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Three Olives posted:Isn’t it still ridiculously expensive to mine coins? At what price point do the miners start losing a lot of money? There was a chart posted a few pages back. For many countries, that price point is already in the rear view mirror.
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Mar 31, 2018 00:45
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Three Olives posted:Isn’t it still ridiculously expensive to mine coins? At what price point do the miners start losing a lot of money? In most of Europe it's not profitable to mine with a GPU and not worth the hassle to mine with an ASIC considering high initial cost and uncertain ROI. Exceptions are Eastern Europe (Hungary, Czech, Poland etc.) which are "profitable" at around 10-15 EUR/month with a GTX1080.
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Mar 31, 2018 01:50
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https://btcmanager.com/international-crime-outfit-uses-bitcoin-to-clean-stolen-money/ A gang of Ukrainians and Russian cybercriminals was seized March 22 by the Spanish Police. Apparently, the group has allegedly stolen along five years from financial institutions worldwide more than one billion euros (about $1.24 billion) and converting to bitcoin.
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Mar 31, 2018 01:54
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What?!? Bitcoin being used for crimes. Who could have seen this coming?
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Mar 31, 2018 02:07
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Risc1911 posted:https://btcmanager.com/international-crime-outfit-uses-bitcoin-to-clean-stolen-money/ Not gonna lie, a group of hackers stealing a billion euros owns. Yes, it's morally wrong and all that. But how can you not be impressed?
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Mar 31, 2018 02:18
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Andy Dufresne posted:I've made this post 3 times and someone else in the thread made it recently as well. It's really very simple math to know why the bitcoin price is dropping. What's harder to understand is why it didn't drop sooner. That's basically what was happening some years back when bitcoin was stuck at around $200-400 for a very long time; mining had already converted to mostly ASICs in China and was largely unprofitable but the hashrate didn't drop even a little (and even continued growing) despite lingering that way for ages Bitcoin mining has been primarily a means of converting Chinese Yuan into other currencies for a long time. And older discovered schemes showed that rich people in China didn't care about paying a premium for their foreign currency
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Mar 31, 2018 02:21
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Risc1911 posted:https://btcmanager.com/international-crime-outfit-uses-bitcoin-to-clean-stolen-money/
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Mar 31, 2018 02:21
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Dadbod Apocalypse posted:what does the number 400 have to do with bitcoin? Imagine the number 399. Then it becomes 400. Bitcoin works the same way.
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Mar 31, 2018 02:23
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paternity suitor posted:Imagine the number 399. Then it becomes 0. Bitcoin works the same way.
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Mar 31, 2018 02:32
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paternity suitor posted:Imagine the number 399. Then it becomes 400. Bitcoin works the same way. lmbo
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Mar 31, 2018 02:57
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Is there an explainer for the tether scam? I only have so much capacity for bullshit and that one didn’t make the cut so I don’t really know anything about it.
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Mar 31, 2018 03:04
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A while back when I asked someone compared it to the suitcase of IOUs from dumb and dumber and after doing my research i can assure you that that is the most concise explanation.
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Mar 31, 2018 03:15
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Kobayashi posted:Is there an explainer for the tether scam? I only have so much capacity for bullshit and that one didn’t make the cut so I don’t really know anything about it. Imagine that you run a bitcoin exchange, but you're so transparently corrupt and negligent that banks around the world all refuse to stop working with you. A loser would accept defeat and eventually declare bankruptcy, since no one would want to use an exchange that can't move actual money in/out (because bitcoin is not actually money). But Bitfinex are winners; they created a new digital currency, declared that each unit is worth exactly $1, and then produced billions of units. They claim that there's really a dollar in a vault for every Tether, but so far have turned away every auditor and never proven this, so probably they don't have poo poo. For the cherry on top call the new token USDT (which I guess stands for United States Dollar Tethers) so that the average soft-brained bitcoiner more readily associates Tethers with Dollars You might think "surely if there's not real money backing then couldn't they be driven bankrupt by people going to them to convert Tethers for real dollars?" Well, they prevent that by refusing to honor Tether to USD conversions. On their legal page they even say that Tethers are not redeemable and are not worth anything. So the IOU comparison is completely accurate, and for now people are trading Tethers at ~1USDT : $1 for seemingly no reason at all. Even some parts of the bitcoin community think that this is all super fishy and dubious but refuse to do anything about it because doing nothing is better for bitcoin Compounding this is the fact that numerous academics have shown that Tethers are most often released during periods when the bitcoin price is in freefall, e.g. they're created in order to prop up the price This recipe has some additional comedy notes: - For months bitcoiners argued that there was no relation between Tether and Bitfinex, until it was revealed that they're literally run by the same individuals and then bitcoiners were like "well we knew that all along it's not a big deal" - Bitfinex was subpoenaed by US Regulators, and new Tether printings mysteriously stopped. Even more mysteriously they later started printing EuroTethers (supposedly tied to Euros instead of US Dollars) - There are numerous exchanges that have wash-trading users keeping the Tether price around $1, presumably bot activity - Bitfinex are in the process of trying to sue their largest critic on twitter, an account named Bitfinex'ed, and apparently signed up Bitfinex'ed's lawyer for a bunch of e-mail spam, like something a 5th grader might do to a child they're not getting along with QuarkJets fucked around with this message at 04:13 on Mar 31, 2018 |
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Mar 31, 2018 04:06
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Wow. I love Bitcoin.
