Bitcoin: no angel investors, only Faustian bargains

The Something Awful Forums > Main > General Bullshit > Bitcoin: no angel investors, only Faustian bargains

divabot: Jun 17, 2015; A polite little mouse!

https://www.reddit.com/r/Buttcoin/comments/imxl6w/post_your_entry_in_the_pool_for_the_20_billionth/g46dph5/ wrote:

quote:

I'm thoroughly amazed by this giant three cards monte game, where the Lady keeps making the rounds, a few times "players" find her but most of the times is either the house winning or an accomplice of the scammers... which is how this game is supposed to work, but here the scammers keep adding new cards, new rules for how to "almost win" by finding lesser Ladies and they add new side-tables and even layer new desks upon the old ones, adding related, intertwined games to the lot, with cards chained to each other with near invisible nylon threads. Everybody is excited by the novelty of it all and think that with so many different games they can surely find one where they can win. They play on multiple tables to "hedge their chances". Nobody ever stops and thinks for a second that the game is just one and the only way to win it is still finding the original Lady, which is always one and only one card despite all those new cards and side-games going on.

At this stage, scammers are letting players win a bit more frequently -not enough to let them turn a regular profit, obviously, just enough to mask the fact they are slowly draining their funds- and they added these amazing new Rube Goldberg machines that play against themselves in one of the layers but reset and run again only if players keep pouring tokens in them. Which they do, because they think it's fun and sometimes, their machine wins, so its a good investment. It must be.

If you want to get paid what you're due at any point, you either wait and hope the scammer paying you can find an old, crumpled, smelly banknote in their pants, not all you were due but that's "what they have at the moment" or you accept to get all your winnings in the form of cheap plastic tokens with "$$ real monies $$" embossed on it, which you can't sell to anybody or spend in any way, but you can "reinvest" them in another round at the game on any of the side tables accepting them.

There is a press machine in the background that's making those tokens by the billions now, and though they look somewhat real if you try to watch closely at how they make them it's only thin air and empty promises going in the metal hopper... but you can't really tell what's going on as there's a thick velvet curtain around the machine with the printer's name embroidered in gold, which is "Honest Giancarlo & co.". It's practically magic. There's so many tokens around, that every player seems to have them now and only uses those, not money, to play most of the times.

Nobody seems to notice that the only ones bringing any real money to the multi-layered giant set of tables is the players, while the scammers keep bringing away to the bank bags and bags of euros and dollars. The ability of placing 2 and 2 together has been erased from the players' minds while they were busy LARPing as "savvy investors" and "finance experts".

Honest Giancarlo keeps his printing machine running and watches it all with a grin, knowing his work is keeping the game running and profitable (for the scammers) and that his private coffers are filling too.

# ? Sep 6, 2020 23:48

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# ? Jun 3, 2024 20:27

Splicer: Oct 16, 2006; from hell's heart I cast at thee
🧙🐀🧹🌙🪄🐸

Extra Large Marge posted:

I've read a lot about Bitcoin but I still have no idea what it is.

Have you watched the instructional video?
https://www.youtube.com/watch?v=tBRWJzAjkjk

# ? Sep 7, 2020 00:00

Waltzing Along: Jun 14, 2008; There's only one
Human race
Many faces
Everybody belongs here

loving lol.

# ? Sep 7, 2020 00:04

MarcusSA: Sep 23, 2007

Splicer posted:

Have you watched the instructional video?
https://www.youtube.com/watch?v=tBRWJzAjkjk

Oh holy loving poo poo lol x1000

There are so many choice quotes I don�t even know where to start.

# ? Sep 7, 2020 00:43

divabot: Jun 17, 2015; A polite little mouse!

The intuitively correct measure of Bitcoin's unhindered rise and rise is (scrabbles frantically) the uh 200-week moving average

obviously

https://twitter.com/100trillionUSD/status/1302902686724038657

# ? Sep 8, 2020 12:56

Hammerite: Mar 9, 2007; And you don't remember what I said here, either, but it was pompous and stupid.; Jade Ear Joe

writing a script to generate graphs of the n-week moving average for values of n between 1 and 50, and looking at the graphs to see what's the first one that appears on the face of it to support my point

... and then changing the "50" to "100" and doing it again

... and then changing the "100" to "200" and doing it again

... to own the nocoiners

# ? Sep 8, 2020 15:17

Darth Brooks: Jan 15, 2005; I do not wear this mask to protect me. I wear it to protect you from me.

