A fool and his not-really-money are soon parted
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@polygeekery said in A fool and his not-really-money are soon parted:
That's like Schrodinger's Cryptocurrency.
A theoretical thought exercise with zero real-world applications?
Yup, that's a Cryptocurrency.
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@mrl said in A fool and his not-really-money are soon parted:
@topspin said in A fool and his not-really-money are soon parted:
@mrl I thought DogeCoin was the ironic answer to "BitCoin is inherently deflationary and completely safe from people just printing more money", i.e. yes, but everybody can fork their own ShitCoin.
Instead of lauging about it, people took it serious.I'm sure some snake oil sellers that already made money sometimes make ridiculous claims just to see how many gullible idiots will bite and have a laugh *caugh**caugh*Musk*caugh**caugh*
How dare you speak poorly of the Patron Saint of Dumb Ideas!!
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@polygeekery said in A fool and his not-really-money are soon parted:
@mrl said in A fool and his not-really-money are soon parted:
@topspin said in A fool and his not-really-money are soon parted:
@mrl I thought DogeCoin was the ironic answer to "BitCoin is inherently deflationary and completely safe from people just printing more money", i.e. yes, but everybody can fork their own ShitCoin.
Instead of lauging about it, people took it serious.I'm sure some snake oil sellers that already made money sometimes make ridiculous claims just to see how many gullible idiots will bite and have a laugh *caugh**caugh*Musk*caugh**caugh*
How dare you speak poorly of the Patron Saint of Dumb Ideas!!
I'm sorry, I'm such an ungrateful swine.
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@mrl I am a capitalist swine. See you at the feeding trough.
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A utility in Washington State - a popular location for bitcoin miners - has cut off electricity to three "unauthorized" sites that officials said posed a risk to public safety.
The Chelan County Public Utility District (PUD) said Monday the three mines - located separately in Wenatchee, Malaga and Chelan - were "using enough power to create fire risks for neighbors and damage grid equipment not sized for the load." For that reason, utility officials disconnected the power at those sites.
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Time is hard. Crypto time, doubly so.
This is Verge, a shitcoin with bold claims about privacy¹:
Commit 1:
change drift from 2 hours to 15 mins
@@ -56,7 +56,7 @@ static const int fHaveUPnP = false; static const uint256 hashGenesisBlockOfficial("0x00000fc63692467faeb20cdb3b53200dc601d75bdfa1001463304cc790d77278"); static const uint256 hashGenesisBlockTestNet("0x65b4e101cacf3e1e4f3a9237e3a74ffd1186e595d8b78fa8ea22c21ef5bf9347"); -static const int64 nMaxClockDrift = 2 * 60 * 60; // two hours +static const int64 nMaxClockDrift = 2 * 15; // fifteen minutes extern CScript COINBASE_FLAGS;
Commit 2:
quick update
@@ -56,7 +56,7 @@ static const int fHaveUPnP = false; static const uint256 hashGenesisBlockOfficial("0x00000fc63692467faeb20cdb3b53200dc601d75bdfa1001463304cc790d77278"); static const uint256 hashGenesisBlockTestNet("0x65b4e101cacf3e1e4f3a9237e3a74ffd1186e595d8b78fa8ea22c21ef5bf9347"); -static const int64 nMaxClockDrift = 2 * 15; // fifteen minutes +static const int64 nMaxClockDrift = 2 * 15 * 15; extern CScript COINBASE_FLAGS;
Source: /r/programminghorror
¹:
Verge uses multiple anonymity-centric networks such as TOR and I2P. The IP addresses of the users are fully obfuscated and transactions are completely untraceable.
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@dcoder So they're now actually allowing a clock drift of 7½ minutes, which is perhaps a little more realistic than the previous value of 30 seconds…
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@jbert I could not find enough info when I posted the diff, but yeah, they suffered an attack that forced them to fork back to a good state, and time drift was to blame:
Verge, a ”privacy coin” famed for the zealotry of its community, has fallen prey to a 51% attack. A malevolent miner gained majority control of the network hashrate, a feat that makes it possible for the controlling entity to modify transactions, calling the integrity of the entire blockchain into question. Around 250,000 verge were stolen by the attacker, forcing the project team to prepare a hard fork.
On Wednesday April 4, “ocminer”, a regular poster on the Bitcointalk forum, announced that verge (XVG) was experiencing a 51% attack. A bug in the altcoin’s code enabled the attacker to spoof timestamps and cause each new block to be produced using the same algorithm.
The attacker taunted the team in a forum post, writing “Hey Verge Team, get some real developers and fix your code. We have found another 2 exploits which can make quick hashes as well.”
