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Sophy Wackles posted: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? That sounds too stupid. You must be explaining it wrong
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Jan 23, 2023 01:23
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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. "?
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Jan 23, 2023 01:31
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A key thing is the heavy crossover of bitcoin and libertarian brainworms involves taking a lot of social rules for granted as if they're laws of physics. Because they don't actually understand that society is made up of people and common consensus.
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Jan 23, 2023 07:18
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more falafel please posted:her dad does sound like an rear end in a top hat tbh. your kid hosed up and made an expensive mistake by not following your advice and feels lovely about it, your response should not be to make him feel worse Strong Sauce posted:the whole family seems like assholes. i mean yeah maybe the dad told them not to buy crypto but it was probably yelling poo poo like, "YOU DONT KNOW ANYTHING ABOUT MONEY. DON'T BUY CRYPTOS YOU DUMB SHITS" and then the younger son's all, "I'll show you DAD" and bought a bunch of crypto. The "younger son" is 23 lol, he's a full grown adult man. He deserves all the shade dad has to throw.
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Jan 23, 2023 07:56
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Piggy Smalls posted:IMPORTANT ANNOUNCEMENT TO ALL NUGEN TOKEN HOLDERS This text doesn't appear anywhere on the Nugen Coin website, or in search engine results except on a Telegram user's page as a 'forwarded' Telegram message. So it doesn't sound like an official announcement to me. And why would Nugen be giving "all token holders" instructions on This sounds more to me like a fake announcement by some third party... probably to be followed later by another "announcement" with some sort of phishing link. Edit: Quoted the wrong post. BigBadSteve fucked around with this message at 10:11 on Jan 23, 2023 |
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Jan 23, 2023 09:46
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Scams within scams.
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Jan 23, 2023 10:06
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BigBadSteve posted:This text doesn't appear anywhere on the Nugen Coin website, or in any Google search results except Telegram's as a 'forwarded' Telegram message. So it doesn't sound like an official announcement to me. Nugen's official facebook page previously linked to a telegram group with a message from their CEO, and I think it was about this. So it might be real?
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Jan 23, 2023 10:11
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Dr. Video Games 0031 posted:Nugen's official facebook page previously linked to a telegram group with a message from their CEO, and I think it was about this. So it might be real? So decentralized, our official communications are indistinguishable from quicker scams
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Jan 23, 2023 10:28
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Dr. Video Games 0031 posted:Nugen's official facebook page previously linked to a telegram group with a message from their CEO, and I think it was about this. So it might be real? I feel this is most believable specifically because it's the most boomer thing.
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Jan 23, 2023 10:44
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Sophy Wackles posted: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? I think it's a way that people who have "assets" locked up in one of the dozens of failed exchanges going through bankruptcy can trade their claims with each other. The idea is that you can I guess say, "I had money on ftx and you had some in Gemini. I'll trade you my claim for yours because reasons [perhaps I expect you'll have a better or quicker payout on your claim?]" This is, of course, the sign of a really healthy ecosystem and not a bunch of scanners trying to milk their rubes just one more time
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Jan 23, 2023 13:39
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Horseshoe theory posted:Well, if the Feds aren't going to charge them, why not continue to commit crimes unabated? This is basically the state of affairs for all crime in the world except international drug trafficking and *checks notes* jaywalking while black. Want to scam rubes? Rob houses? Beat your partner? Why not lmao courts don't care, you're cruising for a £200 fine there my son!!
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Jan 23, 2023 14:11
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Actually, thinking about it, it's great if you want to live the dream of being JG Wentworth
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Jan 23, 2023 14:22
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Olanphonia posted:I think it's a way that people who have "assets" locked up in one of the dozens of failed exchanges going through bankruptcy can trade their claims with each other. The idea is that you can I guess say, "I had money on ftx and you had some in Gemini. I'll trade you my claim for yours because reasons [perhaps I expect you'll have a better or quicker payout on your claim?]" It sounds to me more like speculative trading of bad debt, which is already a thing in the rest of the financial world. Debt gets bought and resold elsewhere all the time. If you've ever gotten a car loan or a mortgage, chances are that the company that gave you the loan (the originator) sold off your debt within days. poo poo, this is the whole reason the 2008 crash happened - they were mixing highly rated, investment grade debt (say, houses bought by people with rock-solid credit ratings and high paying jobs) with junk debt (e.g. mortgages owned by people with garbage credit ratings with histories of defaults) and selling it all together as investment-grade debt. Then the economy dips, a lot of variable rates balloon, and the bad part of that mixed debt starts to default so the mortgage backed securities start going tits up and a few years later we're all watching movies explaining what the gently caress happened. It's pretty common for people with hosed debts to sell them for pennies on the dollar to someone else. This is the entire way the loan recovery industry works. Your credit card company isn't going to bother chasing you for $10k in bad debt, they're going to sell it to a scumbag company that specializes in harassing you until you pay up. They get a little bit of money, and more importantly they get to just realize the loss and get it off their balance sheets. Moving forward they know not to give you credit. The scumbags who call your mother at 4am to tell her her son is a piece of poo poo with bad debt and to make him pay his bills hope they can eventually badger you into getting the money somehow, anyhow. If that happens then hey, they just made $10k off some defaulted debt that they bought for $1000 or even less (numbers made up for example purposes). This is also why they're always so happy to negotiate partial payments and forgive the rest. If they can get you to cough up even $2,000 of your $10k debt they're still doubling their initial investment, which is a hell of an ROI for doxxing you and embarrassing you in front of work, family, etc. You see the same thing with companies and countries. When Argentina defaulted on its debts most of the people who actually bought argentine bonds just sold the debt to wash their hands of the situation, and the real hang up was the companies that bought it. I forget the details, but they squeezed their balls pretty hard in the following years with stuff like IMF debt relief. Now, I'm not sure how anyone expects to make money off these bad coins. But the idea of a place where you can swap bad debt (or bad stocks) at a large discount, effectively letting other people roll the dice that the paper value might be recoverable, isn't in and of itself nuts. I just have no loving idea how they expect to get from the "bought bad debt" part of this to profit. I suspect this is going to end up being financial institutions with bad crypto investments selling off that poo poo to just realize the loss and move on and the final, ultimate form of bagholder jumping in because they're just loving sure these luna tokens will be worth something, someday, and hey I can buy a billion dollars worth of them for only $10K!
