fullroundaction posted:

Even in a perfect scenario where all of this technology makes sense and there’s massive global adoption, why would anyone want a public ledger of all of their transactions? Like, if you somehow don’t care about the horrific universal privacy concerns and are just thinking about yourself, do you really want a timestamped permanent record of you buying poo poo at the weed store while you were on the clock at work or whatever?

Foo Diddley posted:

not to mention the fact that most businesses don't want their books to be accessable to all of their competitors

notwithoutmyanus posted:

Your powers combine, I am captain grifto (or is it captain libertian/proud boy?)

fullroundaction posted:

Good point that’s its own nightmare I hadn’t thought about either

Rad Russian posted:

If you think that's stupid, there are already $hundreds of millions involved in multiple ventures trying to put people's house ownership onto a blockchain. "Whoops while you were sleeping the blockchain got hacked so you're homeless now, tough luck. You have 3 days notice to vacate the premises, because SlutApe775 owns this property now according to his bithouse wallet".

These folks typically have little to no understanding of tech and even LESS understanding of the industry they're trying to revolutionize. Doesn't stop them from constantly "X but with bitcoin"ing random industries and then thinking they're the next Nikola Tesla. You don't even need an interesting or creative scam whitepaper. Just take something that already exists, propose doing it with a blockchain, and get some dumb folks to invest.

ikanreed posted:

Bitcoin actually involves one of those five things.

drk posted:

Well folks, time to close the thread. There's not one, but thirty five very good web3 ideas here (copied for your reading pleasure from twitter)

just kidding, these are all terrible

mdxi posted:

The Wolf of Wall Street has been invoked in this thread about a million times. Tonight prime video was like "hey, that movie is available now. wanna watch it?" so I was like "sure".

It was like having the past two years of this thread condensed into three hours, but with all the inlined crypto-brainworms tweets replaced by snappy dialogue. The first 30 minutes of that movie are literally the playbook for every one of these scams. The rest of it is how every cryptobro imagines themselves, until the last 45 minutes which is the part that their Dunning-Kreuger assures them will never happen because they're far too smart for that.

I know I'm the last person in the thread to see this movie and realize all this, but it was so transparent that I had to come post this anyway.

Also, Joanna Lumley was a delight. Should have been more of her in the movie.

Astrochicken posted:

I did my own research..

I alternate between pity and contempt for these people. I like how 'i did my own research' is just a red flag for a mark now.

Tunicate posted:

I missed my chance to BUY THE DIP

LifeSunDeath posted:

No you didn't, the promotion just started

Agents are GO! posted:

You still shouldn't, because when you dip I dip we dip.

Bloomberg News posted:

Coinbase Faces SEC Probe on Crypto Listings; Shares Tumble

Coinbase Global Inc. is facing a US probe into whether it improperly let Americans trade digital assets that should have been registered as securities, according to three people familiar with the matter. The company’s shares dropped as much as 9.2%.

The US Securities and Exchange Commission’s scrutiny of Coinbase has increased since the platform expanded the number of tokens in which it offers trading, said two of the people, who asked not to be named because the inquiry hasn’t been disclosed publicly. The probe by the SEC’s enforcement unit predates the agency’s investigation into an alleged insider trading scheme that led the regulator last week to sue a former Coinbase manager and two other people.

...

Tensions bubbled up further July 21 when the SEC accused one of the company’s former employees of violating its insider-trading rules by leaking information to help his brother and a friend buy tokens just before they were listed on the platform. While the agency didn’t allege wrongdoing by Coinbase, the SEC said it had determined that nine of the dozens of digital tokens the men traded were securities -- including seven the exchange says it lists.

Federal prosecutors in Manhattan also charged the three men with wire fraud conspiracy and wire fraud.

In response, Coinbase put out an entry on its blog titled: “Coinbase does not list securities. End of story.” Grewal pointed out that the Justice Department chose not to file securities fraud charges, despite reviewing the same facts as the SEC. He also said that before listing tokens, Coinbase analyzes whether an asset could be considered a security and “also considers regulatory compliance and information security aspects of the asset.”

Investigations by the SEC’s enforcement unit can lead to the regulator suing companies or individuals.

