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Alan Smithee posted:"your honor you will find that 420Escobar was in fact not even using VPN" *Bailiff announces the case* State of Washington against Mr. Elon Musk for unlawful manipulation of cryptocurrency Cum Rocket, all rise.
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Jun 23, 2021 02:48
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jokes posted:It's worth 25 pounds You can’t eat gold bars, but your body can become Bitcoin https://imgur.com/gallery/feuc0It Fake edit: How do I forget every Goddamn time how to add a picture to a post in the AwfulApp?
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Jun 23, 2021 03:15
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LanceHunter posted:Not being able to cash out of bitcoin was more of a thing back in the MtGox days. Now that there are enough exchanges like Coinbase that are only moderately lovely and not outright fraudulent, it's not hard to get actual money out. When I sold my coin at around $63k, I was able to withdraw and had the cash in my bank account in a week. (And, looking at the prices today, I'm extremely glad that I realized that it was immoral to put any more USD into the crypto ecosystem and that I needed to get out of it completely.) I’m always extremely happy when a goon gets their money in $dollars in hand. I even congratulated Seraph when he said he got enough to live off of for a while. I get sad when I read stories about crypto man investing his young wife’s inheritance into coins and has no way of being made whole again. The laughs come from the Bitcoin maximalists posting poo poo about “fiat” and “invest” and “value,” followed by a ghost titty graph. The guys who think they will be in charge of the world just as soon as society will collapse worldwide just real soon! The Lightning Network (lmao) process. The former “spend Bitcoin for coffee then buy more Bitcoin immediately to hold the same amount.” The falling phone. Brazil.txt. Dollar-cost averaging. The “market cap” calculation. I wish I had put money into Starbucks or Amazon. I’m not a rich man, but even McDonalds’ stock doesn’t flail wildly about every loving hour and I never wanted to see regular (unsophisticated and naive) folks get hurt. I’m glad you got your money out without tempting another on SA to become your personal bag-holder by tricking them to put money in the mix that they couldn’t afford to lose.
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Jun 23, 2021 03:46
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Shumagorath posted:If I had a law degree and you told me I could send coiners to prison I'd probably do it for free. Hell, I don’t have a law degree and if maybe eat the fraud charge to fake send the Tether folk to jail. I’m not particularly busy right now. If I was gonna go to jail for fraud I want to be cell mates with Free Ross, though. Because I would remind him every day about attempting to contract a murder is not acceptable on the outside, no matter how many websites you make. Edit: sorry re: triple post. Phone apps are great, but don’t have all the functionality as a desktop version of any site. DerekSmartymans fucked around with this message at 04:00 on Jun 23, 2021 |
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Jun 23, 2021 03:57
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Khorne posted:musk allegedly sold all his coin at >50k or something like that, a bunch of crypto people were crying about it I posted this a few pages back https://twitter.com/thacryp/status/1406592948821692423?s=20 He sold it all at 50k
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Jun 23, 2021 08:16
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When people in the Bitcoin Reddit say Bitcoin transactions are slow and expensive it is countered by mentioning some kind of lightning network or something (supposedly used in that video of a guy transferring coin with a cellphone in El Salvador) which they say has all the benefits of Bitcoin ("non-custodial", safe, bla bla) but none of the downsides, and is settled later, bringing the transactions onto the chain or whatever What are they talking about, and why is it bullshit?
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Jun 23, 2021 08:58
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one of the biggest arguments coiners use to advocate crypto is that it is trustless, and you lose this trustlessness by using lightning network at which point, why the gently caress are you even using cryptosporidium in the first place
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Jun 23, 2021 09:23
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First day on new job today. Boss enthuses about how we'll be moving everything "To The Blockchain". I asked what exactly he wants to do with a blockchain. "We havent really worked that part out yet". Told him maybe we could just put some logs or something in there so he can tell marketing that we are on "The Blockchain". Some dumb bullshit.
