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Applying for a job at Coinbase. Wish me luck goons!
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Jan 14, 2021 15:57
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You guys weren't kidding. That Wikipedia page on Tether is a wild ride.
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Apr 29, 2021 01:24
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oxsnard posted:
Since the difficulty adjusts automatically doesn't this just mean less energy is being wasted?
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May 25, 2021 20:34
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golden bubble posted:Seeing as the hack relied on exploiting a legacy VPN with a password that was never change and no 2FA enabled, I'm not surprised it ended with the Feds taking all the butts because they were stored on an exchange with a CA server (Coinbase?). I promise you Coinbase does not keep millions of dollars in Bitcoin in a hot wallet sitting in a warehouse somewhere. Would definitely be interested in more details of the hack back here but not expecting to get them anytime soon. Looks like Cali is just where this was filed since the Bitcoin obviously doesn't have a physical location and this is just some standard paperwork for asset forfeiture. novamute fucked around with this message at 02:38 on Jun 8, 2021 |
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Jun 8, 2021 02:35
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Klyith posted:Don't be stupid. At the scale that coinbase deals in, they absolutely have millions of dollars in butts in their primary hot wallet. You can't avoid that -- an exchange's hot wallet has to be able to cover the deposits & withdrawals. And that hot wallet is live on their server, somewhere. Don't be stupid yourself. Withdrawals aren't instantaneous and funds only need to be hot long enough to sign a transaction. No serious exchange keeps any amount of funds at rest in a hot wallet or even in a wallet that used to be hot. There's plenty of public info about Coinbase's key management specifically if you want to educate yourself. https://blog.coinbase.com/production-threshold-signing-service-b16017c09661
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Jun 8, 2021 03:35
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About time. All very valid points. We'll see if they do anything more than put out a strongly worded statement though.
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Jun 9, 2021 03:02
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InternetJunky posted:Is there a single, real world example of a use case for a private blockchain where a different solution doesn't exist or wouldn't be far superior in cost/effort/etc? Well no. Without a need for decentralization there isn't any reason to blockchain at all.
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Jun 9, 2021 16:30
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Orvin posted:I wasn’t paying too close attention, but it involved putting the coins in an exchange or something, and getting loaned different coins. Then you take those loaned coins and cash them out for actual real dollars. But it seemed like he was going to still have to make payments on the loans. Just that the expectation was that the collateral coins would gain value faster than the interest would accrue. Yeah you can do this with DeFi protocols that don't involve an actual exchange, just smart contracts, and you can cash out into a stablecoin that you could then sell on an exchange for actual money. It has always seemed like a spectacularly bad idea to me with the collateralization requirements since a big enough price drop in the coin you're taking a loan against means you get liquidated like you said. And that seems more like a when rather than an if. quote:When a borrower wants to take out a loan, they have to offer something more valuable than the amount of the loan. That means they need to deposit via a smart contract an amount of currency that is at least of equal value to the amount they'd like to take out. The collateral can be in a wide variety of currencies however. So if you want to borrow one bitcoin, you’d need to deposit the current price for one bitcoin in DAI, for example. Or 11,296 DAI. novamute fucked around with this message at 21:57 on Jun 10, 2021 |
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Jun 10, 2021 21:53
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Galewolf posted:Funds are safu. Funds are snafu
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Jun 11, 2021 15:21
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jokes posted:So is bitcoin supposed to be a cash equivalent, an investment, a security, or a currency? Depends on who is asking
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Jun 22, 2021 22:58
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Vashro posted:speaking of that, what happens to your buttcoins when you die? Once humanity invents the AI powerful enough to resurrect your mind state you come back unimaginably wealthy instead of as a robot slave. Coiner heaven is real folks or at least it will be
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Jun 24, 2021 02:44
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mojo1701a posted:OK so I can understand not knowing what the word "nonce" means on the Eastern side of the Atlantic, but if not from that, where did they get the name from? They posted the link to the alternate definition in the tweet you quoted
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Jul 6, 2021 15:30
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Vashro posted:the "ATM" just accepts money right? exactly not like an ATM? Yeah or you'd have to wait an hour before it spat the money out
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Jul 18, 2021 03:08
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Blotto_Otter posted:It doesn't matter if this breakdown is legit. (Though as folks are pointing out, there's still plenty of reason to stay skeptical.) It doesn't matter if USDCs really are "backed" by quality assets. The entire use case of dollar-backed stablecoins is to avoid AML/KYC laws and regulations, the tokens are just digitized bearer bonds but without any clear and enforceable legal agreement stating so, and all the exchanges trading them are arguably violating American securities exchange laws. It doesn't matter if this reserves report is accurate because USDC (and USDT and every other dollar-backed stablecoin) was created in bad faith. Circle is just a wildcat bank for the internet era. If it isn't interest bearing is it really a digitized bearer bond? They are basically acting like a bank though.