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Jan 23, 2023 14:29
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3ac hold a lot of the debt going in and can arbitrage their users so that every cash trade made turns a bit of 3AC debt into real money The debts are a kind of gambling chip at a casino where all the games are zero sum for the players and the house can take exactly all the cycles of bets that give returns That's how I would run a crypto debt market anyway
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Jan 23, 2023 14:37
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Anyone getting involved with 3AC 2.0 or whatever it is deserves everything they get. The sad reality is if they actually do this, or if FTX 2.0 becomes a thing, people will pile in because they want to be "in on the ground floor". It doesn't matter how many scams or collapses there are, there's so much pent up desire to get rich quick with the minimum - ideally zero - effort that people will ignore any and all red flags. It's a wonder there aren't even more scams than there are to be honest, the market is ripe for it.
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Jan 23, 2023 15:47
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bankruptcy claims get traded all the time. it makes a lot of sense as professionals can review the public documents to have a good sense of what the likely claim payouts are, and claim holders frequently need the money they can get now, not a year or two and will take a discount to get it now. as you might guess, there is a very active market in claims for all of the crypto bankruptcy claims. it's actually not at all a bad idea to have an online claims market for those claims - but it already exists and makes very little money, there's not really room for a second.
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Jan 23, 2023 16:12
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nobody in the crypto space is going to run a simple straightforward dead-exchange-bond-trading-platform that does what it says on the tin and quietly and profitably collects trade comissions because if they could do that those exchanges wouldn't be dead they will always always get high on their own supply and start betting the house's money
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Jan 23, 2023 16:14
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shame on an IGA posted:nobody in the crypto space is going to run a simple straightforward dead-exchange-bond-trading-platform that does what it says on the tin and quietly and profitably collects trade comissions because if they could do that those exchanges wouldn't be dead the issue is they want to issue their own coins. or nft s
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Jan 23, 2023 16:19
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Durzel posted:Anyone getting involved with 3AC 2.0 or whatever it is deserves everything they get. It's just gambling to them. Casinos are still around, and there are more and more of them every day. No one is expecting people to learn the lesson of losing money at a casino and then all casinos going bankrupt. No matter how much money they already lost on crypto they'll keep gambling more.
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Jan 23, 2023 20:14
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Cyrano4747 posted:It sounds to me more like speculative trading of bad debt, which is already a thing in the rest of the financial world. If I remember right, Bitfinex was the first exchange to pull this after they got "hacked" back in the day. They ultimately did end up paying off their "recovery tokens," probably to everyone's surprise, but of course it was structured to be entirely to the exchange's benefit and they ended up getting the most out of it.
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Jan 23, 2023 21:41
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PurpleXVI posted:If I remember right, Bitfinex was the first exchange to pull this after they got "hacked" back in the day. They ultimately did end up paying off their "recovery tokens," probably to everyone's surprise, but of course it was structured to be entirely to the exchange's benefit and they ended up getting the most out of it. and in particular, they paid them out in ... tethers.
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Jan 23, 2023 21:45
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BigBadSteve posted:This text doesn't appear anywhere on the Nugen Coin website, or in search engine results except on a Telegram user's page as a 'forwarded' Telegram message. So it doesn't sound like an official announcement to me. Nope its straight from Nugens email address. Remember my neighbors bought my family these coins as a gift and was trying to get me to put down money because I guess it would help him. I spent not a penny. Support@nugenuniverse.com Piggy Smalls fucked around with this message at 00:08 on Jan 24, 2023 |
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Jan 24, 2023 00:06
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Piggy Smalls posted:Nope its straight from Nugens email address. Remember my neighbors bought my family these coins as a gift and was trying to get me to put down money because I guess it would help him. I spent not a penny. Giving cryptocurrency as a gift is the most sociopathic thing I have ever heard of.
