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Collateral Damage posted:My question about this is if you had 2.8m dollars Thats KSI, a rapper/youtuber. A google says he makes 12 million a year. So just lost 3 months wages, probably regain that back in the video he will make laughing how he wasted it.
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May 13, 2022 11:12
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157357.74099959 LUNA = 157357.74099959 LUNA!!
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May 13, 2022 11:13
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they don't understand what a death spiral is nor why LUNA/TERRA is in one https://twitter.com/ksicrypto/status/1524760834400006145 but yeah makes good content, that's KSI's real investment
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May 13, 2022 11:16
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happyhippy posted:Thats KSI, a rapper/youtuber.
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May 13, 2022 11:20
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People stake this stuff so it gets locked away for hours, days sometimes. As we've seen with this 24 hours is a long time when something is melting down. Hell, 5 minutes is a long time. Friend of mine bought £200 of LUNA at $0.009 last night, and was rather pleased with himself showing screenshots with a +£475 paper profit at one point, swing trading it was basically ez money, etc. There was a point at which it went up to $0.049, and he could in theory have cashed out with £1,400. He didn't though, because he didn't create a limit sell or stop loss. He mentioned he cashed out this morning at £8. It is basically Vegas, and that's the problem. People are so greedy that they can't see that they're up massively on where they got in, they are just paralysed at the thought of cashing out before it moooooooons. At least with Vegas you're probably enjoying the actual experience and theatre of being there. With these people their enjoyment is laser focused on "number go up". They don't care for fiat, talk about how its a dead currency, yet everything they consider a "win" is measured in an actual meaningful currency. I do wonder whether it would be a societal good to create a website that simply lets these people make fake bets, and shows them a number that goes up, to give them that endorphin rush they need, without them actually ruining theirs and others lives doing it for real. I've also heard people I know in this sphere talking about how Terra couldn't fail, because it's an ecosystem and "there's so many great projects being built on there". Why can't something fail when it's built entirely on belief, without any intrinsic asset value? What happens when a significant majority stop believing in something? Well, we know what happens, but for some reason these people don't. Durzel fucked around with this message at 11:28 on May 13, 2022 |
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May 13, 2022 11:21
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Some 20 years ago I read a very silly satirical article about the then new Volkswagen Golf and how much bigger it has gotten with each generation, and if the VW Golf continues to grow at the same rate then by 2050 (or whatever) the VW Golf will be larger than the whole earth. I often think about that article when reading about crypto.
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May 13, 2022 11:35
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Its an insane level of greed, bitcoin at 65k wasn't enough, gamestop at 400 wasn't enough, amc at 55 wasn't enough anything less than a return of 1000X is too little and even then...
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May 13, 2022 11:46
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Durzel posted:With these people their enjoyment is laser focused on "number go up". They don't care for fiat, talk about how its a dead currency, yet everything they consider a "win" is measured in an actual meaningful currency. I do wonder whether it would be a societal good to create a website that simply lets these people make fake bets, and shows them a number that goes up, to give them that endorphin rush they need, without them actually ruining theirs and others lives doing it for real. I was in and out of recovery programs in my 20s. As someone who spent time with a lot of addicts (including my own personal experiences with addiction), I realized we were all chasing the lows as well as the highs. There's no excitement or fun without there being real, actual consequences. For addicts, there's pleasure in the extremes. When you're winning, you're only one bad loving bet away and you're back to broke -- and hey, when you're broke, you're only a big play from being back on top. Really, for a lot of addicts, it's not risk vs reward; it's risk and reward.
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May 13, 2022 12:10
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Durzel posted:I've also heard people I know in this sphere talking about how Terra couldn't fail, because it's an ecosystem and "there's so many great projects being built on there". Why can't something fail when it's built entirely on belief, without any intrinsic asset value? What happens when a significant majority stop believing in something? Well, we know what happens, but for some reason these people don't. The big lol is that the rallying cry of crypto has been that fiat curriencies are worthless because they're not pegged to something "real", but just the belief in the country and central bank connected to it. But no, imaginary tokens minted by people under aliases taken from cartoons are so much more stable. People are dumb and crypto bros are the dumbest people around.
