A fool and his not-really-money are soon parted
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@topspin said in A fool and his not-really-money are soon parted:
Guys, told you we should make WTFCoins.
Nobody was stopping you. We were knocking it, yes, but then we knock everything that is stupid, so that's hardly an unusual occurrence.
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@bb36e said in A fool and his not-really-money are soon parted:
Will you two just fuck already
Too busy with his mother etc etc
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@dcoder Apparently, Tesla did not know what their server farm was doing either…
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@dcoder said in A fool and his not-really-money are soon parted:
@dcoder Apparently, Tesla did not know what their server farm was doing either…
Ah man, if this had fucked up the Falcon Heavy launch and crashed a multi-million dollar spaceship I would have laughed so hard.
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@lorne-kates said in A fool and his not-really-money are soon parted:
Ah man, if this had fucked up the Falcon Heavy launch and crashed a multi-million dollar spaceship I would have laughed so hard.
I wondered what would be the practical use of inter-planetary travel:
- too high cost / mass for mining and bringing resources back
- humans can't live there in a practical way
(we could have a research base, but its not feasible to do more - like in the Antarctic right now) - but if there were cheap resources and fuel, they could build a datacenter!
The problem is communication delay, but maybe for some long running tasks.
Bitcoins would fit perfectly, but I am hesitant to call this practical.
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@kt_ said in A fool and his not-really-money are soon parted:
@bb36e said in A fool and his not-really-money are soon parted:
@kt_ Norton
Norton is cool, dude! It’s got nice pop ups.
NESCAFĖ!
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The shitshow goes on…
A computing error at a Japanese cryptocurrency exchange Zaif has allowed some customers to claim digital tokens for $0.
[...] client “purchased” 2,200 trillion yen ($20 trillion) worth of bitcoin and tried to withdraw it from the exchange. [...] All bitcoins in circulation are worth just $187 billion.
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@dcoder said in A fool and his not-really-money are soon parted:
This raises further questions about security at crypto exchanges.
And all those questions can be answered with one word: NONE
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I should see what else is new in the world of Cryptofucker...
https://i.imgur.com/GDJkvDq.png
No, Google, no I meant exactly what I said.
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Is Venezuela more or less trustworthy than anyone else starting up coins?
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@boomzilla
I'd say probably more. There's at least some THERE there, even if it's already been sold multiple times and will be sold again after being sold to you.
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@izzion FTFA:
As CoinDesk reported previously, the Venezuelan government claims that the petro token will be backed by a single barrel of oil and tied to the market price from the previous day
I give exactly 0% chance of this being true.
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@boomzilla said in A fool and his not-really-money are soon parted:
I give exactly 0% chance of this being true.
They'll probably do it for a few weeks.
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Not really new, but hehehehehe.... an article from less than a year ago:
Top 4 Japanese Cryptocurrency Exchanges
Let's see how they're doing:
Number 4: SBI Virtual Currencies
Supposedly bank-backed. Threw out a bunch of bullshit and got some investors. Deals exclusively with "Ripple" (XRP) coins-- which are pre-mined(???). It was lauded as skyrocketing in price to nearly $3USD / coin. That's amazing! You should buy it now! THIS IS A REVOLTUION... oh wait
https://i.imgur.com/uypvQXJ.png
Number 3: Zaif
Covered in this thread
$20 trillion in free bitcoin: Exchange glitch allows traders to claim cryptocurrency for $0
https://what.thedailywtf.com/post/1310217Number 2: bitFlyer
So far they haven't been hacked, or lost all their money due to stupidity. They have an actual page dedicated to their security measures, which at least at a glance seems reasonable: https://bitflyer.jp/en-jp/security#nav_operation_security
Like all the markets, it's value is janky as fuck, with fluctuations of +300% and -200% in ~3 months. Stable!
https://i.imgur.com/AtOF7UQ.png
So this one is "hasn't fucked up yet". Let's revisit it in, say, a month or two?
Number 1: Coincheck
hehehehe-- the number 1 rated.
And we've covered it here, of course. That's the 400m USD hack.
