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Space Fish posted:https://twitter.com/concodanomics/status/1534575165698453506?t=C-i7yaG7JKa3NmQ9td3r0Q&s=19 Ever since someone printed out Ron Paul bitnotes, I was wondering, if they are supposed to be exchanged offline, like real cash, how do you know if the bitcoin numbers on them are valid? Are they one-time use only like a scratchcard? How do you know, without scratching it, that there's a bitcoin on it?
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Jun 9, 2022 01:53
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"self-sovereign"
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Jun 9, 2022 02:13
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Paladinus posted:Ever since someone printed out Ron Paul bitnotes, I was wondering, if they are supposed to be exchanged offline, like real cash, how do you know if the bitcoin numbers on them are valid? Are they one-time use only like a scratchcard? How do you know, without scratching it, that there's a bitcoin on it? They have amazing tamperproof stickers that they got off amazon that were applied by their cousin who doesn't know what a bitcoin is, so as long as the sticker is in place you can trade the notes in confidence!
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Jun 9, 2022 02:22
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Boxturret posted:They have amazing tamperproof stickers that they got off amazon that were applied by their cousin who doesn't know what a bitcoin is, so as long as the sticker is in place you can trade the notes in confidence! So it's even less secure than a scratchcard. Wonderful.
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Jun 9, 2022 02:35
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Strong Sauce posted:*deep breath*  making something 'Geonosian Safe' is about protecting your bitcoin from these guys. 
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Jun 9, 2022 03:06
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Paladinus posted:Ever since someone printed out Ron Paul bitnotes, I was wondering, if they are supposed to be exchanged offline, like real cash, how do you know if the bitcoin numbers on them are valid? Are they one-time use only like a scratchcard? How do you know, without scratching it, that there's a bitcoin on it? These new ron paul funbucks require an app and a server run by the project to use, the notes themselves I assume serve the same purpose as chick tracts
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Jun 9, 2022 03:07
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Lol, did coiners just forget about cold hard cash? I can go pretty much anywhere on earth and purchase anything I want with cash. I don’t need electricity or any kind of app to do that.
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Jun 9, 2022 03:20
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its better than cash, its cash with an expiration date so you can claw it back when your server at applebees rolls her eyes and throws it in the trash
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Jun 9, 2022 03:23
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Also if their servers are down you can't use your cash 
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Jun 9, 2022 03:53
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Offline cash (requires internet connection)
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Jun 9, 2022 04:00
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Boxturret posted:They have amazing tamperproof stickers that they got off amazon that were applied by their cousin who doesn't know what a bitcoin is, so as long as the sticker is in place you can trade the notes in confidence! Don’t forget, it had a little checkbox you are supposed to check after the bitcoin the bill represents has been used  An easy way to give someone bitcoins! *contains two QR codes* Gutcruncher fucked around with this message at 04:12 on Jun 9, 2022 |
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Jun 9, 2022 04:06
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So it’s basically a check then, not cash. Only it is set to pay out to whoever the bearer is. So how does this deal with writing more than you have? Let’s say I’ve got .5 butts in a wallet. Let’s even assume they’re smart enough to not send me more than that in Butt Cash. So I order a stack of .25 Butts worth of Butt Bills and start spending them on things. But what’s to stop me from withdrawing my .5 butts (or just sending them to another wallet I own) as soon as I get my butt bills? Now when people go to cash that in they’re essentially stuck with bouncing checks. Like Jesus gently caress they somehow made something that combines the worst parts of cash, checks, and wire transfers. It’s honestly impressive.
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Jun 9, 2022 04:10
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Paladinus posted:Offline cash (requires internet connection) Offline NFTs are next. What if you print out a JPEG, frame it, and then sell it that way? Sounds revolutionary.
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Jun 9, 2022 04:11
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Also I’m poking holes in this in minutes while shitposting in bed with a buzz. How the poo poo did no one just I dunno mentally think through how these would get used?