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May 13, 2022 12:47
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Durzel posted:It is basically Vegas except casinos actually have cash on hand LMAO. crypto can't even do that.
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May 13, 2022 12:52
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I wonder if the crypto crash has had anything to do with Musk making GBS threads the bed on Twitter
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May 13, 2022 13:01
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May 13, 2022 13:04
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lilljonas posted:The big lol is that the rallying cry of crypto has been that fiat curriencies are worthless because they're not pegged to something "real", but just the belief in the country and central bank connected to it. But no, imaginary tokens minted by people under aliases taken from cartoons are so much more stable.
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May 13, 2022 13:05
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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. if everyone commits crimes, it kinda becomes impossible to do anything about it! same principle as uber operating unlicensed cabs or the trump administration. lilljonas posted:The big lol is that the rallying cry of crypto has been that fiat curriencies are worthless because they're not pegged to something "real", but just the belief in the country and central bank connected to it. But no, imaginary tokens minted by people under aliases taken from cartoons are so much more stable. that was the rallying cry for a long time, but recently there's been plenty of "well money is just a shared hallucination anyways, this is no different!" ex the FTX CEO saying if people put $200 million in a box, that's a really cool and valuable box that everyone else should invest in too.
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May 13, 2022 13:27
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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. Hard sci-fi author Kim Stanley Robinson has an idea he fleshed out in Ministry for the Future of creating a carbon coin that is backed by all the central banks. In the book, it's used to pay people for capturing carbon. It's different than what we're seeing here, because it's not a challenger to the central banks, it's a part of their portfolios and has their buy-in and backing, making it a fiat currency to rival the dollar in international acceptance. I'll leave it as an exercise for the reader to figure out how to get there from here.
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May 13, 2022 13:48
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Leon Sumbitches posted:Hard sci-fi author Kim Stanley Robinson has an idea he fleshed out in Ministry for the Future of creating a carbon coin that is backed by all the central banks. In the book, it's used to pay people for capturing carbon. It's different than what we're seeing here, because it's not a challenger to the central banks, it's a part of their portfolios and has their buy-in and backing, making it a fiat currency to rival the dollar in international acceptance. This sounds like just paying people to capture carbon with extra steps.
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May 13, 2022 13:54
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Bitcoiners might have lost everything, but they'll never lose the climate change they absolutely accelerated with their wasteful bullshit.
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May 13, 2022 13:57
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TheAgent posted:Unfortunately, it won't work. I met a guy at the $5 blackjack table in Vegas who told me "It's not gambling unless you can't afford to lose."
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May 13, 2022 14:18
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Doccykins posted:they don't understand what a death spiral is nor why LUNA/TERRA is in one I'm waiting for more of these poor fools to think the dead cat bounce is a recovery.
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May 13, 2022 14:18
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Tether bragged that they use like $600 million to repeg the token. I thought you guys were supposed to have $80 billion in assets so this shouldn’t be a brag…
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May 13, 2022 14:47
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Spaced God posted:I'm really dumb how the gently caress does stopping a blockchain enable someone to steal $13M? So two things: 1) A lot of "blockchains" aren't even decentralized, or are only slightly so. The "validators" of the terra blockchain all got together and stopped processing transactions. I don't know enough about terra to know if all those validators are controlled by the same entity or merely a cartel. 2) A bunch of poo poo runs on "smart" contracts, where code is run on the blockchain. However these contracts can only "see" information in the blockchain. The big issue is how do you get information from the outside world into the blockchain? Enter "oracles," which provide outside information to the blockchain (note the obvious issue here that we are now trusting these services to provide accurate information into a supposedly "trustless" network). Well the whole terra thing needed to know the price of terra in USD in order to (try to) maintain it's $1 peg, so they made an oracle for that. Then other people built smart contracts that relied on that oracle, apparently assuming it would be online forever. When terra decided to go offline, they paused their oracle, and these "smart" contracts became exploitable because they no longer had access to the information the oracle was providing.
