A fool and his not-really-money are soon parted
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@boomzilla said in A fool and his not-really-money are soon parted:
Why would anybody need an automatic transmission when you can just change the gears yourself?
Exactly
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Snapshotting for the reactions. Not one .
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If you repeat ”we’re not breaking the law” several times in the document, that totally shows you’re not breaking the law.
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From Bloomberg (this was the blurb at the top of the FB post):
Some former Coinbase employees found out they'd lost their job on Twitter. Others found out when they couldn't log onto work laptops.
Coinbase's Chaotic Day of Job Cuts Follows Rapid Hiring Spree
The crypto exchange slashed 18% of its workforce Tuesday, cutting off access to laptops and email before some employees got the news.
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@dcon said in A fool and his not-really-money are soon parted:
Others found out when they couldn't log onto work laptops.
BTDT. My next to last contract ended that way. They failed to inform me until the last minute that they wanted to extend my contract, so I accepted another contract. When I told them I'd be leaving at the end of the month, they got pissy and terminated my network access a few days before the end of the month.
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@coderpatsy That, itself, is a very negative self-review, IMHO. Not an employer I'd want to work for.
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@HardwareGeek even without that review, would you want to work for a crypto 'exchange'? That's like all the negative karma of working for a bank with all the negative karma off trading on peoples' lack of knowledge.
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@Arantor No, of course not. But I wouldn't want to work for an otherwise-not-awful employer who did that, either.
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@HardwareGeek <why-not-neither.meme>
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Anna Sorokin, known for taking hundreds of thousands of dollars from friends and businesses while posing as a German heiress, says she's trying to move away from the "scammer persona" and plans to launch a collection of NFTs.
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Imma need a whole box of tissues.
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@izzion Since Bloomberg is terrible... The title of the article appears to be "Crypto Traders Turn Against Each Other in a Collapsing Market". That gives me enough info that I don't feel the need to RTFA.
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@izzion said in A fool and his not-really-money are soon parted:
Imma need a whole box of tissues.
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It's A Wonderful Summer
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Thank $DEITY those currencies exist in a free market that prevents misallocations.
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@LaoC is this some kind of “India is the largest English speaking country in the world” joke?
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@topspin said in A fool and his not-really-money are soon parted:
@LaoC is this some kind of “India is the largest English speaking country in the world” joke?
You mean it could be 1.5 crore rupees, or am I wooshing?
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@LaoC I meant these kind of flag dropdowns usually are for language selection (but I don’t see a location relevance either), and the language is clearly English.
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@topspin said in A fool and his not-really-money are soon parted:
@LaoC I meant these kind of flag dropdowns usually are for language selection (but I don’t see a location relevance either), and the language is clearly English.
ICBW but it seems to be just for their news feed and prolly the ads), it doesn't change anything about the current article. All of that would make more sense than the usual language selection.
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@topspin said in A fool and his not-really-money are soon parted:
@LaoC is this some kind of “India is the largest English speaking country in the world” joke?
More likely it’s the first option in the drop down and no one has implemented geolocation yet.
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@LaoC said in A fool and his not-really-money are soon parted:
Thank $DEITY those currencies exist in a free market that prevents misallocations.
Hey, hey, that thread is in the garage.
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@DogsB said in A fool and his not-really-money are soon parted:
More likely it’s the first option in the drop down and no one has implemented geolocation yet.
Or the geolocation DB is out of date for that IP address range.
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@loopback0 dEcEntRalIZeD
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@loopback0 said in A fool and his not-really-money are soon parted:
No government entity can interfere in the cryptomarket
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@Gribnit said in A fool and his not-really-money are soon parted:
No government entity can interfere in the cryptomarket
Uh huh. And if you believe that, I have a bridge I'd like to sell you.
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@Arantor 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:
No government entity can interfere in the cryptomarket
Uh huh. And if you believe that, I have a bridge I'd like to sell you.
These days a JPEG of a bridge is good enough
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@loopback0 shush, don't spoil the second sale I had planned after that!
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@Arantor said in A fool and his not-really-money are soon parted:
@loopback0 shush, don't spoil the second sale I had planned after that!
I have this receipt of a token of a picture of an artistic representation of a bridge I can sell you the rights to know about...
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@Gribnit said in A fool and his not-really-money are soon parted:
@loopback0 said in A fool and his not-really-money are soon parted:
No government entity can interfere in the cryptomarket
Since "interfere" usually connotes making something worse...I think I agree with you.
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@boomzilla 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:
@loopback0 said in A fool and his not-really-money are soon parted:
No government entity can interfere in the cryptomarket
Since "interfere" usually connotes making something worse...I think I agree with you.
Well, the libertarian ideals obviously work just as well in this case. So?
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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:
@Gribnit said in A fool and his not-really-money are soon parted:
@loopback0 said in A fool and his not-really-money are soon parted:
No government entity can interfere in the cryptomarket
Since "interfere" usually connotes making something worse...I think I agree with you.
Well, the libertarian ideals obviously work just as well in this case. So?
I have no idea what you're trying to say here other than than that you don't want your post to live in this thread.
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The proposal succeeded hours after it was proposed, with one whale providing 1 million votes out of the 1.15 million votes in favor.
