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priznat posted:God drat it, hasn’t Canada had enough bullshit in the last few weeks seems like they misspelled "extraction" as "investment" again weird how that keeps happening
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Feb 10, 2022 01:55
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tehinternet posted:So if you had some massive amount of stolen Bitcoin, say 3+ billion dollars worth, why not take 2/3 of it and give it to random wallets and spread the other billion across wallets that you control? Like that's the thing: These people are some mix of 'this poo poo will be worth WAY more later' (which has, to a limited extent, had truth to it) and 'this will literally be the most valuable thing ever if I can hold onto it.' I think a market analyst said Bitcoin was a commodity where over 80% of it is being held by religious devotees who will never sell it. e: I assume that in so far as they will not simply become kings and gods by sheer financial power, they figure when Bitcoin is the god-currency, they will be able to use tiny amounts of it as spot loans if they should need any paltry mortal paper. But I don't think most of them even think that far ahead. 'I will be RICH! ... at LAST!' -- it ends there. Nessus fucked around with this message at 02:02 on Feb 10, 2022 |
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Feb 10, 2022 01:58
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Nessus posted:I think a market analyst said Bitcoin was a commodity where over 80% of it is being held by religious devotees who will never sell it. I have to wonder how they worked this out, some staggering proportion is held in wallets that cannot be accessed anymore
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Feb 10, 2022 02:09
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Potato Salad posted:take a look at the videos these people made, then look at every other billionaire It's probably not about the insecurity of the number, but more the belief that they're smarter than the Feds. Getting the entire lump sum means you outwitted everyone. Settling for $20 million implicitly means that you don't have the confidence that you can do that. Lots of criminals get caught because they're not as smart as they think they are.
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Feb 10, 2022 02:14
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Nessus posted:Because Real Soon Now your 3bn of butts will be worth 12% of the entire economic assets of Planet Earth and the entirety of human history, and at that point you can simply buy the United States of America. This is pretty much the plot of a feature length film. https://www.youtube.com/watch?v=1F1YyDPZLX8
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Feb 10, 2022 02:39
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tehinternet posted:So if you had some massive amount of stolen Bitcoin, say 3+ billion dollars worth, why not take 2/3 of it and give it to random wallets and spread the other billion across wallets that you control? Because you'd crash the "economy" of buttcoins by introducing runaway deflation injecting a huge amount of coins into the so called "economy". Thus your 1 billion would be only worth 1 million. Given the whole thing is all about scarcity to give it supposed "value" you want coins to be in the fewest hands as possible to paradoxically drive up prices. Less coins in circulation, better price for you until you give someone else the bag.
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Feb 10, 2022 03:00
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priznat posted:God drat it, hasn’t Canada had enough bullshit in the last few weeks Cool cool cool, start taxing the gently caress out of people trading cryto and as the prices are mega volatile, people will lose money and owe taxes, and they can call get hosed LOL!
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Feb 10, 2022 03:20
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huh posted:Would someone please recommend a youtube instructional for babby's first bitcoin purchase? https://www.youtube.com/watch?v=tBRWJzAjkjk
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Feb 10, 2022 05:31
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nullEntityRNG posted:Because you'd crash the "economy" of buttcoins by introducing runaway deflation injecting a huge amount of coins into the so called "economy". Thus your 1 billion would be only worth 1 million. Given the whole thing is all about scarcity to give it supposed "value" you want coins to be in the fewest hands as possible to paradoxically drive up prices. Less coins in circulation, better price for you until you give someone else the bag. So you’re saying someone needs to Robin Hood this poo poo. I hadn’t thought about how little real cash there is in the system, that’s a great point. Triggering a run on BitCoin “dollars” could be some quality entertainment.