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May 13, 2022 15:02
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Does anyone remember that episode of Beavis and Butthead where they each had to sell 50 candy bars for their school? And they just wound up selling them to each other by passing the same dollar bill back and forth? Is that how crypto currency works?
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May 13, 2022 15:04
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JAMOOOL posted:Does anyone remember that episode of Beavis and Butthead where they each had to sell 50 candy bars for their school? And they just wound up selling them to each other by passing the same dollar bill back and forth? Is that how crypto currency works? except in crypto there is never a candy bar
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May 13, 2022 15:08
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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. the money police always move slowly, and they often don't move at all until after some very big wallets get hurt and/or a lot of wallets get hurt. on top of that, all this cryptocurrency jargon sounds like something new and therefore raises doubts about who has jurisdiction over what, so all of the folks in charge of the various federal agencies that act as money police spend years and years writing memos and holding hearings to decide whether or not this is all their problem to handle. (the answer is obviously "yes", this is all the same old Ponzi schemes and money laundering schemes and unregistered securities offerings they've always been charged with handling, but nobody's really interested in taking on that challenge as long as there are more powerful people defending cryptocurrency as a concept than there are powerful people who are condemning it.)
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May 13, 2022 15:24
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JAMOOOL posted:Does anyone remember that episode of Beavis and Butthead where they each had to sell 50 candy bars for their school? And they just wound up selling them to each other by passing the same dollar bill back and forth? Is that how crypto currency works? Proud Christian Mom posted:except in crypto there is never a candy bar And crypto charges $70 to process the $1
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May 13, 2022 15:26
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HappyHippo posted:2) A bunch of poo poo runs on "smart" contracts, where code is run on the blockchain. However these contracts can only "see" information in the blockchain. The big issue is how do you get information from the outside world into the blockchain? Enter "oracles," which provide outside information to the blockchain (note the obvious issue here that we are now trusting these services to provide accurate information into a supposedly "trustless" network). Well the whole terra thing needed to know the price of terra in USD in order to (try to) maintain it's $1 peg, so they made an oracle for that. Then other people built smart contracts that relied on that oracle, apparently assuming it would be online forever. When terra decided to go offline, they paused their oracle, and these "smart" contracts became exploitable because they no longer had access to the information the oracle was providing. It's still hilaridad as balls that these assholes have built a hosed-up upside-down pyramid that has these ridiculous automated contracts and oracles built to help people scam up pretend money, and the lynchpin of the whole thing was Russian scammers locking up computers so businesses and grandmothers would have to buy bitcoins in order to pay off the scammers and get their data back. As soon as the Russians backed off on the scams due to their genocide going sideways, the grandmas and businesses stopped buying bitcoin, and with no new money influx, the entire thing comes toppling down. Goddamn.
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May 13, 2022 15:28
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i did end up buying empanadas instead of crypto yesterday and I'll tell you folks: INVEST. IN. EMPANADAS.
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May 13, 2022 15:30
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hotdog feet posted:i did end up buying empanadas instead of crypto yesterday and I'll tell you folks: INVEST. IN. EMPANADAS. Why? All you’re left with after a day or so is shitcoins.
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May 13, 2022 15:33
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Riven posted:Why? All you’re left with after a day or so is shitcoins. for me, i was left with a liquid asset
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May 13, 2022 15:37
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Collateral Damage posted:Sure, but this isn't the first time someone's posted about having millions in crypto and losing it all. It was more a general question. Outside of DC we have entire neighborhoods dedicated to lawyers and defense contractors and poo poo with pretensions buying a $10 million palace, spending all their money throwing rich people parties and trying to keep up with the Joneses, and inevitably burning through their savings and becoming unable to make payments within like 2-4 years. If they just wanted millions of dollars and all the stuff you can buy with that, they could move two miles away and be comfortable for the rest of their lives, but they don't. And there'll always be another in line to take the house when they're forced to move out.
