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At best you can get $15 a month from the points. But that's enough to get game pass each month so I'm happy with that.
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Feb 12, 2023 00:36
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Kerbtree posted:If you want a good example of “disrupting” something that’s just a company shouldering it’s way into a cash flow without adding anything, you want what3words: https://www.youtube.com/watch?v=4PPRh9ZunmI It’s 99.9% pointless, given that gps coordinates exist and unlike the words they use for location tagging, numbers can’t be be easily mangled into sounding the same by accents never heard of What3Words before this. Also reminds me of a recent radiolab episode about a similar fight in public weather services and private weather services.
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Feb 12, 2023 00:53
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Neito posted:IIRC that was Bing, which still has a points thing that's botted, but the point value sucks poo poo. Well yeah all the zune buds are gone
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Feb 12, 2023 06:10
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Ah look, another crypto problem. Turns out that Luna Classic is centralized. I'm sure this is a shocker to approximately nobody. TLDR: one business can almost entirely control another blockchain because butts.
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Feb 12, 2023 06:39
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i am utterly shocked that a coin that is -99.9999% from its highs has some problems
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Feb 12, 2023 07:22
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Is there anything in the crypto space that's legitimately decentralized?
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Feb 12, 2023 15:27
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ultrafilter posted:Is there anything in the crypto space that's legitimately decentralized? Yeah the bag once you're holding it
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Feb 12, 2023 15:42
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LifeSunDeath posted:Yeah the bag once you're holding it Is it at least a nice bag?
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Feb 12, 2023 15:49
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drk posted:i am utterly shocked that a coin that is -99.9999% from its highs has some problems Once it scrolls off the left side the diagram will rescale and it won't look so bad.
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Feb 12, 2023 15:49
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Zil posted:Is it at least a nice bag? it's like a grocery bag at the bottom of your trashcan that's all wet and full of holes.
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Feb 12, 2023 16:01
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Zil posted:Is it at least a nice bag? It can’t even contain itself
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Feb 12, 2023 18:10
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Zil posted:Is it at least a nice bag? It's THE GREATEST bag you've ever seen! Here! Take it and see for yourself!
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Feb 12, 2023 18:44
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Crypto people today: how bad is this staking banning thing? Me: well if people tried to follow laws it wouldn't be. Them: Do you think SCOTUS should revisit Howey? 
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Feb 13, 2023 01:50
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Okay someone explain the staking thing. I remember someone years ago talking about one of the problems with bitcoin was you have an arms race and network capture like with mining pools. so you move from a proof of work to a proof of stake meaning people with large amounts of tokens have more authority validate the block chain. but stacking creates a problem regs
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Feb 13, 2023 05:08
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Elon trying to pump doge again https://twitter.com/MattBinder/status/1624957519360671746
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Feb 13, 2023 05:40
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Ups_rail posted:Okay someone explain the staking thing. staking is you lock up a token for whatever timeframe it's set up for and you get more of em for doing so, indefinitely. You put in something and expect more.In other words it's security. It's very much like dividends in stocks (a Security)!except it is an explicit ponzi with tons of issues. Ethereum lets people do it for "security" and then there are separate "staking" services where you "stake" Bitcoin (butts) on an exchange and get interest on them in the token, like a quasi-bank scenario. Guess how many crypto exchanges are following bank regulations? Not many, possibly not any. Divabot could probably speak more to the veracity of research on the topic.
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Feb 13, 2023 06:36
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I'm not entirely sure, but I think staking is when you put a bunch of your coins in a pile, then you get a corresponding number of different coins, and those are now backed by the pile of coins. It's different from proof of stake, where they just replace the mining giving the person who guessed the correct number a bunch of coins with giving everyone a percentage of the coins, proportional to the amount that you hold.
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Feb 13, 2023 07:19
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Boxturret posted:I'm not entirely sure, but I think staking is when you put a bunch of your coins in a pile, then you get a corresponding number of different coins, and those are now backed by the pile of coins. huh i thought it was the same thing.
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Feb 13, 2023 07:23
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Basically with mining the people with the most money could buy the most powerful mining rigs, waste the most energy and get the most crypto in return. With staking they just cut out the middle part and simplified it so the people with the most "money" (crypto) gets the most crypto in return.
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Feb 13, 2023 14:44
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IIRC staking, etc., requires a centralized authority which is ironic considering the whole reason people want to use crypto is to decentralize and not allow monolithic authorities to be required.
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Feb 13, 2023 15:57
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Zil posted:Elon trying to pump doge again Is this a dogecoin t-shirt or just a doge t-shirt.
