1. #1281
    Quote Originally Posted by jonnysensible View Post
    El salvadors cryto stuff is going well : volcano bond didnt sell, real gov bonds are collapsing, civil liberties are suspended, the gangs which the gov made a deal with are on the killing sprees, and they owe 800mil to the IMF in Jan 2023.

    Saw the CAR adoption as well, with 11% of the population having access to the internet and it being the 2nd most corrupt country in the world im sure it will go well.
    Crypto adoption in El Salvador is also extremely low with a lot of transactions just immediately being converted to USD after they happen.

    Oh and Tanzania + many other countries including India I believe are talking about floating their own crypto currency. They will then at least have some control.

    About 25 years ago we used to do "money drops" for some rural areas of Tanzania. Sometimes this could be in excess of a million USD. The only problem was it was denominated in local currency. So 1.5 million Tanzania shillings at the time fit in a box that could probably fit two people inside + another small box which had to be carried by 2 people lol. This issue with currency becoming worth less than the paper it is printed on(or more pertinently the coins are more valuable as scrap metal) could be somewhat address by crypto.

    For another only in Africa story, they eventually bought 6 armoured cars to do this. One of them did not make it out of the port city of Dar es Salaam where it landed because it was crashed. Only 2 of the remaining 5 made it cross country where they needed to be to even start doing a job. Yeah, they were all "unforced errors" like rolling down hills and crashing into other traffic.
    Last edited by Afrospinach; 2022-04-30 at 01:34 PM.
    The whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts.

  2. #1282
    Quote Originally Posted by Muzjhath View Post
    The fact that you can see all these problems with speculative markets, and securities, etc. And come to the conclusion of "These are bad and our society is worse of because we protect them!" And turn around and go "But these speculative markets and securities are tots fine mah dudes! perplexes me.
    (Instead of going "We should make all that shit far more regulated and make quarterly reporting of stocks illegal" etc)
    You don't get it. In their heads regulations cause this, and not having any rules or regulations would fix all these problems, presumably because the swindlers and cheats profiting off the current system would suddenly become the most upstanding of citizens.

    It's High School libertarianism mixed a healthy dose of tech bro fetishism seeing Code as flawless. Delete mere human regulations and oversight, put everything in Code instead and all will be well. All they need is red robes and a boatload of toasters grafted unto them to cosplay as the Adeptus Mechanicus.
    It is all that is left unsaid upon which tragedies are built -Kreia

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

  3. #1283

  4. #1284
    nft market in the mud, bitcoin miners not selling because it will crash the price or even worse there arent enough real dollars in crypto, remember not a scam

  5. #1285
    https://www.cnbc.com/2022/05/11/terr...80percent.html

    One of the bigger stablecoins has died

    18 billion dollars gone and ppl are melting down :X

  6. #1286
    Quote Originally Posted by NED funded View Post
    https://www.cnbc.com/2022/05/11/terr...80percent.html

    One of the bigger stablecoins has died

    18 billion dollars gone and ppl are melting down :X
    From what I've seen, if there were shares in Copium I'd be all-in on that shit.

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

    The few places I've bothered checking seems like they're all mainlining Copium while doing line after line of it.

  7. #1287
    Quote Originally Posted by Edge- View Post
    From what I've seen, if there were shares in Copium I'd be all-in on that shit.

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

    The few places I've bothered checking seems like they're all mainlining Copium while doing line after line of it.
    It's getting ugly out there.
    Well at least they are now blaming Biden and the Feds for the problems in Crypto just like they are with every other problem. /facepalm


    People are waking up to the realization that their bitcoin is sometimes not really theirs anymore

    https://fortune.com/2022/05/11/coinb...arnings-stock/

    Coinbase said in its earnings report Tuesday that it holds $256 billion in both fiat currencies and cryptocurrencies on behalf of its customers. Yet the exchange noted that in the event it ever declared bankruptcy, “the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings.” Coinbase users would become “general unsecured creditors,” meaning they have no right to claim any specific property from the exchange in proceedings. Their funds would become inaccessible.

