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Machai posted:Is there any actual use case for blockchain technology that isn't better served by something else? Currency is clearly not it nor is anything that utilizes private or sensitive data. It also can't be edited after the fact right? I am having a hard time thinking of any actual use for this resource hungry technology. I've never heard of one past fleecing VCs of money by saying your startup is using it.
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May 13, 2022 04:22
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MarcusSA posted:Luna is tied to Terra and it’s been around for a bit. this is a pretty good video, though it's worth emphasizing that there is zero evidence that any kind of planned attack on Terra actually happened. After the initial crash, people found that post from that guy saying "this is how an attack could happen," repeated it while saying it's what did happen with zero evidence, and now a bunch of people are running with that and assuming it's true. but i dunno, it seems like it's giving cover to just how stupid and awful the terra project really was by saying that it was a dastardly attacker's doing. i think terra collapsed because it was just a lovely loving idea with a terrible implementation. i also don't think we should be adding any more fuel to the antisemitic "(((old money))) vs new money" conspiracy theories that are floating around. Dr. Video Games 0031 fucked around with this message at 04:27 on May 13, 2022 |
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May 13, 2022 04:23
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I use blockchain to store nood pix of ur mom.
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May 13, 2022 04:23
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Machai posted:Is there any actual use case for blockchain technology that isn't better served by something else? Currency is clearly not it nor is anything that utilizes private or sensitive data. It also can't be edited after the fact right? I am having a hard time thinking of any actual use for this resource hungry technology. Well, it's good for scams, if nothing else.
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May 13, 2022 04:23
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Dr. Video Games 0031 posted:this is a pretty good video, though it's worth emphasizing that there is zero evidence that any kind of planned attack on Terra actually happened. After the initial crash, people found that post from that guy saying "this is how an attack could happen," repeated it while saying it's what did happen with zero evidence, and now a bunch of people are running with that and assuming it's true. Yeah this is a good point. I think he could have done a much better job stating that it was all speculation. Tbf though his theory does make a lot of sense.
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May 13, 2022 04:26
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https://twitter.com/molly0xFFF/status/1524952417732808704
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May 13, 2022 04:30
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an important distinction people keep asking about here is that people don't really "buy" tether, it's mostly given out as compensation or whatever, a token reward or compensation in place of USD. I'm sure some purchases are made but it's used as a substitute for actual, real USD, not as an investment or spending item
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May 13, 2022 04:41
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abigserve posted:???? Where do you store your apes ???? apes are stored in the balls
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May 13, 2022 04:51
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A Wizard of Goatse posted:there were definitely a lot of people casually trading bitcoin back when it was mainly digital drug money but I feel like the last several years of glassy-eyed freakazoids yelling gibberish about how their mutant snot monkey is going to give them diamond hands have been way too offputting for any even vaguely normal person to get into it as a casual hobby This is 100% something that absolutely mystifies me about cryptocurrency: the extremely deeply rooted culture and fanaticism surrounding it. I remember several years ago reading about how the Taliban used the internet and social media to radicalize and recruit people. I wondered how something like that could happen. How could someone surfing the internet somehow get so caught up in what a bunch of obvious lunatics were saying that they'd be willing to pick up an AK-47 or strap a bomb to their chest and die for a cause that they only recently learned about? I wish I could go back to wondering that.
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May 13, 2022 04:53
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The War on Terra vs. the Luna-tic fringe
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May 13, 2022 04:57
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Time_pants posted:The War on Terra vs. the Luna-tic fringe get your rear end to mars
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May 13, 2022 04:58
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Time_pants posted:This is 100% something that absolutely mystifies me about cryptocurrency: the extremely deeply rooted culture and fanaticism surrounding it. I remember several years ago reading about how the Taliban used the internet and social media to radicalize and recruit people. I wondered how something like that could happen. How could someone surfing the internet somehow get so caught up in what a bunch of obvious lunatics were saying that they'd be willing to pick up an AK-47 or strap a bomb to their chest and die for a cause that they only recently learned about? perennial best post itt: Goodpancakes posted:Where is that economist posting about idiots like Ghostyy making a gamble for status?
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May 13, 2022 05:01
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Time_pants posted:This is 100% something that absolutely mystifies me about cryptocurrency: the extremely deeply rooted culture and fanaticism surrounding it. I remember several years ago reading about how the Taliban used the internet and social media to radicalize and recruit people. I wondered how something like that could happen. How could someone surfing the internet somehow get so caught up in what a bunch of obvious lunatics were saying that they'd be willing to pick up an AK-47 or strap a bomb to their chest and die for a cause that they only recently learned about? But this monkey has a gold chain, hat, and tooth! **empties life savings**
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May 13, 2022 05:06
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I'm really dumb how the gently caress does stopping a blockchain enable someone to steal $13M? how do you even stop a blockchain? just disconnect it from all the exchanges?
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May 13, 2022 05:09
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Dr. Video Games 0031 posted:this is a pretty good video, though it's worth emphasizing that there is zero evidence that any kind of planned attack on Terra actually happened. I dunno, if I woke up tomorrow and found out that Blackstone emptied 99.99% of my checking account at Citi because of, I dunno, super margin credit default swaps leveraged by equity conversions and margin derivatives and it was completely legal, I won't think that Blackstone was the problem.