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Jan 24, 2023 00:24
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gay picnic defence posted: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. Ok so any day now the apocalypse is going to hit and the dollar will go to zero, and you're happy to ship me your precious precious gold in exchange for nothing but worthless fiat paper because (?????) Fortunately for them their business model is selling to morons who don't ask questions like that.
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Jan 24, 2023 00:27
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Lammasu posted:Giving cryptocurrency as a gift is the most sociopathic thing I have ever heard of. oh it was worse than that, the neighbor signed piggy and his family up for it using a referral code so he would get a kickback, but the kickback was dependent on the accounts being verified with scans of driver's licenses etc so the neighbor was harassing them all for that stuff in the leadup to all of this
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Jan 24, 2023 00:34
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Lammasu posted:Giving cryptocurrency as a gift is the most sociopathic thing I have ever heard of. Lifeway christian store books from catholic family.
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Jan 24, 2023 00:38
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Durzel posted:Anyone getting involved with 3AC 2.0 or whatever it is deserves everything they get. The crypto groups I'm in, I actually saw someone seriously ask for if someone had a form to invest in GTX (ie: 3ac). Even in said group people's responses were highly incredulous that a person expected that to end well.
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Jan 24, 2023 02:36
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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's great, I'm a big fan of it. Even if you know some or all of the stuff in it, it's well written and entertaining, and it's wild seeing all the stuff explained plainly on the page. A lot of "it can't be this stupid, right?" Also it's my first recommendation for anyone who "wants to know more about this crypto thing" https://davidgerard.co.uk/blockchain/book/ The followup book, Libra Shrugged is very good too, and that one I didn't know most things, I knew Facebook was doing evil and dumb poo poo, economics-wise, but didn't know at what scale.  https://davidgerard.co.uk/blockchain/libra/ I'm looking forward to the next one*, I kinda unplugged from the Crypto thing around 2020 (hmm, I forget why...  ) and from skimming this thread it seems I've missed some wild A+ drama* There WILL be another one, I hope? @divabot
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Jan 24, 2023 03:35
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https://twitter.com/edzitron/status/1617659442895663105?s=46&t=z5a6rw1_RqaQFWKmLiBasA
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Jan 24, 2023 04:36
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They just couldn't help themselves. They made the game to try to avoid being classified as a security, but still require someone to drop 2k to even play. I hope the FTC slams those loving ape jpgs into the ground.
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Jan 24, 2023 04:45
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its more like 3-4k really
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Jan 24, 2023 05:04
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Looks fun! https://www.youtube.com/watch?v=GR9N0QXiPLo&t=238s Reminder nobody actually knows what the reward for being top player even is.
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Jan 24, 2023 05:13
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Popete posted:Looks fun! "you can see the score on the side now, that's really nice actually, wow" i love things like this and star citizen where the people trying really hard to pretend that it's fun obviously have never played a game in their life 
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Jan 24, 2023 05:22
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lol that people are paying thousands of dollars to play something that looks more lame than the flash games i played in high school
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Jan 24, 2023 05:22
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Look the bar for crypto games is.... not high. Also for the people paying to rent a Sewer Pass wouldn't any reward they win go to the owner of the pass after the event is over? Imagine spending thousands of dollars and hundreds of hours over the next 3 weeks playing this lovely mobile game rip off only to end up with nothing.
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Jan 24, 2023 05:27
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wow we can actually check the rank in this game entirely based around placing first?!? what an amazing innovation!
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Jan 24, 2023 05:30
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ah the BAYC is BACK with a game! a sewer pass lol Your honor my client paid good crypto tokens for a pass to a sewer to throw a monkey into a toleit. He is clearly a victim of fraud.
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Jan 24, 2023 05:52
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It sure is a good thing that leaderboards are notoriously reliable and never filled with entries coming from hand-crafted API requests. Similarly, it`s a good thing this thing is built using browser-based tech, which is also well known for being difficult to hack.
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Jan 24, 2023 06:03
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I'm glad this amazing future lets me spend thousands of dollars to play a worse version of an Earthworm Jim minigame.
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Jan 24, 2023 06:38
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Zil posted:They just couldn't help themselves. They made the game to try to avoid being classified as a security, but still require someone to drop 2k to even play. I hope the FTC slams those loving ape jpgs into the ground. That's been happening a bit over the last couple of years. You just gamify it enough that it isn't considered an investment and any profits you make are tax free. A guy at my old job was right into some NFT horse racing game which effectively was an investment in Etherium and maybe some other crypto poo poo but because it was a 'game' you wouldn't pay any tax. Wouldn't surprise me if it turned out to be a scam.
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Jan 24, 2023 08:49
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