    That shouldn’t happen.

    An individual’s ownership of cryptocurrency is supposed to be immutable and absolute; that's one of the key selling points touted by blockchain evangelists everywhere. But when a user creates a Coinbase account, they often end up storing their cryptocurrency in a wallet controlled by Coinbase, which means the individual is giving away at least part of their control over their own funds.
    Buh Byeeeeeeeeeeee !!

  8. #1288
    Quote Originally Posted by Zan15 View Post
    It's getting ugly out there.
    Well at least they are now blaming Biden and the Feds for the problems in Crypto just like they are with every other problem. /facepalm
    Given the discussion in this thread so far...is that a surprise? The throughline of the crypto community has always been, "Centralized banking and financial systems bad. Agencies like Fed bad and actually responsible for all problems".

    Quote Originally Posted by Zan15 View Post
    Coinbase said in its earnings report Tuesday that it holds $256 billion in both fiat currencies and cryptocurrencies on behalf of its customers. Yet the exchange noted that in the event it ever declared bankruptcy, “the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings.” Coinbase users would become “general unsecured creditors,” meaning they have no right to claim any specific property from the exchange in proceedings. Their funds would become inaccessible.

    That shouldn’t happen.
    Every day we find out about the new and exciting grifts in the crypto world. This is absolutely hilarious in the highest order. I mean, if my bank goes under and shuts down tomorrow I'm just fine...why? Because it's FDIC insured, which covers up $250K, which is much, much more than I have in the bank.

    Quote Originally Posted by Zan15 View Post
    An individual’s ownership of cryptocurrency is supposed to be immutable and absolute; that's one of the key selling points touted by blockchain evangelists everywhere. But when a user creates a Coinbase account, they often end up storing their cryptocurrency in a wallet controlled by Coinbase, which means the individual is giving away at least part of their control over their own funds.
    Literally every selling point so far has proven to be a lie, or so impractical that they've had to find workarounds that eliminate the supposed benefit. Side-chains, temporary tokens, taking loans out against the chain that you can then use to buy voting shares etc.

  9. #1289
    Quote Originally Posted by Edge- View Post
    From what I've seen, if there were shares in Copium I'd be all-in on that shit.

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

    The few places I've bothered checking seems like they're all mainlining Copium while doing line after line of it.
    It always surprises the lenghts crypto ppl go just to make shittier banks. It would be funny if normal ppl werent falling for the marketing and hype of it all

  10. #1290
    Quote Originally Posted by NED funded View Post
    It always surprises the lenghts crypto ppl go just to make shittier banks. It would be funny if normal ppl werent falling for the marketing and hype of it all
    Honestly, I have no problems with this. There's more than an abundance of information about the risks, lies, and fraud within the crypto world, and the vast majority of the promises are firmly in the "Too good to be true/get rich quick" category that should instantly start triggering warning bells.

    This is just new-era pet-rock/snakeoil, just with a way more annoying marketing campaign that's much larger because the whole point of the grift is to fake it until they make it, knowing they'll never actually make it. So a handful of grifters get rich while the vast majority of folks involved are left holding the bill/with worthless crypto.

    Same shit, slightly different costume.

    - - - Updated - - -

    https://arstechnica.com/tech-policy/...ades-its-debt/

    In other news, El Salvador continues to embrace Bitcoin, recently purchasing 500 more by buying "the dip".

    Problem is...their countries finances are a mess and Bitcoin has done nothing to help out, arguably making it worse. Their credit rating has been downgraded again.

    Apparently they were going to mine more using geothermal energy from volcano's. And now the president wants to build a "Bitcoin City" using money the country doesn't have. So what's his strategy? Selling "Bitcoin bonds"...which are like normal bonds, but for bitcoin, with half of the bond investment going toward BTC and other half going toward the "Bitcoin City"...which sounds like a bad deal given that you could just like...buy bitcoin and enjoy any potential gains in full rather than in half.

