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Somfin posted:So A16Z is just another crypto investor buying waaaay after the peak? There's a recent TrashFuture podcast that covers it, but what A16Z is trying to do is some job placement/recruitment thing with tokens. It's very dumb. Episode 483: the road to apedom.
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Jan 16, 2022 04:13
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Nessus posted:Radioactive material IS deflationary... and there ARE practical limits on how much uranium or plutonium you can hoard. It would also be very easy to find those with such hoardings, and indeed, impossible not to notice if they had enough. If you hoard enough roentgencoin you will have explosive growth in your portfolio.
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Jan 16, 2022 04:16
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a tool and his* monkey are soon parted *does not actually own anything
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Jan 16, 2022 04:36
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syntaxfunction posted:If the price of a crypto thing based on amount in circulation multiplied by the last transaction is there anything to stop someone selling like .0001 BTC for -$5? I'd say the exchanges will have thought of this as it's basic poo poo, but... The fact that every other person who holds Bitcoin is incentivized to completely ignore anything that would devalue their pog hoard.
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Jan 16, 2022 05:04
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Shifty Pony posted:The fact that every other person who holds Bitcoin is incentivized to completely ignore anything that would devalue their pog hoard. Yeah, it's a big case of 'it's difficult to get someone to understand something that their paycheck relies on them not understanding'. Of course the real funny thing is I'm p sure literally all of the nftbros think their and only their NFT is actually going to be worth something, there aren't like famous NFTs they talk about enviously or plan to own, they all only ever talk up their own stuff they want to sell
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Jan 16, 2022 05:22
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Purgatory Glory posted:Looks like they're going to start monetizing murder for hire and doxxing. there is literally no reason to go through with a murder for hire after getting paid upfront because anyone willing to pay you in crypto is a loving rube and you would be an idiot not to take the money and run
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Jan 16, 2022 06:09
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Alan Smithee posted:there is literally no reason to go through with a murder for hire after getting paid upfront because anyone willing to pay you in crypto is a loving rube and you would be an idiot not to take the money and run "money"
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Jan 16, 2022 06:14
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syntaxfunction posted:If the price of a crypto thing based on amount in circulation multiplied by the last transaction is there anything to stop someone selling like .0001 BTC for -$5? I'd say the exchanges will have thought of this as it's basic poo poo, but... i just want to remind everyone of hatreon, the nazi version of patreon, was coded so badly it allowed people to enter negative numbers and therefore withdraw money from somewhere. I think some people got some legit money before the regressive ripoff died like all other regressive ripoffs.
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Jan 16, 2022 06:17
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syntaxfunction posted:If the price of a crypto thing based on amount in circulation multiplied by the last transaction is there anything to stop someone selling like .0001 BTC for -$5? I'd say the exchanges will have thought of this as it's basic poo poo, but...
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Jan 16, 2022 06:41
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The Australian finance media has been suggesting that something following 'hot on the heels of axie infinity' has made three morons with an unreleased play-to-earn game Billionaires:The Australian Financial Review posted:
The rest of the article goes on at length about how this will change the world. Might be paywalled, but here is the link: https://www.afr.com/young-rich/why-a-video-game-built-on-blockchain-is-the-ultimate-crypto-coup-20210913-p58r88 My favourite part however is this: The Australian Financial Review posted:
Link to their 'game' suggests it makes Star Citizen look amazingly polished: https://www.illuvium.io/
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Jan 16, 2022 07:33
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Can someone explain how an NFT rug pull works? I keep reading about them, but I don't really understand the scam. I mean, I understand the scam, but if you sell 500 NFTs, take the ether, and then delete your social media accounts and disappear how is that something other than exactly what was advertised? You still "own" your NFT token and can sell it right?
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Jan 16, 2022 08:02
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Col.Schultz posted:The Australian finance media has been suggesting that something following 'hot on the heels of axie infinity' has made three morons with an unreleased play-to-earn game Billionaires: I'm assuming he didn't literally trade digital pogs for said house, how in the gently caress did he find 6.6 million real dollarydoos to buy a penthouse?
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Jan 16, 2022 08:08
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orange juche posted:I'm assuming he didn't literally trade digital pogs for said house, how in the gently caress did he find 6.6 million real dollarydoos to buy a penthouse? It seems like they received venture capital investment, so probably by borrowing against the company that got that investment, or whatever the usual scam is. This sort of thing generally requires that you have links in to the sort of finance people who can help you boostrap it. Or they cashed it out for ETH or something at some absurd mark down...
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Jan 16, 2022 08:10
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Salt Fish posted:Can someone explain how an NFT rug pull works? I keep reading about them, but I don't really understand the scam. I mean, I understand the scam, but if you sell 500 NFTs, take the ether, and then delete your social media accounts and disappear how is that something other than exactly what was advertised? You still "own" your NFT token and can sell it right? well when you take off, you shut down the website that everyone's URLs point to, and then they realize exactly what they bought: Not a loving Thing
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Jan 16, 2022 08:13
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Foo Diddley posted:well when you take off, you shut down the website that everyone's URLs point to, and then they realize exactly what they bought: Not a loving Thing now they have busted urls and the hope that they right clicked their own jpg?
