Register a SA Forums Account here!
JOINING THE SA FORUMS WILL REMOVE THIS BIG AD, THE ANNOYING UNDERLINED ADS, AND STUPID INTERSTITIAL ADS!!!

You can: log in, read the tech support FAQ, or request your lost password. This dumb message (and those ads) will appear on every screen until you register! Get rid of this crap by registering your own SA Forums Account and joining roughly 150,000 Goons, for the one-time price of $9.95! We charge money because it costs us money per month for bills, and since we don't believe in showing ads to our users, we try to make the money back through forum registrations.
 
  • Post
  • Reply
Big Ass On Fire
Jun 16, 2023

Is that what the LBC is doing?

https://lbc.cryptoguru.org/about

Adbot
ADBOT LOVES YOU

Big Ass On Fire
Jun 16, 2023

When they're like 2 cents, on par with some other virtual asset from a steam game or the like then they'll be in line with reality

Big Ass On Fire
Jun 16, 2023

Cyrano4747 posted:

Nah, I can use weird steam emotes to bother my friends and once in a while they'll have a background that will actually look pretty cool.

Now, if I could pay to make some gently caress ugly ape someone's digital avatar? gently caress yeah, I'd pay :10bux: for that.

edit: talking about places that aren't SA, naturally.

I meant those game virtual trading cards. I don't know if they're still a thing.

Big Ass On Fire
Jun 16, 2023

There's a guy on my team, smart dude, gregarious for whatever that is worth, works hard, totally into crypto. If I had to guess he probably has little experience with real investments and his career started getting serious about the time crypto bloomed. But I'm not sure. On the upside he doesn't pitch them or talk about them other than them coming up one day.

Big Ass On Fire
Jun 16, 2023

Random Stranger posted:

I'm genuinely amazed that there was still $200 million in crypto to steal. Or is this a case where it's "$200 million".
X number of coins are mined. These are all worth 0 but whatever. People trade them or bots trade them or straight up fantasy numbers are posted so that the price at a given time = Y.

The "$200 million" comes from the multiplication of the total number of coins mined/minted/etc times the price. My guess is here someone took the highest price they ever traded for or were reported to trade for and multiplied that times the number of coins supposedly in the system.

It's all fantasy.

Big Ass On Fire
Jun 16, 2023

WSJ is reporting Binance is "melting down". It's behind a paywall though. If they're saying it I'd believe things are dire.

https://www.wsj.com/finance/currencies/the-worlds-biggest-crypto-firm-is-melting-down-338b8e17

Big Ass On Fire
Jun 16, 2023

I've been watching the BBBY saga for frickin' months and at this point, much like many of the "investors", I'm ready for it to be over.

I get the people holding because their position is worth peanuts now and not worth closing. But the guys who jump through hoops calling their brokers, setting up new accounts with shady trading places (what the hell is Moo Moo) so they can place buy orders STILL, like today, boggle the drat mind.

Big Ass On Fire
Jun 16, 2023

Strong Sauce posted:

I do feel a sense of pity for this guy. I mean he seems like a piece of poo poo but also wonder how much that had to do with the pandemic. I had issues with my parents during the pandemic and while it's subsided a little due to some money coming their way, I don't know if my relationship will ever be the same due to what happened. One of the things most people don't talk about is how the pandemic completely hosed with people's mental well being. Like beyond the physical illness that was COVID, being stuck inside and not being able to go out, all the financial uncertainty, and everyone with way too much time was just a huge catalyst for this crazy conspiratorial thinking where people think random stocks will make them rich. I'm not sure that aspect has really been covered well at all.
Yeah I don't know how well it has been covered but my ex is in health and wellness and definitely was aware how much strain the pandemic was on peoples' wellbeing. We got divorced after going through it and while it wasn't the only reason it absolutely contributed to the relationship's demise being around each other all the drat time with the added stress from basically everything. I also stopped talking to a really good longtime friend because he went absolutely off the deep end on anti vaxx stuff.

