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I read the last thread, and I STILL don't understand [Crypto and NFTs and Metaverse]

cloudeaglecloudeagle Registered User regular
Cryptocurrency: it exists! You can buy stuff with it! It snorks up insane amounts of energy! It's better than regular money, because... reasons! See thread title.

Also closely related are NFTs, which allow celebrities with far too much money to buy a unique link to an image of a poorly-drawn monkey or some crap.

If anyone has suggestions of actually good info to put here feel free, because thinking about this stuff for more than 10 seconds gives me a splitting headache.

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Posts

  • cloudeaglecloudeagle Registered User regular
    So, you know how China is a hotbed of Crypto activity? Well...
    Chinese government agencies including the country's securities regulator and the People's Bank of China (PBOC) said in a statement on Friday that all cryptocurrency-related business activities are illegal and vowed to clamp down on illicit activities involving digital currencies.
    The agencies said that overseas crypto exchanges would be blocked from providing services to Chinese residents through the internet.

    Crypto prices are plummeting on the news.

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  • SoggybiscuitSoggybiscuit Tandem Electrostatic Accelerator Registered User regular
    krieger.jpg

    This is amazing. Good job China.

    Hopefully the US will follow through.

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  • chrisnlchrisnl Registered User regular
    Well the price of bitcoin did drop a bit, but it seems to have at least temporarily stabilized. Not quite a full 10% drop from what I saw, but still a pretty significant one day drop. Here's hoping the downward trend resumes soon, because this shit needs to go.

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  • DoodmannDoodmann Registered User regular
    It's because China declared it illegal again, which I think they've done a half dozen times now?

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  • cloudeaglecloudeagle Registered User regular
    Doodmann wrote: »
    It's because China declared it illegal again, which I think they've done a half dozen times now?

    From what I understand the previous ones were just restrictions or had some loopholes -- this time they've made crypto fully illegal. The country's in a bit of a tech crackdown at the moment.

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  • DarkPrimusDarkPrimus Registered User regular
    edited September 2021
    cloudeagle wrote: »
    Doodmann wrote: »
    It's because China declared it illegal again, which I think they've done a half dozen times now?

    From what I understand the previous ones were just restrictions or had some loopholes -- this time they've made crypto fully illegal. The country's in a bit of a tech crackdown at the moment.

    Nothing I've seen quoted from Chinese authorities about the ban sounds incorrect to me. It is harmful to the environment, wastes resources, and enables all kinds of criminals.

    DarkPrimus on
  • JokermanJokerman Everything EverywhereRegistered User regular
    DarkPrimus wrote: »
    cloudeagle wrote: »
    Doodmann wrote: »
    It's because China declared it illegal again, which I think they've done a half dozen times now?

    From what I understand the previous ones were just restrictions or had some loopholes -- this time they've made crypto fully illegal. The country's in a bit of a tech crackdown at the moment.

    Nothing I've seen quoted from Chinese authorities about the ban sounds incorrect to me. It is harmful to the environment, wastes resources, and enables all kinds of criminals.

    My kneejerk reaction is to always question anything China does. Even if it does happen to be a net positive.

  • SchrodingerSchrodinger Registered User regular
    chrisnl wrote: »
    Well the price of bitcoin did drop a bit, but it seems to have at least temporarily stabilized. Not quite a full 10% drop from what I saw, but still a pretty significant one day drop. Here's hoping the downward trend resumes soon, because this shit needs to go.

    I don't think we're going to see a drop like that any time soon.

    The only way for it to drop like that is if people are willing to sell. And the only way people would be willing to sell is if they're willing to admit they made a mistake by buying in. Which is very unlikely, given the cult like nature of the fan base. They can try to convince themselves that the price will rebound eventually and they're better off if they hold, and the nature of a self-fulfilling prophecy makes it true.

    Stocks can crash because their worth is supposed to be based on something you can actually measure. But crypto is supposed to be based on the greater fool theory, so as long as people are willing to believe that a greater fool will appear later on, the coin will continue to maintain value.

