bit¢oin$

Crypto is not pretend! Don't you get it? It is going to make transactions faster! Just you wait and see, mister.

i mean all money is pretend

this pretend money is also unregulated

(laws are also made up)

money has an army

thats right

Yeah, but people without no money have a free Twitter account

I think the one, single prognostication I ever had was in grad school, and a seminar was working with an old emeritus prof on a book he was writing about how the internet was going to be a great boon for democracy. This was just before Arab spring, etc. The smart thing that I did was when we went around the table I said “nooooooooooooooooooo!”

lol

of course the real big story no-one is talking about here is how this is going to have a serious impact on Crawley FC. They are going to become the first UK league club since the days of horses and carts to pay their playing staff in units of less than a penny.

the one, single prognostication

Meant to thrown the word “accurate “ in there because I have been completely wrong thousands of times. And even on this one, I’m sure the Internet will start doing unbelievable things for democracy soon and even Nelson’s “ha-ha!” will be a little brighter and more supportive than it was before

here's that one stock everyone's talking about, the one where if you own it you're actually a giant fucking asshole, regardless of the price:

https://i.imgur.com/U86RNkv.png

it's back at 14 cents. so...if you bought it at less than a cent, or wherever it was a few hours ago, and you sold it now, at 14 cents, if you can find another sucker to buy low, wouldn't you be making a 1400% profit? or am i misunderstanding how the entire thing works

the one where if you own it you're actually a giant fucking asshole

that would be buttcoin i imagine

the one where if you own it you're actually a giant fucking asshole

could you say what it is instead of trying to make people guess?

Terra (UST) the one that has been in the news for collapsing

oh shit, that was another terra. the luna one is, indeed, dead as a doornail!

https://coinmarketcap.com/currencies/terra-luna/

they are kinda connected

On Terra’s own blockchain, UST has a symbiotic relationship with its satellite asset luna, which can be used to earn cryptocurrency rewards. It was always possible to exchange UST for luna and vice versa, and the blockchain’s own code always made sure that terra traded at a dollar a unit, while luna’s varying price was determined by algorithms keeping an eye on the market.

That was supposed to keep its price stable by piggybacking on the work of arbitragers, investors who attempt to profit from market inefficiencies. If a sell-off of UST on cryptocurrency exchanges threatened to lower its price below $1, the idea was that smart arbitragers would rush to buy UST, and use them on its native blockchain to buy luna at a discount—propping up UST’s price in the process.

If the opposite happened and UST’s price zoomed over $1 on crypto marketplaces, people would use their lunas to buy one-dollar-a-unit USTs on Terra’s blockchain and resell them on other platforms, bringing the price of UST down. It is a clever architecture. It is also one that did not and could not work. “It is a bit like perpetual motion machines. People wanted to figure out how to get free energy. And these designs were complicated—they would have pulleys, they would have magnets, they would have levers,” Muci says. “With algorithmic stable coins, it's a little bit the same idea.”

https://www.wired.co.uk/article/terra-luna-collapse

that Financial review article was really good

there’s a youtube video called “line goes up” that people say is good but it’s 2hrs long; tldw

it's great, I've watched it twice!

I often wonder "how long do bubbles take to burst," and the answer ALWAYS seems to be "just a few months past when I get exhausted by waiting and stop giving a shit."

I feel a lot of conflicted emotions over the whole "regular people are getting screwed" "but a lot of them are those assholes" thing.

I just talked a friend out of investing in a "defi" crypto-lending thing she sent me info about. I was like "can you explain to me what this actually is or how it works?" and she couldn't, so I said to please not invest in something she couldn't understand. And this was an educated person who actually understands investments pretty well, so I guess anyone can be vulnerable to it.

Like a few weeks ago, right before the crash

does ilx have a character limit per post now?

depends

on

the

strength

of

the

characters

(sorry)

(crypto sucks btw)

i tried watching line goes up again and i don’t understand how anybody handles that rapid-fire singsong youtube explainer voice for more than 5 minutes at a time, it’s completely unbearable to me

So far, there are no indications that Mr. Bukele plans to change course. On Monday, he said on Twitter that El Salvador bought 500 bitcoin at an average price of $30,744. “El Salvador just bought the dip!” he added. Bitcoin traded at $29,745 on Friday.

what’s that word for when something is funny yet also incredibly horrible

tragicomic or sad lol

there is so much that is bad about that guy that i can't even lol at him

Miami's mayor-backed MiamiCoin https://t.co/BfyteN1oTt

— Nathan Bernhardt (@jonbernhardt) May 16, 2022

CZ admits Binance lost $1.6 billion due to Terra collapse in bizarre tweet threads

May 16, 2022https://t.co/hQqBytHWbp pic.twitter.com/duDc2YXTr2

— web3 is going just great (@web3isgreat) May 16, 2022

1/ Statement analysis is one of those "soft skills" that is important in life. It served me well as an FBI Agent, and continues to inform how I make decisions. Some friends highlighted a thread recently which made my antenna go up. BLUF: I'm not accusing anyone of a crime, but... pic.twitter.com/HRf2vPBwdN

— James Harris (@jimeharrisjr) May 16, 2022

looking forward to the Netflix show where "James Harris"'s own sanity is pushed to the edge while analyzing the tweets of bitcoin sociopaths for the fbi

"sus"

14/ "Oh, I remember that night—I was on the internet all night. I have dial-up internet service, so I'm sure [my ISP] logs will confirm that."

Asserting you don't know something bad, but then suggesting it's true—and then suddenly remembering who might have evidence is "sus."

— James Harris (@jimeharrisjr) May 16, 2022

Doesn’t seem great

#Terra_Luna $UST $LUNA

It appears an inside job was allowed to be carried forth to bail out a whales all while the retail bag holders got incinerated. 🔥

Massive class-action / criminal proceedings possible with this. 👇https://t.co/M3OCNGxB0D pic.twitter.com/qP3XvNQQSd

— Paolo the Parrot 🦜 (@realPaulSantos) May 16, 2022

I would love to see these cyrpto fucks put through the ringer courtesy of an old SDNY judge with an aol email address and the FRCP. And if it's bankruptcy, the trustee would be able to claw those transactions back, no?

those exchanges and the whales they cashed out are one in the same you gotta think

https://www.washingtonpost.com/business/2022/05/18/fbi-eminifx-crypto-pyramid-scam/

The Washington Post personal finance columnist wrote an article listing the similarities between recent cryptocurrency offerings and classic Ponzi/pyramid schemes.

The web service that feeds advertising to washingtonpost.com inserted ads for Unicoin, "A new-generation cryptocurrency."

Unfortunately due to a vastly uneven ratio of men to women who signed up for our waitlist, we have decided to put the BAYC dating app on hold indefinitely.
Too many bros!

We sincerely appreciate your interest and support.https://t.co/PozZOCph0y

— y4k (@y4kxyz) May 12, 2022

getting close to that 2018 high baby

https://i.imgur.com/IthkTfD.png

lol. Last time I had looked it had just dipped below $30K.

Every. Time. I. Look. It. Just. Keeps. Getting. Better.

not only schadenfreude either, thinking a lot about all the emissions to be saved when it falls below the cost to mine

JUST IN - Binance, one of the largest crypto exchanges in the world, temporarily halts #Bitcoin withdrawals.

CEO says they are "fixing an issue."

— Disclose.tv (@disclosetv) June 13, 2022

Bitcoin price plummets below $25K following Celsius freeze https://t.co/zxKYrCWbvp pic.twitter.com/HLRWF54GTr

— The Verge (@verge) June 13, 2022

freezing out there