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BigRed0427 posted:So what actually causes Bitcoin to go down in price? :itisamystery: or is it because someone tried to sell a bunch off? As a purely speculative instrument, bitcoin only goes down if people believe it's worth less, and only goes up if people believe it's worth more. If cash stops flowing into bitcoin, the price stalls and begins to drop. The way you ensure that this doesn't happen is Tether. As a stablecoin, Tether previously claimed it was fully backed by US dollars, and was fined $41 million last year for those claims. In theory, every Tether is a dollar that's entered into the crypto ecosystem. In reality, the Tether numbers have been pumped by using deposits to play the stock market. And of course, because it's not properly regulated, there's nothing to stop Tether being created out of thin air. If you do this, you can make it look like money is flowing in and bitcoin is going up uP UP even as actual cash bleeds out of it. Tether has had a couple of periods where they've gone quiet (usually when regulators look a little closer at them) and these have coincided with crypto crashes. The most egregious one was last April (I think?) when they needed to submit 30 days worth of trading data to a NY regulator and desperately printed as many Tether as they could before the 30 day period started, in the hopes that they could pump things high enough that they could ride out a month without creating more Tether.
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Jan 25, 2022 05:41
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The Ticking Bomb of Crypto Fascismquote:Making predictions about looming social and political catastrophes is a dicey business, because most of the exciting things in history did not happen predictably. You can try to draw historic parallels based on broad economic or cultural trends. In America, in 2022, we have a vicious and spiraling culture war combined with an enormous asset price bubble fueled by two years of stimulus money, all resting atop an incredibly tenuous pandemic-wracked real economy. If you think the Angry White Men were scary during the Trump years, just wait until the crypto bubble pops.
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Jan 25, 2022 05:46
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Doctor Dogballs posted:I cant believe there have been people dumb enough to think dragging items/characters around between separate unrelated games could ever work and thus necessitate explanations like this People that identify as gamers generally have extremely poor technical knowledge because all they do is play video games and argue about them on the internet
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Jan 25, 2022 05:46
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Pretending they held back at all is really funny, lol. They voted as hard as possible for fascism, they put all their money into crypto yet still they can’t get girlfriends, presidents, or erections (for boomers). As always it’s an incredibly small minority getting all the attention. I know a handful of people who are really deep into crypto, but a lot more people bought a few thousand dollars’ worth as the news hype went on and then likely forgot about it or sold out ages ago.
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Jan 25, 2022 05:49
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down n out posted:Actually hearing a veteran game dev explain why blockchain and NFT integration into games isn’t feasible is a refreshing taste of common sense: Quality from top to bottom. Should be mandatory watching for the thread. Just a breath of fresh air after being choked by bullshit. Also makes you look at our (now silent since being corncobbed to the center of the earth) crypto shills here and remember that they’re really … just terrible human beings.
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Jan 25, 2022 05:50
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Laserface posted:People that identify as gamers generally have extremely poor technical knowledge because all they do is play video games and argue about them on the internet thing is it's not the gamers doing this, as nearly everyone talking about this poo poo obviously has not played games in 20 years or ever in their lives
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Jan 25, 2022 05:59
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most gamers dont even finish games , or buy many games, SA and other dense nerd areas have a bit of a warped pov of the medium.
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Jan 25, 2022 06:52
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CaptainSarcastic posted:I think it historically tends to track with the stock market, and the stock market has been down. i don't think that's necessarily true. if you just look at the past year the stock market has been moving upward. granted there are ups and downs but overall it is up. in bitcoin, you've seen two immense spikes in the price of bitcoin that was heavily correlated with tether printing. the reality is nothing is propping bitcoin up other than memory pricing. it's not backed by anything other than the fact that people have been trained to keep it. keep it and you'll be rich.
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Jan 25, 2022 06:54
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im guessing the average steam account has about 200 games
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Jan 25, 2022 06:57
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Strong Sauce posted:i don't think that's necessarily true. if you just look at the past year the stock market has been moving upward. granted there are ups and downs but overall it is up. in bitcoin, you've seen two immense spikes in the price of bitcoin that was heavily correlated with tether printing. Well, yeah, the naked market manipulation inherent to crypto is definitely a thing. I just thought it had also been demonstrated that this supposedly separate and independent decentralized market also seemed to follow regular market trends. Philthy posted:im guessing the average steam account has about 200 games Mine has 196. 
CaptainSarcastic fucked around with this message at 07:00 on Jan 25, 2022 |
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Jan 25, 2022 06:58
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Philthy posted:im guessing the average steam account has about 200 games you're probably off by about 195 games
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Jan 25, 2022 07:45
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CaptainSarcastic posted:Well, yeah, the naked market manipulation inherent to crypto is definitely a thing. I just thought it had also been demonstrated that this supposedly separate and independent decentralized market also seemed to follow regular market trends. i'll have to find the article or youtube video but i believe one of the things people liked about crypto that it was somehow not tied to the stock markets.. it is only ever going up after all. could be wrong so not going to be 100% on it... also most gamers hate the nft poo poo thats being pulled out. it's basically star wars battlefront 2 all over again. gamers do not want to farm for nft tokens as the basis for the entire game.
