A fool and his not-really-money are soon parted
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@Arantor I'm afraid your lecture of how the economy doesn't work has not helped me to answer the questions I had about it.
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@Applied-Mediocrity the losing all the meaning is the point here.
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@Arantor said in A fool and his not-really-money are soon parted:
I do a thing, I am given $100, I can take that $100 and it has value,
more orless and less, wherever I go.FTF2022
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@Arantor Ok, I'll explain what I don't understand, so we can hopefully all understand. TFA says you can "redeem" them for (an asshole term for "buy") merch. I don't play this game, so the question I have is what sort of merch is that: in-game items (which can be duplicated, hence there's no point, which is what I've already said and so didn't need any further elaboration) or actual physical merch (which as collectibles have actual real world value, which makes tokens themselves have value)?
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@Applied-Mediocrity The Galactic Hub isn't actually part of the game itself; it's an external player based ecosystem. Whatever 'merch' there is, is going to be player organised, so it might be in-game items customised or something like that.
The Galactic Hub wiki is pretty dense reading if you're not an NMS player (and I'm not), but I thought the whole thing was interesting where it's about essentially making a cryptocurrency based on essentially proof of work where proof of work is 'playing the game' based, where the coin exists completely out of game, and with some interesting details to try to prevent it being abused.
More info: https://nomanssky.fandom.com/wiki/Galactic_Hub_Project#HubCoin
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@Arantor said in A fool and his not-really-money are soon parted:
proof of work is 'playing the game'
Sounds like my kind of work.
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@Applied-Mediocrity said in A fool and his not-really-money are soon parted:
@Arantor I'm afraid your lecture of how the economy doesn't work has not helped me to answer the questions I had about it.
They've created Crypo-Internetpointzzz.
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@Mason_Wheeler said in A fool and his not-really-money are soon parted:
That is amazing, Bob! Must have been the CIA who helped them, these guys can discover anything! Even the difference between a decentralized and a distributed system.
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:whoopsie_daisy.png:
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@HardwareGeek 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:
proof of work is 'playing the game'
Sounds like my kind of work.
It does.
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@izzion said in A fool and his not-really-money are soon parted:
:whoopsie_daisy.png:
Where have I seen that picture before?
Ah yes.
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An interesting post mortemâŚ
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A Ponzi scheme?!
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You see, with previous Web versions, you only lost big money when the investors got tired of pissing away money, or when economic bubbles burst.
Web 3.0 is much more efficient. Now you can lose big money any time! You just have to wait a few months at most, and then either a hacker stoles everything, or the founders take the money and run.
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@Zerosquare said in A fool and his not-really-money are soon parted:
You see, with previous Web versions, you only lost big money when the investors got tired of pissing away money, or when economic bubbles burst.
Web 3.0 is much more efficient. Now you can lose big money any time! You just have to wait a few months at most, and then either a hacker stoles everything, or the founders take the money and run.
So you are saying that Web 3.0 has delivered on its promise to increase performance?
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@izzion said in A fool and his not-really-money are soon parted:
Like...uh...what?
CertiK puts particular focus on this last category of threat, which has been created by the invention of flash loans: a decentralized finance mechanism that lets borrowers access extremely large amounts of cryptocurrency for very short periods of time. If used maliciously, flash loans can be used to manipulate the value of a certain token on exchanges or buy up all of the governance tokens in a project and vote to withdraw all of the funds, as happened to Beanstalk in April.
I just can't stop laughing at this. What could possibly be the point of this stuff except bad outcomes? It seems like deliberate sabotage.
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@boomzilla said in A fool and his not-really-money are soon parted:
I just can't stop laughing at this. What could possibly be the point of this stuff except bad outcomes? It seems like deliberate sabotage.
In theory, it's ultra-leverage, allowing the salt of the earth access to sums that only the one percent can use! And since lotsa finance stuff only makes money if you're slinging around huge wodges of cash, it democratizes crypto-finance!
...in practice, of course, it's used to properly leverage an exploit.
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@PotatoEngineer exactly. Because there's not much else you can do in "very short periods of time."
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@boomzilla HFT?
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@topspin said in A fool and his not-really-money are soon parted:
HFT
I could buy a lot of stuff at Harbor Freight Tools in a very short period of time, but then I couldn't repay the loan.
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@HardwareGeek
Just resell it all to @Polygeekery
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@izzion said in A fool and his not-really-money are soon parted:
@HardwareGeek
Just resell it all to @PolygeekeryI buy better tools than that.
Some of their stuff is "Okay" to even "Acceptable" but for the most part I stick to better brands.
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@Polygeekery 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:
@HardwareGeek
Just resell it all to @PolygeekeryI buy better tools than that.
Some of their stuff is "Okay" to even "Acceptable" but for the most part I stick to better brands.
I buy tools there when it's something that I'll probably never use again. Also stuff like work gloves. I like the cheap ones that are basically the thick leather. I expect to ruin them, etc, but since they're cheap it doesn't matter if I lose the occasional pair or whatever.
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@PotatoEngineer 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:
I just can't stop laughing at this. What could possibly be the point of this stuff except bad outcomes? It seems like deliberate sabotage.
In theory, it's ultra-leverage, allowing the salt of the earth access to sums that only the one percent can use! And since lotsa finance stuff only makes money if you're slinging around huge wodges of cash, it democratizes crypto-finance!
