Bitcoin: no angel investors, only Faustian bargains

The Something Awful Forums > Main > General Bullshit > Bitcoin: no angel investors, only Faustian bargains

evilweasel: Aug 24, 2002

abigserve posted:

lol didn't like 20 people freeze to death last winter due to lack of power

fake edit; 246

to be fair that wasn't because the texas power grid was overloaded

it was because texas, in its infinite stupidity, created a power grid that rewards operators when enough power generators fall offline, so all of the power plant owners have winterized exactly half their plants so one fails, so the other one makes approximately 300x the profit, when it gets cold. that few days with the power grid failing was more profitable for the power companies than the rest of the year combined.

also texas has severed any inter-state power grid connections to keep THE FEDS from regulating their power grid so they can't even go hat in hand to such more competent states as mississippi and oklahoma and beg "please sir, my i have some electricity"

# ? Aug 30, 2022 14:52

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# ? Jun 7, 2024 13:55

evilweasel: Aug 24, 2002

the fact that texas' power grid cannot handle high temperatures (lol) is, however, due to bitcoin mining among other things

# ? Aug 30, 2022 14:56

Scratch Monkey: Oct 25, 2010; 👰Proč bychom se netě�ili🥰kdy� n�m P�n Bůh🙌🏻zdrav� d�💪?

LifeSunDeath posted:

https://twitter.com/painter_crypto/status/1564258664558391296

STICK EM UP, MAN! GIMME YOUR APES, OR YOU'LL GET IT!

why use a gun when you can just right-click-save?

hexagon avatar - checks out

# ? Aug 30, 2022 15:03

LifeSunDeath: Jan 4, 2007; still gay rights and smoke weed every day

They out there stealin' apes man, I swear.

# ? Aug 30, 2022 15:06

istewart: Apr 13, 2005; Still contemplating why I didn't register here under a clever pseudonym

Criss-cross posted:

Why is Ted Cruz courting a dying, tiny "industry" that employs very few people. Seems like a dumb strategy.

All politicians must be seen to endorse �innovation� regardless of its ultimate outcome

# ? Aug 30, 2022 15:40

Mozi: Apr 4, 2004; Forms change so fast
Time is moving past
Memory is smoke
Gonna get wider when I die; Nap Ghost

no it's because crypto has paid the politicians. like it was pretty obvious when they got on the lobbying train

# ? Aug 30, 2022 16:21

LifeSunDeath: Jan 4, 2007; still gay rights and smoke weed every day

Mozi posted:

no it's because crypto has paid the politicians. like it was pretty obvious when they got on the lobbying train

It's literally the only way to get politicians to support anything. The ONLY way.

# ? Aug 30, 2022 16:40

HappyHippo: Nov 19, 2003; Do you have an Air Miles Card?

oops

https://twitter.com/web3isgreat/status/1564608921662357505

# ? Aug 30, 2022 16:59

Waltzing Along: Jun 14, 2008; There's only one
Human race
Many faces
Everybody belongs here

Seems like bitcoin is due to drop a lot again.
19765

# ? Aug 30, 2022 17:01

drk: Jan 16, 2005

Criss-cross posted:

Why is Ted Cruz courting a dying, tiny "industry" that employs very few people. Seems like a dumb strategy.

the question is, why is a dying tiny bitcoin company courting ted cruz? the answer of course, is that they want the government to be the final bagholder

# ? Aug 30, 2022 17:27

JammyB: May 23, 2001; I slept with Mary and Joseph never found out

That's cool as long as it's those awful government guys holding the bag and not us taxpayers then I'm all for it.

# ? Aug 30, 2022 17:35

Mirage: Oct 27, 2000; All is for the best, in this, the best of all possible worlds

19604

Has the levee broken? If only momentarily?

# ? Aug 30, 2022 17:48

Random Stranger: Nov 27, 2009

I just saw that a local shop had a sign along the road saying "crypto sold here". I'm kind of curious on what kind of scam that will turn out to be.

Of course it was a vape shop. The only other possibility was a payday lender.

# ? Aug 30, 2022 18:46

dsf: Jul 1, 2004

considering the s&p dropped below 4000 today theres a good chance bitcoin will follow with another big dump today or tomorrow

# ? Aug 30, 2022 18:50

Potato Salad: Oct 23, 2014; nobody cares

Criss-cross posted:

Why is Ted Cruz courting a dying, tiny "industry" that employs very few people. Seems like a dumb strategy.

you're not thinking like Ted Cruz

Cruz understands the modern conservative movement as a direct line to cash looted from the public for the ultra wealthy BUT aesthetics for everyone else. The aesthetics of crypto are "you are your own financial destiny, taxation is theft, inflation is because money is *waves arms and uses whatever fake excuse conservatives want to use that month* "

it doesn't matter if cryptominers don't hire many people. the aesthetics are pleasant to fascists.

