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Rectal Death Adept posted:There is probably a future for cryptocurrency itself. Someone could invent a use for it someday and a lot of money is interested in it. i kind of assumed this up until a day or two ago, when i was listening to a podcast where kai ryssdal pointed out that bitcoin has been around for about 12 years and how that's an entire epoch in terms of the technology sector and despite tons of people throwing a ton of time and money at the concept for over a decade, no one has even come close to creating a compelling use case outside of illegal activity. i mean never say never, but after getting some perspective on how long it's been around, i think that if there was some kind of actual problem that this solves better than any existing solutions, it would have risen to the surface by now
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May 23, 2021 19:34
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limp_cheese posted:I live just outside of Chicago and there is a bitcoin ATM in the gas station down the street. A guy that I used to know was a waiter in the downtown area of my city and the owner of the restaurant, a very high end seafood place, put one in his restaurant. I've never seen or heard about anyone using either one. I guess the high end restaurant kind of makes sense but the gas station one baffles me. convenient for gas station adjacent drug deals?
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Jul 12, 2021 23:29
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do you think the dutch had to deal with loud assholes writing and aggressively distributing entire tedious books about how loving awesome tulip bulbs were?
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Jul 26, 2021 19:24
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it's an interesting tactic to move on from arguing "my gobal warming black market crime coin is not a speculative bubble" to "speculative bubbles are actually a work of historical fiction"
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Jul 26, 2021 20:07
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Hello Sailor posted:See also: multi-level marketing (MLM) pyramid schemes. Stupid, lots of research proving that it's stupid, people still fall for it all the time. yeah, now that you mention it, the continuing existence of amway and herbalife suggest that bitcoin will probably be able to sustain itself on new suckers for a long, long time maybe regulatory actions by the feds would be able to kill it, it seems like their could be more appetite to go after crypto than mlm
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Aug 18, 2021 18:12
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https://twitter.com/RealNatashaChe/status/1429577944888979462 this poo poo is just straight up insanity diamonds are already bullshit as stores of value, but imagine proposing to someone by presenting a bit of the blockchain that says you own a bunch of diamonds that sunk to the bottom of the ocean and insisting it was the value equivalent of giving them an engagement ring (i know the current trend in nfts don't even give you actual ownership of anything, i need to ignore their wider stupidity to be able to focus on whatever the gently caress this idea is) edit: the characters in dumb and dumber where financial geniuses, they weren't writing worthless ious, they were just minting a series of physical nfts backed by deceased dollars GhostofJohnMuir fucked around with this message at 19:40 on Aug 23, 2021 |
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Aug 23, 2021 19:38
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i've never seen a savings account that incentivizes you to deposit less of your money with the bank
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Aug 28, 2021 17:44
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HootTheOwl posted:Airplane drones are actually easier to automate because there's no obstacles or traffic in the air so telling the plane "go full throttle while pulling back on the yolk. Good, now dip your wings until you're facing waypoint one. Ok see ya" isn't difficult. i think by "f9" they mean a falcon 9. they are asking elon musk to put atmospheric research instruments on a rocket and shoot it into the hurricane to get science done faster
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Aug 30, 2021 00:59
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ymgve posted:feels like it's worth nothing at all!
