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Strong Sauce posted:do i want to know what texarrakis is... Idiot bought west texas desert land with mother's credit card on ebay. Idiot and friends make big declaration of moving to said desert plot, fail miserably, spend most of their days at mcdonalds on wifi, around 2007ish, return home a joke on the internet. There's probably an SAclopedia entry about them.
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Dec 6, 2021 21:07
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What eventually happened to the Hawaii group?
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Dec 6, 2021 21:15
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Shrimp or Shrimps posted:What eventually happened to the Hawaii group? Eaten by the crab from Moana
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Dec 6, 2021 21:36
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CRUSTY MINGE posted:Idiot bought west texas desert land with mother's credit card on ebay. Idiot and friends make big declaration of moving to said desert plot, fail miserably, spend most of their days at mcdonalds on wifi, around 2007ish, return home a joke on the internet. were worms involved
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Dec 6, 2021 22:08
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Shrimp or Shrimps posted:What eventually happened to the Hawaii group? Expectation: DIY subforum savior convinces goons to help build an environmentally friendly yoga resort in Hawaii. Reality: a Y2K survivalist convinced goons to buy a one way ticket to Hawaii, cut down random trees in a jungle, the goon who masterminded this plan also got injured by getting smacked in the face by strawberry guava enough to be recommended to stay off THE LAND until healed, and film themselves torturing animals in cages with pellet guns, while failing miserably at understanding how to install fences after getting an industrial tree pulling machine stolen at night after it was tied to a tree with chains until they quietly dissolved the whole project after other goons mocked/questioned every step of the way. None of the above was embellished btw and its a good read for a classic SA trainwreck
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Dec 6, 2021 22:31
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EorayMel posted:None of the above was embellished btw and its a good read for a classic SA trainwreck This is an amazing, phenomenal story. Highly-recommended.
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Dec 6, 2021 23:32
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Megillah Gorilla posted:It's amazing. They lay everything out in their post, all neatly and impossible to ignore. LMAO I didn’t even look closely enough and assumed that it was 1.5 billion 1.5 TRILLION, the loving hubris, it’s fine, nothing to see here! Just LOL that Tether printed out the GDP of Australia (17th largest economy in the world) overnight I mean, they’re going for it for sure, hope they’ve got a nice exit plan lined up E: numbers are hard, it was a billion not a trillion rip tehinternet fucked around with this message at 00:49 on Dec 7, 2021 |
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Dec 7, 2021 00:19
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tehinternet posted:LMAO I didn’t even look closely enough and assumed that it was 1.5 billion It's only 1.5 billion, that goon just misread.
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Dec 7, 2021 00:31
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That was the recent run. Market cap of 75 billion USD apparently. None of it backed. Pretty all of it is other coins. Which means 75 billion of crypto is actually nothing at all lol.
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Dec 7, 2021 00:33
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Pham Nuwen posted:It's only 1.5 billion, that goon just misread. Give it enough time, tether will hit the trillion per print threshold
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Dec 7, 2021 00:33
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EorayMel posted:Give it enough time, tether will hit the trillion per print threshold I just assumed the dumbest take was the right one — it’s usually the case
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Dec 7, 2021 00:51
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What makes tether different from all the other random coins out there? Does it have something to do with the fact that it is supposedly backed by “things” to keep it pegged to a dollar?
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Dec 7, 2021 00:53
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Orvin posted:What makes tether different from all the other random coins out there? Does it have something to do with the fact that it is supposedly backed by “things” to keep it pegged to a dollar? Yeah. They basically lied and said every TetherBuck is backed by a USD. So when they buy things it's worth the equivalent USD. So they buy 2000 TetherBucks or BTC or whatever it's the same as putting in 2000 USD. Problem is, it's a lie. So they printed fake money, lied about it being legit, bought other crypto with the fake money. Hence the 75 billion market with no actual value. Tether is built on other crypto, that they bought for nothing. So those cryptos are also worth nothing. It's beautiful really. Edit: my favourite part is everyone was clearly not cashing out large amounts or the lack of liquidity would've been discovered pretty quickly. So all those crypto bro billionaires? It's all make believe like we knew, but now if they try to actually have real money it isn't possible because that money doesn't actually exist in the system. It is, in essence, literal monopoly money. syntaxfunction fucked around with this message at 01:21 on Dec 7, 2021 |
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Dec 7, 2021 01:18
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syntaxfunction posted:So all those crypto bro billionaires? It's all make believe like we knew, but now if they try to actually have real money it isn't possible because that money doesn't actually exist in the system. It is, in essence, literal monopoly money. Only true if they run out of rubes to sell to.
