Bitcoin: no angel investors, only Faustian bargains

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

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Ad by Khad: Jul 25, 2007; Human Garbage
Watch me try to laugh this title off like the dickbag I am.
I also hang out with racists.

SafeDollar, the stablecoin that is neither safe, nor dollar, nor stable, nor coin

# ? Jun 28, 2021 19:17

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# ? May 29, 2024 14:45

Hello Sailor: May 3, 2006; we're all mad here

jokes posted:

There is no number more stable than 0.

I have it on good authority that one is the loneliest number and everyone knows loners aren't stable at all.

# ? Jun 28, 2021 19:18

zedprime: Jun 9, 2007; yospos

jokes posted:

There is no number more stable than 0.

By god they've finally done it.

Ad by Khad posted:

if the mempool blocksize isnt big enough at 1mb you can also patch/fork a change to make it bigger and make the network faster, too

on the other hand, coiners fought an ENTIRE CIVIL WAR OVER THIS and Popescu was one of the guys threatening to intentionally destroy the whole goddamn thing entirely if that small change was made

So what I'm hearing is there has never been a better time to make patches to Bitcoin.

# ? Jun 28, 2021 19:27

nullEntityRNG: Jun 23, 2010; Mostly pseudo-random.

So can someone explain to me the proof of stake poo poo that people keep claiming is going to fix these buttcoins? I'm in a server with a guy with a real hardon for nfts and he "is actively working with the technology to find solutions". When someone brought up the problems with the mining costs, he just went on about proof of stake will fix it.

As far as I understand it, its a system that gives power based to the owners of the coins. So if you own like 3% of the coin you own 3% of the mining power...

So like how does this prevent from some entity owning 95% of the coins and controlling the market? Like sure they'll say "oh but if one person owned all the coins it would be devalued and therefore its fine" but like... isn't the majority of the actual wealth in the us (90%) owned by like a dozen people? Whats stopping everyone just to hold their coins tight so no one really can sell them? Like is it really just a sophisticated way to get people to hold the bag?

# ? Jun 28, 2021 19:37

TengenNewsEditor: Apr 3, 2004

creating zerocoin; someone will take the bait and make it the new instagram egg

# ? Jun 28, 2021 19:39

jokes: Dec 20, 2012; Uh... Kupo?

TengenNewsEditor posted:

creating zerocoin; someone will take the bait and make it the new instagram egg

I'm imagining some bitcoin person writes a headline that says "CRYPTOCURRENCIES DEFEAT MATH, ZEROCOIN ALLOWS HUMANITY TO DIVIDE BY ZERO"

# ? Jun 28, 2021 19:42

zedprime: Jun 9, 2007; yospos

nullEntityRNG posted:

So can someone explain to me the proof of stake poo poo that people keep claiming is going to fix these buttcoins? I'm in a server with a guy with a real hardon for nfts and he "is actively working with the technology to find solutions". When someone brought up the problems with the mining costs, he just went on about proof of stake will fix it.

As far as I understand it, its a system that gives power based to the owners of the coins. So if you own like 3% of the coin you own 3% of the mining power...

So like how does this prevent from some entity owning 95% of the coins and controlling the market? Like sure they'll say "oh but if one person owned all the coins it would be devalued and therefore its fine" but like... isn't the majority of the actual wealth in the us (90%) owned by like a dozen people? Whats stopping everyone just to hold their coins tight so no one really can sell them? Like is it really just a sophisticated way to get people to hold the bag?

Proof of stake has been nearly here since Bitcoin started. You're right that wealth tends to concentrate so even with any technical kinks worked out and an equitable initial distribution of stakes you're creating a network that will be eventually executively run by 10 people at which point why not have a Visa and a bank account?

# ? Jun 28, 2021 19:55

text editor: Jan 8, 2007

proof of stake really just perfects the pipeline of capitalism by continuing to give people with money more money

# ? Jun 28, 2021 19:57

InternetJunky: May 25, 2002

priznat posted:

Wonder why there aren�t more hits put out by coiners on other coiners.

I never realised it before your comment, but I guess bitcoin is kind of like Highlander.

nullEntityRNG posted:

So can someone explain to me the proof of stake poo poo that people keep claiming is going to fix these buttcoins? I'm in a server with a guy with a real hardon for nfts and he "is actively working with the technology to find solutions". When someone brought up the problems with the mining costs, he just went on about proof of stake will fix it.

As far as I understand it, its a system that gives power based to the owners of the coins. So if you own like 3% of the coin you own 3% of the mining power...

