A fool and his not-really-money are soon parted
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@izzion NFTaaS
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The next exciting invention in cryptocurrency: physical bank notes for Bitcoin!
With new exciting features such as expiry dates. Awesome!
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@Atazhaia So they're finally putting the "coin" in bitcoin?
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@Medinoc What?
This has been around for ages:
The only remarkable thing is that someone started yet another attempt, meaning they have had some real money thrown at printing bills up front, rather than just sticking with virtual play money and having no expenditures while they wait for scam victims.
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@TimeBandit said in A fool and his not-really-money are soon parted:
See my older thread:
https://what.thedailywtf.com/topic/26433/why-did-they-payThe anonymity has never been such anonymous...
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@BernieTheBernie you know that, I know that, we here all know that but the marks who buy into this don’t do their homework.
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@Medinoc said in A fool and his not-really-money are soon parted:
@Atazhaia So they're finally putting the "co
in" in bitcoin?
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@Zerosquare TL;DR
Is this a joke or are they serious?
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How would anyone know the difference?
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@topspin said in A fool and his not-really-money are soon parted:
@Zerosquare TL;DR
Is this a joke or are they serious?
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@boomzilla we should announce Web23.
Higher is better. That's almost as high as emacs, and the 23rd letter of the alphabet is W.
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@topspin said in A fool and his not-really-money are soon parted:
@boomzilla we should announce Web23.
Higher is better. That's almost as high as emacs, and the 23rd letter of the alphabet is W.And 2+3 is 5. Don't forget that one!
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Calming the water in the same way a lava flow calms the water it flows into.
To calm the waters a bit, this was probably due to them not having liquidity for the withdrawals
Is the money not insured up to an amount?
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Bets on who is about to lose a lot of money? Hint: it's not celsius
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@Atazhaia said in A fool and his not-really-money are soon parted:
Calming the water in the same way a lava flow calms the water it flows into.
To calm the waters a bit, this was probably due to them not having liquidity for the withdrawals
Is the money not insured up to an amount?
Second comment on the first screenshot:
Wow shit I am really fucked. Should have pulled out when I had the chance.
A great life lesson with multiple applications!
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@DogsB said in A fool and his not-really-money are soon parted:
Bets on who is about to lose a lot of money? Hint: it's not celsius
The fools on the hook for Celsius's collapse should be grateful, they're getting Christmas in Junely. And they get to experience It's a Wonderful Life instead of having to settle for watching it!
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They still don't get it. All the coins are there. It's the cash that's gone.
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@izzion said in A fool and his not-really-money are soon parted:
they get to experience It's a Wonderful Life instead of having to settle for watching
"Your money's not in the bank - it's in my house, and my friend's house, and my fake friend who is me's house."
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@topspin said in A fool and his not-really-money are soon parted:
@Atazhaia
"They still don't get it. All the coins are there. It's the cash that's gone."Was there ever any cash? Seems like (from what I could see in TFA ) they were taking deposits in coins and making loans in coins and paying interest in coins.
Then they had a run on their deposits of coins. So in fact, the coins aren't there, because they've been loaned out and are on the books as assets (just like a bank would with their loans of an actual currency).
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The ones who aren't are presumably in on the con.
Been getting into FB arguments with some crypto bros. They have some legitimate concerns about government currencies and have totally drank the crypto Kool Aid. I really wonder what these people imagine they see in crypto. None of them are doing any actual defending. Here's a big quote from one retard:
What do you need a car for when you already have a horse? Why would anybody fly in an airplane that could crash when you could just take a boat? Why would anybody need an automatic transmission when you can just change the gears yourself? Why would anybody want a telephone when you could just write a letter? Why would anybody want a big old computer in their house? Why would anybody want a calculator when they have a pen and paper? Why would anybody want a cell phone when they already have one on the wall?
...then when I called him regarding blockchain being a solution in search of a problem, got this:
Blockchain is the train you're watching leave the station
Of course, being a US American, I have a car, so this isn't really the problem for me that he thinks it is.
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@boomzilla said in A fool and his not-really-money are soon parted:
Blockchain is the train you're watching leave the station
Of course, being a US American, I have a car, so this isn't really the problem for me that he thinks it is.
In the general case of a train leaving a station, most of the people on it don't want to be there yet are paying excessively to do so, and it's going somewhere they won't like. Pretty apt.
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Look out belooooooow!
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@boomzilla said in A fool and his not-really-money are soon parted:
...then when I called him regarding blockchain being a solution in search of a problem, got this:
Blockchain is the train you're watching leave the station
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@Applied-Mediocrity 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:
...then when I called him regarding blockchain being a solution in search of a problem, got this:
Blockchain is the train you're watching leave the station
OT, this was the high-water mark of public entertainment, ever :
smacking trains into each other for an audience. :chef-kiss:
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@loopback0 said in A fool and his not-really-money are soon parted:
What crypto bros think it is:
Actually, is that the same movie?!