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Mar 31, 2018 04:14
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QuarkJets posted:Imagine that you run a bitcoin exchange, but you're so transparently corrupt and negligent that banks around the world all refuse to stop working with you. A loser would accept defeat and eventually declare bankruptcy, since no one would want to use an exchange that can't move actual money in/out (because bitcoin is not actually money). But Bitfinex are winners; they created a new digital currency, declared that each unit is worth exactly $1, and then produced billions of units. They claim that there's really a dollar in a vault for every Tether, but so far have turned away every auditor and never proven this, so probably they don't have poo poo. For the cherry on top call the new token USDT (which I guess stands for United States Dollar Tethers) so that the average soft-brained bitcoiner more readily associates Tethers with Dollars I added this to the OP because it is so well written. Thanks.
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Mar 31, 2018 04:47
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Yes CNBC and others monitor reddit for investor sentiment. If they see false lies and FUD spread by trolls they will think that bitcoin is not a good investment. The BIG money listens to this subreddit since we are the tastemakers for the entire crypto community. This is why policing our content is so important. If any false FUD or lies enter into the discussion than we are not putting our best foot forward to the community and therefore Wall Street and the big investor types who watch CNBC and other networks. If anyone has contacts with The Wall Street Journal please let me know because I am compiling a list of positive reddit comments to send to them. Hopefully they will publish them in an article about bitcoin and crypto currencies since they are one of the largest financial newspapers that old dinosaur stock market types read hoping to get the scoop in the next big investment to park their millions of dollars. This is especially true after the DOW markets and NASDACK have dramatically CRASHED this week and cryptos have traditionally been considered a safe investment haven by the large players. This is just the first of many cracks showing in the facade that is the SCAM FIAT markets and will soon come tumbling down as crypto is shown again and again and again to be the future of the world economies. I will say that since fiat is MATHEMATICALY PROVEN TO BE WORTHLESS, all of the so called “super power economies” (US, Canada, Russia, and China) are in fact worthless since they are run entirely on FIAT. The first economy to be 100% crypto will be the worlds first HYPERPOWER economy since it has intrinsic value based on immutability, trustless decentralization, and MATH. My recommendation would be to setup large government funded mining operations for bitcoin and buy power from neighboring countries with FIAT (it’s worthless so let them have it while we use it to create bitcoin and other cryptos). This is the way forward. This is the FUTURE. If you don’t agree then take your FUD and LEAVE!
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Mar 31, 2018 05:02
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Waltzing Along posted:I added this to the OP because it is so well written. Thanks. I didn’t even read that bc it was too long, then I did. And I lold because it’s all true.
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Mar 31, 2018 05:06
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We're going to find out that whenever they printed Tether they actually printed twice as much and put half in their vault to 'back' the ones they released. And then people are going to argue that that's perfectly legit, aren't we.
