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Bitcoin

Apr 11, 2013#1

strawman

Anyone played with bitcoin at all? Now that it's in the news I figured I ought to at least know how it works. It's pretty nifty, but I think that it'll eventually collapse because there is no central management - one of the things it touts as a strength.

Still, it's an extraordinary experiment, and I'm very interested to see where it goes from here. The rapid fluctuation of the value is oddly fascinating.

Apr 11, 2013#2

AshburnerX

It works, but only for certain things. Usually illegal things.

Apr 11, 2013#3

Ravenpoe

Supposedly untraceable currency?

I see no reason this would be abused or used in shady ways.

Apr 11, 2013#4

klew

Seems too risky for me to get involved

Apr 11, 2013#5

WasabiPoptart

I've been curious about it, too. I remember reading something about it maybe 5 years ago. Recently I've been seeing a lot about it and don't quite understand how it works.

Apr 11, 2013#6

AshburnerX

It basically is as untraceable as they say. It's just you need a lot of it to do anything practical. If you wanted to buy an unregistered assault rifle from Eastern Europe, then have it shipped to you in parts (disguised in other packages over time), it's going to cost you several thousand bitcoins. It would far simpler just to buy an AR-15 and change the one part in the receiver that keeps it from firing full auto.

Fun fact: New bitcoins are generated by a server farm full of computers doing complex puzzles. Every time they solve a puzzle, a bitcoin is generated. However, the puzzles get harder each time. This is how they enforce "scarcity" and control inflation.

Ultimately though, a bitcoin is only worth as much as someone is willing to pay for it. If you want a more reliable form of digital currency (and I'm not kidding), I'd invest in hats/keys/refined metal in Team Fortress 2.

Apr 11, 2013#7

strawman

Each bit coin is currently trading at about $120.

I thought it would be interesting to see what my computer could do, and modern CPUs just are too slow to be productive. My reasonably fast video card can only manage to earn me about one cent every 3 hours, meanwhile it's consuming more than that in electricity, so "mining" bitcoins has moved from the realm of typical computers and on to specialized hardware.

There are sites which accept bitcoins for legitimate uses, Wordpress, for instance now accepts them. Bitcoins can be divided into smaller parts, so you can pay in increments smaller than a US penny, even at today's high rates.

It's been in the news a lot due to the rapid rise in speculation, and thus value. Bitcoins that used to be worth pennies are now worth over a hundred dollars.

Mining them is actually not creating new bitcoins. Mining uses computers to do the arduous to of verifying and finalizing a bitcoins transaction. If I send you a single bitcoin, it goes through a significant process to make sure that the transaction is cryptographically secure so you can't take the coin back, or duplicate it in the process.

I order to make sure people have an incentive to perform this work, for every chunk of these transactions you process for the community you are automatically awarded a certain number of bitcoins. This happens according to the code, there's no central authority doing this. These are new, never used bitcoins. Keep in mind that a bitcoin is merely a cryptographic key or signature, so it resides as a chunk of data you now have to store. You typically run a program called a wallet to store these coins/datachunks and release them as you trade with others for goods or services.

But it's a first to the finish line puzzle. Many people might be working on the same chunk, and the first to finish it gets the award, then you have to start all over again with no reward.

Over time, each data chunk gives you fewer and fewer coins. Right now you get 25 coins per chunk, about $3,000. As time goes on, the price will probably go up, but you'll also get fewer coins in return for the same amount of work. Eventually the amount you get for each chunk will be 0, and no more coins will be released. There will never be more than 21 million bitcoins ever produced.

Once they are done, in about 125 years, people will be doing this work based on transaction fees, but by that time I suspect the currency will have collapsed.

Further, by that time computer technology may have advanced enough that we can solve these computationally difficult problems quickly enough that the currency simply won't be secure, even if there's still some interest in it.

Still, a number of other people are starting up a number of other currencies based on the same idea. It requires a peer to peer network of people, but once you reach a critical mass it manages itself.

Apr 11, 2013#8

Ravenpoe

How long before I can dupe money?

Apr 11, 2013#9

klew

Ravenpoe said:
How long before I can dupe money?

might be easier if you have an identical twin
http://www.huffingtonpost.com/2013/04/11/winklevoss-bitcoin_n_3063831.html

Apr 12, 2013#10

CrimsonSoul

The thing is, it is very much traceable, all of the transactions using bitcoin are publicly accessible.

Apr 12, 2013#11

Frank

The bitcoin market the last few days has been in insane flux, some markets fluctuating from 50-250 dollars per bitcoin.

Apr 12, 2013#12

strawman

CrimsonSoul said:
The thing is, it is very much traceable, all of the transactions using bitcoin are publicly accessible.

Yes, but users can change their wallet hash for every transaction, and if they use a proxy you can tell where each coin has been, but you can't connect a person to a wallet hash without them releasing that information.

Apr 12, 2013#13

Azurephoenix

So what happens when someone hacks your computer and steals your wallet? Sure the actual generation and movement of bitcoins may be fairly secure but people have to store their wallets somewhere and those computers will always be vulnerable to attack. Several Bitcoin "banks" have been hacked and had funds stolen in the past.

Honestly... I think people are completely crazy to invest in a currency that has no backing (whether that backing be a government or commodity).

Apr 12, 2013#14

AshburnerX

The black market has decided that bitcoins have value. That is really all it takes for them to have it.

Apr 12, 2013#15

bhamv3

AshburnerX said:
The black market has decided that bitcoins have value. That is really all it takes for them to have it.

That doesn't really inspire confidence though, not the way government or commodity backing would.

Apr 12, 2013#16

strawman

You can encrypt your wallet, and store it offline. Bitcoins you earn while your wallet is offline appear when you reconnect. Further, you can have as many wallets as you like.

Apr 12, 2013#17

AshburnerX

bhamv3 said:
That doesn't really inspire confidence though, not the way government or commodity backing would.

So using drugs, conflict diamonds, or ivory makes more sense than a digital currency, despite the measures used in the production/procurement of these materials?

Bitcoins make sense. The only difference between a bitcoin and a dollar is that bitcoins have value because everyone using them has agreed that they do instead of a government. It's really no different than WoW Gold.

Apr 13, 2013#18

bhamv3

AshburnerX said:
So using drugs, conflict diamonds, or ivory makes more sense than a digital currency, despite the measures used in the production/procurement of these materials?

Well, yes. Unfortunately.

Drugs, conflict diamonds, and poached ivory are all morally and ethically abhorrent. But they remain in demand, that's the unfortunate reality. And so they can form a solid backing for currency.

Bitcoins, on the other hand, have value "because the internet says so". It can work, but I'm naturally less confident in this system.

Apr 13, 2013#19

AshburnerX

Bitcoins are clearly in demand, otherwise people wouldn't be buying them, trying to acquire them, or using them in transactions. Seriously... there already exists a way to buy weapons using them and there is a similair service for drugs. This is already happening. There is not speculation. If you want drugs or guns, you can buy them with bitcoins.

The problem with cash, drugs, diamonds, and ivory is that you ether need to have a bank account/warehouse to hold it and/or a way to physically move it when you want to make a buy. Bitcoins have none of those problems. Organized crime has picked up on them for this very reason, because it essentially means to can make a buy from anywhere that was an internet connection. You never have to meet your seller... you never have to reveal your identity. You just send your bitcoins and get your product.

I really don't understand how you can make any defense at this point.

Apr 13, 2013#20

bhamv3

You're looking at it from a top-down perspective, while I'm looking at the fundamentals.

Basically, while I do not deny that bitcoins are already used to buy and sell things, I look at the system and I ask, "What's the basis for the value of the bitcoins?" And the only answer I see is "because people say it has value." Which is fine, it works for lots of other things, like gold. Gold had little inherent value for most of history, but it worked as a form of money because people liked it and it was relatively rare. Fine, bitcoins can work like that.

But I'm not going to invest in bitcoins until I see something more substantial.

Apr 13, 2013#21

Covar

bhamv3 your arguing against money itself, which only has value because everyone agrees that it does.

Apr 13, 2013#22

bhamv3

Covar said:
bhamv3 your arguing against money itself, which only has value because everyone agrees that it does.

Yes indeed that's true. However, there are degrees of confidence in a currency. There are varying levels of confidence in whether a money can hold its value.

For example, which one generally enjoys more confidence, the US dollar or the Zimbabwean dollar?

Apr 13, 2013#23

strawman

We're basically discussing the issue of backing.

The US dollar is backed by the US government.

The Zimbabwe dollar is backed by the government of Zimbabwe.

In each case, they are worth as much as we trust the individual governments, at least in part. In reality they are worth as much as we perceive we will be able to use them later. Generally we know that more people will accept US dollars in exchange for goods and services than many other forms of currency.

The opportunities to exchange bitcoin for goods and services is actually very small, relative to, for instance, the US dollar. At the moment it's largely being used for speculation and day trading. It's very risky, but its current volatility provides a large opportunity for those willing to gamble. It's doubtless being used for illicit activities as well, but then so is the US dollar.

The propaganda the bitcoin community is using to explain its value is that it's democratically backed. The backing authority derives from the number of people that use it. The reality is that every currency is backed merely by the number of people that use it and accept it.

Apr 13, 2013#24

Ravenpoe

Your bitcoins are no good here.

Apr 13, 2013#25

Azurephoenix

Let's not forget that if someone hacks your computer, transfers all of your bitcoins out of your wallet... you are well and truly fucked with no recourse for getting them back. There are no safeguards or guarantees in place with this system.

At least if someone steals money from a bank, your savings are insured.

Also, if these bitcoins really start making mainstream headway... you can be sure laws are going to start cropping up everywhere dealing with them.

Apr 13, 2013#26

strawman

Bank insurance is one way a government or central authority provides assurance and stability for their currency.

http://www.fdic.gov/about/history/index.html

It's a relatively recent innovation in banking, and now people come to expect it, and no longer choose their banks based on whether their money is safe, but on cost and services. Since the method of storage and mechanisms for transfer in bitcoin are completely new, we have a huge learning curve on how to protect them, similar to the Wild West where new banks often found that brick vaults were quite susceptible to attack. It's not that the currency was bad, but the methods and mechanisms for protecting it from criminals were inadequate.

We encounter this with every new technology. Storing dozens of gallons of a highly flammable liquid in a mobile container that flies along the freeway at 80mph? If you crash, you know it's not going to end in a fireball because we solved most of the problems of gasoline vehicles.

Laptops no longer "vent with flames" and while most of that can be attributed to manufacturer defects we still added additional safeguards so even in the case of a defect the user is still safe.

As a brand new experiment in currency systems, I hope criminals really attack it, and I'm glad it's jumped in value because that will encourage them to do so. It will only become better if it's consistently and constantly attacked.

While bitcoin itself might not stick around, I fully expect countries to consider switching to digital currency, and this paves the way to resolve a lot of questions about how it can be done.

We got rid of the gold standard, dare we get rid of the paper/coin standard?

Apr 13, 2013#27

AshburnerX

Paper/coin isn't going anywhere as long as vast swaths of the world don't have reliable internet access or electricity. Infrastructure problems are the reason we still ship huge pallets of cash to Iraq and Afghanistan: you need to pay for shit from the locals sometimes and they don't take credit cards.

That said, yeah... bitcoin is going to need to deal with thefts before it can really catch on in more legitimate markets.

May 11, 2013#28

PatrThom

Actual reviews of shipping Butterfly Labs units are coming in. They deliver more than 6x the speed of GPU rendering but at 1/5 the power draw. That means an increase of >30x hashes/Watt over GPGPU mining, which no doubt spells the end of the GPGPU era of Bitcoin mining.

--Patrick

May 11, 2013#29

strawman

PatrThom said:
Actual reviews of shipping Butterfly Labs units are coming in. They deliver more than 6x the speed of GPU rendering but at 1/5 the power draw. That means an increase of >30x hashes/Watt over GPGPU mining, which no doubt spells the end of the GPGPU era of Bitcoin mining.

--Patrick

As this and other ASIC rigs ship over the next few months, the difficulty will go up and GPU mining will become even more unprofitable. Even before delivery, though, GPU mining was unprofitable if you considered the cost of electricity, but people were still doing it where they found electricity others were paying for. Effectively transferring money from the person paying the electric bill to their pocket, and at a loss.

This form of GPU mining will remain "profitable" (ie, stealing from others) for some time yet.

But ASICs are going to take the crown ultimately.

May 11, 2013#30

AshburnerX

I'd say the unprofitably of it depends on how you look at it. If Bitcoins continue to rise in value, it's entirely possible it could become profitable to do it with your own power. But yeah, it's always going to be profitable to steal.

May 11, 2013#31

PatrThom

For those who are following this thread and think, "Man, that's one bandwagon I wish I'd gotten into when it was young," there is also an alternative called Litecoins which is very similar but which uses an algorithm specifically designed to be impractical to implement in ASIC.

--Patrick

May 11, 2013#32

strawman

I've got a $120 video card running on a litecoin pool and I've almost got 8 of them.

After a week.

And they're worth a buck or two each at the most.

