Bitcoin: no angel investors, only Faustian bargains

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

Elias_Maluco: Aug 23, 2007; I need to sleep

Ive read on a newspaper about brazilians who are moving to Paraguay to set big bitcoin mining operations, because both eletricity and computer parts are very cheap down there. Some of them are supposedly making a lot of money on it

So out of curiosity: how lucrative really is mining bitcoins now at the present moment, and how long can it last?

# ¿ Jan 2, 2018 18:35

Adbot: ADBOT LOVES YOU

# ¿ May 14, 2024 06:03

Elias_Maluco: Aug 23, 2007; I need to sleep

What if the bubble never really bursts but survives til the end of capitalism like this crazy speculation online game it became

# ¿ Jan 16, 2018 17:41

Elias_Maluco: Aug 23, 2007; I need to sleep

Dont HODL your breath

# ¿ Jan 16, 2018 21:31

Elias_Maluco: Aug 23, 2007; I need to sleep

lazorexplosion posted:

However, when Bitcoin reaches mass adoption and acceptance by the majority of the world, volatitly will be a thing of the past. Why would the world accept Bitcoin you might ask, well because it is simply better, cheaper and more efficient than what we have now.

Honest question: what about the huge transaction fees and time to process and the huge amount of eletricity required to mine it? I really dont see how it can be still practical as a currency

# ¿ Jan 17, 2018 12:11

Elias_Maluco: Aug 23, 2007; I need to sleep

I got a vague understanding of wtf is a tether from this thread, but I still cant understand how the gently caress printing imaginary dollars can drive up the value of bitcoin

# ¿ Jan 17, 2018 20:52

Elias_Maluco: Aug 23, 2007; I need to sleep

Tiny Bug Child posted:

someone please correct me if i'm wrong but this is my basic understanding:

- bitfinex won't turn your bitcoins into dollars, just "tethers"
- tethers are issued at will by a shady-rear end company that is connected to bitfinex in nebulous ways
- the shady-rear end company claimed they back tethers 1:1 with actual dollars, then they switched to claiming they back it with "equivalent assets"; there is no proof of either of these claims
- but the shady-rear end company does explicitly state that they do not redeem tethers for dollars
- you then have to take the tethers to a different exchange that will let you turn them into USD

Still, I cant understand why buttcoin value goes up when they print the tethers. Are they using the tethers to buy bitcoin and drive the value up? If so, why would anyone accept selling bitcoin for something with no value?

# ¿ Jan 17, 2018 21:00

Elias_Maluco: Aug 23, 2007; I need to sleep

Durzel posted:

A lot of average Joes, "normies" as the woke folk seem to like to call them, are seeing news articles with big numbers like 1000% and they literally just switch off their brains and plough their money, life savings, loans, etc into it. How these people don't stop, even for a second, to consider that how they know about this incredible investment opportunity that has somehow passed Wall Street by, when they know nothing about investments themselves, is truly staggering but not that surprising. Pretty much everyone in the world, including those already well off, dreams of instant big wins - so reading stories about the meteoric rise of BTC and other cryptos is enough for them to jump in.

It's sad because ultimately with these big crashes there are people out there really losing their shirts, and plenty more that are completely innocent because their significant other blew their kids college funds, etc on this poo poo without their knowledge or consent. But, there are enough of these people around to sustain BTC and other cryptos indefinitely I think, just look at the story of GTAT. People don't learn, and the ones that do are replaced by others who haven't yet learnt this horrific lesson.

I've stopped thinking that it will collapse completely, now I just think it'll repeat the massive slump and slow recovery cycle over and over (it's done this several times already, and the wokes talk about this being perfectly normal behaviour), all the while crucifying innumerable people who are spending money they don't have. The only people who will make serious money on this now - ironically - are the people who are already proficient at investing, and/or are straight up manipulating the market anyway.

So is a good time to buy?

How much for a batcoin today? The bubble didnt burst did it

# ¿ Jan 18, 2018 12:18

Elias_Maluco: Aug 23, 2007; I need to sleep

So it finally really crashed?

# ¿ Feb 2, 2018 14:28

Elias_Maluco: Aug 23, 2007; I need to sleep

A pamphlet being distributed in Brazil streets and public transport:

"Invest your money
100% profit in 12 months guaranteed"

loving lol

# ¿ Feb 7, 2018 14:42

Elias_Maluco: Aug 23, 2007; I need to sleep

Is thread title accurate again yet?

# ¿ Feb 8, 2018 11:47

Elias_Maluco: Aug 23, 2007; I need to sleep

Pixelponny posted:

https://twitter.com/Sicarious_/status/961718306083344387

Where do I get a super wide monitor like this

# ¿ Feb 9, 2018 11:40

Elias_Maluco: Aug 23, 2007; I need to sleep

Risc1911 posted:

During the token sale, we realized that BitCoen is more than a Jewish blockchain project. The idea of BitCoen was supported by different communities: ethnic groups, travelers � all who have a need for a single cryptocurrency that can be used in different countries.

