Lumbermouth posted:

https://www.youtube.com/watch?v=V9O94UTDAJQ

Cyrano4747 posted:

It's very much how a lot of government offices I've worked with operate. I've seen some really loving heated arguments between people in separate divisions under the same org about who is responsible for overseeing some new widget inspection, because they're both over-tasked and it could be argued that the widget falls under either one of them. Like, it's easy enough if someone comes out with a new type of prayer beads, that's the Bureau of Beads and Necklaces, and those guys have to handle it regardless of how behind they are. And if someone comes out with a new buttpug obviously that's the Department of Flared Bases. But hey, we've got all these anal beads, who do we send them to? Queue a lot of arguing and emails and no one wanting to take the extra task.

edit: it can not be understated just how under-resourced a lot of government offices are for dealing with the things that they are 100% responsible for. There's a lot less intentional empire building than you would think, if for no other reason than having a poo poo ton of areas under your purview and getting none of it done looks loving horrible and can wreck career prospects.

Cyrano4747 posted:

The regulation that needs to happen is on the end of advertising these scams. There is a whole chain of people in the chain that goes from "bitcoin is a thing" to "Matt Damon calling you a pussy at the Superbowl Halftime for not buying some" and pretty much all of them made a buck. That's how you get normal people thinking that it's a normal investment along the lines of their Meryl Lynch 401k or whatever, when in reality it's a ponzi run by the dorkiest polycule ever.

The kicker is that the Matt Damon add in particular is probably legal under existing regulation, because he never said to buy a specific thing.

Really the answer to all of this is to just get them classified as securities so that existing regulation applies to them, which will make them stop being attractive overnight. Like most other tech /e-business "innovation" in the last decade they didn't so much invent a new thing as dodge existing regulations by doing Old Thing but on your phone. See also: Uber.

Cyrano4747 posted:

It's very much how a lot of government offices I've worked with operate. I've seen some really loving heated arguments between people in separate divisions under the same org about who is responsible for overseeing some new widget inspection, because they're both over-tasked and it could be argued that the widget falls under either one of them. Like, it's easy enough if someone comes out with a new type of prayer beads, that's the Bureau of Beads and Necklaces, and those guys have to handle it regardless of how behind they are. And if someone comes out with a new buttpug obviously that's the Department of Flared Bases. But hey, we've got all these anal beads, who do we send them to? Queue a lot of arguing and emails and no one wanting to take the extra task.

edit: it can not be understated just how under-resourced a lot of government offices are for dealing with the things that they are 100% responsible for. There's a lot less intentional empire building than you would think, if for no other reason than having a poo poo ton of areas under your purview and getting none of it done looks loving horrible and can wreck career prospects.

Foo Diddley posted:

well that 0.00042 BTC didn't last long

Durzel posted:

I'm not sure where I land on regulation.

On the one hand there are entities (e.g. Binance) clamoring for regulation because it would encourage mass adoption. Regulation tends to suggest legitimisation. If the Government appears to back something then people won't necessarily look beyond that, they'll just assume it's "just like stocks and shares".

On the other hand with no regulation people are just going to keep getting scammed. Crypto maxis I don't care about, but I can rustle up some sympathy for people who don't know any better, are desperate to climb out of the gutter, are outright scammed, etc.

I kinda feel like the "best" solution for crypto is to constrict every mechanism of converting it to real money. If banks are prohibited from dealing with exchanges full stop, then it will simply be impossible for your average person to get involved, and therefore prices will crater because it will only be die hards moving money through all kinds of shady outlets to ultimately get it into Binance etc. It seems like it ought to be possible for banks to maintain a list of "banned" bank accounts, etc?

evilweasel posted:

the SEC and the CFTC have been definitely wrestling to extend their control as much as possible for years

the SEC because it institutionally despises what is happening, and also because the head of the SEC is angling for a promotion and thinks that this is a way to get his name in the news, and the CFTC because they're a bunch of corrupt incompetent fucknuckles who see a chance to get lucrative jobs in the crypto industry if they become its regulator and do what they do for commodities companies (nothing, in exchange for some cushy post-CFTC jobs at FCMs - but those pay way less well than crypto companies were paying!)