  • DoodmannDoodmann Registered User regular
    They main thing that is going to cause a big drop is if stablecoins get wrecked, which they need to since it's using a Ponzi scheme to make more fake money for said Ponzi scheme. That's the real nugget that caused the huge growth last year and is the linchpin to the whole tower of cards.

    Whippy wrote: »
    nope nope nope nope abort abort talk about anime
    I like to ART
  • SiliconStewSiliconStew Registered User regular
    This morning I heard my first radio ad for crypto-backed IRA's and just had to shake my head in disgust. 30 minutes later I heard China banned crypto and just laughed and laughed.

    Just remember that half the people you meet are below average intelligence.
  • Ninja Snarl PNinja Snarl P My helmet is my burden. Ninja Snarl: Gone, but not forgotten.Registered User regular
    I'm sure the Chinese government sees some non-obvious benefit for it, but it doesn't matter because it would pretty great if this shit went worldwide roughly yesterday. Ban this crypto shit already, it's a scam to try and hide money and purchases and costs fuckloads of energy to make it happen.

    Ban all of it.

  • silence1186silence1186 Character shields down! As a wingmanRegistered User regular
    I'm sure the Chinese government sees some non-obvious benefit for it, but it doesn't matter because it would pretty great if this shit went worldwide roughly yesterday. Ban this crypto shit already, it's a scam to try and hide money and purchases and costs fuckloads of energy to make it happen.

    Ban all of it.

    Is the eventual angle a Chinese government backed crypto, giving people the option of them or no one?

  • ButtersButters A glass of some milks Registered User regular
    Doodmann wrote: »
    It's because China declared it illegal again, which I think they've done a half dozen times now?

    Judging from how the last month has gone, I think the last two years were a grace period for their more legitimate institutions to divest before they put the hammer down.

    PSN: idontworkhere582 | CFN: idontworkhere | Steam: lordbutters | Amazon Wishlist
  • Gnome-InterruptusGnome-Interruptus Registered User regular
    I'm sure the Chinese government sees some non-obvious benefit for it, but it doesn't matter because it would pretty great if this shit went worldwide roughly yesterday. Ban this crypto shit already, it's a scam to try and hide money and purchases and costs fuckloads of energy to make it happen.

    Ban all of it.

    Is the eventual angle a Chinese government backed crypto, giving people the option of them or no one?

    If it’s backed or controlled by the central Chinese government then it’s just an electronic ledger/ funds system. No Crypto/Blockchain BS required. Which means it can be extremely effective and efficient just like Credit Cards are.(or non US banks)

    Also the Chinese government has always had an incentive to ban Crypto as it’s a major way for their nationals to smuggle wealth out of the country.

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  • ButtersButters A glass of some milks Registered User regular
    Yeah I think it's money laundering and energy driving this.

    PSN: idontworkhere582 | CFN: idontworkhere | Steam: lordbutters | Amazon Wishlist
  • spool32spool32 Contrary Library Registered User regular
    I'm sure the Chinese government sees some non-obvious benefit for it, but it doesn't matter because it would pretty great if this shit went worldwide roughly yesterday. Ban this crypto shit already, it's a scam to try and hide money and purchases and costs fuckloads of energy to make it happen.

    Ban all of it.

    Is the eventual angle a Chinese government backed crypto, giving people the option of them or no one?

    If it’s backed or controlled by the central Chinese government then it’s just an electronic ledger/ funds system. No Crypto/Blockchain BS required. Which means it can be extremely effective and efficient just like Credit Cards are.(or non US banks)

    Also the Chinese government has always had an incentive to ban Crypto as it’s a major way for their nationals to smuggle wealth out of the country.

    Enormous amounts of business is conducted over WeChat right now anyway, and not just casual stuff. Businesses run on this. They already have a highly efficient digital payment system that they control - crypto threatens to compete outside their reach.

  • MegaMan001MegaMan001 CRNA Rochester, MNRegistered User regular
    My favorite writer, David Roth, had a great analysis of just how goddamn stupid cryptocurrency is on Defector the other day.

    https://defector.com/cryptocurrency-bad-and-weird/

    I thought it was a nice review of the kind of people who are championing crypto and how even the most superficial examination reveals it to be a scam.

