A fool and his not-really-money are soon parted
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@Lorne-Kates b l o c k c h a i n
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@Lorne-Kates said in A fool and his not-really-money are soon parted:
@izzion said in A fool and his not-really-money are soon parted:
A USDC is a token that is worth exactly 1 USD
So... it's exactly like a US Dollar, but shittier.
@pie_flavor said in A fool and his not-really-money are soon parted:
@Lorne-Kates b l o c k c h a i n
Why did you just repeat what I said?
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@Lorne-Kates I was verifying the transaction.
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@pie_flavor said in A fool and his not-really-money are soon parted:
@Lorne-Kates I was verifying the transaction.
Okay, I'll wait several hours before I can eat my slice of pizza.
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@DCoder said in A fool and his not-really-money are soon parted:
… somebody spoke too soon.
When they say "[Bitfinex] expects the situation to normalise within a week", does "normalise" mean "the {currency|exchange}1 folds up and everyone loses their money"? That seems to be the normal course of events in the cryptocurrency world.
1 Exchange in this case, but I'm making a general statement here.
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@Lorne-Kates said in A fool and his not-really-money are soon parted:
@pie_flavor said in A fool and his not-really-money are soon parted:
@Lorne-Kates I was verifying the transaction.
Okay, I'll wait several hours before I can eat my slice of pizza.
Sorry, we're having some difficulties with our pizza oven. I already spoke with the kitchen team and they've assured me that your pizza should be ready by the end of next year, at the latest!
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@Deadfast said in A fool and his not-really-money are soon parted:
Sorry, we're having some difficulties with our pizza oven. I already spoke with the kitchen team and they've assured me that your pizza should be ready by the end of next year, at the latest!
The "Internet of Shit" thread is
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Your local bitcon exchange, now with funding global terrorism!
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@izzion said in A fool and his not-really-money are soon parted:
North Korean hacker crew steals $571M in cryptocurrency across 5 attacks
North Korea? Holy fucking shit, security on cryptocurrency sites are so fucking shit that you can hack them without even having the Internet!
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Somewhat related:
"Our position today, and this is an early write-up, is that blockchain is an interesting technology that would be well worth being observed, but without standardisation and a lot more work, for every use of blockchain that you would consider today, there is a better technology," he said.
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@Scarlet_Manuka said in A fool and his not-really-money are soon parted:
for every use of blockchain that you would consider today, there is a better technology
I could have said that for half that price
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@TimeBandit said in A fool and his not-really-money are soon parted:
@Scarlet_Manuka said in A fool and his not-really-money are soon parted:
for every use of blockchain that you would consider today, there is a better technology
I could have said that for half that price
Shhhh. No, you definitely need that amount of money to arrive at that conclusion, as proven by the Australian government. Go sell your skills.
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@pie_flavor said in A fool and his not-really-money are soon parted:
Go sell your skills.
Basic logic is now a skill?
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@TimeBandit
I mean... have you seen what passes for edumacated these days?
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@izzion said in A fool and his not-really-money are soon parted:
have you seen what passes for edumacated these days?
Yes, I work in a college
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That will go well
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Not exactly shocking, but saddening none the less.
On the assumption that most outlets would not openly admit that they took bribes for coverage if asked directly by a journalist, it seemed reasonable to set up an undercover investigation on the topic.
The level of deception used was minimal: we created a fake email account, and claimed to be representing a PR company. There was no fake website or domain associated; it was simply a Gmail address with a profile picture found by image searching “Russian actor.”
Next we compiled a list of blockchain media sites. This was by no means exhaustive, but to have a sense of the scale of the problem, we needed numbers. All in all, we reached out to 28 sites
Of the 22 outlets who replied conclusively, 12 of them—more than half the total—were willing to publish paid content without disclosing it as such.
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@pie_flavor said in A fool and his not-really-money are soon parted:
@TimeBandit said in A fool and his not-really-money are soon parted:
@Scarlet_Manuka said in A fool and his not-really-money are soon parted:
for every use of blockchain that you would consider today, there is a better technology
I could have said that for half that price
Shhhh. No, you definitely need that amount of money to arrive at that conclusion, as proven by the Australian government. Go sell your skills.
OK.
“I could have told you that for twice as much, and you'd have the assurance of knowing that I would be correct unlike with those cheap time-wasters over there!”
Will that do?
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@izzion said in A fool and his not-really-money are soon parted:
Half Of The News Outlets We Asked Would Take Cash To Post Our Content
I'd like to see a follow-up to find out whether they'd accept
not-moneycrypto currency too.
