|
ultrafilter posted:The Something Awful Forums > Main > General Bullshit > Bitcoin: A licence to print monkey
|
#
?
Dec 4, 2021 06:10
|
|
|
|
| # ? May 30, 2024 07:06 |
|
|
good lord what a tank, what happened? nothing?
|
|
#
?
Dec 4, 2021 06:49
|
|
|
the last signal... posted:good lord what a tank, what happened? nothing? Number go down?
|
|
#
?
Dec 4, 2021 07:08
|
|
|
Crypto isn’t some underground secret anymore, Musk on SNL hawking meme coins was 6 months ago, crypto ads blasted during the World Series, a whole drat country adopted bitcoin as currency, all of this poo poo seems like wringing the last drips of precious speculative profit from the rubes.
|
|
#
?
Dec 4, 2021 07:36
|
|
|
seriously though how does this happen so lockstep?
|
|
#
?
Dec 4, 2021 07:41
|
|
|
down n out posted:Crypto isn’t some underground secret anymore, Musk on SNL hawking meme coins was 6 months ago, crypto ads blasted during the World Series, a whole drat country adopted bitcoin as currency, all of this poo poo seems like wringing the last drips of precious speculative profit from the rubes. There’s just so Goddamn many rubes…this must be what the guy who figured out Madoff was crooked twenty years before he blew up felt like.
|
|
#
?
Dec 4, 2021 07:43
|
|
|
the last signal... posted:seriously though how does this happen so lockstep? Because ultimately it’s all based on Tether’s fake billions, sorry, I mean completely legitimate billions that they 100% have. No, really. It’s all there, commercial paper, real audit and everything! No, really! Completely legitimate!
|
|
#
?
Dec 4, 2021 08:38
|
|
|
the last signal... posted:seriously though how does this happen so lockstep? Aside from speculating on particular coins to become prominent, people conceptualize “crypto” as an asset class, and mentally simplify things as being good or bad for “crypto” generally. So seeing one token go down can register as “crypto dropping!” and they sell whatever they’re holding.
|
|
#
?
Dec 4, 2021 09:07
|
|
|
down n out posted:Crypto isn’t some underground secret anymore, Musk on SNL hawking meme coins was 6 months ago, crypto ads blasted during the World Series, a whole drat country adopted bitcoin as currency, all of this poo poo seems like wringing the last drips of precious speculative profit from the rubes. I ordered takeout Chinese food last weekend and the little slip in the fortune cookie had a fortune and lucky numbers on one side and an ad for crypto on the other. 
|
|
#
?
Dec 4, 2021 09:10
|
|
|
the last signal... posted:seriously though how does this happen so lockstep?
|
|
#
?
Dec 4, 2021 09:24
|
|
|
tether's quarterly report came out around 6-7AM EST friday morning. about 12-1PM EST friday bitcoin dipped but was quickly brought back up.. and now for some reason within the past 3 hours there was just a huge sell off. i'm guessing because it was after midnight EST so its less suspicious? it can't be that stupidly dumb right?
|
|
#
?
Dec 4, 2021 10:34
|
|
|
Strong Sauce posted:It can't be that stupidly dumb right? What does your heart tell you? But in all seriousness, number go down. 
|
|
#
?
Dec 4, 2021 12:32
|
|
|
Where da faak is salt shakeup? He promised me sick gainz by Christmas.
|
|
#
?
Dec 4, 2021 14:17
|
|
|
CaptainCrunch posted:I ordered takeout Chinese food last weekend and the little slip in the fortune cookie had a fortune and lucky numbers on one side and an ad for crypto on the other. lol
|
|
#
?
Dec 4, 2021 14:26
|
|
|
the last signal... posted:seriously though how does this happen so lockstep? I'm Internet Computer. and I'm .com as gently caress
|
|
#
?
Dec 4, 2021 14:27
|
|
|
the last signal... posted:good lord what a tank, what happened? nothing? crypto.com crash 
|
|
#
?
Dec 4, 2021 14:34
|
|
|
jokes posted:Americans spell things correctly but British people usually have better linguistic style. Nonsense. Actual English spelling helps direct people to word origins - which are many - and to similar meanings. My favourite example is defence - the spelling lets you know it’s from French and therefore how to pronounce it, and it is spelled the same as fence, which is where the root comes from, and shares common meaning. Americans spell it defense and yet still spell fence fence. They’re just bored children shuffling around artefacts at an archeological dig to make it “look cooler and like, more science”, not from any natural evolution of the language but a deliberate case of terrible top-down social engineering by Webster and a few others in an impressive act of obstinate self-sabotage to own the Brits. Fortunately almost everything else about America it’s a hell of their own making reserved only for them.
|
|
#
?