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Dec 7, 2021 01:29
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Salt Fish posted:Only true if they run out of rubes to sell to. Why bother reeling in more human beings as suckers to sustain the scam when you can just write twitter bots instead?
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Dec 7, 2021 01:30
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Salt Fish posted:Only true if they run out of rubes to sell to. If someone tries to genuinely sell of like $2 billion in one go of some crypto the whole thing collapses. There's not enough rubes or liquidity to cover that big a sell off. At that point the jig is up.
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Dec 7, 2021 01:30
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I'm just enjoying the ride right now with stablecoin interest. Just don't collapse until I can buy a house next summer pls.
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Dec 7, 2021 01:36
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The idea that Tether might be "invested" in other cryptos reminds me of the whole Pirateat40 debacle, where several people offered insurance on the "fund" and swore up and down that the insurance fund wasn't invested in Pirateat40's "fund". spoiler: they were.
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Dec 7, 2021 01:44
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I wish I could say that I’d be happy about the strife that these dumb assholes will experience (since this Monopoly money is actively harmful), but it’ll be sad because the people responsible will get away rich as hell while Joe Dumbfuck loses his house.
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Dec 7, 2021 02:03
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Diva Cupcake posted:https://twitter.com/daithaigilbert/status/1467915679571587088 I feel stupid for having seen this sequence of words.
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Dec 7, 2021 02:03
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Pham Nuwen posted:It's only 1.5 billion, that goon just misread. I did indeed. But now I'm feeling remarkably better about it thanks to someone else doing it, too.
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Dec 7, 2021 03:10
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It's the bitcoin thread, math is not prerequisite.
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Dec 7, 2021 03:17
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Ghost Leviathan posted:A lot of these people are deeply untrusting because they are themselves untrustable. Hence why they are the best examples of why their belief system is nonsensical. Yeah, that was loosely the point I danced around. “The Unbanked” bitcoiners worry about (lol) are not poor African farmers or Brazilian street kids, it’s libertarian fuckwads who are blacklisted from real banking because of a history of scamming and doing crimes using the banks’ policies or even goodwill. They pass that information around, and crypto just becomes another way to spot them early enough to deny and close their accounts.
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Dec 7, 2021 03:18
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zedprime posted:If I wanted to participate in real estate registry scams I'd just buy a bottle of Laphroaig because I'll at least have a bottle of liquor to go with my fake deed. 
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Dec 7, 2021 03:29
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Souvenir plots, is the name of that scam. I just think you get a lot more suckers at $1/sqft than $40, the mixing in of crypto is pretty much the distribution method. There are 43,560 square feet per acre, and desert land can be found for $500~ an acre or less. Souvenir plots don't go to registry, and the scheme in Scotland often revolves around nature preserves. So my ideal approach would probably be to buy some mass of land under an LLC that's going to "use funds to preserve the natural landscape of blah location in desirable place" which means doing nothing to the plot, and pulling in digital dollarydoos at a fixed rate. Just keep buying desert land for 2% of what I'm piecemealing it out for, claim it's a stable coin and keep the price fixed. The goal here isn't to make a worthwhile, useful currency, it's to make crypto people think there's value behind the coin. When it starts to fail, it's time to get on a boat and float to a nonextraditing country.
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Dec 7, 2021 03:40
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CRUSTY MINGE posted:Souvenir plots, is the name of that scam. I just think you get a lot more suckers at $1/sqft than $40, the mixing in of crypto is pretty much the distribution method. There are 43,560 square feet per acre, and desert land can be found for $500~ an acre or less. Or just peddle acrecoin upfront and watch thousands of people trip head over heels to buy it in a week without all the meticulous mathematic planning(note: you probably shouldn't do this in general)
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Dec 7, 2021 03:51
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Oh yeah, no, not really doing it. It's my terminal cancer business scam at best.
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Dec 7, 2021 03:55
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Salt Fish posted:Only true if they run out of rubes to sell to. Well, that makes me want to directly ask the question. What does separate tether from a ponzi scheme?
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Dec 7, 2021 03:59
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Fantastic.
