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coelomate posted:It let's every wanna be daytrader live out their GME superstonk fever dream of cornering the market in $TOKEN by DIAMOND HANDING until lkajsdfkja doʇs ʇᴉ ǝʞɐɯ poƃ ɥo Wouldn't cornering a token mean that there's nobody using it, hence its price craters and you lose all your money?
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Jan 30, 2022 03:27
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The Lone Badger posted:Wouldn't cornering a token mean that there's nobody using it, hence its price craters and you lose all your money? Of course not, you keep a steady flow of wash trades going so your token looks valuable. It's crypto, 97% of the activity has been fake from day 1.
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Jan 30, 2022 03:48
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coelomate posted:that looks like a mutant ape, basically an ape for poor people. Those have a paltry 21.09 Eth "Floor Price" i.e. just five figures IRL right now Oh no, coelomate. It's not an ape for poor people, it's an ape for extremely rich people with very poor money handling skills. You can only get one of those horrible freaks by taking an actual Bored Ape token and then minting and subsequently burning a very expensive mutation token to reroll its attributes on a second table. If their prices are dropping, then it's because NFT values are cratering across the board.
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Jan 30, 2022 03:58
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Somfin posted:If their prices are dropping, then it's because NFT values are cratering across the board. Double this hilarity since the price of Eth itself has been nearly halved So it takes less of the now-cheaper tokens to buy.
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Jan 30, 2022 04:18
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coelomate posted:I feel this and I hope it's true. pop education vids are popular, but that info needs to be applied or else its just slackervism.
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Jan 30, 2022 04:22
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smart contracts: code is law, sorry for your loss https://old.reddit.com/r/ethereum/comments/sfz4kw/did_i_just_lose_half_a_million_dollars_by_sending/
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Jan 30, 2022 04:32
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ymgve posted:smart contracts: code is law, sorry for your loss BYOB: Be your own bank
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Jan 30, 2022 04:35
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The Something Awful Forums > Main > General Bullshit > Bitcoin: sorry for your loss
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Jan 30, 2022 04:36
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ymgve posted:smart contracts: code is law, sorry for your loss 
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Jan 30, 2022 04:39
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bitcoin: yeah bummer
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Jan 30, 2022 04:44
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the answer is no because it wasnt real money in the first place.
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Jan 30, 2022 04:46
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speaking of code being law, this DeFi smart contract thing was exploited and drained of $80mil they are leveraging the only recourse they have, begging the attackers to give the coins back https://twitter.com/QubitFin/status/1487436814613098496
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Jan 30, 2022 04:52
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No such thing as a free ape.
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Jan 30, 2022 05:02
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Somfin posted:Oh no, coelomate. It's not an ape for poor people, it's an ape for extremely rich people with very poor money handling skills. oh my god i did not know this and now i want to die even more than i used to 
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Jan 30, 2022 05:02
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Somfin posted:Oh no, coelomate. It's not an ape for poor people, it's an ape for extremely rich people with very poor money handling skills. OK wait, actually it looks like they also sold 10k poor people mutant apes in addition to the sereum grift: quote:Thus, Yuga Labs set out to create 20,000 Mutant Apes. Ten thousand of them would reward Bored Ape owners with new creatures based on the traits of their original Bored Ape, while the other 10,000 would be designed to welcome newcomers into the Bored Ape ecosystem with a lower cost of entry. https://www.theblockcrypto.com/post...d-ape-ecosystem
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Jan 30, 2022 05:05
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On the one hand it's all a giant scam, on the other I keep seeing old-school mainstream scammers making noises about crypto, too. I assume the old guard criminals feel compelled to at least pay lip service to the new crime, and "media" like Forbes have an incentive to play along. https://www.forbes.com/sites/billyb...er-ethereum-bet https://www.forbes.com/sites/billyb...o-and-xrp-crash
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Jan 30, 2022 05:09
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coelomate posted:oh my god i did not know this and now i want to die even more than i used to To paraphrase Olson, though, the expected minimum price of a mutated ape is X, where X is the amount it cost to create. They're all idiot baghodlers hodling toxic assets and all of them are gonna lose every bit of their money. Probably in the next two years.
