A fool and his not-really-money are soon parted
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Facebook ad of note:
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@boomzilla said in A fool and his not-really-money are soon parted:
Facebook ad of note:
Glad to see Etherium is entering its Runescape age.
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@boomzilla said in A fool and his not-really-money are soon parted:
Facebook ad of note:
But in those 20 minutes ETH dropped to 25% of its value, so the joke's on him!
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In which Dogbert gives voice to the hope we all share:
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Today Twitter rolled out NFT avatars for members of its $3/mo Twitter Blue subscription service, which includes other features like the ability to undo a tweet
What sorcery is this?
(it actually just waits 30 seconds before sending it)
To distinguish these rarified NFT avatars from our lowly jpegs, they're displayed in a new hexagonal frame.
Disruptive innovation!
the NFT profile photo rollout isn't complete yet; it's currently supported on the iOS Twitter app, but not on Android or the desktop or web browser versions.
The iFool and his money are soon parted.
Better Tweetdeck browser extension includes an option to automatically mute all NFT avatar users.
Ha!
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@Applied-Mediocrity said in A fool and his not-really-money are soon parted:
Better Tweetdeck browser extension includes an option to automatically mute all NFT avatar users.
Ha!
Fools. Get the YuroDNS and mute them1 at the router level.
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Also
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@loopback0 LOL, "verified collections." Welcome to web3, chump.
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@Zecc said in A fool and his not-really-money are soon parted:
I don't think I understood any of that.
The dude thought that twitter would filter out all the plebes by only letting people with super expensive hexagonal avatars be able to show how cool they are.
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@boomzilla said in A fool and his not-really-money are soon parted:
only letting people with super expensive hexagonal avatars be able to show how cool they are
Everyone knows that what decentralised things need is verifying on a centralised service.
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@loopback0 said in A fool and his not-really-money are soon parted:
@boomzilla said in A fool and his not-really-money are soon parted:
only letting people with super expensive hexagonal avatars be able to show how cool they are
Everyone knows that what decentralised things need is verifying on a centralised service.
It's not a bank, it just has Bank in the name.
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Someone has put sound to this half-year-old infographic and it is glorious:
Video source: https://twitter.com/VoicesByZane/status/1483876916591349762
Image source + rant thread: https://twitter.com/IndianaPopovich/status/1445225003314663426
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The sound of the music stopping? Or time to buy and HODL?
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@izzion said in A fool and his not-really-money are soon parted:
The sound of the music stopping? Or time to buy and HODL?
Dogecoin is almost at .10!
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@boomzilla said in A fool and his not-really-money are soon parted:
What is cryptocurrency?
Like Zombocom, cryptocurrency means many things to many people, but we think Twitter user @Theophite put it best" "imagine if keeping your car idling 24/7 produced solved Sudokus you could trade for heroin"And a similar explanation for NFTs:
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@DogsB 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:
The sound of the music stopping? Or time to buy and HODL?
Dogecoin is almost at .10!
And it's fuckng rising again! I'll never get to be a moonboy at this rate.
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A thought: Joe Manchin has done more to tame the asset bubbles in the markets than the last two Fed Chairmen ever have. Maybe we should make him Fed chairman after the ignoramuses in the WV DP primary him.
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:monkey_eating_popcorn.jpg:
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@Rhywden said in A fool and his not-really-money are soon parted:
@Zecc said in A fool and his not-really-money are soon parted:
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monkeyape_eating_popcorn.jpg:FTFY
The real apes are the “investors” who were bilked along the way?
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@izzion said in A fool and his not-really-money are soon parted:
@Rhywden said in A fool and his not-really-money are soon parted:
@Zecc said in A fool and his not-really-money are soon parted:
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monkeyape_eating_popcorn.jpg:FTFY
The real apes are the “investors” who were bilked along the way?
The market never stops teaching, and they never start learning.
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@Rhywden said in A fool and his not-really-money are soon parted:
@Zecc said in A fool and his not-really-money are soon parted:
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monkeyape_eating_popcorn.jpg:FTFY
It's what I meant to type, but for some reason didn't. I must be tired.
