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HIJK posted:What's gonna happen when the Bitcoin bubble pops? I don't think so, because crypto has even fewer connections to the real economy than the stock market does. It's a largely self-contained idiot casino, and most or all of the "value" only exists on paper. Institutional investment isn't really a thing, like 401ks and stuff are not riding on crypto. Bitcoin could just poof out of existence and aside from the wailing and gnashing of teeth from cryptobros there would be very little impact on the actual economy, as far as I can see.
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May 1, 2021 07:13
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Ponzi (or whatever scheme bitcoin was called) only really trash the economy if enough people from all across the land like poor farmers, miners, politicians etc etc invest a dangerously high amount of their money into it then all show up at the capital with pitchforks when it goes bust.
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May 1, 2021 07:14
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Hammerite posted:It would never have occurred to me that anyone might have such strong views on early repayment charges. The only ones with a positive view on early repayment charges are lenders. Because they don't actually want to charge interest, they want a fee structure but have to couch it as interest because the laws against outright usury exist.
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May 1, 2021 07:16
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Bitcoin: CaptainSarcastic posted:It's a largely self-contained idiot casino
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May 1, 2021 07:24
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Collateral Damage posted:If the artist retains the rights to their work, why would someone buy an NFT instead of just buying a print? Why pay more for a link to a digital copy that is still not original? Because they're a goddamn idiot. An NFT is just paying a shitload of money for a receipt. Not the product the receipt is issued for, just the reciept. It's a loving tinyurl link someone spent a hundred bucks to stick in the blockchain, which will cease to even have the bare utility of linking to something as soon as the server it's linking to shuts down when the scam stops being profitable. Everything 'positive' it can do for the art business is already better handled by contracts and bills of sale, both of which also have the added benefit of being legally enforcible!
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May 1, 2021 08:35
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CaptainSarcastic posted:I don't think so, because crypto has even fewer connections to the real economy than the stock market does. It's a largely self-contained idiot casino, and most or all of the "value" only exists on paper. Institutional investment isn't really a thing, like 401ks and stuff are not riding on crypto. Bitcoin could just poof out of existence and aside from the wailing and gnashing of teeth from cryptobros there would be very little impact on the actual economy, as far as I can see. more and more companies are disclosing holding btc. I don't think the impact will be quite as small anymore
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May 1, 2021 09:18
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CaptainSarcastic posted:Institutional investment isn't really a thing, like 401ks and stuff are not riding on crypto. This is no longer 100% true. There are crypto ETFs and poo poo now. Then there are things like Tesla's big Bitcoin purchase and Paypal selling crypto. If you have index funds in your retirement account, which most people do, it's likely you're invested in both of these companies. They're both in the S&P 500. It's not going to ruin the entire economy if crypto crashes today, but it's starting to creep in around the edges.
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May 1, 2021 10:30
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Collateral Damage posted:If the artist retains the rights to their work, why would someone buy an NFT instead of just buying a print? Why pay more for a link to a digital copy that is still not original? Because the people selling NFTs are lying about them, what they are, how they're made, and what they mean.
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May 1, 2021 11:03
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Stanley Pain posted:Starting my new crypto coin and marketpalce, Coninturbate. Powered and Secured by Fap "Proof of jerk" was right there...
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May 1, 2021 12:25
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Add more
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May 1, 2021 12:42
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Please see a doctor if your transaction takes longer than 4 hours.
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May 1, 2021 12:48
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spunkshui posted:500million more tether appeared today.
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May 1, 2021 14:25
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ohnobugs posted:This is no longer 100% true. There are crypto ETFs and poo poo now. Then there are things like Tesla's big Bitcoin purchase and Paypal selling crypto. If you have index funds in your retirement account, which most people do, it's likely you're invested in both of these companies. They're both in the S&P 500. It's not going to ruin the entire economy if crypto crashes today, but it's starting to creep in around the edges. Crypto could disappear right now and take out $500 billion of nominal wealth and no one would blink since that much of that money was highly concentrated and only theoretical to begin with. If Tesla is wiped out, Elon Musk commits sepukku out of shame (he'll never do this because he's shameless) then my index fund will lose less than 0.5% of its value. For all the news it makes it's a highly siloed piece of the technocasino.
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May 1, 2021 15:35
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Somfin posted:Because the people selling NFTs are lying about them, what they are, how they're made, and what they mean. Also who they're selling to. All of the big number ones were bought by people already in business with the artists, and no actual money may have changed hands. It's a transparent pump and dump.
