That's not how insurance works. That's literally the opposite of how insurance works.
Just like how cryptocurrency works the opposite of the way currencies are supposed to work, that is, be a convinent way to exchange goods and services?
That's not how insurance works. That's literally the opposite of how insurance works.
I have no idea why you would think that.
On an unrelated note, I've just saved a bunch of money on fire insurance: I now store timber in my own house, so that I can quickly rebuild if it ever burns down.
Yes, but after the third time my kid burned himself pulling something out of the microwave he started waiting for me to help him. Cryptobros are literally on fire and telling each other to just chill out and eat the damn pizza.
Exchanges basically use it as "store credit" for account value that isn't "really" invested, putting an extra step and extra fees (and terms of service wiggle room) between you and cashing out.
This is how it can keep it's peg even when they issue it by the billion every few weeks and back it with phantom debt. It's created like a cryptocoin but it's not traded like one. It's also why it probably won't crash unless a big time exchange fails and takes it along for the ride, or the regulatory birds come to roost.
It's also even more reason that Tether is a scam (double extra on Tether insurance, and triple extra on Tether insurance that paid out MORE Tether), because the way it's used there's no reason for it to BE a cryptocoin EXCEPT to put barriers to cash out.
Hevach on
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OrcaAlso known as EspressosaurusWrexRegistered Userregular
Good news Everyone!
The honest hardworking people at Bitfinex have seen your concerns about Tether, and in their infinite wisdom, are now offering Tether insurance.
In this foolproof system, you can, for a small --almost insignificant-- fee, you can insure your tethers in case they drop below their 100% guaranteed, 100% backed by dollars 1-to-1 exchange rate.
And, this is the brilliant part, they are covered by... Tether itself! BRILLIANT! so, in the unlikely event that Tether crashes, you'll get...more tether!
We have finally reached the nirvana of Tether being a stablecoin because it's backed by the stabelist of coins: Tether.
There it is, the dumbest thing I'll read all week.
by giving out more tether to counteract the value decrease, wouldn't that then decrease the value of tether requiring more tether to be given out, decreasing the value even more?
like it can't be that dumb right? what am i saying it's cryptocurrency it's probably way dumber than that and i just don't understand the depths of the stupidity.
by giving out more tether to counteract the value decrease, wouldn't that then decrease the value of tether requiring more tether to be given out, decreasing the value even more?
like it can't be that dumb right? what am i saying it's cryptocurrency it's probably way dumber than that and i just don't understand the depths of the stupidity.
Yes. Though that does not guarantee an accelerating system(small deviations could be stable non zero results). Buuut any tether insurance claim is likely to crash the entire system anyway because people without insurance would want to cash in before shit hit the fan.
So more important thing is that if tether does drop to zero, the kind of thing you would want insurance against, getting tether in return for your losses does not help you because it’s not worth anything.
There's a couple other coins that are basically Tether, price locked to a real currency.
They're all questionable in all the same ways and usually their own unique ways, they're not backed and there's no reason for them to be stable except the assertion that they are. Some act as foreign equivalents of Tether, issuing wildcat notes to exchanges to act as a half assed crypto Money Market. Others act more like a traditional coin and don't really have any purpose to exist without Tether's role on exchanges.
Some locals say a bitcoin mining operation is ruining one of the Finger Lakes. Here's how.
"The lake is so warm you feel like you're in a hot tub," said a woman who lives near a gas-fired New York plant that powers 8,000 computers mining bitcoins.
"Here's how" and then 23 paragraphs of unrelated information before they get around to actually how:
Water usage by Greenidge is another problem, residents said. The current permit allows Greenidge to take in 139 million gallons of water and discharge 135 million gallons daily, at temperatures as high as 108 degrees Fahrenheit in the summer and 86 degrees in winter, documents show.
Edit: Looks like all the finger lakes (just like the great lakes and everywhere else in the northern hemisphere) are unseasonably warm, I'm skeptical that a single plant can have the impact residents are blaming on it (hot water discharge in open water is bad but not "turn a whole lake into a sauna" bad) especially since it looks like it's barely warmer than neighboring lakes.
It's possible to protest a bad thing and still be wrong, but sadly I think the plant will have a strong argument against the protesters if they get government attention.
Many of these websites are not legal in the USA to begin with, so they nudge wink around using VPNs, and of course all Twitch content is supposed to be 13+, and in general the audience skews very young.
Out: Jackson Palmer, the creator of Dogecoin, who now says crypto is "an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity."
In: Spike Lee, who felt he should make a commercial for crypto:
I'm actually kind of surprised that the creator of a crypto-currency, even one as meme-tastic as Dogecoin, would actually come to that realization about crypto.
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OrcaAlso known as EspressosaurusWrexRegistered Userregular
I'm actually kind of surprised that the creator of a crypto-currency, even one as meme-tastic as Dogecoin, would actually come to that realization about crypto.
Dogecoin was supposed to be a joke version of crypto because crypto is dumb. So it isn't a surprise to me.
I'm actually kind of surprised that the creator of a crypto-currency, even one as meme-tastic as Dogecoin, would actually come to that realization about crypto.