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Mar 31, 2018 05:08
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junan_paalla posted:Yes CNBC and others monitor reddit for investor sentiment. If they see false lies and FUD spread by trolls they will think that bitcoin is not a good investment. The BIG money listens to this subreddit since we are the tastemakers for the entire crypto community. This is why policing our content is so important. If any false FUD or lies enter into the discussion than we are not putting our best foot forward to the community and therefore Wall Street and the big investor types who watch CNBC and other networks. If anyone has contacts with The Wall Street Journal please let me know because I am compiling a list of positive reddit comments to send to them. Hopefully they will publish them in an article about bitcoin and crypto currencies since they are one of the largest financial newspapers that old dinosaur stock market types read hoping to get the scoop in the next big investment to park their millions of dollars. This is especially true after the DOW markets and NASDACK have dramatically CRASHED this week and cryptos have traditionally been considered a safe investment haven by the large players. This is just the first of many cracks showing in the facade that is the SCAM FIAT markets and will soon come tumbling down as crypto is shown again and again and again to be the future of the world economies. I will say that since fiat is MATHEMATICALY PROVEN TO BE WORTHLESS, all of the so called “super power economies” (US, Canada, Russia, and China) are in fact worthless since they are run entirely on FIAT. The first economy to be 100% crypto will be the worlds first HYPERPOWER economy since it has intrinsic value based on immutability, trustless decentralization, and MATH. My recommendation would be to setup large government funded mining operations for bitcoin and buy power from neighboring countries with FIAT (it’s worthless so let them have it while we use it to create bitcoin and other cryptos). This is the way forward. This is the FUTURE. If you don’t agree then take your FUD and LEAVE!
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Mar 31, 2018 05:08
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Thranguy posted:We're going to find out that whenever they printed Tether they actually printed twice as much and put half in their vault to 'back' the ones they released. And then people are going to argue that that's perfectly legit, aren't we.
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Mar 31, 2018 05:11
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honestly the tether dudes are genius
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Mar 31, 2018 05:15
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Nessus posted:Thus speaks a pirate who's looking at 40. im gonna be at the eagles / jimmy concert in Miami and it cost us dirty fiat money but goddamn it will be great
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Mar 31, 2018 05:16
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junan_paalla posted:Yes CNBC and others monitor reddit for investor sentiment. If they see false lies and FUD spread by trolls they will think that bitcoin is not a good investment. The BIG money listens to this subreddit since we are the tastemakers for the entire crypto community. This is why policing our content is so important. If any false FUD or lies enter into the discussion than we are not putting our best foot forward to the community and therefore Wall Street and the big investor types who watch CNBC and other networks. If anyone has contacts with The Wall Street Journal please let me know because I am compiling a list of positive reddit comments to send to them. Hopefully they will publish them in an article about bitcoin and crypto currencies since they are one of the largest financial newspapers that old dinosaur stock market types read hoping to get the scoop in the next big investment to park their millions of dollars. This is especially true after the DOW markets and NASDACK have dramatically CRASHED this week and cryptos have traditionally been considered a safe investment haven by the large players. This is just the first of many cracks showing in the facade that is the SCAM FIAT markets and will soon come tumbling down as crypto is shown again and again and again to be the future of the world economies. I will say that since fiat is MATHEMATICALY PROVEN TO BE WORTHLESS, all of the so called “super power economies” (US, Canada, Russia, and China) are in fact worthless since they are run entirely on FIAT. The first economy to be 100% crypto will be the worlds first HYPERPOWER economy since it has intrinsic value based on immutability, trustless decentralization, and MATH. My recommendation would be to setup large government funded mining operations for bitcoin and buy power from neighboring countries with FIAT (it’s worthless so let them have it while we use it to create bitcoin and other cryptos). This is the way forward. This is the FUTURE. If you don’t agree then take your FUD and LEAVE! Nnngggh keep going I’m so close Please add this to the OP too, Waltzing Along
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Mar 31, 2018 06:43
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NADSACK
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Mar 31, 2018 07:02
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My life has been an absolute roller coaster the last several months. I'm a 2L at a T3, and decided to take a calculated risk that has backfired catastrophically. I utilized all of my student loan disbursements (roughly $10K) and invested into the cryptocurrency market, specifically in Bitcoin. Bitcoin, at that time, was around $16K per coin and seemed to be going up without pausing. I made a neat profit and decided to hang in to see how long the gravy train would keep rolling. I've lost nearly everything. If that financial ruin wasn't bad enough, my mother broached the idea of how it would effect my bar application process. I've been living with my mother during my investment, and she's been a great help, cooking, cleaning, and letting me read in peace in her room. I didn't immediately think her comment had any merit, but upon further consideration, I feel this may be something I have to disclose, similar to the way I would feel compelled to disclose a gambling habit or drug problem. My state is very strict, and my school has repeatedly emphasized that honesty is the ONLY policy re: C+F. The Bar WILL find out where we have omitted relevant information pertaining to our ability to practice. I'm not sure what to do. I'm thinking about asking my mother to hire a C+F attorney to discuss the issue with him. I also am concerned that law professors will now speak unfavorably re: my character if the Bar asks them. I have developed (very) close relationships with a few professors and shared my investment plan and resulting losses with then. If the Bar asks them about my fitness to practice, will they mention my investment failures? Or my ensuing mental breakdown that I shared with them? Not sure what to do. I hosed everything up. Need some advice.
