|
use that money to buy a bird hbag
|
#
?
Mar 8, 2021 16:58
|
|
|
|
| # ? May 29, 2024 15:38 |
|
|
I kind of wish Brave wasn't headed by a conservative rear end in a top hat so I could get BAT from it. I'm willing to spend approximately that amount of money (none) to get into crypto.
|
|
#
?
Mar 8, 2021 17:02
|
|
|
Rexxed posted:If you hate having money so much why not give it to a charity instead of an obvious scam. but PAX is actually backed and audited unlike USDT which is backed by "trust me bro"
|
|
#
?
Mar 8, 2021 17:05
|
|
|
hbag posted:but PAX is actually backed and audited unlike USDT which is backed by "trust me bro" Yeah but you're like "wow I want to buy some garbage poo poo for idiots!" and when I ask why your answer is "because it's backed and audited!" That doesn't really make sense.
|
|
#
?
Mar 8, 2021 17:34
|
|
|
hbag posted:but PAX is actually backed and audited unlike USDT which is backed by "trust me bro" do you know what is also backed and audited USD you know, without the T
|
|
#
?
Mar 8, 2021 17:36
|
|
|
ymgve posted:do you know what is also backed and audited if binance had regular-rear end USD on it you loving bet id be using that
|
|
#
?
Mar 8, 2021 17:46
|
|
|
hbag posted:if binance had regular-rear end USD on it you loving bet id be using that currency of the future!
|
|
#
?
Mar 8, 2021 18:04
|
|
|
Somfin posted:This is like asking if an MMO could ever overtake WoW by looking at the gameplay and not at the uptake, community, or evangelism. No crypto is ever going to overtake Bitcoin. Not because Bitcoin is good, but because it is established and socially powerful. Your point is very well put but I think it's the difference between could and would. Nano isn't going to be all over the news tomorrow. Bitcoin is virtually synonymous with cryptocurrency. That said, if there's one I'd like to win as an actual "I'd like to buy this" currency it's Nano (so far).
|
|
#
?
Mar 8, 2021 18:04
|
|
|
honky dong posted:Just had a flashback to the old bitcoin days when some idiot on the bitcoin forums wanted to buy a movie theater and his plan was to show Duck Tails reruns or some dumb poo poo. Bitcoiners spent quite a long time arguing over the drink flavors that should be available at the concession stand. And assumed the OP could just show pirated Duck Tales episodes in his theater without paying license fees because who would care about such an old IP?
|
|
#
?
Mar 8, 2021 18:09
|
|
|
hbag posted:if binance had regular-rear end USD on it you loving bet id be using that well too bad binance is the only buttcoin exchange that exists I guess
|
|
#
?
Mar 8, 2021 18:24
|
|
|
Rooted Vegetable posted:Anyone else looking around for digital currency that you'd think could actually be used? I found Nano the other day and thought that parts of it had a better chance (not total certainty) of fulfilling what Bitcoin was supposed to do. It's essentially instant, isn't mined out of thin air, doesn't require nuclear reactors personally assigned to it. I have a bank, who have issued me a card connected to the 65000+ transaction per second international clearinghouse of a major financial processor. Banking regulations protect my insured deposits and provide recourse should I be stolen from or defrauded. What problem is being solved by crypto again?
|
|
#
?
Mar 8, 2021 18:27
|
|
|
Liquid Communism posted:I have a bank, who have issued me a card connected to the 65000+ transaction per second international clearinghouse of a major financial processor. Banking regulations protect my insured deposits and provide recourse should I be stolen from or defrauded. Poor people thinking they can break into the 1%.
|
|
#
?
Mar 8, 2021 18:29
|
|
|
Liquid Communism posted:I have a bank, who have issued me a card connected to the 65000+ transaction per second international clearinghouse of a major financial processor. Banking regulations protect my insured deposits and provide recourse should I be stolen from or defrauded. Purchasing things other than bread and circuses
|
|
#
?
Mar 8, 2021 18:33
|
|
|
Liquid Communism posted:I have a bank, who have issued me a card connected to the 65000+ transaction per second international clearinghouse of a major financial processor. Banking regulations protect my insured deposits and provide recourse should I be stolen from or defrauded. Bolded it for you. Gotta remove that pesky part so innovative blockchain creators can make the world a better place for them
|
|
#
?