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May 13, 2022 05:14
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Quick! Everybody google "bitcoin collapsing"
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May 13, 2022 05:19
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are all the other stable (poo poo)coinz named after non english names for earth or moon? I hope those coinz are part of the domino rally.
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May 13, 2022 05:19
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I gotta say thanks again for the Darknet Diaries podcast recommendation. Some of this poo poo is hilarious and wild.
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May 13, 2022 05:21
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LifeSunDeath posted:haiku: the paper hands, drop all they can~ bit don't count, in any amount~
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May 13, 2022 05:26
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deep dish peat moss posted:an important distinction people keep asking about here is that people don't really "buy" tether, it's mostly given out as compensation or whatever, a token reward or compensation in place of USD. I'm sure some purchases are made but it's used as a substitute for actual, real USD, not as an investment or spending item Tether is 100% bought and sold constantly. There is a reason why it has 200 billion in daily volume. It's the middleman in most cryptocurrency exchange gambling which makes up the majority of all cryptocurrency trades. Someplace like Coinbase or Binance US doesn't really deal with it as they are US based exchanges with USD pairs and bank account verifications but the other 300 international crypto exchanges that deal with the 6,000 other cryptocurrencies people gamble with (like Terra/Luna) usually have zero USD trading pairs. If I wanted Luna I couldn't just go do a bank transfer somewhere and buy it. I'd have to get money into a US exchange, buy something there and transfer that out to start trading someplace that does not deal with USD. Most of those sketchier exchanges have USDT trading pairs with everything so tether is used whenever value is moved into or out of those currencies with buy and sell orders. Now if I want to gamble with $1,000 on Bitopia I can send 1,000 tethers to it. Then I day trade jumping from Tether->BTC->Tether->ETH->Tether->BTC->Tether->ETH or whatever local shitcoins that exchange has. If I feel the volatility is too high I buy into tether and wait the downturn out. If I feel the price is going to rise I sell my tether for whichever coins I want. If I want to cash out I transfer my tether someplace I can sell it for USD. Rectal Death Adept fucked around with this message at 05:33 on May 13, 2022 |
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May 13, 2022 05:27
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Spaced God posted:I'm really dumb how the gently caress does stopping a blockchain enable someone to steal $13M? Other websites were relying on Luna to accurately report its own price - it stopped (or couldn't report below at $0.10), and these websites were then still trading Luna at 0.10 when it was worth less than 0.01. People dumped cheap Luna until the website couldn't pay out any more. ('Platforms', 'ecosystems' etc. make some aspects a bit unclear)
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May 13, 2022 05:28
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Machai posted:Is there any actual use case for blockchain technology that isn't better served by something else? Currency is clearly not it nor is anything that utilizes private or sensitive data. It also can't be edited after the fact right? I am having a hard time thinking of any actual use for this resource hungry technology. it was fine for laundering money/buying drugs internationally, where the whole trustless decentralized token model served a function beyond being something libertarians could jerk off over and the drawbacks now killing it as a speculative vehicle/currency were a fair tradeoff for a semi-anonymized commodity you could send instantaneously and convert into an approximate amount of whatever local currency without involving any oversight body it was never gonna last forever for that, since it's basically useless for anything legal it would inevitably be singled out for a regulatory crackdown or destabilized by efforts to hide the criminal poo poo in a sea of "legitimate" crypto transactions of something worthless like ape jpgs, but that was the use case and now it's over A Wizard of Goatse fucked around with this message at 05:44 on May 13, 2022 |
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May 13, 2022 05:31
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Booyah- posted:this is a good/funny explanation https://www.reddit.com/r/Buttcoin/comments/un9kyl/how_the_lunaterra_scheme_worked/ So, you make two coins, Luna and UST, and say they're each worth a dollar. When one coin dips under a dollar, people buy it cheap and then trade it for the other coin which is still worth a dollar. This trends the first coin back to one dollar and makes people money because they've traded something worth less than a dollar for something worth a dollar. If one coin goes above a dollar, you sell that and buy the cheaper coin. This means you now have more coins worth a dollar, makes you money and trends the more expensive coin back to the one dollar mark. So, everyone is constantly making money all the time and everything is wonderful. Just don't ever ask where that money is coming from or whether it actually exists in the first place. Now, as long as the power of belief keeps up everything is hunky dory but, if the prices of the coins start changing rapidly because people start getting worried, things get chaotic. Quickly. Someone has a Luna coin that's worth 95¢ and try to change it for a UST coin worth $1. But in the time it takes them to change the coin, the UST now dips to 90¢. Meaning the person has lost money. Or the coin they're selling goes up, but the price of the coin they're buying doesn't change. Now they're selling a coin worth, for example, $1.05 to buy a coin worth just $1. And losing money. Suddenly, the "guaranteed profit all the time" turns into "may lose money" and the people who jumped into the scam thinking they had found an infinite money making machine panic. Now everyone is selling both coins at the same time. Meaning, neither coin trends back to the one dollar mark, but rather _very_ quickly, start trending towards zero. Which is where we are now. AKA, the Fun Zone.