But it's good clean fun anyway. I figure I'm breaking even on electrical costs, and essentially speculating that it will rise in value over time.

Assuming the pool I'm in doesn't bilk me.

Oct 6, 2013#33

AshburnerX

Bitcoin values drop after Silk Road closure.

Not surprising. The single biggest value of an untraceable currency was using it for stuff like drugs and arms deals, so without a means to do it the coins aren't worth much of anything.

Oct 6, 2013#34

strawman

The Silk Road is one of many online black markets, but it was well known and had a ton of bit coin exchanging hands through it.

Still, bit coin didn't drop a hug amount. $140 per coin to $120 per coin is significant, but it still has enough value for the people who use it.

Oct 6, 2013#35

AshburnerX

stienman said:
The Silk Road is one of many online black markets, but it was well known and had a ton of bit coin exchanging hands through it.

Still, bit coin didn't drop a hug amount. $140 per coin to $120 per coin is significant, but it still has enough value for the people who use it.

True, but it dropped to $85 during the process. If your currency isn't stable then you don't have a very good currency.

Feb 25, 2014#36

strawman

Bitcoin value tumbled from over $900 per coin to under $500 as the currency's largest exchange unexpectedly shut down amidst rumors of the theft of $375 million worth of bitcoin.

Mtgox users are understandably worried and upset that their currency stored in mtgox's systems may not be returned to them.

Meanwhile, other bitcoin industry leaders are distancing themselves from mtgox issuing a statement that says in part, "RS tragic violation of the trust of users of MT. Gox was the result of one company's actions and does not reflect the resilience or value of bitcoin and the digital currency industry... As with any new industry there are certain bad actors that need to be weeded out, and this is what we are seeing today."

As always, I suggest that if you do engage in holding crypto currency, you only use online transaction systems to transfer it, you don't actually store your currency on someone else's servers. Alternately, store it on many servers, so when one goes down the loss only represents a fraction of your holdings.

Feb 25, 2014#37

MindDetective

Cryptocurrency is the new wild west. Travel there at your own peril.

I had read that the estimated theft was only $330,000, though. And then Mt. Gox shutting down (perhaps in response to the threat of theft??) represented an additional (though as yet uncertain) loss. Do you have a more reliable link than I have, @stienman?

Feb 25, 2014#38

Dave

Cryptocurrency is a to like normal currency now. Unless you have a metric fuckton of powerful servers to throw at it, it's not worth your time or effort. In most cases you'll spend more in electricity than you'll make in mining.

Feb 25, 2014#39

AshburnerX

Dave said:
Cryptocurrency is a to like normal currency now. Unless you have a metric fuckton of powerful servers to throw at it, it's not worth your time or effort. In most cases you'll spend more in electricity than you'll make in mining.

There IS a point where you'll make a profit mining stuff. It's just that you need to be able to...

- own a warehouse
- own the servers
- need to rig the roof with solar to help power everything
- need to do it somewhere where you get plenty of sun, but not a ton of heat

Rigging the place with solar panels is basically how you offset the cost of the electricity, but even then you have to look long term... and no one is sure that crypto currency will be around in 2-3 years. It's still a gamble.

Feb 25, 2014#40

Frank

AshburnerX said:
There IS a point where you'll make a profit mining stuff. It's just that you need to be able to...

- own a warehouse
- own the servers
- need to rig the roof with solar to help power everything
- need to do it somewhere where you get plenty of sun, but not a ton of heat

Rigging the place with solar panels is basically how you offset the cost of the electricity, but even then you have to look long term... and no one is sure that crypto currency will be around in 2-3 years. It's still a gamble.

So, you need to be rich.

Feb 25, 2014#41

AshburnerX

Frank said:
So, you need to be rich.

Exactly. Or have rich friends. It's really not surprising why many of the most successful mining operations to date ether rely on stolen power or huge stacks of cash.

Feb 25, 2014#42

strawman

http://www.npr.org/blogs/thetwo-way...-exchange-mt-gox-goes-dark-after-theft-report

"an unverified document circulating online claims that Mt Gox has lost 744,408 bitcoins (worth around $350 million) due to theft related to the trading fault."

Feb 25, 2014#43

AshburnerX

stienman said:
http://www.npr.org/blogs/thetwo-way...-exchange-mt-gox-goes-dark-after-theft-report

"an unverified document circulating online claims that Mt Gox has lost 744,408 bitcoins (worth around $350 million) due to theft related to the trading fault."

This is going to be an ongoing problem. You put gold in a bank, it's not going anywhere unless guys with clown masks storm the joint and even then it's insured for up to 10 grand. Same with digital dollars: it gets stolen, it's insured and you can sue the bank for the difference. But bitcoin has no backing authority on it except it's unreplicatable code and what value people put on it, so if it's stolen, it's gone... and you have no way of knowing proving that any set of bitcoins were yours. Worse, it can vanish at the speed of light.

My guess? Bitcoin houses are going to start offering insurance for bitcoin.

Feb 25, 2014#44

strawman

I don't think they can. It's way too volatile right now, and speculation is rampant. They're going to stick by their terms of use agreement, limited liability, and say, "too bad!" When something goes wrong.

Feb 25, 2014#45

evilmike

I can't say that I'm surprised at any of this craziness surrounding a virtual currency. I know how much I lost when Halbucks went under last year.

Feb 25, 2014#46

bhamv3

evilmike said:
I can't say that I'm surprised at any of this craziness surrounding a virtual currency. I know how much I lost when Halbucks went under last year.

I still have unsold stocks.

Feb 26, 2014#47

MindDetective

stienman said:
I don't think they can. It's way too volatile right now, and speculation is rampant. They're going to stick by their terms of use agreement, limited liability, and say, "too bad!" When something goes wrong.

Just like in the wild west

Feb 28, 2014#48

AshburnerX

Mt. Gox files for bankruptcy protection, had $63.6 million is outstanding debt.

Well... so much for bitcoin, I guess.

Feb 28, 2014#49

strawman

Even on this news bitcoin is still trading at well over $500. I don't think this one failure will doom the currency, but it will make people more cautious about where their coin is stored.

Looking at a few things onlie it appears that mtgox has been losing coins to this technical problem for years. It has to do with the currency itself, as well as how mtgox was storing and handling it. Mtgox hid the issue from users but worked with people in the background to fix he currency issue. The reality is that others haven't had this issue because they do things differently, still the issue was fixed in the currency itself so that no matter how people handle it, it won't happen exactly this way again.

Mtgox has been slowly losing their coins over the years. It's only that now they've run out, so they can't hide it any longer since when someone requests a payout in coins they don't have them to give. They tried to resolve this by creating a fiat mtgox currency, but the reality is that by that time they were so far in the hole there simply was no crawling out without working with other members of the community.

When the key people of the bitcoin industry finally understood what was going on, they wrote up a plan to save mtgox, not because it was worth saving in and of itself, but to stabilize the currency and prevent the expected publicity problems that would result. The plan was essentially this: the mtgox owners would give up mtgox and all assets to a committee. The key players in the bitcoin industry would pony up nearly all the coins needed to resolve the issue within mtgox, and would rebrand the website. They have enoug coins to do that, and given that half the value of the coins was lost in the crash, it would actually be cheap for them to have resolved it this way then to watch e value of heir various hoards drop in half.

The owner of mtgox wasn't thrilled at this plan, dropped out of the leadership of bitcoin, and closed the website in response to this plan.

So while there are interested actors in trying to maintain the bitcoin currency, it's obviously not the owner of mtgox, who mismanaged his company into bankruptcy and damaged the entire community and currency as a result.

However, this will only strengthen bitcoin in the long run.

Feb 28, 2014#50

Espy

I honestly do not get Bitcoin. Whenever I read about it I feel old and stupid.

Feb 28, 2014#51

PatrThom

Espy said:
I honestly do not get Bitcoin. Whenever I read about it I feel old and stupid.

It is usually used as a sort of anonymous VPN for money transfers.

--Patrick

Feb 28, 2014#52

strawman

Espy said:
I honestly do not get Bitcoin. Whenever I read about it I feel old and stupid.

There are a lot of moving parts, and there are several distinct roles one might play in bitcoin. You hear about mining it as a way to make money, sending bit coins to people, and bitcoin exchanges, and it all becomes a big muddled mess.

For the consumer, bitcoin is an agreed upon currency, just like the dollar, yen, or any other currency. It fluctuates in value over time, but it'd just a form of money. The value is market driven, and the is no real central authority or backer. It isn't backed by gold, or a country, or anything else. The value is entirely, completely, market driven.

As such the US, for instance, can't strengthen or weaken it merely by printing more bit coins like they can with the US dollar.

Further it's designed so that transactions cannot be tracked. At all. I give you a number, you "send" bit coins to that number, and I get them. It's not an account number, and can't be tied to me except by my revealing it to someone. Further, I can generate an infinite number of these, so I could use a different number for each transaction, completely hiding who is getting the money you send. You can't find me with that number. When you send bit coins, you actually insert a little piece of information that encrypted with that number into the global bitcoin data stream. Eventually my "wallet" sees that encrypted piece of information, and can retrieve the bitcoin, while everyone sees the block of info, there's no way for them to know who sent it, or who received it. Further, they can't receive the coin themselves because of the encryption used via my number. Only my wallet (which gave me the number) can decrypt the message and retrieve the data that says, "here's some bitcoin". Inserting a transaction into the global data stream comes at a small cost, a transaction fee. This is a sort of payment to make sure the data in your transaction gets processed and added to the global data stream.

And that's it, for the consumer facing side. You don't really need to know anything else. You can get bit coins by sending someone else money at their exchange rate, and they'll give you bit coins they already have, or reverse it and give them bitcoins for cash. The are a number of exchanges people have set up to make this easier.

Since one primary goal was not to have a central authority or transaction processor, the inventor of the scheme decided to spread that work across everyone that wanted to participate. Each transaction requires additional work in the way of very difficult decryption before it can then be pulled back out of the data stream. So before you get your money, the network has to solve a series of very difficult math problems and searches. Once that's done, you'll get your money.

This process is called mining. Currently when you mine there are two things that happen, first is that new bitcoins are created. These become new currency and are given to the transaction processor, ie miner, that solves the problem first. The second thing that happens it's that a block of transactions are processed into a format where they can be retrieved.

Each block produced reduces the bitcoin creation, and eventually all the bitcoins there will ever be will have been created. After that the transaction fees are the only thing the miners will get for all this work.

The work is hard enough that a high end computer with a high end video card can solve the problem in a week or two. It's not very fast, so people work on these problems in parallel. By giving a hundred computers the same problem, but telling each one to look at only a small division of the possible problem space, the time to solve is much faster. Now they have custom microchips doing this work, and even then it takes minutes before a new block is solved.

So you might not get your money for minutes, or even hours, after it was sent. Blocks are solved sequentially, miners can't skip ahead, and only the fastest miner actually wins the reward. However the problems are designed so that finding the solution is actually random time, so as long as you keep mining at the same speed as everyone else, you'll get rewards as often as everyone else.

It's no longer something that mere mortals can hope to do and win, though. The customs chips have long since surpassed the capability of even the best alternatives.

I don't know if this clears things up, or just confuses you further. It's a fifty thousand foot overview, and for the sake of understanding I've simplified things. If you dig into it, the transaction processing model is a bit different than I've described, but this suffices to portray what is happening inside the system.

Note that if one person or group owns more than fifty percent of the bitcoins, they can completely change the currency at the code level. It's unlikely to ever happen, but the currency is essentially democratic, and thus fallible by design.

Feb 28, 2014#53

PatrThom

stienman said:
if one person or group owns more than fifty percent of the bitcoins, they can completely change the currency at the code level. It's unlikely to ever happen, but the currency is essentially democratic, and thus fallible by design.

This was new to me.

--Patrick

Feb 28, 2014#54

Necronic

Bitcoin is one of the strongest arguments for a central bank I have seen in a while. Ignoring the fact that it is highly volatile, even its increase in value is problematic. That (deflation) is NOT something you want in a real currency, as it causes people to hord capital instead of investing it. If you view it as a commodity then...ok maybe its not so bad, but then you have to ask yourself 'what do I actually own'? Nothing. So at best/worst its a horrendously volatile fiat currency with deflationary tendencies. At worst/best its a worthless commodity.

Really its just a fun way to gamble.

Feb 28, 2014#55

blotsfan

PatrThom said:
This was new to me.

--Patrick

But if it ever happens, bitcoin would stop being used and therefore become worthless, meaning that whoever got 50% spent a ton of time/money to screw over other people without any financial gain. I don't think anyone is that big of a troll.

Feb 28, 2014#56

AshburnerX

Necronic said:
Bitcoin is one of the strongest arguments for a central bank I have seen in a while. Ignoring the fact that it is highly volatile, even its increase in value is problematic. That (deflation) is NOT something you want in a real currency, as it causes people to hord capital instead of investing it. If you view it as a commodity then...ok maybe its not so bad, but then you have to ask yourself 'what do I actually own'? Nothing. So at best/worst its a horrendously volatile fiat currency with deflationary tendencies. At worst/best its a worthless commodity.

Really its just a fun way to gamble.