So like how does this prevent from some entity owning 95% of the coins and controlling the market? Like sure they'll say "oh but if one person owned all the coins it would be devalued and therefore its fine" but like... isn't the majority of the actual wealth in the us (90%) owned by like a dozen people? Whats stopping everyone just to hold their coins tight so no one really can sell them? Like is it really just a sophisticated way to get people to hold the bag?

Like so many libertarian ideas it assumes people behave like rational robots. If you have lots of something, why would you do anything to harm the value of that? Therefore the system is secure, because people never do irrational things.

# ? Jun 28, 2021 20:17

TengenNewsEditor: Apr 3, 2004

hedging my life insurance by buying bitcoin that becomes worthless when i die

# ? Jun 28, 2021 20:20

Alan Smithee: Jan 4, 2005; A man becomes preeminent, he's expected to have enthusiasms.

Enthusiasms, enthusiasms...

Ad by Khad posted:

SafeDollar, the stablecoin that is neither safe, nor dollar, nor stable, nor coin

holy roman dollar

# ? Jun 28, 2021 20:23

Alan Smithee: Jan 4, 2005; A man becomes preeminent, he's expected to have enthusiasms.

Enthusiasms, enthusiasms...

anyone got links to mercy poopscoop's posting

# ? Jun 28, 2021 20:24

Hello Sailor: May 3, 2006; we're all mad here

TengenNewsEditor posted:

hedging my life insurance by buying bitcoin that becomes worthless when i die

just lol if your coin wallets don't have dead man's switches that take out hits on other coin holders

# ? Jun 28, 2021 20:27

DerekSmartymans: Feb 14, 2005; The
Copacetic
Ascetic

zedprime posted:

Proof of stake has been nearly here since Bitcoin started. You're right that wealth tends to concentrate so even with any technical kinks worked out and an equitable initial distribution of stakes you're creating a network that will be eventually executively run by 10 people at which point why not have a Visa and a bank account?

Correct. The only difference is instead of the Kennedys or the Bushes and Soros or the Kochs with the money it�ll be coiners controlling the world.

Do I really want to live in a world with Bitchcoin hodlets in charge? I�m much happier with the Bilderburgs or Rockefeller family�s knees on my neck because my serfdom is not a daily, constant struggle to live and eat, even though I�m on Disability in the US. I never coveted a billionaire or hundred-thousandaire lifestyle, so I�m content. Bitcoin�s in charge would have us ruled as God-Emperors ground down for penny shavings. Constantly. Like a job that you can�t quit ever. And they�ll gently caress your underage daughter because they are, after all, Bitcoin believers. They are simply bad people. I�ll take ruled by Ghenges Khan laziest hands-off tribute rather than that.

# ? Jun 28, 2021 20:28

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

text editor posted:

proof of stake really just perfects the pipeline of capitalism by continuing to give people with money more money

But you see it's all different this way, in that I, the buttlord, am now the person getting the money.

# ? Jun 28, 2021 21:27

tehinternet: Feb 14, 2005; Semantically, "you" is both singular and plural, though syntactically it is always plural. It always takes a verb form that originally marked the word as plural.

Also, there is no plural when the context is an argument with an individual rather than a group. Somfin shouldn't put words in my mouth.

Hello Sailor posted:

just lol if your coin wallets don't have dead man's switches that take out hits on other coin holders

Now that�s a smart contract

INTRODUCING HIGHLANDER COIN

There can be only one!

# ? Jun 28, 2021 22:15

jokes: Dec 20, 2012; Uh... Kupo?

Dominocoin: everyone who owns one has the authority to destroy everyone else�s, but in doing so they would lose their own �investment�. To ensure only good coin holders exist they would inflate the value of their coin forever, and would pull out all the stops to ensure someone else doesn�t blow it all up.

SERIOUS COINERS ONLY

# ? Jun 28, 2021 22:18

NLJP: Aug 26, 2004

nullEntityRNG posted:

So can someone explain to me the proof of stake poo poo that people keep claiming is going to fix these buttcoins? I'm in a server with a guy with a real hardon for nfts and he "is actively working with the technology to find solutions". When someone brought up the problems with the mining costs, he just went on about proof of stake will fix it.

As far as I understand it, its a system that gives power based to the owners of the coins. So if you own like 3% of the coin you own 3% of the mining power...