    Oh, and their "stablecoin" is no longer stable as NED pointed out -

    Conventional stablecoins like Tether or USD Coin are backed by companies that hold (or at least claim to hold) enough cash to defend the peg. By contrast, Terra is an "algorithmic stablecoin." Its value was supposed to be supported automatically by smart contracts.
    Damn, and I thought smart contracts were supposed to be revolutionary and save everything...

    I'm beginning to think all the crypto folks have been lying to the world about the potential benefits in their pursuit of growing their own wealth even if it means duping tons of others...just maybe...

  11. #1291
    Quote Originally Posted by Edge- View Post
    Honestly, I have no problems with this. There's more than an abundance of information about the risks, lies, and fraud within the crypto world, and the vast majority of the promises are firmly in the "Too good to be true/get rich quick" category that should instantly start triggering warning bells.

    This is just new-era pet-rock/snakeoil, just with a way more annoying marketing campaign that's much larger because the whole point of the grift is to fake it until they make it, knowing they'll never actually make it. So a handful of grifters get rich while the vast majority of folks involved are left holding the bill/with worthless crypto.

    Same shit, slightly different costume.

    - - - Updated - - -

    https://arstechnica.com/tech-policy/...ades-its-debt/

    In other news, El Salvador continues to embrace Bitcoin, recently purchasing 500 more by buying "the dip".

    Problem is...their countries finances are a mess and Bitcoin has done nothing to help out, arguably making it worse. Their credit rating has been downgraded again.

    Apparently they were going to mine more using geothermal energy from volcano's. And now the president wants to build a "Bitcoin City" using money the country doesn't have. So what's his strategy? Selling "Bitcoin bonds"...which are like normal bonds, but for bitcoin, with half of the bond investment going toward BTC and other half going toward the "Bitcoin City"...which sounds like a bad deal given that you could just like...buy bitcoin and enjoy any potential gains in full rather than in half.

    Oh, and their "stablecoin" is no longer stable as NED pointed out -



    Damn, and I thought smart contracts were supposed to be revolutionary and save everything...

    I'm beginning to think all the crypto folks have been lying to the world about the potential benefits in their pursuit of growing their own wealth even if it means duping tons of others...just maybe...

    El Salvador might be lucky soon to pick up some really cheap mining farms in bankruptcy sales.

    They are already starting with a very predictable uptick in questions like... "why isn't the feds investigating the failures at these companies" "why wasn't this regulated".

    Don't worry 6 figures any day now!
    Buh Byeeeeeeeeeeee !!

  12. #1292
    Quote Originally Posted by Zan15 View Post
    El Salvador might be lucky soon to pick up some really cheap mining farms in bankruptcy sales.
    If they can find any more money, lol.

    Quote Originally Posted by Zan15 View Post
    They are already starting with a very predictable uptick in questions like... "why isn't the feds investigating the failures at these companies" "why wasn't this regulated".
    Man, are you saying that decentralization comes with risks due to inabilities to properly regulate/oversee companies to protect consumers?

    Inconceivable.

  13. #1293
    Over 9000! Milchshake's Avatar
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    History favors nitwits that lost half their value since this commercial first aired.



    coulda got more value for $1.50 in late fees at the public library

  14. #1294
    Quote Originally Posted by Slacker76 View Post
    History favors nitwits that lost half their value since this commercial first aired.



    coulda got more value for $1.50 in late fees at the public library
    I think Matt Damon probably got the better deal in that commercial. In that he probably got paid a lot of fiat currency for a few hours of shooting before heading home.

  15. #1295
    Quote Originally Posted by Edge- View Post
    Honestly, I have no problems with this. There's more than an abundance of information about the risks, lies, and fraud within the crypto world, and the vast majority of the promises are firmly in the "Too good to be true/get rich quick" category that should instantly start triggering warning bells.