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May 1, 2021 15:45
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The only NFT that even slightly makes any sense is NBA Top Shot, which is bought and sold in dollars, and even that's just a trading card without the card. edit; nope turns out you can use dollars or crypto, so it's just as dumb as the others. blunt fucked around with this message at 16:01 on May 1, 2021 |
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May 1, 2021 15:58
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So the BTC bubble popping shouldn't be too big of a deal for real finance but there's still the possibility because its gotten its hooks into the real world. Well that makes sense for hellworld 
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May 1, 2021 18:55
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HIJK posted:So the BTC bubble popping shouldn't be too big of a deal for real finance but there's still the possibility because its gotten its hooks into the real world. Well that makes sense for hellworld Bitcoin wont pop because everyone can always sell their bitcoin for tether. And if they run out of tether they can just print more.
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May 1, 2021 19:13
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Hammerite posted:"Proof of jerk" was right there...
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May 1, 2021 20:33
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Get ready for a run on hard drives and high end SSDs thanks to Chia coin. Chia was made by the dude who invented bit torrent and it uses a different consensus and farming method which they say is more green but we all know that's not true. If you give a person a 40amp breaker they will max it no matter what. Its like instead of brute forcing hashes every single time to crack the next block, you plot out your hashes using high end NVMe SSDs onto hard drives that sit mostly idle and then each block everyone presents their already made hashes and whoever matches gets the reward. A sata hard drive uses like 5-8w of power instead of like 300w for a video card. Its a cool concept but you know what is even cooler? Sending an ACH transfer.
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May 1, 2021 20:36
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Hey Bill Maher finally did a useful segment https://mobile.twitter.com/billmaher/status/1388360539772887043
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May 2, 2021 04:15
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Ccs posted:Hey Bill Maher finally did a useful segment Predictably the comments were immediately hit with cryptobros defending their pogs and going to: 
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May 2, 2021 04:26
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Maher is so smarmy and the applause after every line is painful but he’s the first late night host to finally call this out for what it is. Of course those who bought in won’t budge an inch but any skepticism helps.
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May 2, 2021 04:29
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Stealthgerbil posted:Get ready for a run on hard drives and high end SSDs thanks to Chia coin. Chia was made by the dude who invented bit torrent and it uses a different consensus and farming method which they say is more green but we all know that's not true. If you give a person a 40amp breaker they will max it no matter what. Its like instead of brute forcing hashes every single time to crack the next block, you plot out your hashes using high end NVMe SSDs onto hard drives that sit mostly idle and then each block everyone presents their already made hashes and whoever matches gets the reward. A sata hard drive uses like 5-8w of power instead of like 300w for a video card. Its a cool concept but you know what is even cooler? Sending an ACH transfer. I'm so tired of these people.
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May 2, 2021 04:38
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kw0134 posted:For all the headlines Tesla makes, it's still a tiny constituent of the indices, which it only got into within the last year. We see this every time the price spikes, it's surely the moment it's totally gonna be mainstream and then...it doesn't. Even stocks are basically a pimple on the rear end of finance, which in volume and value is nothing compared with debt obligations. The 2008 recession was brought by a collapse in certain debt markets which then triggered the run on stocks. But by that point there was already going to be a huge amount of systemic pain from a financial panic. It's not just Tesla. JP Morgan and other major companies are increasing their exposure to crypto and integrating crypto payment into their business model. As an asset class, it has a 2 trillion dollar market cap right now, and it's growing. If the whole thing went tits up, it would definitely have an effect on our economy and the overall stock market. But the situation isn't nearly as bad as it could be if we continue to head towards the moon.
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May 2, 2021 05:15
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I wonder if the Feds could ban Bitcoin on the basis of it being an illegal lottery?
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May 2, 2021 05:20
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Those are "integrated" in the same way that IBM has been selling "blockchain" solutions for the last few years: in a superficial way that doesn't actually touch the poop. Every time someone announces a crypto "partnership" it is inevitably a buzzword filled gibberish press release that promises everything and delivers nothing. Moreover, the actual "market cap" is a meaningless measurement that assumes that asscoin, a Totally Useful™ crypto that has four users but a fifty million dollar "cap" is somehow a useful part of the economy (it is not). Most of the crypto space is this.
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May 2, 2021 05:26
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Stealthgerbil posted:Get ready for a run on hard drives and high end SSDs thanks to Chia coin. Chia was made by the dude who invented bit torrent and it uses a different consensus and farming method which they say is more green but we all know that's not true. If you give a person a 40amp breaker they will max it no matter what. Its like instead of brute forcing hashes every single time to crack the next block, you plot out your hashes using high end NVMe SSDs onto hard drives that sit mostly idle and then each block everyone presents their already made hashes and whoever matches gets the reward. A sata hard drive uses like 5-8w of power instead of like 300w for a video card. Its a cool concept but you know what is even cooler? Sending an ACH transfer. so again something that does pointless "work" and wastes resources / drives the price of hardware up for no reason, gotcha like seriously would it be so hard to build one of these proof of work or whatever systems to actually crunch meaningful numbers or would that offend the idiot libertarian children that pay for their child porn and research chems with it
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May 2, 2021 05:51
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Code Jockey posted:so again something that does pointless "work" and wastes resources / drives the price of hardware up for no reason, gotcha can't really be done. I'm not technical enough to understand it completely, but you can model mining as being like "guess the number" game with ludicrous supercomputers able to guess billions of numbers a second causing the size of the number being called to balloon infinitely. you can't set it to something you don't know - if you did you'd be unable to call a winner. you can't set it to something everyone knows - there would be nothing to guess. and you can't set it to something you don't know for sure and need processing to understand fully, because it's always easier to fake that processing and provide a plausible sounding guess than actually doing the work.
