perhaps...a Shitcoin
― Feta Van Cheese (Neanderthal), Tuesday, 18 May 2021 17:21 (three years ago) link
I learned last week that insurance companies have people who's job it is to negotiate with ransomware companies so that their clients get a better deal on the ransom. Seems like a fun job.
― silverfish, Tuesday, 18 May 2021 18:06 (three years ago) link
hello am i speaking to dark orb 420
― lag∞n, Tuesday, 18 May 2021 18:09 (three years ago) link
yes please hold a minute while I pull up the details of your account
― frogbs, Tuesday, 18 May 2021 18:12 (three years ago) link
can't say i'm happy mel gibson found the work
― If you value Vox, we have an axe (Sufjan Grafton), Tuesday, 18 May 2021 18:22 (three years ago) link
BITCOIN FALLS 24% TO $32,241; ETHEREUM DOWN 38% AT $2,083— *Walter Bloomberg (@DeItaone) May 19, 2021
― lag∞n, Wednesday, 19 May 2021 13:03 (three years ago) link
#NewProfilePic pic.twitter.com/W1UQ4yoQHz— Tom Brady (@TomBrady) May 10, 2021
― lag∞n, Wednesday, 19 May 2021 14:08 (three years ago) link
Let's talk about the Tether scandal, why recent disclosures about it are such a big deal, and why it represents a form of systemic risk for the already shady crypto market. (1/) 🧵— Stephen Diehl (@smdiehl) May 15, 2021
― lag∞n, Wednesday, 19 May 2021 16:02 (three years ago) link
that seems bad
― If you value Vox, we have an axe (Sufjan Grafton), Wednesday, 19 May 2021 16:35 (three years ago) link
the crazy thing is people have been on to the tether scam for years, the thing thats changed is now theres proof that tether wasnt holding the dollars it claimed, but it was obvious all along
― lag∞n, Wednesday, 19 May 2021 16:38 (three years ago) link
I didn’t know about the Tether thing, this is very funny and good.
― Clara Lemlich stan account (silby), Wednesday, 19 May 2021 19:52 (three years ago) link
seeing a lot of poker dudes whining about people making fun of them today as though they didn't spend years saying "have fun being poor" every time someone criticized their stupid imaginary internet money
― frogbs, Wednesday, 19 May 2021 20:03 (three years ago) link
i'm sure it'll be back up to record heights within a year
― parenthetically yours, (Karl Malone), Wednesday, 19 May 2021 20:05 (three years ago) link
Every bitcoin person is either a huge sucker, a huge asshole, or both.
― longtime caller, first time listener (man alive), Wednesday, 19 May 2021 20:08 (three years ago) link
it's completely wild that the dollar price of bitcoin is mostly based on settlements with "dollars" that are worth $0.03
― Clara Lemlich stan account (silby), Wednesday, 19 May 2021 20:31 (three years ago) link
round up
― lag∞n, Wednesday, 19 May 2021 20:33 (three years ago) link
people have been tracking the timing of issuing new tethers to when the bitcoin price needs to be boosted, various other market manipulations wash trading and so on, its not exactly done out in the open but its obvious and has been all along
― lag∞n, Wednesday, 19 May 2021 20:36 (three years ago) link
iirc some of the people involved in creating tether had a "robbery" at the exchange they were operating that def seemed like it could have been just them stealing bitcoins
― lag∞n, Wednesday, 19 May 2021 20:38 (three years ago) link
the fact that bitcoin is pseudonymous and many of the exchanges operate in jurisdictions with little to no regulation just makes it trivial to wash trade, particularly if you happen to be operating one of the exchanges
― lag∞n, Wednesday, 19 May 2021 20:41 (three years ago) link
― parenthetically yours, (Karl Malone), Wednesday, May 19, 2021 4:05 PM (fifty minutes ago) bookmarkflaglink
i think the end game is it not being worth much, its only real utility is as money for the black market which doesnt require it to be worth a lot, but who knows when that will happen, as to why it will happen greater regulatory scrutiny could take it down or the suckers could get tired of being ripped off by the scammers and then demand just dries up or similarly how scammy it is could come to greater public attention idk
― lag∞n, Wednesday, 19 May 2021 21:03 (three years ago) link
an actual stable coin would be more useful to the black market now that i think about it
brb going to start crime coin
― lag∞n, Wednesday, 19 May 2021 21:10 (three years ago) link
yeah I mean I use it just for poker/sportsbetting purposes, the actual price of a bitcoin doesn't matter to me. it's a hell of a lot easier than trying to move dollars around but definitely harder than it was in the PartyPoker days
― frogbs, Wednesday, 19 May 2021 21:14 (three years ago) link
that said there really is no "end game", I will always believe that bitcoin/blockchain was some semi-brilliant "proof of concept" thing that was never meant to be taken seriously until certain people got their hands on it. fwiw I think the real breakthrough with BTC was the acceptance that this was just never gonna be a 'real' currency and instead was just some wildly fluctuating and easily manipulated asset that's fun to gamble on. that's when it made sense to me. I do still laugh about the days when every coffee shop had "we now accept Bitcoin!" signs which would result in people waiting 15 minutes for their $2 transaction (plus $6 in fees) to go through
― frogbs, Wednesday, 19 May 2021 21:25 (three years ago) link
Other than black market (which I'm not even convinced is a great use), the one use case I see is capital flight - you're not going to give a shit about the inefficiency of blockchain if you're trying to move a million overseas to evade your govt. Still, it seems like to that end there's little reason to hold money in bitcoin or other crypto for very long, just purchase it when you need to move the money.