How much tether has been pumped into the system and at what point do the true believers realize there's no way it's really backed by real money and panic?

# ? Sep 8, 2020 16:09

Computer Serf: May 14, 2005; Buglord

Darth Brooks posted:

How much tether has been pumped into the system and at what point do the true believers realize there's no way it's really backed by real money and panic?

https://stablecoinstats.com/

just like 10,000,000,000 tether in the past 7 months

It�s probably real institutional investors flooding into projects like Tron, which famously plagiarized Ethereum and recently did some sort of "chain swap" of a billion tethers from faux Ethereum to the real Ethereum (not Eth Classic though Of course)

https://en.wikipedia.org/wiki/TRON_(cryptocurrency)

# ? Sep 8, 2020 18:33

Fur20: Nov 14, 2007; すご▞い！
君は働か░い
フ▙▓ズなんだね！

divabot posted:

The intuitively correct measure of Bitcoin's unhindered rise and rise is (scrabbles frantically) the uh 200-week moving average

obviously

https://twitter.com/100trillionUSD/status/1302902686724038657

yea i remember drawing things like this in mario paint too man. the rainbow paint tool was the best

# ? Sep 8, 2020 18:53

EorayMel: May 30, 2015; WE GET IT. YOU LOVE GUN JESUS. Toujours des fusils Bullpup Fran�ais.

The Angry Video Game Nerd reviewing yet another lovely NES game but instead of the LJN logo its the rainbow bitcoin graph logo and also the game is probably an in-depth review of Wall Street Kid.

# ? Sep 8, 2020 19:16

Excelzior: Jun 24, 2013

the more you know logo except it's "the more you hodl"

# ? Sep 8, 2020 19:28

Waltzing Along: Jun 14, 2008; There's only one
Human race
Many faces
Everybody belongs here

What is the 500 week average?

# ? Sep 8, 2020 20:46

ghosTTy: Sep 22, 2008

divabot posted:

The intuitively correct measure of Bitcoin's unhindered rise and rise is (scrabbles frantically) the uh 200-week moving average

obviously

https://twitter.com/100trillionUSD/status/1302902686724038657

Why does this chart make Nocoiners so uncomfortable? Is it because it has been 100% accurate over 7 years and always will be?

# ? Sep 8, 2020 22:15

Fur20: Nov 14, 2007; すご▞い！
君は働か░い
フ▙▓ズなんだね！

ghosTTy posted:

Why does this chart make Nocoiners so uncomfortable? Is it because it has been 100% accurate over 7 years and always will be?

not being able to differentiate merrymaking from discomfort is just your cluster b personality disorder

# ? Sep 8, 2020 22:31

necrotic: Aug 2, 2005; I owe my brother big time for this!

ghosTTy posted:

Why does this chart make Nocoiners so uncomfortable? Is it because it has been 100% accurate over 7 years and always will be?

A chart of historical data is 100% accurate? Wow.

# ? Sep 8, 2020 22:33

Carrion Luggage: Nov 24, 2006

ghosTTy posted:

Why does this chart make Nocoiners so uncomfortable? Is it because it has been 100% accurate over 7 years and always will be?

because it is a massive waste of power which is needlessly putting more poo poo into the air that would not otherwise be there

because it is not a feasible solution to any problem

it is a pipe dream that idiots consider their way to become wealthy

it is no different than collecting any stupid trinket, it is just another trinket but it hurts the global climate more-so than beanie babies

# ? Sep 8, 2020 22:33

Carrion Luggage: Nov 24, 2006

and then we add in the innate smugness of people who collect coins which is on par with the innate smugness of the people who run linux and never shut the gently caress up about it

# ? Sep 8, 2020 22:35

orange juche: Mar 14, 2012

Carrion Luggage posted:

innate smugness of the people who run linux and never shut the gently caress up about it

~~btw i use arch~~

# ? Sep 8, 2020 22:41

Shumagorath: Jun 6, 2001

Carrion Luggage posted:

because it is a massive waste of power which is needlessly putting more poo poo into the air that would not otherwise be there
...
beanie babies

ghosTTy posted:

I made someone really sick at the gym when I farted in the stretching corner. Is there something I can add to my diet that will suppress the gas potency? It's kinda embarrassing. I've been eating a lot of beans lately.

# ? Sep 8, 2020 22:48

Zefiel: Sep 14, 2007; You can do whatever you want in life.

What's worse, Bitcoin, or Funko Pops?