So I could totally see conspiracies and investment bad decision making being exacerbated by everything that went down. The relief checks put cash into a lot of peoples' hands that never had a grand or whatever dropped into their hand like that on top of everything else. I don't know if that led to some poor financial decisions or not.

Big Ass On Fire
Jun 16, 2023

red19fire posted:

Worked out well for Marilyn Monroe and Michael Jackson.
And Elvis

The more I hear about this guy the more I think it was just naive and stupid. His parents may have had a nefarious plan; I just don’t see it with him.

Big Ass On Fire
Jun 16, 2023

Who was that guest segment on Bruce's show (his friend I think), Dr. Frugal or something?

Also that Mark guy apologizing in bad Japanese while bowing for committing fraud.

Big Ass On Fire
Jun 16, 2023

Good quick read

https://www.theverge.com/2023/10/26/23931777/ftx-sam-bankman-fried-prosecution-case-friends-family

Big Ass On Fire
Jun 16, 2023


my all time fave

Big Ass On Fire
Jun 16, 2023

Madoff got like 150 years. He lost 5x the money or so?

Big Ass On Fire
Jun 16, 2023

Salt Fish posted:

The odds are very good that a sha-256 collision has never happened, and unless there's a major bug, that it will never happen. The number of possible sha-256 hashes is larger than the number of atoms in the universe cubed.
Is that different than the LBC? I have a basic understanding of this crap only.

https://lbc.cryptoguru.org/about


Also Wired has an article behind a paywall saying the crypto community is celebrating SBF's conviction, saying the fraud was a dark spot on crypto they are eager to move past and I'm wondering how the giant list of previous frauds/pulls/'we were hacked' doesn't count.

Big Ass On Fire
Jun 16, 2023

Wonder how liability works in HK these days. You'd think attendees could sue the organizer but it's China so it might just be tough titty.

Big Ass On Fire
Jun 16, 2023

This may be the room that zapped them. An 'art bathroom'

:lol:

https://twitter.com/crypto_birb/status/1721222853394121193/photo/1

Big Ass On Fire
Jun 16, 2023

LifeSunDeath posted:

the people who created nfts: 10/10 scammers, cracker jack job being a con artist

the people who bought nfts: didn't even know you could freely copy any digital image



apes are the perfect marks.
I've been mulling over the BAYC business since the roasted eyeballs and came to a similar conclusion. They sold urls for money, they sought out to create a sense of exclusivity among the buyers and an idea of membership to hold conventions and sell merchandise to folks using their terrible art and it looks like they've done exactly that. NFTs are dumb, the art is stupid and it's all vaporware but they cashed in and got extremely lucky with their timing.

I also went down the whole secret nazi rabbit hole. People are free to believe but they want but it looks like complete BS to me. The allegations were made by a guy who sold copycat apes (ugh) who was successfully sued by the BAYC team. Their rebuttal is here: https://medium.com/@team_69582/a-letter-from-the-founders-678e5a3431e7

Big Ass On Fire
Jun 16, 2023

Iran used crypto and shady cash exchanges to circumvent sanctions and move hundreds of millions to Hamas.


https://www.wsj.com/world/middle-east/hamas-needed-a-new-way-to-get-money-from-iran-it-turned-to-crypto-739619aa

Big Ass On Fire
Jun 16, 2023

Collateral Damage posted:

I don't think you can even buy drugs with bitcoin any more since it's laughably easy for law enforcement to trace every transaction.
I was curious about this process a couple months ago and watched a friend. The site he used allowed transactions in bitcoin and monero but bitcoin had extra fees to handle the cost of moving bitcoin around whereas the latter was free to use on the site. Of course it has fees too but they're so tiny the site didn't charge anything extra for using them. Plus there was a big warning about using bitcoin vs monero. The whole thing emphasized security so it's surprising they offered bitcoin use at all. Maybe it's being phased out.

Big Ass On Fire
Jun 16, 2023

That link to the Yearn screw up led me to this hilarious hack from last month.

quote:

The KyberSwap decentralized exchange was hacked by an attacker who stole large sums of ETH, wETH, and the USDC stablecoin. Altogether, the assets are valued at around $54.7 million. The attacker was able to exploit a complex bug in a feature for liquidity pool providers. Prior to the hack, KyberSwap had approximately $80 million in TVL.

