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  1. #1601
    Legendary! Poopymonster's Avatar
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    Quote Originally Posted by Edge- View Post
    https://www.pcgamer.com/crypto-ceo-b...ars-in-prison/



    Man, rugpulls can come with some serious jailtime lol. Granted it was a $2.5B rugpull, but that's a lot of years.
    After browsing the article, this clip seemed relevant.

    Quote Originally Posted by Crissi View Post
    Quit using other posters as levels of crazy. That is not ok

  2. #1602
    https://www.digitalmusicnews.com/202...eptember-2022/

    So how's the NFT game going?

    According to a report from DappRadar, transaction volume on the NFT marketplace has dropped 99% from its record high in May. OpenSea processed around $5 million of NFT transactions on August 28, compared to $405.75 million on May 1 of this year. The trade volume on the platform has dropped 90% from the January 2022 peak of $4.85 billion.
    Oh...so not great, then.

    https://www.reddit.com/r/CryptoCurre...quidations_in/

    And /r/cryptocurrency analysts are talking about the latest BTC price fall. I thought crypto was supposed to not be tied to/impacted by fiat currency so it's interesting seeing how the Fed meeting is still big news as moves by the Fed impact the crypto markets as well.

  3. #1603
    Quote Originally Posted by Edge- View Post
    https://www.pcgamer.com/crypto-ceo-b...ars-in-prison/



    Man, rugpulls can come with some serious jailtime lol. Granted it was a $2.5B rugpull, but that's a lot of years.
    Some countries don't mess around with people who con others unlike the US where unless you con rich people out of money, it is tough luck.

    - - - Updated - - -

    Quote Originally Posted by Edge- View Post
    https://www.digitalmusicnews.com/202...eptember-2022/

    So how's the NFT game going?



    Oh...so not great, then.

    https://www.reddit.com/r/CryptoCurre...quidations_in/

    And /r/cryptocurrency analysts are talking about the latest BTC price fall. I thought crypto was supposed to not be tied to/impacted by fiat currency so it's interesting seeing how the Fed meeting is still big news as moves by the Fed impact the crypto markets as well.
    I still say, until the crypto fanatics can explain to me why they care so much about how much BTC or whatever Crypto they like is valued at in fiat when they want it to replace said fiat, it is nothing more than a scam.

    If it is supposed to be a new way of transacting things, or even taking over currency itself, then it's value in dollars shouldn't matter other than an exchange rate. You don't see people going around "Look how much the Sterling Pound is in dollars."

  4. #1604
    Quote Originally Posted by gondrin View Post
    If it is supposed to be a new way of transacting things, or even taking over currency itself, then it's value in dollars shouldn't matter other than an exchange rate. You don't see people going around "Look how much the Sterling Pound is in dollars."
    The only reason they don't is because it's pretty stable. The fact that the pound has been falling against the dollar has been making the news lately (Several links, from different time periods over the last year to give you an idea). Even then, it hasn't been falling 70% like dift crypto currencies have. If the pound had fallen 70% compared to the dollar, it'd be front page news in every english speaking country.
    Quote Originally Posted by Rudol Von Stroheim View Post
    I do not need to play the role of "holier than thou". I'm above that..

  5. #1605
    I have seen several television advertisements for Invesco QQQ lately. I don't think I have ever seen ETFs advertised on TV before.
    Last edited by Rasulis; 2022-09-14 at 12:59 AM.

  6. #1606
    Legendary! hellhamster's Avatar
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    Huge day for crypto today, and possibly the biggest in years. The Ethereum proof of stake merge is underway. The proof of work concept will be replaced by a much more energy friendly (99,95%) block validation architecture.

    In layman's terms, instead of using GPUs to solve algorithms and validate blocks (ie. transactions), block validation will be based on random validators who will stake their own coins as collateral. The result is a much more energy friendly, environmental, fast and cheap method of transacting and validating, but also less decentralised and less secure, although it should be secure enough in theory. Practically, proof of stake hasn't been tested that long, but other coins have been doing it successfully for years now.



    Also great news for gamers, video card demand will subside, if the merge is successful that is. Gas fees, which are required to validate blocks and make transactions, have been insanely high due to Ethereum's price climb of the last few years, which was over 400.000%. This has been Ethereum's biggest problem, they didn't anticipate this increase in demand that consequently increases the costs of validating. This was the main reason for the merge, and is absolutely necessary for Ethereum's growth.

