|
I knew it! 
|
#
?
Jul 2, 2022 15:08
|
|
|
|
| # ? Jun 5, 2024 22:46 |
|
|
Beeftweeter posted:also if you really are ebaum we exchanged some pretty nasty emails about 20 years ago lol no I got this username in a name change thread years ago Beeftweeter posted:yeah they explicitly lay that out actually. i think its probably a legal cya but it's still interesting; when they do the conversion, what happens if there isn't enough liquidity to actually make that happen? Coinbase likely only authorizes charges that are covered for 120% in crypto. so let's say the processor sends them a 'the charge is $18. authorize?' message. coinbase checks if the user has at least $22 worth or crypto. if so, they send a 'yes' back, immediately take the crypto out of the account at a rate that is very favorable to them, sell it. they can sell it on the actual market that they control, or they can buy it themselves, because of course there's no split between the prop trading desk, the exchange and the debit card department. the money gets entered on the invoice for the end of the month: 'coinbase owes metabank $18 (minus part of the interchange and processor fees and whatnot)' that's kind of the beauty in issuing these as debit cards rather than credit cards. there's no risk. if the balance isn't sufficient, the charge doesn't get authorized. if the api call times out before coinbase sends yes, the charge doesn't get authorized. the one risk, and that's for the merchant if they're stupid, is with actual offline transactions. the ones where a shopkeeper says 'I'll just write down your cc# and charge you later' (because there's a power outage or whatever. this is getting super rare). those kinds of operations are still possible, and they'll probably get rejected because the card settings don't allow offline transactions, or the balance is simply gone because Joe Bitcoiner already knows what's up and would actually like to double spend his btc irl EricBauman fucked around with this message at 15:41 on Jul 2, 2022 |
|
#
?
Jul 2, 2022 15:30
|
|
|
why isnt my butts fdic insured
|
|
#
?
Jul 2, 2022 16:06
|
|
|
to be fair to bitcon it is incredible how many idiots exist in this day and age, truly a momentous time to be a scam
|
|
#
?
Jul 2, 2022 16:07
|
|
|
|
|
#
?
Jul 2, 2022 17:50
|
|
posted:
|
How dong-razzled is Voyager? Three-quarters of their "assets" — about $600 to $700 million in BTC and USDC owed by 3AC — are "away from them". [Press release; Yahoo Finance]
|
|
#
?
Jul 2, 2022 17:51
|
|
|
https://twitter.com/coinfessions/status/1541360691755507717 i hope this one is real
|
|
#
?
Jul 2, 2022 17:55
|
|
|
PotatoJudge posted:https://twitter.com/coinfessions/status/1541360691755507717 if it's any consolation to that coincel, that guy is gonna get liquidated as well
|
|
#
?
Jul 2, 2022 17:58
|
|
|
PotatoJudge posted:https://twitter.com/coinfessions/status/1541360691755507717 please be true.
|
|
#
?
Jul 2, 2022 18:17
|
|
|
PotatoJudge posted:https://twitter.com/coinfessions/status/1541360691755507717 I WANT TO BELIEVE
|
|
#
?
Jul 2, 2022 19:23
|
|
|
Hammerite posted:How dong-razzled is Voyager? Three-quarters of their "assets" — about $600 to $700 million in BTC and USDC owed by 3AC — are "away from them". [Press release; Yahoo Finance] Amy and I has written up precisely how FDICked Voyager is for your delight, including the exact law they're playing fast and loose with.
|
|
#
?
Jul 2, 2022 19:32
|
|
|
divabot posted:Amy and I has written up precisely how FDICked Voyager is for your delight, including the exact law they're playing fast and loose with. quote:In the Q3 2022 earnings call, voyager CEO Steve Ehrlich said: Ehrlich is German for "honest".
|
|
#
?
Jul 2, 2022 20:08
|
|
|
Honest Steve's bitcoin storage. "We "won't" "steal" "your" "money""
|
|
#
?
Jul 2, 2022 20:11
|
|
|
NOOOOOOOOOO
|
|
#
?
Jul 2, 2022 20:11
|
|
|
Splicer posted:Honest Steve's bitcoin storage. "We "won't" "steal" "your" "money"" FDIC insured? No, risk!
|
|
#
?
Jul 2, 2022 20:20
|
|
|
Splicer posted:Honest Steve's bitcoin storage. "We "won't" "steal" "your" "money"" “we” “will” “make” “it” “away” “from” “you”
|
|
#
?
