[BITCOINS] Yet again, goons are wrong about everything.

The Something Awful Forums > Main > General Bullshit > [BITCOINS] Yet again, goons are wrong about everything.

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uber_stoat: Jan 21, 2001; Pillbug

https://twitter.com/SwiftOnSecurity/status/921873218566348801

# ? Oct 22, 2017 23:35

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# ? Apr 25, 2024 00:03

Defenistrator: Mar 27, 2007; Ask me about my burritos

numberoneposter posted:

the crypto currency of the future is going to be counter-strike weapon skins

# ? Oct 23, 2017 01:09

gary oldmans diary: Sep 26, 2005

uber_stoat posted:

https://twitter.com/SwiftOnSecurity/status/921873218566348801

i really like that g logo

# ? Oct 23, 2017 03:49

Liquid Communism: Mar 9, 2004; Out here, everything hurts.

HerStuddMuffin posted:

Serious question, if it�s notorious that you can�t get money out of bitinfex, why do people buy into it? I thought it was the same wishful thinking that makes them believe that crypogs will surely be useful for something, some day, but there are other exchanges, presumably some of which allow cash withdrawals right now?

Because, as PT Barnum said, there's a sucker born every minute. Same reason people buy into pyramid schemes, or penny stocks, thinking they're the One True Captain Of Industry smart enough to get out with a profit.

# ? Oct 23, 2017 05:19

HerStuddMuffin: Aug 10, 2014; YOSPOS

Liquid Communism posted:

Because, as PT Barnum said, there's a sucker born every minute. Same reason people buy into pyramid schemes, or penny stocks, thinking they're the One True Captain Of Industry smart enough to get out with a profit.

Yes, sure, they�re fools, just itching for someone to part them from their money, I get that. But they look at the various options they have to do that, and they see two (for simplicity) exchanges. One allows them to cash out ~~if, by some miracle, they turn a profit~~ when their amazing investor savvy makes them billionaires, and the other one doesn�t. It�s just a blackhole. Money goes in, worthless tokens come out.

Why do they drop their cash in that second pit?

# ? Oct 23, 2017 07:51

abigserve: Sep 13, 2009; this is a better avatar than what I had before

one guy at work about 2 months ago bought into bitcoins and exclaimed about how he had made 25k on his 5k investment, a whopping 500% gain

when I asked why he hadn't sold he nervously chucked "well you know I'm not going to lose the house it's just speculation but it could be the next big thing because"

like jesus christ dude do you even realize how incredibly lucky you've just gotten just get the gently caress out already

# ? Oct 23, 2017 08:29

HerStuddMuffin: Aug 10, 2014; YOSPOS

400% gain but, agreed, he hasn�t actually made any money until he closes his position and gets the cash.

# ? Oct 23, 2017 09:19

Computer Serf: May 14, 2005; Buglord

what's up with bitscoins options?

is there any way to get puts/calls on bitscoin other than ledger x or GBTC?

:bandwagon:

# ? Oct 23, 2017 11:32

divabot: Jun 17, 2015; A polite little mouse!

shorting bitcoin is easy!! you can use the exchange that got hacked and made it up by taking everyone's money, the exchanges that hand out their own pogs they swear are worth dollars, the exchanges where you can literally watch the price manipulation in real time, the exchange that literally facilitates wash trading in the loving interface, the bucket shop bitcoin derivatives whose price may or may not have any relation to the hour-by-hour stupid volatility of bitcoin, it's a mature and trustworthy market where you can rest assured that the actual exchanges you're doing all this on are not going to rip you off themselves, and of course are fundamentally competent and didn't just go "I know PHP! how hard can running an exchange be",

# ? Oct 23, 2017 12:23

Ghostlight: Sep 25, 2009; maybe for one second you can pause; try to step into another person's perspective, and understand that a watermelon is cursing me

Oh you know PHP? Maybe you can tell me what #include means?

# ? Oct 23, 2017 12:39

Computer Serf: May 14, 2005; Buglord

weird that you need 10 million fiat dollars to actually get options through the regulated market, but the unregulated exchanges can front run or wash trade and its nbd :cheers:

# ? Oct 23, 2017 16:36

evilweasel: Aug 24, 2002

Computer Serf posted:

weird that you need 10 million fiat dollars to actually get options through the regulated market, but the unregulated exchanges can front run or wash trade and its nbd

somehow you can do commodities trading without being a [legal phrase that means "rich enough that we don't care if you're scammed, idiot" that's escaping me right now] and have all this risk and negative roi, and commodities trading includes positions and options on the s&p 500

but, uh, that's regulated too

# ? Oct 23, 2017 18:34

VideoGameVet: May 14, 2005; It is by caffeine alone I set my bike in motion. It is by the juice of Java that pedaling acquires speed, the teeth acquire stains, stains become a warning. It is by caffeine alone I set my bike in motion.