Mar 8, 2021 18:34
|
|
|
xtal posted:Purchasing things other than bread and circuses Like weed?
|
|
#
?
Mar 8, 2021 18:36
|
|
|
Despite its reputation, only the dumbest criminals use Bitcoin. Cash is better for crime.
|
|
#
?
Mar 8, 2021 18:46
|
|
|
xtal posted:Purchasing things other than bread and circuses
|
|
#
?
Mar 8, 2021 19:02
|
|
|
Rooted Vegetable posted:That said, if there's one I'd like to win as an actual "I'd like to buy this" currency it's Nano (so far). This is a weird statement if you step back and look at it. How's your exposure to other currencies in the world? How many Yen and Euros are in your portfolio? Currencies aren't something you should want to buy unless you're buying something that can only be purchased with that currency (in which case you'd hope the conversion is handled automatically by your financial institution). You're falling into the trap of speculation - maybe you should buy it because more adoption would make the price go up, but that would make it a lovely currency.
|
|
#
?
Mar 8, 2021 19:06
|
|
|
I put some money into crypto for the first time in years like last month when it was at an all time high cause I guess I had FOMO I’m just glad to see it slowly creeping back up to the same amount that I initially put in. Hooray for personal lowered standards I guess?
|
|
#
?
Mar 8, 2021 19:06
|
|
|
Rooted Vegetable posted:Anyone else looking around for digital currency that you'd think could actually be used? I found Nano the other day and thought that parts of it had a better chance (not total certainty) of fulfilling what Bitcoin was supposed to do. It's essentially instant, isn't mined out of thin air, doesn't require nuclear reactors personally assigned to it. I'm gonna kramer my way in and say no, I'm not biding my time for a digital currency implementation that makes sense, because I don't think what "digital currency" advocates really want is possible. There is one attribute - scarcity - that is necessary in a useful currency but that is antithetical to the operation of computers. The magic of computers is that they don't know scarcity. I think it's comical that we created these remarkable machines whose entire thing is their near-unlimited ability to display, duplicate, and transmit enormous amounts of information at incredible speeds, and we have now set ourselves upon the challenge of making them do a task they are fundamentally unsuited to do: store and transmit bits of information that cannot be freely duplicated. There is never going to be a perfect digital equivalent to physical cash, because the fundamentally physical nature of cash makes it difficult to duplicate and counterfeit. (Not impossible, but sufficiently difficult such that it doesn't happen often enough to substantially dilute the currency's value.) The physical world inherently enforces scarcity of cash by making it nontrivial to create new cash. There is no equivalent restriction inherent to how computers operate. Unless there's been some profound computer science breakthrough that I don't know about, the only way to enforce the scarcity of a sequence of bits is to introduce some kind of authoritative ledger that lists who has the rights to a sequence of bits, and at that point you are no longer "trustless" in the same way that parties in a real-world cash transaction are. You cannot just take a pile of bits someone hands to you and judge their worth and uniqueness just by looking at the bits; you always have to look to some kind of authority that tells you "yes, those bits are worth X and this person has the rights to them." That authority can take the form of a centralized ledger maintained by a trusted third-party, but then you're just doing the same thing that the conventional banking system does with electronic transactions denominated in cash (which introduces a whole host of political and economic problems I'm not going into here). Or, it can take the form of a decentralized ledger maintained by countless participants using some kind of consensus algorithm (which I also don't want to go into here, other than to say that every type of consensus algorithm that has been tried thus far introduces some kind of perverse economic incentive). But the form in which that source of authority takes isn't important to my point, which is this: because there is no digital way to guarantee the scarcity and uniqueness of a pile of bits in the same way we can guarantee (more or less) the scarcity and uniqueness of a physical item like a given dollar bill, the best we can do to mimic that scarcity is create a canonical list of who controls the rights to a given pile of bits. All that is to say that, no, I'm not really looking forward to any "digital currencies" that'll actually get used as currency. The nature of computers makes it such that they cannot be "trustless" in the same way that a physical cash transaction can be, as any digital currency transaction is inherently tied to the use of third-party intermediaries in some fashion. "Trustless" as it is commonly used in the context of digital currencies is a misnomer. (And a non-"trustless" digital currency is just corporate scrip for whichever organization issues it.) Blotto_Otter fucked around with this message at 19:22 on Mar 8, 2021 |
|
#
?
