Beeftweeter posted:

imagine being an operator that has to physically connect them

Jose Valasquez posted:

they better figure it out quick, Bitcoin is 14 years old so they've only got 4 more years before most coiners lose interest

Boxturret posted:

https://i.imgur.com/xLo7fAr.mp4

Boxturret posted:

quote:

In order for Alice to steal Bob’s funds, she must attempt to close the channel non-cooperatively (without the knowledge of the other party) and speculate at a moment when the other side is not online. If these conditions are met, then Alice will broadcast an older channel state and hope that Bob will not get online within the established time (usually 24 hours) to automatically set the record straight.

Bob’s node knows that the transaction history is different from Alice’s malevolent revisionism, and it will engage the justice system if the internet connection (or power) gets restored before the time limit. If Alice is successful in her attempt, then she will irreversibly steal funds she illegitimately requested from Bob due to the channel closing and the transaction being written in a Bitcoin block. But if Bob returns within the time limit, then Alice will be penalized by losing all the bitcoins she put on the channel

kalensc posted:

From the wiki:

well now they're juat cribbing from Sakaguchi's early drafts for ffviii

LanceHunter posted:

Wow, this could lead to some really messy situations if there were any unscrupulous people involved in bitcoin.

SubG posted:

also known as the traveling scamsman problem

Boxturret posted:

no don't you see, in order to steal the coins the person risks losing all of their coins, no one would ever take that risk!

Just-In-Timeberlake posted:

https://twitter.com/Anthony/status/1526228511018598401?s=20&t=ATeVLB2SDx5JxkEpZDV8JQ

Alan Smithee posted:

is this man going to die Tony Montana style? If so can we set up bird cams

Kill All Cops posted:

https://twitter.com/cz_binance/status/1526414316261584896

diamond hands!! or maybe he just forgot about ever owning the coin

Kill All Cops posted:

https://twitter.com/cz_binance/status/1526414316261584896

diamond hands!! or maybe he just forgot about ever owning the coin

RPATDO_LAMD posted:

yes, every lightning network connection is between two people and they have to commit upfront to every bitcoin that they ever want to spend over it (which will get locked into the lightning channel). if it runs out you have to spend enormous bitcoin transaction fees creating a new channel.
then if you want to send bits coin to someone you don't have a direct connection with you have to solve an NP-hard problem to traverse the graph and pay nofees at each leg of the journey.

if you send $100 it also consumes $100 worth of the up-front liquidity from each connection it passes through, so if someone doesn't send a similar transaction backwards through those same nodes they will eventually get exhausted and have to be recreated

Chris Knight posted:

https://www.mollywhite.net/annotations/latecomers-guide-to-crypto

comedyblissoption posted:

i assumed lightning network meant like they just increased the block size and compressed the protocol to handle a lot more transactions or w/e shows how stupid i am

CommieGIR posted:

The whole diamond hands thing is hilarious: Because trading is buying AND selling, not sitting on devalued assets.

FT posted:

Investors pull $7bn from Tether as stablecoin jitters intensify

Tether’s market value falls 9% after stablecoin briefly lost peg against US dollar


Traders have yanked $7bn from Tether since the world’s biggest stablecoin last week briefly lost its peg against the US dollar, intensifying concerns about the assets that underpin the global cryptocurrency market.

Tether’s market value has fallen by 9 per cent since May 12 to $76bn as tokens have been removed from circulation to meet redemption requests, CryptoCompare data show. The decline came after Tether last Thursday traded at about 95 cents, well below the $1 level it seeks to maintain following the failure of a smaller rival.

Observers inside and outside the crypto market have warned that deeper or more lasting volatility in stablecoins, which are designed to maintain a one-to-one peg with the dollar, could drag down the value of thousands of speculative crypto assets that have drawn buyers around the world.

“There is no guarantee that [stablecoins] can be redeemed at par at any time — just last week the world’s biggest stablecoin temporarily lost its peg to the dollar,” Fabio Panetta, an executive board member at the European Central Bank, said in a speech on Monday.