    I am in the business of saving lives.
  • QuidQuid Definitely not a banana Registered User regular
    I'm sure the Chinese government sees some non-obvious benefit for it, but it doesn't matter because it would pretty great if this shit went worldwide roughly yesterday. Ban this crypto shit already, it's a scam to try and hide money and purchases and costs fuckloads of energy to make it happen.

    Ban all of it.

    Is the eventual angle a Chinese government backed crypto, giving people the option of them or no one?

    That would be the digital yuan. The PRC started testing it earlier this year.

  • kimekime Queen of Blades Registered User regular
    spool32 wrote: »
    I'm sure the Chinese government sees some non-obvious benefit for it, but it doesn't matter because it would pretty great if this shit went worldwide roughly yesterday. Ban this crypto shit already, it's a scam to try and hide money and purchases and costs fuckloads of energy to make it happen.

    Ban all of it.

    Is the eventual angle a Chinese government backed crypto, giving people the option of them or no one?

    If it’s backed or controlled by the central Chinese government then it’s just an electronic ledger/ funds system. No Crypto/Blockchain BS required. Which means it can be extremely effective and efficient just like Credit Cards are.(or non US banks)

    Also the Chinese government has always had an incentive to ban Crypto as it’s a major way for their nationals to smuggle wealth out of the country.

    Enormous amounts of business is conducted over WeChat right now anyway, and not just casual stuff. Businesses run on this. They already have a highly efficient digital payment system that they control - crypto threatens to compete outside their reach.

    Yeah, everything from big businesses to little street vendors take money via WeChat a lot of the time.

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  • DisruptedCapitalistDisruptedCapitalist I swear! Registered User regular
    Venmo keeps reminding me, nagging me, that I can get $25, that's twenty five dollars, if I buy crypto with their app.

    "Simple, real stupidity beats artificial intelligence every time." -Mustrum Ridcully in Terry Pratchett's Hogfather p. 142 (HarperPrism 1996)
  • MugsleyMugsley DelawareRegistered User regular
    I had a cryptobro telling me on Twitch chat last week that crypto uses less energy than cash because you have to include bank personnel, offices, and the inks+material for the cash itself. And also the computer energy to move traditional currency.

    What's that? Yes, he was trying to set up a unique crypto for his Twitch Partner girlfriend.

  • CouscousCouscous Registered User regular
    https://www.nytimes.com/2021/09/15/opinion/cryptocurrency-americans-free.html
    OPINION
    GUEST ESSAY

    How Bitcoin Can Immunize America From Cancel Culture
    Americans need just the opposite: the right to produce and buy computers powerful enough to mine Bitcoin and build data centers; the right to use and move cryptocurrency free from invasive monitoring, reporting requirements and arbitrary restrictions; and the right to freely choose to use cryptocurrency as true digital currencies among themselves. Federal laws to this effect would be ideal, but in the current hostile environment, the urgent place to begin is at the state level.
    You sometimes can judge an entire article on the headline.

    Truly rich people being able to mine and hoard fake money will protect me somehow?

  • DarkPrimusDarkPrimus Registered User regular
    Who wrote that oped, a crypto exchange owner?

  • ZibblsnrtZibblsnrt Registered User regular
    DarkPrimus wrote: »
    Who wrote that oped, a crypto exchange owner?

    Some suit at the Claremont Institute. To give you an idea, they maintain that Trump won the election.

  • TarantioTarantio Registered User regular
    Mugsley wrote: »
    I had a cryptobro telling me on Twitch chat last week that crypto uses less energy than cash because you have to include bank personnel, offices, and the inks+material for the cash itself. And also the computer energy to move traditional currency.

    What's that? Yes, he was trying to set up a unique crypto for his Twitch Partner girlfriend.

    The banking system does use more energy than crypto.

    And as long as we don't pay any attention to the relative amounts of commerce enabled by these two systems, crypto seems great!