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Jun 23, 2021 10:04
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duck monster posted:First day on new job today. Boss enthuses about how we'll be moving everything "To The Blockchain". I asked what exactly he wants to do with a blockchain. "We havent really worked that part out yet". Holy poo poo run.
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Jun 23, 2021 10:07
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1. Move all company funds to an address you control 2. quit 3. lose the money yourself cuz lol crypto
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Jun 23, 2021 10:10
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DerekSmartymans posted:
A while back I was trying to clean out my calendar on my old laptop to move everything over to google calendar. Thre was two reminders still in there I couldn't find. Eventually after a couple of hours searching I found them. I think I made them while drunk in 2015. One was for 2055 with a reminder that "Ross Ulbricht is still in prison, or dead.". And another for 2115 that said "The UK still hasn't left the EU". 50% hit rate not bad. Probably fail me entrance to the time-travellers guild though. edit: No it must have been later I made that. The brexit vote was 2016. gently caress knows, I just know I don't remember making them.
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Jun 23, 2021 10:12
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The Rabbi T. White posted:Holy poo poo run. I've been unemployed for 3 months. At this point in my finances, I'll take *any* work.
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Jun 23, 2021 10:14
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Greenplastic posted:When people in the Bitcoin Reddit say Bitcoin transactions are slow and expensive it is countered by mentioning some kind of lightning network or something (supposedly used in that video of a guy transferring coin with a cellphone in El Salvador) which they say has all the benefits of Bitcoin ("non-custodial", safe, bla bla) but none of the downsides, and is settled later, bringing the transactions onto the chain or whatever the way the lightning network works is ahead of time you put bitcoins into a "channel" which is basically a transaction on the blockchain, this channel is shared by people who regularly transact with each other. so lets say alice and bob both agree to commit 1 bitcoin a piece to this channel. once the bitcoin blockchain confirms this transaction (which is basically a smart contract that says both sides have agreed and put in 1 bitcoin). you now can trade up to 1 bitcoin between the people in the channel. so alice and bob can trade money owed back and forth. lets say alice gets mad at bob and decides to "end" the channel. she can say she's done and the smart contract that opened the channel resolves who owes who what and marks that on the smart contract. so if at the end alice sent over half a bitcoin to bob. the contract figures this out and resolves this. on the "real" blockchain, it resolves to alice sending bob that half a bitcoin. bob gets 1.5 bitcoins returned to his wallet.. and life goes on. additionally. if bob holds channels with alice and carol. and alice wants to send money to carol, she can do that by using bob as an intermediary between them. so if alice wants to send 0.25 bitcoins to carol, she sends it through to bob, who then sends 0.25 bitcoin through to carol. also he skims a small transaction fee for handling it. now the biggest issues with lightning. 1. if you don't have a relationship with the person you're trying to send bitcoin to, and you're probably only going to send this person money one time.. then lightning network is pointless. you need to generate the smart contract and wait for the transaction to resolve on the blockchain. at this point, you may as well have just sent the person the bitcoin as the transaction. 2 "ah. but you just said you can connect channels from different people! if i don't have a relationship with carol, i can just send through bob." yes this is true.. if and only if the chain of channels you need to send money has enough bitcoins to make the transaction. so if along the individual channels of alice, bob, carol and david. if alice wanted to send david 0.5 bitcoin, and carol only has 0.25 bitcoin on the carol and david channel, then the transaction can't be done. 3. lastly, and i don't know if this would actually be an issue... is that bitcoin runs on miners getting paid fees to manage transactions. arguably if the lightning network ends up being successful.. that's fewer incentives for miners to want to process the transactions. so it will either raise the fees or reduce verification of transactions.. again.. i may be completely messing up what the lightning network is.. but using it is only useful if its someone you transact with enough to want to open a channel between you two. for example, if you went to a coffee place.. you may open a channel between them so you can just get your coffee and have it resolve instantly.
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Jun 23, 2021 10:16
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Does that mean the Salvadorean fishmonger has to set up a new lightning channel for every new customer who wants to buy a fish?