Wolf of Wallstreet says ICO (Initial Coin Offerings) are a scam:

https://www.ft.com/content/739f8954-b61a-11e7-a398-73d59db9e399

�Promoters [of ICOs] are perpetuating a massive scam of the highest order on everyone,� he said. �Probably 85 per cent of people out there don�t have bad intentions, but the problem is, if five or 10 per cent are trying to scam you, it�s a f**king disaster.�

What % of 'normal' IPO's are scams? Less than 5%? Seriously??

This is more about VC's getting a taste of the 'disruption' they are so fond of.

# ? Oct 23, 2017 18:38

evilweasel: Aug 24, 2002

VideoGameVet posted:

Wolf of Wallstreet says ICO (Initial Coin Offerings) are a scam:

https://www.ft.com/content/739f8954-b61a-11e7-a398-73d59db9e399

�Promoters [of ICOs] are perpetuating a massive scam of the highest order on everyone,� he said. �Probably 85 per cent of people out there don�t have bad intentions, but the problem is, if five or 10 per cent are trying to scam you, it�s a f**king disaster.�

What % of 'normal' IPO's are scams? Less than 5%? Seriously??

This is more about VC's getting a taste of the 'disruption' they are so fond of.

what if we just ignored the regulations that's disruptive right? they don't exist for any reason, right? there's no very long history of finance that explains why those regulations exist, right?

i am glad bitcoin's guided tour of why financial regulations exist has gotten up to blue sky laws and ipo regulations though

# ? Oct 23, 2017 18:40

Dmitri-9: Nov 30, 2004; There's something really sexy about Scrooge McDuck. I love Uncle Scrooge.

Aren't most ICOs creating user interfaces for etherium or something? I remember it was something incestuous,

# ? Oct 23, 2017 18:43

VideoGameVet: May 14, 2005; It is by caffeine alone I set my bike in motion. It is by the juice of Java that pedaling acquires speed, the teeth acquire stains, stains become a warning. It is by caffeine alone I set my bike in motion.

evilweasel posted:

what if we just ignored the regulations that's disruptive right? they don't exist for any reason, right? there's no very long history of finance that explains why those regulations exist, right?

i am glad bitcoin's guided tour of why financial regulations exist has gotten up to blue sky laws and ipo regulations though

You know you can sell commodities un-regulated right? (CMA2000).

Anyway, in the USA a ICO that is offering crypto-currency as a security (ownership in the 'thing') is under the same regs as any private offering, qualified investors only. And it's under the scrutiny of the SEC.

That's why it runs about $300k to do an ICO now.

# ? Oct 23, 2017 18:44

VideoGameVet: May 14, 2005; It is by caffeine alone I set my bike in motion. It is by the juice of Java that pedaling acquires speed, the teeth acquire stains, stains become a warning. It is by caffeine alone I set my bike in motion.

Dmitri-9 posted:

Aren't most ICOs creating user interfaces for etherium or something? I remember it was something incestuous,

Yeah, it's using the Etherium (ERC20 token) to do stuff. For example a Carbon-Credit trading system.

# ? Oct 23, 2017 18:46

evilweasel: Aug 24, 2002

VideoGameVet posted:

You know you can sell commodities un-regulated right? (CMA2000).

Anyway, in the USA a ICO that is offering crypto-currency as a security (ownership in the 'thing') is under the same regs as any private offering, qualified investors only. And it's under the scrutiny of the SEC.

That's why it runs about $300k to do an ICO now.

yes, you are allowed to sell oil, steel, and other actual commodities without regulation. when you start saying "tee hee hee this isn't a security, it's a commodity! presto i have evaded regulation" you learn that scammers have been doing that sort of nonsense literally since financial regulations were invented so financial regulations are written in a way to allow the regulators to look at the economic substance of what is being offered rather than its legal form. so "tee hee hee buy this commodity which is totally not an equity investment but is being sold to you with the promise that it will appreciate in value as if it were an equity investment" is less effective at evading regulation than idiots would think.

# ? Oct 23, 2017 18:48

Comfy Fleece Sweater: Apr 2, 2013; You see, but you do not observe.