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May 13, 2022 15:37
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Blotto_Otter posted:the money police always move slowly, and they often don't move at all until after some very big wallets get hurt and/or a lot of wallets get hurt. on top of that, all this cryptocurrency jargon sounds like something new and therefore raises doubts about who has jurisdiction over what, so all of the folks in charge of the various federal agencies that act as money police spend years and years writing memos and holding hearings to decide whether or not this is all their problem to handle. (the answer is obviously "yes", this is all the same old Ponzi schemes and money laundering schemes and unregistered securities offerings they've always been charged with handling, but nobody's really interested in taking on that challenge as long as there are more powerful people defending cryptocurrency as a concept than there are powerful people who are condemning it.) Eighty percent of innovation in the last two decades was "an app that allows you to avoid existing regulation."
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May 13, 2022 15:38
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Chef Boyardeez Nuts posted:Eighty percent of innovation in the last two decades was "an app that allows you to avoid existing regulation." and then most people realizing why those regulations exist in the first place
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May 13, 2022 15:40
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Chef Boyardeez Nuts posted:Eighty percent of innovation in the last two decades was "an app that allows you to avoid existing regulation." Yup. Plus dressing up a traditional business as a "tech" business. Uber is just a taxi company, Airbnb is in the hotel business, WeWork is literally just renting out office space, but you can't pull in billions of VC money that way; it's got to be an App. At best the innovation is, as you say, ignoring regulations.
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May 13, 2022 15:55
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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. some parts of the stack are very useful if you break it up. a private or centralised blockchain-based database can give you a mathematical guarantee against invisible tampering. decentralised databases are incredibly useful, for instance, bittorrent's DHT is pretty great and, a while ago, Usenet newsgroups. smart contracts aren't a terrible idea either, if they were lodged at an institution with the capability to legally and logistically enforce the non-digital outcomes of them, using a centralised database. the combination of decentralised and blockchain though results in pure contradiction: a database where you don't have to trust the people hosting the database nodes, but do have to trust literally everybody else without any means of validating or enforcing that trust. like a security system trained entirely on the guards, rather than the doors and valuables.
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May 13, 2022 15:56
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https://twitter.com/stablechen/status/1525023238895837184 It's simple, we use a crypto time machine to go back before the crash and pretend it never happened.
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May 13, 2022 16:09
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BoldFace posted:https://twitter.com/stablechen/status/1525023238895837184 lol if you're not quick saving your blockchain every 5 minutes
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May 13, 2022 16:11
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Really hope they can preserve the remaining $10k worth of value left in the system.
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May 13, 2022 16:17
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Hear me out, what if we all download cheatengine
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May 13, 2022 16:18
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JAMOOOL posted:Does anyone remember that episode of Beavis and Butthead where they each had to sell 50 candy bars for their school? And they just wound up selling them to each other by passing the same dollar bill back and forth? Is that how crypto currency works? You forgot about leverage. Beavis has the $1 and pretends he's a bank that has to have 10% of his loans available in assets, then loans Butthead $10. Butthead now claims he has $10 and is also a bank with 10% reserves, then loans Beavis $100. Now Beavis has $101, so he can loan another $1000 to Butthead, repeat ad nauseum until they both have more money than actually exists. Then they call their loans to each other "commercial paper", the supposed money from those loans "cash equivalents", and everyone who doesn't agree that they're rich "poors who aren't going to make it". Hello Sailor fucked around with this message at 16:24 on May 13, 2022 |
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May 13, 2022 16:21
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Doing a snapshot of my bank account when ever I buy stupid poo poo.
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May 13, 2022 16:21
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