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https://twitter.com/WallStCynic/status/1379843329978998790
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Apr 7, 2021 18:58
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Blotto_Otter posted:So are there any decent alternatives to Signal, or is it still the best option for secure messaging in spite of its issues? Protonmail for what it's worth did a round-up blog post on messaging apps: https://protonmail.com/blog/whatsapp-alternatives/ (unlike EFF who couldn't be arsed to update its like 5-year old "Secure Messaging Scorecard" despite there probably being millions of people in January who wanted Whatsapp alternatives to be explained to them)
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Apr 7, 2021 19:20
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pointsofdata posted:Yeah, the promise of mastodon is that you only have to be part of the communities you want to, and it works pretty well for that. I like it a lot and wish it was more popular. this absolutely feels like something that will break down the moment the userbase reaches a certain critical mass though, because 99% of users don't really give a gently caress about this server nonsense and are going to want to have access to their friends, so you'll wind up with a few big "major" servers that everyone's on, at which point you can't just block an entire server to get rid of the nazis anymore because you'll also wind up blocking 30% of the entire mastodon userbase or whatever. it seems like it's only manageable at this point because there's one or two good places that are kept squeaky clean entirely by volunteers, and the nazis are mostly corralled into well-defined pits that you can just deny access from like i really want it and that commie patreon alternative and hell even matrix/element to work, i just don't really see it functioning at scale without also losing a whole bunch of the reason anyone gives a gently caress about it in the first place.
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Apr 7, 2021 19:30
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Blotto_Otter posted:Am I correct in understanding that FEI is supposed to be a stablecoin that targets a value of $1 USD purely by managing supply rather than being backed by any USD holdings? Is the whitepaper and the website intentionally obfuscating exactly what entity is responsible for buying and burning FEI tokens when the value is < $1, or have they just not thought that far ahead yet? Their white paper is extremely confusing, this is how I understand it (kind of weird that there is basically no clear analysis online of what was apparently a $1.2billion launch): * At or above $1.01 FEI appointed contracts will sell you new FEI at $1.01. this should work and will ensure that the price never goes above $1.01, you can ignore all the stuff about risk free arb in the white paper, the price won't exceed 1.01 * Below $1 you can sell either on a normal exchange, or an "incentivised" exchange. On an incentivised exchange sales below $1.00 incur an additional penalty, and the purchaser gets a reward, although it's net deflationary, so the total outcome of the transaction is negative. e.g. (fake numbers) I could agree a sale "valuing" FEI $0.95. I'd actually only receive $0.91, and the buyer would get $0.97 "worth" of FEI. We're worse off in total than before the trade. So trading on the incentivised exchange is extremely weird and has high costs. In particular, imagine you're the buyer in the example above - the calculation they use has valued your FEI at 0.97, but if you were to try and sell it , you'd actually only receive <0.95. I'd argue that in the absence of an alternative use for FEI that means it wasn't worth $0.97 in the first place, and is actually worth whatever you can sell it for (<0.95), and both participants lost out big on the trade. This mechanism also gives weird incentives for some participants (only sellers) to trade off the supported exchange, and extremely strong incentives to sell when the price is near $1 - upside is capped at $1.01, but downside is unlimited, as early adopters have discovered. They also discuss a mechanism to use more traditional price support with the Ethereum raised in the initial mint - I don't see why this shouldn't work, especially given the burn so far, but given what's happened so far and the issues above I'd expect the tokens to continue to be sold and burnt whenever the price gets near $1 (It's all actually via Ethereum but I've pretended the oracle mechanism works and done everything in $, it probably does) I've probably got some stuff really wrong as their white paper is very confusingly written and there hasn't been a Matt Levine article yet. distortion park fucked around with this message at 20:04 on Apr 7, 2021 |
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Apr 7, 2021 20:01
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Thinking more, I don't see why you'd ever trade on the "incentivised" exchange when the value is <<$1, and it will just act like very weak buy pressure if the token ever goes into free fall (the protocol backed buys will always be lower than what you can get from another counterparty, unless there are literally none). Otherwise it's just a normal collateralised token with a cap at $1.01 and very weird governance.
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Apr 7, 2021 20:22
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pointsofdata posted:* Below $1 you can sell either on a normal exchange, or an "incentivised" exchange. On an incentivised exchange sales below $1.00 incur an additional penalty, and the purchaser gets a reward, although it's net deflationary, so the total outcome of the transaction is negative. e.g. (fake numbers) I could agree a sale "valuing" FEI $0.95. I'd actually only receive $0.91, and the buyer would get $0.97 "worth" of FEI. We're worse off in total than before the trade. Hang on, so the mechanism for maintaining the peg when it slips below $1 requires people to enter into transactions where they're taking a loss in the amount by which it's already slipped below $1, and getting taxed resulting in an additional loss on top of that? If I didn't know better, I'd say these cryptocurrency dorks don't actually know anything about finance, or economics, or basic human behavior pointsofdata posted:I've probably got some stuff really wrong as their white paper is very confusingly written and there hasn't been a Matt Levine article yet. pointsofdata posted:Thinking more, I don't see why you'd ever trade on the "incentivised" exchange when the value is <<$1, and it will just act like very weak buy pressure if the token ever goes into free fall (the protocol backed buys will always be lower than what you can get from another counterparty, unless there are literally none). Otherwise it's just a normal collateralised token with a cap at $1.01 and very weird governance.