Verge claim that around 250,000 XVG were stolen by the rogue miner, but dissenters have claimed that as many as 3.9 million coins may have been taken.
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@dcoder said in A fool and his not-really-money are soon parted:
This is Verge, a shitcoin with bold claims about privacy¹:
The rest of the repo's code quality is also pretty horrid, like some mix of C and C With Classes.
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@dcoder said in A fool and his not-really-money are soon parted:
The attacker taunted the team in a forum post, writing “Hey Verge Team, get some real developers and fix your code. We have found another 2 exploits which can make quick hashes as well.”
I swear it wasn't me, honest!
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They say cryptocurrencies are awesome because Big Brother cannot interfere with your transactions…
Source: @stephendpalley
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@blakeyrat said in A fool and his not-really-money are soon parted:
Can you not post duplicate stories? We already had that story about exit scammers taking millions of dollars in-- {checks date}-- oh.
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@lorne-kates No day is complete without yet another ICO theft...
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@timebandit Solution: Disconnect power plant from grid. Make blockchain operators live next door and run extension cords. BOs have to pay all costs.
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@dcon said in A fool and his not-really-money are soon parted:
@timebandit Solution: Disconnect power plant from grid. Make blockchain operators live next door and run extension cords. BOs have to pay all costs.
Not quite enough ...
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@mzh Please make sure that bubble in impermeable.
(waits ... problem solved)
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@dcon said in A fool and his not-really-money are soon parted:
Please make sure that bubble in impermeable.
It is.
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Made £500 on the GDAX this week @blakeyrat
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@lucas1 I'm glad you @-tagged me on that, so I can call you a dumbshit for no reason reason but hey you asked for it.
Dumbshit.
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Four days ago, Balina shared his portfolio on Twitter, which included DRGN, WABI, OST, ICX, NAS, RHOC, ABT, POWR, QSP, ZRX, BRD, EOS, NEO/BTC, FLIXX, HST, KNC, NCASH, WAN, LOOM, ETH, PARETO, POA, NPXS, and AION, worth a total of $2.91 million.
Ian Balina, a cryptocurrency investor, advisor, and evangelist, with a 142,000 Twitter following, announced on Monday that his cryptocurrency wallet was being hacked while he was hosting an ICO Review Live Stream.
https://pbs.twimg.com/media/Da4uUyxWAAAUP0F.jpg
Source: @dmtvodka
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ICO Investor Hacked
They saved him the disappointment, which was bound to happen when all the ICOs turn out to be scams.
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@topspin said in A fool and his not-really-money are soon parted:
When did they get so infrequent that we can now measure them in days?
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@dcoder said in A fool and his not-really-money are soon parted:
This is Verge, a shitcoin with bold claims about privacy:
A pro-privacy coin has found its ideal market:
Source: @vergecurrency
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@dcoder Why has he got everyone's favourite disproof of values being equal to themselves in the logo behind him?
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@dcoder I guess he's not so Ballin anymore
a
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@dkf It's a coded message that "one shitcoin does not equal one shitcoin"?
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@dcoder said in A fool and his not-really-money are soon parted:
@dkf It's a coded message that "one shitcoin does not equal one shitcoin"?
Considering the time it takes to verify a shitcoin and their volatility, it's a message that the same shitcoin doesn't equal itself.
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@lorne-kates
Next "duplicate" found:
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@izzion This is even more funny, he is back now, it was a "joke conveying the message" that ICOs are scams.
Way to build your credibility as a financial institution.
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@izzion said in A fool and his not-really-money are soon parted:
its all about FUCK YOU, GIVE US MONEY
AND WE WILL MAKE YOU A MILLIONAIRELorne-Koins.
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what I don't get in Exit scams:
For 50 MILLION DOLLARS (Dr. Evil Voice), I'd simulate running a company and hire a few wizzards + Marketing-Buzzword-Champions who would create a mock-up or POC and then sell the entire thing to $Greedy_Corp for whatever .
Or run the thing for 5 years, get 1 Million salary / year (plus some expenses) and then let it run aground ( leaving with scotts words "We took risks, we knew we took them; things have come out against us, and therefore we have no cause for complaint")
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@kurt-c-pause
The advantage of an exit scam is that you're well and truly gone before the Feds ever get around to building a fraud case. If you try to keep it going with a thin veneer, you exponentially increase the risk of winning an all expenses paid stay at the Greybar Motel before you get the money nice and laundered.
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@adynathos
No, it was really all a joke, ha ha, I'm so funny. Can you please stop hunting for my undisclosed location now, and go bother Shia Labeouf again or something?
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yeah, I guess. But with 50 Million, the veneer is not thin. you could do a "Double Irish With a Dutch Sandwich" or whatever.