Coincheck Hack: "The Biggest Theft in the History of the World"
https://what.thedailywtf.com/post/1297538Ah, I knew I couldn't go a day without finding a new piece of stupidity.
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@lorne-kates said in A fool and his not-really-money are soon parted:
Like all the markets, it's value is janky as fuck, with fluctuations of +300% and -200% in ~3 months. Stable!
Teeeeeeeechnically, that's a -67% fluctuation.
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@izzion said in A fool and his not-really-money are soon parted:
@lorne-kates said in A fool and his not-really-money are soon parted:
Like all the markets, it's value is janky as fuck, with fluctuations of +300% and -200% in ~3 months. Stable!
Teeeeeeeechnically, that's a -67% fluctuation.
Whatever, I'm the one that said this in an article, when I meant "it would be all data handling":
"What would you say the ratio of data handling to programming would be?"
"I would say close to one hundred percent."
So me and mathes - no coffee == this fake equation probably bugs you three times (^3), reight?
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@lorne-kates said in A fool and his not-really-money are soon parted:
So far they haven't been hacked, or lost all their money due to stupidity.
That is very unusual in this line of business. They must be up to something. :right-pointing_magnifying_glass:
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@dcoder quoted in A fool and his not-really-money are soon parted:
All bitcoins in circulation are worth just $187 billion.
No. No, they're not.
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@topspin said in A fool and his not-really-money are soon parted:
@dcoder quoted in A fool and his not-really-money are soon parted:
All bitcoins in circulation are worth just $187 billion.
No. No, they're not.
Well, not THIS minute. Check again in 45 seconds.
But check quickly.
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@topspin said in A fool and his not-really-money are soon parted:
@dcoder quoted in A fool and his not-really-money are soon parted:
All bitcoins in circulation are worth just $187 billion.
No. No, they're not.
All bitcoins in circulation != all bitcoins mined.
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@pleegwat Irrelevant to my joke.
Ignoring for a second that I meant just because it's traded for that amount doesn't mean it's worth that, as this shit isn't worth anything, try and actually sell that much without causing a complete crash.
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@topspin said in A fool and his not-really-money are soon parted:
try and actually sell that much without causing a complete crash.
That's true of anything, though. Nevertheless, the "value" of a cryptocurrency is about as ephemeral as it gets.
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Bitcoin's price is growing again
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@sockpuppet7 and by "growing" you mean fluctuating wildly hour-by-hour, right?
https://i.imgur.com/W5akDoF.png
That's about a $1000 / coin swing, meaning it's gaining / losing, what, ~10% of it's value MORE THAN ONCE in less than 24 hours.
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@lorne-kates The whole bitcoin futures thing was supposed to smooth it out, but almost nobody bought those so the effect is minuscule.
I honestly think that there's a general inclination to keep it around $10,000 not because that's some "natural" value for Bitcoin, but because it makes doing the math a lot easier when trading Bitcoin.
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@blakeyrat said in A fool and his not-really-money are soon parted:
I honestly think that there's a general inclination to keep it around $10,000 not because that's some "natural" value for Bitcoin, but because it makes doing the math a lot easier when trading Bitcoin.
I'll have three and a half of those strawberry pies, please.
Here you go. They are 13.7 each, so that will be... uhhh... it's... >>mumble<< >>mumble<<
Oh, that's simple :) It's.. ummm... it's... hmmm...
Let's say it's 15 each?
Ok.
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@blakeyrat said in A fool and his not-really-money are soon parted:
because it makes doing the math a lot easier when trading Bitcoin.
"Maths is hard", says the people in charge of a currency whose entire basis is complex math.
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@lorne-kates said in A fool and his not-really-money are soon parted:
@sockpuppet7 and by "growing" you mean fluctuating wildly hour-by-hour, right?
https://i.imgur.com/W5akDoF.png
That's about a $1000 / coin swing, meaning it's gaining / losing, what, ~10% of it's value MORE THAN ONCE in less than 24 hours.
But that's exactly the kind of behavior that I want from a currency.
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@lorne-kates said in A fool and his not-really-money are soon parted:
"Maths is hard", says the people in charge of a currency whose entire basis is complex math.
Not "in charge of" (if anybody is?), the people trading it.