Dmitri-9 posted:

Aren't most ICOs creating user interfaces for etherium or something? I remember it was something incestuous,

Making an alt coin inside of Ethereum is about as easy as making a new file in word, just copy paste some text and change the name and number of coins etc

You're supposed to program some functionality on top of that, but that's hard

So yes you can issue GBSCoin at a worth of 1 DOLLAR per coin and there's nobody to tell you you can't

Now make a webpage with all the razzle dazzle latest javascripts and colors and html5 animations and hot dang you've got an ICO worth 50 MILLION DOLLARS

Of which you keep 10 million, just because, then when people support your project and are done paying, you disappear with the virtual money, of course

edit: In the Waves crypto platform it's even easier, you just name it and set the number of coins and if it's reissuable. I'll gladly make a LowtaxCoin if anyone wants

these alt coins are so easy to make they're being used for spamming addresses - you can randomly receive some in your virtual wallets for no reason. Like KrossCoin (a Christian crypto coin) which in the description lists some religious website only and has unlimited coins

Comfy Fleece Sweater fucked around with this message at 18:54 on Oct 23, 2017

# ? Oct 23, 2017 18:49

Ghostlight: Sep 25, 2009; maybe for one second you can pause; try to step into another person's perspective, and understand that a watermelon is cursing me

evilweasel posted:

what if we just ignored the regulations that's disruptive right?

I mean, that's pretty much the exact definition of the euphemistic buzzword.

# ? Oct 23, 2017 23:05

Minimalist Program: Aug 14, 2010

I wnat to make a billion dollars on internet coins and use the money to buy... a friend.

# ? Oct 23, 2017 23:07

Burt Sexual: Jan 26, 2006; by Jeffrey of YOSPOS; Switchblade Switcharoo

Minimalist Program posted:

I wnat to make a billion dollars on internet coins and use the money to buy... a friend.

I got a check for some dumpy stock I had to bail on today and thought of you, Minimalist Program. It�s like 1900$

# ? Oct 23, 2017 23:22

VideoGameVet: May 14, 2005; It is by caffeine alone I set my bike in motion. It is by the juice of Java that pedaling acquires speed, the teeth acquire stains, stains become a warning. It is by caffeine alone I set my bike in motion.

Comfy Fleece Sweater posted:

Making an alt coin inside of Ethereum is about as easy as making a new file in word, just copy paste some text and change the name and number of coins etc

You're supposed to program some functionality on top of that, but that's hard

So yes you can issue GBSCoin at a worth of 1 DOLLAR per coin and there's nobody to tell you you can't

Now make a webpage with all the razzle dazzle latest javascripts and colors and html5 animations and hot dang you've got an ICO worth 50 MILLION DOLLARS

Of which you keep 10 million, just because, then when people support your project and are done paying, you disappear with the virtual money, of course

edit: In the Waves crypto platform it's even easier, you just name it and set the number of coins and if it's reissuable. I'll gladly make a LowtaxCoin if anyone wants

these alt coins are so easy to make they're being used for spamming addresses - you can randomly receive some in your virtual wallets for no reason. Like KrossCoin (a Christian crypto coin) which in the description lists some religious website only and has unlimited coins

But to get the sort of funding FileCoin et. al are getting you really do need to create some functionality.

FileCoin is about distributed file store with the crypto-currency being a reward for making the space available. A crowd-sourced cloud so to speak.

# ? Oct 24, 2017 00:27

vortmax: Sep 24, 2008; In meteorology, vorticity often refers to a measurement of the spin of horizontally flowing air about a vertical axis.

VideoGameVet posted:

But to get the sort of funding FileCoin et. al are getting you really do need to create some functionality.

FileCoin is about distributed file store with the crypto-currency being a reward for making the space available. A crowd-sourced cloud so to speak.

This keeps coming up -- the cloud, but with ~~Bitcoin~~ a crypto-currency token! What's to stop someone storing illegal content (warez, child pornography, Excel spreadsheets of money laundering, etc) on my hard drive?

# ? Oct 24, 2017 01:02

Burt Sexual: Jan 26, 2006; by Jeffrey of YOSPOS; Switchblade Switcharoo

VideoGameVet posted:

But to get the sort of funding FileCoin et. al are getting you really do need to create some functionality.

FileCoin is about distributed file store with the crypto-currency being a reward for making the space available. A crowd-sourced cloud so to speak.

Why does that make me money? A cloud file store? Lol is this in AWS?

# ? Oct 24, 2017 01:07

VideoGameVet: May 14, 2005; It is by caffeine alone I set my bike in motion. It is by the juice of Java that pedaling acquires speed, the teeth acquire stains, stains become a warning. It is by caffeine alone I set my bike in motion.

