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[Crypto and NFTs and associated garbage] Still can't figure out good uses for Blockchain

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  • Dark_SideDark_Side Registered User regular
    edited May 23
    Its money, no its a program, no its games, no its stocks, no its an island, no its art

    Whatever gets they cash into the ecosystems

    Crypto's base problem has always been that it's a solution looking for a problem. We already have digital money. Well, I suppose crypto's good for buying illicit items and money laundering, but the acolytes don't hype those qualities all that much.

    Dark_Side on
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  • Phoenix-DPhoenix-D Registered User regular
    Dark_Side wrote: »
    Its money, no its a program, no its games, no its stocks, no its an island, no its art

    Whatever gets they cash into the ecosystems

    Crypto's base problem has always been that it's a solution looking for a problem. We already have digital money. Well, I suppose crypto's good for buying illicit items and money laundering, but the acolytes don't hype those qualities all that much.

    We don't have a digital equivalent to cash. Most transactions involve a private company that can ban your transactions for whatever reason they please. So that could be an option.

    Crypto being crypto they made that essentially impossible

  • GaddezGaddez Registered User regular
    Dark_Side wrote: »
    Its money, no its a program, no its games, no its stocks, no its an island, no its art

    Whatever gets they cash into the ecosystems

    Crypto's base problem has always been that it's a solution looking for a problem. We already have digital money. Well, I suppose crypto's good for buying illicit items and money laundering, but the acolytes don't hype those qualities all that much.

    As far as I can tell, the only use for crypto that conventional cash couldn't do is paying for shit on the dark web. Which... isn't exactly a selling point for your monopoly money.

    ElvenshaeFencingsaxShadowhope
  • GdiguyGdiguy San Diego, CARegistered User regular
    Phoenix-D wrote: »
    Dark_Side wrote: »
    Its money, no its a program, no its games, no its stocks, no its an island, no its art

    Whatever gets they cash into the ecosystems

    Crypto's base problem has always been that it's a solution looking for a problem. We already have digital money. Well, I suppose crypto's good for buying illicit items and money laundering, but the acolytes don't hype those qualities all that much.

    We don't have a digital equivalent to cash. Most transactions involve a private company that can ban your transactions for whatever reason they please. So that could be an option.

    Crypto being crypto they made that essentially impossible

    Well yeah, but again - wiring money has been around for a long time, the reason it’s not super easy to send money digitally (especially internationally) is those pesky money laundering rules banks need to follow. Venmo/etc could operate globally tomorrow if we agreed they didn’t need to follow local banking restrictions

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  • FencingsaxFencingsax It is difficult to get a man to understand, when his salary depends upon his not understanding GNU Terry PratchettRegistered User regular
    Gdiguy wrote: »
    Phoenix-D wrote: »
    Dark_Side wrote: »
    Its money, no its a program, no its games, no its stocks, no its an island, no its art

    Whatever gets they cash into the ecosystems

    Crypto's base problem has always been that it's a solution looking for a problem. We already have digital money. Well, I suppose crypto's good for buying illicit items and money laundering, but the acolytes don't hype those qualities all that much.

    We don't have a digital equivalent to cash. Most transactions involve a private company that can ban your transactions for whatever reason they please. So that could be an option.

    Crypto being crypto they made that essentially impossible

    Well yeah, but again - wiring money has been around for a long time, the reason it’s not super easy to send money digitally (especially internationally) is those pesky money laundering rules banks need to follow. Venmo/etc could operate globally tomorrow if we agreed they didn’t need to follow local banking restrictions

    Also, sending money overseas could be much cheaper, but banks like to add charges to simple operations.

    OrcaJragghenGiantGeek2020IncenjucarButtersLord_Asmodeus
  • Dark_SideDark_Side Registered User regular
    edited May 23
    Phoenix-D wrote: »
    Dark_Side wrote: »
    Its money, no its a program, no its games, no its stocks, no its an island, no its art

    Whatever gets they cash into the ecosystems

    Crypto's base problem has always been that it's a solution looking for a problem. We already have digital money. Well, I suppose crypto's good for buying illicit items and money laundering, but the acolytes don't hype those qualities all that much.

    We don't have a digital equivalent to cash. Most transactions involve a private company that can ban your transactions for whatever reason they please. So that could be an option.

    Crypto being crypto they made that essentially impossible

    Getting banned from transactions is a valid point for sure. But in theory I think the exchanges represent the same issue in that they could ban you from converting your Kohl's Kash into actual dollars.