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Apr 7, 2021 20:36
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Blotto_Otter posted:Hang on, so the mechanism for maintaining the peg when it slips below $1 requires people to enter into transactions where they're taking a loss in the amount by which it's already slipped below $1, and getting taxed resulting in an additional loss on top of that? If I didn't know better, I'd say these cryptocurrency dorks don't actually know anything about finance, or economics, or basic human behavior it's like they tried to codify the system to be "let's just all agree the value is $1" by explicitly punishing anyone who thinks it's lower, buyer or seller. holding tokens that are worth very little? best to keep holding and believe harder, because crypto krampus will punish anyone who tries to cut their losses!
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Apr 7, 2021 20:42
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Ocean of Milk posted:Protonmail for what it's worth did a round-up blog post on messaging apps: https://protonmail.com/blog/whatsapp-alternatives/ I did learn something else about the non-technical aspects of Signal today: https://twitter.com/jonty/status/1379870667018006530 I knew that Signal was operated by a nonprofit foundation, but what I did not know was that it has an unconventional governance arrangement - rather than the typical setup of a board of directors who collectively control the organization, Brian Acton retains sole control over the organization, which seems... not ideal. (This was as of 12/31/19, so it's possible this has changed but we wouldn't know until they file their 2020 form 990 later this year.) Maybe Acton feels he should get to be the king because he's basically bankrolled the foundation's first few years (and he has - he gave it a $105 million loan and then forgave over $70 million of it), but if he's serious about it becoming a sustainable, independent organization, you really want to see him let go of that sole control sooner rather than later.
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Apr 7, 2021 21:04
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Blotto_Otter posted:Hang on, so the mechanism for maintaining the peg when it slips below $1 requires people to enter into transactions where they're taking a loss in the amount by which it's already slipped below $1, and getting taxed resulting in an additional loss on top of that? If I didn't know better, I'd say these cryptocurrency dorks don't actually know anything about finance, or economics, or basic human behavior I'm still trying to work out the correct way to model this. I think the best is to consider the actual outcomes of an incentivised transaction. Let's say you agree on the price of 0.95$:1FEI. On an incentivised trade, the seller will receive E.g. $0.95 for a sale of 1.04 FEI (1+0.04 penalty), giving an overall rate of ~0.91$:FEI. The buyer will pay $0.95 to receive 1.02 FEI (1 + 0.02 incentive), giving a total rate of ~0.93$:FEI. So both participants ended up trading below where they wanted to. I think this means: *Sellers will basically never want to use the incentivised trades * Incentivised trades won't ever actually help hold the price up * Below 1$ normal market trades will predominate Might be very wrong though!
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Apr 7, 2021 21:10
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pointsofdata posted:I'm still trying to work out the correct way to model this. I think the best is to consider the actual outcomes of an incentivised transaction. Let's say you agree on the price of 0.95$:1FEI. On an incentivised trade, the seller will receive E.g. $0.95 for a sale of 1.04 FEI (1+0.04 penalty), giving an overall rate of ~0.91$:FEI. The buyer will pay $0.95 to receive 1.02 FEI (1 + 0.02 incentive), giving a total rate of ~0.93$:FEI. So both participants ended up trading below where they wanted to. One thing I'm still real fuzzy on: what is the FEI seller receiving in exchange for the FEI they're selling? Is it ETH, and if so, why isn't the other party just selling that ETH for dollars instead of buying FEI that currently has a value less than a dollar? Or is it some other USD stablecoin like USDC, meaning that under all this ridiculous scaffolding you're still reliant on an untrustworthy stablecoin custodian who is probably in violation of American securities laws at a minimum? Either way, congrats to the FEI people for devising a system where both parties lose value by agreeing to enter into a trade, that's a great way to stimulate trading activity
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Apr 7, 2021 21:32
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If Signal ends up going hard into Actonism and/or beenz there's always Threema and Wickr, but both apps retroactively restore your virginity.
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Apr 7, 2021 21:46
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We use Wickr at work and the lack of dark mode is suffering. e: also it desyncs from server every time the vpn has a hickup.
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Apr 7, 2021 22:03
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Shumagorath posted:If Signal ends up going hard into Actonism and/or beenz there's always Threema and Wickr, but both apps retroactively restore your virginity. you can pay for threema with bitcoin though so it's already tainted it costs $3, i assume the bitcoin transaction itself costs like $150
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Apr 7, 2021 22:30
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KnifeWrench posted:crypto krampus mods please change my name tia
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Apr 7, 2021 22:41
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for those looking to mine blocks on the laffchain the helium network is one to watch. it's a crypto that pays users for proof of wireless coverage. ostensibly, the tokens will one day be used by Tile trackers, pet trackers, etc can use the helium network to but the price is pure number go up. you can look at the coverage map, zoom in on any node, and see exactly how much helium they're making via "network mining". being able to see exactly how much money everone is making is fueling incredible FOMO. to make matters worse only approved manufacturers are allowed to make network miners, so the five approved manufacuters are charging $400+ for a loving wireless router and are all back ordered for months but are still encouraging people to make orders for 50+ of them at a time. in a couple of months the helium halving will happen AND thousands of nodes will come online so a lot of people could end up poo poo creek without a paddle.