# ? Sep 8, 2020 22:49

Fur20: Nov 14, 2007; すご▞い！
君は働か░い
フ▙▓ズなんだね！

Zefiel posted:

What's worse, Bitcoin, or Funko Pops?

equal. you can probably trade your Official Avengers Funko Pop collection for a bag of weed, with the right person

# ? Sep 8, 2020 23:05

orange juche: Mar 14, 2012

Zefiel posted:

What's worse, Bitcoin, or Funko Pops?

ghosty making funko poops from eating too many bitcoins.

# ? Sep 8, 2020 23:14

ghosTTy: Sep 22, 2008

Carrion Luggage posted:

because it is a massive waste of power which is needlessly putting more poo poo into the air that would not otherwise be there

because it is not a feasible solution to any problem

it is a pipe dream that idiots consider their way to become wealthy

it is no different than collecting any stupid trinket, it is just another trinket but it hurts the global climate more-so than beanie babies

The power isn't wasted.

# ? Sep 8, 2020 23:35

Dewgy: Nov 10, 2005; ~🚚special delivery~📦

ghosTTy posted:

The power isn't wasted.

don�t bitcoins cost more in electric power to mine than they�re actually worth now?

seems like a p good bar to set for waste but i�m no buttconomist

# ? Sep 8, 2020 23:58

Computer Serf: May 14, 2005; Buglord

someone post the happy burger miner analogy

# ? Sep 9, 2020 00:26

vortmax: Sep 24, 2008; In meteorology, vorticity often refers to a measurement of the spin of horizontally flowing air about a vertical axis.

ghosTTy posted:

The power isn't wasted.

Yes it is.

# ? Sep 9, 2020 00:48

Stefan Prodan: Jan 7, 2002; I deeply respect you as a human being... Some day I'm gonna make you *Mrs* Buck Turgidson!; Grimey Drawer

wow cant believe someone was able to retroactively find an indicator that would accurately track past data

hope they got a job at a hedge fund because whew

# ? Sep 9, 2020 01:17

literally a hog: Jan 5, 2006; Mandarrrrrk! Bring me the head of Dexter and Dee Dee shall forever be yours!

Here we go again.

https://www.hardwaretimes.com/ethereum-miners-eye-nvidias-rtx-30-series-gpu-as-rtx-3080-offers-3-4x-better-performance-in-eth/

"Hardware Times" posted:

Ethereum Miners Eye NVIDIA�s RTX 30 Series GPU as RTX 3080 Offers 3-4x Better Performance in Eth

Images have surfaced on China�s Baidu forums showing crypto-miners hoarding NVIDIA�s new GeForce RTX 3080 graphics cards in the dozens. Considering that the launch date is still several days away, it�s a surprise that these miners were able to get their hands on so many units:

In the above image, you can see a mining farm using up to 8 GeForce RTX 3080 cards, possibly the iChill variant from Inno3D. As per the miners, the RTX 3080 is nearly 3-4x faster than the RTX 2080 in terms of Ethereum mining capabilities. You�re looking at 115 Mh/s, while the RTX 2080 manages just about 30-40 Mh/s.

This is a bit worrying as the Ampere GPUs are already supposed to be limited in supply for the first couple of months. Both Ethereum and Bitcoin prices have seen a revival over the past 6 months. At present, Eth is trading at $347 while Bitcoin is placed north of the 10K mark at $10,174. It�ll be really unfortunate if like the last mining boom, consumer graphics cards are cannibalized by miners.

# ? Sep 9, 2020 01:20

orange juche: Mar 14, 2012

quote is not edit

# ? Sep 9, 2020 01:51

Shumagorath: Jun 6, 2001

literally a hog posted:

Here we go again.

https://www.hardwaretimes.com/ethereum-miners-eye-nvidias-rtx-30-series-gpu-as-rtx-3080-offers-3-4x-better-performance-in-eth/

Suddenly warming up to cyberpunk dystopian megacorps having their own goon squads.

# ? Sep 9, 2020 02:20

Carrion Luggage: Nov 24, 2006

ghosTTy posted:

The power isn't wasted.

it is...by a lot

it was worth more as raw coal than it is as digital butts

# ? Sep 9, 2020 02:54

Computer Serf: May 14, 2005; Buglord

anyone else notice satoshi was a just a fiat banker creating a system to empower other bankers

# ? Sep 9, 2020 03:44

Dunno-Lars: Apr 7, 2011

divabot posted:

The intuitively correct measure of Bitcoin's unhindered rise and rise is (scrabbles frantically) the uh 200-week moving average

obviously

https://twitter.com/100trillionUSD/status/1302902686724038657

How do you read that chart? It doesn't even start at the same place. And the average should be running through the middle of all those datapoints, shouldn't it?