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Feb 10, 2022 06:25
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https://twitter.com/whale_alert/status/1491605712237178880?s=20&t=zxrDNsCZktEzMVymjDfksg it's back on, let's loving go
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Feb 10, 2022 07:37
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Unfortunately I think if you triggered such a bank run that way they'd do what Ethereum did and just decide to fork the chain to before whomever got away with the coins. This will happen long before Proof of Stake The game is rigged, and the only winning move is to convince enough people not to play - which is gonna be a few years out unless something big shifts opinions. The push back against NFTs in a couple areas they'd thrive the most, like the gaming industry, gives me hope, and Hitpiece burned a lot of goodwill among musicians too. About the only place it's landing are Twitter artists who couldn't make a buck through traditional means due to exposure issues (crypto doesn't directly solve this like proponents claim, but it IS a smaller pool at the moment), and grifters looking to make a quick buck off their following or reap the benefits of money laundering (the pfp ones like the monkeys, lions, ducks). The rampant art theft is enough to turn away most smart people, but some dumb people see some wash-traded price and lose their ability to think. Maybe I can be the lucky person who gets to be used to keep the liquidity coming in! We've already seen some old proud Blockchain uses get abandoned. My friend was at a restaurant where they bought some Wine or something where its creation was "tracked on the blockchain" and had a QR code. They scanned the QR code and it had no information available. Eventually things like the car maintenance poo poo will end the same way. (Same friend mined some original flavor butts in the early days but fell away to one of the Be Your Own Bank weaknesses, losing his wallet/keys, so now finds it all dumb too) We will see some/many comedic events, and I'm here for them, but the only way it truly dies is the slow and boring way, when even the grifts fall off for better ones and the idiotic usecases go back to using more effective solutions. Push back where you can though, because the more they find dumb uses, the longer it'll take for it to die off.
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Feb 10, 2022 07:53
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Proof of stake will never matter because the folks with the industrial mining rigs have gigantic sunk cost problems and will not let their investments become scrap for the sake of "the planet," they're the fuckers building the giant rigs in the first place. It might happen but unless it has a plan to actively get rid of proof of work completely it will just be a solar panel next to the exact same coal power plant, still running at full blast. Even if it does, and I do not believe that it will, tools once built have a way of continuing to be used and the planet eating mining rigs will still be there.
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Feb 10, 2022 08:40
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Somfin posted:Proof of stake will never matter because the folks with the industrial mining rigs have gigantic sunk cost problems and will not let their investments become scrap for the sake of "the planet," they're the fuckers building the giant rigs in the first place. The only role Proof of Stake is fulfilling is to provide an argument against "Crypto is bad for the environment" by way of demonstrating that PoW is not the only way to achieve decentralised consensus. I'm having a lot of trouble believing that automatically populating the governing body with whoever happens to be the richest is an idea that anyone considers intrinsically good and desirable. It only has any traction because PoW is so obliviously unsustainable, yet no one has any other alternative to offer.
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Feb 10, 2022 09:06
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Arcon posted:The game is rigged, and the only winning move is to convince enough people not to play - which is gonna be a few years out unless something big shifts opinions. The push back against NFTs in a couple areas they'd thrive the most, like the gaming industry, gives me hope, and Hitpiece burned a lot of goodwill among musicians too. About the only place it's landing are Twitter artists who couldn't make a buck through traditional means due to exposure issues (crypto doesn't directly solve this like proponents claim, but it IS a smaller pool at the moment), and grifters looking to make a quick buck off their following or reap the benefits of money laundering (the pfp ones like the monkeys, lions, ducks). The rampant art theft is enough to turn away most smart people, but some dumb people see some wash-traded price and lose their ability to think. Maybe I can be the lucky person who gets to be used to keep the liquidity coming in! Yep, exactly. In some ways, I think the tide is turning. Not just engineers, but general public completely hates NFTs and the well seems pretty poisoned on crypto in general. People seem to be wising up to the scam. Then I see things like this https://www.washingtonpost.com/tech...llions-bitcoin/ And on the one hand, that's very worrying. But on the other hand, this feels like a pyramid scheme desperately trying to continue to scale so it doesn't collapse. I don't know. I also thought Star Citizen would be dead by now. There's so many people with more money than sense, apparently. I really don't like any of this! Somfin posted:Proof of stake will never matter because the folks with the industrial mining rigs have gigantic sunk cost problems and will not let their investments become scrap for the sake of "the planet," they're the fuckers building the giant rigs in the first place. PoS also has issues that PoW doesn't, by moving to PoS you give up a lot of what few benefits blockchain even has in the first place.