Mar 8, 2021 19:20
|
|
|
Know what works as a digital currency? A dollar in a bank account on the internet that's backed by that bank's balance sheet. I think like only 10% of the dollars in circulation in the US/World are actually printed.
|
|
#
?
Mar 8, 2021 19:26
|
|
|
jokes posted:Know what works as a digital currency? A dollar in a bank account on the internet that's backed by that bank's balance sheet. I think like only 10% of the dollars in circulation in the US/World are actually printed. So you're saying digital dollars are not backed by real money? How curious...
|
|
#
?
Mar 8, 2021 19:31
|
|
|
Liquid Communism posted:What problem is being solved by crypto again? Neither of those companies will allow you to send money to internationally-sanctioned oligarchs and terrorists (nor should they)
|
|
#
?
Mar 8, 2021 19:45
|
|
|
Paladinus posted:So you're saying digital dollars are not backed by real money? How curious... They are. They’re backed by the .. oh whatever Printed dollars are not the source of the value, read the words on a dollar some time!!
|
|
#
?
Mar 8, 2021 19:53
|
|
|
jokes posted:They are. They’re backed by the .. oh whatever So I should trust God with my currency, huh? No, thank you, I'll go with maths on this one.
|
|
#
?
Mar 8, 2021 19:59
|
|
|
By 'maths' you mean 'the goodwill of 51% of the offshore mining conglomerates burning ~77TWH a year into shitcoin mining', of course.
|
|
#
?
Mar 8, 2021 21:11
|
|
|
Liquid Communism posted:By 'maths' you mean 'the goodwill of 51% of the offshore mining conglomerates burning ~77TWH a year into shitcoin mining', of course. Yes. Maths is numbers, and those are numbers.
|
|
#
?
Mar 8, 2021 21:12
|
|
|
hbag posted:but PAX is actually backed and audited unlike USDT which is backed by "trust me bro" so it's quite important to note that this is false. it's a marketing deception. USDC and PAX both try extremely hard to give the impression they're audited, by talking about how they got "auditors" in. They got accountants who could do audits - but don't in this case. The accountants don't do an audit - where they look at the money, look into where it came from, verify that it is actually theirs and wasn't swapped into the account a few hours before. They do an attestation. What's an attestation, you ask? Well, that's where your accountant looks at the paperwork you provide them, and says "yup looks good". What's the difference? Well, Tether can't get an audit for the life of it. But they did an "attestation" where they put money into their supposed backing account a few hours before the accountants looked: New York Attorney General posted:No-one reviewing Tether’s representations would have reasonably understood that the $382,064,782 listed as cash reserves for tethers had only been placed in Tether’s account as of the very morning that Friedman verified the bank balance. Nobody knows what USDC and PAX are backed with, or the provenance of the supposed backing. But both use the word "auditors" a lot, because they're liars, because they're crypto companies. The only reason to assume they're better than Tether is because Tether is that loving bad and sloppy. It's a low enough bar to feature on the front cover of Earthworm Track & Field. edit: in which Paxos directly lies that they are the same thing: quote:Is Paxos Standard audited? If they really claim not to know the difference and why it's important, then they're not competent enough to be touching money. Again, normal for crypto. divabot fucked around with this message at 21:59 on Mar 8, 2021 |
|
#
?
Mar 8, 2021 21:45
|
|
|
bitcoin owns so hard and grows so fast that people can't buy divabot redtexts fast enough lmao
|
|
#
?
Mar 8, 2021 22:00
|
|
|
divabot posted:What's the difference? Well, Tether can't get an audit for the life of it. But they did an "attestation" where they put money into their supposed backing account a few hours before the accountants looked: But otherwise, you're absolutely right that everyone's avoidance of an actual audit is damning and USDC/Paxos only look good in comparison to Tether, which is an extremely low bar. divabot posted:If they really claim not to know the difference and why it's important, then they're not competent enough to be touching money. Again, normal for crypto.
|
|
#
?
