A fool and his not-really-money are soon parted
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@ixvedeusi said in A fool and his not-really-money are soon parted:
I think you misunderstood me
I don't think I did. I agree that it's good - in isolation - that the little cunts immediately spend the money, thus returning the money into the economy.
But the Ponzi scheme of scammers pretty much always ends with the top dog returning the money into the economy. So "good" in this case is relative only to money being spent on more shady stuff like drug business or prostitution (which, I'm sure, happens enough). If not them, then the drug dealers will buy the luxury items instead.
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@Applied-Mediocrity said in A fool and his not-really-money are soon parted:
But the Ponzi scheme of scammers pretty much always ends with the top dog returning the money into the economy.
I do agree with you on this to some degree, though money parked offshore, out of reach of law enforcement and angry creditors, is a thing that exists.
My reply was not intended as a comment on this specific occurrence but aimed at topspin's more general question of
@topspin said in A fool and his not-really-money are soon parted:
Pleterski told the meeting he'd never owned a Patek Philippe watch and that "he has never owned a watch with a value greater than $600,000."
I mean, why would such a thing even exist?
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@ixvedeusi The parked money is still being invested by the said offshores somewhere, except way more carefully. But ok, fraud recovery cannot get to it, fair enough.
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@ixvedeusi said in A fool and his not-really-money are soon parted:
@LaoC said in A fool and his not-really-money are soon parted:
If you already presume some objective measure of "need",
The only "objective measure of need" I'm presuming is that they are apparently OK with spending it on overpriced gadgets, which is actually a subjective measure of "need".
So "taking money from people who obviously don't need it" should be "taking money from people who I believe don't need it"? And obviously it should be "gadgets I think cost way more than is justified by the work that goes into them" to be actually subjective.
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@boomzilla said in A fool and his not-really-money are soon parted:
@LaoC guise, guise, the "You suck at economics" thread is , no thanks to @Gribnit.
Lolgf
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This will come in handy later:
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Wow, who could have seen this coming?
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@izzion tag line: Our network is not just hot air, it's Helium!
the $1.2 billion Web3 company said it was building the “People’s Network,”
Money printer go Brrrrrr.
The coming crash will have to hit much harder than what we're currently seeing.All Davis had to do was spend $500 on a machine that looked like a wifi router, plug it into her wall and receive Helium’s cryptocurrency in return — a recurring passive stream of income.
Sure, that doesn't sound like a scam at all.
Davis is one of thousands of people who bought into Helium's promise, together spending an approximate $500 million
[1-10] x thousand x $500 != $500 million.
What's 3 orders of magnitude between friends.Also, absolutely none of this shit makes any sense. So everybody buys a stupid device to plug in at home, which wastes electricity and mines stupid tokens, and then what? Who's supposed to buy these tokens that everyone is mining. And how are these tokens still worth $250 million now that everybody knows this is a scam??
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@topspin said in A fool and his not-really-money are soon parted:
And how are these tokens still worth $250 million now that everybody knows this is a scam??
I direct your attention to the second word of the thread title.
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@topspin said in A fool and his not-really-money are soon parted:
Also, absolutely none of this shit makes any sense. So everybody buys a stupid device to plug in at home, which wastes electricity and mines stupid tokens, and then what? Who's supposed to buy these tokens that everyone is mining. And how are these tokens still worth $250 million now that everybody knows this is a scam??
Well, new layers in the pyramid scheme of course! This just might become the preferred way of paying for your ransomed data.
It's been working for like 15 years with shitcoin.
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Not really sure how I feel about this...
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@boomzilla said in A fool and his not-really-money are soon parted:
Not really sure how I feel about this...
Banksy did it better.
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@topspin said in A fool and his not-really-money are soon parted:
The obvious next step is selling off bits of it (divisibility being an important property of money), so that in due time they will appreciate in value by virtue of someone wanting the whole set.
Bonus, from TFA:
Here’s to hoping the piece self-destructs again and the cycle continues, until millionaires are paying fortunes for a pile of shredded fabric.
They already are.
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@boomzilla said in A fool and his not-really-money are soon parted:
Not really sure how I feel about this...
I'm sure that everyone and everything involved with this endeavor sucks, and could be safely pushed into a large ditch and covered over with dirt (as soon as it comes up in priority for the killdozer, which will not be soon.).
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NFT Trading Volumes Collapse 97% From January Peak
Trading volumes in nonfungible tokens -- digital art and collectibles recorded on blockchains -- have tumbled 97% from a record high in January this year. They slid to just $466 million in September from $17 billion at the start of 2022, according to data from Dune Analytics.
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@TimeBandit I think this can be adequately summed up as:
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@boomzilla said in A fool and his not-really-money are soon parted:
Not really sure how I feel about this...
I'm quite sure how I feel about the journalistic quality though.
The world of NFTS is becoming more and more relevant among people who love technology.
Riiight.
@TimeBandit said in A fool and his not-really-money are soon parted:
NFT Trading Volumes Collapse 97% From January Peak
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@LaoC well, it is being more and more relevant because the fucking cryptobros keep talking about it and we need to keep explaining why it is stupid.
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@Arantor said in A fool and his not-really-money are soon parted:
@LaoC well, it is being more and more relevant because the fucking cryptobros keep talking about it and we need to keep explaining why it is stupid.
I do feel the need to explain why a lot of things are stupid, but wrt NFTs I'm fine with just laughing about them. And with a 97% trade volume collapse, it seems quite a few people are getting the message anyway.
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@LaoC said in A fool and his not-really-money are soon parted:
@Arantor said in A fool and his not-really-money are soon parted:
@LaoC well, it is being more and more relevant because the fucking cryptobros keep talking about it and we need to keep explaining why it is stupid.