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Jun 9, 2022 04:11
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It’s funny to think of someone hiring thugs to protect their cryptocurrency, but those people wanting to be paid in real money
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Jun 9, 2022 04:12
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Cyrano4747 posted:So it’s basically a check then, not cash. Only it is set to pay out to whoever the bearer is. Look at this guy thinking through the ramifications of DeFi more than the DeFi crowd. It will work like the old days, where you call up the bank to verify funds and hope they don't write more checks between now and then, except your bank is now a terrabyte database. V- somehow worse nomad2020 fucked around with this message at 04:25 on Jun 9, 2022 |
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Jun 9, 2022 04:14
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Cyrano4747 posted:So it’s basically a check then, not cash. Only it is set to pay out to whoever the bearer is. You give them your butts and they sell you the piece of paper that says you own the butts (you don't own the butts anymore, they do, but they pinky swear they'll give them back to you when you ask). That's what stops you, you already gave them all your money. The paper butts are connected to their non-blockchain system, so when you give it to someone they have to use their special app to verify the buttcash hasn't already been used
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Jun 9, 2022 04:19
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Cyrano4747 posted:So how does this deal with writing more than you have? Let’s say I’ve got .5 butts in a wallet. Let’s even assume they’re smart enough to not send me more than that in Butt Cash. So I order a stack of .25 Butts worth of Butt Bills and start spending them on things. To redeem the bill you have to cut it open to retrieve the secret buttkey (this is actually how it works) The real question is what is to stop the people who run the decryption server and manufactured the secret buttkey from taking your butts
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Jun 9, 2022 04:22
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technically I don't think they're saying you own the butts, just that whoever holds a butt bill has the right to exchange it for an equivalent value of butts. the idea is that nobody would actually do this but the theoretical possibility of being able to do it is what gives the money its value, like how money used to work on the gold standard. the extremely obvious issue is that bitcoin has no inherent value like gold did. also the company running this is guaranteed to spend/somehow lose its bitcoin reserves and collapse. that, or it's going to be exploited by a hacker for hundreds of millions of dollars. not to mention all the practical issues with having to verify each bill is real and still redeemable every transaction.
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Jun 9, 2022 04:37
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Looking at it closer, it looks like the bill has a thin conductive strip in it which is presumably how it decides whether to send the public key (check balance only) or private key (spend balance). I'm sure there is no possible way to tamper with this high tech system
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Jun 9, 2022 04:49
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Cyrano4747 posted:Also I’m poking holes in this in minutes while shitposting in bed with a buzz. How the poo poo did no one just I dunno mentally think through how these would get used? go to sleep gramps you know nothing of the internet future
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Jun 9, 2022 04:49
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Gutcruncher posted:Don’t forget, it had a little checkbox you are supposed to check after the bitcoin the bill represents has been used also they couldn't figure out how to put a box on their money so they just wrote [_]
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Jun 9, 2022 04:52
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Strong Sauce posted:*deep breath* So to put it in human terms, the company made a deal to hand over a bunch of money but fat fingered the address (same street number, same street name, wrong city), the delivery got sent there, and nobody involved was around to get it returned but sort of assumed it would be fine until they figured out a fix. The hacker found out, got to the place where the money was sent, and then dropped a building into that spot that looked legit enough to fool the delivery folks into handing it over, and then took it all and immediately put it through a "I just stole a bunch of money, make it seem legit" machine. Is that about right?
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Jun 9, 2022 05:00
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drk posted:the notes themselves I assume serve the same purpose as chick tracts You wipe your rear end with them when you run out of toilet paper?
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Jun 9, 2022 05:16
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to explain the optimism scenario (most of it) in a different way: it's still stupidly complicated. Ethereum (L1) has sidechains (L2s) that are an equivalent of another spoken language aka technical blockchain. So you can send to the same address on an L2, but only on a normal wallet can you interact on that L2. But they exist separately and basically you have to bridge poo poo back and forth, you can't just use L2 assets on an L1 and vice versa as it only exists on one or the other or as a wrapped equivalent. The way these multisig wallets work (where the gently caress up happens) is it's fancy code that only works on the L1 or only the L2 it's made for. You cannot just send ether (L1) to the L2 wallet, the L2 wallet won't interact with it. Wintermute, a crypto multimillion dollar market making business, never checked that when they sent two test transactions a token across they could actually access it. By the time they figured out how to reverse the transaction and re-send the tokens so they could access the tokens, someone else already did and then it became the standard "welcome to blockchain get hosed" that immutable blockchains are well known for. It was all done through a privacy mixer so that cash is gone forever. Wintermute put up 50 mil to make up for the 20 lost +, requested another 20 to complete the work, but that's telling enough on its own. Hopefully this will be the end of wintermute.