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May 13, 2022 05:36
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I wonder if the smarter bag holders are going to realise that what happened to one stablecoin can happen to all of them.
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May 13, 2022 05:38
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pray for my aunt posted:Other websites were relying on Luna to accurately report its own price - it stopped (or couldn't report below at $0.10), and these websites were then still trading Luna at 0.10 when it was worth less than 0.01. People dumped cheap Luna until the website couldn't pay out any more. ('Platforms', 'ecosystems' etc. make some aspects a bit unclear)
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May 13, 2022 05:39
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There's only so much buy low and hodl can do!
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May 13, 2022 05:41
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Megillah Gorilla posted:So, you make two coins, Luna and UST, and say they're each worth a dollar. When one coin dips under a dollar, people buy it cheap and then trade it for the other coin which is still worth a dollar. This trends the first coin back to one dollar and makes people money because they've traded something worth less than a dollar for something worth a dollar. That's... not how it worked or what that reddit post said. Only TerraUSD was a stablecoin, while Luna was worth way more. They didn't burn them 1:1 during conversions; they burned them in amounts relative to what the other cost. Luna at its peak was worth over $100, but now it's worth only a tiny fraction of a cent. Dr. Video Games 0031 fucked around with this message at 05:44 on May 13, 2022 |
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May 13, 2022 05:42
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for sale: baby ape, never slurped
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May 13, 2022 05:46
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Hillary 2024 posted:I wonder if the smarter bag holders are going to realise that what happened to one stablecoin can happen to all of them. Can anyone involved be called smart when you hear stuff like "it's a safe way to make 20% annual interest" and they're all just like "yeah that tracks". I can't say I understood a whole lot else about that youtube video but I can say you only need that sentence alone to know the whole thing is a scam. I guess it's like with the whole phishing email thing where they intentionally do dumb stuff to weed out any prospective targets with a functioning brain. My only real question is how did any of these people afford a house to lose in the first place.
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May 13, 2022 05:48
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Booyah- posted:this is a good/funny explanation https://www.reddit.com/r/Buttcoin/comments/un9kyl/how_the_lunaterra_scheme_worked/ How the gently caress is this poo poo even legal? Seems like everyone behind this and all the other crypto scams should be in jail.
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May 13, 2022 05:52
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Machai posted:Is there any actual use case for blockchain technology that isn't better served by something else? Currency is clearly not it nor is anything that utilizes private or sensitive data. It also can't be edited after the fact right? I am having a hard time thinking of any actual use for this resource hungry technology. ransomware is a pretty big and successful industry, however it's reliant on a large enough liquidity pool of regular suckers and a number of exchanges that can plausibly pretend to be legitimate, so they need to be constantly advertising so it doesn't fall back down into the dark web
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May 13, 2022 05:54
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Machai posted:Is there any actual use case for blockchain technology that isn't better served by something else? Currency is clearly not it nor is anything that utilizes private or sensitive data. It also can't be edited after the fact right? I am having a hard time thinking of any actual use for this resource hungry technology. literally just crime
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May 13, 2022 06:10
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prom candy posted:for sale: baby ape, never slurped *Tips hat* M'ape
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May 13, 2022 06:11
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Sophy Wackles posted:How the gently caress is this poo poo even legal? Seems like everyone behind this and all the other crypto scams should be in jail. I'm pretty sure as soon as someone rich enough, old enough, and white enough gets hit by this poo poo, it'll finally be acted upon. But before then I wouldn't count on it. But then there are also some logistical and legitimate barriers to holding people accountable for this poo poo - a lot of the people responsible for these scams are anonymous, and the ones that aren't are often not based in the US so they can't be easily pursued. Also the other thing is, it isn't a scam. All the information you needed to know this situation was likely to occur was right out in the open and published by the company themselves, to the extent that multiple people called it out specifically and some years in advance.
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May 13, 2022 06:15
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Don't listen to the doom sayers, my Jerks You Off/Kills You Slowly And Painfully machine is perfectly good at what it does. I just told you what it does, this is all legal btw.
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May 13, 2022 06:28
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prom candy posted:for sale: baby ape, never slurped Ape au jus.
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May 13, 2022 07:02
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May 13, 2022 07:07
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KitConstantine posted:We have an update on the 4% guy Ahh crap, nobody said anything about me reaping!
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May 13, 2022 08:36
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But if LUNA falls low enough it'll wrap around till it's infinitely valuable, and we who doubted will weep at the sight of the digital golden gods who rule us now.
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May 13, 2022 10:26
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My question about this is if you had 2.8m dollars In internet beanie babies, why wouldn't you cash out at least part of it? Cash out one million and put it in a traditional low risk fund and you can live very comfortably for the rest of your life, and still have 1.8m to gently caress around in crypto bullshit with. I know the answer is "people are greedy and stupid" but it still boggles my mind. And if the answer is "you can't cash out for (reasons)" then you don't have the money you claim to have. If you can't realize your gains you haven't actually made any.
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