Mar 8, 2021 23:16
|
|
|
I still don't get why the backing of Tether matters. They don't guarantee you'll get one Tether for every Dollar. They could have one USD for every USDT and it would make absolutely no difference. It's unbacked, and nothing they say changes that.
|
|
#
?
Mar 9, 2021 00:19
|
|
|
Fame Douglas posted:I still don't get why the backing of Tether matters. They don't guarantee you'll get one Tether for every Dollar. They could have one USD for every USDT and it would make absolutely no difference. It's unbacked, and nothing they say changes that. Because a lot of people think that if they turn their volatile bitcoin and altcoins into usdt, which is much, much, easier because actually turning bitcoin into real usd is really actually quite difficult, then it's fine, they've "cashed out". They don't seem to understand that having usdt is as worthless as having bitcoin, because it's still worth nothing. tether won't "redeem" it for usd anymore. You're still looking for people willing to buy usdt off you on an exchange for USD. It being unbacked in that regards is huge becuase people put a lot of faith in USDT being worth a dollar because it's "backed" by a dollar, and tether will one day reopen redeeming and they'll be able to take their stacks of crypto money and go buy lambos. That's never going to happen because tether is by their own admission backed by the BTC they themselves have been inflating by issuing tether.
|
|
#
?
Mar 9, 2021 00:35
|
|
|
Drone_Fragger posted:Because a lot of people think that if they turn their volatile bitcoin and altcoins into usdt, which is much, much, easier because actually turning bitcoin into real usd is really actually quite difficult, then it's fine, they've "cashed out". This plus now tether has the BTC. It's like going to an amusement park and buying Disney Bucks or whatever is sold there. Now you have the exact same value that can only be used in one place.
|
|
#
?
Mar 9, 2021 01:08
|
|
|
NFTs are interesting in the digital design/art space since they’re a potential avenue for earning money instead of instagram likes for non-commercial work, but the earnings distribution graph for this thing will probably be worse than that onlyfans L. Beeple getting a payday is cool no matter what though.
|
|
#
?
Mar 9, 2021 01:16
|
|
|
It's actually pretty easy to invest in crypto and cash out into dollars because I can just go to my Schwab account and buy an index fund that tracks bitcoin, a fringe asset that will definitely pop any moment now because definitely not incredibly reluctant to admit he was wrong guy "divabot" says so
|
|
#
?
Mar 9, 2021 01:20
|
|
|
feelix posted:It's actually pretty easy to invest in crypto and cash out into dollars because I can just go to my Schwab account and buy an index fund that tracks bitcoin, a fringe asset that will definitely pop any moment now because definitely not incredibly reluctant to admit he was wrong guy "divabot" says so Do you really want to put $ into something that has gone up 300% in 3 months? Doesn't seem very stable or like a good time to gamble.
|
|
#
?
Mar 9, 2021 01:22
|
|
|
Waltzing Along posted:Do you really want to put $ into something that has gone up 300% in 3 months? Doesn't seem very stable or like a good time to gamble. No I personally don't but I also wouldn't keep mock posting about a thing that turned out to be an incredible investment. It's like if everyone who ever died on Everest got resurrected with superpowers but the Everest thread kept making fun of them
|
|
#
?
Mar 9, 2021 01:25
|
|
|
Buttcoins are not an investment e: buttcoin
|
|
#
?
Mar 9, 2021 01:28
|
|
|
feelix posted:No I personally don't but I also wouldn't keep mock posting about a thing that turned out to be an incredible investment. It's like if everyone who ever died on Everest got resurrected with superpowers but the Everest thread kept making fun of them not gonna lie if you died on everest and got resurrected with superpowers i would still laugh at your rear end
|
|
#
?
Mar 9, 2021 01:34
|
|
|
|
| # ? May 29, 2024 15:38 |
|
|
feelix posted:No I personally don't but I also wouldn't keep mock posting about a thing that turned out to be an incredible investment. It's like if everyone who ever died on Everest got resurrected with superpowers but the Everest thread kept making fun of them I mean you're not wrong. You're just a braver man than I to think that you can accurately predict when a speculative asset bubble entirely manufactured by scam artists, con men and grifters will pop and that you can get your money out. also if you're investing in an index fund, that's actually totally different to buying btc on a crypro exchange.
|
|
#
?
Mar 9, 2021 01:35
|
|