Actually, I wouldn't call it worthless as a commodity. It has the unique qualities of anonymity and easy of trade, while still retaining it's usefulness. It's like having a pocket full of gold bars that weighed nothing and which you can give to someone without anyone (even the receiver) ever knowing who you are. That simple feature gives it immense value, especially for illegal actions that would have formally required hauling gold or bills to an undisclosed location along with some guys to make sure you didn't get jumped. No more backroom trade off... you can just send a file.

Feb 28, 2014#57

Necronic

That bothers me though, because what you are ultimately describing is a fiat. It has value because I say it has value. It has no use, functional or otherwise, other than to convey value. I can't think of any other commodity like that. Corn, oil, energy, etc, they all are units of value, but they have other uses as well. That's why I say it's worthless.

That made me think of another funny thing about bitcoin: a lot of the same people that like Bitcoin also like to talk about how we need to return to a gold-backed dollar. I don't know how ancaps can look themselves in the mirror without busting out laughing.

Feb 28, 2014#58

Covar

Necronic said:
That bothers me though, because what you are ultimately describing is a fiat. It has value because I say it has value. It has no use, functional or otherwise, other than to convey value. I can't think of any other commodity like that. Corn, oil, energy, etc, they all are units of value, but they have other uses as well. That's why I say it's worthless..

It's the exact same as cash. Cash only has value because everyone in the world agrees to the lie that cash has value.

Feb 28, 2014#59

AshburnerX

Necronic said:
That bothers me though, because what you are ultimately describing is a fiat. It has value because I say it has value. It has no use, functional or otherwise, other than to convey value. I can't think of any other commodity like that. Corn, oil, energy, etc, they all are units of value, but they have other uses as well. That's why I say it's worthless.

I disagree. It clearly has value in it's use and most of it's value is derived from it's use. People may speculate on bitcoin but ultimately many people want them to perform secure, safe, and anonymous transactions. It's what makes it more useful than all of those other objects.

Mar 4, 2014#60

PatrThom

A guy (who admittedly may or may not deserve what he gets) earns himself some extra scrutiny because a couple of TSA agents "...saw Bitcoin in his bag and needed to check."

--Patrick

Mar 4, 2014#61

SpecialKO

PatrThom said:
A guy (who admittedly may or may not deserve what he gets) earns himself some extra scrutiny because a couple of TSA agents "...saw Bitcoin in his bag and needed to check."

--Patrick

...that's just weird...and so full of fail.

Mar 4, 2014#62

evilmike

Speaking of Fail...

Flexcoin is shutting down because of a theft of almost 900 coins. Poloniex has also announced that it has lost 12% of its reserve due to theft.

Mar 4, 2014#63

Covar

SpecialKO said:
...that's just weird...and so full of fail.

it involved the TSA? did you expect intelligence and respect?

Mar 4, 2014#64

DarkAudit

At the risk of sounding like Charlie, there isn't a single TSA screener I would trust to scrub the airport toilets. NOT. ONE.

Mar 4, 2014#65

Ravenpoe

Relevant, I think:

Mar 4, 2014#66

bhamv3

evilmike said:
Speaking of Fail...

Flexcoin is shutting down because of a theft of almost 900 coins. Poloniex has also announced that it has lost 12% of its reserve due to theft.

Aren't these like the third or fourth Bitcoin hack thus far? Flexcoin, Poloniex, MtGox, Silk Road 2...

Mar 4, 2014#67

Shakey

So, since non of this can be tracked, what's stopping these bitcoin companies from cashing in a bunch of their customers coins and blaming it on hackers? There's no tracing it.

Mar 4, 2014#68

PatrThom

Ethics.

--Patrick

Mar 4, 2014#69

AshburnerX

PatrThom said:
Ethics.

--Patrick

Not to mention that the kind of people who'd use bitcoin for illegal transactions are the same sort of guys who would break your fucking knees if you stole from them... or if they suspected you stole from them.

Mar 4, 2014#70

Shakey

And if it's those kind of people setting it up to begin with?

Sep 22, 2014#71

evilmike

There's an interesting bitcoin-related news story in New Jersey. The state Attorney General is demanding any and all information about Tidbit, a student project that intended to allow websites to let visitors "lend" the site processing power to mine for bitcoins instead of having to view ads. The problem is that the project had only reached the "proof of concept" stage, was developed as part of a school sponsored "hackathon", and was run by students who have no connection to New Jersey. The AG is effectively stating that because it has the potential to compromise user systems (using processing power without warning the user), it is a violation of New Jersey's computer crime statutes. The EFF is trying to quash the subpoena based on: the subpoena is unconstitutional, the state has no jurisdiction over the students or the project, and it has not been linked to an offer of immunity. (via Wired, EFF)

Jan 30, 2018#72

DarkAudit

Whoops.

And another whoops.

Jan 30, 2018#73

blotsfan

I may very well regret my bitcoin purchase, but at least I was smart enough to know not to keep it on an exchange.

Jan 30, 2018#74

PatrThom

Why you can’t find graphics cards for your gaming rig:

—Patrick

Jan 30, 2018#75

SpecialKO

Man, they must be pissed that Bitcoin mining has switched to ASICs in order to be profitable at all.

Jan 30, 2018#76

PatrThom

SpecialKO said:
Man, they must be pissed that Bitcoin mining has switched to ASICs in order to be profitable at all.

I’m sure that’s not a Bitcoin farm. Right now Ethereum is the currency of choice for GPU mining.
Assuming they are using GTX 1070 cards (good middle-of-the-road card, 30MH), have 6 per rack (as shown), have 16 racks per section (as shown) and have 70 sections (I can see numbers up to at least 35 and the room has sections on both sides) and pay $0.09/kWh (as shown) then according to CryptoCompare they are pulling in about US$19k/day profit if they are mining Ethereum.

—Patrick

Jan 30, 2018#77

SpecialKO

Their annual profit on that farm is $7M? That...is kind of nothing, considering that CryptoCompare doesn't include the churn cost of replacing GPUs that burn out because they're not built to sustain the heat-loads form 100% usage 24/7, that building's share of employee salaries, and the property tax of the building (in Iceland, that shit is really high). I assume they must make more from their Bitcoin operations.

Jan 30, 2018#78

PatrThom

SpecialKO said:
GPUs that burn out because they're not built to sustain the heat-loads form 100% usage 24/7

This right here is why I'm going to be gun-shy about buying any 10x0/5x0 GPUs once they're no longer useful for crypto. You'll be able to pick up a 1070 for $50 but you have to underclock it 100MHz from stock else it'll crash.

--Patarick

Jan 30, 2018#79

SpecialKO

PatrThom said:
This right here is why I'm going to be gun-shy about buying any 10x0/5x0 GPUs once they're no longer useful for crypto. You'll be able to pick up a 1070 for $50 but you have to underclock it 100MHz from stock else it'll crash.

This is actually the thing about cryptomining that annoys me the most. It's not even that I can't buy a new GPU now, it's that the used market is going to be literal pieces of trash for years. Not only will buying the things be worthless, but non-miners who are trying to sell their old cards on the secondary market to recoup the cost of a brand new card are going to be fucked.

Jan 30, 2018#80

AshburnerX

PatrThom said:
This right here is why I'm going to be gun-shy about buying any 10x0/5x0 GPUs once they're no longer useful for crypto. You'll be able to pick up a 1070 for $50 but you have to underclock it 100MHz from stock else it'll crash.

--Patarick

It's literally going to be the crypto companies trying to unload their dying stuff on the public via Pricewatch. It's gonna SUCK.

Jan 30, 2018#81

PatrThom

SpecialKO said:
the used market is going to be literal pieces of trash for years.

AshburnerX said:
It's literally going to be the crypto companies trying to unload their dying stuff on the public via Pricewatch. It's gonna SUCK.

Slash-and-burn cryptomining.

--Patrick

Jan 31, 2018#82

Frank

Cryptocurrencies are a God damned waste of epic proportions. The amount of wasted energy, literal electricity, is astounding.

Feb 1, 2018#83

Bubble181

Frank said:
Cryptocurrencies are a God damned waste of epic proportions. The amount of wasted energy, literal electricity, is astounding.

They're a solution worse than the problem they're supposedly solving.

Feb 1, 2018#84

SpecialKO

It worries me a bit that the blowback will eventually kill blockchain, which has genuinely interesting applications that are being completely overshadowed by the gold rush.

Feb 1, 2018#85

PatrThom

SpecialKO said:
It worries me a bit that the blowback will eventually kill blockchain, which has genuinely interesting applications that are being completely overshadowed by the gold rush.

Botox feels your pain.
“Let’s use this breakthrough medication to help people with crippling nerve/muscle spasms lead a more normal life.” NOPE WRINKLES ARE MORE IMPORTANT

—Patrick

Feb 1, 2018#86

SpecialKO

PatrThom said:
“Let’s use this breakthrough medication to help people with crippling nerve/muscle spasms lead a more normal life.” NOPE WRINKLES ARE MORE IMPORTANT

I remember an old TV special before the wrinkle revolution that was entirely about how doctors helped a woman regain use of her vocal chords and a classical violinist regain the use of his left-hand by applying a series of small botox injections to the applicable muscles that were spasming. I thought it was one of the most amazing things I'd ever seen at the time.

Feb 1, 2018#87

PatrThom

SpecialKO said:
I remember an old TV special before the wrinkle revolution that was entirely about how doctors helped a woman regain use of her vocal chords and a classical violinist regain the use of his left-hand by applying a series of small botox injections to the applicable muscles that were spasming. I thought it was one of the most amazing things I'd ever seen at the time.

That’s the exact same special I remember. “Cramping and spasming.”

—Patrick

May 30, 2018#88

PatrThom

Welp this just came out:

Your eyes don't deceive you, this board has spots for TWENTY video cards. Oh, and also three 24-pin connections for PSUs, presumably so the board can control turning all those cards off/on when it powers up or down. The GPU connections look like USB3 ports because that's exactly what they are, but they use a cable designed to mechanically convert them (on the other end) into the PCIe connection that the GPUs will be looking for.

...but ASIC companies have said as early as April that they're starting to manufacture chips that can mine Ethereum more efficiently than GPUs, so is something like this too little, too late?
Side note, the algorithm for Ethereum was supposedly made "ASIC-resistant" by requiring the computing device to have a lot of RAM in order to do the computations. So because of the ASIC rumors, graphics card prices are starting to fall (you can find GTX 1070's for only $50 above MSRP now!), but RAM prices (especially the newest DDR4 standard) are rising.

--Patrick

May 30, 2018#89

Frank

Yes, for the love of fucking Christ, SOMEONE produce a chip that's more efficient than GPUs for "mining" your bullshit waste of energy commodity. Seeing 4 or 5 hundred dollar video cards on sale for twice the price is INFURIATING.

May 31, 2018#90

figmentPez

PatrThom said:
but RAM prices (especially the newest DDR4 standard) are rising.

DAMMMIT! Can this whole cryptocurrency trend just die?!

This had better not make everything go up in price.

May 31, 2018#91

PatrThom

figmentPez said:
This had better not make everything go up in price.

Nope.
Only things that need RAM.
...which is most things.

—Patrick

May 31, 2018#92

figmentPez

PatrThom said:
Nope.
Only things that need RAM.
...which is most things.

Well, my line of thought is that those "most things" include stuff like business computers and other things that could cause other prices, of things that aren't even electronics, to rise. High-end GPUs are a niche product. RAM is a commodity, and one that's already in somewhat short supply.

Jun 13, 2018#93

PatrThom

Cryptocurrency miner found installing itself on Amazon Fire TVs
Apple bans any/all apps from App Store that mine cryptocurrency, even if consensual
Android malware killing phone batteries
Want fewer ads? Let us mine cryptocurrency instead

OK STAHP
All these people trying to make a nickel off my dime.

--Patrick

Jun 13, 2018#94

Gared

PatrThom said:
Cryptocurrency miner found installing itself on Amazon Fire TVs
Apple bans any/all apps from App Store that mine cryptocurrency, even if consensual
Android malware killing phone batteries
Want fewer ads? Let us mine cryptocurrency instead

OK STAHP
All these people trying to make a nickel off my dime.

--Patrick

Well I'll be damned. I thought it was suspicious last week when my FireTV randomly stopped mid-show to install an update which bricked it and caused it to need to be reset to factory settings (for the third time).

Dec 27, 2018#95

DarkAudit

Electrum wallet hack steals $750K.

We're rapidly on the way back to stuffing cash in mattresses and coffee cans.

Dec 30, 2018#96

PatrThom

Anyone want some special-purpose mining hardware real cheap?

From $600 to $55: Prices of Mining Hardware Drop

The ASUS B250 Mining Expert used to cost from $400 to $600 about a year ago, but right now it is possible to get it for $58 - $78. The situation is similar with the MSI B360-F PRO: it used to cost $200 in May, but now it can be obtained for $63 - $96. Biostar’s TB250-BTC supports “only” eight GPUs, yet it used to cost $250 - $320 from December 2017 to February 2018. By contrast, today it is priced at around $60.