About those whales holding too large positions...
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@Atazhaia said in A fool and his not-really-money are soon parted:
The proposal succeeded hours after it was proposed, with one whale providing 1 million votes out of the 1.15 million votes in favor.
About those whales holding too large positions...
It's a whale eat whale world.
Filed under: the DALL·E mini results were underwhelming
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@dcon said in A fool and his not-really-money are soon parted:
The whole thing is outstanding but this really stood out to me:
For his attack on the pool of tokens that made up the DEFI5 index (and later, on the CC10 pool), Medjedovic wrote a program that took out a “flash loan”—a mechanism in crypto trading that gives users access to funds as long as they're returned within the same set of preprogrammed transactions—worth $157 million.
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@boomzilla said in A fool and his not-really-money are soon parted:
@dcon said in A fool and his not-really-money are soon parted:
The whole thing is outstanding but this really stood out to me:
For his attack on the pool of tokens that made up the DEFI5 index (and later, on the CC10 pool), Medjedovic wrote a program that took out a “flash loan”—a mechanism in crypto trading that gives users access to funds as long as they're returned within the same set of preprogrammed transactions—worth $157 million.
I mean, it’s pretty much the bellweather of
Ponzi schemesHigh Finance to do all your trades with completely made up money as long as you unwind your positions every day.
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@dcon a nice little piece that makes the well-educated crypto developer assholes to be the good guys that were robbed by the psycho-genius. Yeah, not buying it. What exactly was wrong about what he did?
I mean, in a regulated market this would obviously be illegal market manipulation. But their whole selling point is that they're actively trying to avoid any kind of regulation. They have dumb "smart contracts" which unambiguously "encode the rules". An amazing idea because nobody can cheat, it's all enforced by the contract. Or, as the front page would call that, "works as coded". He played by their rules, it's just that their rules are dumb.
If you offer me the ability to buy a token for $100 and then sell it back to you at $95 on week days or $105 on the weekend, and I then write a script to repeat this process 6 billion times, did I abuse the system?
As long as you're arguing that your trading with monopoly money isn't bound by financial regulations, then none of these "attacks" where someone else was just smarter than your shitty system should be illegal. (In contrast to those that are already classically illegal, e.g. you actually hacked into someone else's computer).
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@topspin said in A fool and his not-really-money are soon parted:
As long as you're arguing that your trading with monopoly money isn't bound by financial regulations, then none of these "attacks" where someone else was just smarter than your shitty system should be illegal. (In contrast to those that are already classically illegal, e.g. you actually hacked into someone else's computer).
But it should be illegal when the devs didn't think of the idea first and pinky-sworn that they were never going to use it. How else are you going to have a trustless system?
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@JBert said in A fool and his not-really-money are soon parted:
But it should be illegal when the devs didn't think of the idea first and pinky-sworn that they were never going to use it.
I wonder if there's a way to encode "we haven't thought of this, so don't use that!". Hmm, no, that's an open-ended set of things to disallow, better to just encode what you did think of and do want to allow. Oh wait, that's what their smart contract does! So it probably was fair game.
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@topspin said in A fool and his not-really-money are soon parted:
Oh wait, that's what their smart contract does! So it probably was fair game.
That's exactly what the court is set to determine, if Medjedovic ever shows up in court.
But the case is hardly clear-cut, especially considering Medjedovic's argument that he took on risk. “People on Wall Street often make a lot of money very quickly when they see a gap and do strategic research,” Matwyshyn says. “I can imagine a world where a judge weighs various factors, after examining the technical and financial specifics of a scenario like this, and reaches the conclusion that there were variables that make this conduct more akin to a highly speculative trading scenario.”
@boomzilla said in A fool and his not-really-money are soon parted:
this really stood out to me:
What caught my attention was this:
DeFi purists would prefer to keep governments away from their platforms. Chris Blec, who runs the watchdog site DeFi Watch, tweeted that the attack on Indexed was “an embarrassment for DeFi” and criticized the team for turning to a centralized institution like the courts for help. Kellar says he doesn't see an alternative—it's not like DeFi has its own justice system.
It seems to me like the "purists" must necessarily rely on vigilante justice, since they don't want any government involvement at all, even when their not-really-money is stolen. That, combined with the fact that — even with the full authority of the government behind it — the court can't actually bring about justice — return of the stolen currency, assuming the court finds Medjedovic's actions illegal — without his private key, raises the idea that the pissed-off investors might engage in something like https://xkcd.com/538/ to recover their investment, with or without court involvement.
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That’s kind of the problem, isn’t it? These people are all “we don’t want government involvement” until something goes wrong and suddenly “oh shit now we have no recourse, help me, government!”
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November 2021: Oh look, banks and investors are looking at crypto:
June 2022: Sorry we lost your money, but the market is really volatile, mkay?
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@loopback0 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:
@Gribnit said in A fool and his not-really-money are soon parted:
No government entity can interfere in the cryptomarket
Uh huh. And if you believe that, I have a bridge I'd like to sell you.
These days a
link to a JPEGthat may or may not be where the link points in the future of a bridge is good enoughFTFY