else that blockchains might actually be bad, and not good?

priznat posted:

https://twitter.com/web3isgreat/status/1490813544941690880

holy moly lmaooooo

Foo Diddley posted:

well, i sure hope everything is entered perfectly with no mistakes ever

DrPossum posted:

a non-NFT is just an FT

Powered Descent posted:

Back in the day, 10-12 years ago, I pointed and laughed at the bitcoin antfarm and kept up with all the details. (I was there when Bruce's phone vibrated off the arm of the chair.) But I haven't followed the story for many years; I've only looked in now and then at the last page or two of this thread. So I do know how blockchains work and what NFTs are (lol) and why this entire thing is a house of cards built upon nothing, but I haven't the slightest idea who/what Terra or Luna or anything else is, or what exactly happened to cause this big crash that's somehow all over the real-world news.

So, a challenge, for anyone who cares to take it up: please summarize for me what the gently caress has happened here. Difficulty level: do it in one sentence.

Go.

ChronoBasher posted:

DEI and fUSD stablecoins have de-pegged.

Apparently the "Scream" lending platform had the values of these hard coded as $1, and people were able to load them up with a bunch of bad debt (35mil) and run off with stablecoins that have not de-pegged:
https://cryptoslate.com/scream-protocol-losses-millions-to-stablecoin-depeg/

Beartaco posted:

I can't get over the fact that they're all just apes. They could be literally anything, they could be scenic views, they could be hung dongs, they could be my little ponys, but they're all still inexplicably apes.

LifeSunDeath posted:

NFTs are a pretty amazing thing if you're into art history or philosophy. What is art? What is commercial art? What is valuable art? People have been trying to understand these concepts for forever, and now it's all proven: art is nothing, and anything can have tremendous artistic value if people are stupid enough to dump money into it. Even if that thing is generated by a computer based on bullshit inputs.

tango alpha delta posted:

lol, the next big thing will be storing emotions on the blockchain.

Koopa Kid posted:

Yeah DeFi is “decentralized finance”

Seems pretty centralized if they can freeze all activity and steal from people when the market tanks, though.

Lazyfire posted:

He's hosting a party on Friday my wife wants to go to and I am thinking of going just to ask if he's buying the dip.

Mozi posted:

ok folks it look bad but what we see developing now is the classic 'golden arches' pattern. if you look for similar cases in the date range from 2007-2013 between March and April over 50% of the time they end up increasing over the following week or week after. so stay calm!

Tarquinn posted:

Ah, yes. A rainbow curve. How fitting.

Tell me crypto-geniuses; what does the other half of every loving rainbow that ever existed look like?

davecrazy posted:

lol

WhiteHowler posted:

I must not have the galaxy-brain level of genius required to understand how this isn't the most obvious scam ever.

notwithoutmyanus posted:

Voyager today:



Clearly you have that other 650 million. Just... it's on paper, because it's gone.

notwithoutmyanus posted:

Voyager posted:

Yes. USD in your Voyager cash account is held at Metropolitan Commercial Bank of New York (“MCB”) and is FDIC insured. That means you are covered in the event of MCB’s failure, up to a maximum of $250,000 per Voyager customer. FDIC insurance does not protect against the failure of Voyager, but to be clear: Voyager does not hold customer cash, that cash is held at MCB.

I'm not even sure this rings true.

Unperson_47 posted:

You've cracked it. FUDruggers.

priznat posted:

Yeah but the whole idea of having a strip of 3d real estate you have to plod along to get from storefront to storefront is stupid and would just waste your time. This probably is how it will be organized though in the least imaginative way just copying malls or whatever though.

But really the location of places relative to each other is just completely silly and arbitrary in a virtual world unless they're putting dumb constraints in. People could arrange their own virtual worlds so all the places they like to go are next to each other as well.. Ugh it's just so dumb and rear end backwards.

Paladinus posted:

Oh no, my trust in an anime girls was misplaced, all my money is Spirited Away!

Ups_rail posted:

So there isnt a crypto network or chain that has a "must be a real address thing"

BoldFace posted:

https://twitter.com/jrhennessy/status/1559660423707705346

raverrn posted:

Yeah, Bitcoin is like a credit card kinda except instead of a bank there's an "exchange".
And the exchange has no insurance so if it dies you lose all your money.
And instead of the bank and possibly the government being aware of your purchases literally anyone who cares to look is.
And the transaction fees are hundreds to thousands of percent more.
And the electricity use is tens of thousands to hundreds of thousands of percent more.
And all transactions are irreversible save begging the person you sent it to to send it back.
And if you sent it to the wrong address it's just gone forever.
And even if it is sent back then you have to pay the hundred-to-thousand percent fees again.
And it's hyper vulnerable to scams.
And the value of it fluctuates on a second-to-minute basis.
And transaction can take an hour or more to finalize.

BUT it's 'crypto' so that counts for something?

Aramis posted:

Well, to be fair on the second point, there "is" something there to prevent it in the sense that validators are incentivized to not gently caress with the system as it would dramatically devaluate their assets. After all, relying on actor rationality is a well-established way to provide stability.

It isn't, in case anyone would dare to read that as anything but sarcasm.

Aramis posted:

The theory is that the moment someone pulls off something like this, every single Eth drops in effective value, including the staked ones. The validator has a literal vested interest in not doing it, since they need to have a lot of PoS assets in the first place to be in this position.

Eths are only worth anything as long as the system "works". A 50%+1 attack would be direct observable evidence that it doesn't.

nachos posted:

the only thing missing is the step where you zoom in and out of the chart until the pattern matches the one you're looking for

VitalSigns posted:

Literally every cryptodude has a spiel on how banks are bad because fractional reserve banking is a scam, then they throw their money into cryptobanks that do fractional reserve banking but ten million times riskier

more falafel please posted:

Yeah this is just because they made a million shell/holding companies for various reasons.

Paladinus posted:

Binance 17 and Binance 18? Why, they are my favourite Binances!

Elden Lord Godfrey posted:

this kind of community just loves to use the term "deep dive" and no, sbf had not done a "deep dive" into whether or not he'd be arrested

Dial A For Awesome posted:

Turns out Coindesk is not a reliable source for analysis. I am shocked that it misled me in this way!

jokes posted:

2) lawyers are stupid middlemen who don't understand that if someone just apologizes and make a stupid face they'll let you go

Mad Dragon posted:

It's not even bolted down. I bet two people wearing OFFICIAL CRYPTO ATM TECHNICIAN t-shirts can carry it away with no one batting an eye.

ghosTTy posted:

drk posted:

lol, and heres a thread on another inflation proof flatcoin:

https://twitter.com/ShivanshuMadan/status/1515550610262663170

summary of how it works: simple, they just invest their assets at a rate of return higher than inflation!

if that sounds impossible to maintain indefinitely, dont worry, theyve got a second plan - if there is a shortfall they can just issue more equity shares governance tokens (of course, *these* tokens will always have a non-zero value even if they continuously print them)

so, its basically terra-luna, but with the added hurdle of needing to provide an inflation adjusted return to their flatcoin holders

Mozi posted:

"While we are not perfect, we hold ourselves to a high standard, often higher than what existing regulations require."

lol