Dec 4, 2021 15:04
|
|
|
the last signal... posted:seriously though how does this happen so lockstep? The Invisible Hand of the Free Market a/k/a all 12 people that actually run the wash trading bots
|
|
#
?
Dec 4, 2021 15:08
|
|
|
chaosbreather posted:Nonsense. Actual English spelling helps direct people to word origins - which are many - and to similar meanings. My favourite example is defence - the spelling lets you know it’s from French and therefore how to pronounce it, and it is spelled the same as fence, which is where the root comes from, and shares common meaning. Americans spell it defense and yet still spell fence fence. They’re just bored children shuffling around artefacts at an archeological dig to make it “look cooler and like, more science”, not from any natural evolution of the language but a deliberate case of terrible top-down social engineering by Webster and a few others in an impressive act of obstinate self-sabotage to own the Brits. Fortunately almost everything else about America it’s a hell of their own making reserved only for them. Defence is spelled defense in french and also pronounced differently.
|
|
#
?
Dec 4, 2021 15:54
|
|
|
Good chance to buy the dip, so I assume Coinbase went offline for three hours or something.
|
|
#
?
Dec 4, 2021 16:19
|
|
|
chaosbreather posted:Nonsense. Actual English spelling helps direct people to word origins - which are many - and to similar meanings. My favourite example is defence - the spelling lets you know it’s from French and therefore how to pronounce it, and it is spelled the same as fence, which is where the root comes from, and shares common meaning. Americans spell it defense and yet still spell fence fence. They’re just bored children shuffling around artefacts at an archeological dig to make it “look cooler and like, more science”, not from any natural evolution of the language but a deliberate case of terrible top-down social engineering by Webster and a few others in an impressive act of obstinate self-sabotage to own the Brits. Fortunately almost everything else about America it’s a hell of their own making reserved only for them. Anglonormative swine. Defense comes from “defens” or “defense” which is old French and even further back “defensus” and even further back “defendere” both of which is Latin. Middle English language stole it and couldn’t even steal it right, shoving a C in there and pretending it works just as they did the word “dunce” which is oddly prescient considering the circumstances. The word “defendere” in Latin, root of defensus, means to “ward off or protect” and uses “de-“ meaning “away” and “fendere” which means “to strike, push”. Fendere would go on to be the root of words like “fend” as in “fend off the Saxons unsuccessfully” and also the word/sport of “fencing” which also has a C for some stupid English reason. Americans tried to right a bunch of your wrongs within the English language but we’re not perfect. jokes fucked around with this message at 17:07 on Dec 4, 2021 |
|
#
?
Dec 4, 2021 17:03
|
|
|
chaosbreather posted:Nonsense. Actual English spelling helps direct people to word origins - which are many - and to similar meanings. My favourite example is defence - the spelling lets you know it’s from French and therefore how to pronounce it, and it is spelled the same as fence, which is where the root comes from, and shares common meaning. Americans spell it defense and yet still spell fence fence. They’re just bored children shuffling around artefacts at an archeological dig to make it “look cooler and like, more science”, not from any natural evolution of the language but a deliberate case of terrible top-down social engineering by Webster and a few others in an impressive act of obstinate self-sabotage to own the Brits. Fortunately almost everything else about America it’s a hell of their own making reserved only for them. jokes posted:Anglonormative swine. Sirs this is a Frankie & Benny's
|
|
#
?
Dec 4, 2021 17:06
|
|
|
If someone say french people type defense vs defence and your gut instinct is to write 5 paragraphs about it you need to reflect on why that is.
|
|
#
?
Dec 4, 2021 17:17
|
|
|
anyway how 'bout them blockchains
|
|
#
?
Dec 4, 2021 17:17
|
|
|
Salt Fish posted:If someone say french people type defense vs defence and your gut instinct is to write 5 paragraphs about it you need to reflect on why that is. Because I’m a horrible moron and I feel really emboldened when bitcoin people lose money
|
|
#
?
Dec 4, 2021 17:18
|
|
|
coelomate posted:anyway how 'bout them blockchains rollercoaster mode and i'm diggin' it
|
|
#
?
Dec 4, 2021 17:21
|
|
|
I'm going to mint my own englishcoin and there will only be 50 million of them in existence but I will pre/test mine 49 million of them before releasing it and suckering in a 30-year old C# coding libertarian(this is an oxymoron I know) and thus immediately gain 600,000 doll hairs to pay off my mortgage and my three cars instantly
|
|
#
?
Dec 4, 2021 17:23
|
|
|
EorayMel posted:I'm going to mint my own englishcoin and there will only be 50 million of them in existence but I will pre/test mine 49 million of them before releasing it and suckering in a 30-year old C# coding libertarian(this is an oxymoron I know) and thus immediately gain 600,000 doll hairs to pay off my mortgage and my three cars instantly Britcoin
|
|
#
?