Shortly after the attack, the thief sent a message: "Negotiations will start in a few hours when I am fully rested." The KyberSwap team later responded to offer a 10% bounty, also seeming to praise the attacker: "You have done one of the most sophisticated hacks ser. That was high EV and everyone missed it."

The thief had other plans, though, ultimately issuing a list of "demands" which included "complete executive control" over the company and "surrender of all ... assets" to the hacker. They wrote that they had big plans for the network, and although they planned to dismiss all executives, they wrote that employees would be offered double salaries to continue their work. The hacker signed the message "Kyber Director".

Meanwhile, KyberSwap regained around $4.7 million after negotiations with the operators of front-running bots, who agreed to return 90% of the funds they obtained through frontrunning the hacker's transactions.

:lol:

Big Ass On Fire
Jun 16, 2023

I would assume yes, you can write it off in the event of theft.

The biggest issue with Crypto and taxes, well besides the potential for IRS getting up in your stuff as you pointed out, is that every time you spend some you create a taxable event that must be accounted for in your annual taxes if it is worth more than when you purchased it. Every use triggers a capital gains (or losses) event.

Big Ass On Fire
Jun 16, 2023

Still grandma went to the source and didn't try to pay over the phone. It's about a good a response as any if someone were going to take action on a scammer's con, especially from an old person.

Big Ass On Fire
Jun 16, 2023

https://youtu.be/zB55vXXawpU?si=AQNg5tdMqHAMJNHV

Big Ass On Fire
Jun 16, 2023

Moving it to traditional rails is the best they can get. Levine is brilliant here.

It's never going to replace dollars or electronic transfers etc. All they can hope for to get more people involved in the system is an easy to purchase and sell fund.

Big Ass On Fire
Jun 16, 2023

Foxfire_ posted:

The root stock buying argument is "Even though they aren't going to pay me anything right now, they will eventually run out of new areas to exploit and start paying a dividend (even if that's 30 years from now).
Many, many companies like Amazon are bought as growth companies with no expectation they will ever pay a dividend. You expect the company to use their profits to find new ways to grow. Growth leads to stock price rise - a return on your investment. Some investment strategies avoid dividend paying stocks all together.

Big Ass On Fire
Jun 16, 2023

Amazon's strategy for a long time was to aggressively reinvest in themselves, prime memberships and video and music content and delivery, distribution centers, delivery services, own product lines, prescription services, etc. I'm not sure what they are targeting next but they have sunk their tentacles into a lot of industry. What juggernaut is even left? Education? Hospitals? Retirement living?

The stock was relatively flat for a really long time but eventually all that reinvestment paid off. Had they been paying dividends who knows how their growth would have been negatively impacted.



As an aside just because it's interesting Bezos went to 60 people when he was building Amazon.

quote:

In 1994, Jeff Bezos, a then 30-year-old hedge fund manager, was seeking funding for a revolutionary idea: an online bookshop. To realize this vision, Bezos embarked on a quest to secure investments of approximately $50,000 each from potential investors, primarily targeting family members, friends and others who might be willing to take a risk on his concept.

Out of the 60 people he approached, only 22 were convinced to invest in his idea, contributing to the $1 million he needed to start Amazon.com Inc. In total, he gave up 20% to early investors, according to a 2013 article on Geekwire.

A 2016 Business Insider article highlighted that a $50,000 investment in Amazon at the early stages for a 1% stake in the company would have been worth approximately $3.5 billion that year, provided those stakes had never been diluted by later investors.

He did an interview a few years ago stating that some of the people have accepted their decision to invest and moved on but for some it's still extremely painful to accept. It would have been a risky gamble and no one can predict the future but I'm sure it smarts.

Big Ass On Fire
Jun 16, 2023

ranbo das posted:

Amazon has been pretty much up and to the right (minus that business around 2001)
My point was that no one buys a growth stock wanting it to turn into a dividend stock. If you want a dividend you buy a dividend stock.