    This is just new-era pet-rock/snakeoil, just with a way more annoying marketing campaign that's much larger because the whole point of the grift is to fake it until they make it, knowing they'll never actually make it. So a handful of grifters get rich while the vast majority of folks involved are left holding the bill/with worthless crypto.

    Same shit, slightly different costume.

    - - - Updated - - -

    https://arstechnica.com/tech-policy/...ades-its-debt/

    In other news, El Salvador continues to embrace Bitcoin, recently purchasing 500 more by buying "the dip".

    Problem is...their countries finances are a mess and Bitcoin has done nothing to help out, arguably making it worse. Their credit rating has been downgraded again.

    Apparently they were going to mine more using geothermal energy from volcano's. And now the president wants to build a "Bitcoin City" using money the country doesn't have. So what's his strategy? Selling "Bitcoin bonds"...which are like normal bonds, but for bitcoin, with half of the bond investment going toward BTC and other half going toward the "Bitcoin City"...which sounds like a bad deal given that you could just like...buy bitcoin and enjoy any potential gains in full rather than in half.

    Oh, and their "stablecoin" is no longer stable as NED pointed out -



    Damn, and I thought smart contracts were supposed to be revolutionary and save everything...

    I'm beginning to think all the crypto folks have been lying to the world about the potential benefits in their pursuit of growing their own wealth even if it means duping tons of others...just maybe...
    Well, they better have not bought it through Coinbase.

    https://www.msn.com/en-us/money/mark...bbef28910e0672

    Coinbase warns users could lose their crypto holdings if the company goes bankrupt

  16. #1296
    Quote Originally Posted by gondrin View Post
    Well, they better have not bought it through Coinbase.

    https://www.msn.com/en-us/money/mark...bbef28910e0672
    Apparently they've been trying to calm folks down because they're not imminently going bankrupt or something...but it sure tells a lot about the userbase when they are apparently just realizing that all their holdings stored there are not insured in any way and that if the company goes belly-up out of the blue that anything they have stored there is gone.

    Seems like the whole crypto grift has big Lando energy, "This deal keeps getting worse all the time!"

  17. #1297
    Quote Originally Posted by Zython View Post
    As someone who has a masters in Computer Science and has worked in cyber security for over 5 years, everyone involved in cryptocurrency should be beaten to death with an oar.
    Pretty much.

  18. #1298
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    As for Coinbase, I don't think crypto holders have any delusion that their assets are FDIC insured or anything like that. It's more just particularly bad timing to include that at a time when bitcoin (and all crypto) is in free-fall, scaring users that maybe the messaging means that a bankruptcy is near.

    After a person has bought crypto, there is no real need at all to keep it in a third-party wallet like Coinbase. For those that use crypto, it's probably better to view it and services like it more as a temporary place to transfer/convert crypto on it's way to a destination, but not a good long-term holding place to store it by using it like a bank.

    More importantly for PC gamers, the crypto crash is driving down gpu prices at an amazing rate. The long-inflated gpu prices are falling *daily* and inventory is not nearly as hard to come by anymore. Still high, but prices are definitely trending down.
    Last edited by Biglog; 2022-05-12 at 04:40 AM.

  19. #1299
    Quote Originally Posted by Edge- View Post
    Apparently they've been trying to calm folks down because they're not imminently going bankrupt or something...but it sure tells a lot about the userbase when they are apparently just realizing that all their holdings stored there are not insured in any way and that if the company goes belly-up out of the blue that anything they have stored there is gone.

    Seems like the whole crypto grift has big Lando energy, "This deal keeps getting worse all the time!"
    Not transferring your coins to an offline wallet is a bad move on anyone's part. People's ignorance on the subject doesn't make it bad.

  20. #1300
    Over 9000! Milchshake's Avatar
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    Who knew, Crypto was really just a compression algorithm all along!

    If you invested $100 in Luna one month ago, the fourth most popular cryptocurrency at the time, you now have $0.04.

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