Moridin920 posted:

TAKE PROFITS SOMETIMES lmao jfc

Klyith posted:

Well when one single idiot hedge fund lost $134 million dollars on buttcoins at least he's technically correct that the vast majority of monetary loss is by big players.

And all that money that went in had to end up in someone's hands. Probably a whole lot of burrito miners and guys who acquired a butt in 2014 were beneficiaries of all that loss. I wouldn't be shocked if there were more people who made a few k on their videocard milkcrate farms than there were idiot bubble buyers who lost all their savings.


All of this is a smokescreen covering the fact that buttcoins are useless and the shuffling of money from one idiot bitcoiner to another is a net negative economic activity. As a whole everyone lost.

ilmucche posted:

I always figured if you make gains you sell off our initial investment and play with house (other idiots') money afterward

A big flaming stink posted:

this isn't an investment, this is a religion.

EorayMel posted:

It is not a cult.

Also: one of the OG altcoin scammers finally got sent to prison (kind of?)

quote:

The astonishing amount of time, money and effort that has been put into cryptocurrencies is a sociological marvel. Every emotion, every cognitive bias, every aspect of the human experience is on display. And it's all fully documented, in real time. Mass delusion in Big Data. A thousand sociology PhDs could be written about reddit's /r/cryptocurrency alone. A joyous, despairing, dissonant, gloating, brooding, witty, witless, confusing, euphoric mass.

This article is part of a curious subgenre of cryptocurrency literature, that of an advocate of one cryptocurrency (Ethereum) holding forth against a different cryptocurrency (EOS). Do the words have any meaning beyond the confines of the beautifully elaborate internal world in which they reside? Perhaps, in a strictly metaphysical sense. I can't appreciate it, or even comprehend it, but I can sit back an delight that such a thing exists at all.

Alan Smithee posted:

*gets big whiff of that dot matrix smell*

Veni Vidi Ameche! posted:

My go-to Bitcoin expert is off hiking the west coast. Can someone please explain Tether to me? I know he's explained it, before, but I can't remember how it works or why it matters.

Veni Vidi Ameche! posted:

My go-to Bitcoin expert is off hiking the west coast. Can someone please explain Tether to me? I know he's explained it, before, but I can't remember how it works or why it matters.

Veni Vidi Ameche! posted:

My go-to Bitcoin expert is off hiking the west coast. Can someone please explain Tether to me? I know he's explained it, before, but I can't remember how it works or why it matters.

Veni Vidi Ameche! posted:

Lol, wait. Are you saying there's another coin that's just pegged to the dollar, and you can mine it (presumably more easily than Bitcoins), and then trade it on exchanges for Bitcoin? Am I completely misunderstanding that? If not, why in the world would the exchanges allow that? Are people actually paying $1 for a coin that is pegged to $1, and won't go up?

Veni Vidi Ameche! posted:

Lol, wait. Are you saying there's another coin that's just pegged to the dollar, and you can mine it (presumably more easily than Bitcoins), and then trade it on exchanges for Bitcoin? Am I completely misunderstanding that? If not, why in the world would the exchanges allow that? Are people actually paying $1 for a coin that is pegged to $1, and won't go up?

quote:

This Dormant $720 Million Bitcoin Wallet Has Woken Up – But Who Owns It?

A $720 million sleeping giant has woken up after four years, with $100 million moved to Bitfinex and Binance over the course of ten days at the end of August. The bitcoin wallet contains 111,114 BTC or 0.52% of the total supply. The sudden movement of these dormant funds could have a disruptive potential in the market price action, particularly if the funds belong to one of the two possible likely candidates suggested by Reddit sleuth u/sick_silk.

The Redditor brought the movement of the funds to the attention of the crypto community by publishing a series of posts tracking each transaction in detail accompanied with graphs representing the activity.

The first post was made on 31 August and suggested that the funds may be connected to the now-defunct dark web market Silk Road which handled the trade of billions of dollars worth of contraband such as recreational and prescription drugs, illegal weapons and pornography, malware, hacking services, guides to various types of criminal activity, and other black market goods and services.

u/Sick_Silk points out:

“It seems that the owner of a huge SilkRoad related wallet is moving funds actively since 3 days, dividing it in chunks of 100 coins by subwallets.

The original wallet owned 111,114.62 BTC / BCH , which is currently valuated ~ $844M (without taking in account other #Bitcoin forks).

Last movements on these subwallets are 4 years and 5 months old (March 9th, 2014).

The chunks have been divided over time to 60,000 coins then to 30,000 / 20,000 / 10,000 / 5,000 / 500 and now 100 coins.”