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Dec 7, 2021 04:15
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salt shakeup posted:Boy I hope someone gets me more bitcoin for Christmas. It's a good time to get bitcoin now, since it will be worth $100,000 by the end of the year. And yet you refuse to  ? Surely you can afford to risk 1/10,000 of a bitcoin if you're so sure it will hit $100,000.
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Dec 7, 2021 04:20
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rotinaj posted:Well, that makes me want to directly ask the question. What does separate tether from a ponzi scheme? Ponzi schemes promise a return. Tether doesn't even promise to redeem Tether at face value (or, at all).
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Dec 7, 2021 04:28
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ryde posted:The idea that Tether might be "invested" in other cryptos reminds me of the whole Pirateat40 debacle, where several people offered insurance on the "fund" and swore up and down that the insurance fund wasn't invested in Pirateat40's "fund". spoiler: they were. it's almost certain that most of the stablecoins are 'backed' by more crypto. there's zero liquidity in the market, so all they can do is magical mystery math to turn their crypto into usd-pegged 'stablecoins' to buy more crypto to make number go up. the recent 20% drop was caused by someone selling 200 million worth of bitcoin. in a real trillion+ dollar market cap that'd be just a drop in the ocean, but in bitcoin land that's enough to make the price plummet 15k
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Dec 7, 2021 04:32
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rotinaj posted:Well, that makes me want to directly ask the question. What does separate tether from a ponzi scheme? Tether is used on all the major exchanges, and several hedge funds like Alameda Research are using cryptocoins as collateral for billions in newly printed Tether that they use to wash trade or trigger margin calls by rapid pumps or dumps on their own exchange. So these hedge funds are on the hook to maintain the 1USD:1Tether exchange rate by keeping a pool of cash reserves on those exchanges for when anyone actually tries to sell on any of the USD:Tether exchanges. There’s probably not billions in USD sitting on an exchange account just setup to buy Tether at $1 USD, but that’s okay because the exchange can just shut down trading if Tether falls below 0.95, and they make a phonecall to Sam BANKman or the bogdanoffs and some cash is wired over to keep the peg up
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Dec 7, 2021 04:43
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Diva Cupcake posted:https://twitter.com/daithaigilbert/status/1467915679571587088 It's not. None of it is. Nobody ever spends crypto outside of it's equivalency to fiat dollars.
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Dec 7, 2021 05:35
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syntaxfunction posted:That was the recent run. Market cap of 75 billion USD apparently. None of it backed. Pretty all of it is other coins. That's not how markets work. That 75 billion invented fictional USD isn't just used once. It's loving leveraged against the increasing "value" of Bitcoin and you can have hundreds of "liquid" transactions to and from the same tether at ever increasing prices without the real cash market to ever sell back. I struggle to come up with a historical parallel. It's so asinine and fraudulent even the financial industry hasn't done it before.
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Dec 7, 2021 06:33
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Tether is just unbacked casino chips.
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Dec 7, 2021 06:40
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Liquid Communism posted:It's not. None of it is. Nobody ever spends crypto outside of it's equivalency to fiat dollars. It's great how all the true believers refer to it as "cashing out" though. They maintain that crypto is currency, but once you attempt to exchange it for something someone will actually accept for goods and services, it's cashing out.
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Dec 7, 2021 06:48
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fake billionaires aside, it isn't saying much that crypto doesn't have "money in the system" because moving liquidity rather than letting it sit is a goal of any business operation. money only needs to be on the other side of a trade. taking Bitwise's estimates that 95% of volume is fake and bitcoins worth $273M are genuinely traded per day, if the Tinkertoy twins wanted to liquidate their 70,000 coins I think they could do it over the course of a year without distorting prices much as for shitcoin "billionaires", lol Gazpacho fucked around with this message at 07:25 on Dec 7, 2021 |
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Dec 7, 2021 07:19
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Salt Fish posted:Only true if they run out of rubes to sell to. Then it becomes monopsony money.
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Dec 7, 2021 08:33
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Apparently there's some shitcoin MMO now? https://twitter.com/AnthonyLeeZhang/status/1467570217098252289 https://twitter.com/AnthonyLeeZhang/status/1467570272463060996 https://twitter.com/AnthonyLeeZhang/status/1467571373065191428 https://twitter.com/AnthonyLeeZhang/status/1467571828872802307 some more pics in the thread
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Dec 7, 2021 09:39
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