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Sep 6, 2021 09:59
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the timing of this is a coincidence, but i want to believe
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Sep 8, 2021 16:56
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hyper-deflationary currency sounds like a nightmare, what's the use case as medium of exchange when the creators explicitly acknowledge it rewards people who never circulate it? it's like they're not even trying to hide that it's just a vehicle for speculation for idiots. "we designed it so number only go up"
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Sep 9, 2021 19:17
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i haven't been following crypto lately, but is spotted an article about it on my lunch break today guy at benzinga took the tack "yes, crypto market cap is at 1.8t after a 3t market cap in november, but surely crypto is about to bounce off the floor soon" how is this poo poo 40% off peak and i've barely heard a peep in the mainstream press? loving currency of the future
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Jan 22, 2022 08:20
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i'm watching through that dan olsen video that was linked a little way back, and the vagueness of these nft launches are a one-to-one re-creation of the classic south sea bubble offering of "an undertaking of great advantage, but nobody to know what it is" i know a lot of the material in "extraordinary popular delusions and the madness of crowds" is apocryphal, but boy it captures the spirit of the current bubble
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Jan 24, 2022 22:30
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Donovan Trip posted:Since then I turned 8k into enough for a new car, a house, a restaurant,... nice, the classic windfall wealth destruction starter package. you might want to consider developing a substance abuse problem to round things out
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Feb 16, 2022 20:15
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OPAONI posted:Can't short sellers just declare bankruptcy? or use their secret stock market cabal superpowers to just void the contracts
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Feb 17, 2022 22:04
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i've learned not to hope for things, but it would be perfect if those stupid super bowl commercials really do turn out to be the high-water mark of crypto
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May 12, 2022 06:31
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Agents are GO! posted:That is where I stop, because that's obviously bullshit. It's like whole swaths of people can't internalize "if it seems too good to be true, it isn't true." i think a lot of it comes from something touched on earlier, humans are social creatures. consider the asch conformity experiments. when placed in a situation where the group consensus clashed with objective reality, a significant number of participants went with the consensus. add to it the very real psychological pressure of fomo, and it can become very hard to sit things out. i hate to judge on things like this because the human brain is such a kludge job of heuristics and processing shortcuts that i'm not confident enough to say i will always avoid irrational behavior. and i can believe that there are people who were already in a bad spot putting in money they can't afford to lose and devastating lives. however, this devastation is happening in the form of "slurp juice", so i think we can split the difference and call it tragi-comic
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May 30, 2022 06:04
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Gutcruncher posted:Intentionally selling fake safety devices that lead to the deaths of multiple people only lands you in jail for 10 years? i mean as far as i can tell 3 people were indicted but never brought to trial for the takata airbag scandal in which they knowingly replaced airbags with fragmentation grenades for about two decades.
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Jun 1, 2022 19:16
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i've followed the crypto and nft space for a while and felt like i "got" it, but this one is really breaking my brain they have their original art and all their original infrastructure, don't they? someone just added a hyperlink pointed at a copy of the jpg to the blockchain before them? is that really stealing? would it still be stealing if the offender had added their copied hyperlink to the blockchain after the official launch? does being first to the blockchain matter more than the provenance of the "art" in the eyes of the public so the original creator can't just go ahead and add their pointer to the blockchain second? i mean, i guess it's theft, but it seems like a form of theft that anyone can still do at any point in time after the jpgs are released into the wild deep dish peat moss posted:Here's their roadmap for the billionaire ape club project: number 6 and 7 seem to be essentially the exact same bullet point repeated twice, but i guess they really want to drive home "we will give you money for nothing" GhostofJohnMuir fucked around with this message at 07:18 on Jun 3, 2022 |
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Jun 3, 2022 07:14
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for a second i read this as "took out $80 million per month" and nearly start shooting blood from my eyes
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Jun 10, 2022 05:10
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CaptainSarcastic posted:WTF is "full protection from impermanent loss?" Are they guaranteeing that any losses are forever? maybe it's like a private hedge fund and they don't mark to market and tell you about the temporary losses, only the gains or when the fund goes to zero. apparently, research suggests that people will pay a premium for an investment that doesn't mark to market for this type of peace of mind, so who the gently caress knows?
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Jun 21, 2022 01:06
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Space Fish posted:https://twitter.com/TKopelman/status/1544681423633874947?t=cNX-yZJyD61k6tcRTRUCUw&s=19 hmm, yeah, i could see the mass panic driving the price to book ratio so low that expected returns are suddenly really attractive again we just need to start combing through quarterly and annual statements to figure out which crypto have the most robust real assets on their books oh poo poo, the book is just full of ape jpegs! abort, abort!!
