Bitcoins

401Ks, for all the money they have made people, also had the effect of getting hundreds of millions of people deeply embedded into american capitalism, depending on the continuing, never-ending exponential success for corporations, across our lifetimes and as far into the future as we can plan on.

jfc if you start getting a bunch of fools dumping their retirement accounts into fuuuuckin crypto? it's just all too plausible, you can see them do it already. and the only people who could possibly do something about this are all 134 years old

https://arstechnica.com/tech-policy/2022/06/ny-passes-us-first-moratorium-on-reviving-fossil-fuel-plants-to-mine-crypto/

good to see some progress made on trying to contain the giant, completely unnecessary environmental disaster that cryptofucks decided to unleash on humanity, at the exact worse time, for no reason other than something about petrodollars and freedom.

unfortunately, it's only at a state level, and you know you can count on GOP-led statehouses across the country to look the other way on anything that has to do with climate change

proof of stake is definitely just around the corner, though, and it will be easy to implement that now that all the parasitic 2nd and 3rd order mining operations, from the equipment to the installation to the land to the assets to the loans to whatever, are knee deep in the rising shitjuice

June was a horrible month for me, and this has the been the worst year of my life. sorry for all the terrible posting, everywhere, on everything, and being intolerable in general.

some good news maybe. i very much hope that i have been wrong on proof of stake and that it will actually happen and make a difference. some news on that:

https://arstechnica.com/tech-policy/2022/08/the-merge-the-biggest-change-in-ethereum-history-explained/

In a few weeks, Ethereum is slated to undergo the most significant change in its seven-year history. Until now, the Ethereum blockchain has been secured using a method called "proof-of-work," which consumes more electricity than the entire nation of Belgium. Next month's switch to a new method called "proof-of-stake" is expected to cut Ethereum's energy consumption by a factor of 1,000.

supposedly to happen in mid-September.

Always interested in hearing about all the great improvements that will be happening Real Soon Now. No doubt the rollout into their distributed system will be flawless.

I guess this is the only ILE cryptocurrency thread?

there's another, but i got a poxy fule error when I try to link it?

it's on the front page but uses a cent and dollar sign for the C and S

I guess it's just as well no one around here cares. It's hard to avoid talk of FTX and SBF over on the bird site.

Yeah I was trying to find a good place to post about FTX - I guess this will do?
The FTX collapse is absolutely insane and astounding (although it's sad that lots of people got duped.)
Crypto skeptic Molly White's (creator of "Web3 Is Going Just Great") writeups are excellent - here's part 3 of her FTX coverage: https://newsletter.mollywhite.net/p/the-ftx-collapse-the-latest-revelations

Some highlights from it:
* The spreadsheet included an entry for “Hidden, poorly internally labled (sic) ‘fiat@’ account: -8 billion”. Apparently SBF wishes for us to believe that he somehow just misplaced an account representing eight billion dollars in liabilities. SBF also included an attempt at remorse in the balance sheet (as one does): “There were many things I wish I could do differently than I did…”

(I'm reminded of the Robin Williams joke about putting $50,000 on your tax form for "snacks".)

* The clean-up guy (who oversaw Enron's bankruptcy) John J. Ray III said: "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented."

* The Debtors do not have an accounting department and outsource this function.

apparently it's impossible to link to the other thread here but it's right there on sna!

www.ilxor.com/ILX/ThreadSelectedControllerServlet?boardid=60&threadid=94441#unread

correct, this is being discussed on the other thread, which has ASCII characters in the title that break the link

As much fun as it is to have the popcorn out in all of this, it's also extremely frustrating how bad a job regulators have done with respect to doing anything whatsoever to protect people in the crypto space. It's like they said "well it's an innovative, new kind of fraud, so we need to take a hands off approach and let the innovators innovate."

Ah - I see, thanks all! I'll have to start checking the Pickle board. I'll re-post to the thread there.

Does the link work if you give it a title?
The other bitcoin thread.

Yes it does. There you go.

ooh nice

$kill$ emil.y

€mil¥

https://en.wikinews.org/wiki/UK_Treasury_considering_plans_for_digital_pound,_economic_secretary_says?dpl_id=2963597

JUST IN: Crypto .com is shutting down its institutional exchange in the United States

— Milk Road (@MilkRoadDaily) June 9, 2023

I walked past a Bitcoin outlet yesterday. It looked like a tiny casino entrance and the carpet had bitcoin logos on it. I think it just had some kind of vending machine in it.

I don't really understand what the purpose is, to buy bitcoins with cash?

That was a big thing when the darknet drug markets were bigger - buy bitcoin for cash at an ATM or from someone directly, a bit more distance from the cops finding out you ordered those 4000 ecstasy pills.

I'd never seen one before but seems they're pretty common, just seems a weird way of drawing attention to yourself if you're wanting to do low level money laundering

On the site it tells you how much money is available to withdraw in each ATM (anywhere between €120 and €25000 depending on the machine)

the hardcore bitcoin dudes are so demented i don't think anything could happen that would get them to rethink it

Crypto 1.0 is dying….and the crypto-bros killed it #cryptocrash

But the core of the crypto idea is stronger than ever
"What if everyone created their own kind of money?"

Crypto 2.0 is inevitable… very old ideas, made new pic.twitter.com/sTjEbZTzne

— Chris Williams (@mr_moneychanger) June 10, 2023

When Prophecy Fails Web3 Edition

what if everyone created their own kind of money lmao

sounds bad

just putting it out there that my money will be worth at least 100x everyone else’s money, that’s the plan.

thats the way to do it

saw someone argue that crypto should be regulated not like finance but like gambling or collectables because its just some random bullshit anyway, which is kinda interesting

When the question is put like it was above, i.e., "What if everyone created their own money?," it becomes crystal clear how dumb the whole idea is.