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Jan 30, 2022 05:37
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https://twitter.com/Brownmgold/status/1487591804987916293
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Jan 30, 2022 06:08
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This thread always makes me feel good about my financial decisions
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Jan 30, 2022 06:42
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CaptainSarcastic posted:Sorry to interrupt the very important slapfight over the level of Nazism in BAYC, but I wanted to loop back to the Yanis interview and post another article that pulls one of my favorite quotes in recent memory. In discussing play-to-earn games, particularly in regards to the global south, he said they could be "the apotheosis of misanthropy." It just feels like the perfect summation of crypto in general. It's a good interview quote:Q: One of the persistent critiques of cryptocurrencies like Bitcoin and Ethereum is their immense energy use, which, on the surface, seems like the price to pay for not trusting the state as the arbiter of truth/provider of trust. The solution proposed by the Ethereum Foundation has been to shift from today’s energy-intensive mechanism of Proof of Work to the less environmentally damaging Proof of Stake. Yet, the latter, once you look closely at the details, solves the energy problem by making the entire system more plutocratic, because, in essence, it runs on the principle ‘one dollar (or ether) = one vote’. What makes this crypto-plutocracy tolerable to many of its advocates is their jaded view of today’s financial system, which they see as even more plutocratic and hell-bent on appropriating even more of the bailout money. How does one answer such critiques?
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Jan 30, 2022 06:49
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repiv posted:speaking of code being law, this DeFi smart contract thing was exploited and drained of $80mil I always wonder if these claims are some sort of farce. Transfer money out of your bank, Claim you got hacked. Return % back minus some "bounty" walk away with a cool several million. It happens far too often for me to say there's leagues of whitehat hackers out just trying to make a point.
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Jan 30, 2022 07:28
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nullEntityRNG posted:I always wonder if these claims are some sort of farce. Transfer money out of your bank, Claim you got hacked. Return % back minus some "bounty" walk away with a cool several million. It happens far too often for me to say there's leagues of whitehat hackers out just trying to make a point. Several million on paper. I'm not sure but is there any real accounting of real money in and out of the system? Crypto is all about massive numbers in market cap and volume, but it's all taking place within their own ecosystem, propped up with Tethers and moonbeams. Various blockchain-based IOUs trading hands back and forth, but where is the actual money? I know a lot of the big players are going to have funds being stashed away in offshore banks, but it seems like there isn't much clarity on how much actual money is truly in play.
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Jan 30, 2022 07:35
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Yeah, crossposting, but tether has stopped printing but other stable coins have picked up the slack  It's all imaginary money. I'd just like to know when it bursts.
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Jan 30, 2022 07:39
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why is gov printing money bad, but butts printing money good? also why does their printing not make the dreaded i word, inflation happen?
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Jan 30, 2022 07:54
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PhazonLink posted:why is gov printing money bad, but butts printing money good? I'm pretty sure it's because they pretend that the stablecoins are actually equivalent to real dollars, and more dollars means number go up. More money in the Bitcoin market means each Bitcoin is worth more, see? More money + fixed number of Bitcoins = higher Bitcoin price. The fact that the "money" is vaporware is just ignored. The equation for other cryptos is going to be slightly different, but since it is all a shell game based around Bitcoin the essential truth remains, I believe.