--Patrick

Jan 8, 2019#97

DarkAudit

Yet another Whoops. Etherium this time.

Feb 4, 2019#98

DarkAudit

Bitcoin Is Worth Less Than The Cost To Mine It.

Cryptocurrency exchange wiped out after CEO dies and takes passwords with him.

May 10, 2021#99

PatrThom

DarkAudit said:
Bitcoin Is Worth Less Than The Cost To Mine It.

Saw this a bit ago, but it's starting to hit more mainstream news outlets.

Greenridge power plant (built 1953 in Dresden, NY) closed in 2011 due to cost concerns (no more nearby resource mining, so no more need for the power in that area), but got new owners in 2014 who took advantage of a state grant to help convert it from coal to gas. It reopened in 2017 but just kinda sat there as a "supplemental" plant powering itself for a couple of years, not doing much. In 2019, after some state law changes reducing sales taxes, they added a good-sized data center...and started mining Bitcoin in early 2020. One of the biggest obstacles to mining Bitcoin is the cost of the power required to do so, but this becomes less important when you literally own the power plant that makes the electricity you use.

Pre-COVID, they were using just over 14MW (14 megawatts) of power to mine about 5 and a half Bitcoin per day, which at the time was worth about US$50k, but a year later is now trading for over 6x that amount. As a result, by the end of 2022 they are looking to expand thei Greenridge data center and ramp up their power output to around 85MW (a sixfold increase) in order to take advantage of current trends. The owners (Atlas Holding, LLC - linked above) say they want to replicate this highly successful and profitable model of a mining facility with its own, vertically integrated power plant in other locations. Coincidentally, the owners also just happen to be part owners of five "intermittent use" power plants in New Hampshire sooo...

Other groups have taken notice. There are already other companies looking to buy old, otherwise inactive or underutilized power plants no doubt in an attempt to set up their own similar operations. Of course this means the environment might suffer a little what with these plants online and running at a constant level instead of the intermittent operation they were doing before, but hey, for a beautiful moment in time, they will create a lot of value for shareholders, right?

So yeah, I think "worth less than cost" probably still applies, so long as the environmental cost is included with the financial one.

And we haven't even started to talk about places like China.

One of the great Bitcoin unknowns has long been the amounts being produced, or "mined," in what's believed to be the top locale for mining the signature cryptocurrency: China's remote Xinjiang region. We got the answer when an immense coal mine in Xinjiang flooded and shut down over the weekend of April 17–18. The blackout halted no less than one-third of all of Bitcoin's global computing power.

--Patrick

May 10, 2021#100

Tinwhistler

I'm still bitter about bitcoin.

Bitcoin History Part 3: Turning on the Faucet – Featured Bitcoin News

With no exchanges, P2P marketplaces, or escrow services in Bitcoin's earliest days, acquiring coins wasn't easy. You either mined them or begged someone In the third installment of our series on key moments from Bitcoin’s history, we look at Gavin Andresen's bitcoin faucet.

news.bitcoin.com

When I first heard about it, I downloaded some files, got 5 free bitcoin, tried some mining..never mined a coin. A few months later, deleted everything and said "this is stupid." That's what $300K I threw away?

May 10, 2021#101

PatrThom

Tinwhistler said:
I'm still bitter about bitcoin.

Yeah, I've gotten to watch associates (who are MUCH less risk-averse than myself) become multi-thousandaires with Bitcoin and Ethereum and the like over the last 5-10yrs. So it goes.

--Patrick

May 10, 2021#102

Dave

Tinwhistler said:
I'm still bitter about bitcoin.

Bitcoin History Part 3: Turning on the Faucet – Featured Bitcoin News

With no exchanges, P2P marketplaces, or escrow services in Bitcoin's earliest days, acquiring coins wasn't easy. You either mined them or begged someone In the third installment of our series on key moments from Bitcoin’s history, we look at Gavin Andresen's bitcoin faucet.

news.bitcoin.com

When I first heard about it, I downloaded some files, got 5 free bitcoin, tried some mining..never mined a coin. A few months later, deleted everything and said "this is stupid." That's what $300K I threw away?

I did the same thing but I can't tell you how much I had. Not that much, I think. I only had 1 computer and I kept shutting down the miner to play games & stuff, leaving it running overnight & on the downtime.

May 10, 2021#103

Tinwhistler

PatrThom said:
Yeah, I've gotten to watch associates (who are MUCH less risk-averse than myself) become multi-thousandaires with Bitcoin and Ethereum and the like over the last 5-10yrs. So it goes.

--Patrick

friend of mine has a few dollars in etherium..she asked if she should pull it because Elon caused the price to drop a few cents. I said "nope..now'd be a good time to buy a little more"

Post automatically merged: May 10, 2021

Dave said:
I did the same thing but I can't tell you how much I had. Not that much, I think. I only had 1 computer and I kept shutting down the miner to play games & stuff, leaving it running overnight & on the downtime.

Pretty much what I did, but never got a coin out of it. But still, I had the 5 free ones.

May 10, 2021#104

bhamv3

I once received 0.07 bitcoin as a tip on Reddit. I don't remember the password to that account/wallet any more.

At the time, 0.07 bitcoin was worth about 50 dollars. Nowadays it'd be... let's see... I'll just do a quick search and.... holy fuck.

EDIT: Now that I think about it, it was probably 0.007 bitcoin, that'd make more sense.

May 12, 2021#105

DarkAudit

Elon's been busy with market manipulation this week. First his SNL appearance killed Dogecoin, and now this.

Predictably, the market quickly tanked.

May 12, 2021#106

Shawn

DarkAudit said:
Elon's been busy with market manipulation this week. First his SNL appearance killed Dogecoin, and now this.

Predictably, the market quickly tanked.

I guess it might also mean to take advantage of the drops and scoop up a few. Musk said he'd reinstate bitcoin for Tesla if fuel emissions improve.

May 13, 2021#107

Bubble181

The volatility inherent in cryptocurrency makes them perfect vehicles for influential rich folks to get even richer.

May 14, 2021#108

Shakey

I put about $5 into DOGE not too long ago, it’s up to $20 now. :drunk:

I don’t expect it to do much, but I can handle losing $5 if that happens.

May 14, 2021#109

GasBandit

I actually mined doge about 10 years ago. Gave up on it after it seemed to me that the amount I was generating wasn't keeping up with the electricity it was taking me to mine it.

Man, I wish I hadn't forgotten my wallet credentials >_<

May 22, 2021#110

DarkAudit

Oops...

May 23, 2021#111

D

Dubyamn

This thread is a nice reminder that when crypto is finally dead and gone it will have never done an ounce of good.

May 23, 2021#112

DarkAudit

Dubyamn said:
This thread is a nice reminder that when crypto is finally dead and gone it will have never done an ounce of good.

Its only positive contribution was Himote House episode 11. NSFW if you go looking for it.

May 23, 2021#113

PatrThom

Dubyamn said:
This thread is a nice reminder that when crypto is finally dead and gone it will have never done an ounce of good.

I mean, it has a legitimate purpose, but then some people couldn't just use it as-is had to go and invent a way to monetize it.

--Patrick

May 23, 2021#114

figmentPez

PatrThom said:
I mean, it has a legitimate purpose, but then some people couldn't just use it as-is had to go and invent a way to monetize it.

I'm confused, is there such a thing as non-monetized crypto-currency? I was under the impression that Bitcoin mining existed from the very start of the concept.

May 23, 2021#115

D

Dubyamn

figmentPez said:
I'm confused, is there such a thing as non-monetized crypto-currency? I was under the impression that Bitcoin mining existed from the very start of the concept.

He probably means when it was a currency that you could theoretically use to buy stuff. Where as now it's entirely a bet on whether it will go up in value or down in value and you would be insane to use it as actual currency.

May 23, 2021#116

figmentPez

Dubyamn said:
He probably means when it was a currency that you could theoretically use to buy stuff. Where as now it's entirely a bet on whether it will go up in value or down in value and you would be insane to use it as actual currency.

Ah, okay. I would have described that as "commodification", but that might not be accurate either.

May 23, 2021#117

PatrThom

figmentPez said:
I'm confused, is there such a thing as non-monetized crypto-currency?

I'm not talking about the currency so much as the blockchain concept itself.

--Patrick

May 23, 2021#118

figmentPez

PatrThom said:
I'm not talking about the currency so much as the blockchain concept itself.

Thanks for clarifying, but can you see how talking about "crypto" without specifying that you're NOT talking about crypt-currency is very confusing in a thread titled Bitcoin? I'd be willing to bet all the bitcoin I own that when Dubyamn said "crypto", he meant crytpo-currency, specifically. I've never heard blockchain as a whole concept referred to as "crypto" and I think it's pretty easy to see that someone tech savvy wouldn't be saying that cryptography has never done an ounce of good. You brought up a tangentially related subject but spoke about it as if it were the current subject at hand.

May 23, 2021#119

Ravenpoe

figmentPez said:
Thanks for clarifying, but can you see how talking about "crypto" without specifying that you're NOT talking about crypt-currency is very confusing in a thread titled Bitcoin? I'd be willing to bet all the bitcoin I own that when Dubyamn said "crypto", he meant crytpo-currency, specifically. I've never heard blockchain as a whole concept referred to as "crypto" and I think it's pretty easy to see that someone tech savvy wouldn't be saying that cryptography has never done an ounce of good. You brought up a tangentially related subject but spoke about it as if it were the current subject at hand.

I assumed he was talking about blockchain. Cryptocurrency is only a 'currency' because people tried to use it as such, and it was all downhill from there.

May 23, 2021#120

Frank

Dubyamn said:
This thread is a nice reminder that when crypto is finally dead and gone it will have never done an ounce of good.

Crypto is the only way a lot of people are able to send money to their family in Gaza since it's the only type of e-transfer of currency that Israel hasn't blocked. I read a lot of people pissed at Elon for destabilizing things.

May 23, 2021#121

D

Dubyamn

Frank said:
Crypto is the only way a lot of people are able to send money to their family in Gaza since it's the only type of e-transfer of currency that Israel hasn't blocked. I read a lot of people pissed at Elon for destabilizing things.

Jesus that's depressing.

May 23, 2021#122

PatrThom

figmentPez said:
can you see how talking about "crypto" without specifying that you're NOT talking about crypt-currency is very confusing in a thread titled Bitcoin? [...] You brought up a tangentially related subject but spoke about it as if it were the current subject at hand.

Uh, blockchain is hardly tangential to bitcoin. That'd be like saying bread is tangential to toast.

--Patrick

May 23, 2021#123

DarkAudit

PatrThom said:
Uh, blockchain is hardly tangential to bitcoin. That'd be like saying bread is tangential to toast.

--Patrick

It is when a tweet can send the price of toast skyrocketing or cratering, but do nothing to the bread.

May 23, 2021#124

PatrThom

See, I didn't see this thread as a place to only talk about the price of Bitcoin.

--Patrick

May 23, 2021#125

DarkAudit

PatrThom said:
See, I didn't see this thread as a place to only talk about the price of Bitcoin.

--Patrick

It really is much less about the underpinnings and more about the shenanigans around the various currencies.

May 23, 2021#126

PatrThom

DarkAudit said:
It really is much less about the underpinnings and more about the shenanigans around the various currencies.

The OP might disagree with you.

strawman said:
Anyone played with bitcoin at all? Now that it's in the news I figured I ought to at least know how it works.

--Patrick

May 23, 2021#127

DarkAudit

PatrThom said:
The OP might disagree with you.

--Patrick

That's a whole other discussion.

May 23, 2021#128

figmentPez

PatrThom said:
Uh, blockchain is hardly tangential to bitcoin. That'd be like saying bread is tangential to toast.

YES, the generalities of bread is tangential to toast! Saying "but then some people couldn't just use it as-is had to go and invent a way to brown the outside of it" in response to someone saying that "toast has never done a good thing for anyone" in a thread all about the different types of toast, named after a specific type of toast. You have gone from a specific point to a connected but more general subject.

If people were talking about graphics cards, coming out of nowhere and talking about all types of computer chips would be a tangent. If people were talking about t-shirts, then responding to a comment about t-shirts with a comment about all fabrics, that would be a tangent. You would have gone off from a specific point and taken the conversation in another direction. That's why it's called a tangent!

You know what. I'm not going to get into another argument with you. It's just pissing me off again.

May 24, 2021#129

Ravenpoe

figmentPez said:
YES, the generalities of bread is tangential to toast! Saying "but then some people couldn't just use it as-is had to go and invent a way to brown the outside of it" in response to someone saying that "toast has never done a good thing for anyone" in a thread all about the different types of toast, named after a specific type of toast. You have gone from a specific point to a connected but more general subject.

If people were talking about graphics cards, coming out of nowhere and talking about all types of computer chips would be a tangent. If people were talking about t-shirts, then responding to a comment about t-shirts with a comment about all fabrics, that would be a tangent. You would have gone off from a specific point and taken the conversation in another direction. That's why it's called a tangent!

You know what. I'm not going to get into another argument with you. It's just pissing me off again.

I don't know what's going on with you Pez, but you might need to take a break or something.