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Jul 20, 2021 23:12
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Beached Whale posted:I've never understood what butters are aiming for with "banking the unbanked". If I'm a subsistence farmer in a 2nd/3rd world country, being able to access a bank account isn't going to do poo poo for me because I'm already dirt poor and don't have any money to keep in a bank account anyways. The amount of SV-level growth in crypto adoption that crypto true believers think is coming pretty much requires broad adoption outside of first world countries. And what else is a subsistence farmer going to use crypto for at the moment?
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Jul 21, 2021 17:55
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novamute fucked around with this message at 02:18 on Jul 26, 2021 |
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Jul 26, 2021 02:06
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The whole cryptocurrency as energy storage thing maybe the single dumbest thing to come out of the entire ecosystem.
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Jul 28, 2021 14:45
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Guys I think I'm hosed  just got this emailHard Carson posted:Hey xxx. What kind of poo poo is that, bro? To fap so much is out of the powers of normal guys) You destroy yourself by ur abhorrent hobby. It seems you get ready for setting a record for onanism, there is no other explanation for ur motivation. Obviously, this is not my job what men practice in their spare time, but you surprised me. It would be a shame of me not to give you a piece of advice to cover your webcam, when u practice such things. I’m surprised by the fact that you are a grownup but u have such habit. I will get right to the matter. In case you decide to ignore me, in 72 hours I’m going to send ur video clip to the contacts from your electronic-mail that I downloaded. BTC 1ESmudAC2K9gSHaNUWpbxCi6MHGUXZvCbT, there will be no better offer 1580 USD. I provide u with 36 h to meet my claims. When my requirements are addressed, I will eliminate the compromising information on u. U won't be able to contact me, after sending this msg I am going to delete this address on personal considerations. You need to be more careful, or you shouldn't be surprised by a viewer who has accessed to your device.
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Aug 16, 2021 04:12
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IG-88 posted:My coworker just bought one of those Punk NFTs for 7k. Aren't they like over a hundred k each now? Unless he bought like a fractionalized piece of one.
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Aug 25, 2021 15:04
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The Lone Badger posted:So something I don't understand... NFTs that are hosted on centralized servers have this problem yes. If hosted on IPFS the image can disappear but it can't change because the address is just a hash of the content. Edit: to be clear, a lot of these projects are actually just hosted out of an S3 bucket or something because it's simpler and they are usually just trying to get this stuff pumped out as fast as possible novamute fucked around with this message at 03:27 on Nov 13, 2021 |
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Nov 13, 2021 03:18
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I did it goons. I made an NFT. It isn't on a PoW chain though so hopefully I didn't burn down too many rainforests and it only cost me like a buck.
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Nov 19, 2021 23:57
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deadwing posted:lemme see it i wanna do something with it https://bafybeigvpzktpe74wfmety7d4rtv55addanooptcjrzwitkjifrxwn7qwe.ipfs.infura-ipfs.io Right click your heart out! drk posted:how does it feel to have poop on your hands About the same as before
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Nov 20, 2021 04:37
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ikanreed posted:To be honest, Bitcoin stabilizing in value without crashing is the worst possible outcome because it incentivizes perpetual mining. I mean it isn't worse than it just continuing to climb until it eats the entire world economy. Mining rewards are cut in half every 4 years already so if the price doesn't keep climbing exponentially mining revenue will drop.
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Nov 22, 2021 20:30
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A Wizard of Goatse posted:By the same token falling for scams like this doesn't necessarily require someone to be smart or dumb (though NFT stuff in particular seems designed to filter heavily for morons), just motivated to believe in the get-rich-quick scheme. MLMs don't target housewives because housewives are stupid, they're a rich vein because they access to money but are alienated from the moneymaking process, like the idea of making their own income but can't get a real job after years out of the workforce, so give them a readymade kit that looks like what salespeople do and tell them they're small business owners and they'll fight to the death for the illusion. The target for crypto is dudes who got in at the lower end of tech or like to think of themselves as tech-savvy because they're extremely Online, never saw the fabled millions that they were promised Google would be paying them and never actually learned how to make anything useful in their lovely CS classes. Now someone's telling them that they can quit their bullshit dead-end career and become Visionary Venture Capitalists swapping absolute bullshit just like Bezos and Musk, because they're just so good at computers (Twitter) and the only field they've managed to master with confidence (memes) is actually super valuable and important. The smart ones will fight with every resource at their disposal for the illusion they aren't losers after all and the dumb ones are furnished with an endless supply of one-liners and colorful image macros to derail inconvenient trains of thought. This is a pretty insightful take. Also https://twitter.com/AltcoinGordon/status/1470121126722428934
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Dec 15, 2021 00:12
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CRUSTY MINGE posted:Every time a new dumb scam comes out, I'm encouraged to buy the shittiest 5 acres in a desert and sell crypto backed by 1 square foot of land on that acreage at $1 a coin/token (maybe call them deeds), then keep buying sub-$1000/acres of sand land to sell until the LLC has millions I can run off with to south america. https://twitter.com/citydao
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Dec 16, 2021 18:59
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drk posted:Most NFT images are hosted on IPFS, which is basically BitTorrent for CDNs. So, there isnt really any direct way to to get the image removed. It makes it a bit more difficult but you still have a server somewhere actually hosting the image in the IPFS network. Most NFTs that are on IPFS will probably use a pinning service like Pinata that can certainly be sued or DMCAed. For these small-time ripoffs that should probably be enough to 404 the IPFS link. The scammer can host it on their home PC as well if they want but that also opens them up to liability in the same way that hosting a torrent would.
