A fool and his not-really-money are soon parted
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@GOG said in A fool and his not-really-money are soon parted:
@dkf Of course I don't count drugs as the currency. Why would I? You don't count the bread you buy as currency, do you?
Not after it's been baked. Sheesh.
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@boomzilla said in A fool and his not-really-money are soon parted:
@GOG said in A fool and his not-really-money are soon parted:
@dkf Of course I don't count drugs as the currency. Why would I? You don't count the bread you buy as currency, do you?
Not after it's been baked. Sheesh.
I dunno, if you get baked enough you might consider bread currency.
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@boomzilla said in A fool and his not-really-money are soon parted:
@GOG said in A fool and his not-really-money are soon parted:
@dkf Of course I don't count drugs as the currency. Why would I? You don't count the bread you buy as currency, do you?
Not after it's been baked. Sheesh.
On reflection, some might consider currency bread, however.
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@GOG "Bread" is slang for money (especially cash), and so is "dough".
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I actually don’t think 99% of cryptotransactions are laundering.
I think at this point a sizeable percentage of them are people trying to get in on the scam, and/or keep the scam going, rather than trying to launder things as such.
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@Arantor said in A fool and his not-really-money are soon parted:
I actually don’t think 99% of cryptotransactions are laundering.
I think at this point a sizeable percentage of them are people trying to get in on the scam, and/or keep the scam going, rather than trying to launder things as such.
The launderers just provide the anchor of financial trust.
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@Gustav said in A fool and his not-really-money are soon parted:
@dkf I assure you this was 100% unintentional and no such thoughts even crossed my mind when I wrote this.
I believed this, until you said it.
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@Arantor said in A fool and his not-really-money are soon parted:
I actually don’t think 99% of cryptotransactions are laundering.
I think at this point a sizeable percentage of them are people trying to get in on the scam, and/or keep the scam going, rather than trying to launder things as such.
"99% of transactions where crypto is used as a currency and not a speculative asset".
There, fixed it. Because of the people who use it for it's intended purpose, it's all crime.
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@Gustav said in A fool and his not-really-money are soon parted:
Remember that for the longest time, people lived without bank accounts.
Eh, more human lifetime has passed since you have had bank accounts. But it was more calendar time that you didn't. Also you have always kept accounts, banks are just with money and numbers vs direct social rank.
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@topspin said in A fool and his not-really-money are soon parted:
Because of the people who use it for it's intended purpose, it's all crime.
I think there are some online game stores that take bitcoin... maybe? And porn. Mustn't forget porn.
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@GOG the people who pay for porn might indeed be stupid enough to pay in crypto.
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@dkf 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:
Hardly anyone buys stocks to profit from the earnings, or options to insure an actual, physical trade. You don't invest in things you think make sense or are ethical or any such shit unless you 're either someone who thinks they have enough™ money anyway or it's your business to serve those people. You buy stocks you believe other people will believe in in the future and put money in the pot that raises the stock price. If that sounds familiar, that's no coincidence.
I suspect you'll start to see a change there, as money is now on a longer term megacycle to become more expensive everywhere in the world at once. When borrowing was nearly free (for larger investors; little guys got the shaft, as normal) there wasn't a big incentive to be careful with it or to demand reliable returns. But when you have basic interest rates that can actually hurt you if you borrow a billion or two, you make sure that that borrowed billion gets enough back to pay off the interest as well as giving you your profit.
The trouble with demanding reliable returns is they don't come about because someone demands. If just being diligent and demanding the right things would do, the question is why more people didn't do it even in a low-interest environment. After all, it would have been the ticket to fantastic riches. It's not like people just got lazy or risk-prone because cheap money, that's just not how competition works. The cheap money itself was only there to fend off a severe recession to begin with, triggered by people buying ever riskier products because real-world activity wasn't profitable enough any more.
Sure, we're gonna get this recession now and after a big crash and mass unemployment wages can be cut again and the unions disciplined some more, but Thatcher and Volcker pulled that off 40 years ago already and the situation is a far cry from the 70s now, so there's hardly as much to be gained from that. The world is also much more globalized than it was half a century years ago so I wouldn't bet on a lot of gains from new markets either.In some senses, this is a return to normality. Interest rates have been historically extremely low over the past 15 years.
They've been coming down for a long time.
And that's about as long-term as it gets.
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@topspin said in A fool and his not-really-money are soon parted:
@Gustav said in A fool and his not-really-money are soon parted:
significant profit in stock exchange
Depends on your definition of "significant", but I'm not talking about 10,000% profits but "beating inflation and then some, with 5-10% yearly returns".
Even 5% is above what macroeconomic growth has been for decades in almost all advanced economies (almost every country that had more annually since 1990 is either tiny or started from a very low level, mostly both). By definition, that can only work for some people if others make a loss.
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@GOG said in A fool and his not-really-money are soon parted:
@Gustav 's The Doll, you uncultured
swinesow!… and so shall you reap, millions.
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@Gustav said in A fool and his not-really-money are soon parted:
do you believe I think it's not true that
We'd like to talk to you about Lojban.
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@Arantor said in A fool and his not-really-money are soon parted:
I actually don’t think 99% of cryptotransactions are laundering.
Me neither. But it's easier to get a point across when you start being blatantly wrong in the opposite direction than the other person believes.
Is money being laundered through crypto? Yes.
Is it shitload of money? Also yes.
Was money being laundered long before crypto existed? Still yes!
If crypto never existed, would as much money get laundered today as it is in our reality? Probably!As one movie scientist once said, crime... finds a way.
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@topspin said in A fool and his not-really-money are soon parted:
"99% of transactions where crypto is used as a currency and not a speculative asset".
Now you're lowballing it.