Riot also throws money at him and other senators in their bid to avoid all regulation

# ? Aug 30, 2022 19:13

Ups_rail: Dec 8, 2006; by Fluffdaddy

CRUSTY MINGE posted:

I was a goon at the time so I almost certainly posted some at the time, but I have no idea what threads and I was a much worse poster then. It's been 15 years now though, almost to the day, since I left it for a better job. And several pounds of weed.

I miss old SA too, when I read all over the forums. Phoneposting has kinda lent to leaning heavily on bookmarked threads, I don't venture as deep as I used to, when I was staring at a monitor or laptop.

Porn shop life was pretty monotonous with spikes of people watching entertainment. I watched the original star wars trilogy there one dead rear end winter night with a handful of customers. I'd order pizza and share with the homeless guys on cold winter nights, make them fresh coffee before running them out at 3am to close shop. Had 2 I would see weekly for a while, another that was more sporadic. No one tried to rob me. I was hit on a few times.

I can remember a few stories but I should probably write them out beforehand and dump them in an ask/tell thread.

Where the goon with the stories about the porn shop that had the arcade in the back and posted about hook up culture that went on there? because back when when I was reading that thread it was at my grandma house on her computer and I left the browser open on that and it lead to the "are you gay?" conversation.

# ? Aug 30, 2022 19:42

MarcusSA: Sep 23, 2007

Scratch Monkey posted:

https://twitter.com/painter_crypto/status/1564258664558391296

STICK EM UP, MAN! GIMME YOUR APES, OR YOU'LL GET IT!

why use a gun when you can just right-click-save?

hexagon avatar - checks out

lol

# ? Aug 30, 2022 19:58

greazeball: Feb 4, 2003

Scratch Monkey posted:

https://twitter.com/painter_crypto/status/1564258664558391296

STICK EM UP, MAN! GIMME YOUR APES, OR YOU'LL GET IT!

why use a gun when you can just right-click-save?

hexagon avatar - checks out

yeah this is another one of the great advantages of being a crypto billionaire. you make a huge name for yourself flashing cash all over the place on your social media channels and you've got no idea what private security actually entails for someone of your theoretical value:

https://www.businessinsider.com/crypto-nft-owners-targeted-kidnaps-home-invasions-robberies-2022-2?r=US&IR=T

quote:

The cryptocurrency boom has created a new class of wealthy quasi-celebrities.

Investors and techies who made early bets on crypto are now hailed as revolutionary financial prophets and gilded with the allure of sudden wealth � often flaunted through a conspicuous-consumption culture of "Lambos," yacht parties, aggressive boostering, million-dollar profile pictures, and crypto-branded everything.

In the process, some have become prime targets for opportunistic criminals.

Hacks and digital scams are a dime a dozen in crypto circles � but security experts, investors, and others in the space say not enough attention is being paid to physical crimes targeting crypto owners, from simple robberies to home invasions, kidnappings, torture, and even murder.

Such attacks illustrate a fundamental weak link in the blockchain-based digital currencies that tout new levels of financial security and privacy: For all the complex cryptographic math that underpins the integrity of cryptocurrencies, if someone with a gun forces you to hand yours over, there's not much you can do about it.

# ? Aug 30, 2022 20:07

Ad by Khad: Jul 25, 2007; Human Garbage
Watch me try to laugh this title off like the dickbag I am.
I also hang out with racists.

can't believe that person in LA didn't just eat their phone, the traditional old-school method for evading buttcoin theft when in danger

# ? Aug 30, 2022 20:08

Schir: Jan 23, 2012

https://twitter.com/web3isgreat/status/1564692097030029313

how do you not notice 7 million dollars being gone for 7 months

# ? Aug 30, 2022 20:21

Boxturret: Oct 3, 2013; Don't ask me about Sonic the Hedgehog diaper fetish

"Oh wait, doing the math, that 7 million wasn't money we embezzled, it was actually sent in error, gotta get that back asap."

# ? Aug 30, 2022 20:24

MarcusSA: Sep 23, 2007

Schir posted:

https://twitter.com/web3isgreat/status/1564692097030029313

how do you not notice 7 million dollars being gone for 7 months

I�d kinda like to read the court ruling behind this.

Obviously they aren�t a bank but there was a story from years ago where the bank put a poo poo load of money into dudes account and he actually didn�t have to legally give it back and only did so because he wanted to give it back?

Pretty sure he made them aware of the error and the blew him off so he withdrew all the money and held onto it.