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Dec 16, 2021 19:15
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Strong Sauce posted:i think if you get it removed from opensea it basically doesn't exist anymore because nothing is really decentralized. Pretty much https://www.statista.com/statistics/1274843/nft-marketplaces-with-highest-volume/
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Dec 16, 2021 20:41
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Garfu posted:My mortgage loan officer started asking me about crypto and specifically ripple. I went down the list in my head of everything dumb about bitcoin and crypto from spending 12 years in this thread, but he kept saying how ripple has been adopted by many international banks and a bunch of other legit (to him) sounding stuff. His use case response was transfer fees and the usual BS, and my response was "but in the end you're just trying to make money". And I thought my loan officer who butt dialed me and left a voicemail detailing the side effects of his illegitimate steroid use was unprofessional
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Dec 18, 2021 03:55
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Hello Sailor posted:Right. But in the specific case of this $SOS thing that the spam-tweets were on about, what verification would ever be enough to prove that all copies of the key files were deleted? Assuming it is a typical crypto, having it built into the agreed upon protocol to ignore anything done with those keys even if they weren't deleted? Which I can't imagine is actually the case here
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Dec 26, 2021 23:40
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Main Paineframe posted:fractional ownership of NFTs is already here and it's even dumber than that Typically this would involve locking the actual nft up in a smart contact that would enforce the shared ownership. There may be people out there skipping that step though idk. Of course it would cost what like $20-100 to cast a vote on what to do with it?
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Dec 28, 2021 04:37
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ponzicar posted:Have any of these celebrities dabbling in NFTs revealed how they got involved with them in the first place? I am wondering whether they are all jumping on the bandwagon, or if there's a group of grifters selling this poo poo to agents and managers 95+% (conservatively) of it is paid promotion, either in straight cash or in tokens or both
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Dec 28, 2021 22:28
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Nessus posted:I assume all these people are crypto rich because they mined Ethereum in 2015 or whatever and they have just been sitting on the wallet or what-have-you. The problem being realizing these gains as what I call ActualMoney. This comes up pretty often in this thread but cashing out crypto that is ETH or BTC instead of just random shitcoins is not difficult. You can go on Uniswap right now and sell 10000 ETH for ~$37M worth of USDC (which you will have no problem converting into actual USD) and you'll only tank the ETH/USDC price there by 2%. And that's the most naive way to do it, there are plenty of ways to spread out large sells in time and across multiple venues to prevent price impact. Trying to do the same for ~$37M of OXT (just randomly picked a token on Uniswap I haven't heard of) will wipe out the entire order book and crash the price of OXT on Uniswap by 98% for a while until the pool recovers but that would apparently be attempting to cash out 7% of the entire supply of OXT so that isn't too surprising.
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Jan 3, 2022 22:11
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Pham Nuwen posted:What's the procedure for converting $37M of USDC into USD? Move it to an institutional exchange platform (https://www.coinbase.com/prime for example), convert it to USD on their platform, give them your bank account details and initiate a transfer out.
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Jan 3, 2022 23:44
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We may be about to find out
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Jan 5, 2022 22:38
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Futanari Damacy posted:So can "gas fees" be set to a permanently high value, like $1000/transaction by someone putting in that much to get their transaction prioritized? https://cointelegraph.com/news/bitfinex-paid-a-colossal-23m-fee-to-send-100k-of-usdt
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Jan 6, 2022 17:09
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repiv posted:https://twitter.com/Charlie_Pyle/status/1479274941484699649 https://twitter.com/Charlie_Pyle/status/1479274953463631874 Totally delusional
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Jan 8, 2022 00:04
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drk posted:Someone redeemed about $3.5B of USDC a couple hours ago. Nothing to worry about. There's not a burn or anything at all that lines up with that on the USDC ETH contract. /shrug
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Jan 8, 2022 00:17
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nullEntityRNG posted:I am livid the fact that the more popular blockchain tools is just a loving set of APIs meshed together. Everytime i think it can't get dumber, it is. I've got some bad news about 99% of all software for you
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Jan 8, 2022 20:39
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https://cointelegraph.com/news/bitcoin-and-ether-heading-100k-and-5k-in-2022-bloomberg-intelligence BTC 100k by end of year! You heard it here first. That means all these dips are just giving you extra value
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Jan 8, 2022 23:38
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Gutcruncher posted:Someone once told me online that their specific choice of NFT was in fact carbon neutral because “it can be offset.” Hmm. It can be? But was it? And who is paying for the additional carbon offsets every time it is transferred to a new owner? Presumably they mean the issuer bought a carbon offset to account just for the minting of it. Even under the assumption that carbon offsets are real there are a lot of questions there.
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Jan 11, 2022 00:20
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