bit¢oin$

ive talked to some of them in real life

i'm sure it'll be back up to record heights within a year

― parenthetically yours, (Karl Malone), Wednesday, May 19, 2021 4:05 PM (fifty minutes ago) bookmarkflaglink

i think the end game is it not being worth much, its only real utility is as money for the black market which doesnt require it to be worth a lot

i think that makes sense, but it also assumes that cryptopeople care about its real utility. a bunch of them do, but a bunch of them don't, too. playing the lottery doesn't make any real sense, but somehow the powerball's always at like $234 million anyway. the general concept of a gambling/speculation game that seems to be making some people fabulously wealthy overnight, one that the player has a chance to directly manipulate, and you can do it all while sitting at your computer, and it's anonymous - these are very attractive things to a lot of people, especially all those for whom a single $2,000 ----> $20,000 win would be lifechanging.

if the price of all this stuff goes down and remains at 2015-16 levels, maybe it'll make it a lot less fun/risky for a lot of people and they'll sit out. then again, though, isn't buying at the 2015-16 levels the PERFECT time to invest?? lol

q is a totally different thing, and so is literally believing genesis chapters 1-11. but in a way, i think of all these people as going past an Event Horizon of magical thinking, and there is no going back

as always, i am cool with whatever dumb shit anyone wants to believe...until it starts hurting other people. and THAT's why i am a colonel in the anticryptoturd alliance

the thrill/addiction of gambling mixed with tech industry bullshit and feeling "in the know" and that you've got something over the suckers is a pretty powerful combination

also, the more the current cryptosector goes down in flames, the more inevitable that a Reboot will come soon, a slightly changed version (now with proof of stake to resolve all environmental issues!?) that allows the nu-cryptocult to say "listen, I understand why you were skeptical of the old $shitcoin. we all were. but don't forget - there were a lot of mistakes made during the space race, too. We learn from our mistakes, and we iterate. That's why we're so excited about $Minerva. It's everything that was good about the old system, and none of the bad things. yes....yes......."

i think the best utopia/dystopian scenario i can think of would be for some sort of singularity to occur which involves uploading yourself to the internet or whatever. you know charlie bitcoin is going to be the first to upload himself up into the Brazzers.com sector of the collective consciousness. meanwhile, me and my boys will walk peacefully and freely among the abandoned flora and fauna of the world, giving names to all the creatures we meet, but not literally believing in genesis 1-11

just to be clear, i don't have any children. i'm just talking about "my boys"

xp UMS otm

it is obvs good for buying illicit goods and services too tho, its really the only thing people are using it for now, see frogbs poker/gambling post

― lag∞n, Wednesday, May 19, 2021 2:50 PM (forty minutes ago) bookmarkflaglink

saw some weird image of some chinese dudes sending BTC to hamas and asking them to put the picture of some vtuber on one of their rockets.

that sound good lol

lol

pic.twitter.com/76hbvaWosa

— Kevin Beaumont (@GossiTheDog) May 20, 2021

🚨 SCOOP (w/@KartikayM): CNA Financial Corp., among the largest insurance companies in the U.S., paid a $40 million ransom in late March to regain control of their network after a ransomware attack. Details will be updated in this story shortly. https://t.co/Qcn6hiesKw

— William Turton (@WilliamTurton) May 20, 2021

this whole "chia" thing is so funny. it's a shitcoin designed to ruin hard drives. imagine if you got paid to put your car on a kickstand and just floor the engine until it caught on fire. that's what this is https://t.co/qFBYkYmEyj

— going beast mode in Joe Biden's replies (@stdlib) May 21, 2021

https://arstechnica.com/tech-policy/2021/05/private-equity-firm-revives-zombie-fossil-fuel-power-plant-to-mine-bitcoin/

Proof of
Stake
Is
Coming soon so

Few bitcoin projects illustrate the cryptocurrency’s enormous climate impact better than the Greenidge power plant in upstate New York. The once-abandoned power plant was bought by private equity firm Atlas Holdings and retasked. A significant portion of Greenidge's electricity no longer powers nearby homes or businesses; rather, the plant's smokestacks are increasingly pouring pollutants into the atmosphere in the service of mining bitcoin.

Now, Greenidge is on the verge of ramping up its bitcoin ambitions. By the end of this year, it plans to have 18,000 specialized machines mining bitcoin, and with the recent approval of its data center expansion plans, it will add 10,500 more. When the project is complete, the miners will be using 79 percent of the power plant’s capacity, or 85 MW.

