bit¢oin$

Another thing I have to think is helping to drive the bitcoin price runup is leverage. My understanding is that there are offshore trading platforms that let you use up to 100x leverage to buy bitcoin. Presumably there's little or no oversight there.

https://news.artnet.com/opinion/beeple-everydays-review-1951656
some real humdingers in there

I was just talking with ZS on the NFT thread about how the piece is terrible as a whole -- the mosaic just does not work in the slightest in a visual sense. And also about how some of the individual images were kind of lame, sub-banksy trench commentary. But I hadn't seen a lot of those. Yikes.

didn't know we had an NFT thread!

NFTs

u should repost it there

forks, for the benefit of my sanity, even if you like NFTs, please do not like NFTs, please do not

but speaking of beeple and all the terrible shit he's made and said (and is now embedded into the 3rd-most value work of art by a living person), what sucks is that a certain kind of artist/audience could acknowledge that past and maybe the "work" would partly be about showing how he used art to move beyond that and not be a total fucking dick whose existence and continuing success serves as perhaps the quintessential example of everything that is wrong with white men. but instead, his current fanbase/supporters/#cryptobros/art fans are like mid-2000s ilxors calling everyone the r-word stuck in a time freeze, never growing past that or taking any criticism at heart

that maker "scene", along with the audience and now even the platform/currency they're using, is all fucking bullshit

Lol nft is endtimes shit

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.

― longtime caller, first time listener (man alive), Friday, 12 February 2021 19:20 (one month ago) link

matt levine quoted someone talking about this today, but didnt compare it to stocks -

“Bitcoin is extremely sensitive to increased dollar demand,” the BofA strategists said in a note Wednesday. “We estimate a net inflow into Bitcoin of just $93 million would result in price appreciation of 1%, while the similar figure for gold would be closer to $2 billion or 20 times higher. In contrast, the same analysis for the 20-year-plus Treasuries shows that multibillion money flows do not have a significant impact on price, pointing to the much larger and stable nature of the U.S. Treasuries markets.” ...
BofA notes that since about 95% of total Bitcoin is owned by the top 2.4% of addresses with the largest balances, it’s “impractical as a payments mechanism or even as an investment vehicle.”

this is a good summary of where we're at

Just imagine traveling 10 years back in time and trying to explain this to someone; just imagine what an idiot you’d feel like. “There’s going to be this online currency that people think is a form of digital gold, and then there’s going to be a different online currency that is a parody of the first one based on a meme about a talking Shiba Inu, and that one will have a market capitalization bigger than 80% of the companies in the S&P 500, and its value will fluctuate based on things like who is hosting ‘Saturday Night Live’ and whether people tweet a hashtag about it on the pot-joke holiday, and Bloomberg will write articles and banks will write research notes about those sorts of catalysts, and it will remain a perfectly ridiculous content-free parody even as people properly take it completely seriously because there are billions of dollars at stake.”

i disrespect anyone involved with cryptocurrency

i also hold $2200 worth of XRP now, after stupidly investing $2000 in it a few years ago based on this thread and my complete idiocy, watching it fall to $140, and then back up to $2200 again over the last few months. i'd get rid of it and buy some sort of local-market tv ad making fun of cryptofucks, but i don't want to figure out how to get into my goddamn wallet and con some motherfucker into giving me cash for it

of course, my current stance is based upon my overwhelming love for the petrodollar economy, and actually, it's ME who is the asshole

there's a mystery ilxor who i follow on twitter (different username/handle, no idea, but a bunch of ilxors follow them) and they talk a lot about cryptocurrency. sorry if i'm dissing that person, they are probably really cool. i suppose this is supposed to lead to some sort of thought path that leads to "i guess they're not ALL cryptofucks", but i'd like to see the number of verified "cool cryptotraders" rise above 0.000001% before going there

if anyone makes serious $$ off of this shit the only way they can get into heaven is to devote 110% of the profits to mutual aid

who is the mystery crypto ilxor out yourself

🤑

i am. i love crypto, tweet about it constantly to my thousands of followers.

maaaaaaaaaaaaaaaaaaaaaaaap

damn sorry to report matt has been canceled

wait

hey i'm not canceling anyone but myself. i am over there, in my own little cancel box. playing with real fiat money

cancel me dammit

these are the dumbest people alive

https://i.postimg.cc/gJQSFDTS/image.png

Cool stuff. So is everybody as stoked for snl tomorrow night as I am? It's gonna be loltastic! How do I shot dogecoin? haha. get it?

Two months before a $DOGE wallet was created and accumulated over 25% of all DOGE.https://t.co/UpsDDbt3v7 https://t.co/HG3KzyjCPJ

— Mindful Capitalist (aka socialist) (@HappiestYogi) May 8, 2021

can't believe we're just doing this shit again

People watching noticed that a bunch of the transactions were in the amount of @elonmusk birthday over and over.

There are also 69, 666, 80085 (BOOBs) transactions. pic.twitter.com/AVIZuyPEYJ

— Mindful Capitalist (aka socialist) (@HappiestYogi) May 8, 2021

80085 (BOOBs)

*yelling* BOOB
*whispering* s

everyone these days is asking is elon musk pumping and dumping crypto currencies in order to cover for major accounting fraud at tesla

— br◎seph (@on3ness) May 8, 2021

two of my friends jokingly gave me 8 dollars a few months ago to invest in Doge when it was at 7 cents.

that 8 bucks is now grown to over $80. what a world.

you should buy a dog with it

How much will it increase in value

has to be a coin dog

the rest are all depreciating assets (everyday closer 2 death)

da blockchain (only good for crimes)

Microsoft is shutting down its Azure Blockchain Service on September 10, six years after initial launch, and no new deployments are being supported as of May 10 (@maryjofoley / ZDNet)https://t.co/c0vy6CCBNyhttps://t.co/ZcLlSLB4at

— Techmeme (@Techmeme) May 13, 2021

wild

New @Elliptic analysis of the #DarkSide ransomware:
- DarkSide has netted over $90 million in #Bitcoin
- The average ransom paid was $1.9 million
- The DarkSide affiliates, who infected the target organisations, took $74.7 million
Read more here: https://t.co/sunrKeHaNS

— Tom Robinson (@tomrobin) May 18, 2021

Companies that pay that shit gotta get prosecuted you can’t be handing people $2M for owning you

one of my twitter handles is the same as someone on sth called stocktwits, and I get some trading parasite @ing me every week with this $ bullshit

Companies that pay that shit gotta get prosecuted you can’t be handing people $2M for owning you

― Clara Lemlich stan account (silby), Tuesday, May 18, 2021 11:16 AM (six minutes ago) bookmarkflaglink

crazy thing is companies are buying insurance against attack now, or defacto buying insurance via hiring security companies that are themselves carrying insurance, so theyre just like fuck it pay it who cares

How do I invest in the ransomware guys then

that would be a fun game for some finance guy to formulate a derivative or whatever that pays when cyber crime does well

The Big Extort

I have a neighbor whose medium-size employer was ransomwared. they all got a week off cuz they literally couldn't work. they brought the FBI in and they said "you just have to pay the ransom". and you all thought Bitcoin wasn't good for anything.

there should be a crypto just for paying ransoms and then on a specific day have someone manipulate the market to make them all worthless before they can sell

perhaps...a Shitcoin

I learned last week that insurance companies have people who's job it is to negotiate with ransomware companies so that their clients get a better deal on the ransom. Seems like a fun job.

hello am i speaking to dark orb 420