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May 2, 2021 06:15
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CoolCab posted:can't really be done. I'm not technical enough to understand it completely, but you can model mining as being like "guess the number" game with ludicrous supercomputers able to guess billions of numbers a second causing the size of the number being called to balloon infinitely. You could probably have the network guess arbitrarily high prime numbers, that could be useful work
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May 2, 2021 06:21
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Somfin posted:You could probably have the network guess arbitrarily high prime numbers, that could be useful work nah I don't think that would work either - it's not like one incredibly complex problem is being worked on by all these devices - again, think of a number guessing game. each miner "guesses" away on one problem - for sure redundant with other miners, by design. number gets called, based on the total number of guesses last round a new number is generated exactly long enough to take a certain amount of time, repeat. supercomputers working on prime numbers are just that - dedicating a huge often centralised amount of processing power towards a single functional goal. mining is absolutely nothing like that, the opposite really - it's a million small machines each grinding away at the same, by design, worthless task and wasted work.
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May 2, 2021 06:36
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HIJK posted:What's gonna happen when the Bitcoin bubble pops? A couple of years ago I was not even considering that because coinberts were talking about massive adoption but simultaneously not spending their coins to help. Now big companies that invest pension money and 401k money are jumping aboard like always, to cash in on the marks. But they are doing it with promised dollars and if the bubble popped just quick enough they could be stuck with 50,000,000,000 Tether and no path to dollars with my grandma’s retirement nest egg simply gone. Hopefully the bosses are cutthroat enough to pump and dump a couple of times and flee with the systems’ real cash available. Hell, I bet the evangelist coiners wouldn’t even notice. Print another billion Tether and they will “buy the dip.”
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May 2, 2021 08:20
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spunkshui posted:Bitcoin wont pop because everyone can always sell their bitcoin for tether. Maybe they can sell their hoard of Tethers for GoxBux. Seriously, though, what ever happened to the “discounted GoxIOUs” folks bought up? Did they ever even get redeemed a little bit?
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May 2, 2021 08:28
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kw0134 posted:Those are "integrated" in the same way that IBM has been selling "blockchain" solutions for the last few years: in a superficial way that doesn't actually touch the poop. Every time someone announces a crypto "partnership" it is inevitably a buzzword filled gibberish press release that promises everything and delivers nothing. Moreover, the actual "market cap" is a meaningless measurement that assumes that asscoin, a Totally Useful™ crypto that has four users but a fifty million dollar "cap" is somehow a useful part of the economy (it is not). Most of the crypto space is this. Bloomberg posted:
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May 2, 2021 11:53
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Another application where the "Blockchain" part is entirely superfluous, because storing the data isn't the relevant problem.
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May 2, 2021 12:12
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Yeah, that's exactly the type of worthless press release I'm talking about; which part of the blockchain is supposed to offer any improvement over the obvious "here's LMVH's database, insert the S/N"? Hell, how is the blockchain, a static collection of data, supposed to do any sort of image analysis? Magic I guess. Edit: Let's also go further, even assuming there's an actual blockchain involved (which in many cases is not); how does a proprietary blockchain make the larger cryptocurrency space relevant? Is LMVH going to mine coins? Is Doge somehow involved? And if not, then what relevance does it have to the [largenumber] market cap ponzi scheme that is being discussed in the financial side? kw0134 fucked around with this message at 12:43 on May 2, 2021 |
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May 2, 2021 12:38
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My posting is now blockchain-enhanced. The magic of Blockchain will allow me to bring you posts like never before. and they definitely will not be poo poo
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May 2, 2021 12:57
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Hammerite posted:My posting is now blockchain-enhanced. The magic of Blockchain will allow me to bring you posts like never before. and they definitely will not be poo poo With this quote, I'm adding my own post to your postchain and provide means for verifying that your previous entry is unaltered.
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May 2, 2021 13:23
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How do I exchange posts for blotters?
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May 2, 2021 13:25
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Fame Douglas posted:With this quote, I'm adding my own post to your postchain and provide means for verifying that your previous entry is unaltered. With this quote I am inserting a long paragraph of a rambling, 87-page inane speech from a bad work of fiction in your shitpostchain, for ideological reasons.
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May 2, 2021 14:39
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https://twitter.com/kellianderson/status/1388863615105654787
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May 2, 2021 15:55
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