I do feel the need to explain why a lot of things are stupid, but wrt NFTs I'm fine with just laughing about them. And with a 97% trade volume collapse, it seems quite a few people are getting the message anyway.
Maybe. Or everyone's crypto got stolen by thieves instead of getting conned away by buying NFTs.
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@dcon said in A fool and his not-really-money are soon parted:
So you're saying they could declare a limited-edition (of zero) NFT and sell the lack of it for a carbon credit, h'mm...
That's a great idea! Have an EFT. To conserve the fungibility, it has been omitted.
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@dcon said in A fool and his not-really-money are soon parted:
What's the vegan alternative to Bitcoin?
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@Zerosquare I don't think there's any. Money doesn't grow on trees.
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@Zecc said in A fool and his not-really-money are soon parted:
@Zerosquare I don't think there's any. Money doesn't grow on trees.
These rigs must be some kind of plants though. There are kernels in there, usually they have a root, and it's all running on some hydroponics pump.
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@Zecc said in A fool and his not-really-money are soon parted:
@Zerosquare I don't think there's any. Money doesn't grow on trees.
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Really, Photoshop? REALLY?
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Hey, Adobe has to add something new in every version to justify the subscription. Nobody said the new features had to be useful.
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@Zerosquare next version they can remove this again.
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@izzion said in A fool and his not-really-money are soon parted:
Now this is how you run a Ponzi scheme... just blow all the money and claim you're too
stupiddisorganized to know what you owe who...Yeah, it's just a Ponzi scheme. This is an absurd amount of returns. 10-20% every two weeks!?
The terms of Moore's investment included a 70-30 split on any capital gains (with 70 per cent for her and 30 per cent for Pleterski), a commitment the initial investment would be paid back in full if it was lost, and target capital gains of 10 to 20 per cent biweekly, according to her investment contract.
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@Zecc 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:
[a watch with a value greater than $600,000] I mean, why would such a thing even exist?
Some people do have the
criminal energybusiness acument to con people like that.FTFY. If you're dumb enough to buy a$600k watch when you can have a perfectly functioning one for $6 (and probably don't even need that since you probably already have a phone and what-not with the time displayed, so having a watch in the first place is just personal convenience), well, see the title's thread.
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Hackers Feast on Crypto Weak Link and Even Binance Isn’t Spared
- Assets worth $2 billion have been stolen in cross-chain hacks
- Crypto bridges are necessary infrastructure, but easy targets
There’s a gaping hole in the crypto industry’s security architecture, and even the most deep-pocked players haven’t figured out how to plug it.
edit: Had to add these:
On Thursday, a hacker made off with about $100 million via a bridge used by Binance Holdings Ltd., crypto’s largest exchange.
“The worrying thing about this is that Binance are not fools, Binance have got capital, resources and are able to hire the best,” said Paddy Cerri, chief architect at blockchain startup Minima. “If they can’t do this, who exactly can build a secure bridge?”
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@dcon said in A fool and his not-really-money are soon parted:
Crypto bridges are necessary infrastructure
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Looks interesting, but it is paywalled (and 12ft.io doesn't work for that site).
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Some Filipinos accused the state-owned company behind the roughly $4 million prize drawing of fraud, a charge that was swiftly denied. Lawmakers said that they planned to investigate the winning draw as a way of securing the lottery’s integrity.
How was it possible, skeptics asked, that 433 people had all picked the same winning combination of six numbers — 09-45-36-27-18-54? Or that all six figures turned out to be multiples of nine? Others said that the outcome was a simple case of good luck. (The winning numbers could be in any order.)
Statisticians noted that it was not mathematically impossible for 433 winners to strike it big.
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@izzion said in A fool and his not-really-money are soon parted:
Statisticians noted that it was not mathematically impossible for 433 winners to strike it big.
Did statisticians point out it's even more likely that that many win if the combination follows a human pattern?
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@dcon said in A fool and his not-really-money are soon parted:
Binance are not fools,
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for Jeffing.
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...and nothing of value was lost.
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@izzion said in A fool and his not-really-money are soon parted:
https://www.nytimes.com/2022/10/05/world/asia/philippines-lottery-jackpot.html
Hmph. In germany's lottery ("Lotto"), you pick 6 out of 49 numbers.
Some analysis show that there are several people who just pick 1,2,3,4,5,6. Also, visual patterns on the 7x7 field from which to pick your numbers are preferred.
And about 1,500 (yes: one thousand five hundred) people pick the numbers of the first draw from 1955.
Guess, what would happen when that was drawn again... They'd receive less than 10,000 Euros each instead of their expected million, and then would shout loud about fraud.
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@BernieTheBernie I have one where I picked numbers based myself, and another that's pure RNG. Neither follow any grid patterns or similar. So I should be pretty safe from collisions. And seeing as any combination of numbers have the exact chance of happening (including pattern-following or common combinations or previous winning numbers) you can only go from what is less likely to be picked by others if you want to maximize your chance of being the only one.
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According to sources, the hackers seem to have manipulated their Mango collateral. Their actions resulted in a temporary spike in their collateral’s value. The attacker then proceeded to take out massive loans from the Mango treasury.
“The [MNGO] governance token was valued for far more than it should be. With that, [the attacker] was able to take out large loans against it and then drain Mango’s [liquidity] pools. It’s like a lending-borrowing race: if you have overvalued collateral, you can then borrow against that collateral, and that’s what they did,” OtterSec founder Robert Chen said in an interview.
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Sad monkey.
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@boomzilla said in A fool and his not-really-money are soon parted:
Sad monkey.
It still cracks me up that these things are called "securities".