Panetta added that stablecoin holders could not claim deposit insurance to recoup any losses and operators were not able to access bank standing facilities, leaving the tokens vulnerable to runs. He pointed to last week’s collapse in TerraUSD, once a top-five stablecoin, as an example of this risk.

“It is an illusion to believe that private instruments can act as money when they cannot be converted at par into public money at all times,” the ECB official added.




Hopping in and out of crypto assets using mainstream currencies such as the dollar or sterling can be clunky. Instead, digital asset enthusiasts often use stablecoins, which are native to crypto’s blockchain technology and are designed to keep a one-to-one link with the greenback.

As Tether has faced outflows, the stablecoin’s largest rival, Circle’s USD Coin, has drawn a 5 per cent increase in funds during the same period.

“My understanding is there’s very strong outflow out of some stablecoins, but some inflow into other stablecoins. All of that is suggesting it’s time for stablecoins to really become stable,” said Tobias Adrian, director of the monetary and capital markets department at the IMF.

Big stablecoins are typically lightly regulated, and many are not regulated at all. But central banks are keeping a close eye on developments in the space in case it hits household wealth by depressing crypto prices or sparks other financial stability risks, particularly for tokens such as Tether that are backed with financial asset reserves.



In a March 2022 report, the Bank of England said that while stablecoins could play “an increasingly important role in payments . . . public confidence in money and payments could be undermined if a systemic stablecoin used for payments fails to meet its obligations”.

Tether’s operators have said the token is backed by a basket of dollar-based assets equal to the size of the tokens outstanding, but it has not released granular details of these reserves. In an interview with the Financial Times last week, Tether executive Paolo Ardoino said revealing details about the group’s reserve management would give away the company’s “secret sauce”.

The company declined to comment on its outflows on Monday. In a blog post, Tether said it “engages in constant risk-management and stress-test scenarios, ensuring it always has at hand, a liquid portfolio of assets to manage redemptions, even in a bank-run scenario”.

Sapozhnik posted:

every decentralized thing eventually reduces to a spam filtering problem. algorithms can't save you here because even humans can't agree on whether some random newcomer is a worthwhile contribution to their community. especially when a large flood of newcomers might all be the same underlying flesh-and-blood human wearing a million different faces and you have no way of knowing.

Beeftweeter posted:

hmm

just how fungible is this virtual land plot in an ape game that does not and may not ever exist? is it fungible? i've heard it may be non-fungible.

CommieGIR posted:

Don't forget that future lucrative ape casino.

CommieGIR posted:

Don't forget that future lucrative ape casino.

CommieGIR posted:

Don't forget that future lucrative ape casino.

CommieGIR posted:

Don't forget that future lucrative ape casino.

Escape From Noise posted:

Oh it's happening!

Lol. This article.

"As I described in an earlier article, the artwork is really important when I buy a collectible or piece of art that I intend on holding for a long time. It needs to be interesting and unique enough to stand out and attract and maintain a large audience, and ideally be something people want to show off, thus acting as promoters for the project.

The Gambling Apes artwork is of really high quality. The apes themselves are super well done and the discrete background illustrations add a nice visual element."

Escape From Noise posted:

Oh it's happening!

Lol. This article.

"As I described in an earlier article, the artwork is really important when I buy a collectible or piece of art that I intend on holding for a long time. It needs to be interesting and unique enough to stand out and attract and maintain a large audience, and ideally be something people want to show off, thus acting as promoters for the project.

The Gambling Apes artwork is of really high quality. The apes themselves are super well done and the discrete background illustrations add a nice visual element."

Beeftweeter posted:

hmm

just how fungible is this virtual land plot in an ape game that does not and may not ever exist? is it fungible? i've heard it may be non-fungible.

Paladinus posted:

Buddy, they won't even let me funge it.

Beeftweeter posted:

lol they're hideous. gj "investors"

quote:

Their attitude and big grinning faces aren’t for everyone, but this only serves to strengthen the dedication and engagement among the people who do love the artwork. I see that as a plus.

Pigbuster posted:

oh? you think it’s hideous? you fool, that only makes them an even better investment!