  • SchrodingerSchrodinger Registered User regular
    Tarantio wrote: »
    Mugsley wrote: »
    I had a cryptobro telling me on Twitch chat last week that crypto uses less energy than cash because you have to include bank personnel, offices, and the inks+material for the cash itself. And also the computer energy to move traditional currency.

    What's that? Yes, he was trying to set up a unique crypto for his Twitch Partner girlfriend.

    The banking system does use more energy than crypto.

    And as long as we don't pay any attention to the relative amounts of commerce enabled by these two systems, crypto seems great!

    It's even better than that. We're supposed to include every tangential expense associated with traditional banking, like the fact that traditional banking requires HVAC systems for the people who work there, while ignoring the fact that people who work in Bitcoin would presumably have HVAC systems as well.

    This is a really common talking point I've been hearing a lot lately, and it's really fucking stupid.

  • syndalissyndalis Getting Classy On the WallRegistered User, Loves Apple Products regular
    y6aaf4fdizkc.jpeg

    SW-4158-3990-6116
    Let's play Mario Kart or something...
  • HappylilElfHappylilElf Registered User regular
    Tarantio wrote: »
    Mugsley wrote: »
    I had a cryptobro telling me on Twitch chat last week that crypto uses less energy than cash because you have to include bank personnel, offices, and the inks+material for the cash itself. And also the computer energy to move traditional currency.

    What's that? Yes, he was trying to set up a unique crypto for his Twitch Partner girlfriend.

    The banking system does use more energy than crypto.

    And as long as we don't pay any attention to the relative amounts of commerce enabled by these two systems, crypto seems great!

    It's even better than that. We're supposed to include every tangential expense associated with traditional banking, like the fact that traditional banking requires HVAC systems for the people who work there, while ignoring the fact that people who work in Bitcoin would presumably have HVAC systems as well.

    This is a really common talking point I've been hearing a lot lately, and it's really fucking stupid.

    I mean, there is no "people who work in Bitcoin". Like no one is standing around a server farm going "Yes, yes, just think of all the money I'm making!"'

    But at the same time? That has no impact upon how absolutely full of shit that crypto bros are.

    There're just idiots. They will always be idiots. And even if they lose everything by being idiots?

    They're still going to be idiots.

  • Jealous DevaJealous Deva Registered User regular
    Tarantio wrote: »
    Mugsley wrote: »
    I had a cryptobro telling me on Twitch chat last week that crypto uses less energy than cash because you have to include bank personnel, offices, and the inks+material for the cash itself. And also the computer energy to move traditional currency.

    What's that? Yes, he was trying to set up a unique crypto for his Twitch Partner girlfriend.

    The banking system does use more energy than crypto.

    And as long as we don't pay any attention to the relative amounts of commerce enabled by these two systems, crypto seems great!
    Its the same as how the trucking industry uses more petroleum than this half a can of kerosene I just set on fire in my back yard for no reason does.

  • TetraNitroCubaneTetraNitroCubane The Djinnerator At the bottom of a bottleRegistered User regular
    Couscous wrote: »
    https://www.nytimes.com/2021/09/15/opinion/cryptocurrency-americans-free.html
    OPINION
    GUEST ESSAY

    How Bitcoin Can Immunize America From Cancel Culture
    Americans need just the opposite: the right to produce and buy computers powerful enough to mine Bitcoin and build data centers; the right to use and move cryptocurrency free from invasive monitoring, reporting requirements and arbitrary restrictions; and the right to freely choose to use cryptocurrency as true digital currencies among themselves. Federal laws to this effect would be ideal, but in the current hostile environment, the urgent place to begin is at the state level.
    You sometimes can judge an entire article on the headline.

    Truly rich people being able to mine and hoard fake money will protect me somehow?

    Who could have possibly guessed that the Venn diagram of "People who are invested in Crypto" and "People who are VERY concerned about Cancel Culture" would be a circle.

    Truly shocking.

  • GoumindongGoumindong Registered User regular
    Tarantio wrote: »
    Mugsley wrote: »
    I had a cryptobro telling me on Twitch chat last week that crypto uses less energy than cash because you have to include bank personnel, offices, and the inks+material for the cash itself. And also the computer energy to move traditional currency.