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Copied the image because of the "like" icons.
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Just watched through this documentary, which goes over pretty much the entire crypto history since the 2008 financial market crisis to some of its most fearsome derivative products such as NFTs, play-to-earn games, the metaverse, DAOs or "Union 2.0"s:
https://www.youtube.com/watch?v=YQ_xWvX1n9g
Long but still amazing. Check out the chapter markers on YouTube if you can't watch it all at once.
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<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>Apparently there are people in New York freezing because NFTs used so much power that they raised the energy bills, and some people aren’t able to afford them.
— Antre (@Antre___) January 14, 2022
Do you now see why NFTs are bad?(Tweet cites academic source for price rises which won’t have stemmed since its original publication, so can entirely believe this is now the status quo.)
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@JBert said in A fool and his not-really-money are soon parted:
Long but still amazing. Check out the chapter markers on YouTube if you can't watch it all at once.
Absolutely brilliant, worth every minute of it.
Well analyzed, factual with a side of snark, and pleasant to listen to.
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@DogsB Did someone say "loan shark"?
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@Zecc That's the interesting bit of this: these aren't loans, instead they're more similar to a "gold mining bussiness" which only rents out the pickaxes and wheelbarrows but still requests you to hand over X% of the earnings despite them having done little work (I've heard 50%, not sure if it's that high). At no time do people have access to the NFT private keys or the wallet to which the earnings go, so nothing can supposedly get stolen out of the system. So AFAICT people can't quite lose money, but they definitely don't earn NFTs for themselves to start their own "business".
Interesting how it would pan out though, because they can only earn game tokens and then still need to sell those tokens if they want local cash. And the latter only keeps working if other players buy the game assets directly, so if this rental model becomes too successful then nobody wants to pay any real money for the tokens and nobody can cash out.
Or as the documentary I posted above calls it (around the 00:38:45 mark):
In order to to presume a crypto investment functions as a store of value, we simultaneously need to suppose an infinite chain of greater fools who keep buying these assets at any irrational price, and [suppose that they do so] into the future forever.
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@JBert said in A fool and his not-really-money are soon parted:
"In order to to presume a crypto investment functions as a store of value, we simultaneously need to suppose an infinite chain of greater fools who keep buying these assets at any irrational price, and [suppose that they do so] into the future forever."
I don't know the details of what those guys were doing (TFA was paywalled) but in game assets are one place where something like an NFT kind of makes sense. Not saying that there isn't some more sensible way to handle that stuff, but in this case the ownership actually has some actual value, since it allows people to have / use / do something in a game.
Of course, the overhead of all the blockchain nonsense probably makes stuff a lot more expensive than it would need to be.
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@boomzilla said in A fool and his not-really-money are soon parted:
Of course, the overhead of all the blockchain nonsense probably makes stuff a lot more expensive than it would need to be.
Depends on how long you want to wait to determine if the transaction to unlock the “custom” DLC went through.
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@dkf well, yeah, also expensive in time.
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@boomzilla said in A fool and his not-really-money are soon parted:
@dkf well, yeah, also expensive in time.
If you normalize properly every cost can be expressed as time. Treat currencies as their exchange value vs seconds of life.
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https://www.nytimes.com/2022/01/25/business/crypto-mayors.html
Behind the paywall: https://archive.fo/JtQYi
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Natch
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@Gribnit said in A fool and his not-really-money are soon parted:
Treat currencies as their exchange value vs seconds of life.
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Sorry, screenshotting the tweet doesn't do it, you have to go and follow the links. It's already the cryptobro troll of the year.
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@LaoC have you tried claiming that Git constitutes a blockchain? Should have decent legs and a moderate power to cloud minds.
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@Gribnit It's not based on proof of work, but rather on proof of contribution.
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@dkf said in A fool and his not-really-money are soon parted:
@Gribnit It's not based on proof of work, but rather on proof of contribution.
We need a new system that works on proof of
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bLoCkChAiN iS tHe MoNeY oF tHe FuTuRe