    Dark_Side on
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  • ArchangleArchangle Registered User regular
    Dark_Side wrote: »
    Phoenix-D wrote: »
    Dark_Side wrote: »
    Its money, no its a program, no its games, no its stocks, no its an island, no its art

    Whatever gets they cash into the ecosystems

    Crypto's base problem has always been that it's a solution looking for a problem. We already have digital money. Well, I suppose crypto's good for buying illicit items and money laundering, but the acolytes don't hype those qualities all that much.

    We don't have a digital equivalent to cash. Most transactions involve a private company that can ban your transactions for whatever reason they please. So that could be an option.

    Crypto being crypto they made that essentially impossible

    Getting banned from transactions is a valid point for sure. But in theory I think the exchanges represent the same issue in that they could ban you from converting your Kohl's Kash into actual dollars.
    A 50% attack (or near to it) can do this as well - if a mining pool can consistently solve blocks faster, they could theoretically elect to nominate certain wallets whose transactions would always be excluded from solved blocks.

    Or only block transactions in 1 direction, so that outflows are processed normally but inflows are excluded - emptying a wallet and causing subsequent transactions to fail. This type of attack wouldn't even need 50% of hashing power for this to work - you just need to slow down inward payments long enough, similar to delaying people's paychecks so they miss debt payments.

  • daveNYCdaveNYC Why universe hate Waspinator? Registered User regular
    Hevach wrote: »
    Usually when you see an influencer pushing a coin or NFT collection or something crypto adjacent like Earth2 tiles, they got gifted some pre-release coins or got to buy on the ground floor at a discount. They're telling you to buy it, but THEY'RE the ones selling it. Pretty much never matters what they SAY they're doing themselves, they're usually hocking whatever shit they got free or on the cheap and leaving their followers holding the Latchcomb.

    Person giving investment advice is actually talking their book. That's the way it's always been. The only difference this time is that product they're pushing is so spectacularly worthless, with the vague exception of Bitcoin in case you want to buy something of dubious legality.

    Shut up, Mr. Burton! You were not brought upon this world to get it!
    Moridin889
  • EchoEcho ski-bap ba-dapModerator mod
    edited May 23
    knitdan wrote: »
    Correct me If I'm wrong here but I feel like almost nobody is even trying to use any of this stuff as currency anymore?

    That's why I ignore any dollar values they try to attach to crypto. They don't buy an idiot ape for $400,000, they bought it for X bitcoins/whatever crypto that happened to be worth 400k that day. No dollars were ever involved in the purchase.

    Until they try to cash out, one bitcoin is worth one bitcoin.

    edit: the perfect example of this is that sportsball(?) guy who got his salary paid in bitcoin.

    Echo on
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  • cloudeaglecloudeagle Registered User regular
    Off-topic, but I regret to inform you that "sportsball" is now a hard-core MAGA term now. Because they feel that it's now "feminine" (i.e. bad) to watch sports.


    I know this sounds insane, but many in the MAGAverse have started aggressively attacking anyone who watches sports.

    There are some allowances for stuff like MMA, but they believe it's feminine to idolize sports stars in these spaces now.

    It's a full divorce from regular people.

    (Tweeter is a reporter for NBC)

    I apologize for adding one more thing to make your brain hurt... oh hey, I guess this post IS on topic!

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  • jungleroomxjungleroomx It's never too many graves, it's always not enough shovels Registered User regular
    I can't keep up with every single far right terminology thing and gbrwy I don't care to.

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  • FencingsaxFencingsax It is difficult to get a man to understand, when his salary depends upon his not understanding GNU Terry PratchettRegistered User regular
    I only know this from Knowledge Fight, but this is totally an Alex Jones thing

  • RMS OceanicRMS Oceanic Registered User regular
    Is this because of sportsball stars taking a knee and thus making the whole endeavour too political?

  • cloudeaglecloudeagle Registered User regular
    Fencingsax wrote: »
    I only know this from Knowledge Fight, but this is totally an Alex Jones thing

    I was wondering how this upside down crap was willed into existence. That would explain it.

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  • ElvenshaeElvenshae Registered User regular
    Is this because of sportsball stars taking a knee and thus making the whole endeavour too political?

    Probably also because real manly men would be out there playing, not merely watching someone else play.

