A fool and his not-really-money are soon parted
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At least all they lost was money they took from hedgies?
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EDIT: No OneBox? Damn.
Bitcoin comes to IndyCar with ECR
Apparently Bitcoin enthusiasts crowdfunded enough money together to sponsor a car in the Indy 500.
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@GuyWhoKilledBear said in A fool and his not-really-money are soon parted:
EDIT: No OneBox? Damn.
Bitcoin comes to IndyCar with ECR
Apparently Bitcoin enthusiasts crowdfunded enough money together to sponsor a car in the Indy 500.
This is a good investment because
- ?
- ?
- Profit!
Single-underpants-gnome is passe.
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@Gribnit said in A fool and his not-really-money are soon parted:
@GuyWhoKilledBear said in A fool and his not-really-money are soon parted:
EDIT: No OneBox? Damn.
Bitcoin comes to IndyCar with ECR
Apparently Bitcoin enthusiasts crowdfunded enough money together to sponsor a car in the Indy 500.
This is a good investment because
- ?
- ?
- Profit!
Single-underpants-gnome is passe.
Pretty sure the plan must be:
- Convince someone to paint Bitcoin on the race car.
- Bitcoin is mentioned on the TV broadcast, which will pump up demand for it.
- The Bitcoin enthusiasts who crowdfunded the car dump their Bitcoin onto the market, allowing them to make the profit.
If only there was a word for this kind of scheme.
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@GuyWhoKilledBear said in A fool and his not-really-money are soon parted:
@Gribnit said in A fool and his not-really-money are soon parted:
@GuyWhoKilledBear said in A fool and his not-really-money are soon parted:
EDIT: No OneBox? Damn.
Bitcoin comes to IndyCar with ECR
Apparently Bitcoin enthusiasts crowdfunded enough money together to sponsor a car in the Indy 500.
This is a good investment because
- ?
- ?
- Profit!
Single-underpants-gnome is passe.
Pretty sure the plan must be:
- Convince someone to paint Bitcoin on the race car.
- Bitcoin is mentioned on the TV broadcast, which will pump up demand for it.
- The Bitcoin enthusiasts who crowdfunded the car dump their Bitcoin onto the market, allowing them to make the profit.
If only there was a word for this kind of scheme.
Seems to be encoded under this level of euphemism:
“Ed’s message is simple; he doesn’t want to race for potato chips or soft drinks at the Indy 500,” said Jack Mallers, founder of Strike. “This year, Ed is racing for human freedom, financial literacy, financial inclusivity, and is using the platform he’s earned throughout his career to promote the most powerful message possible in pushing humanity forward. We’re tremendously proud to support his efforts.”
Ed gets it:
ECR has gone on step further by giving its employees the option to have their paychecks delivered in the form of Bitcoin.
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When your pump and dump scheme involves gifting “billions” of dollars worth of shitcoin to the ethereum figure head, it’s pretty clear that either the dollar just got hyper-inflated or, rather, you can’t even wipe your butt with the toilet paper those coins are not printed on.
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He's just fucking with us on a grand scale now. Although if he drives doge to .25 a coin I might buy a hundred dollars of it.
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@DogsB said in A fool and his not-really-money are soon parted:
He's just fucking with us on a grand scale now. Although if he drives doge to .25 a coin I might buy a hundred dollars of it.
He's coming to the realization that all of this electronic tulips crap is insane speculation and using up countries' worth of coal-powered energy?
Nah, he knew that all along and still claims to think crypto-currencies are a good idea. He's just a master market manipulator, that's all. Wait, didn't the SEC charge him with securities fraud already? Why's he still allowed to do this?
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@topspin said in A fool and his not-really-money are soon parted:
@DogsB said in A fool and his not-really-money are soon parted:
He's just fucking with us on a grand scale now. Although if he drives doge to .25 a coin I might buy a hundred dollars of it.
He's coming to the realization that all of this electronic tulips crap is insane speculation and using up countries' worth of coal-powered energy?
Nah, he knew that all along and still claims to think crypto-currencies are a good idea. He's just a master market manipulator, that's all. Wait, didn't the SEC charge him with securities fraud already? Why's he still allowed to do this?Personally, I think he just realized that McAfee was getting investigated for his pump-and-dumps. I vaguely recall McAfee tweeting "I think I got hacked" after he realized that government regulators really do care about pump-and-dumps, even if they're for shitcoins.
So Musk just said "screw it, it ain't worth the flak and the increased scrutiny" and got out before it could become a bigger problem.