Inst that true for like.. literally all cryptocurrencies? I mean, if you believe they can be used at all

# ¿ Feb 17, 2018 12:21

Elias_Maluco: Aug 23, 2007; I need to sleep

Can someone explain to me how bitcoiin (bitcoin 2nd generation) is supposed to be better than regular bitcoins? Ive tried reading the website and couldnt make much sense of it

# ¿ Feb 27, 2018 20:23

Elias_Maluco: Aug 23, 2007; I need to sleep

https://twitter.com/ianbremmer/status/1006246185903026176

# ¿ Jun 11, 2018 19:52

Elias_Maluco: Aug 23, 2007; I need to sleep

# ¿ Jun 19, 2018 17:22

Elias_Maluco: Aug 23, 2007; I need to sleep

well, why not?

http://www.soccercoin.eu/

# ¿ Jul 19, 2018 15:02

Elias_Maluco: Aug 23, 2007; I need to sleep

Heath posted:

What's really interesting is seeing how NFTs in particular have not evolved so much as failed to evolve. There was that one posted the other day that was like 3D gorillas and the first thing you see is one rising up with the same stupid laser eyes as the Bored Apes. Like there is virtually no thought put into the idea of elevating the craft as such, it's total derivation. Keep the ape part, but make them gorillas this time. That's the key! The same basic conceits of the aesthetic are all there. "NFT" in the public consciousness is essentially now "a portrait of a silly animal" even though in theory there shouldn't be any specific strain of theme or composition of what an NFT even is, and there is even a pretty wide swath of NFTs that are actually cool art pieces. The sheer tastelessness of the crypto community poisoned the well from the start. I think the whole concept of NFTs would have been much, much more widely accepted and embraced if there had been some kind of prevailing aesthetic that wasn't on par with those old superhero creator palettes we used to gently caress around with in like 2005

They are using NFT to sell real artistic photography too, in sites like opensea. As an amateur photographer, I follow a lot of photographers in social networks and for some time most are trying to use it to get some money from their photos. And it seems it kinda works too, at least some of them are making some money out of it and good for them, I guess

Although I have no idea if buying a photo on opensea gives you any real, legal ownership of the thing, or just the dumb token

# ¿ May 18, 2022 16:28

Elias_Maluco: Aug 23, 2007; I need to sleep

He lists some use cases in the replies, stuff like degrees and certificates for courses and such

You know, things that we have been doing for centuries without any need for this really exciting new tech

# ¿ May 22, 2022 21:20

Elias_Maluco: Aug 23, 2007; I need to sleep

Shaman Tank Spec posted:

I don't know anything about this guy but I like his derpy drawings a lot more than any other NFT poo poo I've seen. Look at that tiger! Or that water buffalo!

Well it like childrens drawings which is surely better art than procedural generated monkeys, at least

# ¿ May 25, 2022 13:15

Elias_Maluco: Aug 23, 2007; I need to sleep

Ok, Im going to create a electronic cigarette that uses a blockchain for.. something and get rich

# ¿ May 30, 2022 19:22

Elias_Maluco: Aug 23, 2007; I need to sleep

repiv posted:

https://twitter.com/web3isgreat/status/1531399557740957698

help i put all my savings into a project that's just a copy of a different project with the colours changed and it didn't moon, what do i do

Bored apes are already incredibly ugly and stupid and worthless and than someone comes and makes a bad copy of it changing some colors and it raises more than 1 million dollars of real money with that crap

I just cant

# ¿ May 31, 2022 12:31

Elias_Maluco: Aug 23, 2007; I need to sleep

https://twitter.com/Bogswallop/status/1531656197933260803

# ¿ May 31, 2022 16:55

Elias_Maluco: Aug 23, 2007; I need to sleep

Let's Go Brandon Coin

# ¿ Jun 1, 2022 15:44

Elias_Maluco: Aug 23, 2007; I need to sleep

Makes me think: why they arent doing NFTs for movies yet?

# ¿ Jun 5, 2022 19:18

Elias_Maluco: Aug 23, 2007; I need to sleep

quote:

Timeline of events

Two weeks ago, Wintermute was engaged by the Optimism Foundation to provide liquidity in the OP token upon its listing on centralized exchanges. As part of the agreement Wintermute received a 20 million loan in OP.