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Mar 31, 2018 08:14
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QuarkJets posted:My life has been an absolute roller coaster the last several months. I'm a 2L at a T3, and decided to take a calculated risk that has backfired catastrophically. I utilized all of my student loan disbursements (roughly $10K) and invested into the cryptocurrency market, specifically in Bitcoin. I'm sorry, I saved your post so I can share it with my financial analyst friends later to laugh at. I kind of understand why you would do something like this. Like I get it. I know someone who uses his loan money every semester to buy drugs at wholesale and then deals, turning a profit. The difference is that this friend was NOT in law school, trying to be a lawyer. I'm honestly questioning whether or not you are responsible enough to deal with any clients. I don't even care what your grades look like...this is some serious, reckless behavior. As a lawyer, you will often be responsible for holding retainers and other large sums of money in escrow for other people. If you have a history of gambling money that isn't yours to gamble, that definitely stick out as a huge red flag - more so than most other C&F issues. I mean yeah...speak with a C&F attorney. See what he says. and update us if you're not a troll.
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Mar 31, 2018 08:24
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I would blow Dane Cook posted:I'm sorry, I saved your post so I can share it with my financial analyst friends later to laugh at.
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Mar 31, 2018 08:27
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Gobbeldygook posted:He legitimately forgot to source his quote. So did I
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Mar 31, 2018 08:28
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I would blow Dane Cook posted:I'm sorry, I saved your post so I can share it with my financial analyst friends later to laugh at. copypasta^2
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Mar 31, 2018 08:28
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2meta4me
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Mar 31, 2018 08:56
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let it mellow posted:honestly the tether dudes are genius If they're geniuses then they'll manage to get away and enjoy their ill-gotten gains like movie pirates. Most bitcoin exchange scammers seem to be hounded into state custody penniless like real life pirates.
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Mar 31, 2018 09:36
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Yay pirates.
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Mar 31, 2018 09:49
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QuarkJets posted:Compounding this is the fact that numerous academics have shown that Tethers are most often released during periods when the bitcoin price is in freefall, e.g. they're created in order to prop up the price
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Mar 31, 2018 12:30
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toiletbrush posted:i understand Tether and how most of it's a scam, but I'm an idiot who doesn't really know much about the stock market. How do they use tethers to prop up the price of bitcoin? presumably they print a shitload of new tethers and use it to buy Bitcoin when the price is falling. E: the more i read about Tether the more retarded it all seems. it can't be anything other than a massive ponzi scheme Bardeh fucked around with this message at 12:43 on Mar 31, 2018 |
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Mar 31, 2018 12:38
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good news for bitcoin, stdcheck.com now accepts cryptocurrenciesquote:Pay with Cryptocurrency
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Mar 31, 2018 12:45
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I remember a recent survey where 22% of students had bought crypto with their student loans. Well, at least they're learning something now.
