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mining is pretty unprofitable currently, and the only way to make decent money off of it is to trick someone else into doing the mining for you. cloud services naturally want no part of this.
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Dec 16, 2022 09:30
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HappyHippo posted:The question is can crypto even exist if regulated. If you just applied the existing rules to crypto would it no longer be possible to keep the scam running? The explicit proposition of cryptocurrency as it was originally created was to escape regulations, so that would definitely destroy the scam for anyone hoping to use it to dodge taxes or do money laundering. And just the most basic sort of regulations requiring exchanges to have liquidity so their customers can actually withdraw their investments into real money, plus whatever controls would prevent the most egregrious rugpulls, would completely destroy anyone's motivations to run an exchange. So I think my answer is no: If you actually regulated crypto in the same way as similar things involving money, there would be zero profit in it for anyone and in a year or two you'd just be down to a couple of lonely nerds trading their internet pogs for cents.
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Dec 16, 2022 09:45
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BTW the Trump NFT thing is absolutely hilarious. Was this what he's been cooking for the past month? Like what was he actually doing, was he micromanaging the actual artist in a way lets him scam the actual artist out of their share of the proceeds?
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Dec 16, 2022 09:56
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Dr. Video Games 0031 posted:mining is pretty unprofitable currently, and the only way to make decent money off of it is to trick someone else into doing the mining for you. cloud services naturally want no part of this. Salt Fish posted:Crypto customers are bad for hosting providers for a few reasons. You can't make a profit mining at full retail price so people use various shady tactics like abusing promotional credits, wrecking any over provisioned shared hosting, putting miners on their employers servers to soak up idle power, etc etc. Good points. But also isnt that the same as 10 years ago when computer janitor would put miners on school class room computers? I would think the ASIC, and GPU specializations would make scaming cloud providers pointless.
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Dec 16, 2022 10:02
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Elden Lord Godfrey posted:BTW the Trump NFT thing is absolutely hilarious. Was this what he's been cooking for the past month? Between the fact that Trump always stiffs his bills, and NFT sellers always scam the artist, they'll be lucky if they get out of this without somehow having to pay him.
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Dec 16, 2022 10:05
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Elden Lord Godfrey posted:BTW the Trump NFT thing is absolutely hilarious. Was this what he's been cooking for the past month? So gizmodo looked into a bit and it looks like a company NFT INT LLC brought the likeness rights of trump off another place, even though the CEO of NFT INT LLC says there not involved with the trump project at all. Also the companies run out of a ups mail box in Utah. https://gizmodo.com/donald-trump-nft-trading-cards-1849900531 So yeah in short god knows what's happening.  if you go to the place that sells the trump nfts at the bottom you'll actually see this disclaimer quote:NFT INT LLC is not owned, managed or controlled by Donald J. Trump, The Trump Organization, CIC Digital LLC or any of their respective principals or affiliates. NFT INT LLC uses Donald J. Trump's name, likeness and image under paid license from CIC Digital LLC, which license may be terminated or revoked according to its terms. Also according to the website they're sold out already. lol. Edit: also CIC Digital LLC seems to just be a shell company. it was created 9 months ago, and was register by a register agent out of that address in Delaware that's registered 285'000 plus companies. I'm just going to assume that's just a trump shell company. https://en.wikipedia.org/wiki/Corporation_Trust_Center_(CT_Corporation) dr_rat fucked around with this message at 10:29 on Dec 16, 2022 |
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Dec 16, 2022 10:21
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I don't know exactly what it going on, but I am going to guess it's the sort of thing that, if it is not illegal, probably should be.
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Dec 16, 2022 11:00
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I'm gonna assume the Trump NFTs are the way they're getting dark money in from Russia.
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Dec 16, 2022 11:10
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BlackIronHeart posted:I'm gonna assume the Trump NFTs are the way they're getting dark money in from Russia. No trump gets his money from Soros.
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Dec 16, 2022 11:27
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thekeeshman posted:Who lives in a polycule in the south sea?