Dec 4, 2021 17:28
|
|
|
Why is everyone here talking about chess openings?
|
|
#
?
Dec 4, 2021 17:41
|
|
|
shoutout to twitter jack for shoving spaces in at the last minute, so the app now has a literal front and center button for listening to crypto poo poo whenever you want seriously like 90% of the featured spaces are about crypto the other 10% is inscrutable indian politics
|
|
#
?
Dec 4, 2021 17:45
|
|
|
repiv posted:the other 10% is inscrutable indian politics Let me make it scrutable: they probably want to get rid of the Muslims.
|
|
#
?
Dec 4, 2021 18:31
|
|
|
the last signal... posted:good lord what a tank, what happened? nothing? The actual tech folks I know say that the leverage on the exchanges went stupidly high, which I also observed at sites like https://coinalyze.net/bitcoin/funding-rate/. Like people started leveraging so hard they obviously got liquidated -> crypto tanks. What none of that sadly answers is the why people would do that part all of a sudden yesterday. Usually something happens to coincide, but not so this time.
|
|
#
?
Dec 4, 2021 18:36
|
|
|
jokes posted:Britcoin Put a british drag queen on it.
|
|
#
?
Dec 4, 2021 18:49
|
|
|
If I were to apply actual investing theory to bitcoin, I would say its chief attraction to the  crowd is that it is anti-inflationary in the sense that bitcoins have to be mined at tremendous cost of carbon instead of just being created by the Federal Reserve's magic wand (apart from Tether, that is). Now that the real Federal Reserve might be forced to take inflation seriously some of that proposition might be unwinding itself.
|
|
#
?
Dec 4, 2021 18:52
|
|
|
Hobologist posted:I would say its chief attraction to the The thing is they don't have to be mined at such a tremendous cost - the bitcoin network could easily run on a single old laptop and the same number of bitcoins would be generated, the same number of transactions processed, etc. No matter how many miners you have, only a single one will generate a valid block and the rest of the miners will throw away all of the work they did and start trying to find the next block. Something like 99.99999% of energy expended mining has literally zero impact on the functionality of the blockchain. Its by design, and its that stupid.
|
|
#
?
Dec 4, 2021 19:20
|
|
|
The only way we could create artificial scarcity was by burning coal mines IRL, sorry
|
|
#
?
Dec 4, 2021 19:31
|
|
|
tehinternet posted:The only way we could create artificial scarcity was by burning coal mines IRL, sorry Or at least my understanding is that other than Chia, all the other buttcoins are less absolutely demanding of hardware and power, even if anything over a small server rack or something is becoming absurd waste. e: to be clear this is not a defense of other buttcoins, but rather a specific condemnation of the original, and of coiners
|
|
#
?
Dec 4, 2021 20:25
|
|
|
Nessus posted:We also had to use the first rickety-rear end beta version of the idea, not any of the ones that were improved to be 'still very wasteful but somewhat less mind-bogglingly so'. Other coins are only less energy demanding because they are less valuable. The market responds to price, so, if you can turn $1 of electricity into $2 of shitcoins, someone somewhere will do it. Proof of work is really just proof of (energy) waste - efficiency is entirely irrelevant. For example, if you improved your mining software to be able to do twice as much work per kWh, that doesn't actually mean energy use would go down, it just means more useless work will be done for the same amount of energy use. The above only applies to proof of work coins, but there are still a lot of them (Etherium, Litecoin, Dogecoin, etc).
|
|
#
?
Dec 4, 2021 21:24
|
|
|
jokes posted:Anglonormative swine. You say aglonormative swine but I hear no-coiner right clicker. A system that is in common use around the world by a massive amount of people and cultures for hundreds of years, and a couple of nerds think they can improve upon it by badly half-reinventing wheels they barely understand in the name of “progress” and “independence” for use by a brain dead money hungry scam dystopia. That’s Bitcoin. That’s American English.
|
|
#
?
Dec 4, 2021 22:53
|
|
|
|
| # ? May 30, 2024 07:06 |
|
|
Nessus posted:We also had to use the first rickety-rear end beta version of the idea, not any of the ones that were improved to be 'still very wasteful but somewhat less mind-bogglingly so'. They're less demanding because fewer people use them, so the mining difficulty is lower. The thing is that wasting a bunch of power is intentional. It's not some beta version fuckup or a technical mistake. It's how cryptocurrencies protect against 51% attacks: they require a massive investment of resources in order to mine, in hopes that no single actor will be able to afford the cost of controlling 51% of miners. Those resources aren't actually used in the mining process, they're just a wealth check to limit how many miners a single person can run.
|
|
#
?
Dec 4, 2021 23:58
|
|