Dogecoin was supposed to be a joke version of crypto because crypto is dumb. So it isn't a surprise to me.
and then it got actually kind of serious.
because crypto is dumb.
I'm actually kind of surprised that the creator of a crypto-currency, even one as meme-tastic as Dogecoin, would actually come to that realization about crypto.
I believe he's said something to the effect of "I made it in a day as a joke. None of this was well thought out." many times at this point.
MayabirdPecking at the keyboardRegistered Userregular
edited July 2021
As crypto news only gets stupider and stupider, here's the latest summation of the grift and stupidity of it all: MAGAcoin, the far-right cyrptocurrency, when you want to destroy the environment, play with Dunning-Krugerrands, AND spread conspiracy theories at the same time!
I'm not going to say it's the most grifty or stupidest, because this will surely be surpassed within a few days.
As crypto news only gets stupider and stupider, here's the latest summation of the grift and stupidity of it all: MAGAcoin, the far-right cyrptocurrency, when you want to destroy the environment, play with Dunning-Krugerrands, AND spread conspiracy theories at the same time!
I'm not going to say it's the most grifty or stupidest, because this will surely be surpassed within a few days.
You left out one of the best parts!
Business records show that earlier this month a MAGACOIN LLC was registered in North Carolina by Reilly O’Neal, a prominent political operative out of North Carolina. O’Neal’s clients have included Roy Moore, a former chief justice of the Supreme Court of Alabama who was accused of sexual misconduct with teenage girls, and Corey Stewart, a Virginia politician known for his vocal support of Confederate monuments.
I'm actually kind of surprised that the creator of a crypto-currency, even one as meme-tastic as Dogecoin, would actually come to that realization about crypto.
I believe he's said something to the effect of "I made it in a day as a joke. None of this was well thought out." many times at this point.
Yeah he got out relatively early, and mostly just didn't really want to talk about crypto, for what are probably understandable reasons. He just hit the point where he felt he needed to say something explicit.
This isn't crypto related, but hilarious in it's adjacency.
A warehouse initially alleged to house a cryptocurrency mining operation confused cryptobros because it contained thousands and thousands of PS4 Slims, which are not renowned for their crypto mining potential.
But they weren't mining crypto. They were manned by bots playing FIFA to mine millions of FIFA coins.
I'm actually kind of surprised that the creator of a crypto-currency, even one as meme-tastic as Dogecoin, would actually come to that realization about crypto.
He’s always been a critic of crypto. Dogecoin was literally created to show how ridiculous the speculation on cryptocurrency is. Except people are idiots and decided to take it seriously.
No it wouldn't. Unless you could just magic up any hash you wanted in nearly zero time all you'd do is ramp the difficulty up. Like right now they're looking for ~75 0 prefixes... of 256. There are many orders of magnitudes to go yet
It would however destroy a lot of other things that depend on hashes, and such a dramatic break would probably significant affect every other has with a similar construction too
My greatest hope is that someone finds a major break in SHA-256. It would instantly destroy every single cryptocurrency. The tears would be delicious.
No, no, that is like being excited about the complete crash of modern civilization because it means Coachella got cancelled and rich people will be sad.
SHA256 being majorly broken breaks everything financial and medical or that should be secure. It would be a very bad thing for our modern world and its impact on crypto wouldn't be a footnote.
Earlier this year, Malaysian authorities carried out a bunch of raids around the airport at Miri, where it was suspected that crypto-mining outfits were stealing electricity off the grid. Six men were eventually charged, and to celebrate, Malaysian cops took all their rigs and publicly crushed them.
As Dayak Daily reports, six raids in total were carried out between February and April after a local power company noticed some weirdness, and a total of 1069 computers were seized.
Eight men were arrested, of which six were charged, and they all face fines and up to eight months in prison. Not for the crypto-mining, which itself isn’t against the law, but for stealing the electricity needed to power their operations.
The raids came as local cops sought to crack down on crypto-related electricity theft, not just for the act itself but also the hazards involved, as three homes in the area have already caught fire in 2021 thanks to the shoddy ways miners have been hooking their operations up to the power grid.
My greatest hope is that someone finds a major break in SHA-256. It would instantly destroy every single cryptocurrency. The tears would be delicious.
No, no, that is like being excited about the complete crash of modern civilization because it means Coachella got cancelled and rich people will be sad.
SHA256 being majorly broken breaks everything financial and medical or that should be secure. It would be a very bad thing for our modern world and its impact on crypto wouldn't be a footnote.
This isn't crypto related, but hilarious in it's adjacency.
A warehouse initially alleged to house a cryptocurrency mining operation confused cryptobros because it contained thousands and thousands of PS4 Slims, which are not renowned for their crypto mining potential.
But they weren't mining crypto. They were manned by bots playing FIFA to mine millions of FIFA coins.
This being exactly crypto; artificial scarcity on electronic assets driving value and then bots.
Only difference is crypto doesn't need game servers.