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Feb 10, 2022 09:30
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Aramis posted:The only role Proof of Stake is fulfilling is to provide an argument against "Crypto is bad for the environment" by way of demonstrating that PoW is not the only way to achieve decentralised consensus. Proof of stake doesn't afford the wealthy holders governance. It does afford them high rewards though, so the rich get richer basically. What I'm still confused about is the exact mechanism by which "validators" in a proof of stake chain actually perform the validation. This is the etherium page on how they say their proof of stake will work, but it has no details that specifically say how validation actually is performed. Does anyone know? Is it just a hash guessing thing again but with easier to guess (shorter) hashes? https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/
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Feb 10, 2022 09:50
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Also I know this has been said a lot, but gently caress I am so sick and tired of seeing proof of work described as "solving a complex mathematical problem" instead of "randomly guessing a number between 1 and X over and over and over again until you fluke the right one"
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Feb 10, 2022 09:53
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tehinternet posted:So if you had some massive amount of stolen Bitcoin, say 3+ billion dollars worth, why not take 2/3 of it and give it to random wallets and spread the other billion across wallets that you control? As far as I understand it, it doesn't really solve the problem. It's still stolen goods, so the FBI would want to confiscate it once it's in the hands of an exchange. Even if you withdraw it through some shady foreign anonymous exchange, you still gonna have the problem to need to declare it to the IRS and explained the source before you can use it. Law enforcement can also investigate everyone who received and tried to withdraw the money and search for any connections to bitfinex to catch the actual thieves. These two idiots would have raised some alarms because she worked with bitfinex before.
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Feb 10, 2022 10:07
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orange sky posted:https://twitter.com/whale_alert/status/1491605712237178880?s=20&t=zxrDNsCZktEzMVymjDfksg can someone explain what tether "minting" money means?
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Feb 10, 2022 10:13
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Rinkles posted:can someone explain what tether "minting" money means? “People are complaining that there’s too much poverty? Easy, just print more money”
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Feb 10, 2022 10:15
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Rinkles posted:can someone explain what tether "minting" money means? $tethers = $tethers + 1000000000
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Feb 10, 2022 10:41
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Rinkles posted:can someone explain what tether "minting" money means? The equivalent of central banks monetizing debt to prop up the stock market and keeping governments solvent by low interest rates.
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Feb 10, 2022 10:46
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https://twitter.com/edzitron/status/1491557588906876929?t=IxgEwPtarZBdHC376abIRQ&s=19
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Feb 10, 2022 10:53
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Rinkles posted:can someone explain what tether "minting" money means? Price go down? Printer go BRRRRR Price go up!!1!
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Feb 10, 2022 10:55
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Rinkles posted:can someone explain what tether "minting" money means? So Tether is a stablecoin. They can mint more coins and trade them (and people can trade them for other coins) but in theory they have to maintain a reserve of as much USD as they have equivalent coins so that people can potentially 'cash out' a stablecoin to USD which gives them value as go-betweens (even if they get traded back and forth and not immediately redeemed for USD). In theory this represents massive investment in Tether as a platform, as it would have to mean they have an equivalent amount of USD capital laying around on reserve to match. However, they've been criticized before for not being totally audited and vetted and its probably all just total bullshit funny money in order to either A) temporarily hold a lot of money and make interest off it in a ponzi-esque scheme, B) prop up the crypto market so the owners can cash out other coins or C) just straight up rug pull people in the immediate future
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Feb 10, 2022 10:56
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DrVenkman posted:https://twitter.com/edzitron/status/1491557588906876929?t=IxgEwPtarZBdHC376abIRQ&s=19 I mean anyone spending money on a jpeg is already owned 🤷🏻♂️
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Feb 10, 2022 10:56
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Splorange posted:The equivalent of central banks monetizing debt to prop up the stock market and keeping governments solvent by low interest rates. Well no because in the case of tether there isn't even any debt. No one can find the people apparently loaning billions to them. Like much of Crypto it's taking an element of the financial system which is very bad and somehow making it even worse.
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Feb 10, 2022 10:58
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Everybody should put Forbes Writer in their bio / signature and start a trend. It'll also technically be true, since anybody can be a "Forbes Olds who get grifted by tech scams also think "Forbes Writer" is a seriously legit credential.
