bit¢oin$

JUST IN: Crypto startup @orbs_network has been working with the @realDonaldTrump administration to explore blockchain solutions related to the Israeli–Palestinian conflict. https://t.co/W9lzvRNwqS @La__Cuen reports

— CoinDesk (@coindesk) June 27, 2019

When I was in college there was this middle aged white-bearded Jewish guy who would always chat with me in the local coffee shop. At some point he started explaining to me that he had a "project" he was working on for Israel-Palestine peace. It involved allowing Palestinian and Israeli teens to play some kind of online virtual soccer together -- keep in mind this was roughly 2001, so it's not like the tech for online multiplayer games was very advanced yet, even if this had otherwise been a valuable or workable idea. I briefly tried to help him (for promised pay) with his "grant proposal" before realizing I had no idea how the fuck to write a grant proposal or how the fuck his project was supposed to work.

https://twitter.com/Jake_Hanrahan/status/1163453546592911365

http://twitter.com/Jake_Hanrahan/status/1163453546592911365

ho hum

I am seeing more and more projects looking to hire Meme Lords and executing meme competitions in their respective communities to get ahead of the competition. I don't think memes have ever been more important in the crypto world from a bizdev perspective.

— Frank Chaparro (@fintechfrank) September 14, 2020

The hallmark of any stable currency.

we are looking to hire a high level meme lord to promote our crypto scam i mean start up

bizdev

cryptobizdevmemelord

yo this is incredible https://t.co/dXbOVx7g4B pic.twitter.com/sOFR166jYB

— Steadman™ (@AsteadWesley) January 12, 2021

something like 20% of all bitcoin has been lost and at least that much stolen

does anyone know why the price has skyrocketed lately? it's still as inconvenient and unusable as ever...

prob the same answer as always market manipulation

but it looks like you can reset your password on an IronKey hard drive via an online account, or maybe this is a newer feature?

i bet someone would be willing to figure out how to crack that thing in exchange for, i don't know, $20M of the money

was thinking the same

Master Codebreaker Kington on the case!

PROTIP: would definitely not recommend "just taking a guess at it"
that's almost certainly what i would've already done tho...

Bitcoin is an environmental crime. The energy required to process a single transaction could power an average US household for over 22 days

https://digiconomist.net/bitcoin-energy-consumption

Now Bitcoin overtakes Argentina in annual energy use, and close to Norway pic.twitter.com/Y24pGDbexP

— Rory Cellan-Jones (@ruskin147) February 9, 2021

seriously thinking about buying $3500 of dogecoin

― action bronson pinchot (sanskrit), Wednesday, January 15, 2014 12:22 PM (seven years ago) bookmarkflaglink

👀

retired to the greater dog island

the fuck is going on

Jesus Christ, that's insane. It's going to hit $50K isn't it?

clickbait got me: $100 spent in 2010 would be worth 48 million today. this world is stupid.

yeah but you'd have to be the kind of person who bought into some weird shit that basically no one knew about, then watched it increase 1000x and then still hold onto it for some crazy reason.

yeah pretty much everyone expressing regrets about not buying in earlier would've sold the instant they doubled or tripled their money

no fucking clue what's going on but it feels like there's some insane manipulation going on. feels like how you have these weird punk 7"s that people just randomly decide are worth $600 even though nobody ever buys them

It’s definitely the case that some vicious criminal assholes are on the winning end of whatever is going on.

I want to believe manipulation too, but it's getting increasingly hard for me to believe it's possible at the kinds of volume and market cap we're seeing now. I guess it's still relatively unregulated/unobserved so maybe there's something highly sophisticated going on.

the volume... is not very high

It's weird that none of these stories point out that somebody owns 36 billion Dogecoin and with one tweet Elon Musk made that anonymous person a billionaire, and that person could be himself https://t.co/Gm4xNP8N3t https://t.co/vWBqYRIUBr

— David Dayen (@ddayen) February 9, 2021

fwiw it has been found perviously that some bitcoin exchanges were letting big accounts trade for free so the sophistication of the scheme could literally just be selling yourself bitcoin lol, and also the people doing it could be the exchanges themselves, theres also obvs been all sorts of other malarky going on the whole time too tether etc, havent seen anyone theorizing re the nature of the scam this time around tho, but i mightve just unfollowed those people lol

The tether thing is still a compelling case about why the bitcoin pump has been a complete scam. They got another extension to provide the NYAG with documents that show 1T is backed by 1USD. And that new deadline is in a week or so. But in the meantime they minted one billion tether yesterday and minted like 7 billion last week. So many billionaires sending money to tether's bank in the Bahamas.

But I think they now just need to prove that 1T is backed by 1USD or equivalent, which is easier if you
mint tether>unknown wallet>crypto exchange>purchase BTC>unknown wallet>crypto exchange> BTC into USD

the volume... is not very high

― lag∞n, Friday, February 12, 2021 1:34 PM (thirty-six minutes ago) bookmarkflaglink

Bitcoin's latest trading volume was $78,534,285,374 -- as a percentage of market cap that's higher than the volume of a lot of large cap stocks (and it's also huge in absolute terms). Agree it's very possible it could just be dumb shit like back-and-forth wash trades among a small number of accounts or a large number of dummy accounts.

its higher than the volume of... a single stock

latest *reported trading volume I should say, I really have little idea how that's calculated or how much if any transparency there is with these exchanges.

its higher than the volume of... a single stock

― lag∞n, Friday, February 12, 2021 2:18 PM (twenty seconds ago) bookmarkflaglink

Higher as a percentage of market cap though, i.e. the percentage of bitcoin that trades per day is higher than the percentage of, say, Apple stock that trades per day. Of course, Apple is very clearly widely held and traded among many many holders and trades on a transparent national exchange.

(i.e. no idea if the latter is actually true for Bitcoin - volume doesn't matter much if it's wash trades)

anyway im sure at this point in the mania a lot of the trading is legit the manipulators may have already cashed out, or they just step in when necessary who knows, either way i would bet all the bitcion i own, like ten dollars worth a thumb drive somewhere that i forget the password to, that manipulators are in the mix, cause i mean why not you have a dubiously regulated world wide market where all the players are pseudonymous, its like it was invented for crimes

yeah I think bitcoin is dumb as shit too, I've just never seen a phenomenon quite like this. I have to think it's partly fed money inflating bitcoin just like everything else is getting inflated. Fed engaged in unprecedented bond buying and institutions are just (indirectly) throwing a lot of that on the craps table because nothing productive to spend it on.

yeah I think bitcoin is dumb as shit too

― longtime caller, first time listener (man alive), Friday, February 12, 2021 2:25 PM (fifteen seconds ago) bookmarkflaglink

i will do you the courtesy of not reviewing your posts itt lol

the real question is, if someone with $20,000,000 of bitcoin they found on a USB somewhere were to cash out, could they actually get 20 million dollars

at this point it seems like yeah, but not sure at what number it becomes no

you can see when there are large amounts of crypto being transferred from wallets to exchanges or when stableoins are being minted. Some twitters send out alerts. Whenever tether is being minted, bitcoin pump always follows. When they stop minting, it slowly starts to bleed.

recall ppl talking about that pattern the last time around

yeah it still happens. people still trade based on it. It's pretty reliable.

lol normal asset

I put $50 in a week ago as a larj. It’s at $73 now. Should I put all my money in it?