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I feel like all I do is post Matt Levine's Money Stuff article around here, but it's just so good.
https://www.bloomberg.com/opinion/articles/2021-05-13/elon-musk-got-bored-of-bitcoin
On Musk's impact on Bitcoin:
I’m just saying, if I was Elon Musk, that’s what I would do. Then of course I’d buy more Bitcoins after the price falls, I’d tweet “Bitcoin is great again,” the price would go up, I’d sell my Bitcoins, I’d tweet “oh no it’s bad again,” the price would go down, I’d buy more Bitcoins, I’d tweet “back to great,” etc. etc. etc. This would be vastly more profitable, for Tesla, than making cars, and it would capitalize on Musk’s core skill of trolling people on Twitter.
And on Buterin's donation, near the bottom is the section "A tax trade", where Levine lists a good theory about how donating thinly-traded joke-based alt-coins to charity is actually much better economically than trying to actually sell it, since the tax deduction for donating it can be worth more than one would actually get as proceeds from trying to sell a bunch.
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@pcooper wow, that actually makes a whole lot of sense!
You hold an ungodly amount of shitcoin nobody cares about1 and sell one coin of it toyourselfyour alt account way above what it’s worth to drive up market cap to insane amounts. Now you’re a shitcoin billionaire on paper, but of course can’t actually cash in on that because then the price would drop to $5 total. But if you donate it, you can still write off all of your non-existing fortune.1 Contrary to the “money printer go Brrr, only crypto isn’t inflationary” claims, you can just make a whole new shitcoin out of thin air. You can even do that as a joke and call it doge, then people can’t understand the difference between a joke crypto and a non-joke one (because there is no difference).
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@topspin said in A fool and his not-really-money are soon parted:
But if you donate it, you can still write off all of your non-existing fortune.
As Levine makes sure to say in the footnotes (always read the footnotes!), this is a move that the IRS might not completely agree with your accounting on if you just do last-trade-price-times-quantity-sold. (And in this particular case, it's unlikely that there's actually a billion dollars of ordinary income to shelter as charitable donations don't bring your income negative to get a negative tax rate or anything.) But, something along those general lines may still be a better deal than trying to sell it all outright. And again, if it didn't really cost you anything to get, you're not really much worse off by donating it and the charity is going to get some value from it, possibly more value than if you yourself tried to sell it.
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@pcooper 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:
But if you donate it, you can still write off all of your non-existing fortune.
As Levine makes sure to say in the footnotes (always read the footnotes!), this is a move that the IRS might not completely agree with your accounting on if you just do last-trade-price-times-quantity-sold. (And in this particular case, it's unlikely that there's actually a billion dollars of ordinary income to shelter as charitable donations don't bring your income negative to get a negative tax rate or anything.) But, something along those general lines may still be a better deal than trying to sell it all outright. And again, if it didn't really cost you anything to get, you're not really much worse off by donating it and the charity is going to get some value from it, possibly more value than if you yourself tried to sell it.
Well, that just means more alts! Have them make trades to each other, each at ~$5/coin, in a variety of lot sizes, until you have enough trade volume to justify your ridiculous valuation.
If you're going to go fraud, go serious.
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@PotatoEngineer said in A fool and his not-really-money are soon parted:
So Musk's board of directors just said "screw it, it ain't worth the flak and the increased scrutiny" and got out before it could become a bigger problem.
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@TimeBandit IIRC, Dogecoin was originally a joke-coin created to show all of the shenanigans/cons/what-have-you that happens with cryptocurrencies. And now it's almost serious. (The original creator no longer has any Dogecoins.)
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@DogsB said in A fool and his not-really-money are soon parted:
Wait, didn't the SEC charge him with securities fraud already? Why's he still allowed to do this?
Does the SEC give a flying howl about shitcoin, of any type?
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@Bim-Zively said in A fool and his not-really-money are soon parted:
@DogsB said in A fool and his not-really-money are soon parted:
Wait, didn't the SEC charge him with securities fraud already? Why's he still allowed to do this?
Does the SEC give a flying howl about shitcoin, of any type?
Yes.
Edit: It looks like these are all basically the same article with minor rewording. Welcome to
copy-paste"journalism" in 2021.
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@HardwareGeek How 'bout that? Thanks for the info!
One of my wife's cousins was a journalist, before it needed quotes around it. She had to change her profession.
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The prices of each pie will vary by city but will be higher than a normal pie at each location, with proceeds going to the Human Rights Foundation in order to support the organization’s Bitcoin Development Fund. “Just as Bitcoin is working to disrupt the incumbent banks, Bitcoin Pizza will be working to disrupt the incumbent corporate pizza chains,” Pompliano said. “Bitcoiners can accomplish anything.”
Including separating fools from their money.
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Government with tight currency controls disapproves of speculative vehicle that can also double as an international currency to evade currency controls. News at 11.
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@izzion said in A fool and his not-really-money are soon parted:
disapproves of speculative vehicle
If that was the case, they'd also ban Teslas
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Near as I can tell, cryptocurrencies are pretend money that only has value because the shady people in charge say it does.