May 24, 2021#130

Bubble181

Yeah, I don't know why you're so reactive to PatrThom's posts lately.
I mean, in this thread, I agree with you that he should've been clearer - I had to think and realize he meant blockchain being turned into cryptocurrency before his comment made sense - but you seem to be taking every bit of pedantry or being (im-)precise for fun or to move discussion around as a personal attack on your belief system and self.
We're all facing stress and life sucks in a variety of ways at the moment. I don't know what is pushing you right now, but please try to find a way to cool down - fighting on here definitely won't do it.

May 24, 2021#131

PatrThom

figmentPez said:
I'm not going to get into another argument with you. It's just pissing me off again.

I'm not actively looking for a lengthy argument, nor am I actively trolling or deliberately trying to get any more rise out of you than the sort of general teasing and bickering we usually do around here. Buuut...

Bubble181 said:
I agree with you that he should've been clearer [...] but you seem to be taking every bit of pedantry or being (im-)precise for fun or to move discussion around as a personal attack on your belief system and self.

...I know I'm frequently not clear, mostly because the stuff that I think will be immediately obvious to others...isn't, but over these last few days it really feels like instead of engaging me because you are puzzled at what I am saying/where I am coming from and want to genuinely uncover some clarification, you have specifically been singling me out and disparaging my comments (across multiple threads, even) not to educate nor further the discussion, but instead as justification and ammunition to attack my personal character, which is honestly very puzzling to me, and apparently to others as well. And since you do not currently appear to be embroiled in an interpersonal vendetta with any of the other forumites at the moment, I have to wonder: Why me?

Significantly, this is nowhere near the first time the two of us (i.e., you and I specifically) boil down to butting heads over minutiae, and unless I am remembering things incorrectly (always a possibility), it has always been you who initiates these sessions and then aggressively harangue me with the goal of...I'm not sure what the end goal is, exactly. It does mean, though, that we now have enough data points to fit a curve over them, and what that curve says is that there has to be something specifically ABOUT ME that must be triggering YOU, because there can't be any other possible explanation. If it were all because of your attitude, then you'd be fighting with more than just me, and if it were all on my end, then I'd be the one with multiple quarrels. But neither of these is the case, so again I have to ask: Why me? Do you even know? Or is this some kind of subconscious thing? What is it about me that ignites such wrath in you? I honestly don't know. But I'd like to.

--Patrick

May 24, 2021#132

PatrThom

Well this was a surprise: China will likely ban all bitcoin mining soon

I guess with all the independents firing up their own Bitcoin mining operations, China must be worried about losing their worldwide BC dominance, so they're just cutting out entirely.

--Patrick

May 28, 2021#133

figmentPez

Massive bitcoin mine discovered in UK after police raid suspected cannabis farm

"The mine was stealing thousands of pounds worth of electricity from the mains supply, police said."

Due to the number of people coming and going, all the wiring and ventilation, and the large amount of heat coming from the place, police assumed it was a marijuana farm.

"However, officers found a bank of around 100 computers and zero cannabis on entering the building."

Jun 9, 2021#134

DarkAudit

News...

Would this thread be better placed in Tech or Politics?

Jun 9, 2021#135

PatrThom

DarkAudit said:
Would this thread be better placed in Tech or Politics?

"Hasten the heat death of our planet in order to turn a quick buck?"
Probably Politics.

--Patrick

Jun 23, 2021#136

DarkAudit

Whoops...

Bloomberg - Are you a robot?

www.bloomberg.com

Jun 29, 2021#137

DarkAudit

Whoops whoops.

SafeDollar 'Stablecoin' Drops To $0 Following $248,000 DeFi Exploit On Polygon - Slashdot

The price of SafeDollar (SDO), an algorithmic decentralized finance (DeFi) stablecoin based on the Polygon (MATIC) blockchain, has plummeted to literally zero as a result of what appears to be an exploit today. CryptoSlate reports: While details are yet scarce, block explorer Polygonscan shows...

news.slashdot.org

Jun 29, 2021#138

Bubble181

If you have to put "safe" and "stable" in your name, you probably aren't.

Post automatically merged: Jun 29, 2021

Hi, I'm Tonald Drump, and I'm asking you to vote for the Trustworthy Honest Party! We're reliable! We're real! We promise!

Jun 29, 2021#139

Ravenpoe

Bubble181 said:
If you have to put "safe" and "stable" in your name, you probably aren't.

Post automatically merged: Jun 29, 2021

Hi, I'm Tonald Drump, and I'm asking you to vote for the Trustworthy Honest Party! We're reliable! We're real! We promise!

I mean you kid but you also just got 45% of the vote

Jul 11, 2021#140

DarkAudit

FUCK TEXAS.

Some Industrial Bitcoin Miners are Moving to Cheap-Energy Texas - Slashdot

North America's largest crypto mine is six miles outside Rockdale, Texas, "a four-square-mile town that hosts a Walmart, one other grocery store, a handful of Mexican restaurants and a couple of pizza places," reports the Washington Post. The miners took over an old Alcoa aluminum facility...

hardware.slashdot.org

Jul 11, 2021#141

GasBandit

DarkAudit said:
FUCK TEXAS.

Some Industrial Bitcoin Miners are Moving to Cheap-Energy Texas - Slashdot

North America's largest crypto mine is six miles outside Rockdale, Texas, "a four-square-mile town that hosts a Walmart, one other grocery store, a handful of Mexican restaurants and a couple of pizza places," reports the Washington Post. The miners took over an old Alcoa aluminum facility...

hardware.slashdot.org

Joke's on them, we can't keep the lights on.

Jul 11, 2021#142

AshburnerX

GasBandit said:
Joke's on them, we can't keep the lights on.

Yeah, this was my thought: with the known heating issues and Texas' complete inability to keep their power grid running, why would you go to Texas?

Jul 11, 2021#143

GasBandit

AshburnerX said:
Yeah, this was my thought: with the known heating issues and Texas' complete inability to keep their power grid running, why would you go to Texas?

Well, to undermine my own flippant response, because ERCOT paid the crypto miners to stop pulling power during the crunch.

Which seems kinda stupid to me, they should have been the first cut off.

Jul 12, 2021#144

Bubble181

DarkAudit said:
FUCK TEXAS.

Some Industrial Bitcoin Miners are Moving to Cheap-Energy Texas - Slashdot

North America's largest crypto mine is six miles outside Rockdale, Texas, "a four-square-mile town that hosts a Walmart, one other grocery store, a handful of Mexican restaurants and a couple of pizza places," reports the Washington Post. The miners took over an old Alcoa aluminum facility...

hardware.slashdot.org

Full-time professional bitcoin mining is a pest and should be abolished. It's the literal version of Captain Planet villains with big powerhungry plants producing absolutely nothing, just creating pollution for nothing. Obviously not surprising that Texas loves it.

Jul 12, 2021#145

Bubble181

It creates a win - win for bitcoin miners.
For a regular factory, getting paid a small amount to temporarily slow down or shut down power hungry production lines to help keep the lights on won't always be interesting. For miners... Either you're using energy to create money, or you're being paid not to do it. Score!

I'll happily promise not to use a couple of megawatts myself if they're willing to pay me for it.

Jul 12, 2021#146

PatrThom

Bubble181 said:
Full-time professional bitcoin mining is a pest and should be abolished. It's the literal version of Captain Planet villains with big powerhungry plants producing absolutely nothing, just creating pollution for nothing.

Remember the NY plant I mentioned a while back?
"The lake is so warm you feel like you're in a hot tub," said a woman who lives near [the] gas-fired New York plant

Rainbow trout are highly sensitive to fluctuations in water temperature, with the fish happiest in the mid-50s. Because cold water holds more oxygen, as temps rise, fish become stressed. Above 70˚ F, rainbow trout stop growing and stressed individuals start dying. Experienced anglers don’t bother fishing when water temps get to that point. Greenidge has a permit to dump 135 million gallons of water per day into the Keuka Lake Outlet as hot as 108˚ F in the summer and 86˚ F in the winter. New York’s Department of Environmental Conservation reports that over the last four years, the plant’s daily maximum discharge temperatures have averaged 98˚ in summer and 70˚ in winter.

Well there's another one now, also in NY:
123-Year-Old Hydroelectric Plant Sees New Life Mining Bitcoin — Revenue 3x Higher Than Selling to the Grid

Besha said that he would have liked to sell the renewable energy to National Grid, but the multinational electricity and gas utility company reneged on an old agreement. [...National Grid] allegedly said: “We’re not going to honor this contract. And if you don’t like it, take it to the judge.”

--Patrick

Jul 19, 2021#147

DarkAudit

From the "no shit, Sherlock" department...

Both Dogecoin Creators are Now Criticizing Cryptocurrencies - Slashdot

This week Dogecoin co-creator Jackson Palmer addressed the question of whether he'd return to cryptocurrency. "My answer is a wholehearted 'no'," he confirmed, before launching into a scathing Tweet storm. "To avoid repeating myself I figure it might be worthwhile briefly explaining why here...

news.slashdot.org

So crypto's nothing but a tax dodge for the right-wing super rich?

Jul 19, 2021#148

Bubble181

I firmly believe it wasn't built to be nothing but a super rich tax dodge.
But of course once it gets popular the same rich groups and people will flock to it and abuse it. Duh. Anyone thinking they can somehow build the next big thing without the owners of the old big thing getting involved to try and pervert/convert it to their own ends are idiots.

Jul 19, 2021#149

PatrThom

I was under the impression that it was created to allow point-to-point cash transfers with less oversight or outside interference than wire transfers/PayPal/Visa&MC, though not necessarily for the purpose of fraud/dodging.

Bubble181 said:
Anyone thinking they can somehow build the next big thing without the owners of the old big thing getting involved to try and pervert/convert it to their own ends are idiots.

I've long since lost track of how many times I've essentially told people this same thing, and I don't just mean about Crypto.

--Patrick

Jul 21, 2021#150

PatrThom

"Give me the REAL cryptocurrency."

The PlayStation 4 cryptomining warehouse was a FIFA bot farm

Ukrainian publication Delo was skeptical that anyone would use something as uneconomical as PS4 slims to mine crypto, even with the current pricing and availability issues facing...

www.techspot.com

Following the Security Service of Ukraine's (SSU) recent report that it had shut down a cryptomining operation consisting of 3,800 PlayStation 4 machines, it now appears the consoles were likely being used for farming something else: FIFA Ultimate Team cards.

--Patrick

Jul 21, 2021#151

Cog

I didn't know you can mine for pride and accomplishment.

Sep 10, 2021#152

DarkAudit

The misadventures of the MS Satoshi makes it clear that libertarianism is a form of mental illness.

Sep 10, 2021#153

mikerc

DarkAudit said:
The misadventures of the MS Satoshi makes it clear that libertarianism is a form of mental illness.

Bah, there are not enough bear attacks in your story of crazy libertarians.

Sep 10, 2021#154

PatrThom

My wife, after I read the Satoshi story to her: “There can be no such thing as a Libertarian Utopia. They tried that <stuff> in New Hampshire…I think they got eaten by bears.”
Me: “So funny thing about the very next post…”

—Patrick

Oct 19, 2021#155

BErt

Oct 19, 2021#156

PatrThom

Just FYI, at today's prices, ₿25 = USD$1.6 million.

--Patrick

Nov 7, 2021#157

DarkAudit

A Blue Check is currently losing his shit because he just discovered he has to pay *gasp* TAXES on his NFTs.

Good. Pay up, motherfucker.

Nov 7, 2021#158

Cat

PatrThom said:
My wife, after I read the Satoshi story to her: “There can be no such thing as a Libertarian Utopia. They tried that <stuff> in New Hampshire…I think they got eaten by bears.”
Me: “So funny thing about the very next post…”

—Patrick

Still need to finish that book. It's pretty funny to me that libertarians hate having a "government name" but also hate anarchists and queer people even more

Nov 7, 2021#159

Tinwhistler

So, when I was in school, and reading about the Wall Street crash of 1929, and the takeaway I had from that was "Rockefeller got so much richer when he bought during this time and then the stocks recovered." And I told myself, "Hey, if I had some disposable income, I'd do that. It seems smart."

Recently, I've seen this on reddit in various investment subreddits as "buy the dip." Now I don't believe in "buy the dip" as an investment strategy as a whole. But I'd never been invested in bitcoin (other than losing my initial stake of like 5 or 10 bitcoins back when it was first introduced..siiiiigh), but when it crashed down to 35K, I thought "I have a couple grand sitting around I'll throw it at bitcoin and other cryptos that have been drug down by this drop. I can afford to lose it."

now I wish I'd dropped more..I'm up 50% ($1k)...which is a hell of a return on investment for the few short months I've had it.

Nov 7, 2021#160

Dave

I sometimes wish I were single so I could use cheesy pickup lines on Tinder. One that I came up with that I haven't seen anywhere else would work on women who are into history or economics.

"Are you an early 1900's oil magnate? Because your body could Rockefeller."

I mean, it MIGHT work...

Nov 7, 2021#161

PatrThom

Dave said:
"Are you an early 1900's oil magnate? Because your body could Rockefeller."
I mean, it MIGHT work...