Greenidge’s operations aren’t affected by PSC decisions, though. Their mining happens “behind the meter,” meaning it's not affected by grid-level prices. And those operations appear to be fantastically profitable. Between February 2020 and February 2021, the company mined nearly 1,186 bitcoin at a cost of $2,869 per bitcoin. Today, one bitcoin is trading at $57,475.

lol this shit is so out there

as the world explodes, congress will pass HR3104 to require bitcoin miners to register with the SEC or something, the very first legislation on cryptocurrency in the entire universe

isn't the federal government supposed to discourage the use of illegitimate tender or something
this tends not to end well

yeah, i don't expect or hope for them to do anything, on anything, at least in the US. and it's a global problem (like climate change) that requires a global solution, so, looooooooool at us

Increasingly every time I read something about crypto I can't really think of anything to say/think about it except for "Goddamn, clown fucking world. What a stupid world."

usa could prob take the crypto ecosystem down via regulation if they felt like it

and maybe they do idk, takes a while to turn the big ship and so forth

and if you wait 5 years, the who cryptothing will have even more hooks into everyday life and normal people (defined as "not a cryptofuck"). who knows what it will be. "you can't regulate turdcoin! i shifted 40% of my 401K to it a few years ago and it's up 350% in that time! that turdcoin is paying for my kid's college!"

i think crypto is too complicated for the government to address properly. and on top of that, it's complicated and it's tech. fuuuuuuck

oh yeah, and one side of the "debate" just made a shit ton of money

holy shit at that Greenridge piece

Did this already get posted? https://cbeci.org/cbeci/comparisons

the shit that really makes this weird for me is that the entire "value" of crypto is based on the idea of total societal & economic collapse, right? like there's no other use case for it, no real business is gonna accept this shit, and even if their dreams come true and everything goes down the tubes I think they're gonna be in for a rude awakening when they expect to become the "new elites" and find that a currency that 99.99% of the planet has zero of is essentially worthless.

Society collapses yet somehow continues to have really good high speed internet available everywhere

the entire "value" of crypto is based on the idea of total societal & economic collapse, right?

this is where Q and evangelical white christians come in to support. they all depend on that

go, go, go, go!!!

https://i.imgur.com/1zESZlm.png

i think crypto is too complicated for the government to address properly. and on top of that, it's complicated and it's tech. fuuuuuuck

― Karl Malone, Friday, May 21, 2021 11:24 AM (one minute ago) bookmarkflaglink

they already regulate many very complex markets, and crypto schemes wont hold up under that scrutiny, i dont think the tech part particularly matters, i think its mostly a question of whether they care enough to put pressure on global systems to make a lot of the bad stuff hard enough to do that retail investors ie the suckers get out of the game

but thats just the taking care of the investment scamming side, the thing they prob really want to do away with is the ransomware payoffs which they prob cant do anything about, cause youre not going to be able to totally stamp out crypto, someone will prob always be able to run exchanges in pariah/tax haven states, tho idk maybe they could make even that too much trouble

if you outlaw crypto, only outlaws will have crypto

in seriousness though, I don't think it's that complicated. If the US really wanted to end (or at least cripple) crypto, they could just ban it. Conduct raids on some high profile owners/traders, seize their computers or whatever. Shut down exchanges. Ban businesses from accepting it. No, it won't completely disappear, yes some of it will move overseas, but it will become untenable for most people to get involved in it.

I mean, if a government can't ban crypto, someone tell the market, bc people sure seem scared of China right now.

kinda think they would not do that but it certainly would work

china would tho lol

something like that kind of already happened

https://www.bloomberg.com/news/articles/2020-10-01/bitmex-founders-and-executives-are-indicted-in-new-york

yeah i mean theyve been regulating this stuff all long, there are rules that apply to crypto just like anything else, but it doesnt seem like the government has put big effort into the particularities of crypto... yet

on the other hand, you can just openly buy a fucking power plant right now and then successfully seek permission to expand it, purely for the purpose of mining. meanwhile congress is busy trying to figure out if they're cool with being fascists now

but after that, definitely cryptocurrency

the usa gov doesnt always do the most important stuff first

have a feeling there may be a number of very large corporations calling their fairly paid for representatives in government telling them to do something about the crypto right about now, were only hearing about a fraction of ransom wear attacks that have been paid off

I highly suspect the reason why they arrested the Bitmex guys is not because they thought it was "funding terrorism" or whatever but rather because they don't get a cut

honestly surprised theyve let it go on this long what with its stated intent of democratizing the worlds money

I highly suspect the reason why they arrested the Bitmex guys is not because they thought it was "funding terrorism" or whatever but rather because they don't get a cut

― frogbs

otm

regulation in this sphere seems like it will go as well as the war on drugs

as in, everyone's in on it and profiting, including the govt

will be interesting if that goes to a jury trial, cuz there's no way 12 randomly selected people are gonna understand a thing about it

tangentially related to all of this:

Roblox fans are buying digital Gucci bags for thousands of dollars

by the time a kid is old enough to get their first cryptowallet, they will be very accustomed to the idea of spending money that isn't really theirs on things that aren't real