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Jan 25, 2022 07:50
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There isn't really any coherent definition of 'gamer' at all. Much like there's no single 'tv watcher' or 'book reader'. And there never was.
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Jan 25, 2022 07:53
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Strong Sauce posted:the reality is nothing is propping bitcoin up other than memory pricing. it's not backed by anything other than the fact that people have been trained to keep it. keep it and you'll be rich. Excuse me I think you'll find that it's backed by all the energy used to generate it, it's a superior money because the cost of that energy stored in it gives it inherent worth. Had a family dinner a couple of notes ago with the Bitcoin obsessed brother in law and he was off on that nonsense again.
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Jan 25, 2022 08:14
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Senor Tron posted:Excuse me I think you'll find that it's backed by all the energy used to generate it, it's a superior money because the cost of that energy stored in it gives it inherent worth. Did you ever try to explain the concept of entropy or is he nae a book reader? Slightly funny that woo woo bullshit needs to incorporate energy vaguely into its sand castle.. every time.
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Jan 25, 2022 08:29
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youre asking people that think Musk is a real life ironman/Rick to explain energy and entropy.
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Jan 25, 2022 08:42
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jokes posted:Pretending they held back at all is really funny, lol. Also, these guys have to be the main characters of reality - if they aren't, why do they, and I, keep insisting that they are?
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Jan 25, 2022 08:58
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Jan 25, 2022 10:30
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So, a stupid question. If Twitter has NFT-s as profile pictures, does it mean that the 'ownership' needs to be constantly checked via opensea? If so, is that a blockchain transaction everytime a hexagon posts something? If not, how is it different to any uploaded PNG?
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Jan 25, 2022 11:39
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Jim DiGriz posted:If not, how is it different to any uploaded PNG? I think you know the answer.
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Jan 25, 2022 11:46
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Jim DiGriz posted:So, a stupid question. If Twitter has NFT-s as profile pictures, does it mean that the 'ownership' needs to be constantly checked via opensea? If so, is that a blockchain transaction everytime a hexagon posts something? If not, how is it different to any uploaded PNG? Yes, no, it's not. Part of being "decentralised" means that there is no official blockchain of record. Participants in the blockchain have to download the entire blockchain. So Opensea would have to have to hand the entire Etherium chain, all 1.19 TB of it. Querying would be just like querying any particularly terrible local flatfile database. The sequence of calls would probably be: 1. User's browser asks Twitter for avatar image specified in HTML 2. Twitter checks cache, fails, loads the user account, notices that it specifies an NFT 3. Twitter asks the NFT provider (Opensea) for the NFT url and this owner 4. Opensea looks at their copy of the blockchain, verifying ownership, and then hands the URL that is specified in the NFT back to Twitter 5. Twitter downloads the image URL, caches it, to expire it after X hours, then hands it back to the original requesting user. chaosbreather fucked around with this message at 11:50 on Jan 25, 2022 |
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Jan 25, 2022 11:48
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That is only the case if it is programmed competently, it's NFTs so I'm sure it is stupid somewhere along the way.
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Jan 25, 2022 11:51
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Zil posted:That is only the case if it is programmed competently, it's NFTs so I'm sure it is stupid somewhere along the way. Hey thanks for the complement, I really appreciate it. One way that it could be really stupid is if Twitter downloads their own copy of the blockchain and has to maintain their own internal algorithms for figuring out what the tokens mean in all the different NFT providers' contexts, by having endless technical meetings with the various teenage CTOs of the NFT providers. That would be phenomenally stupid but would maximise prestige for all concerned so it's probably what they're doing.
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Jan 25, 2022 11:56
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If someone posts on twitter a lot, it would take about 10 years per day to verify their JPGs on the buttchain.
