This is what is going to happen to all meme cryptocurrencies

[soundforbjt]

You can’t spell crypto without CRY.

 

[MrSquished]

Yep, whoops there goes another rubber tree plant...

Founders of bankrupt crypto hedge fund Three Arrows go missing (cnbc.com)

10 billion go poof, lots of people left clutching empty purses. Yet again. And again. What a concept crypto is!

 

[hal2kilo]

More evidence of the ridiculous amount of power used by bitcoin. Hello Texas!

Cryptomining uses a "disturbing" amount of energy, lawmakers find | Salon.com

 

[Zorba]

More evidence of the ridiculous amount of power used by bitcoin. Hello Texas!

Cryptomining uses a "disturbing" amount of energy, lawmakers find | Salon.com

For a complete waste.

 

[soundforbjt]

Saw on I believe CNN that hackers in NK have taken a few billion in crypto.

 

[Fanatical Meat]

Saw on I believe CNN that hackers in NK have taken a few billion in crypto.

but…..but I’ve been told it’s totally secure

 

[biostud]

Saw on I believe CNN that hackers in NK have taken a few billion in crypto.

Is that before or after the evaluation of 0$?

Maybe create a sad bear meme coin?

 

[UNCjigga]

I know it's been a busy week what with the election and all, but how has this thread not been bumped yet?

So...FTX--one of the largest crypto exchanges--got caught using customers' coins to find speculative investments via a sister company...then tried to cover it up when they got caught... and even tried to cover up the cover up.

You need to understand the FTX debacle even if you have no investments in crypto

Also: inflation and the rebounding market, the ascent of semiconductor stocks, and planning for retirement.

www.marketwatch.com

Since then, skittish HODLers have made a run on several exchanges, some of which have suspended withdrawals/conversions. Naturally, coin values are tanking.

Have people figured out that the whole thing is digital smoke and mirrors yet???

 

[biostud]

I know it's been a busy week what with the election and all, but how has this thread not been bumped yet?

So...FTX--one of the largest crypto exchanges--got caught using customers' coins to find speculative investments via a sister company...then tried to cover it up when they got caught... and even tried to cover up the cover up.

You need to understand the FTX debacle even if you have no investments in crypto

Also: inflation and the rebounding market, the ascent of semiconductor stocks, and planning for retirement.

www.marketwatch.com

Since then, skittish HODLers have made a run on several exchanges, some of which have suspended withdrawals/conversions. Naturally, coin values are tanking.

Have people figured out that the whole thing is digital smoke and mirrors yet???

There is the anti crypto thread where all crypto talk has convened.

The anti-crypto thread | AnandTech Forums: Technology, Hardware, Software, and Deals

 

[Sunburn74]

I got all my money out of crypto (mostly eth) over the weekend. Btw I lost like 60% of the money I put in. Honestly I think all cryptos are gonna go to near zero in the next 10 years.

 

[hal2kilo]

To paraphrase Joe Kennedy "when you see Bitcoin machines in the grocery stores next to the ATM, it's time to get out".

Joe Kennedy and Stock Market Crashes | Stef’s Guide To Investing (scheplick.com)

 

[brandonbull]

There is the anti crypto thread where all crypto talk has convened.

The anti-crypto thread | AnandTech Forums: Technology, Hardware, Software, and Deals

Looks like the guy was running a ponzi scheme while donating millions to the Democrats. How much of the money being sent to the Ukraine getting recycled through this guy and then donated back?

 

[biostud]

Looks like the guy was running a ponzi scheme while donating millions to the Democrats. How much of the money being sent to the Ukraine getting recycled through this guy and then donated back?

I've never bothered to use my time on the crypto "geniuses" so I know absolutely nothing about it. All I know is that it is not worth investing money or time in.

 

[KMFJD]

I've never bothered to use my time on the crypto "geniuses" so I know absolutely nothing about it. All I know is that it is not worth investing money or time in.

why is every accusation from the gqp a confession of a crime they've done themselves?

 

[soundforbjt]

Looks like the guy was running a ponzi scheme while donating millions to the Democrats. How much of the money being sent to the Ukraine getting recycled through this guy and then donated back?

Hmmm, exact same question was “asked” by those on Fox News...what a coincidence.

 

[Pens1566]

Looks like the guy was running a ponzi scheme while donating millions to the Democrats. How much of the money being sent to the Ukraine getting recycled through this guy and then donated back?

Unless the dems used HIMARS to win the midterms, this makes no sense.

 

[KMFJD]

Thread by @coryklippsten on Thread Reader App

@coryklippsten: After calling bullsh*t on Luna, Celsius, and FTX well before any of them collapsed, I have a bit of credibility with the mainstream media. I want to use that credibility to call attention to the...…

threadreaderapp.com

more good news?

 

[Fanatical Meat]

Unless the dems used HIMARS to win the midterms, this makes no sense.

It doesn’t need to make sense, all it needs to do is keep their feels from getting hurt.

 

[hal2kilo]

OK. I'll be honest with you. Up until I saw the NOVA presentation call "Decoding Crypto" I really had no clue. Second time through I now understand what Block Chain is, and it's nothing what I thought it was. First thing you need to know is there's a reason why Crypto is the first word in the description. This is all about an algorithm that ensures that an individual coin is uniquely identified, it's ownership, all of it history of transactions, that cannot be hacked. It has zero, I repeat zero to do with determining a value. Now, I still am having trouble with the concept of mining. I guess I'll watch it a third time.