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Jan 30, 2022 08:00
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https://twitter.com/curator1of1/status/1487364584516239369
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Jan 30, 2022 08:27
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Red so I could make money every time coiners are in the red
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Jan 30, 2022 09:27
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https://twitter.com/dingalingts/status/1486654448328146944 so apparently that exploit i talked about where older listings of your NFT on opensea were vulnerable because people could still buy your NFT at that price if you didn't spend gas to cancel the transaction... well opensea made it worse by telling everyone to cancel their listings while the NFT was in the same wallet address.. because what happened was hackers who were looking at all the transactions on ethereum's blockchain were looking for these cancellations and anyone can see you canceling one of those older transactions. but since transactions are not instant, hackers can see that you had a ticket to sell your monkey at a low price. so they'd go to opensea, find the NFT and buy it at that price. and apparently as long as the transaction to buy the NFT is inside the same blockchain as the cancelation of that price opensea will still accept that as a sale and transfer your NFT for the lower price to the hacker. so in effect, opensea's email instructing their users to cancel any older listings basically gave hackers a big red sign letting them know how to pick up those NFTs for cheap and made them actually more vulnerable to the hack. if you previously were safe because no one scraped your older price listings, well now they knew about it... what opensea should have instructed users to do is to move the NFT out of their wallet so if a hacker tried to do this he wouldn't be able to buy the NFT... but essentially due to opensea's incompetence they actually made the situation worse.
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Jan 30, 2022 09:32
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openpee
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Jan 30, 2022 09:39
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Strong Sauce posted:https://twitter.com/dingalingts/status/1486654448328146944 magnificent
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Jan 30, 2022 10:07
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Strong Sauce posted:https://twitter.com/dingalingts/status/1486654448328146944 it's like when you go to slashdot and there's a story about a kitten rescue sanctuary and you think "surely this won't turn into a vicious political anti-PC facist slapfight" but then it inevitably does; with these NFT stories i keep thinking "we've hit the bottom it can't get any stupider" but here we are.
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Jan 30, 2022 10:27
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future of currency and commerce right here, folks get in on the ground floor while you still can
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Jan 30, 2022 11:24
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ymgve posted:smart contracts: code is law, sorry for your loss quote:Mainstream crypto adoption means smart wallets + social recovery + intuitive UIs Social recovery.... Or begging for the money back
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Jan 30, 2022 13:04
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https://twitter.com/AltcoinGordon/status/1487058803879251976
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Jan 30, 2022 13:15
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People think blockchain is the fast track to the American dream in an increasingly unequal world and it’s extremely sad. Mtgox should be known as one of the all time biggest heists in history yet DIAMOND HANDERS truly believe crypto = secure.
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Jan 30, 2022 13:18
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 IYKYK
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Jan 30, 2022 13:21
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down n out posted:People think blockchain is the fast track to the American dream in an increasingly unequal world and it’s extremely sad. Mtgox should be known as one of the all time biggest heists in history yet DIAMOND HANDERS truly believe crypto = secure. the diamond handers learned not to keep all your money in an exchange instead you should keep it all in a hardware wallet, the crypto equivalent of keeping your life savings in cash under your mattress
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Jan 30, 2022 13:23
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You don't think that's real, do you? What gives it that air of authenticity - is it the banner picture of a Goldman lobby (most people put the lobby of their employer in their profile pic after all!). Is it the non-stop retweeting of official Goldman news? Or is it the decade of inactivity before those retweets started and the shilling began? https://twitter.com/Brownmgold/status/374518041691688960
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Jan 30, 2022 13:34
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PhazonLink posted:why is gov printing money bad, but butts printing money good? I'm no economist, but... the cryptocurrency ecosystem is constantly being drained of money because miners have to pay the power companies for the massive amounts of energy they use. so just because money is being pumped into the system, it doesn't necessarily mean inflation will happen because there's also money leaving the system. The other aspect of this is that the power companies don't accept fake buttcoin dollars, they accept actual money. so real money is drained out of the system and (to the extent that tether et al are merely replacing the lost money), it's being replaced with fake dollars that aren't backed by anything. of course this is all perfectly fine and can continue forever, nothing is going to go wrong with this system
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Jan 30, 2022 13:44
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Strong Sauce posted:https://twitter.com/dingalingts/status/1486654448328146944 Has it occurred to anyone that maybe blockchains actually aren't very good
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Jan 30, 2022 13:45
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