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Jan 25, 2022 12:02
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NFTs in games seductively taps into a mindset of players who have bought DLC and loot boxes and other poo poo over the years, that have regrets, or are just greedy fuckers, and are thinking "why can't I get more out of this?" It's pretty outstanding really because there is a groundswell of self-sustaining belief that by NFT-alizing (?) stuff they've bought they can both "own" that content - something those drat publishers have never allowed them to do, and compel those companies to implement their owned content in anything and everything that comes along subsequently. Somehow this belief effectively dispels even the most basic analysis of why this can't happen, on technical, financial and legal grounds, much less why it is not likely to happen. it is easy to understand the appeal when you consider it in its most basic form - it's basically a childlike fantasy of "wouldn't it be amazing if I could have my BFG in all of my games" combined with a zoomer "this could make me rich with the absolute minimum of effort" attitude. When you bless this state of mind with The Power of the Blockchain! and a bunch of specious techbro word salad you end up with a crystallised narrative where it can't fail, every company has to adopt it, those companies can largely be disenfranchised from the fruits of it, and anyone who disagrees with it or voices any one of the innumerable technical, financial, legal etc obstacles "just doesn't get it", or are themselves pushing a narrative meant to held it, and by extension you, back. Fortunately it seems that, for the moment at least, gamers seem to be massively resistant to NFTs and find it repugnant, which is actually a surprise. They have correctly identified it as the absolute worst parts of monetised content, "digital scarcity", etc and realise that the companies already pushing it (e.g. Ubisoft, etc - the worst types of companies for this kind of nickle and diming poo poo) are basically proof positive that at its core its designed to dig into your pockets. "Play 2 Earn" is just as bad. I can't understand how its proponents can't see that any activity in a game that can lead to Real Money Transfer will obviously lead to automation, exploitation and at the very minimum the need to reduce game playing time to the most efficient and repetitive actions. Any gamer who deviates from the how-to-guide for maximum income generation, i.e. just having fun playing a game, will be losing money. And since these games would be engineered with these processes in mind you can bet that any "fun" activity that might exist will be woefully uncatered for. I basically hate the tech world as it exists now. Durzel fucked around with this message at 12:28 on Jan 25, 2022 |
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Jan 25, 2022 12:25
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The way everything in crypto world claims to be decentralised yet in practice is used through centralised services 99.99% of the time due to comical, astronomical inefficiency, is just an endless well of comedy to me.
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Jan 25, 2022 12:26
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Mad Dragon posted:If someone posts on twitter a lot, it would take about 10 years per day to verify their JPGs on the buttchain. So they won't verify them on the buttchain. They'll just ask a 'trusted' exchange like opensea who the ape belongs to, and opensea will just check their internal database.
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Jan 25, 2022 13:02
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chaosbreather posted:Yes, no, it's not. The Lone Badger posted:So they won't verify them on the buttchain. They'll just ask a 'trusted' exchange like opensea who the ape belongs to, and opensea will just check their internal database. But then it's pointless! It can't be that stupid. You all must be explaining it wrong. Thanks, I assumed this much
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Jan 25, 2022 13:21
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Durzel posted:
Right there with you. There are no two words that I hate more than “engagement” and “blockchain” right now. Between the cancerous algorithms of social media/YouTube and dumbass blockchain poo poo, it’s a bleak time for computer touchers.
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Jan 25, 2022 13:35
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play your entergagement to earn your fractokenization
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Jan 25, 2022 14:29
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tehinternet posted:Right there with you. There are no two words that I hate more than “engagement” and “blockchain” right now. Between the cancerous algorithms of social media/YouTube and dumbass blockchain poo poo, it’s a bleak time for computer touchers. *Entergagement
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Jan 25, 2022 14:30
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NFTs in games tries to capture the people annoyed by DLC and loot boxes, but is also trying to convince the same group of people who grew up sharing memes off the internet that you can own something uniquely online and they rightfully just laugh it off. For all its flaws, kickstarter is the model for games. There's a pitch, and you contribute as much as you feel it's worth, and then get in on the ground floor with some minor bonuses come release day.
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Jan 25, 2022 14:59
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Spatial posted:The way everything in crypto world claims to be decentralised yet in practice is used through centralised services 99.99% of the time due to comical, astronomical inefficiency, is just an endless well of comedy to me. They really are a bunch of idiots who thought they knew everything reinventing finance from scratch including every single misstep made along the way. If crypto keeps its current pace, they'll be selling portions of bundled NFT loans by 2025.
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Jan 25, 2022 15:25
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Random Stranger posted:They really are a bunch of idiots who thought they knew everything reinventing finance from scratch including every single misstep made along the way. If crypto keeps its current pace, they'll be selling portions of bundled NFT loans by 2025. tranches of AAA+ rated NFT lions getting foreclosed on toxic NFTs wait, that's all NFTs
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Jan 25, 2022 15:30
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Most people already hated DLC items in games, and NFTs are just the same thing except much, much worse.
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Jan 25, 2022 15:34
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Three Olives posted:I love how places like CNBC get "crypto experts" on that talk about Bitcoin like it is just a regular asset with "fundamentals" and "price targets" when it costs a shitload of money from constantly selling Bitcoin just to keep the network operating. This has been one of my problems with crypto. There was an ad for etoro that was on YouTube for a while that would show these "very serious" investors looking at "fundamentals" like it's a real stock that has things happening in real life tied to it's value rather than a bunch of people never selling so it's price goes up.
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Jan 25, 2022 15:44
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Vashro posted:*Entergagement *Endangergagement
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Jan 25, 2022 15:51
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Spatial posted:The way everything in crypto world claims to be decentralised yet in practice is used through centralised services 99.99% of the time due to comical, astronomical inefficiency, is just an endless well of comedy to me. 
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Jan 25, 2022 16:02
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https://twitter.com/EoinHiggins_/status/1485988126665453575
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Jan 25, 2022 16:51
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What the gently caress, lol What?
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Jan 25, 2022 17:01
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