Fraud is mostly for smalltime stuff; and admittedly some big case from time to time to show everyone that its not only small fish that hang; you just have to avoid being the poster boy here.For 50 Million, you could burn serious cash, and legitimatly fail. I mean, failure rate in startups is high anyway; you'll land softly and don't have to worry about hiding.
Sufficiently advanced incompetence could be the defense; I mean you can hire a pianist as chief of security and you're still just incompetent and not negligent...
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@kurt-c-pause said in A fool and his not-really-money are soon parted:
you can hire a pianist as chief of security
and then some random hacker will make off with all your honest scam money
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@dkf said in A fool and his not-really-money are soon parted:
@dcoder Why has he got everyone's favourite disproof of values being equal to themselves in the logo behind him?
Needs more Batman.
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So, in clicking back through my original TechCrunch article to see how they updated for the "ha ha, April Fools" update to the exit scam, I click-holed myself over to a website that's a little more... zealous... in their love for BitCon. And a couple "you might like" links later I wound up at...
https://cryptoticker.io/crypto-filter-bubble/
I think he's trying to say the only bubble is in our heads? Not really sure, he apparently dropped out of his business writing classes to chase the Crypto "Market"...
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@kurt-c-pause said in A fool and his not-really-money are soon parted:
create a mock-up or POC and then sell the entire thing
Nah, the government's already been regulating that market for over a hundred years.
Though "a BitCoin is only worth 3/5th of a BitCoin" makes perfect sense.
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@kurt-c-pause said in A fool and his not-really-money are soon parted:
yeah, I guess. But with 50 Million, the veneer is not thin. you could do a "Double Irish With a Dutch Sandwich" or whatever.
Fraud is mostly for smalltime stuff; and admittedly some big case from time to time to show everyone that its not only small fish that hang; you just have to avoid being the poster boy here.
For 50 Million, you could burn serious cash, and legitimatly fail. I mean, failure rate in startups is high anyway; you'll land softly and don't have to worry about hiding.
Sufficiently advanced incompetence could be the defense; I mean you can hire a pianist as chief of security and you're still just incompetent and not negligent...However, the Venture Capitalism you described so perfectly here is more about stealing from the rich and bored, not from the poor and desperate.
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Just had an amusing observation about myself. I guess I'm getting old with technology. When I see articles about crypto currencies, I frequently think "Windows icon file" when I see ICO.
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Matt Levine, my favorite finance writer, wrote this in his July 11, 2017 "Money Stuff" column, and I think it covers this really well:
I am starting to think that the right way to think about blockchain and cryptocurrencies and tokens might be the way you'd think about stocks, if stocks had just been invented. Here in 2017, it is uncontroversial to say that the invention of limited-liability joint stock companies utterly changed how humans organized their economic activities, and had huge impacts on economic productivity and on society as a whole. But it is also fair to say that the first few hundred years of stocks were mostly fraud and irrational speculation. Similarly with cryptocurrencies and initial coin offerings, it is possible both that proponents' grandiose claims about how they will transform finance and society will turn out to be true, and that most crypto stuff in our lifetimes will be nonsense.
There are some interesting ideas being experimented with, about how society could come together and exchange value without trusting central intermediaries. But wow, is there a ways to go before we get to this being a reasonable thing for people to put much actual money in.
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@pcooper said in A fool and his not-really-money are soon parted:
Matt Levine, my favorite finance writer, wrote this in his July 11, 2017 "Money Stuff" column, and I think it covers this really well:
I am starting to think that the right way to think about blockchain and cryptocurrencies and tokens might be the way you'd think about stocks, if stocks had just been invented. Here in 2017, it is uncontroversial to say that the invention of limited-liability joint stock companies utterly changed how humans organized their economic activities, and had huge impacts on economic productivity and on society as a whole. But it is also fair to say that the first few hundred years of stocks were mostly fraud and irrational speculation. Similarly with cryptocurrencies and initial coin offerings, it is possible both that proponents' grandiose claims about how they will transform finance and society will turn out to be true, and that most crypto stuff in our lifetimes will be nonsense.
There are some interesting ideas being experimented with, about how society could come together and exchange value without trusting central intermediaries. But wow, is there a ways to go before we get to this being a reasonable thing for people to put much actual money in.
I think that's pretty much a description for the majority of interesting inventions.
It goes:
a) "Okay, that's neat."
b) "Hmmh, what could we use that for?"
c) "Let's use it for ALL THE THINGS!"
d) "Bleh, maybe not such a great idea."
e) "And now that the morons have left the circus, what have we learned from this clusterfuck and what's actually usable?"Happened with Nuclear Energy, Neuronal Nets, Antibiotics, ...