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@Scarlet_Manuka said in A fool and his not-really-money are soon parted:
Somewhat related:
"Our position today, and this is an early write-up, is that blockchain is an interesting technology that would be well worth being observed, but without standardisation and a lot more work, for every use of blockchain that you would consider today, there is a better technology," he said.
To be fair, reaching this conclusion for $700000 and 6 months is a steal compared to all the idiots that are pouring orders of magnitude more money and time into this waste of energy. I'm surprised a government agency got something right for once.
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@TimeBandit said in A fool and his not-really-money are soon parted:
That will go well
Filed under: Problems that solve themselves.
Why spend government money and time trying to police them and make them play by sane rules, when you can just let them pay for all the acting and let the idiots burn themselves? Eventually only the scammers are going to be left and it will die off when they tire of stealing from each other.
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@TimeBandit said in A fool and his not-really-money are soon parted:
@Scarlet_Manuka said in A fool and his not-really-money are soon parted:
for every use of blockchain that you would consider today, there is a better technology
I could have said that for half that price
Fuck the blockchain, give me money.
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@BernieTheBernie said in A fool and his not-really-money are soon parted:
Did Dilbert finally get his government-assigned girlfriend?
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@TimeBandit said in A fool and his not-really-money are soon parted:
Japan grants cryptocurrency industry self-regulatory status
Oh yes that'll get VERY well indeed, given that at last check, the "top 4 cryptoexchanges in Japan" were:
- One couldn't follow through their plans to be a bank-banked, multi currency exchange-- and is now backed only by a coin worth a fraction of what it was expected to be (losing 84% of its value)
- One has had MULTIPLE massive screwups and hacks. Anyone would be insane to trust even a penny with them again
- One has been smacked multiple times by that same "Japan's equiv of the SEC" noted in the article, to the point where they were ORDERED shut down-- and missed their "relaunch once our security is fixed" date by
2 months3 months - One had one of the worst security breaches ever, lost hundreds of millions in coins which it HAD TO PAY BACK, got bought out by some financial institution in a fire sale, and now is just fucking gone
https://what.thedailywtf.com/post/1415370
So yeah, as noted, the industry will self regulate itself into oblivion, along with anyone stupid enough to touch it.
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@izzion said in A fool and his not-really-money are soon parted:
Not exactly shocking, but saddening none the less.
... so, I buy Shitcoin at $0.02 / coin-- then pay a news outlet $500 to publish an article saying Shitcoin is The Next Big Thing, already adopted by (list of companies, whichever ones I like in the Fortune 500), and is set to skyrocket thousands of times it's worth.
My Shitcoin increases to even a modest $0.25 / coin, and I cash out?
The only flaw in this plan is that whichever exchange I use to broker my Shitcoins will probably get hacked and lose all my real money.
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@Lorne-Kates said in A fool and his not-really-money are soon parted:
@TimeBandit said in A fool and his not-really-money are soon parted:
@Scarlet_Manuka said in A fool and his not-really-money are soon parted:
for every use of blockchain that you would consider today, there is a better technology
I could have said that for half that price
Fuck the blockchain, give me money.
Would be so kinky a few years ago...
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Bitcoin is not totally useless...
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@hungrier said in A fool and his not-really-money are soon parted:
if global temperatures rose above 1.5 C
When was the last ice age?
Now (when measured in decades).
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@Rhywden said in A fool and his not-really-money are soon parted:
if global temperatures rose above 1.5 C
When was the last ice age?
Now (when measured in decades).
Now indeed, though I'm not sure why the unit of measurement would be relevant, as we currently still have extended ice sheets at both poles. How much longer that ice age is still going to last is a different question, of course.
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@Kian said in A fool and his not-really-money are soon parted:
To be fair, reaching this conclusion for $700000 and 6 months is a steal compared to all the idiots that are pouring orders of magnitude more money and time into this waste of energy. I'm surprised a government agency got something right for once.
In fact, that seemed pretty good to me too, given that they were actually doing a proper review of it and not just mouthing off like, for instance, us. This is in the context of blockchain tech already having been mooted for:
the Australian Securities and Investments Commission (for corporate regulation); the Department of Home Affairs (tracking immigration records); and being looked at for Centrelink welfare payments. There were also mooted applications in cargo management, trade settlement, or to guarantee the provenance of open data.
So people have already been proposing a whole stack of stuff (including the Centrelink one which is already underway as a PoC) and they had to go and look at each of those areas, see what was being proposed, compare it to other options to achieve the same ends, and identify the best path forward. That's not something you can do in a week. $700k is cheap at the price; letting those projects get started would cost far more.