Jul 2, 2022 20:21
|
|
|
look, just that your money is "away" from you does not mean it's still not "your" money having written this sentence and reread it i have no idea what it really means
|
|
#
?
Jul 2, 2022 20:28
|
|
|
divabot posted:Amy and I has written up precisely how FDICked Voyager is for your delight, including the exact law they're playing fast and loose with. holy poo poo lol feels like voyager's marketing what even more misleading than celsius and that's wild
|
|
#
?
Jul 2, 2022 20:35
|
|
|
Booyah- posted:holy poo poo lol Well, the people at its subreddit are even dumber than the ones at celsius' and that's saying something.
|
|
#
?
Jul 2, 2022 20:40
|
|
|
so i was coming up with a list of crypto businesses that might be the next one to fall and had a question: are there any crypto exchanges that are known to invest their cryptocurrency reserves? it would seem like "free money" if you're a crypto exchange - why not take all the crypto that you have waiting around for someone to redeem, put it in a rock-solid investment like celsius, and pocket the interest? and then, you know, suddenly they have a shortfall. it seems like the sort of thing that would happen but do we know if it's happened?
|
|
#
?
Jul 2, 2022 21:00
|
|
|
HolHorsejob posted:do none of these idiots understand fractional reserve banking? the very best bits lately are reading about what people think FDIC insurance is. https://www.reddit.com/r/VoyagerExc...utm_name=iossmf divabot posted:Amy and I has written up precisely how FDICked Voyager is for your delight, including the exact law they're playing fast and loose with. divabots got this. it’s amazing that now the rallying cry is ‘not your key not your crypto’ essentially ignoring all the systemic issues that created exchanges in the first place. it really is baby’s first finance speed run. squirrelzipper fucked around with this message at 21:34 on Jul 2, 2022 |
|
#
?
Jul 2, 2022 21:04
|
|
|
squirrelzipper posted:the very best bits lately are reading about what people think FDIC insurance is. there's a similar slap fight happening in the bfc bad with money thread right now.
|
|
#
?
Jul 2, 2022 21:13
|
|
|
HolHorsejob posted:do none of these idiots understand fractional reserve banking? what’s wrong with 30% - 70% APR? https://defirate.com/lend/ MKR and EOS huh? i wonder why bitfinex offers premium rates on those but not the other ones. a few days ago it was only 50% APR
|
|
#
?
Jul 2, 2022 21:17
|
|
|
evilweasel posted:crypto that you have waiting around for someone to redeem i mean crypto is stupid as hell, but i dont think the point of an exchange is to have their own crypto just hanging out there. like ny stock exchange itself doesn't own stock either - they just make it possible to trade the stock and make their money from taking a cut from each sale. also its kind of important for an exchange to be impartial to whats being traded (this is not true for crypto of course) that said, absolutely the people who run the exchanges are leveraged into this system, and hey many exchanges have their own token too that can be staked or whatever. and maybe the most insane example is the tether stablecoin that's curiously tied to some big and prominent crypto exchange but i forget which one and i am thankful because i dont need this poo poo clogging my brain
|
|
#
?
Jul 2, 2022 21:23
|
|
|
well the thing with bitcoin is it's bad, so in order to use an exchange you have to give them all of your money and hope they can give it back when you want to take it out
|
|
#
?
Jul 2, 2022 21:27
|
|
|
Boxturret posted:well the thing with bitcoin is it's bad, so in order to use an exchange you have to give them all of your money and hope they can give it back when you want to take it out that's why it's called an exchange! you get nothing for something! win win!
|
|
#
?
Jul 2, 2022 21:28
|
|
|
4lokos basilisk posted:i mean crypto is stupid as hell, but i dont think the point of an exchange is to have their own crypto just hanging out there. like ny stock exchange itself doesn't own stock either - they just make it possible to trade the stock and make their money from taking a cut from each sale. also its kind of important for an exchange to be impartial to whats being traded (this is not true for crypto of course) The traditional financial world separates exchanges and brokers, but in the crypto world they're conflated, so customers have accounts at exchanges that they need to load up with dollars/bitcoins before they can trade, and since it's a pita to actually move the money they often let it sit around after
|
|
#
?