    Edit: merge was successful!
    Last edited by hellhamster; 2022-09-15 at 07:10 AM.

  7. #1607
    Quote Originally Posted by hellhamster View Post
    Huge day for crypto today, and possibly the biggest in years. The Ethereum proof of stake merge is underway. The proof of work concept will be replaced by a much more energy friendly (99,95%) block validation architecture.

    In layman's terms, instead of using GPUs to solve algorithms and validate blocks (ie. transactions), block validation will be based on random validators who will stake their own coins as collateral. The result is a much more energy friendly, environmental, fast and cheap method of transacting and validating, but also less decentralised and less secure, although it should be secure enough in theory. Practically, proof of stake hasn't been tested that long, but other coins have been doing it successfully for years now.



    Also great news for gamers, video card demand will subside, if the merge is successful that is. Gas fees, which are required to validate blocks and make transactions, have been insanely high due to Ethereum's price climb of the last few years, which was over 400.000%. This has been Ethereum's biggest problem, they didn't anticipate this increase in demand that consequently increases the costs of validating. This was the main reason for the merge, and is absolutely necessary for Ethereum's growth.

    Edit: merge was successful!
    It's as if millions of voices were suddenly silenced about hating crypto. This is only the beginning of something bigger. Something something pYaRaMiD sChEmE hur dur.

  8. #1608
    Quote Originally Posted by Rasulis View Post
    I have seen several television advertisements for Invesco QQQ lately. I don't think I have ever seen ETFs advertised on TV before.
    oh lord for years on bloomberg and cnbc they always had them advertised. couldn't get away from them.

    You also see them in the barrons and IBD publications out the ass.
    Buh Byeeeeeeeeeeee !!

  9. #1609
    So, now the people who decide if a transaction etc happens or new coins are actually minted are the whales ?

    Yeah that's just great
    - Lars

  10. #1610
    Ethereum Miners Are Quickly Dying Less Than 24 Hours After the Merge
    Now-redundant, Ethereum miners are flocking to other proof-of-work tokens after the network switched to a proof-of-stake consensus mechanism and finding slim pickings.

    Ethereum miners are finding it increasingly hard to make money after the Merge as too many of them are switching to alternative coins, crushing mining profitability.
    Earlier Thursday, Ethereum, which is the world’s second-largest blockchain network, switched its consensus algorithm to proof-of-stake from proof-of-work in order to boost efficiency and lower energy consumption. However, the software update – dubbed the Merge – also meant that miners were no longer needed to secure the network, and so rig operators moved their machines to other PoW blockchains.

    “Graphics processing units (GPU) mining is dead less than 24 hours after the Merge,” tweeted Ben Gagnon, chief mining officer at bitcoin miner Bitfarms (BITF). The three largest GPU chains have very low profits, and “the only coins showing profit have no market cap or liquidity,” he added.

    The hashrate, or computing power, used to mine PoW altcoins like ethereum classic (ETC) and ravencoin (RVN) doubled in the hours after the Merge took place. Alongside a rising hashrate, however, is rising difficulty, meaning miners are less likely to successfully mine a block and reap the block reward.

    The reward for mining an Ethereum Classic block about 24 hours ago was ETC 0.0186484, or about 70 cents, but a check in the past hour found that’s tumbled to just ETC 0.00030658, or about 11 cents, according to data from Minerstat. Similarly, RVN miners could earn RVN 30.28478584, or $1.77 per block 24 hours ago, and in the past hour, that’s dropped to just RVN 0.82968431, or about 5 cents.

    “As suspected, too many ETH miners switched over to ETC,” Ethan Vera, chief operations officer of mining services firm Luxor Technologies, tweeted on Thursday.
    “Even running new generation hardware at sub 3 cent power is not profitable on ETC now … That electricity price is much lower than what households in the U.S. pay, and even to what industrial consumers like bitcoin miners pay in several parts of the country.”

    Vera estimated that 20%-30% of ethereum miners have migrated to other networks, with the rest of them simply shutting down.