So like how does this prevent from some entity owning 95% of the coins and controlling the market? Like sure they'll say "oh but if one person owned all the coins it would be devalued and therefore its fine" but like... isn't the majority of the actual wealth in the us (90%) owned by like a dozen people? Whats stopping everyone just to hold their coins tight so no one really can sell them? Like is it really just a sophisticated way to get people to hold the bag?

Well, not sophisticated....

# ? Jun 29, 2021 09:03

Don Gato: Apr 28, 2013; Actually a bipedal cat.; Grimey Drawer

So is a stablecoin just libertarians reinventing the gold standard, but with fiat currency instead? I'm gonna make a stablecoin where every coin can be exchanged for a fixed value of gold, and I'll have to buy a gold mine and raid fort knox to ensure I have enough gold to cover costs until I pull out the gold and leave some poor schmuck holding the bag.

# ? Jun 29, 2021 09:47

Galewolf: Jan 9, 2007; The human gallbladder is indeed a puzzle!

The word "stablecoin" makes me lol harder than anything lmao.

# ? Jun 29, 2021 10:15

Alan Smithee: Jan 4, 2005; A man becomes preeminent, he's expected to have enthusiasms.

Enthusiasms, enthusiasms...

valuecoin

# ? Jun 29, 2021 10:33

salt shakeup: Jun 27, 2004; 'orrible fucking nights

Don Gato posted:

So is a stablecoin just libertarians reinventing the gold standard, but with fiat currency instead? I'm gonna make a stablecoin where every coin can be exchanged for a fixed value of gold, and I'll have to buy a gold mine and raid fort knox to ensure I have enough gold to cover costs until I pull out the gold and leave some poor schmuck holding the bag.

It reduces friction and makes it easier to move USD around, since you're outside the outdated and slow traditional banking system.

# ? Jun 29, 2021 11:04

Hello Sailor: May 3, 2006; we're all mad here

salt shakeup posted:

It reduces friction and makes it easier to move USD around, since you're outside the outdated and slow traditional banking system.

Do you have a single shred of evidence to back this statement up?

# ? Jun 29, 2021 11:48

CSM: Jan 29, 2014; 56th Motorized Infantry 'Mariupol' Brigade
Seh' die Welt in Trummern liegen

ikanreed posted:

If you accept the principal that people will get bitcoins the cheapest possible way, a bunch of mining disappearing would lower the price because it's now cheaper to mine instead of buy.

So why were so many Chinese people mining if buying was cheaper or equal before?

Because bitcoin mining was a way to avoid China's currency control laws that limit the amount of yuan that can become dollars every year. Miners saw a chance to acquire USD, by way of turning yuan into GPUs first. Bitcoin was a reasonable tax to pay before getting a useful currency

I think the effect should be positive as the remaining miners should be able to get more coins/mine cheaper. Which would reduce their need to sell their bitcoins to cover costs.

So it might be unironically good for the Bitcoin (price).

# ? Jun 29, 2021 12:00

Sinecure: Sep 10, 2011

By 'traditional banking system' he means anti-money laundering & customer protection regulations, hth.

# ? Jun 29, 2021 12:01

junan_paalla: Dec 29, 2009; Seriously, do drugs

And by USD he means casino tokens that can only be used to buy crypto.

# ? Jun 29, 2021 12:07

Collateral Damage: Jun 13, 2009

Strong Sauce posted:

https://twitter.com/defiprime/status/1409370786004045824

While details are yet scarce, block explorer Polygonscan shows that 202,000 USDC and 46,000 USDT stablecoins were suddenly drained from SDO’s smart contract today—worth around $248,000 in total.

As a result, SafeDollar’s price—which was supposed to always be equal to $1 since it’s a stablecoin—has plummeted to zero, according to the protocol’s own website.

says it was the creators themselves taking the poo poo and running.

# ? Jun 29, 2021 12:12

tehinternet: Feb 14, 2005; Semantically, "you" is both singular and plural, though syntactically it is always plural. It always takes a verb form that originally marked the word as plural.

Also, there is no plural when the context is an argument with an individual rather than a group. Somfin shouldn't put words in my mouth.

salt shakeup posted:

It reduces friction and makes it easier to move USD around, since you're outside the outdated and slow traditional banking system.

Heh yeah I remember when my ACH transfer wasn�t processed because people paid higher fees than me.

Oh wait

# ? Jun 29, 2021 12:47

AutismVaccine: Feb 26, 2017; SPECIAL NEEDS
SQUAD

All the hype with "el salvador and paying for a coffee with bitcoin" is just the stupidest poo poo ever. Why would anyone trust companies/persons/exchanges with their money? There are good reasons for regulations.