Coinbase, which went public last year, previously acknowledged that it has faced scrutiny from the regulator. In its first-quarter earnings report, the firm said it had “received investigative subpoenas from the SEC for documents and information about certain customer programs, operations, and intended future products, including the company’s stablecoin and yield-generating products.”...

Strong Sauce posted:

Jordan Belfort (the real life guy, not the character played by Leonardo DiCaprio) was heavily against cryptocurrency and then uhh later "changed his mind" about bitcoin and other cryptocurrencies when the price went crazy. he also promised to pay the restitution he owed with the proceeds of the book and movie deal but he only paid back like ~$20000 vs the 1million+ he got from his books and the rights to the movie.

istewart posted:

It’s so hilarious that the ridiculous ”rent out your Costco membership” example keeps coming up. These people are touting revolution, but their thinking is so mired in consumer capitalism that the best they can come up with is ideas for realizing surplus value from consumption.

The “rent out your home computer for a distributed data center” idea is just as stupid. Data locality is one of the most important problems in distributed computing, just as inventory and routing are in warehousing.

docs.audius.org posted:

all the content, information and data on Audius is stored and indexed by a growing network of third-party node operators, rather than by the Audius team.

To ensure this content can be trusted and maintained, node operators are required to provide collateral or ‘stake’ as a bond to service the protocol. This stake, denominated in $AUDIO, ensures that node operators have tokens at risk that can be slashed, or taken, in the event of malicious or poor behavior.

By using $AUDIO tokens as collateral, anyone with the proper hardware requirements can join as a node operator in a completely permissionless fashion. The more $AUDIO staked to the protocol, the more secure the network becomes and the less vulnerable it is to outside attacks

Crime on a Dime posted:

Serious_Cyclone posted:

Pretty sure Costco already has a sellable secondary-market temporary membership system, it's called a Costco gift card.

VitalSigns posted:

How do I make money when my family buys a CostCo gift card.

VitalSigns posted:

How do I make money when my family buys a CostCo gift card.

fullroundaction posted:

Even in a perfect scenario where all of this technology makes sense and there’s massive global adoption, why would anyone want a public ledger of all of their transactions? Like, if you somehow don’t care about the horrific universal privacy concerns and are just thinking about yourself, do you really want a timestamped permanent record of you buying poo poo at the weed store while you were on the clock at work or whatever?

SettingSun posted:

Today I'm scheming of ways to tokenize, gamify, and transactionalize my furniture. This loving bookshelf is just sitting here, holding books, and generating no wealth for me.

quote:

Accidentally purchased $35,000 worth of Ethereum.

I don’t actually have the funds in my bank account. I was trying to purchase $35 of Ethereum and than I was adjusting prices and messing around and than accidentally hit confirm order to $35,000 worth of ether. What is going to happen. I’m tripping out because I don’t want anything to happen to my account besides remove the 23 coins I just bought. Help me!!

quote:

They will lock your account soon as it bounces.

Then you will have to click the 'resolve' button on the screen and redeposit the missing funds.

If you do not submit a new ACH deposit, or wire the money for those funds, your account will remain locked and you won't be able to buy/sell coins, move coins, or move the existing USD in your account, even if it's truly yours. Everything will be locked.

Then you'll have to contact support (use the phone, it's easier). They will email you a case number. Use that case number to talk to support on reddit.

Then they will do a reversal on the coins you bought to get their money back. Once that transaction has happened, you will gain access to your account. It could take weeks or months, based on reports of others.

So if you plan to trade, you better have another trading account set up at some other exchange, until your Cb account gets unocked.

Also, your bank is going to send you an 'urgent' letter in the mail stating your account was overdrawn and they will charge you an overdraft / fee.

HappyHippo posted:

Wow so much better than using a loving bank

Rotten Red Rod posted:

Lol now he's realized the questions are legitimate and is backpedaling hard

https://twitter.com/web3isgreat/status/1551680499193610240

https://twitter.com/web3isgreat/status/1551685112802205701

gregday posted:

https://twitter.com/Carnage4Life/status/1551905720022343682

HappyHippo posted:

https://www.reddit.com/r/CoinBase/comments/w89s2g/accidentally_purchased_35000_worth_of_ethereum/



Wow so much better than using a loving bank