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@topspin said in A fool and his not-really-money are soon parted:
Actually, is that the same movie?!
Yeah
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@loopback0 said in A fool and his not-really-money are soon parted:
That's the "to the moon!" phase.
Which is followed by the "complete crash" phase:
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@boomzilla said in A fool and his not-really-money are soon parted:
They have some legitimate concerns about government currencies
Well, there are concerns to be had, that's true. However, reenacting the Wildcat Banks is a very weird way of doing something about that.
And I think I mentioned that before but the whole system is built on distrust of everyone. While at the same time trusting that everyone agrees that their tulips are worth something. And then being completely annoyed when others don't trust the whole thing when distrust is the whole raison d'être.
It's the Ouroboros of Cryptobros.
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@Rhywden 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:
They have some legitimate concerns about government currencies
Well, there are concerns to be had, that's true. However, reenacting the Wildcat Banks is a very weird way of doing something about that.
Yeah, for some reason they can't see that. And of course in reality it's much worse than that. At least with bank notes if you found someone willing to accept them you could just hand them over without "gas fees" or other nonsense.
And I think I mentioned that before but the whole system is built on distrust of everyone. While at the same time trusting that everyone agrees that their tulips are worth something. And then being completely annoyed when others don't trust the whole thing when distrust is the whole raison d'être.
It's the Ouroboros of Cryptobros.
No one wants to be the greatest fool holding the bag at the end of the Ponzi scheme.
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@boomzilla I mean, CC companies do take something like 2% (??) or whatever fee. Which doesn’t sound much but seems like a ridiculously high amount to me for what’s basically costing them a millionth of a cent in transaction costs. That’s why they make so much money after all.
But compared to crypto shit that’s a rounding error, when a single transaction takes 2 hours, costs $50, and burns a gallon of gas worth of energy.
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@topspin for sure, but they also give convenience to both the buyer and seller, plus stuff like fraud protection.
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@boomzilla and you don’t have to wait in line forever to buy your $50 chewing gum.
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@topspin said in A fool and his not-really-money are soon parted:
I mean, CC companies do take something like 2% (??) or whatever fee. Which doesn’t sound much but seems like a ridiculously high amount to me for what’s basically costing them a millionth of a cent in transaction costs.
It goes down the larger the volume of transactions. Big companies pay a fraction of the cost of a SME. But either way it's at a fixed amount that's known upfront.
@topspin said in A fool and his not-really-money are soon parted:
But compared to crypto shit that’s a rounding error, when a single transaction takes 2 hours, costs $50, and burns a gallon of gas worth of energy.
Also the cost wildly varies even within the same day. Sometimes the same hour.
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@topspin said in A fool and his not-really-money are soon parted:
@boomzilla and you don’t have to wait in line forever to buy your $50 token linking to a jpg of a pack of chewing gum.
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@boomzilla said in A fool and his not-really-money are soon parted:
@topspin for sure, but they also give convenience to both the buyer and seller, plus stuff like fraud protection.
It's mostly the fraud protection. I've heard that fraud is ~2% of all transactions on credit cards. (Presumably, that's the "fraud that can't be recovered" rather than "all fraud, ever, including the stuff for which we get every penny back so the only one who's out money is you, the collective consumers paying those fees, mwhahahaha.")
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@topspin said in A fool and his not-really-money are soon parted:
@boomzilla we should announce Web23.
I raise you to Web34
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@loopback0 Also seems to have gone down in general. I remember several stores about 4 or 5 years back that only allowed paying by card when the amount was above 10€, probably due to a minimum transaction charge. And as the margins are rather slim for some supermarkets that made sense.
However, I've not seen any such requirements for some time now.
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Special kind of irony to hear her talking while Fox is showing all those red numbers.
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@Rhywden said in A fool and his not-really-money are soon parted:
@loopback0 Also seems to have gone down in general. I remember several stores about 4 or 5 years back that only allowed paying by card when the amount was above 10€, probably due to a minimum transaction charge. And as the margins are rather slim for some supermarkets that made sense.
However, I've not seen any such requirements for some time now.
Yeah it seems to have almost entirely died out here too.
A lot of small businesses switched during COVID to either prefer card or not accept cash at all, and I guess that requires doing away with minimum card spends.
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@loopback0 covid was all VISA’s idea.
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@topspin said in A fool and his not-really-money are soon parted:
@loopback0 covid was all VISA’s idea.
Good on them then. Card is now almost universally accepted here, and the contactless limit that was Impossible™ to increase before is now significantly higher.
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@LaoC 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:
@boomzilla we should announce Web23.
I raise you to Web34
Paired with Web69!
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@dkf And a dash of Web63, Mrs. dkf?
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