How can an average be below the lowest point at all times?

# ? Sep 9, 2020 10:06

Nessus: Dec 22, 2003; After a Speaker vote, you may be entitled to a valuable coupon or voucher!

Computer Serf posted:

anyone else notice satoshi was a just a fiat banker creating a system to empower other bankers

As always, the objection was not the system, it was that they were not the overlords.

# ? Sep 9, 2020 10:37

Hammerite: Mar 9, 2007; And you don't remember what I said here, either, but it was pompous and stupid.; Jade Ear Joe

Dunno-Lars posted:

How do you read that chart? It doesn't even start at the same place. And the average should be running through the middle of all those datapoints, shouldn't it?

How can an average be below the lowest point at all times?

the "moving average" line doesn't start until mid 2013 because bitcoins were invented in 2009 and so there isn't 200 weeks (lol) of data before then. the average is below the lowest point because the price was in general, going up. so at any given point it's the average of what the price was over the previous 4 years (lol), and in general it's lower than the instantaneous price for most of that 4 years (lol).

eyeballing it, the average line appears to be believable (it's difficult to assess because the y axis is logarithmic and the average being plotted is presumably the arithmetic mean)

what the chart is measuring is stupid, but it doesn't appear on the face of it to be lying about the numbers

# ? Sep 9, 2020 10:54

Ghost Leviathan: Mar 2, 2017; Exploration is ill-advised.

EorayMel posted:

The Angry Video Game Nerd reviewing yet another lovely NES game but instead of the LJN logo its the rainbow bitcoin graph logo and also the game is probably an in-depth review of Wall Street Kid.

Ahhhh, good memories of that Let's Play. I wonder how it holds up.

# ? Sep 9, 2020 11:03

zedprime: Jun 9, 2007; yospos

By god they've mathematically proven number go up. Time to hang up our hats fellow no coiners. Absolutely nothing has ever had a 7 year run up and later turned out to be a bubble.

# ? Sep 9, 2020 14:21

bollig: Apr 7, 2006; Never Forget.

https://ftalphaville.ft.com/2020/09/07/1599477348000/There-s-very-little-evidence-for-blockchain--it-turns-out-/

quote:

But step forward the Centre for Evidence Based Blockchain, a non-profit set up last year by the British Blockchain Association, whose very purpose is to promote �evidence-based adoption of Blockchain and Distributed Ledger Technologies (DLT) across the public and private sectors�, to give us some sorely needed evidence.

Last week, it published a very serious-looking �peer-reviewed� paper in its very own Journal of British Blockchain Association, presenting its findings from a �Global Study of Blockchain Projects and Start-up Companies�. Given that the peers in question are crypto peers, we weren�t sure how much credibility that would add to proceedings.

But we were quite pleasantly surprised with the level of honesty that the paper exhibited:

Our study concluded that almost half of the blockchain firms show no explicit evidence of the problem to be solved. Approximately one-third fail to cite a comparison and intervention analysis, and less than 2 per cent demonstrate evidence of outcomes backed by filtered (critically appraised, peer reviewed) information.

They separate any evidence that does appear to exist into �filtered� (ie, supposedly peer-reviewed) and �unfiltered� (which includes any random blog post or article on a crypto site) and then ask questions like: �Have the results shown an objective improvement in outcomes?�, to which the answer is:

No evidence: 304
Unfiltered evidence: 206
Filtered evidence: 7

I also went through some of Alphaville's previous work on blockchain, it's pretty good.

# ? Sep 9, 2020 15:27

divabot: Jun 17, 2015; A polite little mouse!

bollig posted:

https://ftalphaville.ft.com/2020/09/07/1599477348000/There-s-very-little-evidence-for-blockchain--it-turns-out-/

I also went through some of Alphaville's previous work on blockchain, it's pretty good.

they got sick of covering this nonsense for a fair while, but got back into it recently

I am nagging them to properly cover, i.e. obliterate, DeFi

# ? Sep 9, 2020 16:51

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# ? Jun 3, 2024 20:27

orange juche: Mar 14, 2012

What is DeFi anyways, the latest way to bilk morons?

I saw ghost titty post some senseless charts referencing it but I'm pretty sure it's just a way for someone to get some money from a lot of people and then just walk away with the money.

# ? Sep 9, 2020 17:45

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