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Jun 23, 2021 10:32
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Strong Sauce posted:someone correct me if i'm wrong and i haven't caught up to the latest so i might not have the most recent info on lightning network.. And this is completely ignoring the (unsolved, handwaved away) logistical nightmare of everyone needing to know the (constantly changing) balance between every other channel at all times to enable efficient routing of transactions. And nodes need to be constantly online and monitoring their channels so that you can contest someone trying to close the channel between you two in a "untrue" state.
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Jun 23, 2021 10:37
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Greenplastic posted:Does that mean the Salvadorean fishmonger has to set up a new lightning channel for every new customer who wants to buy a fish? This assumes they have some quantity of money/btc in the first place
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Jun 23, 2021 10:38
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OK enough with the stupid fanfiction, it's ridicously easy to send bitcoin in El Salvador - https://www.reddit.com/r/Bitcoin/comments/o5jzxg/this_is_how_easy_and_simple_it_is_to_send_a/ But no point clicking the video. You'll find out soon enough 
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Jun 23, 2021 10:39
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salt shakeup posted:OK enough with the stupid fanfiction, it's ridicously easy to send bitcoin in El Salvador - https://www.reddit.com/r/Bitcoin/comments/o5jzxg/this_is_how_easy_and_simple_it_is_to_send_a/ your brain is as smooth as a freshly zamboni'd hockey rink
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Jun 23, 2021 10:43
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Also the way it works, Alice can steal the funds from Bob at any time, unless he notices within 24 hours so you have to be constantly monitoring the channel (or pay someone else who's "trustworthy" to monitor it for you)
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Jun 23, 2021 10:44
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orange juche posted:your brain is as smooth as a freshly zamboni'd hockey rink Kinda rude. If you have no arguments and have to resort to Ad Hominems, you could say - as smooth as a bitcoin transaction in El Salvadore 
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Jun 23, 2021 10:52
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salt shakeup posted:OK enough with the stupid fanfiction, it's ridicously easy to send bitcoin in El Salvador - https://www.reddit.com/r/Bitcoin/comments/o5jzxg/this_is_how_easy_and_simple_it_is_to_send_a/ This is the lightning network bullshit where they're not actually sending BTC to each other right
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Jun 23, 2021 10:55
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has anyone said lightning buttwork?
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Jun 23, 2021 11:08
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I feel like I already know the answer to this but did the tether printer folks ever show their work that every tether is backed by a real USD? Follow up that I've never really understood: why not just use actual USD (if the answer is fraud then don't worry about it)
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Jun 23, 2021 11:10
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e: woop was further behind in the thread than I thought
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Jun 23, 2021 11:11
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Somfin posted:This is the lightning network bullshit where they're not actually sending BTC to each other right its bitcoin beach where i'm sure they have a lightning node running handling the town's transactions. ilmucche posted:I feel like I already know the answer to this but did the tether printer folks ever show their work that every tether is backed by a real USD? no. the true amount of cash is <3%, liquid assets i forget but not that much better.
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Jun 23, 2021 11:14
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salt shakeup posted:Kinda rude. If you have no arguments and have to resort to Ad Hominems, you could say - as smooth as a bitcoin transaction in El Salvadore no one in this thread clicks links, if you dont like that fact you have seraph to thank for it
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Jun 23, 2021 11:23
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Strong Sauce posted:its bitcoin beach where i'm sure they have a lightning node running handling the town's transactions. So yeah, not a real Bitcoin transaction, just a couple folks showing off a theoretically ideal situation for a camera lol
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Jun 23, 2021 11:31
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ilmucche posted:I feel like I already know the answer to this but did the tether printer folks ever show their work that every tether is backed by a real USD? They said at one point ages ago that it was backed like 60 or 70% or something (and it didn't seem to matter to anyone) and then after a court settlement with the NYAG they released a ridiculous series of pie charts that showed it was backed by at most 3% cash (and it didn't seem to matter to anyone) the appeal of using stablecoins is, I guess, that you are just swapping coins instead of creating a taxable event by exiting the crypto ecosystem into actual money (in australia, at least, this is completely false, and every exchange is taxable). It has numerous other benefits for the supply-side of crypto including, as you say, a smokescreen for fraud and banking troubles, and keeping money in the system. I get the impression a lot of people don't even realise what they are holding and think that USDT/USDC/whatever are just dollars by a different name
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Jun 23, 2021 11:33
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it's actually the lightning notwork
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Jun 23, 2021 11:37
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Wasn't it also the case that the bank account holding the cash for the 3% of tether was also emptied out completely shortly after they got the report of holding?