Sure, if nothing forces you to break up shortly thereafter.

--Patrick

Nov 7, 2021#162

Dave

Nice!

Nov 7, 2021#163

PatrThom

Tinwhistler said:
the takeaway I had from that was "Rockefeller got so much richer when he bought during this time and then the stocks recovered."

I have my doubts about whether the recessions are being done on purpose, but no doubts whatsoever that those people who are somehow able to maintain large cash reserves definitely pounce on acquiring discounted assets whenever the opportunity presents itself.

--Patrick

Nov 7, 2021#164

figmentPez

DarkAudit said:
A Blue Check is currently losing his shit because he just discovered he has to pay *gasp* TAXES on his NFTs.

Good. Pay up, motherfucker.

The IRS believes crypto should be taxed.png

Nov 7, 2021#165

Tinwhistler

PatrThom said:
View attachment 39370

I have my doubts about whether the recessions are being done on purpose, but no doubts whatsoever that those people who are somehow able to maintain large cash reserves definitely pounce on acquiring discounted assets whenever the opportunity presents itself.

--Patrick

I'm pretty sure that I read an article recently that cryptos are being manipulated in exactly this way. So, when I have the cash, I'll definitely buy the dip on cryptos (unless there's some other indication that the drop is a real crash--like plenty of lesser-known pump and dump crypto scams)

Nov 7, 2021#166

PatrThom

Tinwhistler said:
I'm pretty sure that I read an article recently that cryptos are being manipulated in exactly this way.

The way their numbers are behaving lately, I completely believe it. Crypto is a lot easier to manipulate, too, since it's essentially fueled purely by capital--if not via the purchase and deployment of power and mining equipment, then directly through purchase of the cryptocurrency itself. It's the Hunt Brothers all over again, but with silicon instead of silver.

--Patrick

Nov 9, 2021#167

figmentPez

Nov 9, 2021#168

figmentPez

Thread:

Nov 27, 2021#169

figmentPez

Dec 13, 2021#170

figmentPez

Bored Ape NFT accidentally sells for $3,000 instead of $300,000

TL; DR Crypto-bro makes a typo and sells his "collectible" for a loss, and even paid $32,000 in fees to make sure the transaction went through so fast he couldn't cancel his mistake.

Dec 17, 2021#171

DarkAudit

I'll have to wait for my current twitter ban to end before I can get another one by telling this waste of humanity to die.

Dec 17, 2021#172

PatrThom

Heh, was just coming to post this here after putting it in Discord.
These were the two posts after it:
First reply: "good lord, the replies are a cesspool; people (rightfully) saying this is a tremendous waste of the environment, materials, etc and others are like 'BuT mOneyZ iz MozT ImpOrtants'"
My response: "The MoNeYz people are the ones who are just upset they didn’t jump on the bandwagon early enough to be a power player like the OP."

--Patrick

Dec 19, 2021#173

DarkAudit

Paul pulls no punches.

Dec 30, 2021#174

DarkAudit

Oops...

Dec 30, 2021#175

Bubble181

People need to not use "I got hacked" for "I got phished". Clicking a "seemingly perfect" link and having your password exposed is a you issue, not a software issue.

Dec 30, 2021#176

Dave

I don’t think I’ll ever understand NFTs. I think paying that much for digital images is stupid.

Dec 30, 2021#177

Bubble181

Dave said:
I don’t think I’ll ever understand NFTs. I think paying that much for digital images is stupid.

You're not paying for the image, technically. Which doesn't mean I disagree. It's stupid, and just a ploy to extract more money from the techsavvy but worldstupid.

Dec 30, 2021#178

jwhouk

About as far as I get into any of this is Topps Digital Trading Cards.

Dec 30, 2021#179

GasBandit

Dave said:
I don’t think I’ll ever understand NFTs. I think paying that much for digital images is stupid.

It's the exact same scam as "name a star after someone."

The exact. Same.

Dec 30, 2021#180

Shakey

GasBandit said:
It's the exact same scam as "name a star after someone."

The exact. Same.

Not really. It’s more just a way for rich people to get richer by laundering money at the expense of others. And a way for hackers to steal money from rich people trying to launder money.

The co-host is a bit annoying on this one, but it’s a decent high level look at crypto-currency and NFTs

Part One: Let's Talk About Cryptocurrency - Behind the Bastards | iHeart

<p>Robert is joined by Sofiya Alexandra to discuss cryptocurrency.</p><p>FOOOTNOTES:</p><ol> <li><a...

www.iheart.com

Dec 30, 2021#181

figmentPez

GasBandit said:
It's the exact same scam as "name a star after someone."

The exact. Same.

Are people attempting to re-sell named stars for a profit?

Jan 4, 2022#182

figmentPez

Is this a marketing campaign for Dead Island 2?

Because Cryptoland looks like something that's going to end like a horror movie.

Jan 4, 2022#183

Ravenpoe

figmentPez said:
Is this a marketing campaign for Dead Island 2?

Because Cryptoland looks like something that's going to end like a horror movie.

... People are going to die on this island.

Also "the first physical representation of the metaverse" that's just called things

Jan 6, 2022#184

DarkAudit

In today's rugpull news...

Crypto platform ARBIX flagged as a rugpull, transfers $10 million

Arbix Finance, an audited and supposedly trustworthy yield farming platform, has been flagged as a 'rugpull,' deleting its site, Twitter, and Telegram channel and transferring $10 million worth of deposited cryptocurrency.

www.bleepingcomputer.com

Jan 6, 2022#185

ThatNickGuy

I would love nothing more than for cryptocurrency as a whole to just fuck off and die.

Jan 6, 2022#186

figmentPez

Oh no, cryptocurrency is going down in value, how awful.

Sadly this is all part of the reason why rich assholes love crypto. It's a great way to squeeze money out of anyone who can't weather the huge falls in value.

Jan 6, 2022#187

ThatNickGuy

"Fall! FALL!" - Megatron, Transformers: The Movie (1986)

Jan 6, 2022#188

DarkAudit

I need to snip out that "good" from Paul's Hardware reaction to the crypto mine fire story.

Jan 6, 2022#189

figmentPez

The reason for the fall in prices:
Bitcoin network power slumps as Kazakhstan crackdown hits crypto miners

The uprising in Kazakhstan led to the internet there being shut down, and the country is a major site for crypto mining.

Jan 7, 2022#190

BErt

We truly live in a hell world

Jan 7, 2022#191

MindDetective

BErt said:
We truly live in a hell world

This is what cyberpunk looks like.

Jan 7, 2022#192

DarkAudit

I was wrong. Omni-Man is better than we deserve.

Jan 7, 2022#193

PatrThom

This is just... betting on court cases?

--Patrick

Jan 7, 2022#194

BErt

PatrThom said:
This is just... betting on court cases?

--Patrick

yep, that’s all, no biggie. I’m waiting until next month when we can place bets at hospitals. I got the under on 8 COVID patients surviving the weekend, and a 68 year old man is getting 3 to 5 odds that he makes it out of heart surgery.

Jan 8, 2022#195

Bubble181

BErt said:
yep, that’s all, no biggie. I’m waiting until next month when we can place bets at hospitals. I got the under on 8 COVID patients surviving the weekend, and a 68 year old man is getting 3 to 5 odds that he makes it out of heart surgery.

Can't wait for the first judge whose son/daughter/wife /neighbor's cat has a surprisingly good run at guessing the outcome of their trials, to find out half the innocent were convicted and half the guilty were set free.

Jan 8, 2022#196

DarkAudit

Bubble181 said:
Can't wait for the first judge whose son/daughter/wife /neighbor's cat has a surprisingly good run at guessing the outcome of their trials, to find out half the innocent were convicted and half the guilty were set free.

We already had a case of judges literally selling kids to for-profit prisons.

Jan 9, 2022#197

figmentPez

figmentPez said:
Because Cryptoland looks like something that's going to end like a horror movie.

Absolutely not surprised by this.

They've deleted the reply and are claiming that multiple people run the Twitter account, and the comment was made by someone who doesn't speak English as their first language, and that the person misunderstood the question. Which is absolute bullshit.

Jan 9, 2022#198

Bubble181

figmentPez said:
Absolutely not surprised by this.

They've deleted the reply and are claiming that multiple people run the Twitter account, and the comment was made by someone who doesn't speak English as their first language, and that the person misunderstood the question. Which is absolute bullshit.

Unless they create an artificial island out in international waters, that's also BS.

Jan 10, 2022#199

DarkAudit

And the hits keep right on coming...

Jan 12, 2022#200

figmentPez

Stolen from Twitter

Jan 14, 2022#201

figmentPez

So, Twitter is having a grand ol' time bashing voice actor Troy Baker for shilling for some new NFT scam.

To no one's surprise some of the voices used by this new "Voiceverse" were stolen.

And by "we will make sure this never happens again", I assume they mean "we're going to work harder to not get caught in the future, but we'll keep on doing whatever might turn a profit"

Jan 16, 2022#202

GasBandit

Jan 18, 2022#203

DarkAudit

Today's oops.

Crypto.com’s Stolen Ether Being Mixed Through Tornado Cash

The Ethereum mixer is being used to obscure destinations of ETH pilfered from the crypto exchange.

www.coindesk.com

That Staples Center renaming deal not looking too good anymore, is it?

Jan 21, 2022#204

GasBandit

Jan 21, 2022#205

figmentPez

If someone funges an NFT, is that really a crime?

Jan 21, 2022#206

DarkAudit

NOT. CRASHED. ENOUGH.

Market Wrap: Cryptocurrencies Tumble as Global Investors Reduce Risk

Bitcoin is down about 40% from its all-time high, compared with a 10% decline in the Nasdaq 100 Index.

www.coindesk.com

Jan 25, 2022#207

figmentPez

Jan 27, 2022#208

ThatNickGuy

Got this delightful private message through Facebook Messager. It was actually in the spam folder (I was doing a little message spring cleaning).

This person seems awfully triggered over my opinion on NFTs.

Jan 27, 2022#209

bhamv3

ThatNickGuy said:
Got this delightful private message through Facebook Messager. It was actually in the spam folder (I was doing a little message spring cleaning).

This person seems awfully triggered over my opinion on NFTs.

View attachment 40257

*you're

Also yeah, he seems awfully invested in what you, presumably a random person on the Internet, think about NFTs.

Jan 30, 2022#210

figmentPez

I'm getting a little sick of satire turning into prophecy...

Jan 31, 2022#211

figmentPez

Cryptobro argument "If NFTs are so wasteful, then why have VISA and Mastercard been researching crypto for decades".... Wow, really? You need to ask why credit card companies are researching a scam? Golly, I wonder why companies involved in predatory lending, who are widely known to target the financially ignorant, would have some interest in blockchain... It just boggles my mind. Surely companies with such upright reputations wouldn't want to be involved in something that's about making money in unethical ways, right?

UGH.

Feb 4, 2022#212

ThatNickGuy

Shady asshole steals around $500k in crypto money from fans and won't give it back.

Notorious YouTube Streamer Stole $500,000 From Fans In Crypto Scheme (And Won't Give It Back)

Ice Poseidon said returning the money is within his power, but he still won't give most of it back

kotaku.com

Feb 4, 2022#213

Tress

ThatNickGuy said:
Shady asshole steals around $500k in crypto money from fans and won't give it back.

Notorious YouTube Streamer Stole $500,000 From Fans In Crypto Scheme (And Won't Give It Back)

Ice Poseidon said returning the money is within his power, but he still won't give most of it back

kotaku.com

You forgot to add “…and laughs about it when interviewed.”

Feb 4, 2022#214

figmentPez

Also:

Dammnit, not Brie Larson. I expected this of Paltrow, but not the rest. It was bad enough when Neil Gaiman was just promoting some NFT bullshit because he thought it would help a charity.

Feb 7, 2022#215

GasBandit

Feb 10, 2022#216

GasBandit

Feb 18, 2022#217

ThatNickGuy

Feb 18, 2022#218

GasBandit

Realization can be painful.

Feb 19, 2022#219

Ravenpoe

GasBandit said:

Hey, I recognize them! They're wrestlers

Apr 4, 2022#220

Ravenpoe

martirosyan said:
Well, guys, it's 2022, and the cryptocurrencies are still here. Surprisingly. As the OP mentioned before, I thought they would not last so long because they lack some central management. But I also thought that they are too distanced from the real world, and their virtual value has no base in the real world, and I thought that you won't be able to buy some real things for them. From what I see now, cryptos are used to buy even real estate, which is why I thought to start investing in them. I've read a lot of crypto content on xxxx lately, and I think I'm ready. Wish me luck.

Thank you long time member that joined 22 minutes ago and is in no way trying to shill or spam us. We value this content.

Apr 4, 2022#221

Bubble181

Good luck, Marti! See you in another few years!

Apr 8, 2022#222

bhamv3

I have a friend who works for an art company, and she said that her company is thinking of making NFTs out of some of their artwork, and I took the opportunity to ask her why they're making NFTs, and she basically said "for the money".

She doesn't care what NFTs are, she doesn't know the pros and cons of them, she just sees that NFTs can represent another revenue stream so they're going for it.