― longtime caller, first time listener (man alive), Wednesday, 19 May 2021 21:31 (three years ago) link
yeah money laundering/tax avoidance/etc maybe not totally precisely described as black market tho i was thinking of those money crimes too
― lag∞n, Wednesday, 19 May 2021 21:47 (three years ago) link
it is obvs good for buying illicit goods and services too tho, its really the only thing people are using it for now, see frogbs poker/gambling post
― lag∞n, Wednesday, 19 May 2021 21:50 (three years ago) link
just some wildly fluctuating and easily manipulated asset that's fun to gamble on. that's when it made sense to me.
― frogbs, Wednesday, May 19, 2021 5:25 PM (twenty-four minutes ago) bookmarkflaglink
feel like most people who invest in bitcoin dont look at it that way tho, most of them seem pretty serious about it, as people tend to be about their money, are out there predicting bitcion will rule the world
― lag∞n, Wednesday, 19 May 2021 21:52 (three years ago) link
It's always hard to know, especially when you're just dealing with some twitter rando, whether they are a true believer or just think they are "in" on a viral ponzi/MLM scheme and therefore act like a true believer. I always wonder what % of the market cap is driven by the former vs latter.
― longtime caller, first time listener (man alive), Wednesday, 19 May 2021 21:58 (three years ago) link
i think mostly they really believe it, some of the people with a big social media profile might be a different story tho
― lag∞n, Wednesday, 19 May 2021 22:02 (three years ago) link
the whole idea of cyber bucks really excites a certain type of person
― lag∞n, Wednesday, 19 May 2021 22:03 (three years ago) link
ive talked to some of them in real life
― lag∞n, Wednesday, 19 May 2021 22:04 (three years ago) link
i think the end game is it not being worth much, its only real utility is as money for the black market which doesnt require it to be worth a lot
i think that makes sense, but it also assumes that cryptopeople care about its real utility. a bunch of them do, but a bunch of them don't, too. playing the lottery doesn't make any real sense, but somehow the powerball's always at like $234 million anyway. the general concept of a gambling/speculation game that seems to be making some people fabulously wealthy overnight, one that the player has a chance to directly manipulate, and you can do it all while sitting at your computer, and it's anonymous - these are very attractive things to a lot of people, especially all those for whom a single $2,000 ----> $20,000 win would be lifechanging.
if the price of all this stuff goes down and remains at 2015-16 levels, maybe it'll make it a lot less fun/risky for a lot of people and they'll sit out. then again, though, isn't buying at the 2015-16 levels the PERFECT time to invest?? lol
― parenthetically yours, (Karl Malone), Wednesday, 19 May 2021 22:15 (three years ago) link
q is a totally different thing, and so is literally believing genesis chapters 1-11. but in a way, i think of all these people as going past an Event Horizon of magical thinking, and there is no going back
― parenthetically yours, (Karl Malone), Wednesday, 19 May 2021 22:17 (three years ago) link
as always, i am cool with whatever dumb shit anyone wants to believe...until it starts hurting other people. and THAT's why i am a colonel in the anticryptoturd alliance
― parenthetically yours, (Karl Malone), Wednesday, 19 May 2021 22:18 (three years ago) link
the thrill/addiction of gambling mixed with tech industry bullshit and feeling "in the know" and that you've got something over the suckers is a pretty powerful combination
― Blues Guitar Solo Heatmap (Free Download) (upper mississippi sh@kedown), Wednesday, 19 May 2021 22:19 (three years ago) link
also, the more the current cryptosector goes down in flames, the more inevitable that a Reboot will come soon, a slightly changed version (now with proof of stake to resolve all environmental issues!?) that allows the nu-cryptocult to say "listen, I understand why you were skeptical of the old $shitcoin. we all were. but don't forget - there were a lot of mistakes made during the space race, too. We learn from our mistakes, and we iterate. That's why we're so excited about $Minerva. It's everything that was good about the old system, and none of the bad things. yes....yes......."