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Jan 16, 2022 08:14
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Salt Fish posted:Can someone explain how an NFT rug pull works? I keep reading about them, but I don't really understand the scam. I mean, I understand the scam, but if you sell 500 NFTs, take the ether, and then delete your social media accounts and disappear how is that something other than exactly what was advertised? You still "own" your NFT token and can sell it right? I think the last few ones worked by preventing the people who bought NFTs from reselling them (ensuring you could only buy them from the scammer), then taking the "money" and running when somebody noticed. But by now there are probably three more different variants we just haven’t heard of yet.
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Jan 16, 2022 09:29
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Salt Fish posted:Can someone explain how an NFT rug pull works? I keep reading about them, but I don't really understand the scam. I mean, I understand the scam, but if you sell 500 NFTs, take the ether, and then delete your social media accounts and disappear how is that something other than exactly what was advertised? You still "own" your NFT token and can sell it right? in addition to what others have said, they usually also promise benefits, perks and/or free updates etc if you buy an NFT. so you think, okay, "i paid $5000 for a picture of a bunny, but if we wait a while they showed us a roadmap of all the cool stuff does NFT can do." but then they just get up and leave with your money and that's it.
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Jan 16, 2022 09:59
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If the images themselves are just that, images, could you not just host them somewhere that's likely to be around for a few years like Imgur, sell people the NFTs, then quietly do literally nothing else while the money rolls in? Hell, you could probably just self host, it's not like it's going to cost you much long term to host a few jpegs, then in five years when everyone has forgotten about it you pull the plug and peace out with minimum fuss and a healthy profit. Or is it literally just that everyone is so greedy that they can't resist pulling their vanishing act immediately after the initial sales?
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Jan 16, 2022 12:25
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Doctor_Fruitbat posted:Or is it literally just that everyone is so greedy I mean, this is literally entirely the basis of NFTs, and modern capitalism in a nutshell. ('everyone' being anyone who actually has money to throw around, anyway)
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Jan 16, 2022 12:47
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Doctor_Fruitbat posted:If the images themselves are just that, images, could you not just host them somewhere that's likely to be around for a few years like Imgur, sell people the NFTs, then quietly do literally nothing else while the money rolls in? Hell, you could probably just self host, it's not like it's going to cost you much long term to host a few jpegs, then in five years when everyone has forgotten about it you pull the plug and peace out with minimum fuss and a healthy profit. Or is it literally just that everyone is so greedy that they can't resist pulling their vanishing act immediately after the initial sales? it's not even images or anything. it is just a number that points to a url that points to an image. generally speaking there is no benefit or service associated with these; the goal is that the scammer mints one, invokes questionable methods to make it appear valuable, and then runs the instant someone actually pays them money for it basically an even lower effort of "we invented coffeecoin to integrate totally real tracking to every coffee bean. buy $COFE today to get in on the ground floor of this investment!" -> people drive the price up by buying it while the actual people behind the scam are selling it out -> entire operation folds overnight. lol! just now instead of buying some amount of coins you're buying individually-numbered picrews. maybe you make up some bullshit about how owning one will totally let you make even more later (and then disappear into the night after some rube spends $100K)
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Jan 16, 2022 13:01
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you can *pretend* to be buying individual piccrews it's worth beating the drum over and over: a lawful sale of intellectual property and the possession of a number generated as a private key are NOT at all the same
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Jan 16, 2022 15:17
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Anything 'tech' related does at leave have the caveat in that early investment in certain 'Oh, that'll never catch on' things has genuinely made some people filthy rich with no real effort and left the old ways of doing things suddenly having their entire business model evaporate overnight, see newspaper advertising post-Ebay, but we already had that whole deal get resolved with the 90s tech bubble.
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Jan 16, 2022 15:34
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I think I just realised what you guys are saying. Back when Elon Musk was getting people to invest in Dogecoin and he went on some show and told everyone to buy Doge and then instead of rising the price collapsed. It occurs to me that Elon might have pulled a "pump and dump" selling the Doges he had hoarded to eager "marks" at inflated amounts to cash out. This would imply that Musk is a greey charlatan who secretly thinks his legions of admirers are dupes and morons to be taken advantage of!
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Jan 16, 2022 15:44
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Anytime someone says to buy a cryptocoin, insert a “my” and it all makes sense and is a more apparent scam. “Buy (my) bitcoins, you’ll be rich!”
