Futanari Damacy posted:

So I guess bad things happen if this goes under $20k? There seems to be some insistence that the price remain above this threshold

Futanari Damacy posted:

So I guess bad things happen if this goes under $20k? There seems to be some insistence that the price remain above this threshold

Futanari Damacy posted:

So I guess bad things happen if this goes under $20k? There seems to be some insistence that the price remain above this threshold

Futanari Damacy posted:

So I guess bad things happen if this goes under $20k? There seems to be some insistence that the price remain above this threshold

Random Stranger posted:

I strongly suspect that the "smart" money (ie, the ones that were actually scamming instead of the ones thinking they were scamming) is already out, or at least out as much as they can be.

LifeSunDeath posted:

yeah it has to be, that's why GPU prices dropped back down to near MSRP the second the crash started up. business people have tons of metrics and people who aren't stupid looking at this poo poo and going "yep, this ponzi is gonna crash in the next quarter, so we gotta pivot our investment elsewhere."

Alan Smithee posted:

Matt Furie got it way worse

Neito posted:

Yeah, that's fair. Pepe still infurates me any time I see it, through no fault of Mr. Furie.

Beached Whale posted:

"he wouldn't be doing it if the economics didn't make sense"

LifeSunDeath posted:

classic bagholder mentality.

repiv posted:

on the other hand he did go all-in on NFTs

https://www.rarepepes.fun/

LifeSunDeath posted:

yeah it has to be, that's why GPU prices dropped back down to near MSRP the second the crash started up. business people have tons of metrics and people who aren't stupid looking at this poo poo and going "yep, this ponzi is gonna crash in the next quarter, so we gotta pivot our investment elsewhere."

Random Stranger posted:

Because buying and selling without a central authority turned out to be a really stupid idea. Who would have guessed?

More importantly, it works as long as nobody cashes out. People holding on to crypto in the hope that it'll go back up means those exchanges can keep spinning the plates. And not allowing them to sell for real dollars is another way to prolong this.

Deadly Ham Sandwich posted:

Cost of running mining servers becomes unprofitable at that low a price. Electricity is expensive. It's why you see news about graphic card prices dropping and miners closing.

There could also be prices where a ton of people start selling off their coins, but I'm not sure how people discover buy and sell orders. I didn't think the exchanges were that transparent about this stuff. Also the largest exchanges are blatant scams, so I wouldn't be surprised if they just didn't allow low sell orders to go through. They already do a ton of wash trades.

notwithoutmyanus posted:

This very much makes me think of the casino model. where as long as they give you more chips back they're not really losing anything because you're not taking any of it to dollars and they're still holding all of your dollars.

CAT INTERCEPTOR posted:

Well acccccctually there's cars that are perfectly fine running on ethanol or petrol and your own car can do it IF it has the injector overhead and ECU tune to do it, as well as the ethanol hardening required - and even run on a mixture if flex fuel sensors are involved, thence some cars are fully able to do that from the factory even. If your car is not set up to run ethanol, it just wont because mostly the ECU wont throw in enough ethanol for it to run and the cold start loop wont be set correctly so it likely wont even start. Ethanol is very much a real fuel for ICE and even desireable for allowing the engine to run more advanced timing and hence more power. More so for a forced induction motor

If you want it as a , it's more of a turbo engine using standard RON fuel rather than premium. The damage in that case does add up until a catastrophic failure

Gutcruncher posted:

Has anyone done some kind of “Calvin peeing on things” NFT collection? Just to try and hit all the “awful bootleg merch” checkpoints

TVs Ian posted:

https://twitter.com/nftwhalealert/status/1542125573916721152?s=21&t=3AfhMTFHVnQ0IBe-u_cOiw

I had no idea this was a thing, and quite frankly I wish I was still unaware.

Rotten Red Rod posted:

Rotten Red Rod posted:

Come on, you know irony is dead: https://launchmynft.io/collections/GLm6BfSU6Bam219L3fokuW2hMvD4PGTcVgV25fUq9VNk/iS2G6cIOHoeZY6FoZLTX

FlapYoJacks posted:

BTC is gearing up for another 1 - 2k dump.
- Hovering around a wall (20k)
- No gains at all from the previous pump
- Smaller and smaller amounts of trading.

HODL doesn’t work on anybody but bag holders. Much like the other several times BTC has tanked, all the conditions are the same.

Serious_Cyclone posted:

The idea of a zero-salary, all-stock-compensation arrangement sounds like lunacy to me. Is it designed to appeal to the wannabe Elons? Like a cargo cult thing?