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Jun 23, 2021 11:41
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Put all the lightning up my butthoel.
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Jun 23, 2021 12:20
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Chadzok posted:They said at one point ages ago that it was backed like 60 or 70% or something (and it didn't seem to matter to anyone) and then after a court settlement with the NYAG they released a ridiculous series of pie charts that showed it was backed by at most 3% cash (and it didn't seem to matter to anyone) I thought the point of stablecoin was to back against price shocks so people could cash out their coins for USD at anytime. Which...leads to more questions like, then in what way is coin a currency if you just constantly convert to USD but whatever.
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Jun 23, 2021 12:35
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junan_paalla posted:And this is completely ignoring the (unsolved, handwaved away) logistical nightmare of everyone needing to know the (constantly changing) balance between every other channel at all times to enable efficient routing of transactions. And nodes need to be constantly online and monitoring their channels so that you can contest someone trying to close the channel between you two in a "untrue" state. biggest problem with it I believe is finding a path from point a to b where the channels are essentially networks connected to other networks where you need to find an optimal path through. the white paper just states that routing works on the internet so it should be no problem. of course internet routing is a trust based system which is somewhat different to a trustless system where nodes take a cut if your payment is routed through them.
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Jun 23, 2021 12:52
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Illuminti posted:I posted this a few pages back How could he know this? Bitcoin is anonymous! I mean, anonymous unless someone does a trivial amount of forensic accounting.
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Jun 23, 2021 13:05
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The tether "reserves" thing is funny but what's rather interesting is that 30 days before the NYAG settlement tether issuance and binance related wallets suddenly went quiet and tether abruptly became really loving stable and stayed that way for 30 days. Immediately after the settlement the issuance ramped up again and tether resumed bouncing around $1/per again. Bitcoin also abruptly stopped growing during this period. Pretty clear they are actively loving with the market to create arbitrage opportunities, and that it is at the very least questionably legal because they felt the need to hide it.
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Jun 23, 2021 13:12
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Strong Sauce posted:its bitcoin beach where i'm sure they have a lightning node running handling the town's transactions. Isn't it Strike's private Lightning Network running there because the 'real' one is even more of a poo poo show? Completely trustless & decentralised! In all seriousness, these people are going to get scammed for the USD that their families sent them in support which is just a terrible thing to do.
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Jun 23, 2021 13:16
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jokes posted:Funnily enough, itchy and scratchy money probably is worth more than a crypto coin because those game token situations are usually required by law to be worth something, usually $0.00005/token or something. The Disney Dollars they're a parody of, I'm wondering if they might be like Confederate money where crazy collectors will pay more than stated value for them. (and Disney has a loving religion of those)
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Jun 23, 2021 13:24
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Somfin posted:This is the lightning network bullshit where they're not actually sending BTC to each other right
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Jun 23, 2021 13:33
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kw0134 posted:So, basically they all created an account at NotPaypal™ and are pushing numbers back and forth on an internal ledger. yes. to make the trustless blockchain work you need to remove the blockchain part and the trustless part.
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Jun 23, 2021 13:45
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kw0134 posted:So, basically they all created an account at NotPaypal™ and are pushing numbers back and forth on an internal ledger. Sounds like digital farmers market bucks.
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Jun 23, 2021 13:47
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