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Dec 16, 2022 11:38
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BlackIronHeart posted:I'm gonna assume the Trump NFTs are the way they're getting dark money in from Russia. you don't need to do any of this lol it's like going to texas on your huffy and hanging outside a gunstore going "mister ill pay you to buy me a rifle" like just go in and fill a shopping bag my dude lol
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Dec 16, 2022 11:41
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Ups_rail posted:Good points. Yes, but corporate antivirus and similar tools will flag stuff like that in a centralised environment nowadays. People will try anything for ‘free’ money, even if it’s horrendously inefficient, as long as they’re not paying for it directly. Just paying with their job 
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Dec 16, 2022 12:10
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From the FT:The Financial Times posted:
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Dec 16, 2022 14:06
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This is good for bitcoin
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Dec 16, 2022 15:11
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So the only credible auditor that was hired to bring credibility to Crypto exchanges looked around, realized the bad position they were being put in because they could be blamed if anything went wrong, and said "Nope, we are out. Have a good time with your Ponzi scheme!"
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Dec 16, 2022 15:19
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biglads posted:This is good for bitcoin
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Dec 16, 2022 15:19
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it is good for, and simultaneously solved by, bitcoin
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Dec 16, 2022 15:46
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daslog posted:So the only credible auditor that was hired to bring credibility to Crypto exchanges looked around, realized the bad position they were being put in because they could be blamed if anything went wrong, and said "Nope, we are out. Have a good time with your Ponzi scheme!" I actually expected the other reason would be expectations that they'll be unable to pay them or that all of Crypto is already behind on paying them.
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Dec 16, 2022 15:50
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Deep Glove Bruno posted:it is good for, and simultaneously solved by, bitcoin Bitcoin: Bitcoin did it better
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Dec 16, 2022 15:52
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notwithoutmyanus posted:I actually expected the other reason would be expectations that they'll be unable to pay them or that all of Crypto is already behind on paying them. But they are (were?) Donald Trump's CPA firm so they should be used to being stiffed?! 
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Dec 16, 2022 16:22
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notwithoutmyanus posted:I actually expected the other reason would be expectations that they'll be unable to pay them or that all of Crypto is already behind on paying them. I suspect it's because 1) these attestations were being presented by the exchanges as audits (they said in their statement that they were pulling out "due to concerns regarding the way these reports are understood by the public"), and 2) they think the exchanges in questions are going to blow up. They don't want "exchange audited by Mazars goes bankrupt" to be a news story, even if they never technically did an audit.
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Dec 16, 2022 16:34
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Need crypto to hurry up and die already
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Dec 16, 2022 16:43
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Guze posted:Need crypto to hurry up and die already It'll be good for bitcoin, because bitcoin is very strong.
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Dec 16, 2022 16:46
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HappyHippo posted:I suspect it's because 1) these attestations were being presented by the exchanges as audits (they said in their statement that they were pulling out "due to concerns regarding the way these reports are understood by the public"), and 2) they think the exchanges in questions are going to blow up. They don't want "exchange audited by Mazars goes bankrupt" to be a news story, even if they never technically did an audit. what s a attestation vs audit?
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Dec 16, 2022 17:34
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daslog posted:So the only credible auditor that was hired to bring credibility to Crypto exchanges looked around, realized the bad position they were being put in because they could be blamed if anything went wrong, and said "Nope, we are out. Have a good time with your Ponzi scheme!" Yes the "credible" "auditor" that does not use numbers in its reports https://twitter.com/Cryptadamist/status/1603709587655462912
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Dec 16, 2022 17:36
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An attestation is basically the books are handed over to Mazars, Mazars goes over the figures, checks the balances and says "yup, that actually totals right" and hands them back. An audit actually tries to follow the money and verify legal ownership, see if there are shellgames being played with assets or debts, confirms that the dollar they say they have really does belong to them, etc. An attestation is no more than a checksum that says the internal accounting is self consistent; it doesn't really say that the internal accounting isn't fraudulent.
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Dec 16, 2022 17:46
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Ups_rail posted:what s a attestation vs audit? i think an audit is where they go through everything themselves to see if the money is there, and an attestation is the exchange showing them a piece of paper that says "we have the money, promise" and they just sign off on that
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Dec 16, 2022 17:47
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kw0134 posted:An attestation is basically the books are handed over to Mazars, Mazars goes over the figures, checks the balances and says "yup, that actually totals right" and hands them back. An audit actually tries to follow the money and verify legal ownership, see if there are shellgames being played with assets or debts, confirms that the dollar they say they have really does belong to them, etc. An attestation is no more than a checksum that says the internal accounting is self consistent; it doesn't really say that the internal accounting isn't fraudulent. Thank you! that honestly sounds kinda handy, like "hey money isnt just appearing and disappearing "NO QUESTIONS!" The fact they back out tells something bad....oh poo poo what if all those rumors of exchanges floating crypto between eachother is true?
