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Southern Cassowary posted:How much is this going to affect the exchanges? Will they be completely hamstrung and be dealing with huge bank runs and die, or is this something where it'll be easy to concoct a workaround to keep business as usual? I know Swift is very important for international finance but I don't really know how it functions at the transaction level. The Binance message on Twitter makes me hopeful for the former, but blockchain and crypto refuse to loving die. its a pretty sizeable revenue stream at a few companies, and will pretty much prevent anyone from cashing out unless they have over 100k. still ways to buy tho!!! but fr if I was a retail investor who wasn't dealing in the millions with it and I got that email id take it as a sign that I needed to get my poo poo out asap
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Jan 22, 2023 01:32
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I look forward to the first person offering to consolidate everyone's coins in order to cash out and redistribute the USD, before immediately running off with the cash.
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Jan 22, 2023 01:38
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Good opportunity to present yourself as a trustworthy middleman and get a big group of coiners to send you coins until they hit 100k then you withdraw them and disperse funds Except you don’t do one thing… Edit: lol  ^^^
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Jan 22, 2023 01:39
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something about goon in the well
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Jan 22, 2023 01:48
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Doctor_Fruitbat posted:I look forward to the first person offering to consolidate everyone's coins in order to cash out and redistribute the USD, before immediately running off with the cash. they did that during the times of the pirate ponzi, it was an exclusive thing that only let in people with a certain amount of money so people had to pool to join, there was even secondary ponzis that popped up where you put your money in to it so that they would invest in the pirate one everything went fine
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Jan 22, 2023 01:55
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Southern Cassowary posted:How much is this going to affect the exchanges? Will they be completely hamstrung and be dealing with huge bank runs and die, or is this something where it'll be easy to concoct a workaround to keep business as usual? I know Swift is very important for international finance but I don't really know how it functions at the transaction level. The Binance message on Twitter makes me hopeful for the former, but blockchain and crypto refuse to loving die. The tweet was wrong. Another one in the replies said it was the bank, not swift.
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Jan 22, 2023 02:20
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Spazzle posted:The tweet was wrong. Another one in the replies said it was the bank, not swift. https://twitter.com/wallstreetpro/status/1616959018974707712?s=20&t=960-uVodjsDyJGlvUGCQzg Apparently Signature Bank is a big partner of virtually all of the exchanges, so it's still a material event. 
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Jan 22, 2023 02:22
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Spazzle posted:The tweet was wrong. Another one in the replies said it was the bank, not swift. That'll do it.
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Jan 22, 2023 04:58
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IMPORTANT ANNOUNCEMENT TO ALL NUGEN TOKEN HOLDERS Greetings, Nugen Universe LLC is pleased to inform all members that account assessment and validation, the closing value and the conversion processes for each such member’s account has been completed. Very soon, token holder will be required to login to their account Dashboard where they will find the necessary requirements to be agreed to in order to close and finalize their account with Nugen Universe LLC. Upon reviewing and accepting the settlement offer, each account holder grant irrevocable consent to each of the following: o Accept and authorize Nugen and its affiliates to conduct migration of your final and closing account with Nugen Universe LLC. which will only consist of the converted Ether; o Instruct Nugen Universe LLC. to start the transfer process; o Understand and agree that your account with Nugen will be finalized; o You, further, understand and agree that this is a binding and conclusive agreement between you, Nugen Universe LLC and its affiliates; o All direct or indirect ties between you, the account holder, and Nugen Universe LLC ceases immediately as soon as your account migration is completed and finalized. Once Nugen’s team receives the mandatory consent and authorization, the converted Nugen tokens to ETH, quantity and value will be transferred into each members respective Metamask account. Finally, as transfers are being successfully completed, Nugen will notify and provide each member the necessary steps to complete and finalize the migration process via email announcement. NUGEN UNIVERSE LLC Fazil M Jabar, CEO January 20, 2023
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Jan 22, 2023 06:14
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Lammasu posted:I honestly don't see how anyone besides crazy ancap people get into crypto. As my dad's perfect understanding of the FTX collapse, "People give real money for fake money?" Thing is it relies on people believing that computers are literally magic.
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Jan 22, 2023 06:29
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Piggy Smalls posted:Nugen bullshit Yes, that certainly reads like a document written by an actual lawyer who was trained to practice in an English-speaking country...
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Jan 22, 2023 08:48
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Ghost Leviathan posted:Thing is it relies on people believing that computers are literally magic. eh. this is rustling my jimmys A dollar is just some fancy paper. But its treated as a store of value. But again its just paper support my magical group thinking and agreement that it has value. Un like this shiny metal I get out of the ground thats real money again its just a store of value you cant loving eat it. Thats why land is real money because it can provide you with real value aka food. Oh god look at that dude who thinks you can just own land. See my point the weird thinking of crypto people is just another facet of gold/sliver bug thinking. by the way back in the 2007 I read alot of gold/sliver bug arguments on line and it made my head hurt and it always boiled down to this. poster 1 "Paper isnt real money unlike my PM hord! when the dollar collaspse I will be sitting pretty!!" poster 2 "when the dollar collaspse we will be eating eachother thats why my collection of canned beans and bullets will make me KING!!"
