Bitcoin: no angel investors, only Faustian bargains

The Something Awful Forums > Main > General Bullshit > Bitcoin: no angel investors, only Faustian bargains

kw0134: Apr 19, 2003; I buy feet pics🍆

A lot of the blockchain stuff is almost assuredly DOA at this point, if it ever gets beyond a planning meeting in the first place.

# ? Sep 28, 2023 17:05

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# ? Jun 4, 2024 11:35

deep dish peat moss: Jul 27, 2006

Cyrano4747 posted:

I'd be amazed if a lot of that doesn't get scrapped. You're already seeing the walk-back from some of the game companies that had planned NFT bullshit in their games and realize it's not worth the effort.

meanwhile Gamestop is forging full speed ahead on their crypto and NFT plans and the GME holders are still convinced Gamestop's NFT marketplace is going to be what causes mass adoption (and price spikes) in Crypto

# ? Sep 28, 2023 17:11

cruft: Oct 25, 2007

SettingSun posted:

Slow moving corporations are still integrating crypto in their systems which will keep the spark alive. For example among that big Microsoft leak were plans to integrate crypto wallets into the new Xbox environment.

Noticed this when I logged into Fidelity this morning :smith:

. I don't know how long it's been there.

Only registered members can see post attachments!

# ? Sep 28, 2023 17:17

repiv: Aug 13, 2009

SettingSun posted:

Slow moving corporations are still integrating crypto in their systems which will keep the spark alive. For example among that big Microsoft leak were plans to integrate crypto wallets into the new Xbox environment.

that may well have already been scrapped, the big leak is old enough that it has starfield slated for FY 2021 (it just came out in reality)

# ? Sep 28, 2023 17:20

Jakabite: Jul 31, 2010

Yeah I see no reason to split the thread, it�s all interlinked fuckery.

That Bitboy video is a pro-click. I usually can�t be hosed watching a fifteen minute breakdown of internet drama but WOW what a brilliant bit of self-destruction. Live-streaming yourself being arrested with your mistress and loads of drugs in the car, that�s quite a move even for a crypto idiot

# ? Sep 28, 2023 17:35

Boxturret: Oct 3, 2013; Don't ask me about Sonic the Hedgehog diaper fetish

Also the original stream is quite a watch, it starts just as the sun is setting so you get this wonderful progression of this guy ranting and raving outside a house as it gets darker and darker, then the police come.

# ? Sep 28, 2023 17:39

repiv: Aug 13, 2009

the thread could do with a title that encompasses both meme coins and meme stonks

# ? Sep 28, 2023 17:40

Deptfordx: Dec 23, 2013

Yeah, put me on team 'Let's keep it all consolidated into one thread' as well.

# ? Sep 28, 2023 17:41

Tunicate: May 15, 2012

repiv posted:

the thread could do with a title that encompasses both meme coins and meme stonks

Memecons

# ? Sep 28, 2023 17:43

Squiggle: Sep 29, 2002; I don't think she likes the special sauce, Rick.

The Dan Olson Pre-Memorial Thread and Feed Bag

# ? Sep 28, 2023 17:45

ekuNNN: Nov 27, 2004; by Jeffrey of YOSPOS

Deptfordx posted:

Yeah, put me on team 'Let's keep it all consolidated into one thread' as well.

we should make a separate thread for each cryptocoin and memestock and nft collection

# ? Sep 28, 2023 17:54

cruft: Oct 25, 2007

ekuNNN posted:

we should make a separate thread for each cryptocoin and memestock and nft collection

Would this send GBS to the moon [Y/n]?

# ? Sep 28, 2023 18:06

BigBadSteve: Apr 29, 2009

I'm for the two split threads. Reddit stonks rants are mostly the same delusions repeated over and over, with minor variations, e.g. creating another fantasy rationalization when one of their predictions fails... fascinating at first but then it largely isn't, IMO.

I wouldn't mind short "heads up" posts ITT linking to the GBS stonks thread each time something of note happens, maybe weekly or whatever.

# ? Sep 28, 2023 18:23

bagmonkey: May 13, 2003; Grimey Drawer

as long as there's a place for people to post about the scammiest poo poo on the planet I'm happy

# ? Sep 28, 2023 18:38

Zero One: Dec 30, 2004; HAIL TO THE VICTORS!