    Doctor DetroitAimShadowhope
  • ChiselphaneChiselphane Registered User regular
    There's no way that gains traction. High school football is all some of these people have out here in Missouri

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  • GilgaronGilgaron Registered User regular
    I recall hearing a while back (Freakonomics? not sure) that success by so many minorities in basketball and football had broken down a lot of historical racism barriers. I certainly have never heard one of my uncles say anything good about a black man who wasn't on the Steelers, but I don't know if it is really true writ large. The 'pro class warfare' wing of the far right seems to try to disparage both athletes and actors since they are culturally prominent self-made millionaires compared to the 'inherited it all' sorts they prefer.

    Shadowhope
  • HydropoloHydropolo Registered User regular
    edited May 23
    I'll be honest, that seems like the kind internecine warfare we should let them experience. MAGA folks thinking poorly of sports affects me not in the least, but if it helps alienate them from the more sane part of their voting block, I'm all for it.

    EDIT: It even sells it's advertising: Fox Sports, MAGA Free since 1983!

    Hydropolo on
    ElldrenKristmas Kthulhu
  • SyphonBlueSyphonBlue Registered User regular
    This is just further proof that when it comes to fascism, you can never be on the right side forever. When fascism decides it's time to come for you, there is nothing you can do to stop it.

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  • DarkPrimusDarkPrimus Registered User regular
    SyphonBlue wrote: »
    This is just further proof that when it comes to fascism, you can never be on the right side forever. When fascism decides it's time to come for you, there is nothing you can do to stop it.

    Appeasement only works for as long as the fascists allow it to work.

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  • ArcTangentArcTangent Registered User regular
    .
    cloudeagle wrote: »
    Fencingsax wrote: »
    I only know this from Knowledge Fight, but this is totally an Alex Jones thing

    I was wondering how this upside down crap was willed into existence. That would explain it.

    Other people were asking that in that twitter thread (it's from March, by the way), and the theory seems to be that it started political, but evolved into hypermasculinity bullshit; that it's effeminate to idolize sports stars, and it's a way THE MEDIA controls the masses and keeps them placated. If you're watching sports, then you're consuming THEIR propoganda when you should be fighting the culture war.

  • HydropoloHydropolo Registered User regular
    Let's be honest, one or more sports stars came out against them and they got their fee fees hurt.

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  • evilmrhenryevilmrhenry Registered User regular
    ArcTangent wrote: »
    .
    cloudeagle wrote: »
    Fencingsax wrote: »
    I only know this from Knowledge Fight, but this is totally an Alex Jones thing

    I was wondering how this upside down crap was willed into existence. That would explain it.

    Other people were asking that in that twitter thread (it's from March, by the way), and the theory seems to be that it started political, but evolved into hypermasculinity bullshit; that it's effeminate to idolize sports stars, and it's a way THE MEDIA controls the masses and keeps them placated. If you're watching sports, then you're consuming THEIR propoganda when you should be fighting the culture war.

    Sure, that's an explanation, but the easier explanation is that the modern fascist movement has had a significant influx of people from the "geek" community, through GG, who view sports with disinterest to contempt. (Thus, sportsball, which is not an inherently fascist term, but has used to signify that the author doesn't care about the difference between the various sports for decades.) From this perspective, all the stuff about *why* sports are bad is just explanations dropped into a pre-existing prejudice to make it fit into their worldview.

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  • MadicanMadican No face Registered User regular
    sanstodo wrote: »
    Shadowhope wrote: »
    Orca wrote: »

    They pulled out their laptops and dug into the platform's code, with the help of a handful of acquaintances and Day's cat, Finney (named after Bitcoin pioneer Hal Finney), who perched on his shoulder in support.

    The cat needed to provide support, because he was the most rational and clear thinking individual present.

    He had tried to warn them early on by lying on the keyboard and knocking the laptop off a table, but his efforts had been in vain.

    Now, he could only watch on, thinking smugly “I told you so,” before heading to the abandoned fish and chips for a quick snack.
    Antoshka wrote: »
    maraji wrote: »
    Paladin wrote: »
    I wonder if I could convince a crypto investor to let me personally short them

    Aaaand now I’m imagining you giving one of the players* in that Bloomberg article a wedgie.

    * - doesn’t matter which one**

    ** - not the cat

    It's covered in the article, but I'm sorry to say, that cat died.
    He got a new cat, later, though.

    Just how badly did Day fuck up making fish and chips?

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  • shrykeshryke Member of the Beast Registered User regular
    Phoenix-D wrote: »
    Dark_Side wrote: »
    Its money, no its a program, no its games, no its stocks, no its an island, no its art

    Whatever gets they cash into the ecosystems

    Crypto's base problem has always been that it's a solution looking for a problem. We already have digital money. Well, I suppose crypto's good for buying illicit items and money laundering, but the acolytes don't hype those qualities all that much.

    We don't have a digital equivalent to cash. Most transactions involve a private company that can ban your transactions for whatever reason they please. So that could be an option.

    Crypto being crypto they made that essentially impossible

    That's not quite accurate though. Because the people banning transactions are credit card companies or Paypal afaik. Which aren't pretending to be cash equivalents. They are just (ostensibly anyway) convenient. I'm not sure banks go around blocking money transfers for the same kind of reasons.

    Gnome-Interruptuselectricitylikesme
  • TetraNitroCubaneTetraNitroCubane The Djinnerator At the bottom of a bottleRegistered User regular
    edited May 23
    In further "crypto is a cult" news, Gamestop has launched a wallet for crypto and NFTs.

    Most of the people watching this from the outside are basically saying "Why the hell would they do this, with NFTs becoming effectively worthless, and crypto crashing hard"?

    But if you look inside the cult of GME, they think this is going to make them all rich. Despite the fact that this is, objectively speaking, really shitty timing at best.

    TetraNitroCubane on
    VuIBhrs.png
    PreacherGnome-Interruptus
  • ArbitraryDescriptorArbitraryDescriptor Registered User regular
    In further "crypto is a cult" news, Gamestop has launched a wallet for crypto and NFTs.

    Most of the people watching this from the outside are basically saying "Why the hell would they do this, with NFTs becoming effectively worthless, and crypto crashing hard"?

    But if you look inside the cult of GME, they think this is going to make them all rich. Despite the fact that this is, objectively speaking, really shitty timing at best.

    Anyone still sitting on GME stock probably doesn't have the best sense of market timing.

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  • PreacherPreacher Registered User regular
    Man I walked by a gamestop a couple weeks ago, the mighty have fallen it was like looking at a spencers of yesteryear, if you told me they used to be THE retailer for games I wouldn't believe you.

    I would like some money because these are artisanal nuggets of wisdom philistine.

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  • milskimilski Poyo! Registered User regular
    Dark_Side wrote: »
    Jragghen wrote: »
    In all seriousness, probably no, his parents are probably paying it for him

    Or he never actually bought it, does anyone even put 20% down anymore? The whole bit is just a little too convenient. In fact the more I watch it, he's basically saying he's going to pay 20% (of half?) down, take the other 450k, which he could just pay off the house with, and not eat interest, and instead stick it in a crypto protocol promising near 20% interest. And after he pays the mortgage off (in what 30 years?) he'll be making 7k a month. None of that makes sense. Why not just make the 7k a month now? Why not just buy the property outright? I know why. Because some crypto scam paid him money to rep their site, and there's not an influencer out there who will refuse a sponsor, doesn't matter how shady they are.

    There should be a new internet maxim about these buttheads: any dude repping success and good advice on social media has neither.

    Super delayed, but while the tether/anchor investment is stupid and it's presented in a very dumb way, "investment instead of paying off low interest loans" is sound advice.

    I ate an engineer
    marajiDark_SideGiantGeek2020Shadowhope
  • ButtersButters A glass of some milks Registered User regular
    Preacher wrote: »
    Man I walked by a gamestop a couple weeks ago, the mighty have fallen it was like looking at a spencers of yesteryear, if you told me they used to be THE retailer for games I wouldn't believe you.

    I miss Funcoland

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  • cloudeaglecloudeagle Registered User regular
    Gamestop charging forward with crypto and NFTs kind of makes sense because, well, what the hell else can they do at this point?

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  • MegaMan001MegaMan001 CRNA Rochester, MNRegistered User regular
    Preacher wrote: »
    Man I walked by a gamestop a couple weeks ago, the mighty have fallen it was like looking at a spencers of yesteryear, if you told me they used to be THE retailer for games I wouldn't believe you.

    They've got a lot of niche pop culture stuff that I think could do okay, except there's a lot of overlap with Hot Topic. For example I got my copy of Heroquest from them at retail when the original Kickstarter or Pulse or whatever sold out.

    I am in the business of saving lives.
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  • HydropoloHydropolo Registered User regular
    cloudeagle wrote: »
    Gamestop charging forward with crypto and NFTs kind of makes sense because, well, what the hell else can they do at this point?

    Like, nearly ANYTHING?

    Captain Inertiaoverride367
  • notyanotya Registered User regular
    cloudeagle wrote: »
    Gamestop charging forward with crypto and NFTs kind of makes sense because, well, what the hell else can they do at this point?

    Take all the money and close up shop probably woulda been my call...

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  • HevachHevach Registered User regular
    In further "crypto is a cult" news, Gamestop has launched a wallet for crypto and NFTs.

    Most of the people watching this from the outside are basically saying "Why the hell would they do this, with NFTs becoming effectively worthless, and crypto crashing hard"?

    But if you look inside the cult of GME, they think this is going to make them all rich. Despite the fact that this is, objectively speaking, really shitty timing at best.

    Anyone still sitting on GME stock probably doesn't have the best sense of market timing.

    It was only a good investment for a short time because somebody made a boneheaded and overleveraged move and put themselves in a position where they'd have to buy *all* the shares and then some on a specific date. Once that was over, it's back to business as usual, and business as usual is an inexorable slide into oblivion.

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  • Commander ZoomCommander Zoom Registered User regular
    Hydropolo wrote: »
    cloudeagle wrote: »
    Gamestop charging forward with crypto and NFTs kind of makes sense because, well, what the hell else can they do at this point?

    Like, nearly ANYTHING?

    well, apparently "accept that their entire business model is obsolete" is not on the table, so...

    steam_sig.png
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  • HevachHevach Registered User regular
    "CRYPTO!" is now one of the train stops on the way to liquidation I guess. Kodak did it, too. Not sure how it went to them but there appears to be no mention of it any where on their website so I'm guessing not great.

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  • Dark_SideDark_Side Registered User regular
    edited May 23
    milski wrote: »
    Dark_Side wrote: »
    Jragghen wrote: »
    In all seriousness, probably no, his parents are probably paying it for him

    Or he never actually bought it, does anyone even put 20% down anymore? The whole bit is just a little too convenient. In fact the more I watch it, he's basically saying he's going to pay 20% (of half?) down, take the other 450k, which he could just pay off the house with, and not eat interest, and instead stick it in a crypto protocol promising near 20% interest. And after he pays the mortgage off (in what 30 years?) he'll be making 7k a month. None of that makes sense. Why not just make the 7k a month now? Why not just buy the property outright? I know why. Because some crypto scam paid him money to rep their site, and there's not an influencer out there who will refuse a sponsor, doesn't matter how shady they are.

    There should be a new internet maxim about these buttheads: any dude repping success and good advice on social media has neither.

    Super delayed, but while the tether/anchor investment is stupid and it's presented in a very dumb way, "investment instead of paying off low interest loans" is sound advice.

    Oh for sure I was more pointing out that he'd created this elaborate scheme that made no sense. Which is always the hallmark of scam/paid placement: is the example needlessly complex? Has the purveyor not actually purchased anything or put their money at risk? Well then it's a scam.

    cloudeagle wrote: »
    Gamestop charging forward with crypto and NFTs kind of makes sense because, well, what the hell else can they do at this point?

    I'm pretty sure this is just a swipe at the SuperStonk/WallStreetBets userbases to fleece some money out of them. Gamestop was able to profit at least somewhat off the memestock business and brought in some operating capital. The guy running it now has some "ideas" which they all think are going to revolutionize the business. But the sales model of gamestop doesn't exist anymore, so it's doubtful what they can really do beyond selling off the majority of the business and property and trying to rebrand. There was a guy on youtube who snuck into some of their management meetings and recorded them, and at that time the big push was to sell hand sanitizer at the counter!

    Edit: Also...worth noting that there's still no proof the shorts ever covered on GME. There's a still a ton of float and all sorts off hours and dark pool bulk trading going on. Melvin Capital, one of the greedy original hedge funds shorting GME just closed up shop, ultimately taken down by the GME investors not only holding their stock, but also possibly by direct registering their shares.

    Dark_Side on
    Preacher
  • jothkijothki Registered User regular
    The pathetic part of all this is that Gamestop didn't survive because it had some inherent reserve of worth in existing, it survived because it was so terrible that the people who shorted it got too enthusiastic and stabbed themselves in the back over it. It's a meme because it's such a horrible investment, and yet people are investing in it anyway.

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  • BurtletoyBurtletoy Registered User regular
    Hevach wrote: »
    "CRYPTO!" is now one of the train stops on the way to liquidation I guess. Kodak did it, too. Not sure how it went to them but there appears to be no mention of it any where on their website so I'm guessing not great.

    I don't think they actually did anything, but they were ahead of the trend of saying the word "crypto" in their earnings calls to boost their share price, for sure. They did it in 2018! Four years before GameStop! They were pioneers!

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