    What's that? Yes, he was trying to set up a unique crypto for his Twitch Partner girlfriend.

    The banking system does use more energy than crypto.

    And as long as we don't pay any attention to the relative amounts of commerce enabled by these two systems, crypto seems great!

    It's even better than that. We're supposed to include every tangential expense associated with traditional banking, like the fact that traditional banking requires HVAC systems for the people who work there, while ignoring the fact that people who work in Bitcoin would presumably have HVAC systems as well.

    This is a really common talking point I've been hearing a lot lately, and it's really fucking stupid.

    Even if you added up all the incidental use it would not come close to BTC transaction costs.

    wbBv3fj.png
  • SchrodingerSchrodinger Registered User regular
    I mean, there is no "people who work in Bitcoin". Like no one is standing around a server farm going "Yes, yes, just think of all the money I'm making!"'

    The idea of Bitcoin is that you become the bank (I've heard this talking point a lot). Which means that your personal living expenses are now the cost of running the "bank".

  • SpoitSpoit *twitch twitch* Registered User regular
    I mean, there is no "people who work in Bitcoin". Like no one is standing around a server farm going "Yes, yes, just think of all the money I'm making!"'

    The idea of Bitcoin is that you become the bank (I've heard this talking point a lot). Which means that your personal living expenses are now the cost of running the "bank".

    But isn't like half the point of banks to be able to like, loan money you don't already have. Or like, keep your money insured, when you don't want to risk investing it in somewhere that would actually have a rate of return

    steam_sig.png
  • TryCatcherTryCatcher Registered User regular
    Random Google developer with what is probably the most lame supervillain origin story ever:
    omfg… etherium was created as a cope for a world of warcraft nerf?? im losing my fucking mind. imagine being so mad you… what the fuck https://about.me/vitalik_buterin
    The "About Me" section that he quotes is this:
    I was born in 1994 in Russia and moved to Canada in 2000, where I went to school. I happily played World of Warcraft during 2007-2010, but one day Blizzard removed the damage component from my beloved warlock's Siphon Life spell. I cried myself to sleep, and on that day I realized what horrors centralized services can bring. I soon decided to quit.

    In 2011, searching for a new purpose in life, I discovered Bitcoin. At first, I was skeptical, and did not understand how it could possibly have value without physical backing. But slowly I became more and more interested. I started writing for a blog called Bitcoin Weekly initially at a meek wage of $1.5 per hour, and soon with Mihai Alisie cofounded Bitcoin Magazine.

  • Captain InertiaCaptain Inertia Registered User regular
    Man a lot of bullshit that’s terrible about the world starts with WoW huh

  • TetraNitroCubaneTetraNitroCubane The Djinnerator At the bottom of a bottleRegistered User regular
    TryCatcher wrote: »
    Random Google developer with what is probably the most lame supervillain origin story ever:
    omfg… etherium was created as a cope for a world of warcraft nerf?? im losing my fucking mind. imagine being so mad you… what the fuck https://about.me/vitalik_buterin
    The "About Me" section that he quotes is this:
    I was born in 1994 in Russia and moved to Canada in 2000, where I went to school. I happily played World of Warcraft during 2007-2010, but one day Blizzard removed the damage component from my beloved warlock's Siphon Life spell. I cried myself to sleep, and on that day I realized what horrors centralized services can bring. I soon decided to quit.

    In 2011, searching for a new purpose in life, I discovered Bitcoin. At first, I was skeptical, and did not understand how it could possibly have value without physical backing. But slowly I became more and more interested. I started writing for a blog called Bitcoin Weekly initially at a meek wage of $1.5 per hour, and soon with Mihai Alisie cofounded Bitcoin Magazine.

    One of the replies in that thread is absolutely slaying me:



    And if anyone is wondering, yes, Lidnsay Lohan DID make an NFT fursona.