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@blakeyrat said in A fool and his not-really-money are soon parted:
Not "in charge of" (if anybody is?)
The people who write and release the software are in some way "in charge". Of course the miners could refuse the install the update, if they care.
Take for example Ethereum: when buddies of the devs made a vulnerable contract (DAO) and someone took their coins, the Ethereum software was updated to revert that, majority of miners agreed.
In BTC there were a few of those groups, there was a conflict about the size of blocks (and thus the number of possible transactions in a given time). I didn't follow closely, some people wanted to change nothing, some wanted to increase the block "2X", others added a mechanism to have more transactions in same block "SegWit", also some combinations of the above.
So in case of such a conflict, 2 versions of the software would be released, each with a different rule of what is considered a valid block. If a parts of miner population install different versions, the chain will fork - there would be 2 versions of BTC ledger.
That actually happened and the fork is called "Bitcoin Cash".(Someone more knowledgeable about crypto-currencies could provide more accurate detail, sorry if something is wrong)
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@lorne-kates said in A fool and his not-really-money are soon parted:
@blakeyrat said in A fool and his not-really-money are soon parted:
because it makes doing the math a lot easier when trading Bitcoin.
"Maths is hard", says the people in charge of a currency whose entire basis is complex math.
Well no, the people trading it really just hope someone else will come along to take it off their hands for more than they paid for it. Complex maths is just a selling point as far as they're concerned, but not something they want to deal with.
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@boomzilla said in A fool and his not-really-money are soon parted:
@kt_ said in A fool and his not-really-money are soon parted:
@bb36e said in A fool and his not-really-money are soon parted:
@kt_ Norton
Norton is cool, dude! It’s got nice pop ups.
NESCAFĖ!
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Today's search term is "cryptocurrency scam feb 21, 2018"; because yesterday's cryptocurrency fuckups will be reported on today.
Sure enough.
"Hey, here's a super old scam where you impersonate a famous person and ask for money, except with the Blockchain!"
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Telegram: Both a currency AND a chat application on the THIRD GENERATION BLOCKCHAIN!
It's amazing! It's the best! It's... uh...
“The entire thing should have a disclaimer attached: ‘all of the technical things we said this will do are completely unproven and have not been subjected to outside scrutiny,’” says Charles Noyes, Quant Researcher/Protocol Analyst at Pantera Capital. “They’re promising something that will somehow be radically better than everything else out there, with no real explanation of how that will happen or outside scrutiny of those claims,” Noyes continues.
http://cryptocafe.tech/crypto-news/telegram-ico-scam-among-cryptocurrency-scams
Well, surely it isn't that bad and... oh what's that in the same article?
It is also worth mentioning that numerous web sites, including gramtoken.io, gramtoken.tech, tgram.cc, ton-ico.com, ton-gram.io, grampreico.com, tgram.cc, and others have arisen, collected perhaps tens of thousands of dollars or more in Bitcoin and Ether, only to disappear from the web (although some may still be online).
Each of these sites claims to be giving investors a back door into the upcoming Telegram ICO, and one – gramtoken.io – purportedly collected more than $5 million before going dark, according to TechCrunch.
.... have a good weekend!
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@lorne-kates LOL, when techshit is getting in on it you know it's a farce:
Articles like the one TechCrunch put out on this are laughable.
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Letters between IOTA crypto-currency and cryptography researchers
Actual experts look at the hash function designed by IOTA. (the hash func is TRWTF in it own right, it uses "trinary logic")
Embark with them on a adventure of dealing with barrages of irrelevant questions, insinuations and personal attacks!Neha, are you sober?
The repeated bugs in your code lead to weeks of postponements, and you still have not answered even half of our questions. This is the most unprofessional behavior I have ever witnessed by an 'academic'. Who is your supervisor?
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@adynathos IOTA is my favorite, they've been somewhere between mega-scammy and utterly incompetent since day 1 and somehow haven't been laughed out of the industry.
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@blakeyrat said in A fool and his not-really-money are soon parted:
@adynathos IOTA is my favorite, they've been somewhere between mega-scammy and utterly incompetent since day 1 and somehow haven't been laughed out of the industry.
