An insight on Bitcoin

[NED funded]

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

[Edge-]

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.

[Zan15]

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.

[Edge-]

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".

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.

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.

[NED funded]

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

[Edge-]

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...

[Zan15]

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!

[Edge-]

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.

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.

[Milchshake]

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

[Edge-]

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.

[gondrin]

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

[Edge-]

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!"

[Huzzaa]

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.

[Biglog]

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.

[crewskater]

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.

[Milchshake]

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.

[Edge-]

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.

The algorithm hasn't magically solved everything! Smart contracts were supposed to save us!

Why aren't techbros making everything better?!

[NED funded]

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.

People's ignorance makes it bad if the company in charge doesnt tell them abt it. Thats why most things you sign make sure you are aware what id that you are signing on and not be told that when their assets are taking a beating xd

[Milchshake]

The algorithm hasn't magically solved everything! Smart contracts were supposed to save us!

Why aren't techbros making everything better?!

I spit out my coffee listen to this guy track the value of Luna in real time....

[crewskater]

People's ignorance makes it bad if the company in charge doesnt tell them abt it. Thats why most things you sign make sure you are aware what id that you are signing on and not be told that when their assets are taking a beating xd

Just like like the TOS you agree to with everything right... Most people barely know how to use a computer, so for them to understand what an offline wallet is going to go right over their heads. I would imagine this will get better over time since it's still relatively new.

Now is the time to buy with these diamond hands. Laughing at stable coins and anyone who invested in them.