Jul 2, 2022 21:35
|
|
|
Midjack posted:there's a similar slap fight happening in the bfc bad with money thread right now. it’s just someone trying real hard to not say “sheeple”
|
|
#
?
Jul 2, 2022 21:51
|
|
|
yeah actually moving crypto on the blockchain is a pain in the rear end and actually costs a lot in fees as well so i believe most exchanges hold customer's coins in giant wallets and you have to withdraw them explicitly to your own wallet if you want to get them off the exchange. i believe some smaller ones already went tits up. there was one called "hoo" that i think stopped withdrawals, trying to remember if there were others.
|
|
#
?
Jul 2, 2022 22:28
|
|
|
4lokos basilisk posted:i mean crypto is stupid as hell, but i dont think the point of an exchange is to have their own crypto just hanging out there. like ny stock exchange itself doesn't own stock either - they just make it possible to trade the stock and make their money from taking a cut from each sale. also its kind of important for an exchange to be impartial to whats being traded (this is not true for crypto of course) no you misunderstand: the exchange loans the crypto you put on it without telling you and collects the interest for itself it's not the point of an exchange but I feel like several had to have had that bright idea
|
|
#
?
Jul 2, 2022 23:38
|
|
|
linked from the previous david G article:quote:The Ethereum blockchain has been clogged to unusability since 2017, so you have to guess a high enough transaction fee to get your transaction through today. This NFT buyer’s transaction fee was low enough that the transaction took three days to go through — but at least it did eventually go through, and they secured ownership of their NFT. it can't be that stupid, you must be explaining it wrong
|
|
#
?
Jul 2, 2022 23:53
|
|
|
evilweasel posted:no you misunderstand: the exchange loans the crypto you put on it without telling you and collects the interest for itself look pirateat40 promised me 8% returns and you'd have t ok be insane to not invest
|
|
#
?
Jul 2, 2022 23:57
|
|
|
trucutru posted:https://twitter.com/coinfessions/status/1542871031936851975 I'm the lyrical bitster (murderer) Pick up the runs in-a de area (murderer) Still rug pull like that (murderer)
|
|
#
?
Jul 2, 2022 23:57
|
|
|
Anyone want to bet on a sharp holiday weekend dive tomorrow or Monday? I'm thinking Sunday night EDT.
|
|
#
?
Jul 3, 2022 00:01
|
|
|
evilweasel posted:so i was coming up with a list of crypto businesses that might be the next one to fall and had a question: are there any crypto exchanges that are known to invest their cryptocurrency reserves? it would seem like "free money" if you're a crypto exchange - why not take all the crypto that you have waiting around for someone to redeem, put it in a rock-solid investment like celsius, and pocket the interest? Bitfinex's customer deposits are almost certainly a huge chunk of the "collateral" backing tether.
|
|
#
?
Jul 3, 2022 00:03
|
|
|
so this is StepN:quote:STEPN is a Web3 lifestyle app with Social-Fi and Game-Fi elements. Users equipped with NFT Sneakers – walk, jog or run outdoors to earn tokens and NFTs. STEPN has a dual-token system.🏃🏾🏃♀️🏃🏻♂️ Player can choose to lease or trade their NFT Sneakers on the in-app Marketplace; users’ earnings are stored in the in-app Wallet, which has a built-in Swap function.🏃🏾🏃♀️🏃🏻♂️ words fail me
|
|
#
?
Jul 3, 2022 01:26
|
|
|
Sometimes I lease some expensive NFT sneakers to run faster. I like the legendary Sneaker of Jordan (RoJ), which offers +1 to All Skills, +25% Mana, +1-12 Dribbling Damage and +20 Speed  Normally I slot them with perfect topazes for the +24% to magic find. But skulls are also fine.
|
|
#
?
Jul 3, 2022 01:45
|
|
|
trucutru posted:Sometimes I lease some expensive NFT sneakers to run faster. is this the one where you can have your shoes gently caress to make new shoes or was that some other idea. i can't keep this poo poo straight sometimes.
|
|
#
?
Jul 3, 2022 02:15
|
|
|
trucutru posted:Normally I slot them with perfect topazes for the +24% to magic find. But skulls are also fine. lol
|
|
#
?
Jul 3, 2022 02:20
|
|
|
|
| # ? Jun 5, 2024 22:46 |
|
|
Dipping my jordans in slurp juice to make baby shoes versions of them
|
|
#
?
Jul 3, 2022 03:15
|
|