Is Tether still backed by Evergrande?

https://www.reuters.com/world/china/shares-china-evergrande-suspended-chairman-under-police-watch-2023-09-28/

https://www.cnbc.com/2023/09/28/chinas-evergrande-shares-suspended-in-hong-kong-.html

# ? Sep 28, 2023 20:12

Salt Fish: Sep 11, 2003; Cybernetic Crumb

BigBadSteve posted:

I'm for the two split threads. Reddit stonks rants are mostly the same delusions repeated over and over, with minor variations, e.g. creating another fantasy rationalization when one of their predictions fails... fascinating at first but then it largely isn't, IMO.

You're talking about cryptocurrency.

# ? Sep 28, 2023 20:22

kw0134: Apr 19, 2003; I buy feet pics🍆

We have no idea what Tether is backed by because we've never seen Tether's books. For the record they've strenuously denied holding Evergrande debt so we it's not good, but it's not as bad as it could have been since even last year due to huge interest rate hikes that let them plow money into US treasuries for guaranteed fat gains.

# ? Sep 28, 2023 20:25

Strong Sauce: Jul 2, 2003; You know I am not really your father.

happyhippy posted:

Surpirsed no one has mentioned the latest with the arch-grifter Bitboy Crypto.
We've all heard of rug pulls of the coin, but this is possibly the first rug pull of the grift!

Back Story: Bitboy Crypto is the Jim Cramer of bitcoin and crypto.
He had his own show where he would get money to pimp the latest scam coin, claim its 100% to the moon, and then next week its another scam coin.
He has ruined a lot of other's lives. He also throws out SLAPP lawsuits to anyone who posts against him online, then drops them once threatened back.
He's the ultimate crypto bro, flashing rolexes and a lambo his company rents.
Absolute scumbag.

Current: He has his own company taken away over night from him by his business partner.
All his cards stopped, bills unpaid, left without a nickel. So he takes it like a normal person does.
He begs for $20 for gas, to turn up at the business partner's house trying to doxx him live.
Police turn up, is asked live on his stream who is in the car with him, and he stalls answering as its someone who hes cheating on his wife with.
Then he gets arrested

Here it is all detailed, good laugh:

https://www.youtube.com/watch?v=rKkOdFx27mI

Thanks for posting this since I lost track of it.

Holy poo poo that bitboy went the, "whoa that guy made it public about this lawsuit i used to bully another person and it didn't work and all i wanted to do was suppress his criticism of me. woe is me" then gets arrested because he preplanned a livestream of going to a person's house with his mistress to get his lambo back (supposedly). lol.

# ? Sep 28, 2023 20:34

Kro-Bar: Jul 24, 2004; USPOL May

I don't know a whole lot about drugs, but I know Bitboy is on drugs in that livestream.

# ? Sep 28, 2023 20:37

spiritual bypass: Feb 19, 2008; Grimey Drawer

SettingSun posted:

As much as I viscerally dislike reading about the cult stonks crazies, this would be a pretty bare thread when the current crypto news usually amounts discussing the latest rug pull.

I like the rug pulls :mad:

# ? Sep 28, 2023 22:14

cruft: Oct 25, 2007

spiritual bypass posted:

I like the rug pulls

There are probably people in your area you can pay to pull the rug on you, if that's your thing. Times have changed since the 80s, you don't even need to be embarrassed about your preferences.

# ? Sep 28, 2023 22:16

Blotto_Otter: Aug 16, 2013

kw0134 posted:

We have no idea what Tether is backed by because we've never seen Tether's books. For the record they've strenuously denied holding Evergrande debt so we it's not good, but it's not as bad as it could have been since even last year due to huge interest rate hikes that let them plow money into US treasuries for guaranteed fat gains.

Tether's situation could've improved over the years if they took advantage of higher interest rates, but we don't actually know that they did. lack of insight into Tether's books cuts both ways - we don't really know how much money they've plowed into US treasuries. and Matt Levine had a good newsletter last week in which he pointed out that Tether admitting they're still making loans to "customers", rather than just dumping everything into US treasuries, implies that Tether's primary function is still to prop up other crypto-adjacent businesses, and that they're willing to pass up those guaranteed fat gains to do it.

# ? Sep 28, 2023 22:45

Call Your Grandma: Jan 17, 2010

happyhippy posted:

Surpirsed no one has mentioned the latest with the arch-grifter Bitboy Crypto.
We've all heard of rug pulls of the coin, but this is possibly the first rug pull of the grift!

Back Story: Bitboy Crypto is the Jim Cramer of bitcoin and crypto.
He had his own show where he would get money to pimp the latest scam coin, claim its 100% to the moon, and then next week its another scam coin.
He has ruined a lot of other's lives. He also throws out SLAPP lawsuits to anyone who posts against him online, then drops them once threatened back.
He's the ultimate crypto bro, flashing rolexes and a lambo his company rents.
Absolute scumbag.