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Feb 13, 2023 16:09
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Boxturret posted:proof of stake, where they just replace the mining giving the person who guessed the correct number a bunch of coins with giving everyone a percentage of the coins, proportional to the amount that you hold. it rules that, in a crypto ecosystem where almost everything except proof-of-work cryptocurrencies are obviously unregistered securities offerings if you scratch the surface for a minute, the ethereum folks looked around, noticed the SEC doing more saber-rattling about "unregistered securities", and said "ok how can we make our crypto look a whole lot more like a 'security' than it did before". I am very appreciative of that move, both for the environment's sake and for the boost in value of my crypto comedy futures portfolio Blotto_Otter fucked around with this message at 17:30 on Feb 13, 2023 |
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Feb 13, 2023 17:01
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This is a pretty good article on the problem the SEC is seeing is the "Staking as a Service" and how it is different than just staking yourself. The "crypto lending" actions mentioned are the cases like Celsius that would let you give them your BTC and they would pay you in CEL and then provide interest as you kept letting them use your tokens. Of course, there was never any money there, nor an intention of paying anyone back.
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Feb 13, 2023 17:23
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Binance's stablecoin BUSD, is dead: https://paxos.com/2023/02/13/paxos-will-halt-minting-new-busd-tokens/ There is an unconfirmed leak that in addition to the NY action that shut them down, they also received a Wells notice from the SEC (a letter that basically states the SEC's intent to sue).
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Feb 13, 2023 17:37
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drk posted:Binance's stablecoin BUSD, is dead: https://paxos.com/2023/02/13/paxos-will-halt-minting-new-busd-tokens/ quote:Paxos Will Halt Minting New BUSD Tokens
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Feb 13, 2023 17:42
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drk posted:Binance's stablecoin BUSD, is dead: https://paxos.com/2023/02/13/paxos-will-halt-minting-new-busd-tokens/ hey! its not binance's! they just share a name, its like john smith in the bitcoin world
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Feb 13, 2023 17:45
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drk posted:Binance's stablecoin BUSD, is dead: https://paxos.com/2023/02/13/paxos-will-halt-minting-new-busd-tokens/ I pronounce BUSD in my head like "bussy"
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Feb 13, 2023 18:08
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jokes posted:I pronounce BUSD in my head like "bussy" clearly its "busty", which always make me laugh
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Feb 13, 2023 18:11
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drk posted:Binance's stablecoin BUSD, is dead: https://paxos.com/2023/02/13/paxos-will-halt-minting-new-busd-tokens/ 🎵Goons are gawking, retails balking,🎵 🎵SBF's online and keeps talking,🎵 🎵SEC writes 'cause they're gonna sue,🎵 🎵So come on, crypto, you got BUSD to move!🎵
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Feb 13, 2023 18:41
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Ups_rail posted:Okay someone explain the staking thing. You get the stake and a hammer, and if you want to make extra sure a sickle. Then you find the bitcoin in its coffin, hammer the stake through its heart, cut off the head with the sickle, stuff its mouth with garlic and bury it upside down at a crossroads.
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Feb 13, 2023 22:29
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So apparently Binance was basically making fake versions of its own stablecoin, which is one of the reasons they got busted:Bloomberg posted:Binance mints billions of dollars’ worth of its own versions of third-party coins like Bitcoin, Ether, Circle’s USDC and Paxos’s BUSD to make them usable on other blockchains than the ones they were built for, such as the platform’s own BNB Smart Chain. Those coins, known as Binance-peg or B-Tokens, are supposed to be backed 1-to-1 by locked reserves of the coins they’re based on, stored separately from customer funds, and often do not involve any oversight from the original issuer. Step 1) Get plausibly legitimate US company to issue an USD backed stablecoin (Paxos BUSD) Step 2) Clone the coin on another blockchain (Binance BUSD) Step 3) Promise you actually have the original backed stable coin as collateral, but instead don't bother and just make poo poo up Step 4) "Accidentally" mix your supposed reserves with customer funds for bonus points
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Feb 13, 2023 23:22
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I heard one of the crypto companies that advertised in the super bowl last year is selling stocks though NFTs. Any idea how that works?
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Feb 13, 2023 23:34
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Oh my god that's so loving good about Binance. Ya love to hear it folks
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Feb 13, 2023 23:38
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Lammasu posted:I heard one of the crypto companies that advertised in the super bowl last year is selling stocks though NFTs. Any idea how that works? Violating several state and federal laws? (I know nothing about this other than the info in your question, I'm just making an educated guess.)
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Feb 13, 2023 23:43
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Binance-pegged Bussy
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Feb 13, 2023 23:53
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drk posted:So apparently Binance was basically making fake versions of its own stablecoin, which is one of the reasons they got busted: there's another company named b-token that manufactures physical casino chips and I hope they file a massive lawsuit for reputational damage
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Feb 14, 2023 00:03
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drk posted:So apparently Binance was basically making fake versions of its own stablecoin, which is one of the reasons they got busted: holy poo poo can we get the underpants gnomes in on this? because it is loving crazy.
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Feb 14, 2023 02:05
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lol none of these dumb fucks can resist disemboweling their golden goose
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Feb 14, 2023 02:23
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ultrafilter posted:Can you imagine trying to explain the internet to someone from 1996?
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Feb 14, 2023 02:42
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Iron Chef Ramen posted:lol none of these dumb fucks can resist disemboweling their golden goose This is too charitable. Every single dollar "made" off crypto has directly come out of the pocket of a sucker but the goose actually makes something.
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Feb 14, 2023 02:47
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