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Feb 10, 2022 11:13
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Mega Comrade posted:Well no because in the case of tether there isn't even any debt. No one can find the people apparently loaning billions to them. Yeah, I was aiming more at poking fun at the irony of the situation. You've summed up the thing quite nicely in that last paragraph.
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Feb 10, 2022 11:17
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quote:Ilya 'Dutch' Lichtenstein, 34, and his wife, Heather Rhiannon Morgan, 31, who raps under the name Razzlekhan, were arrested on Tuesday in Manhattan on federal charges of conspiracy to commit money laundering and conspiracy to defraud the United States. Reverse-engineering black markets, reverse-engineering black culture
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Feb 10, 2022 11:17
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https://twitter.com/UkipPortugal/status/1491710735021400065 lol
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Feb 10, 2022 11:22
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Dinosaurs! posted:TIME has an article where a crypto proponent reacts to Dan Olson’s video: https://time.com/6144332/the-problem-with-nfts-video/ quote:Regulations need to stop treating people like children and think they somehow need to be “protected” from a wider set of opportunities. Focus on education and risk disclosure, instead of having stupid bans that end up exacerbating social inequality. This is a dangerous person who should not be contracted to write anything on any reputable platform but i guess the inmates are running the asylum
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Feb 10, 2022 11:24
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It is funny combined with cryptocurrency, especially Cryptoland and their tweets, but the term has been in use well before crypto. It's a legitimate term in actual cryptography. putin is a cunt fucked around with this message at 11:42 on Feb 10, 2022 |
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Feb 10, 2022 11:39
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When I was studying Computer Science I would constantly snigger at 'Nonce'. But to be fair it is a real word that's been in cryptography longer than its been British slang for a pedo. I do feel sorry for actual cryptographers. Not only has the term 'crypto' been hijacked from them but now other terms are just straight up associated with a scam that has nothing to do with them.
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Feb 10, 2022 11:39
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Oh no I'm well aware of the word's actual use, but well. Most crypto weirdos are libertarians anyway so,
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Feb 10, 2022 11:41
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kirbysuperstar posted:Oh no I'm well aware of the word's actual use, but well. Most crypto weirdos are libertarians anyway so, It's okay, it's still loving funny. I never actually made the connection until your post.
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Feb 10, 2022 11:43
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Reading up on how they got caught and it's pretty much what everyone suspected. The FBI kept track of all the bitfinex tainted wallets that received money from the mixer and as soon as any of the wallets touched an exchange they subpoenaed the poo poo out of the account. Over time they build a substantial database and noticed some correlation in account creation time, some email address similarities and identical IP addresses used for creating the accounts. With this information they found even more exchange accounts that were not directly connected to the heist and one of them had their real identities attached. From there they got a warrant for the dude's cloud storage and got his crimes.xlsx, which contains private keys and account info for the whole bitfinex haul. Pretty good work. The required effort is high enough so that they probably can't to this for every random cryptolocker ransom case, but the times where criminals don't have to worry about anything is pretty much over. If you have withdrawn stolen/illegal Bitcoin from an exchange they can come for your rear end, even 10 years later.
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Feb 10, 2022 11:52
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GABA ghoul posted:Pretty good work. The required effort is high enough so that they probably can't to this for every random cryptolocker ransom case, but the times where criminals don't have to worry about anything is pretty much over. If you have withdrawn stolen/illegal Bitcoin from an exchange they can come for your rear end, even 10 years later.
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Feb 10, 2022 12:05
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https://uk.news.yahoo.com/russia-license-crypto-exchanges-tax-101022637.html Disappointing. Really thought Putin was gonna ban it.
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Feb 10, 2022 12:17
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Mega Comrade posted:https://uk.news.yahoo.com/russia-license-crypto-exchanges-tax-101022637.html Well, the tax should be higher, to offset the external costs to the environment and the people losing their shirts. But I guess the kleptocrats are just making sure they get their share.
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Feb 10, 2022 12:38
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DrVenkman posted:https://twitter.com/edzitron/status/1491557588906876929?t=IxgEwPtarZBdHC376abIRQ&s=19 aka 'How to spot an rear end in a top hat'
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