  • electricitylikesmeelectricitylikesme Registered User regular
    TryCatcher wrote: »
    Random Google developer with what is probably the most lame supervillain origin story ever:
    omfg… etherium was created as a cope for a world of warcraft nerf?? im losing my fucking mind. imagine being so mad you… what the fuck https://about.me/vitalik_buterin
    The "About Me" section that he quotes is this:
    I was born in 1994 in Russia and moved to Canada in 2000, where I went to school. I happily played World of Warcraft during 2007-2010, but one day Blizzard removed the damage component from my beloved warlock's Siphon Life spell. I cried myself to sleep, and on that day I realized what horrors centralized services can bring. I soon decided to quit.

    In 2011, searching for a new purpose in life, I discovered Bitcoin. At first, I was skeptical, and did not understand how it could possibly have value without physical backing. But slowly I became more and more interested. I started writing for a blog called Bitcoin Weekly initially at a meek wage of $1.5 per hour, and soon with Mihai Alisie cofounded Bitcoin Magazine.

    One of the replies in that thread is absolutely slaying me:



    And if anyone is wondering, yes, Lidnsay Lohan DID make an NFT fursona.

    I feel like reality started unwinding somewhere around 2016. The SCP Foundation had a containment breach somewhere.

  • VeeveeVeevee WisconsinRegistered User regular
    TryCatcher wrote: »
    Random Google developer with what is probably the most lame supervillain origin story ever:
    omfg… etherium was created as a cope for a world of warcraft nerf?? im losing my fucking mind. imagine being so mad you… what the fuck https://about.me/vitalik_buterin
    The "About Me" section that he quotes is this:
    I was born in 1994 in Russia and moved to Canada in 2000, where I went to school. I happily played World of Warcraft during 2007-2010, but one day Blizzard removed the damage component from my beloved warlock's Siphon Life spell. I cried myself to sleep, and on that day I realized what horrors centralized services can bring. I soon decided to quit.

    In 2011, searching for a new purpose in life, I discovered Bitcoin. At first, I was skeptical, and did not understand how it could possibly have value without physical backing. But slowly I became more and more interested. I started writing for a blog called Bitcoin Weekly initially at a meek wage of $1.5 per hour, and soon with Mihai Alisie cofounded Bitcoin Magazine.

    One of the replies in that thread is absolutely slaying me:



    And if anyone is wondering, yes, Lidnsay Lohan DID make an NFT fursona.

    Hmmm... Tweet was from 9/29 and said the auction was for only 72 hours. Wonder how she did

    Spoil'd for mobile screen grab, not sure of it's actual sizes
    b2xp2pqy1oy9.png

    Oh. That's nice

  • cloudeaglecloudeagle Registered User regular
    Last I had heard the pool of people actually buying NFTs was incredibly small, but they threw around a lot of money on a lot of stuff. Anyone know if that's still the case?

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  • MonwynMonwyn Apathy's a tragedy, and boredom is a crime. A little bit of everything, all of the time.Registered User regular
    edited October 2021
    TryCatcher wrote: »
    Random Google developer with what is probably the most lame supervillain origin story ever:
    omfg… etherium was created as a cope for a world of warcraft nerf?? im losing my fucking mind. imagine being so mad you… what the fuck https://about.me/vitalik_buterin
    The "About Me" section that he quotes is this:
    I was born in 1994 in Russia and moved to Canada in 2000, where I went to school. I happily played World of Warcraft during 2007-2010, but one day Blizzard removed the damage component from my beloved warlock's Siphon Life spell. I cried myself to sleep, and on that day I realized what horrors centralized services can bring. I soon decided to quit.

    In 2011, searching for a new purpose in life, I discovered Bitcoin. At first, I was skeptical, and did not understand how it could possibly have value without physical backing. But slowly I became more and more interested. I started writing for a blog called Bitcoin Weekly initially at a meek wage of $1.5 per hour, and soon with Mihai Alisie cofounded Bitcoin Magazine.

    One of the replies in that thread is absolutely slaying me:



    And if anyone is wondering, yes, Lidnsay Lohan DID make an NFT fursona.

    I feel like reality started unwinding somewhere around 2016. The SCP Foundation had a containment breach somewhere.

    When did that squirrel screw with the Large Hadron Collider?

    Monwyn on
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This discussion has been closed.