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Jul 7, 2022 07:05
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Zero One posted:https://twitter.com/reuters/status/1545124310964117504?s=21&t=QA0EGbtCv8WqbSS_850Scg man, it'd be great if the fdic and the whole regulatory apparatus had been investigating and enforcing this kind of poo poo before a bunch of idiots got tricked out of their life savings
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Jul 10, 2022 07:32
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https://www.youtube.com/watch?v=-CTloP-B61A i follow an "exploring crypto" podcast put together by two canadian investment managers who have a knack for getting good guests. they try to maintain a neutral perspective, but roughly 3/4s of their guests end up essentially saying "in my field of expertise crytpo makes absolutely no sense, but maybe there's some benefit in other areas i know nothing about"; 1/8 say "crypto is loving dogshit in every way"; and the last 1/8 say "crypto must be good or else why would i be shilling for it?" the guest in the linked episode had a very nice critique from more of a sociology/political science perspective that really focused on how much power the coders/miners/exchanges have, and how even if you put all of the glaring technological and practicality problems aside there are fundamental flaws inherent in the very concept that prevent crypto from living up to what it gets advertised as by libertarians. not necessarily any new information for anyone in this thread, but i liked the way it was laid out
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Sep 17, 2022 06:33
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Somfin posted:Rotate in your mind, if you will, the sort of investor who is still on board with the metaverse but considers crypto enough of a lost cause to demand it be dropped all the investors are wailing and gnashing their teeth as they watch their money being shoveled into the metaverse furnace, they hate it. zuckerberg would be out on the curb right now if the all shareholders weren't dumb-dumbs who knowingly bought non-voting shares which leave all control in zucks hands because he was clearly a randian ubermensch of infinite vision
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Nov 2, 2022 06:08
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from matt levine's newsletter todayquote:Elsewhere in tweeting through it
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Nov 4, 2022 06:13
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Wifi Toilet posted:Lmao, imagine being tortured for some random numbers stored on a computer somewhere. i think this was the plot of the film swordfish. truly ahead of its time
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Dec 6, 2022 08:25
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christ, i'm listening to today's house committee hearing, and the number of ranking members who are still carrying water for crypto as they discuss one of the largest frauds in history is disgusting tom emmer, a republican (a lot of the shills are republican for some odd reason) from minnesota finished his questioning of ray with these remarks which are just infuriating quote:Thank you Mr. Ray, I appreciate you mentioning your concerns about the concentration of power in a small group of individuals with no oversight. That is the exact problem of openness and permissionless technology that crypto and blockchain solves. It solves for the problems with centralization... the statements of a man being paid to not understand that technology is not some magic replacement for social structures. the massive fraud is just proof that the technology was just not embraced hard enough
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Dec 14, 2022 06:30
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i'm visiting my parents for christmas, and talking over a bottle of wine my dad asked me to explain the ftx debacle, which led to a broad discussion of crypto. he hadn't heard of nfts, as soon as i explained it was a link pointing to a digital picture he got a real confused look and asked "if it's a digital picture can't people just copy it?" i was proud he was able to cut to the heart of the grift so quickly
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Dec 25, 2022 06:08
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PhazonLink posted:video games might be the most visible part in the west, but dont most japanese megacorps have a ton of other depts that make orders of mag. more money than videogames? this isn't the future movies in the 1980's promised us, square enix makes various forms of videogames, manga, and merchandise based on their videogames and manga. the whole company isn't being funded by cybernetic drone arm sales or whatever the gently caress
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Jan 2, 2023 20:32
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VitalSigns posted:Yeah it's funny. no joke, i've seen some coiners insist that they could keep the blockchain going via radio if the internet went away
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Jan 26, 2023 19:31
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i have to regularly restrain myself from posting excerpts of matt levine's money stuff newsletter, but today's bit on celsius is too good not to sharequote:Elsewhere in bankruptcy: i think it's really damning on regulators and law enforcement that there was so much fraud and theft going on at "major exchanges" and it was allowed to just proceed until the schemes collapsed and now they're stepping in to sort through the pieces. it was obvious to any serious person since day one that this is how everything crypto essentially operates also if you're not subscribed to matt levine's free newsletter, i highly recommend it. it doesn't always have crypto related items, but it's generally always has a few chuckles in a "no one has any idea how things work" kind of way GhostofJohnMuir fucked around with this message at 00:32 on Feb 1, 2023 |
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Feb 1, 2023 00:02
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Durzel posted:I'm not sure where I land on regulation. yeah, when i say regulators and law enforcement are being derelict in their duties, i don't mean that they're slow in putting together a sensible regulatory framework for exchanges to operate under legally. i mean that any parties allowing crypto transactions with actual dollars should just be stopped, and the grifting party held criminally liable evilweasel posted:the SEC and the CFTC have been definitely wrestling to extend their control as much as possible for years it was an intensely sobering moment when i realized we have other regulatory bodies that make the sec look like a competent force against regulatory capture