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Jan 16, 2022 15:50
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syntaxfunction posted:If the price of a crypto thing based on amount in circulation multiplied by the last transaction is there anything to stop someone selling like .0001 BTC for -$5? I'd say the exchanges will have thought of this as it's basic poo poo, but... This isn't actually possible. The "price" is reported as the last transaction on an exchange, and if you tried to sell a bitcoin for $10 on an exchange, your order would instead be matched with the lowest current offer. To lower the price, you would need lots of bitcoins and unload them repeatedly to the lowest offer. These kinds of charts show you how many people are on one side of the line with sell orders and on the other with buy orders:  It's always changing as people cancel, place, and remove orders and as orders get filled.
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Jan 16, 2022 15:55
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Lol that brings me back. Remember the days of "walls" of buy orders?
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Jan 16, 2022 16:28
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Salt Fish posted:Can someone explain how an NFT rug pull works? I keep reading about them, but I don't really understand the scam. I mean, I understand the scam, but if you sell 500 NFTs, take the ether, and then delete your social media accounts and disappear how is that something other than exactly what was advertised? You still "own" your NFT token and can sell it right? usually a NFT project comes with a ton of promises that after the NFTs are sold, the developer will spend the profits on extra features that would make the NFTs way more desirable and valuable than they were when the developer first sold them. this is an obviously stupid idea - why would they sell something and then raise the price when they no longer have anything to sell, just to benefit resellers? this is why most of those development roadmaps are scams, and the developer just pockets all the money and vanishes this tends to crater the price, so the NFTs resell for far less than they were originally sold for
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Jan 16, 2022 17:32
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Main Paineframe posted:this tends to crater the price, so the NFTs resell for far less than they were originally sold for this is overwhelmingly true in general with NFTs As soon as you drive them off the lot the price drops by half. Almost all pre-bought NFTs sell at a massive loss, including wash trades. The market is so rife with corruption that it is 100% fair to look at an NFT price which is going up and say "Yeah that's fake" and you'll either be right or you'll be right eventually. Also, I don't know if anyone's posted this, but if folks in here are fans of either Dan Olson or Trashfuture or, ideally, both, Dan posted a really really good bite-sized dystopian short story on his Patreon which is, politely enough, unlocked: https://www.patreon.com/posts/were-all-going-59993510 It's bleak as gently caress and guaranteed to ruin your morning.
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Jan 16, 2022 19:29
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Somfin posted:this is overwhelmingly true in general with NFTs its almost as if these people don't really understand how economics work 
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Jan 16, 2022 19:51
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My takeaway is that Dan seems to have a real crush on a Subway girl named Meghan.
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Jan 16, 2022 20:08
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Somfin posted:this is overwhelmingly true in general with NFTs Are you saying 
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Jan 16, 2022 20:13
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PhazonLink posted:i just want to remind everyone of hatreon, the nazi version of patreon, was coded so badly it allowed people to enter negative numbers and therefore withdraw money from somewhere. Wait really? That siunds hilarious, are there any articles of people doing it?
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Jan 16, 2022 20:28
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Main Paineframe posted:usually a NFT project comes with a ton of promises that after the NFTs are sold, the developer will spend the profits on extra features that would make the NFTs way more desirable and valuable than they were when the developer first sold them. Thanks, this makes a lot of sense. Of course I forgot that an NFT isn't a reward for an artist or a cool picture to own, its speculation designed to deliberately have some kind of runaway deflation or pyramid scheme aspect. If you can't get rich quick why bother.
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Jan 16, 2022 20:32
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tango alpha delta posted:My takeaway is that Dan seems to have a real crush on a Subway girl named Meghan. Too bad he wasn’t a chad like that coin bro And lol that she was choked up crying, why is she so sensitive? It was OnLy a JoKe (Seriously that short story is a pro read)
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Jan 16, 2022 20:47
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For a while now I've just assumed that finance and economics are two completely seperate catergories.
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Jan 16, 2022 21:06
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Prurient Squid posted:For a while now I've just assumed that finance and economics are two completely seperate catergories. Finance is about the management of assets/liabilities/etc Accounting is about determining the state of assets/liabilities/etc Economics is basically just the data science behind assets/liabilities/etc Economists and accountants support finance people and hate them. Finance people require accountants and economists and hate them. And everyone in each category hates themself, of course.
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Jan 16, 2022 21:33
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Prurient Squid posted:For a while now I've just assumed that finance and economics are two completely seperate catergories. its all a loving scam. Rich people making money by having money. Scamming poor people
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Jan 16, 2022 21:59
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https://twitter.com/fellawhomstdve/status/1482765133113929735
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Jan 16, 2022 23:15
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Its hard to understand how these people can be so stupid. I wonder if theres another angle, like the person running the DAO was the previous owner of the book and wanted to offload it to a bunch of suckers. At least that would be clever. But, no, they think "decentralized" = "cant sue me, bro" dont they
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Jan 16, 2022 23:32
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drk posted:Its hard to understand how these people can be so stupid. I quoted this. Now I own you and everything you say, now and forever. Don't like it? Talk to the blockchain idiot
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Jan 16, 2022 23:45
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