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Dec 16, 2022 17:48
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Boxturret posted:i think an audit is where they go through everything themselves to see if the money is there, and an attestation is the exchange showing them a piece of paper that says "we have the money, promise" and they just sign off on that Yeah, this seems to be the case. For example, the latest tether attestation says this quote:Management is responsible for the preparation of the Consolidated Reserves Report in compliance with the criteria, including Management’s Key Accounting Policies, set out in the CRR and for such internal control as management determines is necessary to enable the preparation of CRR that is free from material misstatement, whether due to fraud or error. So basically: -Tether management is responsible for providing the numbers, not the accounting firm -Tether management sets the accounting policies -Tether management is responsible for preventing fraud You can see why these reports dont inspire much confidence.
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Dec 16, 2022 18:05
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Guze posted:Need crypto to hurry up and die already Nah, it will never die. There will be True Believers in 40 years time hodling onto their bitcoins they bought in 2020 waiting for the price to spike up again. And then you still have the OG believers, who think that once civilization ends they will become Elon Musk 2.0 due to the 0.04 butts they have.
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Dec 16, 2022 18:15
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That qualifies as death.
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Dec 16, 2022 18:27
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kw0134 posted:An attestation is basically the books are handed over to Mazars, Mazars goes over the figures, checks the balances and says "yup, that actually totals right" and hands them back. An audit actually tries to follow the money and verify legal ownership, see if there are shellgames being played with assets or debts, confirms that the dollar they say they have really does belong to them, etc. An attestation is no more than a checksum that says the internal accounting is self consistent; it doesn't really say that the internal accounting isn't fraudulent.
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Dec 16, 2022 18:40
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Ups_rail posted:protect it from what? From being scammed. When you sign up for a cloud providers service like Azure or AWS, you sign a service agreement and then you pay X based on whatever consumption model they have. It would be feasible to set up a shitcoin company/exchange, sign up for a cloud compute service, and effectively blow out the data centers flipping pointless bits before the bill comes due (and MS couldn't come after that money anyway, because your shitcoin company/exchange will just  and file bankruptcy)Knowing almost nothing about the MS backend, I'd have to assume its far easier to ban crpyto on sight than to rejigger the billing system to prevent that sort of poo poo. kw0134 posted:An attestation is basically the books are handed over to Mazars, Mazars goes over the figures, checks the balances and says "yup, that actually totals right" and hands them back. An audit actually tries to follow the money and verify legal ownership, see if there are shellgames being played with assets or debts, confirms that the dollar they say they have really does belong to them, etc. An attestation is no more than a checksum that says the internal accounting is self consistent; it doesn't really say that the internal accounting isn't fraudulent. Also IIRC Mazars word used to be absolutely bulletproof, to the point that an attestation was considered roughly the same as an audit*. Its why Mazars fired  as a customer - there was too much scrutiny on the Mazars attestations to some extremely bullshit Trimpf accounting* 
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Dec 16, 2022 18:48
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you have to be extremely toxic for accounting firms to run away from you
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Dec 16, 2022 19:08
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Guze posted:Need crypto to hurry up and die already make way for crypto3 technology
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Dec 16, 2022 19:32
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drk posted:Yeah, this seems to be the case. For example, the latest tether attestation says this To be fair, those three statements would still apply in a normal full audit of a company. The management of the firm are always responsible for the production of the accounts, accounting policies, and prevention of fraud - never the auditors. It’s more of a case that the attestation is more limited in scope and provides a much lower level of assurance.
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Dec 16, 2022 21:23
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Fair enough, but with an audit it seems the auditor actually checks the accounts. The tether quote:verify, on a sample basis, the correct valuation of the assets disclosed in the CRR in accordance with the criteria described in the Management Key accounting policies If I read this right they are basically saying, for example, if it is the policy of management to value assets at the price they acquired them, then they followed that policy even if it is an unreasonable or not generally accepted practice. drk fucked around with this message at 21:47 on Dec 16, 2022 |
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Dec 16, 2022 21:44
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https://twitter.com/web3isgreat/status/1603892227771604992
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Dec 17, 2022 00:27
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it is happening, forever happening
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Dec 17, 2022 00:51
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But seraph had charts! Charts!
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