Growth companies are valued for their growth, not predictable returns.

E: I should have showed their small profits over most of their business life to illustrate the reinvestment approach the business took vs paying a dividend.

Big Ass On Fire fucked around with this message at 17:27 on Jan 23, 2024

Big Ass On Fire
Jun 16, 2023

BrewingTea posted:

Is there a thing that will force Amazon (for example) to start paying dividends at some point?

Like, I understand they want to reinvest profits to expand into <whatever> but even if they stop doing that, why would they suddenly start giving their stockholders money?

Is there a rule that forces a company to pay X% dividends under certain circumstances that I've never heard anyone mention when they were explaining how stocks work?
People own stocks to make money. The way to make money is for the stock price to go up or for you to receive a dividend (or both). If a company doesn't grow, then the stock doesn't go up.

There's no rule or anything. It's - if you cannot grow but you make a predictable profit, you can return value to your shareholders by buying back shares from the public, which drive up the price, or by paying dividends.

Big Ass On Fire
Jun 16, 2023

BrewingTea posted:

Ok, but *why* would you buy back shares? It might make the price go up, but that doesn't make *you* money. In fact, it costs you money.
The company says "my stock is worth more than what it is trading for, currently $20. So I will buy it back at $20 per share, a bargain, and own more of myself."

They can turn around and sell it later at a higher price or just be a company which is a more valuable entity for mergers, acquisitions, eventual sale whatever.

Big Ass On Fire
Jun 16, 2023

Sure, when the stock price goes up everybody is happy. Unless you're shorting the stock but that's an entirely different discussion.

Publicly traded companies have a duty to provide value to their shareholders period. If a company were to sit on profits and not grow, not provide dividends, the board would pass resolutions to change things which shareholders would vote on.

Big Ass On Fire
Jun 16, 2023

The most pure and righteous man on earth, Larry David, is calling himself an idiot for doing the FTX ad. I feel like some balance has been restored to the world.

Big Ass On Fire
Jun 16, 2023

FWIW I really like Larry David based on the character he plays in Curb to the point of if I wanted a bumper sticker on my car I'd get one that says WWLD: what would Larry do.

He's rich already but I seriously doubt he's nerding it up and has any understanding of what the product was nor I don't think a spokesperson should be held liable for what they promote.

Big Ass On Fire
Jun 16, 2023

I don't see any rational investor shorting something with a tiny float that is easily manipulated. There's no balance sheet or market forecast, no consumption and production demand metrics. Buying and shorting btc is for the gamblers.

Big Ass On Fire
Jun 16, 2023

divabot posted:

we wrote up the number going up for a couple of minutes

tl;dr of course it's loving tether, and now FDUSD

Great read.

Big Ass On Fire
Jun 16, 2023

AmazonCrime:lol:

And that isn’t even all the “As”

I thought people encrypted their communications on those sites but it sounds like there was a fake native encryption that some people used.

Big Ass On Fire
Jun 16, 2023

25 years for the biggest fraud in history doesn't seem like much but he'll likely be in for the rest of the prime physical (lol) years of his life. He'll be eating prison food and getting prison medical care and that can't do good things for the final ~quarter of your life, if you even live that long. A lot of people have a major medical event by that age too.

Having said that if he gets all the good behavior credits available to him he could be out in half time. He seems to be intent on self sabotage and is full of hubris so good luck with that.

Big Ass On Fire
Jun 16, 2023

How does RMS tiktok?

Adbot
ADBOT LOVES YOU

Big Ass On Fire
Jun 16, 2023

Juul-Whip posted:

what's the problem? they'll be made whole in kind, and 1 btc == 1 btc
The issue is they stole a lot of the money so simplifying things if they had 1 billion in assets, bitcoin and other bullshit, they stole half of it so the company had 500m. But because the price per coin went up since the theft, the value of the remaining assets is now 1 billion again - they can give the people who sent them money, their money back.

The victims won't be getting the bitcoins back, only the value of their account(s), if possible, at the time all the legal restitution proceedings were decided.

  • 1
  • 2
  • 3
  • 4
  • 5
  • Post
  • Reply