Initially the loan was to be deployed on one of the Wintermute�s wallets on Optimism. As we communicated the wallet address to the Optimism team, we made a serious error. We had a Gnosis safe deployed on mainnet for a while and due to an internal mistake, we�ve communicated the very same wallet as the receiving address. As some of you may know, this is not a smart thing to do - having control over mainnet Safe doesn�t guarantee control on other EVM compatible chains (unlike ordinary wallets).

We notified the Optimism team on the 30th of May. Since the launch next day was a clear priority we agreed on receiving additional 20 million tokens (providing $50 million USDC as collateral), all while exploring ways to retrieve the funds. At the same time we got in contact with the Gnosis Safe team, asking them for assistance with retrieving the funds. After consulting with the Optimism and Safe teams, Wintermute made the assessment that the funds were potentially retrievable, and that nobody other than Wintermute could recover those funds. The assessment was also that it was a high risk retrieval that could only be attempted once and required Safe to support. Retrieval was scheduled for 7th of June. However, the assumption that the funds can only be recoverable by Wintermute proved to be false.

Exploit

Somebody has done their homework well, however. In less than 24 hours after we notified Safe and Optimism about the situation, wallet 0x8BcFe4f1358E50A1db10025D731C8b3b17f04DBB has been funded via tornado cash transfer 60. It proceeded with performing a replay attack by replaying the Gnosis Safe MasterCopy 1.1.1 deployment from Eth mainnet. They then used the previously deployed contract 0xE7145dd6287AE53326347f3A6694fCf2954bcD8A to deploy vaults per batches of 162. The hacker then proceeded with selling 1m OP tokens for ETH and withdrew back to L1 via Synapse and Hop bridges to then use tornado cash on mainnet.

I have to admit I feel very dumb and old cause I�ve read this whole thing and I understood absolutely nothing and I don�t even know the meaning of half the terms used

Like �Gnosis safe�, �synapse and hop bridges � it sounds like made up technical gibberish from a comedy sketch to me

# ¿ Jun 8, 2022 23:59

Elias_Maluco: Aug 23, 2007; I need to sleep

Strong Sauce posted:

*deep breath*

okay. so Optimism is an L2 blockchain, which as I mentioned in an earlier post, tries to not make transactions in cryptocurrency dogshit slow by completely deferring writing into the main blockchain, (L1) (e.g Ethereum Blockchain, Bitcoin Blockchain) and instead only periodically sending transactions updating the total amounts that are in the L2 blockchain.

the gist of it is.. a gnosis safe is basically a more secured smart contract that allows you to authorize transactions only if multiple people agree to engage a transaction. think of those safes that require two people to turn a key at the same time. if neither key is present or one person refuses to go through with the deal, the smart contract won't authorize it. gnosis safes are basically just more advanced and offers more functionality.

what happened was, the optimism people wanted a private key from wintermute, he told them to use the gnosis safe that was deployed on L1 (ethereum blockchain) thinking they could also access the money on L2 (optimism blockchain). So they transferred it and then realized the mistake that there wasn't a gnosis safe created on L2. While they were trying to figure out what to do to make sure they could access the money.. someone way smarter than them realized wintermute's mistake and took advantage of it by basically creating a new smart contract that looked exactly like the gnosis safe contract, except all the ownership was changed to the hacker's credentials so the hacker now had access to the money in the safe because the hacker's multisig matched wintermute's multisig on L1.

he then took all the money that was in the gnosis safe and transferred it back to L1 using 2 bridges. bridges basically just convert different cryptocurrencies that are on different L2 blockchains. once he got it back on the ethereum blockchain (L1) he washed it in tornado cash (which is a tumbler)

Thank you for your effort. Can�t say I understand it completely yet but I think I have an idea of what happened now

# ¿ Jun 9, 2022 00:56

Elias_Maluco: Aug 23, 2007; I need to sleep

Photex posted:

https://twitter.com/Bitcoin/status/1538185811690024960

So bitcoin becoming again something just for the "purists" is a good thing for them? How exactly?

# ¿ Jun 18, 2022 17:15

Elias_Maluco: Aug 23, 2007; I need to sleep

IBroughttheFunk posted:

Apologies since this has probably been asked before in this thread, but are there still true believers in the crypto world who actually think that these are genuine currency alternatives instead of just investment vehicles built on bullshit? If so, how in the actual hell do they justify that stance? Because if there's at least one thing a stable, everyday currency probably shouldn't have is these absolute wild value swings.

I still just don't get it. I look at it and see just nothing but people hawking their respective ponzi schemes so that they're not left holding the bag.