Burt Sexual posted:

Why does that make me money? A cloud file store? Lol is this in AWS?

The people sharing space on their servers make money.

AirBnB for servers :-)

# ? Oct 24, 2017 01:13

Burt Sexual: Jan 26, 2006; by Jeffrey of YOSPOS; Switchblade Switcharoo

VideoGameVet posted:

The people sharing space on their servers make money.

AirBnB for servers :-)

Sounds communist?

# ? Oct 24, 2017 01:36

Comfy Fleece Sweater: Apr 2, 2013; You see, but you do not observe.

vortmax posted:

This keeps coming up -- the cloud, but with ~~Bitcoin~~ a crypto-currency token! What's to stop someone storing illegal content (warez, child pornography, Excel spreadsheets of money laundering, etc) on my hard drive?

Absolutely NOTHING!

Well, StorjCoin actually figured out how: By asking the users nicely NOT to store anything illegal in these anonymous encrypted hard drives online

# ? Oct 24, 2017 02:23

evilweasel: Aug 24, 2002

VideoGameVet posted:

But to get the sort of funding FileCoin et. al are getting you really do need to create some functionality.

FileCoin is about distributed file store with the crypto-currency being a reward for making the space available. A crowd-sourced cloud so to speak.

that already was created a decade and a half ago and its full of kiddy porn

# ? Oct 24, 2017 03:03

VideoGameVet: May 14, 2005; It is by caffeine alone I set my bike in motion. It is by the juice of Java that pedaling acquires speed, the teeth acquire stains, stains become a warning. It is by caffeine alone I set my bike in motion.

evilweasel posted:

that already was created a decade and a half ago and its full of kiddy porn

Their video makes it appear that their goal is to allow citizens in totalitarian nations to get to the internet.

https://filecoin.io

Your scenario is more likely.

# ? Oct 24, 2017 16:15

QuarkJets: Sep 8, 2008

maybe I'm just dumb but it seems like decentralized file storage wouldn't help someone who lacks internet access

# ? Oct 25, 2017 04:37

Computer Serf: May 14, 2005; Buglord

what if we tokenize the poor people and make them mine actual commodities like food but then the you have to use foodcoins to buy the food blocks

# ? Oct 25, 2017 07:31

mojo1701a: Oct 9, 2008; Oh, yeah. Loud and clear. Emphasis on LOUD!
~ David Lee Roth

QuarkJets posted:

maybe I'm just dumb but it seems like decentralized file storage wouldn't help someone who lacks internet access

Now you're just spreading FUD. It's in the wiki.

# ? Oct 25, 2017 14:30

evilweasel: Aug 24, 2002

VideoGameVet posted:

Their video makes it appear that their goal is to allow citizens in totalitarian nations to get to the internet.

https://filecoin.io

Your scenario is more likely.

there's exactly one group of people whose problem with the government restricting what they can look at on the internet is solved by anonymized decentralized file storage that doesn't actually help them "get to the internet"

# ? Oct 25, 2017 15:18

scott zoloft: Dec 7, 2015; yeah same

scott zoloft posted:

all right well I'll be back when the exchange hits 7k.

# ? Nov 2, 2017 14:32

Comfy Fleece Sweater: Apr 2, 2013; You see, but you do not observe.

Lol

# ? Nov 2, 2017 16:35

BornAPoorBlkChild: Sep 24, 2012

I wonder if theres a way legally invest in this poo poo

# ? Nov 4, 2017 16:04

Powershift: Nov 23, 2009

Race Realists posted:

I wonder if theres a way legally invest in this poo poo

Invest in? no.

Bet on? probably.

# ? Nov 4, 2017 16:11

CaptainSarcastic: Jul 6, 2013

quote:

�Indefinitely postponing the fork is a healthy move for crypto assets,� said Guy Zyskind, CEO and co-founder of Enigma, a data-driven, crypto-investment platform.

�The ability of the bitcoin community to self-correct and avoid a contentious fork inspires confidence and shows how the ecosystem is entering a more mature phase,� he added.

http://www.reuters.com/article/us-g...SKBN1D82OA?il=0

# ? Nov 9, 2017 08:32

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# ? Apr 25, 2024 00:03

Baiku: Oct 25, 2011

Anyone else feel bullish on XMR for 2018?

# ? Dec 2, 2017 02:29

The Something Awful Forums > Main > General Bullshit > [BITCOINS] Yet again, goons are wrong about everything.

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