Bitcorn Magnate posted:

it honestly blows my mind how you people can come right up the to the door of understanding Bitcoin, circle around, inspect it, and then turn away.

again and again and again.

Just.. you're SO close.

quote:

Only days after the launch of the Bitcoin-based Ordinals protocol, its creator had to deal with their first shock pornographic image, which has been inscribed into the blockchain.

On Feb. 2 at around 12:15 am UTC, an unsavory image known as “goatse” was inscribed onto the Bitcoin blockchain via the Ordinals protocol.

It featured on inscription 668 and was live on the Ordinals’ front page for roughly half an hour before the image was removed. It still exists on the blockchain but is not able to be viewed using the Ordinals website.

Ordinals creator Casey Rodarmor told Cointelegraph he acted quickly to remove the image from the Ordinals website but admitted there isn’t much that can be done to stop future instances given the nature of the protocol.

He is at least working on a solution to stop the images appearing on the Ordinals website.

The image, known as “goatse,” depicts a man manipulating his anus. Due to its shock value, it’s often used to trick internet users.

quote:

Asked if he was concerned about the criticism Ordinals may receive for censoring certain images, Rodarmor responded:

“The inscription is still on the chain and if you run your own copy of Ordinal — which everybody is free to do — it will not have that config file and you will see the gaping butthole if that is what you so desire.”

quote:

On Feb. 2 at around 12:15 am UTC, an unsavory image known as “goatse” was inscribed onto the Bitcoin blockchain via the Ordinals protocol.

Cabbages and Kings posted:

The bitcoin blockchain has had literal child porn in it practically since the beginning, IIRC?

Cabbages and Kings posted:

The bitcoin blockchain has had literal child porn in it practically since the beginning, IIRC?

zedprime posted:

Are you assuming regulation is government waving a wand at the bank and saying "whoosh you're regulated?"

Subjecting cryptoenterprise to a drop of the poo poo securities and banks are required by the government to do would strangle most of them in the crib. If they survive, congrats on the new blood in the industry same as the old blood. At least there'd be an ounce of prevention for the future.

Anyway even if we woke up and decided to fix this today there's years of prosecution and disentangling poo poo just to stop the bleed.

Crust First posted:

Crust First posted:

My understanding of this nonsense is that it had text links to an onion site that had child porn, not any actual files, because until now it was a huge pain in the rear end to actually add files (rather than just ascii encoded text) to the bitcoin blockchain. Luckily that has now been made much simpler due to some new functionality to enable NFTs on bitcoin!

Zil posted:

Bitcoin: you will see the gaping butthole if that is what you so desire

Cyrano4747 posted:

a new buttpug

quote:

Casey Rodarmor

Butterwagon posted:

What if someone puts illegal content on the blockchain?

Butterwagon posted:

What if someone puts illegal content on the blockchain?

jokes posted:

https://internetofbusiness.com/bitcoin-blockchain-contains-illegal-porn-say-researchers/

Surprising nobody, there's child porn on it

Jose Valasquez posted:

Oh now I get why Seraph is so into bitcoin

Jose Valasquez posted:

Oh now I get why Seraph is so into bitcoin

Crust First posted:

My understanding of this nonsense is that it had text links to an onion site that had child porn, not any actual files, because until now it was a huge pain in the rear end to actually add files (rather than just ascii encoded text) to the bitcoin blockchain. Luckily that has now been made much simpler due to some new functionality to enable NFTs on bitcoin!

jokes posted:

https://internetofbusiness.com/bitcoin-blockchain-contains-illegal-porn-say-researchers/

Surprising nobody, there's child porn on it

Bitcorn Magnate posted:

it honestly blows my mind how you people can come right up the to the door of understanding Bitcoin, circle around, inspect it, and then turn away.

again and again and again.

Just.. you're SO close.

Butterwagon posted:

What if someone puts illegal content on the blockchain?