Posts
Just like how cryptocurrency works the opposite of the way currencies are supposed to work, that is, be a convinent way to exchange goods and services?
I have no idea why you would think that.
On an unrelated note, I've just saved a bunch of money on fire insurance: I now store timber in my own house, so that I can quickly rebuild if it ever burns down.
The entire cryptospace has shown repeatedly it doesn't understand how counter-party risk works.
This is simple the crowning glory.
I made a game, it has penguins in it. It's pay what you like on Gumroad.
Currently Ebaying Nothing at all but I might do in the future.
You ever wake up and read something so dumb you assume your brain isn’t working correctly?
I stand corrected. This (the "insurance" scheme) is the definition of chutzpah.
This is how it can keep it's peg even when they issue it by the billion every few weeks and back it with phantom debt. It's created like a cryptocoin but it's not traded like one. It's also why it probably won't crash unless a big time exchange fails and takes it along for the ride, or the regulatory birds come to roost.
It's also even more reason that Tether is a scam (double extra on Tether insurance, and triple extra on Tether insurance that paid out MORE Tether), because the way it's used there's no reason for it to BE a cryptocoin EXCEPT to put barriers to cash out.
There it is, the dumbest thing I'll read all week.
And it's only Monday!
by giving out more tether to counteract the value decrease, wouldn't that then decrease the value of tether requiring more tether to be given out, decreasing the value even more?
like it can't be that dumb right? what am i saying it's cryptocurrency it's probably way dumber than that and i just don't understand the depths of the stupidity.
Yes. Though that does not guarantee an accelerating system(small deviations could be stable non zero results). Buuut any tether insurance claim is likely to crash the entire system anyway because people without insurance would want to cash in before shit hit the fan.
So more important thing is that if tether does drop to zero, the kind of thing you would want insurance against, getting tether in return for your losses does not help you because it’s not worth anything.
I don't see that in the original link. Rather, it says it would be paid out in some other "stablecoin" that happens to be partially backed by Tether.
Which is not to say that it's not a scam, but it's slightly less direct in the way it's nonsensical.
I admit, I’m just assuming “stablecoin” is tether with a fake mustache glued on.
They're all questionable in all the same ways and usually their own unique ways, they're not backed and there's no reason for them to be stable except the assertion that they are. Some act as foreign equivalents of Tether, issuing wildcat notes to exchanges to act as a half assed crypto Money Market. Others act more like a traditional coin and don't really have any purpose to exist without Tether's role on exchanges.
Edit: Looks like all the finger lakes (just like the great lakes and everywhere else in the northern hemisphere) are unseasonably warm, I'm skeptical that a single plant can have the impact residents are blaming on it (hot water discharge in open water is bad but not "turn a whole lake into a sauna" bad) especially since it looks like it's barely warmer than neighboring lakes.
It's possible to protest a bad thing and still be wrong, but sadly I think the plant will have a strong argument against the protesters if they get government attention.
Cryptocurrency casinos are sponsoring twitch streamers for up to $35000/h AND money from the house to gamble on stream.
https://www.wired.com/story/twitch-streamers-crypto-gambling-boom/
Many of these websites are not legal in the USA to begin with, so they nudge wink around using VPNs, and of course all Twitch content is supposed to be 13+, and in general the audience skews very young.
In: Spike Lee, who felt he should make a commercial for crypto:
Nice how he rails against "old money" while waving around a cane.
Dogecoin was supposed to be a joke version of crypto because crypto is dumb. So it isn't a surprise to me.
and then it got actually kind of serious.
because crypto is dumb.
I believe he's said something to the effect of "I made it in a day as a joke. None of this was well thought out." many times at this point.
I'm not going to say it's the most grifty or stupidest, because this will surely be surpassed within a few days.
Dunning Krugerrands
You left out one of the best parts!
Yeah he got out relatively early, and mostly just didn't really want to talk about crypto, for what are probably understandable reasons. He just hit the point where he felt he needed to say something explicit.
This isn't crypto related, but hilarious in it's adjacency.
A warehouse initially alleged to house a cryptocurrency mining operation confused cryptobros because it contained thousands and thousands of PS4 Slims, which are not renowned for their crypto mining potential.
But they weren't mining crypto. They were manned by bots playing FIFA to mine millions of FIFA coins.
He’s always been a critic of crypto. Dogecoin was literally created to show how ridiculous the speculation on cryptocurrency is. Except people are idiots and decided to take it seriously.
It would however destroy a lot of other things that depend on hashes, and such a dramatic break would probably significant affect every other has with a similar construction too
No, no, that is like being excited about the complete crash of modern civilization because it means Coachella got cancelled and rich people will be sad.
SHA256 being majorly broken breaks everything financial and medical or that should be secure. It would be a very bad thing for our modern world and its impact on crypto wouldn't be a footnote.
https://kotaku.com/cops-literally-steamroll-crypto-mining-computers-1847323494
Thankfully, most likely P ≠ NP.
($1,000,000 if you can prove it, though.)
This being exactly crypto; artificial scarcity on electronic assets driving value and then bots.
Only difference is crypto doesn't need game servers.