...in practice, of course, it's used to properly leverage an exploit.
I always find it fascinating that those guys not only actively ignore all the lessons we learned from unregulated markets (see: Wildcat Banks), also ignore current problems and then add their own brand of lunacy on top.
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@Rhywden said in A fool and his not-really-money are soon parted:
@PotatoEngineer 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:
I just can't stop laughing at this. What could possibly be the point of this stuff except bad outcomes? It seems like deliberate sabotage.
In theory, it's ultra-leverage, allowing the salt of the earth access to sums that only the one percent can use! And since lotsa finance stuff only makes money if you're slinging around huge wodges of cash, it democratizes crypto-finance!
...in practice, of course, it's used to properly leverage an exploit.
I always find it fascinating that those guys not only actively ignore all the lessons we learned from unregulated markets (see: Wildcat Banks), also ignore current problems and then add their own brand of lunacy on top.
Why are you talking about Texas? This is the crypto thread.
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@boomzilla said in A fool and his not-really-money are soon parted:
@Polygeekery 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:
@HardwareGeek
Just resell it all to @PolygeekeryI buy better tools than that.
Some of their stuff is "Okay" to even "Acceptable" but for the most part I stick to better brands.
I buy tools there when it's something that I'll probably never use again. Also stuff like work gloves. I like the cheap ones that are basically the thick leather. I expect to ruin them, etc, but since they're cheap it doesn't matter if I lose the occasional pair or whatever.
Some of their hand tools aren't too bad either. One thing I like about them is that they're affordable. So I can have commonly used tools in various spots in the house.
Also a good place to buy nitrile gloves.
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@Rhywden said in A fool and his not-really-money are soon parted:
@PotatoEngineer 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:
I just can't stop laughing at this. What could possibly be the point of this stuff except bad outcomes? It seems like deliberate sabotage.
In theory, it's ultra-leverage, allowing the salt of the earth access to sums that only the one percent can use! And since lotsa finance stuff only makes money if you're slinging around huge wodges of cash, it democratizes crypto-finance!
...in practice, of course, it's used to properly leverage an exploit.
I always find it fascinating that those guys not only actively ignore all the lessons we learned from unregulated markets (see: Wildcat Banks), also ignore current problems and then add their own brand of lunacy on top.
Why are you talking about human history in a nutshell? This is the crypto thread.
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@Atazhaia I think that one really takes the cake:
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@Zerosquare said in A fool and his not-really-money are soon parted:
either a hacker stoles everything, or the founders take the money and run
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@Rhywden said in A fool and his not-really-money are soon parted:
@Atazhaia I think that one really takes the cake:
Decentral Bank paused the smart contract upon noticing the decimal point bug,
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@Rhywden said in A fool and his not-really-money are soon parted:
ends up with $10 trillion
He didnât. He ended up with
10 trillion
in Monopoly money.
Important distinction, because one isnât remarkable while the other would topple the entire economy.
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It's nearly as sad as it was predictable.
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@Rhywden said in A fool and his not-really-money are soon parted:
I always find it fascinating that those guys not only actively ignore all the lessons we learned from unregulated markets (see: Wildcat Banks), also ignore current problems and then add their own brand of lunacy on top.
When you're talking about me you should at least @ me.
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@boomzilla said in A fool and his not-really-money are soon parted:
Roy checked into Castle Craig, one of the only centres in the world that treats cryptocurrency addiction.
What a great idea. Cryptokooks build castles in the sky and psychiatrists collect the rent.
Well, it's not like anyone's HODLing them there
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Did we miss this one?
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@Applied-Mediocrity said in A fool and his not-really-money are soon parted:
Roy checked into Castle Craig, one of the only centres in the world that treats cryptocurrency addiction.
This is too funny to be true.
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@topspin said in A fool and his not-really-money are soon parted:
@Applied-Mediocrity said in A fool and his not-really-money are soon parted:
Roy checked into Castle Craig, one of the only centres in the world that treats cryptocurrency addiction.
This is too funny to be true.
Itâs on their website: https://castlecraig.co.uk/behavioural-rehab/cryptocurrency-addiction
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I wonder what means of payment for their services they provide.
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Paying real money for the therapy is part of the therapy.
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@topspin Yes and also no. True believers cannot and should not be helped, and deserve the largest turboshaft possible ( @HardwareGeek might provide some literal examples). I'm on the fence about ordinary compulsive gamblers (crypto is considered a special case of gambling by this Castle Craig). I don't put much stock in psychotherapy these days, but perhaps those people should and can helped.
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@Arantor 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:
@Applied-Mediocrity said in A fool and his not-really-money are soon parted:
Roy checked into Castle Craig, one of the only centres in the world that treats cryptocurrency addiction.
This is too funny to be true.
Itâs on their website: https://castlecraig.co.uk/behavioural-rehab/cryptocurrency-addiction
It sounds like a marketing thing. I'd guess they were already doing other addictive behaviors (gambling, sex, shoplifting, etc) so why not?
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@boomzilla they treat it as a subtype of gambling addiction.
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@Arantor which is exactly how I would have described it. It's not like day trading wasn't a thing before crypto.
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@Arantor said in A fool and his not-really-money are soon parted:
Did we miss this one?
Depends, define 'miss'. Most normal people don't miss anything mentioned in this thread.
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@boomzilla yup, itâs just shrewd marketing on their part.