# ? Aug 30, 2022 20:25

Juul-Whip: Mar 10, 2008

Random Stranger posted:

I just saw that a local shop had a sign along the road saying "crypto sold here". I'm kind of curious on what kind of scam that will turn out to be.

Of course it was a vape shop. The only other possibility was a payday lender.

they only ever say �Bitcoin sold here� never �Bitcoin accepted here�

# ? Aug 30, 2022 20:30

latinotwink1997: Jan 2, 2008; Taste my Ball of Hope, foul dragon!

She should give back like 3 million if it. If they held onto that money for 7 months, it would be worth less than that by now.

# ? Aug 30, 2022 20:34

evilweasel: Aug 24, 2002

MarcusSA posted:

I�d kinda like to read the court ruling behind this.

Obviously they aren�t a bank but there was a story from years ago where the bank put a poo poo load of money into dudes account and he actually didn�t have to legally give it back and only did so because he wanted to give it back?

Pretty sure he made them aware of the error and the blew him off so he withdrew all the money and held onto it.

the general rule is if you're given money by mistake you have to give it back

there are certain exceptions. from the description you gave, it sounds like the person properly notified the bank of the error and then they didn't do anything, and it was that specifically that created the exception.

there is also an exception if you are a very large, very stupid bank and accidentally paid $900 million of debt you administer with your own money

# ? Aug 30, 2022 20:35

TVs Ian: Jun 1, 2000; Such graceful, delicate creatures.

MarcusSA posted:

I�d kinda like to read the court ruling behind this.

Obviously they aren�t a bank but there was a story from years ago where the bank put a poo poo load of money into dudes account and he actually didn�t have to legally give it back and only did so because he wanted to give it back?

Pretty sure he made them aware of the error and the blew him off so he withdrew all the money and held onto it.

Was that the guy who cashed the �Non-Negotiable� junk mail check that apparently had the real account number for the business on it?

# ? Aug 30, 2022 20:38

MarcusSA: Sep 23, 2007

TVs Ian posted:

Was that the guy who cashed the �Non-Negotiable� junk mail check that apparently had the real account number for the business on it?

Yeah maybe it was that? The story was hella old

NGL if someone gave me 7 million by accident I�d be leaving whatever country it happened in and taking that money with me. They could pound sand at that point.

# ? Aug 30, 2022 20:41

Aramis: Sep 22, 2009

In my mind, this should be pretty simple:

The Ownership and Governance of the coins remained entirely the exchange's until the woman transferred them to some other wallet via the authority that was deferred to her. The entire mess should be resolved purely via the crypto.com terms of service, which means it boils down to a run-of-the-mill contractual matter.

edit Just looked it up, and it seems pretty cut and dry that she has to pay them back, on paper at least:

First off: confirmation that they are extremely explicit about you not being the owner of the assets (makes sense, otherwise they'd be a bank)

quote:

5.1 Grant to Crypto.com
Subject to clause 5.4, in consideration for your use of the Exchange and its related
services and other valuable consideration, you grant Crypto.com and/or its Affiliates (as
applicable) all rights and title to all On-Exchange Assets (including all ownership rights),
subject to limited rights described in clause 5.2.

And then the part where they cover their rear end:

crypto.com's TOS posted:

6.5 When we may refuse, cancel or reverse Instructions
(a) We reserve the right at all times to refuse, cancel or reverse your
Instructions, without giving any reason or explanation or prior notice. For
example, we may, in addition to any other rights we may have:

[...]

(c) If we exercise our rights under this clause 6.5 you must pay us on demand
any Loss that we incur in relation to any action taken under thatclause [sic] or any
Applicable Law.

Exchanges have always been, and will always be, scummy as gently caress.

Aramis fucked around with this message at 21:33 on Aug 30, 2022

# ? Aug 30, 2022 20:57

PITY BONER: Oct 18, 2021

abigserve posted:

lol didn't like 20 people freeze to death last winter due to lack of power

fake edit; 246

And more might freeze to death this winter, judging by the unsure predictions that this first-time-in-satellite-weather-recording event of a 3rd La Nina, a Polar Vortex, and an underwater volcano blowing material high up into the atmosphere that screwed with the Southern Hemisphere's winter this year. The summary of the report is that we're due for a much colder and snowier Polar Vortex than previously, blowing cold across and to areas that were less affected than last time.

I guess that means those BTC fucks are going to make bank getting paid to not use the power grid, whether it's even functioning or not, so that Texans can attempt to not die.

EDIT:

Scratch Monkey posted:

hexagon avatar - checks out

Lol, are these the same type of dorks that were like "dozens of American cities were burned and razed TO THE GROUND by BLM and Antifa protests! Portland was a warzone that resembled what the Ukrainians are doing to themselves and trying to blame Russia for!"??