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@LaoC said in A fool and his not-really-money are soon parted:
@Gustav said in A fool and his not-really-money are soon parted:
do you believe I think it's not true that
We'd like to talk to you about Lojban.
False. Nobody wants to talk to anybody about Lojban.
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@GOG 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:
Because of the people who use it for it's intended purpose, it's all crime.
I think there are some online game stores that take bitcoin... maybe?
I think it lasted about 3 weeks before they pulled it. There are some games that use crypto for in-game shop, but their sales pitch is "play our game and sometime in the future you'll be able to sell your items for SOOOO much real money!"
And porn. Mustn't forget porn.
Only the criminal kind uses crypto.
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@HardwareGeek 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:
@Gustav said in A fool and his not-really-money are soon parted:
do you believe I think it's not true that
We'd like to talk to you about Lojban.
False. Nobody wants to talk to anybody about Lojban.
I'm only willing to talk about Lojban in the Which Languages You Want To Kill thread.
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@topspin 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:
I actually don’t think 99% of cryptotransactions are laundering.
I think at this point a sizeable percentage of them are people trying to get in on the scam, and/or keep the scam going, rather than trying to launder things as such.
"99% of transactions where crypto is used as a currency and not a speculative asset".
There, fixed it. Because of the people who use it for it's intended purpose, it's all crime.There was the NFT craze! Which was...people using crypto as a currency to...buy speculative...pseudo?...assets.
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@boomzilla fuck you, I almost managed to forget about it.
Edit: sorry. I meant go fuck yourself.
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@Gustav said in A fool and his not-really-money are soon parted:
@boomzilla fuck you, I almost managed to forget about it.
Edit: sorry. I meant
go fuck yourselfLOLGF.
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@LaoC said in A fool and his not-really-money are soon parted:
@Gustav said in A fool and his not-really-money are soon parted:
do you believe I think it's not true that
We'd like to talk to you about Lojban.
If only I knew exactly what you meant by that.
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@Gribnit 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:
@Gustav said in A fool and his not-really-money are soon parted:
do you believe I think it's not true that
We'd like to talk to you about Lojban.
If only I knew exactly what you meant by that.
ENOMAINCLAUSE
? REDO FROM START
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@LaoC said in A fool and his not-really-money are soon parted:
ENOMAINCLAUSE
...is anagram for "masculine aeon".
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@Gustav 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:
ENOMAINCLAUSE
...is anagram for "masculine aeon".
Also, "enema anus coil"
Or "use me anal coin", to stay a bit closer to the topic here.
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@LaoC I guess. Masculine aeon is more of a garage thread thing.
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@LaoC said in A fool and his not-really-money are soon parted:
Or "use me anal coin", to stay a bit closer to the topic here.
Looping back to Lojban, I notice.
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This sounds decidedly un-hip
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@GOG said in A fool and his not-really-money are soon parted:
You don't count the bread you buy as currency, do you?
Yes.
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@Tsaukpaetra said in A fool and his not-really-money are soon parted:
@GOG said in A fool and his not-really-money are soon parted:
You don't count the bread you buy as currency, do you?
Yes.
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When your research grant is based on crypto...
https://www.science.org/content/article/crypto-company-s-collapse-strands-scientists
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@BernieTheBernie said in A fool and his not-really-money are soon parted:
When your research grant is based on crypto...
https://www.science.org/content/article/crypto-company-s-collapse-strands-scientists
climate, biodefense, and AI ethics
It was money laundering scheme, wasn't it. Anyway, nothing of value was lost.
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We need larger barrels...
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Streisand effect. Just what Bitcoin needed.
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@Zecc said in A fool and his not-really-money are soon parted:
Streisand effect. Just what Bitcoin needed.
Just those trading bots—"oh, ECB is mentioning Bitcoin, buybuyBUY!!!"
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As much as the stock and bond markets are self-pleasuring at the mere thought of a Fed Pivot... the crypto markets are on life support and desperately hoping for a Fed Rollback
https://www.wsj.com/articles/rising-tether-loans-add-risk-to-stablecoin-crypto-world-11669875590
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@izzion said in A fool and his not-really-money are soon parted:
loans it issues are denominated and payable in the token
Finally, a worse financial instrument than a CDO.
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A Web3 startup showing the problems it solved using the Blockchain in 2022:
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This sort of thing:
Among other co-conspirators, Zenobia Walker of Maryland received cash by mail, money orders, and wire transfers before depositing the funds into her personal bank account and exchanging them for cryptocurrency elsewhere.
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@topspin said in A fool and his not-really-money are soon parted:
@GOG the people who pay for porn might indeed be stupid enough to pay in crypto.
That or it's the type of porn that constitutes crime.
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used this flaw to mint quadrillions of aBNB
Wasn't minting supposed to be this hard and expensive process that takes ages per token?
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@Atazhaia I think minting in context of NFTs is different from minting in this context.
I believe what you're doing here is saying "here's 5 Bitcoins, can you give me the equivalent number of <other cryptocoin>", you're trading one kind of coins for a different kin.
And what happened is that some smart person found the "send <X> amount of <other cryptocoin> to <Y>" helper function and noticed that it has no check whether <Y> has even paid. Once you get those other cryptocoins you can then try to trade them with fools to get more common cryptocurrencies where you can get some money out of.
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@Atazhaia said in A fool and his not-really-money are soon parted:
aBNB
Is that anything like Airbnb?
BNB Chain-based
I'd be surprised if there aren't a few B&Bs whose businesses are based on chains (and whips, handcuffs, etc.), but that's a different thread.
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@HardwareGeek Bondage & Breakfast?
You might check out, but you can't leave.
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Evidently the pivot to hard-core S&M notions of asset ownership, proof-of-stake, and proof-of-work is occupying much time.