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Jan 22, 2023 12:35
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Ups_rail posted:eh. Right, there's a reason crypto people insist on using the term "fiat" when describing existing currency, because they are casting aspersions. Aspersions that are grounded in the fact that currency has no instrinsic value. Nevertheless, everyone agrees on the goods or services it can be traded for, which is what matters. This is tangential to the other thing I've been thinking about. I'm too lazy to read theory but I'm sure someone has gone into great detail about how the more grounded in physical reality a good or service is, the more reliable the value assigned to it tends to be. At the extremes you have resources, which are the most tangible, vs financial wealth, which is practically ethereal. And crypto is even less grounded in reality than that. For example, I'd say gasoline or milk prices, while subject to manipulation like anything else, do not exist in a vaccuum. Meanwhile, crypto prices are based almost entirely on manipulation.
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Jan 22, 2023 13:14
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Lammasu posted:So is Attack of the 50ft Blockchain a good read? I just learned about it and it seems like a pretty accurate description of everything. it is absolutely a fantastic book that everyone should read and in addition you should buy copies for everyone you know and also for everyone you don't know this is my unbiased and objective opinion as completely unrelated and independent non forums poster bivadot EDIT: whoops wrong account! sorry about that divabot fucked around with this message at 14:30 on Jan 22, 2023 |
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Jan 22, 2023 14:20
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countdown to all the posts likequote:So FartKnocker69 said as I had less than 100K of bitcoin if we all sent our smaller amounts to him, he would cash it out and send us a cashiers check for the amount we sent minus a processing fee. How was I to know that...
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Jan 22, 2023 14:24
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divabot posted:it is absolutely a fantastic book that everyone should read and in addition you should buy copies for everyone you know and also for everyone you don't know this is my unbiased and objective opinion as completely unrelated and independent non forums poster bivadot I have it on good authority the author of that book has THIEVED intellectual property from this very thread. You make think ideas like "Bitcoin is bad" and "lol bitcoin" are original but THIS IS A LIE!!!!!!; they were stolen from very posts right here!
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Jan 22, 2023 14:37
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the american dollar is backed by the full economic and military might of the united states of america, and if you don't think that's real then i don't know what the gently caress to tell you but you know, "fiat", whatever, sure
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Jan 22, 2023 14:40
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threelemmings posted:I have it on good authority the author of that book has THIEVED intellectual property from this very thread. I give him my permission to use any of my posts. Including the word butts or buttcoin.
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Jan 22, 2023 14:48
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I have never once, in this thread (and probably SA as a whole) ever posted anything worth repeating. So I'm confident that no authors stole anything from me
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Jan 22, 2023 16:16
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istewart posted:If somebody referred to me as a Binancian, I would assume it was an insult or a slur 
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Jan 22, 2023 16:16
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Buttcon™
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Jan 22, 2023 16:34
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Piggy Smalls posted:IMPORTANT ANNOUNCEMENT TO ALL NUGEN TOKEN HOLDERS this all makes perfect sense but i'm just a little confused by the last step where after everything is completed nugen emails me again with the steps i need to complete the process, given that i had previously accepted the settlement offer which stated that all ties with nugen cease immediately after my account is migrated
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Jan 22, 2023 16:42
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Foo Diddley posted:the american dollar is backed by the full economic and military might of the united states of america, and if you don't think that's real then i don't know what the gently caress to tell you The problem is they all love to cite loud idiots who save them from the cognitive dissonance of reality here. They are huge on citing Ray Dalio who is a hedge fund manager. Specifically on his "USA is due to collapse, China will rule the world" theories as to further justification of "anything but USD". Combine it with the fact that gold has been a medium of exchange for longer than the dollar (thousands of years obviously) and the recent explosion in gold prices the last few decades, and you have...a bunch of lunatic crypto maximalists/gold bugs. Underneath the answer for what they want is "bring back colonialism, burn the world and make me king at all costs" as a mindset. Everything is focused on max colonialism for me and getting poor for thee. The irony behind the whole "USD is weak" outside of Dalio is that it's literally Russian/Chinese propaganda. The US could enter a long recession turning into Great Depression style and would come out stronger than any other countries due to globalization and being the strongest fuckin country. TL;DR: crypto maximalists and goldbugs hate each other but both have brainworm problems.
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Jan 22, 2023 17:00
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notwithoutmyanus posted:The problem is they all love to cite loud idiots who save them from the cognitive dissonance of reality here. They are huge on citing Ray Dalio who is a hedge fund manager. Specifically on his "USA is due to collapse, China will rule the world" theories as to further justification of "anything but USD". People give me poo poo about it but this dude peter zeihan talks about the end of globalism and poo poo. His thesis is that, at the end of world war II we had the creation of the post war order where brentenwood started. The use of the dollar as the worlds reserve currency. Basically after the ruble of WWII when the worlds factories were bomb out, america said to losers, Hey you wanna use dollars? Wanna have loans, and trade with our market? We can give you that and more, we can use our navy to protect everyones shipping so you can trade with everybody (ending the colonial system) All we want is the ability to write your security policy in regards to fighting the soivets. Then in the 90's when the USSR fell and china opened up, the US was still protecting everyones trade, The resources from the soveit space flooded the international market at the same time you had 1 billion chinese workers ready to work real cheap. China has soo many problems it wont take over the world. The nice thing about US dollars is that america doesnt really do that much international trade and half of that is with mexico and canada, so it has little interest in manipulating the dollar. back to cyrpto The one interesting element built into cyrpto is the idea of trust....lol....that you can trust the block chain to be accurate....But buildt on that block chain is nothing but scams, prymid schemes and manipulation and fraud by exchanges.