PITY BONER fucked around with this message at 21:10 on Aug 30, 2022

# ? Aug 30, 2022 21:06

shame on an IGA: Apr 8, 2005

evilweasel posted:

the general rule is if you're given money by mistake you have to give it back

there are certain exceptions. from the description you gave, it sounds like the person properly notified the bank of the error and then they didn't do anything, and it was that specifically that created the exception.

there is also an exception if you are a very large, very stupid bank and accidentally paid $900 million of debt you administer with your own money

and then Revlon still went under anyway

# ? Aug 30, 2022 21:17

CharlestheHammer: Jun 26, 2011; YOU SAY MY POSTS ARE THE RAVINGS OF THE DUMBEST PERSON ON GOD'S GREEN EARTH BUT YOU YOURSELF ARE READING THEM. CURIOUS!

I see bitcion is doing the 500 dollar shuffle. Which is exactly what you want in a currency

# ? Aug 30, 2022 21:24

Aramis: Sep 22, 2009

--snip--, quote != edit

# ? Aug 30, 2022 21:30

VitalSigns: Sep 3, 2011

evilweasel posted:

the general rule is if you're given money by mistake you have to give it back

there are certain exceptions. from the description you gave, it sounds like the person properly notified the bank of the error and then they didn't do anything, and it was that specifically that created the exception.

If it's the one I'm thinking of, the bank didn't put a bunch of money in a guy's account that wasn't his, they just let him overdraw his account without limit, and he called a few times and asked if there was a mistake and they said no, so he just kept taking the money.

I think the court ruled that this was exactly equivalent to the bank stupidly deciding to loan someone 10 million dollars, and it can't be illegal to accept a dumb loan if you have every reason to believe the bank is doing it on purpose.

# ? Aug 30, 2022 21:48

PhazonLink: Jul 17, 2010

was the dude withdrawing chunks of 10K every week for years? like you can just get ALL of the millions at once or even in a monthly manner.

sounds like the bank is stupid, lazy, and stupid as eff.

# ? Aug 30, 2022 22:12

Durzel: Nov 15, 2005

latinotwink1997 posted:

She should give back like 3 million if it. If they held onto that money for 7 months, it would be worth less than that by now.

Although it's not that obvious given where it's been posted, but Crypto.com actually wired $10.5b AUD as a botched refund - not that equivalent at the time in BLEEPO coin or whatever. No crypto was involved in this transaction.

The obvious thing to do with that money given you can never legitimately claim that you thought it might be yours or that you didn't notice (especially if you buy a house with it) is to do whatever it takes to earn as much interest as you can on it in a short space of time. Bank claws back the principal, and you keep the interest?

# ? Aug 30, 2022 22:22

notwithoutmyanus: Mar 17, 2009

The face of crypto, everybody. NSFW. :nms:

https://twitter.com/TheCryptoLark/status/1564536302380273664

# ? Aug 30, 2022 22:26

IG-88: Apr 21, 2019

That dude has a huge dick lol

# ? Aug 30, 2022 22:45

MarcusSA: Sep 23, 2007

lol

# ? Aug 30, 2022 22:48

gvibes: Jan 18, 2010; Leading us to the promised land (i.e., one tournament win in five years)

evilweasel posted:

the general rule is if you're given money by mistake you have to give it back

there are certain exceptions. from the description you gave, it sounds like the person properly notified the bank of the error and then they didn't do anything, and it was that specifically that created the exception.

there is also an exception if you are a very large, very stupid bank and accidentally paid $900 million of debt you administer with your own money

Imagine being one of the folks who politely paid back $400M when asked. What was the weird legal principle invoked there?

# ? Aug 30, 2022 23:13

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# ? Jun 7, 2024 13:55

VitalSigns: Sep 3, 2011

PhazonLink posted:

was the dude withdrawing chunks of 10K every week for years? like you can just get ALL of the millions at once or even in a monthly manner.

sounds like the bank is stupid, lazy, and stupid as eff.

If it's the story I'm thinking of he just withdrew chunks for years every time he ran out of free money and the bank kept letting him even after he asked them several times until finally someone at the bank put a stop to it and tried to charge him with fraud

https://www.cbc.ca/radio/asithappen...-free-1.3896087

It's like the US banks giving out no-income-no-asset (NINA) loans in 2008, was it stupid, yes, was the bank ever going to see that money again, lol no, was it a crime to take the money of course not. If a bank accidentally puts 2 million in your account that isn't yours and you take it that's stealing, but if they offer you a 2 million dollar loan and you're like "are you sure you want to lend me this money" and they say yes that's not fraud even if the person who said yes is loving up.

VitalSigns fucked around with this message at 23:26 on Aug 30, 2022

# ? Aug 30, 2022 23:23

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