Apr 8, 2022#223

figmentPez

bhamv3 said:
I have a friend who works for an art company, and she said that her company is thinking of making NFTs out of some of their artwork, and I took the opportunity to ask her why they're making NFTs, and she basically said "for the money".

She doesn't care what NFTs are, she doesn't know the pros and cons of them, she just sees that NFTs can represent another revenue stream so they're going for it.

The only people who are going to make money there are going to be the tech company they pay to set up the NFTs for them.

Apr 8, 2022#224

bhamv3

figmentPez said:
The only people who are going to make money there are going to be the tech company they pay to set up the NFTs for them.

I'll let her know.

Apr 8, 2022#225

Ravenpoe

bhamv3 said:
I have a friend who works for an art company, and she said that her company is thinking of making NFTs out of some of their artwork, and I took the opportunity to ask her why they're making NFTs, and she basically said "for the money".

She doesn't care what NFTs are, she doesn't know the pros and cons of them, she just sees that NFTs can represent another revenue stream so they're going for it.

Depending on who they supply art for and how publicly visible they are, they might trade very short term profits (which themselves are a gamble, NFTs are losing what popularity they had with a smaller and smaller pool of actual buyers) for a massive loss in public opinion

Apr 8, 2022#226

bhamv3

Ravenpoe said:
Depending on who they supply art for and how publicly visible they are, they might trade very short term profits (which themselves are a gamble, NFTs are losing what popularity they had with a smaller and smaller pool of actual buyers) for a massive loss in public opinion

They're a very small operation, like I dunno, three to five people. So they don't have much public opinion to lose, but they do need to scrabble for every possible source of income they can get.

Apr 8, 2022#227

figmentPez

bhamv3 said:
They're a very small operation, like I dunno, three to five people. So they don't have much public opinion to lose, but they do need to scrabble for every possible source of income they can get.

Do any of them know what an NFT is? Because the only thing NFTs are good for is scamming people. With NFTs you're either scamming someone, or getting scammed. If they deny they're trying to scam people, then they're lying or they're the mark getting conned.

Apr 8, 2022#228

bhamv3

figmentPez said:
Do any of them know what an NFT is? Because the only thing NFTs are good for is scamming people. With NFTs you're either scamming someone, or getting scammed. If they deny they're trying to scam people, then they're lying or they're the mark getting conned.

I haven't really asked in detail, but the feeling I get is that no, they don't know what an NFT is. They just saw some people making money off these new-fangled en-eff-tee thingies and they decided to try to grab a piece of the pie.

My friend also mentioned that they're thinking of turning some of the art into VR/AR products. Again, I don't think they know what applying the works in VR/AR would involve, they just saw some people doing stuff like this and decided they should join in.

May 11, 2022#229

ThatNickGuy

Sell their apes to who, Ben? FUCKING AQUAMAN?!

May 16, 2022#230

GasBandit

May 22, 2022#231

figmentPez

May 23, 2022#232

jwhouk

Tweet unavailable, @figmentPez .

May 23, 2022#233

Ravenpoe

jwhouk said:
Tweet unavailable, @figmentPez .

screenshot'd

May 23, 2022#234

Dave

I bought $50 worth of a coin that was trading at $1 a coin but is now like $.06 a coin. I either waste $50 or if it goes back up...

May 23, 2022#235

Tinwhistler

I invested maybe $3000 total in various cryptos, but managed to pull out at just about exactly even, which was perfect for the tax year and my divorce...so go me?

May 23, 2022#236

Shawn

I think I spent maybe $400-$500 in coin last year. Only worth about $100 now. Maybe it will go back up. Maybe it won't. I'm just counting it as gambling losses and leaving it be.

May 24, 2022#237

figmentPez

Wow, I needed a laugh today, and this is making me cackle:

link

They stole Seth Green's ape and now he can't make a shitty animated series about it.

May 24, 2022#238

Ravenpoe

figmentPez said:
Wow, I needed a laugh today, and this is making me cackle:

link

They stole Seth Green's ape and now he can't make a shitty animated series about it.

This is *chefs kiss* delicious

May 26, 2022#239

figmentPez

Texas accounts for 40 percent of cryptomining in the US.jpeg

Texas quietly tries to steal Silicon Valley’s thunder as the go-to state for crypto

So, while the Texas power grid is routinely on the verge of collapsing (I've had routine brown-outs this week), Texas lawmakers have been encouraging crypto miners to come here and set up their bullshit.

May 26, 2022#240

PatrThom

figmentPez said:
So, while the Texas power grid is routinely on the verge of collapsing (I've had routine brown-outs this week), Texas lawmakers have been encouraging crypto miners to come here and set up their bullshit.

Yes, Cruz has been touting this for a while now (since at least October of 2021), with the argument that making TX into a Bitcoin nirvana would solve TX energy woes because it would push TX to massively upgrade its generating capacity in order to mine Bitcoin. Then, whenever the state experienced some kind of energy crisis, all the Bitcoin miners would, through the power of altruism, deliberately throttle back their mining efforts to allow extra power to flow into the grid instead of their miners. Because that's how Capitalism works, right?

I am not making this up. This is actually his plan and rationale.
Oh and also it seems Cruz made a massive purchase of Bitcoin recently. Hmmmm...

--Patrick

May 26, 2022#241

Tress

Yes, unchecked profiteering while scamming others oftens leads to altruism. Totally.

May 26, 2022#242

chris

Do GOP politicians even know the word "altruism"?

May 26, 2022#243

Bubble181

chris said:
Do GOP politicians even know the word "altruism"?

It ends with - ism, so it's probably something like racism, cronyism, favoritism, or fascism, so something the Libs like to claim the Reps are but nobody cares?

May 27, 2022#244

Dave

So my crypto went up to about $.20. Had I sold it would have made like $100. Instead I held and now it's at $.03....D'oh!

Jun 13, 2022#245

figmentPez

I'm getting really tired of shady financial practices fucking over the entire economy.

Jun 13, 2022#246

PatrThom

figmentPez said:
I'm getting really tired of shady financial practices fucking over the entire economy.

Too many people can't be happy with "enough," they gotta climb over each other vying for front row seats at the next tulipocalypse.

--Patrick

Jun 13, 2022#247

jwhouk

When he says "tea party", is he talking about an English one, or that old-fashioned American one?

Jun 13, 2022#248

Dave

My $50 is now down to like $9. What sucks is for a brief time - like 3-5 minutes - on May 27 it skyrocketed up and I'd have easily cleared $1000. But now my $.06 a share is at $.0083.

Jun 13, 2022#249

Tinwhistler

Dave said:
My $50 is now down to like $9. What sucks is for a brief time - like 3-5 minutes - on May 27 it skyrocketed up and I'd have easily cleared $1000. But now my $.06 a share is at $.0083.

If I'd gone with my gut feeling and gotten out before the big dive, I'd have cleared $3K. But instead, I cleared like...$8.00 lol

Jun 17, 2022#250

figmentPez

I hope that crypto doesn't take down too many banks and other conventional financial institutions when it finally collapses.

Jun 17, 2022#251

Tinwhistler

figmentPez said:
I hope that crypto doesn't take down too many banks and other conventional financial institutions when it finally collapses.

Or...countries, for fuck's sake.

Central African Republic becomes second country to adopt bitcoin as legal tender

Bitcoin will now be considered legal tender in the Central African Republic.

www.cnbc.com

Jun 17, 2022#252

chris

I don't know what's worse. Crypto bros who can't shut up about crypto before the crash or crypto bros who can't shut up after the crash.

Jun 17, 2022#253

PatrThom

figmentPez said:
I hope that crypto doesn't take down too many banks and other conventional financial institutions when it finally collapses.

I hope it takes down all the ones that deserve it.
But it probably won't.

chris said:
I don't know what's worse. Crypto bros who can't shut up about crypto before the crash or crypto bros who can't shut up after the crash.

If you cancel out both sides of the equation, you are just left with "Crypto bros."

--Patrick

Jun 18, 2022#254

figmentPez

Bitcoin went under $20k last night, and had a huge drop just before 3am EST (7am UTC). It lost over 8% of it's value in the last 24 hours.

Jun 18, 2022#255

ThatNickGuy

figmentPez said:
Bitcoin went under $20k last night, and had a huge drop just before 3am EST (7am UTC). It lost over 8% of it's value in the last 24 hours.

(Mocking the common "to the moon!" phrase when a stock or value goes up)

TO THE FLOOOOOOOR!

Jun 18, 2022#256

Dave

My $50 is down to $8. How low can we go? CHALLENGE ACCEPTED!

Jun 19, 2022#257

PatrThom

Bloomberg - Are you a robot?

www.bloomberg.com

Aw, man. Now with the Rich eating each other, they are selfishly denying the Poor the chance to do so. Typical.

--Patrick

Jun 20, 2022#258

evilmike

Jun 21, 2022#259

figmentPez

Food blogs I follow say this a real product.

Jun 21, 2022#260

PatrThom

Maybe they should have called it "Filet Twinkgnon."

--Patrick

Jun 24, 2022#261

figmentPez

I needed a good laugh today.

Jul 5, 2022#262

figmentPez

The grift continues!

Jul 5, 2022#263

Dave

My $50 is back in play! Right now it’s only down $2!

Jul 5, 2022#264

D

Dubyamn

Dave said:
My $50 is back in play! Right now it’s only down $2!

You can always tell a good investment when you want to yell “No whammy no whammy!!”

Jul 8, 2022#265

Mathias

Oof...

El Salvador holding up Bitcoin?

I got some bitcoin off Reddit back in like 2011 from a user buying me lunch. It was like 12 bucks worth. Bitcoin since then spiked to make that about 600 bucks; now it's down to like 200. Crypto is one rollercoaster ride I don't have to wealth to risk on.

Jul 8, 2022#266

Dave

And it's back down to $35. What a roller coaster!

Aug 20, 2022#267

figmentPez

Sep 3, 2022#268

PatrThom

Crypto CEO behind $2.5B 'rug pull' arrested, faces 40,564 years in prison

Time to talk Turkey.

www.pcgamer.com

40 thousand years?
They’re going to need to build him his own pyramid. Well, another one, I guess.

—Patrick

Sep 3, 2022#269

D

Dubyamn

PatrThom said:
Crypto CEO behind $2.5B 'rug pull' arrested, faces 40,564 years in prison

Time to talk Turkey.

www.pcgamer.com

40 thousand years?
They’re going to need to build him his own pyramid. Well, another one, I guess.

—Patrick

I wonder if there will ever be stats on how many bitcoins have been stolen over the years. If it’s less that 10,000% of bitcoins have been stolen I will be shocked.

Sep 8, 2022#270

Zappit

Just a head’s up - Congress may be looking to ban proof of work crypto mining in the US.

Sep 8, 2022#271

ThatNickGuy

Zappit said:
Just a head’s up - Congress may be looking to ban proof of work crypto mining in the US.

For those that don't fully understand crypto, what exactly does that mean? And would that hurt or help crypto?

Sep 8, 2022#272

figmentPez

ThatNickGuy said:
For those that don't fully understand crypto, what exactly does that mean? And would that hurt or help crypto?

As I understand it "proof of work" is the most common type of cryptocurrency, including Bitcoin, Etherium, DogeCoin, and the vast majority of NFTs. There are other types of cryptocurrency, but the ones that use massive mining farms are "proof of work". Outlawing this in the US would just mean that anyone wanting to set up a crypto mining farm would have to set up shop in a country that allows it.

As for if this hurts or helps... I have no clue. It would change things, and mean relocating or finding new personell and hardware, but I don't know if this will mean prices go up or down. Down because it could be a sign that more and more countries will follow suit, with the future of PoW currencies in doubt. Up because it might increase the perceived scarcity and alt-Right symbolic value.

Sep 8, 2022#273

AshburnerX

figmentPez said:
As I understand it "proof of work" is the most common type of cryptocurrency, including Bitcoin, Etherium, DogeCoin, and the vast majority of NFTs. There are other types of cryptocurrency, but the ones that use massive mining farms are "proof of work". Outlawing this in the US would just mean that anyone wanting to set up a crypto mining farm would have to set up shop in a country that allows it.

As for if this hurts or helps... I have no clue. It would change things, and mean relocating or finding new personell and hardware, but I don't know if this will mean prices go up or down. Down because it could be a sign that more and more countries will follow suit, with the future of PoW currencies in doubt. Up because it might increase the perceived scarcity and alt-Right symbolic value.

It would definitely help in places like Texas, where massive cryptomining is part of the reason the power grid keeps failing during high use periods.

Sep 8, 2022#274

Tinwhistler

What Is Proof of Work (PoW) in Blockchain?

Proof of work is the process of validating transactions on a blockchain to confirm transactions, close a block, and open a new one.

www.investopedia.com

Proof of work (PoW) is a decentralized consensus mechanism that requires members of a network to expend effort solving an arbitrary mathematical puzzle to prevent anybody from gaming the system.

Proof of work is used widely in cryptocurrency mining, for validating transactions and mining new tokens.