But me is just a stupid nocoiner, hurr durr derp.

# ? Jun 29, 2021 12:57

AutismVaccine: Feb 26, 2017; SPECIAL NEEDS
SQUAD

For instance: A wire transfer in Europe with SWIFT. You pay no fees, it is safe and fast enough. Why would i ever use other sketchy systems for payments higher than 50�?

Man , bitcoin people are just the worst.

# ? Jun 29, 2021 13:02

Blotto_Otter: Aug 16, 2013

Don Gato posted:

So is a stablecoin just libertarians reinventing the gold standard, but with fiat currency instead? I'm gonna make a stablecoin where every coin can be exchanged for a fixed value of gold, and I'll have to buy a gold mine and raid fort knox to ensure I have enough gold to cover costs until I pull out the gold and leave some poor schmuck holding the bag.

Nah, dollar stablecoins aren't a throwback to the gold standard, they're a throwback to bearer bonds. It's as good as cash*, with none of the problems** of cash!

*^{Trust us, we're good for it, we promise, don't mind the numerous lies we've already made or the several laws we're clearly violating}

**^{"Problems" such as anti-money laundering and know-your-customer laws, or your bank's deposit insurance, capitalization requirements, and audit/inspection requirements that protect your deposits}

# ? Jun 29, 2021 13:03

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

AutismVaccine posted:

For instance: A wire transfer in Europe with SWIFT. You pay no fees, it is safe and fast enough. Why would i ever use other sketchy systems for payments higher than 50�?

Man , bitcoin people are just the worst.

It gives you a sense of pride and accomplishment OP

# ? Jun 29, 2021 13:29

DerekSmartymans: Feb 14, 2005; The
Copacetic
Ascetic

Alan Smithee posted:

valuecoin

Lol �value� lmao

# ? Jun 29, 2021 13:54

Source4Leko: Jul 25, 2007; Dinosaur Gum

AutismVaccine posted:

For instance: A wire transfer in Europe with SWIFT. You pay no fees, it is safe and fast enough. Why would i ever use other sketchy systems for payments higher than 50€?

Man , bitcoin people are just the worst.

You get to feel superior to other people. That's the main motivation behind crypto. Also that you eventually might be the new fincianial elite that they complain so much about. In conclusion crypto is stupid.

# ? Jun 29, 2021 14:21

zedprime: Jun 9, 2007; yospos

Blotto_Otter posted:

Nah, dollar stablecoins aren't a throwback to the gold standard, they're a throwback to bearer bonds. It's as good as cash*, with none of the problems** of cash!

*^{Trust us, we're good for it, we promise, don't mind the numerous lies we've already made or the several laws we're clearly violating}

**^{"Problems" such as anti-money laundering and know-your-customer laws, or your bank's deposit insurance, capitalization requirements, and audit/inspection requirements that protect your deposits}

In that way, stablecoins are gift cards for junk bonds.

# ? Jun 29, 2021 14:23

Soapy_Bumslap: Jun 19, 2013; We're gonna need a bigger chode; Grimey Drawer

Stablecoins allow my 50 usd to effortlessly slide around to 0 usd

# ? Jun 29, 2021 14:42

Mercury_Storm: Jun 12, 2003; *chomp chomp chomp*

"Stable" "coins"

# ? Jun 29, 2021 14:52

kw0134: Apr 19, 2003; I buy feet pics🍆

Soapy_Bumslap posted:

Stablecoins allow my 50 usd to effortlessly slide around to 0 usd

Before if you wanted to set money on fire, you'd have to actually get bills from the ATM, locate something with which to start a fire, and do it in a way that doesn't burn down your home. Now you can watch as the New Economy� with Smart Money� frictionlessly burns the money for you!!

# ? Jun 29, 2021 15:18

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

Galewolf posted:

The word "stablecoin" makes me lol harder than anything lmao.

I think by their definition, the OG bitcoin is a 'stablecoin' because its value rarely fluctuates more than like forty percent in one day

# ? Jun 29, 2021 16:35

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# ? May 29, 2024 14:45

zedprime: Jun 9, 2007; yospos

Logically and philosophically the Bitcoin can't be changing in value: the algorithm today was the algorithm yesterday and will be the algorithm tomorrow. A gut response would be to joke it's USD changing in value.

Instead it is the rest of the world changing in value.

# ? Jun 29, 2021 16:46

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