I�m ignorant but the way I understand, they still actually are currencies. It�s a bad currency, but still the best currency for illegal activities, like blackmail or drugs or whatnot. I think that�s the only thing that makes crypto not a full ponzy scheme: it is useful, if only for criminal activity

# ¿ Jun 22, 2022 11:53

Elias_Maluco: Aug 23, 2007; I need to sleep

https://twitter.com/NBCNews/status/1537426037864386561

# ¿ Jun 22, 2022 22:01

Elias_Maluco: Aug 23, 2007; I need to sleep

Baller Time posted:

No, I do not want an overpriced car that also looks like a toy from the 90s

Its ok, the car is just a freebie

You are suppose to want that AMAZING art of a car that also looks like a toy from the 90s over a generic cyberpunk background

# ¿ Jul 4, 2022 16:12

Elias_Maluco: Aug 23, 2007; I need to sleep

TheBlackVegetable posted:

My guess is no-one actually cared at all that the idiot dressed himself up as his jpeg, let alone called him out on it being blackface and racist.

They're just gleefully playing their own little game of stir-up-the-lefty, and if there is no one taking the bait then they'll just pretend there was, or have a sock puppet do it for them. There's plenty of "hidden" racist and Nazi icons all over this ape poo poo to call them out on, which they want people to do both for self validation and so they can further muddy the water claiming innocence.

Pretty much this

Its blackface with plausible deniability to own the left

# ¿ Jul 9, 2022 23:23

Elias_Maluco: Aug 23, 2007; I need to sleep

wilderthanmild posted:

Yeah, if nobody distributes the game, who cares about a number on some blockchain. It's like you own a xbox game, but you lost the CD so all you have is the case.

Unless you put the entire game on that blockchain. No, don't ask me how, this is my new startup.

Even a monkey jpg is apparently too big to be put in the blockchain

# ¿ Jul 14, 2022 18:11

Elias_Maluco: Aug 23, 2007; I need to sleep

At this point, even if you a true believer in crypto, how can someone in their right mind trust those exchanges? They can do whatever they want and all you can do is hope they going to allow you to get your money after you give it to them

But without exchanges, there no way to speculate and make money out of that poo poo

I think maybe that is whats going to kill this game

# ¿ Jul 17, 2022 11:53

Elias_Maluco: Aug 23, 2007; I need to sleep

Why would she even need to own a real diamond in the first place?

Is literally the same if she just took a picture of some the diamond from a jewelry store since her NFT is just a picture of a diamond anyway. Heck, she could even drawn a a diamond with crayons and take a picture of the drawing and it would still be the same

How can people believe this makes any sense at all?

# ¿ Jul 27, 2022 18:01

Elias_Maluco: Aug 23, 2007; I need to sleep

https://twitter.com/NewYorker/status/1552618168035729410

# ¿ Jul 28, 2022 12:43

Elias_Maluco: Aug 23, 2007; I need to sleep

Parkingtigers posted:

Just make an NFT of the harddrive and boom, you have your half a billion dollars.

# ¿ Jul 28, 2022 14:27

Elias_Maluco: Aug 23, 2007; I need to sleep

rydiafan posted:

https://twitter.com/aaronhuertas/status/1553794739295617025?s=20&t=j9Tys6Wp4b-FzQi2b8IXzA

90% sure this is satire, but who can tell anymore?

It is

https://twitter.com/aaronhuertas/status/1553906947262480387

# ¿ Aug 1, 2022 16:26

Elias_Maluco: Aug 23, 2007; I need to sleep

Armitage_Shanks posted:

Nothing like the Noble, Pure, Blockchain helping companies (*checks notes*) get their beaks wet when students try to learn.

https://www.siliconrepublic.com/business/pearson-textbooks-nft-blockchain-digital

Isn't the entire argument of the NFT heads that the blockchain PREVENTS a centralised owner continuing to project influence after a sale has happened?

They're perfectly able to use normal methods to issue a license to a book to one person right now. If that person is removing the DRM or sharing their credentials so someone else can get the book then how the hell will the blockchain make any difference to that?

I really wish there was a way to see the process where something like this gets to as far as a press release without someone saying "this is dumb poo poo that will make us a laughing stock". Does the CEO just coke his way to thinking "BLOCKCHAIN! That's what we need!" or is there some crypto brained intern who managed to elevator pitch this poo poo to him and it somehow sidesteps all the people who should know better?

Yeah. I thought the same. Whats the NFT even doing in this case?

# ¿ Aug 4, 2022 14:29

Elias_Maluco: Aug 23, 2007; I need to sleep

So in proof of stake you put coins to be able to generate more coins?

# ¿ Aug 14, 2022 18:45

Adbot: ADBOT LOVES YOU

# ¿ May 14, 2024 06:03

Elias_Maluco: Aug 23, 2007; I need to sleep

Plan R posted:

She's wearing glasses in the first frame and never again.

She lost the glasses but fortunately she had a NFT of them

# ¿ Aug 16, 2022 19:16

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

«‹›4 »