Current: He has his own company taken away over night from him by his business partner.
All his cards stopped, bills unpaid, left without a nickel. So he takes it like a normal person does.
He begs for $20 for gas, to turn up at the business partner's house trying to doxx him live.
Police turn up, is asked live on his stream who is in the car with him, and he stalls answering as its someone who hes cheating on his wife with.
Then he gets arrested

Here it is all detailed, good laugh:

https://www.youtube.com/watch?v=rKkOdFx27mI

lol this is the content i crave. there's a full video of the incident as well if you want to watch a drugged up meltdown/arrest in real time

# ? Sep 29, 2023 00:07

ymgve: Jan 2, 2004; Offensive Clock

Blotto_Otter posted:

Tether's situation could've improved over the years if they took advantage of higher interest rates, but we don't actually know that they did. lack of insight into Tether's books cuts both ways - we don't really know how much money they've plowed into US treasuries. and Matt Levine had a good newsletter last week in which he pointed out that Tether admitting they're still making loans to "customers", rather than just dumping everything into US treasuries, implies that Tether's primary function is still to prop up other crypto-adjacent businesses, and that they're willing to pass up those guaranteed fat gains to do it.

this is assuming that every USDT was once backed by a real dollar somewhere though, and not invented out of whole cloth

# ? Sep 29, 2023 01:12

kw0134: Apr 19, 2003; I buy feet pics🍆

Yeah, by objective standards because Tether's customers are idiots who park money with them for promises of potentially getting that dollar back (without any interest or gains) it should be a no-brainer operation, Tether's owners should be making bank upon bank. But this is crypto, everyone's loving stupid in ways that make the writers of our reality look like hacks.

# ? Sep 29, 2023 01:16

spunkshui: Oct 5, 2011

Yes, tether is backed by some cash but not $80 billion worth of it. If you had 80 billion dollars worth of cash with a team tethers size you wouldn�t be running loving cryptocurrency.

# ? Sep 29, 2023 01:26

Time_pants: Jun 25, 2012; Now sauntering to the ring, please welcome the lackadaisical style of the man who is always doing something...

spunkshui posted:

Yes, tether is backed by some cash but not $80 billion worth of it. If you had 80 billion dollars worth of cash with a team tethers size you wouldn’t be running loving cryptocurrency.

Yeah if they actually had $80 billion they wouldn't be involved in cryptocurrency. They'd be moving on to whatever step 2 of "The Plan" was.

# ? Sep 29, 2023 02:18

Ariong: Jun 25, 2012; Get bashed, platonist!

God I can�t wait for the Tether collapse. I have no idea when it will happen, but I am positive it will not happen until every other major thing in the crypto industry has collapsed. Maybe when Binance goes down it will happen.

# ? Sep 29, 2023 04:01

Mercury_Storm: Jun 12, 2003; *chomp chomp chomp*

At this point I'm kind of running the assumption that Tether and Binance havent collapsed yet because they were at least smart enough to run themselves out of non-extradition countries.

# ? Sep 29, 2023 09:41

drk: Jan 16, 2005

binance tried to be everywhere and nowhere at once, but in the end the SEC and DOJ etc dont really care about that anyways if they have a case that involves americans

# ? Sep 29, 2023 17:09

Salt Fish: Sep 11, 2003; Cybernetic Crumb

When the jenga tower falls down one of the blocks has to be the last one to hit the table.

# ? Sep 29, 2023 17:49

Tunicate: May 15, 2012

https://www.bloomberg.com/news/articles/2023-09-29/three-arrows-capital-co-founder-zhu-apprehended-liquidator-says

One of the three arrows scammers got caught

# ? Sep 29, 2023 18:11

Zopotantor: Feb 24, 2013; ...und ist er drin dann lassen wir ihn niemals wieder raus...

ymgve posted:

this is assuming that every USDT was once backed by a real dollar somewhere though, and not invented out of whole cloth

I said it before, every USDT is backed by an actual dollar. Go to Tether HQ, they'll show you the dollar.

# ? Sep 29, 2023 19:07

Trillhouse: Dec 31, 2000

Tunicate posted:

https://www.bloomberg.com/news/articles/2023-09-29/three-arrows-capital-co-founder-zhu-apprehended-liquidator-says

One of the three arrows scammers got caught

good, i hope they all get put in prison forever. the fact that one of them bought a super yacht and named it Much Wow absolutely infuriates me.

# ? Sep 29, 2023 19:08