  11. #1611
    Legendary! hellhamster's Avatar
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    Quote Originally Posted by crewskater View Post
    It's as if millions of voices were suddenly silenced about hating crypto. This is only the beginning of something bigger. Something something pYaRaMiD sChEmE hur dur.
    Yeah, the merge just proves all those voices were just butthurt pc gamers who couldn't afford a videocard because apparently it's crypto's fault, not the card manufacturers fucking with supply lol.

    - - - Updated - - -

    Quote Originally Posted by Muzjhath View Post
    So, now the people who decide if a transaction etc happens or new coins are actually minted are the whales ?

    Yeah that's just great
    Not exactly, there are weighted preferences but the selection is pretty much random. You have a point though, we will have to wait and see how it develops. I'm honestly kinda afraid governments will try and amass validators to control supply.

  12. #1612
    Quote Originally Posted by hellhamster View Post
    Yeah, the merge just proves all those voices were just butthurt pc gamers who couldn't afford a videocard because apparently it's crypto's fault, not the card manufacturers fucking with supply lol.
    Because there's an infinite supply of materials needed to create processors and GPU's? Because there's no demand for those materials from other industries? Because a sudden skyrocketing of demand by folks looking to get rich quick while doing nothing didn't impact the market?

    This is some absolute fantasy stuff. We can celebrate GPU's returning to normal pricing even if we weren't impacted by the GPU shortage. I've got a 3070 so I'm sitting pretty, but I'm thrilled at this news all the same. Less enthusiast hardware wasted by losers, more of it available for folks to actually enjoy.

    Quote Originally Posted by hellhamster View Post
    Not exactly, there are weighted preferences but the selection is pretty much random. You have a point though, we will have to wait and see how it develops. I'm honestly kinda afraid governments will try and amass validators to control supply.
    Because the whales aren't already doing this on various blockchains?

    Why are folks always so afraid the government is gonna do what people are already doing?

  13. #1613
    Quote Originally Posted by Edge- View Post
    Because there's an infinite supply of materials needed to create processors and GPU's? Because there's no demand for those materials from other industries? Because a sudden skyrocketing of demand by folks looking to get rich quick while doing nothing didn't impact the market?

    This is some absolute fantasy stuff. We can celebrate GPU's returning to normal pricing even if we weren't impacted by the GPU shortage. I've got a 3070 so I'm sitting pretty, but I'm thrilled at this news all the same. Less enthusiast hardware wasted by losers, more of it available for folks to actually enjoy.



    Because the whales aren't already doing this on various blockchains?

    Why are folks always so afraid the government is gonna do what people are already doing?
    You don't get it, when people screw you over now it's the free market so it's fine. When government may screw you over sometime in the future that's not the free market so it's bad.
    It is all that is left unsaid upon which tragedies are built -Kreia

    The internet: where to every action is opposed an unequal overreaction.

  14. #1614
    Legendary! hellhamster's Avatar
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    Quote Originally Posted by Jastall View Post
    You don't get it, when people screw you over now it's the free market so it's fine. When government may screw you over sometime in the future that's not the free market so it's bad.
    The difference is that one adjusts and evolves based on consumer input, and the other is a few old and out of touch men thinking the world revolves around the whims of a central banking system that is ideologically over 100 years old. It's like the carriage companies in the early 20th century, yelling that cars are dangerous and horses are the way to go.

    I don't mind government interference, as long as it doesn't screw over the consumer or other "competing" countries. Evidenced by the state of the world right now, it has done enough damage already. I had to flee my country due to government and EU "interference" or I'd end up on the street.
    Last edited by hellhamster; 2022-09-16 at 08:49 PM.

  15. #1615
    Quote Originally Posted by hellhamster View Post
    The difference is that one adjusts and evolves based on consumer input, and the other is a few old and out of touch men thinking the world revolves around the whims of a central banking system that is over 100 years old.

    I don't mind government interference, as long as it doesn't screw over the consumer or other "competing" countries. Evidenced by the state of the world right now, it has done enough damage already.
    Consumer input, yeah right. If there's on market where what 99% of "consumers" do doesn't fucking matter because it's actually controlled by barely more than a handful of mega-whales, it's crypto. The "out of touch" guys might actually do less damage because they don't know how to actively game the system to advantage them.
    It is all that is left unsaid upon which tragedies are built -Kreia

    The internet: where to every action is opposed an unequal overreaction.