 

[fskimospy]

OK. I'll be honest with you. Up until I saw the NOVA presentation call "Decoding Crypto" I really had no clue. Second time through I now understand what Block Chain is, and it's nothing what I thought it was. First thing you need to know is there's a reason why Crypto is the first word in the description. This is all about an algorithm that ensures that an individual coin is uniquely identified, it's ownership, all of it history of transactions, that cannot be hacked. It has zero, I repeat zero to do with determining a value. Now, I still am having trouble with the concept of mining. I guess I'll watch it a third time.

Yes, it's possible blockchain technology could be useful in other fields. Sports/concert tickets spring to mind as a potentially good one. Cryptocurrency itself is fucking stupid though and always has been. It's sad that it took humanity this long to figure out the entire thing is a huge scam.

 

[vi edit]

OK. I'll be honest with you. Up until I saw the NOVA presentation call "Decoding Crypto" I really had no clue. Second time through I now understand what Block Chain is, and it's nothing what I thought it was. First thing you need to know is there's a reason why Crypto is the first word in the description. This is all about an algorithm that ensures that an individual coin is uniquely identified, it's ownership, all of it history of transactions, that cannot be hacked. It has zero, I repeat zero to do with determining a value. Now, I still am having trouble with the concept of mining. I guess I'll watch it a third time.

Mining is putting computing power into the processing of crypto transactions and for that effort you get paid in coin for it. Think of it as "Paypal" but with Video Cards doing the work instead of a web site.

 

[hal2kilo]

Mining is putting computing power into the processing of crypto transactions and for that effort you get paid in coin for it. Think of it as "Paypal" but with Video Cards doing the work instead of a web site.

So it's the stupid algorithm eating up all that power? The PBS program talked about reducing power by 99% by using something called Stakes instead of whatever was the term for what the algorithm uses now.

 

[Fenixgoon]

So it's the stupid algorithm eating up all that power? The PBS program talked about reducing power by 99% by using something called Stakes instead of whatever was the term for what the algorithm uses now.

Proof of Work vs. Proof of Stake

Proof of Work involves basically solving a highly parallel math problem - thus the desire for GPUs and ASICs, which are highly parallel processors.


Proof of Stake basically has people put some amount of money in the game as stake in validating the new block.

The exact details vary by project, but in general proof of stake blockchains employ a network of “validators” who contribute — or “stake” — their own crypto in exchange for a chance of getting to validate new transaction, update the blockchain, and earn a reward.

So basically, Proof of Stake lets whoever has the most money validate transactions. The rich get richer, as usual.

And while Proof of Stake may be less energy intensive, it's no less a scam IMO. Just a different flavor.

 

[hal2kilo]

Proof of Work vs. Proof of Stake

Proof of Work involves basically solving a highly parallel math problem - thus the desire for GPUs and ASICs, which are highly parallel processors.


Proof of Stake basically has people put some amount of money in the game as stake in validating the new block.



So basically, Proof of Stake lets whoever has the most money validate transactions. The rich get richer, as usual.

And while Proof of Stake may be less energy intensive, it's no less a scam IMO. Just a different flavor.

Thanks.

 

[dullard]

Thanks.

Fenixgoon did a good summary. But, I'd like to elaborate a bit.

With anonymous transactions, someone has to be a trustworthy source. I can't just say that "hal2kilo gave dullard all his money" and take everything you own. You would respond with something along the lines of "dullard is lying". How would the world know who is correct? Who should get all of hal2kilo's money?

With cash, that trustworthy source is usually a bank or it could be a government. You tell a bank to send me all of your money. My bank accepts. All is good since we trust the banks to decide that you legitimately sent your money (large transactions go through detailed fraud checks before being sent).

But with crypto, people decided that they can't possibly have a bank be the trustworthy mechanism to decide if transactions are legitimate. There was no real strong universal reason for this, but there are fringe reasons that banks are not good for everyone (there are numerous unbanked people). So, some other source of trust had to be created. Proof of work is one possible method. Basically, if you are wealthy enough to buy lots of equipment and waste lots of resources, then you must be trustworthy. I can't quite agree with that logic that wealthy people are more trustworthy than banks, but proof of work does function in general. It just is impossible to keep up. There is not enough equipment nor enough energy in the world to do it.

Proof of stake is another possible method. If you have invested enough into the crypto, then supposedly you want to do good and are trustworthy (why would you want to destroy the money you invested in that crypto?). Again, though, it assumes the wealthy are the trustworthy ones because they are the ones with large shares. Also, it has a major flaw. If ~49% of the owners currently online say one thing, they win--whether they are telling the truth or not. Cut a few international cables and suddenly even a small owner can have 49% of the currently online shares and suddenly "hal2kilo gave dullard all his money" is the truth because I said so.

There are other methods, but those are the main two that are being tried. I personally would just go back to banks since it is cheap and works with a lot less "the wealthy are the trustworthy people" hogwash. (Consider for a moment if a bank or a government was wealthy, then we ultimately just put all our trust in that bank or government).