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Jun 9, 2022 05:17
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Cyrano4747 posted:Also I’m poking holes in this in minutes while shitposting in bed with a buzz. How the poo poo did no one just I dunno mentally think through how these would get used? They're not meant to be seriously used for anything, they're just a novelty gift bitcoiners can give to normal people as an excuse to teach them about the magical world of bitcoin It's basically in the same vein as those novelty fake dollars with religious verses on the back that assholes give as tips
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Jun 9, 2022 05:54
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Cyrano4747 posted:Also I’m poking holes in this in minutes while shitposting in bed with a buzz. How the poo poo did no one just I dunno mentally think through how these would get used?
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Jun 9, 2022 06:07
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Here's the thing about the Wintermute test whatever that I don't understand. Why were they testing this with enough money that poo poo going sideways actually matters?
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Jun 9, 2022 06:23
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Elias_Maluco posted:Thank you for your effort. Can’t say I understand it completely yet but I think I have an idea of what happened now Long winded explanations aside - it also, like so many of these Crypto “thefts” , absolutely reeks of being an inside job and a scam masquerading as a “hack”
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Jun 9, 2022 06:29
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Jose Valasquez posted:Agreed, it's a poor analogy because tulips have aesthetic value. Crypto has nothing You can also eat them. They don't taste good, but if your family is starving because you lost all the money gambling on tulips at least you have a field of tulip bulbs to sustain you.
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Jun 9, 2022 06:33
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Hardawn posted:Someone should post the count of Monte Cristo book at him I read this as 'throw'. It's a pretty thick book.
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Jun 9, 2022 06:41
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MechaCrash posted:Here's the thing about the Wintermute test whatever that I don't understand. Because what could possibly go wrong? It's on the blockchain! smellmycheese posted:Long winded explanations aside - it also, like so many of these Crypto “thefts” , absolutely reeks of being an inside job and a scam masquerading as a “hack” Maybe this is why so many people have been leaving their jobs to work for crypto companies. Just stay long enough to sit in on a couple meetings or get inside info like this and stay up late after work to steal a couple mil and retire to Thailand for a while.
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Jun 9, 2022 06:42
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MechaCrash posted:Here's the thing about the Wintermute test whatever that I don't understand. Theoretically, if you knew the guy who stole it then theoretically you could, I dunno, keep half.
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Jun 9, 2022 06:44
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What could possibly go wrong? https://twitter.com/SquawkCNBC/status/1534151448199671808
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Jun 9, 2022 07:09
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What I'm getting so far is that 'gnosis safes' are about as good at securing things as 'gun safes' are.
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Jun 9, 2022 07:46
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smellmycheese posted:What could possibly go wrong? This feels a bit like "oh poo poo, investment funds were total dipshits again and need someone else to come in and hold the bag".
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Jun 9, 2022 08:07
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smellmycheese posted:Long winded explanations aside - it also, like so many of these Crypto “thefts” , absolutely reeks of being an inside job and a scam masquerading as a “hack” Indeed, reading the story I was immediately "Oh yeah someone on the inside totally just stole it"
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Jun 9, 2022 09:16
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Sounds like play-to-earn isn't doing enormously well. The metaverse, however, seems to be doing fine... just not the metaverse that Facebook's betting the farm on. https://twitter.com/slhamlet/status/1534661603123003392
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Jun 9, 2022 09:42
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This is still the only justification they can offer https://twitter.com/eduard_3007/status/1534781576399183872?s=20&t=Vyx0Z07VI1XJX-_UdgrTmQ https://twitter.com/eduard_3007/status/1534787935933026309?s=20&t=Vyx0Z07VI1XJX-_UdgrTmQ
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Jun 9, 2022 09:56
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Yeah, and it's still impossible horseshit that literally cannot ever happen. Even if someone came up with a clever standardised solution where models and textures could be reliably auto converted from engine to engine, model to model, and artstyle to artstyle, it's still going to run into the same problem as NFTs, namely that I could just download the data in question and use it as I see fit, without having to touch a blockchain at any point and without owning the NFT for said data.
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