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Mar 31, 2018 12:59
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I would blow Dane Cook posted:stdcheck.com now accepts cryptocurrencies We take shady bucks for your sketchy fucks
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Mar 31, 2018 13:02
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lucky for buttcoiners you have to have s in order to get t and d
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Mar 31, 2018 13:19
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Three Olives posted:Isn’t it still ridiculously expensive to mine coins? At what price point do the miners start losing a lot of money? Still comes out as a cheap method of money laundering/avoiding finance regulations. There are also people who do not pay for their electricity (so consider it free, despite still costing the planet). There would be miners even if it cost $5000 electricity to mine $4000 worth. For altcoins, it is more of a scale than a certain number. Some video cards are more efficient than others are mining. At various points, certain cards go from profitable to loss. Especially AMD cards since they are extremely inefficient. You also got the true believers, who think that even though they are mining at a loss right now, in the future crypto will go to the moon and they are REALLY making $5000/day. toiletbrush posted:i understand Tether and how most of it's a scam, but I'm an idiot who doesn't really know much about the stock market. How do they use tethers to prop up the price of bitcoin? imagine if a small group of people owned the largest stock exchange, with no oversight of the platform or coding to make sure it is fair, because there are no regulations now imagine this group of people start printing "Tether" out of thin air now imagine you make up a lie about being "hacked" and losing the fiat, and replacing them with IOUs instead - Tether now imagine that to trade on this exchange, you must deposit in your USD. In exchange for your USD, you receive 1 Tether at 1:1 ratio now imagine you make an account on your own exchange, print out a ton of Tether, give it to your own account, and start buying Butts with it to drive up the price (and interest in Butts). There is no regulation that says you can't trade on your own exchange. now imagine interest explodes from the amazing ever-rising Bitcoin, and you had 70% of all market trading volume trading your Tether. Even other exchanges are using your Tether. now imagine you realize you can automate this process, and since you can have bots on your exchange doing this, you can control the price entirely. You know when the number is going to go up, because you make the number go up (by buying with Tether). You know when it will go down, because you can make it go down (by flooding with the Bitcoins you bought). You can make it stay 'even' with 'high volume' by having bots make wash trades constantly, which also hides true volume now imagine you collude with some of the other large exchanges and have bots on their platforms as well. now imagine you take ownership of the Bitcoin social networks by funding large astroturfing campaigns, such as on /r/Bitcoin, /r/CryptoCurrency, and BitcoinTalk. Turn it all into Russian memes about HODLing and Buying Dips to minimize the amount of people who will get scared and withdraw when they start losing money to your scam, anyone with concerns get downvoted by bots (and fearful suckers) to 0 now imagine people are catching on to your scam, with a popular user on Twitter announcing every time you print Tether, and suddenly the public realizes that 2.2 BILLION had been printed, with absolutely no proof any of this is backed by anything more than libertarian hopes and dreams. This user (TetherPrinter), is now banned on Twitter because Twitter is a dumb libertarian nazi platform, whose CEO supports Bitcoin. now imagine because of your scam being revealed and having eyes on you, you have to halt printing. How do you stop the price from collapsing now? By colluding with the other exchanges and instead of printing new Tether to prop the price up, you just circulate the existing Tether by having those Exchanges take money out of their 'Tether cold wallet' and funding them back into trading bots. As long as there isn't a run on Tether (and there won't be, no one has any desire to withdraw and hold Tether because it can only possibly lose value), that Tether doesn't actually have to be held in cold storage, it can be used for pumping and propping. You now effectively have Fractional Reserve Banking for crypto (the joke being the "USD Reserve" is also Fictional, thus Fictional Reserve Banking). now imagine you are a colluding exchange that allows large margin positions up to 100x, and can wait for suckers making big bets, and then move the price to the point where you can liquidate their position, sucking even more real money out from investors now imagine as real money leaves the system (which only happens when people make successful withdrawals), it silently gets replaced with Tether. Everyone is still happy, because their Exchange still reports their full account balance and it "seems" to exist at least on paper. It doesn't though. Withdrawing large sums even with "legit fiat exchanges" like Coinbase is practically impossible, and real trading volume is actually becoming become more and more thin over time with fading interest and buyers with real USD to offer now imagine another Twitter user is reporting on all the scams going on and the connection your Giant Exchange has to Giant Scam Token. Sue them, try to get them banned as well, have your angry investors (Ponzi suckers down 70%, who do not like "FUD" that can send them even lower and prevent the Mooning from happening) make death threats, etc. That is where we are. They can still pump for FOMO, Fear of Missing Out, to lure new suckers in. But it is all drying up. Many companies are realizing that the blockchain hype is BS and that trustless, slow, inefficient, and immutable are like never desirable traits for databases. Companies are banning crypto advertising. Countries have been cracking down on it, etc. It seems that crypto is heading toward it's true value, which unfortunately is a positive number because the worst people (drug dealers, money launderers, pedophiles) certainly have a use for it. Personally I think the nightmare scenario is that Wall Street, fearful of their own collapsing tech bubble, decide to get creative and make "AAA" investment vehicles for ICOs or some poo poo, just to get another bubble going. Turning junk debt into AAA rated securities has happened before as you may be aware. Crypto is so thinly traded that just a small amount of real money COULD in fact send it straight up again . This doesn't seem to be happening though, I think Bankers DO love their control over fiat and would do quite well in a recession right now anyway, since recessions hit the poor the hardest not the Capital class (who just buy up more poo poo at dirt-cheap prices). Long post but there, that is how I view crypto. Alpha Mayo fucked around with this message at 14:42 on Mar 31, 2018 |
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Mar 31, 2018 14:38
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Alpha Mayo posted:
drat good post, just what page 400 needed
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