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Feb 2, 2023 02:14
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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. it's the children who are wrong.jpg
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Feb 2, 2023 02:15
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one only has to look at what happened when the mother of all squeezes did happen with nickel on the london metals exchangequote:The London Metal Exchange suspended trading in its nickel market after an unprecedented price spike left brokers struggling to pay margin calls against unprofitable short positions, in a massive squeeze that has embroiled the largest nickel producer as well as a major Chinese bank. nickel miners and refiners regularly take short positions on nickel futures, that way if the price they can sell their nickel for in a few months time goes down, the short acts as a hedge against their short to medium term inventory losing too much value. only the aftershocks from the russian invasion of ukraine caused the price of nickel to double in a month. nickel producers inventory was theoretically worth enough to cover the margin costs on their shorts, but practically wasn't liquid enough to convert into dollars in such a short amount of time. so nickel producers start getting margin called and the rush to cover calls results in a huge short squeeze that caused prices to nearly triple in two days (so now nickel spot price is over 5 times what it was a month ago). the london metal exchange sees that the problem is only going to get worse and takes the unprecedented step of not only suspending trades for several days, but declaring most of the trades after the start of the squeeze to be invalid, and reversed the transactions. the lme said this was necessary to correct an aberration in the market. those on the long end of the trade who got shafted by the rollbacks said it was to protect the interests of the major nickel producers. to the lme's credit, the pause and rollbacks did lead to price stability when trading resumed, and i'd rather have the production of nickel remain stable than some hedge funds lining their pockets during a panic but it just goes to show that "the market" isn't a force of nature, it's just an extension of our social construct. obviously if some "market aberration" was about to transfer all of humanities wealth into the hands of some retail traders, the aberration would just be correctd. it's the same issue as bitcoin, these crazies try to separate economic transactions from all other facets of society, when by definition it's as futile as say trying to separate human emotions out from music
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Feb 4, 2023 23:59
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Tnuctip posted:All of that is very well written, but Is also a fancy way of saying the LME is rigged and bullshit. i think rigged is a loaded word, but of course it's bullshit. it's not some immutable natural feature that mankind stumbled into and made use of, it was created to allow easier and more stable trade in metals and why should the hedge funds holding long positions get astronomical returns while miners and their creditors go bankrupt? if a few days to liquidate some of their nickel inventory was enough to stop the entire markets movement and allow prices to stabilize and many otherwise solvent companies to operate as normal, why not step in? or what about the recent snafu at the nyse? a computer glitch kept a number of regular early morning auctions from occurring. this caused market participants to have much less information than usual and issues with price discovery, resulting in high volatility. the nyse voided volatile transactions in the first opening minutes, but it's not like the voided transactions were made in error, they just were made while participants were unclear on the value of the stock. but this makes sense, a market with less information is a less efficient market, and less efficient markets are worse for participants in aggregate. why should the majority of us care if an inefficient market is a windfall for a few lucky players? they're not owed some inviolable deference as demonstrated by crypto again and again, a completely rigid and mindless financial system inevitably leads to horrific inefficiencies and and unjust outcomes, unless one takes some kind of perverse moralistic randian joy in watching someone's life savings being irretrievably launched into a black hole
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Feb 5, 2023 05:57
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Pham Nuwen posted:buddy that's like 60% of this thread Agents are GO! posted:Isn't that the point of this thread? no, we experience a perverse schadenfreude at the ideas that are obviously stupid failing spectacularly. i'm talking about someone looking at a fat finger transaction or poorly written smart contract and going "good, the system works. the strong shall dominate the weak" Boxturret posted:it's more like some kind of perverse moralistic joy in watching some randian's life savings being irretrievably launched into a black hole by their own hands yes, exactly
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Feb 5, 2023 20:40
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amazing that crypto managed to complete gently caress a boring entity that held msbs and treasuries and poo poo. it's got the kind of midas touch were everything just turns to poo pooOffler posted:The fact that not everyone involved in crypto has realized that "your money is definitely safe with us" translates to "any money stored with us will be gone in less than a week" by now is amazing. what's the old saying about a man who has to explain why his credit is good is already ruined? something to that effect
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Mar 4, 2023 03:10
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silvergate couldn't survive the bank run and is wrapping up operations a stark lesson in liability matching and liquidity. doesn't matter if your assets are solid treasuries if your liabilities are speculative ape coins that may see all of your depositors running for the exit at the same time as generational interest rate hikes
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Mar 9, 2023 00:23
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gently caress i've said a lot of mean things about the fed and their policy prerogatives over the years, but if their rate hikes manage to finally kill the shitcoin ecosystem i will be forced to hand it to them
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Mar 11, 2023 07:27
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