  16. #1616
    Legendary! hellhamster's Avatar
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    Quote Originally Posted by Jastall View Post
    Consumer input, yeah right. If there's on market where what 99% of "consumers" do doesn't fucking matter because it's actually controlled by barely more than a handful of mega-whales, it's crypto. The "out of touch" guys might actually do less damage because they don't know how to actively game the system to advantage them.
    Every single market is controlled by mega-whales. This isn't anything new, nor it will ever change. Crypto is still the wild west for now, and people know exactly what is going on, for the most part. There will always be idiots who will put their life savings on a crypto called "Pregnant Butt" or "Harry Potter obama sonic", you can't change human nature. The vast majority just likes that volatility that the other markets can't provide.

    Take Luna for example. It went from like $120 to $0.000000000001 and back to $7. That volatility is pure adrenaline for most people.

    But that's not even the important thing, it's just gambling. The important thing is the technology behind it, and that is a step forward.
    Last edited by hellhamster; 2022-09-16 at 09:06 PM.

  17. #1617
    Quote Originally Posted by hellhamster View Post
    Every single market is controlled by mega-whales. This isn't anything new, nor it will ever change. Crypto is still the wild west for now, and people know exactly what is going on, for the most part. There will always be idiots who will put their life savings on a crypto called "Pregnant Butt" or "Harry Potter obama sonic", you can't change human nature. The vast majority just likes that volatility that the other markets can't provide.
    That kinda sounds like you agreeing with me that there's not much of a difference between said market controllers and the government then, aside from the fact the former are better and far more experienced at screwing over said consumer, and have more interest in doing so as well.

    If "people" knew what was going on no one would fall for shitcoins or buy even the less shit ones when they're high... but tons do. That's how the entire market works, the endless search for the bigger fool. Without those fools crypto as an asset is virtually useless. And yes, before you say so the same is true of a bunch of stocks, but at least not all of 'em. And stocks are, y'know, regulated.
    It is all that is left unsaid upon which tragedies are built -Kreia

    The internet: where to every action is opposed an unequal overreaction.

  18. #1618
    Legendary! hellhamster's Avatar
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    Quote Originally Posted by Jastall View Post
    That kinda sounds like you agreeing with me that there's not much of a difference between said market controllers and the government then, aside from the fact the former are better and far more experienced at screwing over said consumer, and have more interest in doing so as well.

    If "people" knew what was going on no one would fall for shitcoins or buy even the less shit ones when they're high... but tons do. That's how the entire market works, the endless search for the bigger fool. Without those fools crypto as an asset is virtually useless. And yes, before you say so the same is true of a bunch of stocks, but at least not all of 'em. And stocks are, y'know, regulated.
    I have a few bridges to sell to you if you think stocks are regulated. Surely, it's better regulated than crypto, but come on now.

    I don't even wanna get started on the literal cartel that is the commodities market, or the absolute clusterfucks that are the derivative or debt markets that are one hair width away from ruining the entire global economy with one misstep.

  19. #1619
    hellham why cant you just be honest. You can say :

    I would like to invest £1 in monkeycoin and after 6 months it be 'worth' £1,000,000 without me having to work or do anything.

    You would quickly stop this nonsense about not trusting banks if you wanted to actually have convert crypto into something useful like uhh for instance real fiat money that you can spend on things to improve your life.

    All this bullshit about technology or decentralization is just that, bullshit. Its 2022 the jig is up.

    You want to chill out and not work for a living and have capital to do that like everyone else, its not about anyones liberation but your own. Why keep pretending?

  20. #1620
    Quote Originally Posted by hellhamster View Post
    I have a few bridges to sell to you if you think stocks are regulated. Surely, it's better regulated than crypto, but come on now.

    I don't even wanna get started on the literal cartel that is the commodities market, or the absolute clusterfucks that are the derivative or debt markets that are one hair width away from ruining the entire global economy with one misstep.
    Call them crypto bridges and smack a meme or the pic of a monkey on them and you'll likely get a bunch of people with more money than sense lining up to buy said bridges hoping to sell them later. You don't need me.

    Still, the way you put makes it sound like the stock market should be more regulated to avoid nonsense like this (which isn't something I disagree with). But crypto shouldn't because?
    It is all that is left unsaid upon which tragedies are built -Kreia

    The internet: where to every action is opposed an unequal overreaction.

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