Sick_Silk connected the original address to the Silk Road via the following bitcointalk thread in which user assortmentofsorts connects the dots to from an address operated by DPR (Dread Pirate Roberts AKA Ross Ulbricht, creator of the Silk Road) to the one in the Reddit post over the course of six traced transactions.

Silk Road vs Mt Gox
However, while the evidence connecting the funds to DPR is intriguing, u/Sick_Silk had his doubts and after another week of investigating posited the theory that the funds may well be from an old Mt Gox wallet, a view mirrored by Bitcoin security specialists WizSec.

Why is this important?
Apart from being an intriguing mystery, this has real-world ramifications. u/Sick_Silk believes that the movement of funds may be at least partially responsible for the recent price decline seen in August, and whether that’s true or not, it’s certainly the case that 0.52% of the entire supply of Bitcoin is more than enough to seriously manipulate or destabilize the market. Indeed, the funds are already worth around $80 million less since the report went public.

u/Sick_Silk has yet to respond to comment requests at the time of writing, but we eagerly await the next update from our Reddit sleuth as well as other experts among the community who can tell us more about the recent resurrection of one of the largest individually-owned sums of Bitcoin in the world.

Veni Vidi Ameche! posted:

My go-to Bitcoin expert is off hiking the west coast. Can someone please explain Tether to me? I know he's explained it, before, but I can't remember how it works or why it matters.

Veni Vidi Ameche! posted:

- The amount of Tether in the wild grew from $10,000,000 to $2,800,000,000 (lol) in a year and a half (lol), each one still backed by one US dollar (lol)

Veni Vidi Ameche! posted:

Tether is amazing.

I did a quick skim of the Wikipedia Tether article to supplement what you’ve just told me. Let’s see if I’ve got this.

- Tether is issued with the promise that each one is backed by one US dollar. No one believes this.
- Bitcoiners being Bitcoiners, they buy (or cash out to) Tether, anyway.
- The amount of Tether in the wild grew from $10,000,000 to $2,800,000,000 (lol) in a year and a half (lol), each one still backed by one US dollar (lol)
- Tether accounted for 80% (lol) of Bitcoin trades in the summer of 2018.
- The Tether scam issuing company promised an audit to prove they had the capital to back their funny money, but failed to follow through, and failed to satisfy withdrawal requests in 2017.
- Because Tether is somehow even less negotiable than Bitcoin, people just use it as a value store to cash in and out of Bitcoin. A person with 6,000 Tether buys one Bitcoin, waits for the price to go up to $7,000, then cashes that back out to Tether. When Bitcoin drops to $6,000, again, that person buys another Bitcoin, cashes out when Bitcoin hits $7,000, again, and now has 8,000 Tether, no Bitcoins, and no actual dollars.

How’d I do?

QuarkJets posted:

There have also been a number of studies showing that Tether is produced in response to market conditions and has propped up some insane amount of Bitcoin's price

Veni Vidi Ameche! posted:

Tether is amazing.

I did a quick skim of the Wikipedia Tether article to supplement what you’ve just told me. Let’s see if I’ve got this.

- Tether is issued with the promise that each one is backed by one US dollar. No one believes this.
- Bitcoiners being Bitcoiners, they buy (or cash out to) Tether, anyway.
- The amount of Tether in the wild grew from $10,000,000 to $2,800,000,000 (lol) in a year and a half (lol), each one still backed by one US dollar (lol)
- Tether accounted for 80% (lol) of Bitcoin trades in the summer of 2018.
- The Tether scam issuing company promised an audit to prove they had the capital to back their funny money, but failed to follow through, and failed to satisfy withdrawal requests in 2017.
- Because Tether is somehow even less negotiable than Bitcoin, people just use it as a value store to cash in and out of Bitcoin. A person with 6,000 Tether buys one Bitcoin, waits for the price to go up to $7,000, then cashes that back out to Tether. When Bitcoin drops to $6,000, again, that person buys another Bitcoin, cashes out when Bitcoin hits $7,000, again, and now has 8,000 Tether, no Bitcoins, and no actual dollars.

How’d I do?

Boxturret posted:

its just a coincidence

Tacky-rear end Rococco posted:

On a scale of 1 to mycrimes.txt, how stupid are these guys for not fleeing the country already?

let it mellow posted:

I am pissed off I didn’t think of tether, that is the best bitcoin money maker

Tacky-rear end Rococco posted:

On a scale of 1 to mycrimes.txt, how stupid are these guys for not fleeing the country already? They've probably made a few million, could live on the beach somewhere nice under an assumed name.

Akratic Method posted:

We are presently hovering at mycrimes.zip. It's clear on the face of it what's in there, but no one's actually double-clicked "open" to actually read the contents.

Boxturret posted: