Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)

[TreatyOak 16366]

Well, shocking. Bored Ape NFTs have lost their value and now investors are suing.

Good luck getting your money back. 

 

 

 

 

[gyroprotagonist 2594]

errbody better get liquid.  bully is coming.  full send.  #altseason #uponly.  

 

That Bored Ape suit seems laughable.  You mean to tell me that celebrities 'feign interest for financial enrichment'?   no effing way!?!  The sales on platforms like opensea, blur, looksrare are even more crooked as buyers set up fake wallet after wallet to bid up a collection, start buying a few and then dump all their bags once there is even a smidgen of volume.  

[Rudiger 1163]

Sam Bankman-Fried is sad he can’t get vegan food in jail. 
 

Spoiler

Law360, New York (August 22, 2023, 11:46 AM EDT) -- Sam Bankman-Fried hasn't had access to his medication in pretrial detention and is subsisting on bread, water and peanut butter because the jail isn't honoring his vegan diet, a lawyer for the disgraced FTX founder told a Manhattan federal judge Tuesday.

The issues were raised during Bankman-Fried's first court hearing since being remanded to Brooklyn's Metropolitan Detention Center on Aug. 11 for alleged witness-tampering. The 31-year-old, who's accused of looting billions from his now-collapsed cryptocurrency exchange, wore beige prison garb and leg shackles while pleading not guilty to the latest superseding indictment ahead of an October trial.

An attorney for Bankman-Fried, Mark Cohen of Cohen & Gresser LLP, told U.S. Magistrate Judge Sarah Netburn that the defendant hasn't received his Adderall prescription for attention-deficit/hyperactivity disorder and was only given a "limited supply" of the depression medication Emsam upon arrival at the MDC.

To make matters worse, Cohen said, the jail has not been honoring Bankman-Fried's vegan dietary restrictions.

"He continues to be served a flesh diet," Cohen told the magistrate judge. "Because he's following his principles, he's literally now subsisting on bread and water, and sometimes peanut butter … Your honor, that's outrageous."

Judge Netburn said she'll send a directive to the MDC right away regarding both the medical and dietary issues. She warned, however, that Bankman-Fried might have to settle for vegetarian meal offerings if the jail cannot accommodate veganism.

Defense attorneys have also complained that Bankman-Fried is unable to properly prepare for trial while incarcerated, and asked last week that he be brought to a courthouse war room every day to review discovery with his legal team.

U.S. District Judge Lewis A. Kaplan largely denied the request in a Monday evening order. The current plan, said Christian Everdell of Cohen & Gresser on Tuesday, is for Bankman-Fried to review discovery twice a week from the courthouse's cellblock, where he can only communicate with lawyers from across glass.

"He needs to be performing analysis on this data and drafting work product," Everdell told Judge Netburn. "What we have now is not sufficient."

Everdell said Bankman-Fried's limited access to discovery poses "serious Sixth Amendment issues." But the magistrate judge declined to weigh in on the matter.

"I'm sure you know that typically magistrate judges don't review district judges' rulings on appeal," Judge Netburn said. "I don't think it's really my place to reconsider the issue."

Bankman-Fried drank a bottle of Pellegrino sparkling water during the hearing. Afterward, he spoke to his mother across the partition, and security officers ordered the press to leave the courtroom before his departure — an unusual directive for this type of proceeding.

Prosecutors charged Bankman-Fried in December with a slew of fraud and money laundering counts for allegedly siphoning billions of dollars worth of FTX customer deposits toward his crypto trading firm Alameda Research, illegal campaign donations and various personal expenses.

Bankman-Fried was initially released on a $250 million bond following his extradition from the Bahamas, but Judge Kaplan revoked bail earlier this month after the defendant shared former Alameda chief Caroline Ellison's private writings with the New York Times.

Ellison, Bankman-Fried's ex-girlfriend, has pled guilty and is expected to give powerful testimony at the October trial. FTX co-founder Zixiao "Gary" Wang and the company's former engineering boss Nishad Singh have also copped to charges and plan to take the witness stand.

A second trial on counts brought after Bankman-Fried's extradition, including an allegation that he bribed Chinese government officials to unfreeze Alameda trading accounts, is scheduled for March 2024.

 

[bernorange 8362]

On 9/30/2022 at 10:19 AM, bernorange said:

Are CBDCs much closer to reality than we think or would SWIFT really use an existing tech like Etherium?  I'm honestly a bit shocked to learn that SWIFT is pursuing these ideas.

https://www.swift.com/news-events/press-releases/swift-unlocks-potential-tokenisation-successful-blockchain-experiments

According to that press release, SWIFT completed an experiment that tested transactions across an Ethereum blockchain.

[bernorange 8362]

Quote

... most RWA tokenization platforms require trust in some sort of intermediary to honor the redemption of the tokenized asset. If the intermediary evaporates, then so too can the claim on the underlying asset. This problem is referred to as the physical asset oracle problem and can be demonstrated with this example:

If Alice tokenizes her car, and Bob buys the token; how can Bob be sure he will receive the car?

That's not something blockchain can solve directly, as it always involves some amount of human coordination and trust. However, there is an alternative, more natively Web3 way of addressing this problem.

Instead of tokenizing physical assets directly, protocols can lock up parties' commitments to execute a commercial exchange as a type of forward contract, encoded within smart contracts and tokenized as redeemable NFTs. When a dispute happens, it can be handled by an algorithm encoded within a smart contract that refers it to decentralized dispute resolvers. The result is trust-minimized tokenization, exchange and settlement of RWAs.

Such protocols provide a more rigorous answer to the fundamental question of tokenization: how can we ensure claims are met? And convey the same level of assurance as DeFi since transactions cannot be reversed, rescinded or censored. This level of assurance provides "harder" tokenized RWAs whose reliability enables them to be the foundations of a smarter, more programmable economy.

Otherwise, if a trusted intermediary is required it brings back in everything blockchain is meant to avoid like counterparty risk, friction and monopoly power.

As the world’s leading blockchain academic, Prof. Jason Potts notes, “Now that we can tokenize all the world’s physical products and services into a common, interoperable format; list them within a single, public ledger; and enable market transactions with low cost of trust, which are governed by rules encoded within and enforced by the underlying substrate, what then? Then, computable capital enables ‘programmable commerce,’ but more than that – it enables what we might call a ‘turing-complete economy’.”
...

https://www.coindesk.com/consensus-magazine/2023/08/31/the-trillion-dollar-crypto-opportunity-real-world-asset-tokenization/

[bernorange 8362]

Quote

...
In the past 24 hours, a whale has traded nearly 92,600 ETH call option contracts worth $150 million on the crypto exchange Deribit, according to options data tracking website Greeks.Live. On Deribit, one options contract represents 1 ETH.

"The whale actively bought $150 million worth of notional ETH calls, and all of them were naked buys, with clear long-term bullish expectations," Greeks.Live tweeted on X.

Call options give the purchaser the right but not the obligation to buy the underlying asset at a predetermined price at a later date. A call buyer is implicitly bullish on the market. A naked position is taken speculatively without cover or protection against adverse movement in the underlying asset's price.

The large flow was concentrated in the so-called out-of-the-money (OTM) calls at strike levels well above ether's current market price of $1,633. Whales blocked over 40,000 contracts of ETH December expiry call at $2,200 and nearly 50,000 contracts of October expiry call at $2,000. A block trade is a large transaction negotiated over-the-counter of outside of the exchange's order book to ensure minimum impact on the market price of the asset. Block traders are considered a proxy for institutional activity.
...

https://www.coindesk.com/markets/2023/09/18/crypto-whale-takes-150m-bullish-bet-on-ether-trading-data-tracker-shows/

~~~

From the video description:

Quote

There’s so many major catalysts on the horizon for Bitcoin.

- FASB accounting changes, effective EOY 2024
- Bitcoin halving, April 17, 2024
- Bitcoin ETF final deadlines, Q1 2024

Yet Bitcoin has been trading in a range between 25,000 and 30,000 for months now. Which begs the question, with all these positive catalysts… who on earth is selling? 🤔

In his latest interview, Michael Saylor believes he knows the answer. He argues the majority of sellers at the moment are the Bitcoin miners.

They can’t just HODL their Bitcoin, they’re businesses with bills they need to pay.

They need to sell the bitcoin they mine to pay for electricity, computer costs and operating expenses.

The good news? That selling pressure is going to be cut in half just a few months from now. ✂️ In fact we even know the specific day. April 17 2024.

The Bitcoin halving.

 

[gyroprotagonist 2594]

Mark Cuban had his metamask wallet drained.  said the loss was ~$860K  worth of stuff.  

 

[TonyTexas 10518]

8 minutes ago, gyroprotagonist said:

Mark Cuban had his metamask wallet drained.  said the loss was ~$860K  worth of stuff.  

 

A drop in the bucket for him monetarily but an ocean of damage to his “I’m the smartest guy in the room” ego

[Nice Guy Eddie 13515]

Don't connect your metamask to unknown sites. his mama should have taught him that.

[Storm the Field 5296]

Who could have ever seen this coming?!?!?!?!?

 

[Captainant 27682]

23 minutes ago, Storm the Field said:

Who could have ever seen this coming?!?!?!?!?

 

The real friends is the money laundering we made along the way

[Neonmoon 38129]

42 minutes ago, Storm the Field said:

Who could have ever seen this coming?!?!?!?!?

 

What’s the difference between NFT and Bitcoin?

[Buzzrock 14926]

I would imagine 95% of crypto tokens are worthless too. Probably 99% of fine art.

Lazy journalism.

[gyroprotagonist 2594]

On 9/20/2023 at 11:18 PM, longhornmatt said:

The difference is NFTs at least tried to use cool pictures you could pretend were art or trading cards instead of just saying, “Hey, here’s a pic of fake money.  Oh look, 275 thou - might want to hang on to that one.”

They have value in that someone might pay for them, similar to baseball cards having value solely based on someone else willing to pay.  a small portion of NFTs had/have buyers that kept the prices up.  thousands of copycats and outright scams trying to replicate the successful ones make up 99% of failed NFTs. 

if they ever reach mainstream or develop any sort of utility there exists a possibility greater than zero that some of these current NFTs could achieve rare baseball card status.  I played around in NFTs and made a few shekels but out of the hundreds of projects i bought and sold, i am only keeping 2-3 to see if anything ever happens down the road as yes, the conventional wisdom was that 99% of all projects will eventually approach zero value.

[Fudge Nuggets 19208]

You are confusing price with value.

[Buzzrock 14926]

Value is in the eye of the beholder. The Mona Lisa is just some paint and canvas. It has no practical use.

[T’Boo Ted Marshall 2737]

Or cash flow

[bernorange 8362]

Gold is a "barbaric relic" yet central banks still buy and hold it.  

[B00M 6423]

15 minutes ago, bernorange said:

Gold is a "barbaric relic" yet central banks still buy and hold it.  

Wait, what are you comparing to gold? 

[bernorange 8362]

It's a statement about the subject appraisal of "value" and how folks who don't see it, don't get it.

[bernorange 8362]

Quote

Tech behemoth Microsoft has inadvertently revealed its plans to integrate a crypto wallet with the popular Xbox gaming console, leaked internal documents posted on the Resetera gaming forum last week show.

According to a report from The Verge, unredacted documents in the Federal Trade Commission’s (FTC) case against Microsoft – where the regulator is attempting to block the company’s $69 billion purchase of Activision Blizzard – included communications between Xbox executives that detail plans for a new disc-less Xbox Series X, a gyro controller, and a next-gen hybrid Xbox to be released in 2028.

Also included in the documents was an Xbox roadmap from May 2022 that detailed plans to integrate a cryptocurrency wallet into the next version of the console.
...
“Digital assets and gaming have always been closely tied in concept,” said Michael Silberberg, head of investor relations at AltTabCapital. “This isn’t just about this one niche of the game ecosystem either. Across the gaming industry, in-game micro-transactions account for nearly ? of all gaming revenue globally. Microsoft’s inclusion of cross-chain wallets in Xbox will allow the next generation of game developers to enable players to create and retain real value from in-game worlds, facilitating actual digital asset ownership, decentralized player-driven markets, and reduced fraud in digital economies.”

Integrating crypto “can disrupt and supercharge the $76B (2023) in-game microtransaction market,” he added. “Opening the gaming digital marketplace to crypto assets has the potential to increase the number of participants by 2.5 billion gamers in the digital assets market, which will not only increase the number of transactions but strengthen the position of digital assets in the global economy.”
...
Microsoft is also rumored to be working on integrating a non-custodial Ethereum (ETH) wallet into its Edge browser, but details on that development, including a potential release date, are scarce.
...

https://www.kitco.com/news/2023-09-25/Microsoft-crypto-plans-leaked-documents-reveal-plans-for-an-Xbox-crypto-wallet.html

[bernorange 8362]

This could be huge if it works and is done right (securely).  I would be interested learning in more details about it:

Quote

Babylon, the blockchain project with a mission to transform Bitcoin into a decentralized staking asset, has taken a significant step forward by unveiling its Bitcoin Staking Protocol Minimum Viable Product (MVP) at the Cosmoverse 2023 conference.

The Bitcoin Staking Protocol MVP marks a significant stride toward unlocking the full potential of idle bitcoins while enhancing the security and economic health of PoS chains. This innovative approach has garnered support from within the industry and showcases the ongoing evolution and diversification of the blockchain and cryptocurrency space.
...
Babylon is set to focus on adoption within various ecosystems, with particular emphasis on the Cosmos network of blockchains. In the Cosmos ecosystem, the top ten protocols have over $2.5 billion worth of staked assets, demonstrating significant potential for Babylon’s innovative protocol.

Notably, Babylon secured seed funding from well-known backers such as IDG and Breyer Capital, who have previously supported industry giants like Coinbase and Circle. This financial backing will play a pivotal role in advancing the development and adoption of the Bitcoin Staking protocol.

https://invezz.com/news/2023/10/02/babylon-unveils-innovative-bitcoin-staking-protocol-mvp-at-cosmoverse-2023/

[bernorange 8362]

Quote

Singapore, 2 October 2023 – UBS Asset Management has launched its first live pilot of a tokenized Variable Capital Company (VCC) fund. The fund is part of a wider VCC umbrella designed to bring various “real world assets" on-chain as part of Project Guardian, a collaborative industry initiative led by the Monetary Authority of Singapore (MAS).

Thomas Kaegi, Head UBS Asset Management, Singapore & Southeast Asia, said: “This is a key milestone in understanding the tokenization of funds, building on UBS’s expertise in tokenizing bonds and structured products. Through this exploratory initiative, we will work with traditional financial institutions and fintech providers to help understand how to improve market liquidity and market access for clients.”

Utilizing the firm’s in-house tokenization service, UBS Tokenize, UBS Asset Management launched this controlled pilot of a tokenized money market fund. Represented as a smart contract on the Ethereum public blockchain, the pilot enables UBS Asset Management to carry out various activities including fund subscriptions and redemptions.

This pilot is part of UBS Asset Management’s global distributed ledger technology strategy, focused on leveraging public and private blockchains networks for enhanced fund issuance and distribution. It also forms part of the broader expansion of UBS’s tokenization services through UBS Tokenize. In November 2022, UBS launched the world’s first digital bond that is publicly traded. In December 2022, UBS issued a USD 50 million tokenized fixed rate note, and in June 2023 originated CNH 200 million of fully digital structured notes for a 3rd party issuer.

Following the successful launch of the first pilot transactions, UBS Asset Management will be looking to execute further live pilot use cases under Project Guardian – working with a wider set of partners and explore various investment strategies.

About UBS

UBS is the largest truly global wealth manager and the leading universal bank in Switzerland. It also provides large-scale and diversified asset management solutions and focused investment banking capabilities. UBS helps clients achieve their financial goals through personalized advice, solutions and products. Headquartered in Zurich, Switzerland, the firm has operations and offices around the globe. UBS shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).

https://www.ubs.com/global/en/media/display-page-ndp/en-20230927-first-blockchain-native.html

"Legacy financials" are starting to scratch the surface of the tokenization opportunities with crypto.

[Parliament 14264]

1234

[bernorange 8362]

Quote

... Christopher Wood, global head of equity strategy at Jefferies.

Wood said that a failure to “exit from unorthodox monetary policy in a benign manner is likely to culminate in the collapse of the U.S.-dollar paper standard to the benefit of both gold bullion owners and also owners of Bitcoin,” and emphasized that investments in both BTC and gold should be regarded by investors as insurance rather than short-term trades.

Jefferies went on to recommend that U.S. dollar-based long-term global investors, including pension funds, allocate 10% of their funds to Bitcoin. ...

https://www.kitco.com/news/2023-10-06/Jefferies-calls-Bitcoin-a-critical-hedge-against-inflation-recommends-10-allocation-for-pension-funds.html

[Claire Voyant 14]

1 hour ago, bernorange said:

https://www.kitco.com/news/2023-10-06/Jefferies-calls-Bitcoin-a-critical-hedge-against-inflation-recommends-10-allocation-for-pension-funds.html

Interesting. I was told this was nonsense.

Monetary debasement is inevitable, although the economy appears to be holding out ok for now in the face of rate hikes.

If the 4 year cycles continue, then 2024 would be beginning of next bull run. Not sure what catalyzes it.

[Neonmoon 38129]

Interesting 

[TreatyOak 16366]

 

[Parliament 14264]

100%?!  I was promised it would always be worth about...

Tree fiddy.

[bernorange 8362]

Follow up to post #3597:

Quote

JPMorgan has carried out its first live blockchain-based collateral settlement transaction involving BlackRock and Barclays, the U.S. banking giant said on Wednesday.

JPMorgan’s Ethereum-based Onyx blockchain and the bank’s Tokenized Collateral Network (TCN) was used by BlackRock to tokenize shares in one of its money market funds. The tokens were then transferred to Barclays Plc for collateral in an OTC (over-the-counter) derivatives trade.

The tokenization of traditional financial assets is a big deal for banks, and it’s an area JPMorgan has been leading the charge with, now joined by the likes of Citi and others.

Tokenization occurred within a matter of minutes through connectivity between the fund’s Transfer Agent and TCN, JPMorgan said in a press release. The transfer between Blackrock and Barclays was near instantaneous and represents a first for BlackRock, J.P. Morgan and Barclays, where the shares in MMFs are used as collateral between bi-lateral derivatives counterparts, it said.
...

https://www.coindesk.com/business/2023/10/11/jpmorgan-debuts-tokenized-blackrock-shares-as-collateral-with-barclays/

[MonkeyDoughnut 10326]

59 minutes ago, bernorange said:

Follow up to post #3597:

https://www.coindesk.com/business/2023/10/11/jpmorgan-debuts-tokenized-blackrock-shares-as-collateral-with-barclays/

This is a big area the finance world is looking to use blockchain. Ridiculous now that there are areas where days or weeks are taken for final settlement. Would allow for much better and faster collateral use with a much better "paper" trail ... makes surveillance much easier too which has become a larger and larger expense having to report and respond to so many players to insure compliance.

[bernorange 8362]

On 6/22/2022 at 11:29 AM, Immaculate Vibes said:

Also if you have coins on Voyager pull them off today.

 

On 6/22/2022 at 12:38 PM, bernorange said:

I didn't have a lot on Voyager, but I just moved all I had there over to Coinbase.  Thanks for the heads up.

Voyager went belly up a couple of years ago and the bankruptcy has been an ongoing drama, but it looks like it has finally concluded.  I got a check in the mail yesterday for $2.64 from the Voyager Wind-Down Debtor pusuant to the bankruptcy liquidation.  That surprised me because I didn't think that they owed me anything.

[bernorange 8362]

Quote

... "The thing that was missing, the big ingredient that was missing from public blockchains that we've now really figured out is privacy," he adds, explaining that without it, your competition could see things like how much inventory you have and where you're moving it.

"So, the big breakthrough that we've been waiting for, and I feel like we really have finally achieved, is the ability to have secure private transactions on public blockchains," he said, predicting that we're about to enter a "new era of real adoption." ...

https://www.kitco.com/news/2023-10-11/Here-s-why-EY-sees-Ethereum-as-the-perfect-B2B-platform.html

He didn't get the Surly braintrust  memo that Ethereum/crypto is worthless garbage.

[Rimbo 25993]

21 minutes ago, bernorange said:

https://www.kitco.com/news/2023-10-11/Here-s-why-EY-sees-Ethereum-as-the-perfect-B2B-platform.html

He didn't get the Surly braintrust  memo that Ethereum/crypto is worthless garbage.

Hmmm. But now you've reopened/left unsolved the scaling problem.

[TreatyOak 16366]

5 hours ago, MonkeyDoughnut said:

This is a big area the finance world is looking to use blockchain. Ridiculous now that there are areas where days or weeks are taken for final settlement. Would allow for much better and faster collateral use with a much better "paper" trail ... makes surveillance much easier too which has become a larger and larger expense having to report and respond to so many players to insure compliance.

What about the security issues? Do scammers currently exploit blackchain, or is it scam-proof? Of course, traditional digital channels can also be hacked, but is this an on-ging concern? I assume many of the scam sites that redirected buyers of crypto were more traditional scams, like the fake Microsoft accounts. Love to hear your thoughts.    

[Rimbo 25993]

19 minutes ago, TreatyOak said:

What about the security issues? Do scammers currently exploit blackchain, or is it scam-proof? Of course, traditional digital channels can also be hacked, but is this an on-ging concern? I assume many of the scam sites that redirected buyers of crypto were more traditional scams, like the fake Microsoft accounts. Love to hear your thoughts.    

Nothing is scam-proof, or else cryptocurrency wouldn't have so many damn scammers in it.

A blockchain gives you a data structure that can give you complete traceability, which is why it's useful in things like, say, distributed version control systems.

But that assumes that any mechanism you use to audit that system uses that exclusively (e.g., you use git alone to access git's data), that you have effective enforcement procedures, reliable ways to identify users (a feature that most cryptocurrency true believers explicitly do NOT want implemented; they prefer the Zero Trust model which, as I said above, kills any hope of being able to scale), etc.

Edited October 11, 2023 by Rimbo

[MonkeyDoughnut 10326]

22 minutes ago, TreatyOak said:

What about the security issues? Do scammers currently exploit blackchain, or is it scam-proof? Of course, traditional digital channels can also be hacked, but is this an on-ging concern? I assume many of the scam sites that redirected buyers of crypto were more traditional scams, like the fake Microsoft accounts. Love to hear your thoughts.    

This would be more of a "closed system" type use case (at least initially). There wouldn't be anything really to scam as each night all parties would still be reconciling against it and handling corrections as they do now.   Systems now go through a multitude of 3rd party clearing systems for reconciliation. (at least one of which was recently hit by a ransomware attach and they were forced to manually reconcile for weeks). This could effectively begin the process of getting rid of the concept of "overnight" reconciliation and processing as far as funds are concerned.  Really would only affect the trading brokerages, banks, funds etc. 

Definitely not scam-proof, just could reduce that, make things more transparent and expedient.

[bernorange 8362]

39 minutes ago, Rimbo said:

Hmmm. But now you've reopened/left unsolved the scaling problem.

https://ethereum.org/en/developers/docs/scaling/

[Rimbo 25993]

9 minutes ago, bernorange said:

https://ethereum.org/en/developers/docs/scaling/

LOL.

But seriously: LOL

also: lolololololol

[Rimbo 25993]

10 minutes ago, bernorange said:

https://ethereum.org/en/developers/docs/scaling/

oh wait, one more LOL:

"Why are so many scaling solutions needed?"

They forgot one: "Because the short-term gains of multiple polynomial/linear mitigations have tricked us into thinking we can solve an exponential growth problem."

lololololol

 

hahahaha

 

oh god, pull the other one, now!

[bernorange 8362]

Fwiw:

https://academy.shrimpy.io/post/what-is-layer-2-scaling-for-ethereum-the-best-layer-2-protocols-explained

https://insidebitcoins.com/news/ethereums-layer-2-dominance-grows-an-insight

I'm on my phone, so not including any snippets.  It sounds like layer 2 chains are finding market adoption and tech is still evolving.

[Rimbo 25993]

2 hours ago, bernorange said:

Fwiw:

https://academy.shrimpy.io/post/what-is-layer-2-scaling-for-ethereum-the-best-layer-2-protocols-explained

https://insidebitcoins.com/news/ethereums-layer-2-dominance-grows-an-insight

I'm on my phone, so not including any snippets.  It sounds like layer 2 chains are finding market adoption and tech is still evolving.

There is no way to evolve the tech to solve this problem without attempting to change the problem they're trying to solve; it's fundamental mathematics. It's like trying to make 2+2 equal to 5; you can only make it work by redefining what 5 means.

And once you do that, there's existing solutions already. (In the above example, the number 4.)

Obviously the math here is more along the lines of, say, the Incompleteness Theorem proof than simple grade school addition, but it's no less unchangeable.

Markets adopted the Pet Rock, too. Eventually, people will mostly figure out the Emperor's New Currency. What actual crypto researchers have known for years will eventually become obvious to the markets.

It's been a fun ride, some scammers have made bank, and so have some opportunists. But it's just another form of gambling, and always has been, and isn't going to make fiat currency obsolete.

[Rudiger 1163]

Looks aren’t anything, and I know nobody except SBF was saying Caroline Ellison was hot, but sweet mother of god!

 

[bernorange 8362]

36 minutes ago, Rudiger said:

Looks aren’t anything, and I know nobody except SBF was saying Caroline Ellison was hot, but sweet mother of god!

She gets +1 charisma when she wears an elf costume. (or something like that)

[Rudiger 1163]

7 minutes ago, bernorange said:

She gets +1 charisma when she wears an elf costume. (or something like that)

Then I had better grab my +5 mace. 

[Parliament 14264]

2 hours ago, bernorange said:

She gets +1 charisma when she wears an elf costume. (or something like that)

And she gets dirty. 

[Claire Voyant 14]

On 10/11/2023 at 2:24 PM, Rimbo said:

they prefer the Zero Trust model which, as I said above, kills any hope of being able to scale

I’m not familiar with Eth attempts at scaling. 
 

That said, yes there are trust assumptions/trade offs introduced with second layer bitcoin transactions on the lightning network. There’s also work being done with other layers/scaling options. It’s all part of the process, but the base layer will remain trustless. 
 

On 10/11/2023 at 6:16 PM, Rimbo said:

There is no way to evolve the tech to solve this problem without attempting to change the problem they're trying to solve; it's fundamental mathematics. It's like trying to make 2+2 equal to 5; you can only make it work by redefining what 5 means.

And once you do that, there's existing solutions already. (In the above example, the number 4.)

Obviously the math here is more along the lines of, say, the Incompleteness Theorem proof than simple grade school addition, but it's no less unchangeable.

Markets adopted the Pet Rock, too. Eventually, people will mostly figure out the Emperor's New Currency. What actual crypto researchers have known for years will eventually become obvious to the markets.

It's been a fun ride, some scammers have made bank, and so have some opportunists. But it's just another form of gambling, and always has been, and isn't going to make fiat currency obsolete.

Scaling to cover every transaction on the planet would be necessary to make fiat currency obsolete. But it isn’t necessary to scale to that level to make BTC valuable. We’re already there. It has an assigned value 24/7, and it is substantial. Up 5% today. My guess is because war is inflationary. Money printer goes brrrrt
 

The “actual crypto researchers” missed that point.  Especially if they were on the original cryptography mailing list where the white paper was presented! Whoopsie!

[Rimbo 25993]

2 hours ago, Claire Voyant said:

I’m not familiar with Eth attempts at scaling. 
 

That said, yes there are trust assumptions/trade offs introduced with second layer bitcoin transactions on the lightning network. There’s also work being done with other layers/scaling options. It’s all part of the process, but the base layer will remain trustless. 
 

Scaling to cover every transaction on the planet would be necessary to make fiat currency obsolete. But it isn’t necessary to scale to that level to make BTC valuable. We’re already there. It has an assigned value 24/7, and it is substantial. Up 5% today. My guess is because war is inflationary. Money printer goes brrrrt
 

The “actual crypto researchers” missed that point.  Especially if they were on the original cryptography mailing list where the white paper was presented! Whoopsie!

Oh yes. People who have dedicated their living to understanding this stuff were outsmarted by some dipshit twentysomethings. How amazing.

And I've got a bridge to sell ya.

[Claire Voyant 14]

Oh

 

 

[bernorange 8362]

He has a vested interest since Blackrock is working on creating a BTC ETF.