Due to proof of work, Bitcoin and other cryptocurrency transactions can be processed peer-to-peer in a secure manner without the need for a trusted third party.

Proof of work at scale requires huge amounts of energy, which only increases as more miners join the network.

It basically means you won't be able to (legally) mine bitcoin in the US. Which suits me just fine. Crypto mining has become a very destructive force, for both the power grid/environment and the computer gpu market. It basically expends resources for an ephemeral gain. I'd much rather see that much raw power put into other distributed computing networks with greater potential societal gains, such as Folding@Home. As it stands now, crypto mining means "X number of people have to die in the winter or summer because you want some money" or "X number of people, who can scarcely afford it, have to pay outrageous prices to get up-to-date computers for personal use"

Sep 8, 2022#275

Ravenpoe

AshburnerX said:
It would definitely help in places like Texas, where massive cryptomining is part of the reason the power grid keeps failing during high use periods.

Texas will just find more ways to pour gas on that particular fire. It's like they want to burn.

Sep 16, 2022#276

Tinwhistler

Reasons to be cheerful: 'GPU mining is dead less than 24 hours after the merge'

Ethereum GPU mining is dead and miners are searching for mineable alternatives... with little success.

www.pcgamer.com

Oct 18, 2022#277

GasBandit

Hmmmm what could this be referencing

Oct 18, 2022#278

PatrThom

GasBandit said:
Hmmmm what could this be referencing

NYSE:MEME

--Patrick

Oct 19, 2022#279

MindDetective

To the moon!

Oct 30, 2022#280

PatrThom

Dave said:
I bought $50 worth of a coin that was trading at $1 a coin but is now like $.06 a coin. I either waste $50 or if it goes back up...

Might want to check again, just in case.

Dogecoin surges on Elon Musk's Twitter deal

Dogecoin surged more than 70% on Saturday, extending this week's gains after Elon Musk sealed a $44-billion deal to last week.

www.reuters.com

—Patrick

Oct 30, 2022#281

GasBandit

Still kicking myself that I lost my Dogecoin wallet 10+ years ago.

Oct 31, 2022#282

Bubble181

A colleague of mine made about €5000 selling his dogecoin....when they went up to about €0.10. He's still kicking himself over that

Oct 31, 2022#283

Dave

I'm down to $35 still. Had I logged in last week it would have been $47 so I'd have only been down $3. Not since I purchased would I even have broken even.

Oct 31, 2022#284

Tinwhistler

I bought some bitcoin to buy some specialized online tools that I didn't want to put on my credit card. In the 9 days it took the ACH to clear at CoinBase, I'd gone up $15. I was hoping to zero out, but now I have a balance hanging out

Dec 7, 2022#285

PatrThom

Cryptominers unable to repay millions in loans are handing over their mining rigs instead

Bloomberg reports that during the height of the crypto boom, when Bitcoin was near $69,000 and profit margins were as high as 90%, miners raised as much...

www.techspot.com

Boo-f'in-hoo.

--Patrick

Dec 7, 2022#286

Bubble181

What kind of morons allow a loan with something as quickly depreciating as a computer?

Dec 7, 2022#287

D

Dubyamn

Bubble181 said:
What kind of morons allow a loan with something as quickly depreciating as a computer?

Probably the same exact guys who would set up a a couple working part time with a $2 million mortgage in 2006 while making that loan the collateral for new financial investments. Finance people are the stupidest motherfuckers imaginable.

Dec 12, 2022#288

ThatNickGuy

Anyone still holding onto any Bitcoin or Ethereum might consider selling it all off because it's PROBABLY about to tank even further.

Dec 12, 2022#289

Dave

My $50 is up a little. To about $23.

And it's down from the last time I checked which was about 3 hours ago.

My balance

$20.62

$29.38 All time

Jan 2, 2023#290

GasBandit

Jan 2, 2023#291

ThatNickGuy

"They stole my apes, Odo!"

Jan 11, 2023#292

Dave

$17.91. The ride continues!

Jan 16, 2023#293

figmentPez

Just take your money and flush it down the sewer:

What a giant, stinking turd of an idea, and all the crypto-bros will praise it anyway.

Jan 27, 2023#294

figmentPez

Once again, fuck Ted Cruz.

Ted Cruz Wants to Use Crypto in U.S. Capitol Vending Machines

Jan 27, 2023#295

Frank

Sure, just make each can of Coke one bitcoin.

Feb 18, 2023#296

figmentPez

So, if I understand this correctly, groups are trying to add NFTs into Bitcoin's blockchain, but that will cause multiple problems for using Bitcoin as currency, and even break some other Bitcoin uses.

HAHAHAHAHA!

Mar 13, 2023#297

bhamv3

The spammers are apparently using AI generated text now.

Mar 13, 2023#298

PatrThom

bhamv3 said:
The spammers are apparently using AI generated text now.

Heck, they’re even using AI-generated stock photos now.

—Patrick

Mar 14, 2023#299

figmentPez

This is a dark day:

Sesame Workshop is going to make NFTs.

I don't have words for how disgusted I am. I'm more revolted at this than I was about Hidden Valley Ranch flavored ice cream.

May 30, 2023#300

AshburnerX

Oh hey, a shill joined just to be as shill!

May 30, 2023#301

GasBandit

Poof.

Aug 17, 2023#302

figmentPez

‘Bored Apes’ investors sue Sotheby’s, Paris Hilton and others as NFT prices collapse

"A group of investors is suing Sotheby’s Holdings Inc. and others over a 2021 auction and promotion of Bored Ape Yacht Club non-fungible tokens (NFTs) following a collapse in prices for the celebrity-endorsed collectibles.

"The four named plaintiffs in the class action lawsuit allege that the auction house 'misleadingly promoted' the NFTs and colluded with creator Yuga Labs to artificially inflate their prices."

Sep 7, 2023#303

figmentPez

Texas paid bitcoin miner Riot $31.7 million to shut down during heat wave in August

"Riot said on Wednesday that it earned $31.7 million in energy credits last month from Texas power grid operator ERCOT. The company generated the credits by voluntarily curtailing its energy consumption during a record-breaking heatwave.

"The total value of the credits dwarfed the 333 bitcoin the company mined in August, worth about $8.9 million dollars as of the end of the month."

Sep 7, 2023#304

Bubble181

figmentPez said:
Texas paid bitcoin miner Riot $31.7 million to shut down during heat wave in August

"Riot said on Wednesday that it earned $31.7 million in energy credits last month from Texas power grid operator ERCOT. The company generated the credits by voluntarily curtailing its energy consumption during a record-breaking heatwave.

"The total value of the credits dwarfed the 333 bitcoin the company mined in August, worth about $8.9 million dollars as of the end of the month."

Hey Texas, I'm deliberately not using your power, too. Please transfer a similar amount to my account, thanks.

Oct 11, 2023#305

figmentPez

More people are becoming aware that crypto causes noise pollution:

In a rural Kentucky community, the roar of a suspected crypto ‘mine’ never ends

TL;DR Kentucky has been trying to lure cryptocurrency mining to the state with discounted electricity rates, supposedly because it creates jobs (but we all know some sort of bribery is more likely), and now residents are going to get screwed. First by the noise, then by rising energy costs, then by economic collapse when the scammers skip town.

Oct 11, 2023#306

bhamv3

I'm curious what sort of jobs they thought a crypto mining operation would create. The whole point is that you just have a bunch of machines sitting there doing math, isn't it?

Oct 11, 2023#307

figmentPez

bhamv3 said:
I'm curious what sort of jobs they thought a crypto mining operation would create. The whole point is that you just have a bunch of machines sitting there doing math, isn't it?

I don't think anyone in power actually believes that this created jobs in Kentucky. There is work to be done; someone's got to do the construction work, maintain the cooling systems, swap out parts when they fail, etc, but most of that is just people in existing jobs.

But "I brought $$$ of business to Kentucky with my fiscal policies" makes for good campaign fodder, even if none of that money generated tax revenue (and may have actually cost the taxpayers money when all incentives are considered), and most of that money went to people who don't even live in Kentucky.

Nov 21, 2023#308

figmentPez

Bored Ape creator says UV lights at ApeFest burned attendees’ eyes and skin

Cryptobros at the event reported burning eyes, vision problems, and skin irritation. The groups behind the event investigated themselves and found that it was probably caused by UVA lights set up in one part of the event. However, we all know how good businesses are at investigating themselves, so there's still a strong chance some idiot used UVC lamps.

Nov 21, 2023#309

chris

figmentPez said:
Bored Ape creator says UV lights at ApeFest burned attendees’ eyes and skin

Cryptobros at the event reported burning eyes, vision problems, and skin irritation. The groups behind the event investigated themselves and found that it was probably caused by UVA lights set up in one part of the event. However, we all know how good businesses are at investigating themselves, so there's still a strong chance some idiot used UVC lamps.

That's old news. They probably used industry grad UV-C lamps. At least it wasn't acid from a sprinkler.

Nov 21, 2023#310

figmentPez

chris said:
That's old news. They probably used industry grad UV-C lamps. At least it wasn't acid from a sprinkler.

Old news? The event was less than a month ago.

Perhaps you're thinking of a different event from six years ago?

Nov 21, 2023#311

PatrThom

Well, maybe not old news here, but we were talking about it elsewhere for a bit. Here is the video I posted there.

--Patrick

Feb 3, 2024#312

PatrThom

What's up, TX and GA? Do y'all have something you want to share with the class?
NY: "I ain't do nuthin'!"
"Wait your turn, NY."

--Patrick

May 7, 2024#313

figmentPez

Ohio State commencement speaker shills bitcoin and gets booed

May 7, 2024#314

PatrThom

I mean, Ohio State's graduating class this year has had a lot going on:

Person dies after falling from OSU stands at graduation, university says

A person has died at the Ohio State University graduation ceremony on Sunday, May 5, 2024 after falling from the stands at Ohio Stadium, according to the university.

www.daytondailynews.com

--Patrick

Jun 21, 2024#315

MindDetective

Jun 24, 2024#316

Dave

My $50 briefly got back up to $20 and has since nosedived to $22. What a ride for the ages.

Jun 24, 2024#317

evilmike

Dave said:
My $50 briefly got back up to $20 and has since nosedived to $22. What a ride for the ages.

I'm curious as to your definition of "nosedive".

Jun 24, 2024#318

Dave

evilmike said:
I'm curious as to your definition of "nosedive".

Typo. That was supposed to say $30, not $20.

Jul 12, 2024#319

figmentPez

Cyrpto miners have spent more money recently on lobbying than pharmeceutical, communication, or oil companies.
Source

Jul 12, 2024#320

PatrThom

Next question: Is this because of the perceived urgency of their need? Or is it because crypto-bros have more loose money per capita to be throwing at politicians?

--Patrick

Jul 16, 2024#321

Ravenpoe

PatrThom said:
Next question: Is this because of the perceived urgency of their need? Or is it because crypto-bros have more loose money per capita to be throwing at politicians?

--Patrick

They have the most people stuck holding the bag that really want more time to find someone else to hold the bag.

Jul 16, 2024#322

PatrThom

Ravenpoe said:
They have the most people stuck holding the bag that really want more time to find someone else to hold the bag.

All this time we thought they were tech illuminati, but really it was just a fancier pyramid.

--Patrick

Jul 24, 2024#323

Azurephoenix

The vast majority of Crypto bros have no inkling of how the technology of cryptocurrency actually works. They just want quick Lamborghinis and think they will become billionaires overnight. Morons.

Jul 24, 2024#324

Bubble181

Next you'll tell me all these folks don't know how tulip bulbs work.

Jul 24, 2024#325

Tress

Bubble181 said:
Next you'll tell me all these folks don't know how tulip bulbs work.

Yeah, what a bunch of idiots. The only REAL investment is small, colorful stuffed animals with heart tags on them. Losers.

Jul 24, 2024#326

Tinwhistler

Tress said:
Yeah, what a bunch of idiots. The only REAL investment is small, colorful stuffed animals with heart tags on them. Losers.

These?

Back when ThinkGeek was new (nothing to do with them, just establishing timelines in the history of the internet) this company, Weenie Babies, made these Ty Beanie Baby knockoffs...only they had genitalia.

I thought it was hilarious and bought all four--the rabbit, bear, monkey and mouse. They were literally identical to Ty's creations including the heart-shaped ear tag, but with the aforementioned addition. They, of course, got sued. They, of course, lost and/or settled. They made changes to their designs and ear tags to remain in compliance with trademark law and vowed to keep making naughty stuffies--but the magic was lost. Part of the juvenile appeal was that they looked like Beanie Babies...the new designs didn't sell, the company sold the rights to someone else, and then AFAIK, they went out business.

Like all hot fads, you have to strike when the iron's hot. I bought these for like $13.00 each. Sold them after the lawsuit for like $75.00 each. And then shortly after the fury died down, re-purchased them again for like $15-16 each--letting me still own them, but make about $200 profit across all the transactions. I still have them, and you can find the second generation of them on ebay (NSFW) for under $20, but I feel like the flash has left the pan, and there's not enough notoriety/knowledge around them now to bother trying to make more money off of the 4 'pre lawsuit' originals that I have.

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