― parenthetically yours, (Karl Malone), Wednesday, 19 May 2021 22:27 (three years ago) link
i think the best utopia/dystopian scenario i can think of would be for some sort of singularity to occur which involves uploading yourself to the internet or whatever. you know charlie bitcoin is going to be the first to upload himself up into the Brazzers.com sector of the collective consciousness. meanwhile, me and my boys will walk peacefully and freely among the abandoned flora and fauna of the world, giving names to all the creatures we meet, but not literally believing in genesis 1-11
― parenthetically yours, (Karl Malone), Wednesday, 19 May 2021 22:30 (three years ago) link
just to be clear, i don't have any children. i'm just talking about "my boys"
― parenthetically yours, (Karl Malone), Wednesday, 19 May 2021 22:31 (three years ago) link
xp UMS otm
― parenthetically yours, (Karl Malone), Wednesday, 19 May 2021 22:32 (three years ago) link
― lag∞n, Wednesday, May 19, 2021 2:50 PM (forty minutes ago) bookmarkflaglink
saw some weird image of some chinese dudes sending BTC to hamas and asking them to put the picture of some vtuber on one of their rockets.
― 《Myst1kOblivi0n》 (jim in vancouver), Wednesday, 19 May 2021 22:33 (three years ago) link
that sound good lol
― lag∞n, Thursday, 20 May 2021 14:00 (three years ago) link
lol
pic.twitter.com/76hbvaWosa— Kevin Beaumont (@GossiTheDog) May 20, 2021
🚨 SCOOP (w/@KartikayM): CNA Financial Corp., among the largest insurance companies in the U.S., paid a $40 million ransom in late March to regain control of their network after a ransomware attack. Details will be updated in this story shortly. https://t.co/Qcn6hiesKw— William Turton (@WilliamTurton) May 20, 2021
― lag∞n, Thursday, 20 May 2021 22:19 (three years ago) link
this whole "chia" thing is so funny. it's a shitcoin designed to ruin hard drives. imagine if you got paid to put your car on a kickstand and just floor the engine until it caught on fire. that's what this is https://t.co/qFBYkYmEyj— going beast mode in Joe Biden's replies (@stdlib) May 21, 2021
― lag∞n, Friday, 21 May 2021 01:12 (three years ago) link
https://arstechnica.com/tech-policy/2021/05/private-equity-firm-revives-zombie-fossil-fuel-power-plant-to-mine-bitcoin/
― ergonomic cher (P. Flick), Friday, 21 May 2021 09:41 (three years ago) link
Proof ofStakeIsComing soon so
― Karl Malone, Friday, 21 May 2021 14:37 (three years ago) link
Few bitcoin projects illustrate the cryptocurrency’s enormous climate impact better than the Greenidge power plant in upstate New York. The once-abandoned power plant was bought by private equity firm Atlas Holdings and retasked. A significant portion of Greenidge's electricity no longer powers nearby homes or businesses; rather, the plant's smokestacks are increasingly pouring pollutants into the atmosphere in the service of mining bitcoin.Now, Greenidge is on the verge of ramping up its bitcoin ambitions. By the end of this year, it plans to have 18,000 specialized machines mining bitcoin, and with the recent approval of its data center expansion plans, it will add 10,500 more. When the project is complete, the miners will be using 79 percent of the power plant’s capacity, or 85 MW.
― Karl Malone, Friday, 21 May 2021 14:39 (three years ago) link
Greenidge’s operations aren’t affected by PSC decisions, though. Their mining happens “behind the meter,” meaning it's not affected by grid-level prices. And those operations appear to be fantastically profitable. Between February 2020 and February 2021, the company mined nearly 1,186 bitcoin at a cost of $2,869 per bitcoin. Today, one bitcoin is trading at $57,475.
― Karl Malone, Friday, 21 May 2021 14:41 (three years ago) link
lol this shit is so out there
― lag∞n, Friday, 21 May 2021 14:52 (three years ago) link
as the world explodes, congress will pass HR3104 to require bitcoin miners to register with the SEC or something, the very first legislation on cryptocurrency in the entire universe
― Karl Malone, Friday, 21 May 2021 15:12 (three years ago) link