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Jan 22, 2023 17:31
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Foo Diddley posted:the american dollar is backed by the full economic and military might of the united states of america, and if you don't think that's real then i don't know what the gently caress to tell you There is exactly one thing that makes the USD (or any other currency) have any kind of intrinsic worth above and beyond Disney Dollars or Starbucks reward points: It is the only thing that the US Government accepts to pay taxes with. I can't pay my taxes with farm animals, I can't offer to dig a ditch for the government, I can't even send them a brick of gold. That is the underlying value of the dollar: if the Government says you owe it $5 (whether from taxes or fines or whatever) you need five actual dollars to pay it, and if you don't pay the government they tend to do poo poo like arrest you. Foreign trade and reserve currencies etc. get more complex, but that's the short version of why fiat works and you don't actually need the dollar backed by gold or any other "real" store of wealth.
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Jan 22, 2023 17:45
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Ghost Leviathan posted:Thing is it relies on people believing that computers are literally magic. Friendship is the real magic
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Jan 22, 2023 17:47
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MarcusSA posted:Friendship is the real magic ^ this imo
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Jan 22, 2023 18:01
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threelemmings posted:I have it on good authority the author of that book has THIEVED intellectual property from this very thread. You make think ideas like "Bitcoin is bad" and "lol bitcoin" are original but THIS IS A LIE!!!!!!; they were stolen from very posts right here! pshaw. it ain't what you do, it's the way that you do it. Bernie Madoff said that, you know.
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Jan 22, 2023 18:52
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erosion posted:Right, there's a reason crypto people insist on using the term "fiat" when describing existing currency, because they are casting aspersions. Aspersions about this big fiat cock, maybe. 
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Jan 22, 2023 20:04
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Cyrano4747 posted:There is exactly one thing that makes the USD (or any other currency) have any kind of intrinsic worth above and beyond Disney Dollars or Starbucks reward points: It is the only thing that the US Government accepts to pay taxes with. I can't pay my taxes with farm animals, I can't offer to dig a ditch for the government, I can't even send them a brick of gold. That is the underlying value of the dollar: if the Government says you owe it $5 (whether from taxes or fines or whatever) you need five actual dollars to pay it, and if you don't pay the government they tend to do poo poo like arrest you. Remember when Trump tried to pay a lawyer with a racehorse and he was all, "This isn't 1850, you can't pay me in livestock. "?
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Jan 22, 2023 20:16
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Lammasu posted:Remember when Trump tried to pay a lawyer with a racehorse and he was all, "This isn't 1850, you can't pay me in livestock. "? I mean, at least he didn't try to pay Stormy Daniels with a horse. He's got that on Musk at least.
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Jan 22, 2023 20:32
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yeah pence had dibs on it
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Jan 22, 2023 20:34
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Foo Diddley posted:the american dollar is backed by the full economic and military might of the united states of america, and if you don't think that's real then i don't know what the gently caress to tell you I would have thought that all the crypto grifters accepting fiat in exchange for pretend money would have been evidence enough that it isn't worthless. If US dollars weren't real they'd be demanding payments in bullion or something stupid instead.
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Jan 22, 2023 20:48
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coin. good bit is this for
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Jan 22, 2023 20:54
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Cyrano4747 posted:I mean, at least he didn't try to pay Stormy Daniels with a horse. He's got that on Musk at least. That's like the one original idea Elon Musk has ever had though.
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Jan 22, 2023 20:55
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https://twitter.com/web3isgreat/status/1617246462106116103?s=46&t=oHIhKpgc1JVikYjtC0O59g
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Jan 22, 2023 22:58
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bobjr posted:https://twitter.com/web3isgreat/status/1617246462106116103?s=46&t=oHIhKpgc1JVikYjtC0O59g Well, if the Feds aren't going to charge them, why not continue to commit crimes unabated? 
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Jan 23, 2023 00:14
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Astrochicken posted:coin. good bit is this for
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Jan 23, 2023 00:47
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bobjr posted:https://twitter.com/web3isgreat/status/1617246462106116103?s=46&t=oHIhKpgc1JVikYjtC0O59g What the gently caress does this even mean? If some crypto exchange lost all my money then I can trade my bankruptcy claim for pennies on the dollar to GTX exchange, which will itself presumably be bankrupt and liquidated since its founders are on the run from their own creditors?
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Jan 23, 2023 01:05
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goxcoins as a service
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Jan 23, 2023 01:10
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