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@Scarlet_Manuka said in A fool and his not-really-money are soon parted:
In fact, that seemed pretty good to me too, given that they were actually doing a proper review of it and not just mouthing off like, for instance, us.
Same results, though.
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@Lorne-Kates Not really. Their results presumably (because I CBA to actually dig them up) include detailing how the proposed objectives can be better met in other ways. Our results are just an assertion that it is bound to be possible. We agree on the headline summary, but the point of my previous post was that they (unlike us) have done a lot more than that, and the price seems pretty good for it.
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@Scarlet_Manuka said in A fool and his not-really-money are soon parted:
Their results presumably (because I CBA to actually dig them up) include detailing how the proposed objectives can be better met in other ways
So, still sounds like us.
"Why the fuck would you use a blockchain when a database will do? There's nothing a blockchain provides that we can't do already with a database, you braindead shitpile."
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This shitcoin is going to the moon! The fiat world hates it! Seriously, "numbers don't lie"!
Source: @stilgherrian
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@hungrier Sounds like Zack would fit in well around here...
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@hungrier He's got the gist, but he's still an idiot.
He made sure that the red line is above the black line in the end, but then chose a logarithmic scale which makes it look like the growth of the red line is slowing. Should've just used kept the original scale but adjusted it a bit to make the intersection. Or, even more evil, use logarithmic for black and linear for red.
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I hope the author got a really good dinner before going down on Bitcon like that.
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@izzion Even the title amuses.
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@TimeBandit Finally time to cash in on those shitcoins and invest in chicken nuggets instead!
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@boomzilla Only 67 000 acres? Seems this guy hasn't heard about California City. You've got to dream BIG!
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@boomzilla said in A fool and his not-really-money are soon parted:
Now he wants to build a community based on the blockchain technology introduced by Bitcoin.
So in this town:
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Someone's house will be broken into at random every week
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The city limits will constantly grow and shrink (more shrink, of course). People on the outskirts suddenly find themselves living outside the town-- in a desert with no water or electricity service.
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There will be "Welcome to BitTown" signs on the roads leading up to the town. There will also be five hundred and seventy six "BitTown This Way" signs scattered everywhere, all pointing not to BitTown, but to a secluded spot. Once there, bandits will carjack the driver (beating driver to a pulp optional)
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Other towns will pop up overnight right next to BitTown on a regular basis. The towns will be a mix of
- cardboard cutouts with bandits behind them
- an artists' rendering of a town glued to a stick (bandits optional)
- a huge amount of holes dug all over the place for house foundations (these holes are not square, lined with concrete, or even of the same size of depth). A guy with "architect" written on his shirt with crayon is running around shouting at the holes to turn into houses
- a single, massive, beautiful demo house, with a green lawn, white picket fence, and a "Forclosure" sign.
- a trailer park, with each trailer fitted with heavy-duty locks, retina scanners, laser motion detectors and a two-factor lock that needs a fob to open. It will be called SecureTown, because you can keep your valuables in there and no one can break in to steal them. One night, the bandits come along with a fleet of tow trucks and just steals all the trailers. They use a welding torch to cut the trailers open (turns out all those locks were mounted on a door made of siding aluminum), and steal all the goods.
- a town that didn't do a proper land survey (because that's Old School Thinking). They end up building on government-controlled land. But that's okay, because land ownership is a outdated concept that only applies to "traditional towns". The government comes in, reclaims the land, takes possession of all houses, property and assets on their land, then chucks everyone into jail.
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It should be noted that no matter which of those towns happen to pop up that week, they all end up going away when the entire town burns down to the ground
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Eventually, a group of outsiders come in. This group's size is exactly the town population +1. The group holds a vote that they should be allowed to take everything everyone owns, and leave. Well, they have the majority. BitTown gets stripped of every asset that isn't nailed down. Then it gets stripped of all the assets that ARE nailed down. Then the group torches the remaining buildings to ashes, and leaves. All (former) BitTown residences are left stranded in the desert with no food or water and they die.
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Today in /. summary gore:
The amount of energy required to "mine" one dollar's worth of bitcoin is more than twice that required to mine the same value of copper, gold or platinum, according to a new paper, suggesting that the virtual work that underpins bitcoin, ethereum and similar projects is more similar to real mining than anyone intended. One dollar's worth of bitcoin takes about 17 megajoules of energy to mine, according to researchers from the Oak Ridge Institute in Cincinnati, Ohio, compared with four, five and seven megajoules for copper, gold and platinum.
(emphasis mine)
I suppose you can say that 17 is more than twice 4. In the same way that your computer has more than 1 MB of RAM.
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@izzion It's more than twice 7, which is accurate enough.