I don't want the United States Federal Government getting involved with something like that.
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@GuyWhoKilledBear said in A fool and his not-really-money are soon parted:
only has value because the shady people
in chargedealing drugs say it does.FTFY.
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@GuyWhoKilledBear said in A fool and his not-really-money are soon parted:
Near as I can tell, cryptocurrencies are pretend money that only has value because the shady people in charge say it does.
I don't want the United States Federal Government getting involved with something like that.Too late. Pieces of paper with pictures of dead presidents have only have value because the
shady people in chargegovernment says they do.
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@HardwareGeek said in A fool and his not-really-money are soon parted:
@GuyWhoKilledBear said in A fool and his not-really-money are soon parted:
Near as I can tell, cryptocurrencies are pretend money that only has value because the shady people in charge say it does.
I don't want the United States Federal Government getting involved with something like that.Too late. Pieces of paper with pictures of dead presidents have only have value because the
shady people in chargegovernment says they do.
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@HardwareGeek said in A fool and his not-really-money are soon parted:
@GuyWhoKilledBear said in A fool and his not-really-money are soon parted:
Near as I can tell, cryptocurrencies are pretend money that only has value because the shady people in charge say it does.
I don't want the United States Federal Government getting involved with something like that.Too late. Pieces of paper with pictures of dead presidents have only have value because the
shady people in chargegovernment says they do.Well, at least the US dollar is backed by the US economy, military, and infra-structure. Bitcoin is only backed by crime and pollution.
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@topspin said in A fool and his not-really-money are soon parted:
@HardwareGeek said in A fool and his not-really-money are soon parted:
@GuyWhoKilledBear said in A fool and his not-really-money are soon parted:
Near as I can tell, cryptocurrencies are pretend money that only has value because the shady people in charge say it does.
I don't want the United States Federal Government getting involved with something like that.Too late. Pieces of paper with pictures of dead presidents have only have value because the
shady people in chargegovernment says they do.Well, at least the US dollar is backed by the US economy, military, and infra-structure. Bitcoin is only backed by crime and pollution.
:thesamepicture.pptx:
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@topspin said in A fool and his not-really-money are soon parted:
backed by crime and pollution
The electricity being used by miners in Iran would require the equivalent of around 10 million barrels of crude oil each year to generate, around 4% of total Iranian oil exports in 2020, according to the study.
"The Iranian state is therefore effectively selling its energy reserves on the global markets, using the Bitcoin mining process to bypass trade embargoes," the study reads.
Yeah, selling its energy reserves. Because I can drive a car on hashes and fairy dust.
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Well, if you find someone who's willing to give you cold hard cash for your hashes and fairy dust...
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@topspin said in A fool and his not-really-money are soon parted:
Because I can drive a car on hashes and fairy dust.
You just chain your car to the another car (which might be chained to another etc.) and drive around the block.
:elon_tokes:
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@izzion hippie
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@boomzilla said in A fool and his not-really-money are soon parted:
I am suddenly in the market to upgrade/replace my computer. (I may have failed to ground myself when I just upgraded my storage, and now I'm dropping a few frames in some games, and have to hit the reset button after the power button in order to turn on the computer.)
I wonder if a 10% discount is bigger than the transaction costs (and/or the volatility risk over 15 minutes)?
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@HardwareGeek Don't let that thing get close to your storage!
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@dcon However, this "Chia" is in every way a green alternative to Bitcoin.
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@JBert Maybe we can convince the chia-coiners that: Chia -> green -> money :: You must by a Chia Pet! Buy their stock now!
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@HardwareGeek More real value than Chia Cryptocurrency
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@HardwareGeek said in A fool and his not-really-money are soon parted:
Ah yeah, Accalia used to be here, wonder what happened.
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@Gribnit It was too much horny for one site to handle.
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@Gribnit Kong rats. I'm sure both @accalia and @RaceProUK would be annoyed by your post if they were still around.
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@Zecc you are?
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Another meme becoming a non-fungus.
I youtube-dl'ed https://www.youtube.com/watch?v=_OBlgSz8sSM just for the heck of it.
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Surely the VCS are running out of money at this stage. To be fair to the bittorrent guy: well done of getting them to part with their money over vapour ware again.
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@Zecc said in A fool and his not-really-money are soon parted:
Another meme becoming a non-fungus.
I youtube-dl'ed https://www.youtube.com/watch?v=_OBlgSz8sSM just for the heck of it.
I'll start taking nfts seriously when we see che guevara pictures.
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@DogsB said in A fool and his not-really-money are soon parted:
Surely the VCS are running out of money at this stage. To be fair to the bittorrent guy: well done of getting them to part with their money over vapour ware again.
Paywall-free version