Cyrano4747 posted:

The other - and I may be wrong about this - is that I'm pretty sure the modern day firehose of VC capital means that even startups can pay their computer touchers more or less market rates, which in turn means that most of the really juicy stock options are held back for the investors. Stock options are still a thing, but at lest in my understanding where they are today is nothing like what the situation was in the late 90s.

quote:

SEOUL, June 29 (Reuters) - The nosedive in cryptocurrency markets has wiped out millions of dollars in funds stolen by North Korean hackers, four digital investigators say, threatening a key source of funding for the sanctions-stricken country and its weapons programmes.

North Korea has poured resources into stealing cryptocurrencies in recent years, making it a potent hacking threat and leading to one of the largest cryptocurrency heists on record in March, in which almost $615 million was stolen, according to the U.S. Treasury.

The sudden plunge in crypto values, which started in May amid a broader economic slowdown, complicates Pyongyang's ability to cash in on that and other heists, and may affect how it plans to fund its weapons programmes, two South Korean government sources said. The sources declined to be named because of the sensitivity of the matter.

It comes as North Korea tests a record number of missiles - which the Korea Institute for Defense Analyses in Seoul estimates have cost as much as $620 million so far this year - and prepares to resume nuclear testing amid an economic crisis.

Old, unlaundered North Korean crypto holdings monitored by the New York-based blockchain analytics firm Chainalysis, which include funds stolen in 49 hacks from 2017 to 2021, have decreased in value from $170 million to $65 million since the beginning of the year, the company told Reuters.

One of North Korea’s cryptocurrency caches from a 2021 heist, which had been worth tens of millions of dollars, has lost 80% to 85% of its value in the last few weeks and is now worth less than $10 million, said Nick Carlsen, an analyst with TRM Labs, another U.S.-based blockchain analysis firm.

A person who answered the phone at the North Korean embassy in London said he could not comment on the crash because allegations of cryptocurrency hacking are "totally fake news."

"We didn't do anything," said the person, who would only identify himself as an embassy diplomat. North Korea's foreign ministry has called such allegations U.S. propaganda.

Cyrano4747 posted:

Pretty much. A common problem for new companies is that they don't have the cash flow to pay for top talent. So usually they'll try to make it up in other ways. Most famously the early dot com stuff (before venture capital went balls deep on the tech industry) did that a LOT. Sometimes you ended up with a shitload of shares of Pets.com, but sometimes you were one of the guys who got a fuckload of pre-IPO Google or Amazon. Those people became rich beyond their wildest dreams of avarice and are basically the roll models for all these crypto tech bros. That's the whole appeal - get in way early on the ground floor and get yourself catapulted clear past the middle class, over the merely "rich", and into the stratosphere of people who fly on private jets.

Two things to note: I don't think any of the early tech companies did 100% stock compensation because, you know, people have to eat. It's just that they payed them less than they could get by going to an established tech company. $BIG_SALARY at Microsoft or $MEDIUM_SALARY+STOCKS at Google in 1998? I dunno, I'm sure that SOMEONE did full stock compensation as the tech bubble really got going around 2000, but I doubt those are the sort of companies that ever made it.

The other - and I may be wrong about this - is that I'm pretty sure the modern day firehose of VC capital means that even startups can pay their computer touchers more or less market rates, which in turn means that most of the really juicy stock options are held back for the investors. Stock options are still a thing, but at lest in my understanding where they are today is nothing like what the situation was in the late 90s.

edit: that's also why crypto appeals so much not only to poor people desperate to escape the bottom 50% of our economy, but also to crypto bros who have decent middle class jobs. They were born too late to be the Joe Software Engineer who got pre-IPO google, and that opportunity doesn't really exist any more in the same way. Hence Crypto, the thing that they are telling themselves they're in on the ground floor of and that if it takes off they can ride to similar riches.

halokiller posted:

At next year's Apefest

SettingSun posted:

Startups are wild. Ten tears ago an old friend of mine sold his cloud computing startup to Cisco for enough money for him to retire at 30. Last year, another friend took a job at a biotech startup. Headed by a high energy visionary CEO, that company was constantly hiring and hosting galas for foreign dignitaries and poo poo. Then one Monday they had an all hands meeting and told everyone their money was running out with no new investors or buyouts in sight. So to limp the company along they downsized the lab and fired 80% of the staff, including new hires and C-levels they JUST hired on (she was one of the dozen or so retained). By the time she left for other work the future of the company was still uncertain and they were beginning to stop paying vendors because they had no money.