Here is the actual report https://github.com/mit-dci/tangled-curl/blob/master/vuln-iota.md
Oh and IOTA is using a central closed-source authority:IOTA currently relies on a trusted party called a coordinator to approve and checkpoint state. This has led to concerns that IOTA is centralized. The IOTA developers argue IOTA is not centralized and that this is a temporary measure. The source code for the coordinator is not available for public inspection.
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@adynathos said in A fool and his not-really-money are soon parted:
(the hash func is TRWTF in it own right, it uses "trinary logic")
Trinary logic is unusual but definitely documented in the literature. Apparently, it was relatively popular in the USSR (and Russia subsequently). I never really tried all that much to wrap my head around it.
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@dkf They had some bullshit reasoning about how they think a "come-back" of trinary hardware is going to happen any day now, so it wasn't a questionable design decision, it was just brilliantly predicting the near-future.
I'm sure Intel's busting their butts working on it right this instant.
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@adynathos said in A fool and his not-really-money are soon parted:
(the hash func is TRWTF in it own right, it uses "trinary logic")
Finally, FILE_NOT_FOUND is on the blockchain!
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@adynathos said in A fool and his not-really-money are soon parted:
Actual experts look at the hash function designed by IOTA. (the hash func is TRWTF in it own right, it uses "trinary logic")
We have to go...quadnary.
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@blakeyrat said in A fool and his not-really-money are soon parted:
@dkf They had some bullshit reasoning about how they think a "come-back" of trinary hardware is going to happen any day now
Of course, they're wrong. Trinary will be replaced by busco quadrant.
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@kt_ said in A fool and his not-really-money are soon parted:
busco quadrant.
Are we going to meet species 8472 there?
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Oh my comrades, I know we've been having a lot of fun with these cryptocurrency fails. But this is all just in jest, a fun jab at an otherwise wonderful market. These are just the few outliers-- the vanishingly small number of currencies who just happen to be the ones to make the news because of their gaffes. We have to remember not to let this lead us to a faulty generalization of the vast, VAST amounts of successful currencies.
...
Hang on, this just in...
142 of `[`ICOs`]` failed at the fundraising stage and another 276 failed after fundraising due to exit scams or poor performance.
In other words, 46 percent of last year's ICOs failed after raising over 104 million U.S. dollars, Bitcoin.com said.
an additional 113 projects can be classified as "semi-failed" because they either abandoned their social media pages or have few adopters to achieve any success... Had these semi-failed ICOs been included, the failure rate of last year's cryptocurrency crowdfunding jumps to 59 percent.
With ICO mania showing no signs of abating... there's no reason to expect this year's crowdsales of cryptocurrencies to fare any better.
... cryptocurrency investment in 2018 is riskier than ever thanks to diminished returns, increased competition and a never-ending stream of opportunistic ICOs.
This thread is going to be so much fun.
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@lorne-kates said in A fool and his not-really-money are soon parted:
This thread is going to be so much fun.
TRWTF is that feminists are saying that more women should get into this instead of using it to point out how dumb men are.
https://www.nytimes.com/2018/02/25/business/cryptocurrency-women-blockchain-bros.html
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@boomzilla said in A fool and his not-really-money are soon parted:
@lorne-kates said in A fool and his not-really-money are soon parted:
This thread is going to be so much fun.
TRWTF is that feminists are saying that more women should get into this instead of using it to point out how dumb men are.
https://www.nytimes.com/2018/02/25/business/cryptocurrency-women-blockchain-bros.html
Possible feminist reply:
Are they not good enough to try to swindle you? Is that it? How dare you stop them from making money, you sexist pig!
In unrelated news, that onebox image has way too many "dynamics" lines, and that bottom right guy even seems to have "fart lines".
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@jbert said in A fool and his not-really-money are soon parted:
and that bottom right guy even seems to have "fart lines".
Pull my blockchain.
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@boomzilla said in A fool and his not-really-money are soon parted:
TRWTF is that feminists are saying that more women should get into this instead of using it to point out how dumb men are.
What a missed opportunity for a low blow...
What is this, a double fail? Triple fail??