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Apr 7, 2021 22:47
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Gobbeldygook posted:for those looking to mine blocks on the laffchain the helium network is one to watch. it's a crypto that pays users for proof of wireless coverage. ostensibly, the tokens will one day be used by Tile trackers, pet trackers, etc can use the helium network to but the price is pure number go up. you can look at the coverage map, zoom in on any node, and see exactly how much helium they're making via "network mining". being able to see exactly how much money everone is making is fueling incredible FOMO. to make matters worse only approved manufacturers are allowed to make network miners, so the five approved manufacuters are charging $400+ for a loving wireless router and are all back ordered for months but are still encouraging people to make orders for 50+ of them at a time. in a couple of months the helium halving will happen AND thousands of nodes will come online so a lot of people could end up poo poo creek without a paddle. do they strap the $400 routers on to homeless people?
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Apr 7, 2021 23:04
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Gobbeldygook posted:for those looking to mine blocks on the laffchain the helium network is one to watch. it's a crypto that pays users for proof of wireless coverage. ostensibly, the tokens will one day be used by Tile trackers, pet trackers, etc can use the helium network to but the price is pure number go up. you can look at the coverage map, zoom in on any node, and see exactly how much helium they're making via "network mining". being able to see exactly how much money everone is making is fueling incredible FOMO. to make matters worse only approved manufacturers are allowed to make network miners, so the five approved manufacuters are charging $400+ for a loving wireless router and are all back ordered for months but are still encouraging people to make orders for 50+ of them at a time. in a couple of months the helium halving will happen AND thousands of nodes will come online so a lot of people could end up poo poo creek without a paddle. high pitched laffchain
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Apr 7, 2021 23:14
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https://twitter.com/business/status/1379890640062939141 I can't think of much that I like less than agreeing with Peter Thiel, but if he'd suggested the Russians instead I'd have to at least a little bit.
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Apr 7, 2021 23:16
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ultrafilter posted:https://twitter.com/business/status/1379890640062939141 what the heck? i like bitcoin now!
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Apr 7, 2021 23:19
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Bitcoin is a test devised by aliens who decide whether to destroy our planet or not. And we're failing badly right now.
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Apr 8, 2021 05:37
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Paladinus posted:Bitcoin is a test devised by aliens who decide whether to destroy our planet or not. And we're failing badly right now. https://twitter.com/vinn_ayy/status/1336178629450018817
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Apr 8, 2021 05:44
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Blotto_Otter posted:One thing I'm still real fuzzy on: what is the FEI seller receiving in exchange for the FEI they're selling? Is it ETH, and if so, why isn't the other party just selling that ETH for dollars instead of buying FEI that currently has a value less than a dollar? Or is it some other USD stablecoin like USDC, meaning that under all this ridiculous scaffolding you're still reliant on an untrustworthy stablecoin custodian who is probably in violation of American securities laws at a minimum? It's ETH at the moment, although they might set up other pools (in theory it could be anything). For any actual usage of crypto as a unit of exchange a functional stablecoin would be quite useful, no need to take on a bunch of currency risk every time you sell a batch of fentanyl, and you still get to dodge all those pesky KYC rules. I can't work out if on the "incentivised" exchange trades have to be matched, or if you trade directly with the protocol appointed contracts, and if it's the latter how they come to a price. It doesn't matter anyway as the central authorities have now turned off both parts of the direct incentive algorithms (I thought central control was the problem they were fixing with crypto?): https://twitter.com/feiprotocol/status/1379932527687659521?s=19 Making it just a weird pool of eth controlled by the governance coin. Note later in the thread they talk about rewarding TRIBE holders (the governance token). They say that they're going to use their ETH to return FEI to the peg, in theory this should be easy since the value has fallen so far that they must be massively overcollateralised, but it's pretty obvious at this point that the only unique features of FEI were complete failures. Attempting to return it to the peg would probably result it FEI leaving circulation, and TRIBE holders just controlling a pool of ETH. Not a bad result as an early TRIBE buyer, pretty lovely if you bought FEI in the hope that it would be an actual stablecoin
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Apr 8, 2021 07:34
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pointsofdata posted:Not a bad result as an early TRIBE buyer, pretty lovely if you bought FEI in the hope that it would be an actual stablecoin The more I read about this FEI bullshit, the more convinced I am is that this is all just a blatant attempt to make a quick buck off of some rubes by convincing them to buy the finance equivalent of a perpetual motion machine https://twitter.com/KyleSGibson/status/1380170370133680129
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Apr 8, 2021 16:26
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Blotto_Otter posted:The more I read about this FEI bullshit, the more convinced I am is that this is all just a blatant attempt to make a quick buck off of some rubes by convincing them to buy the finance equivalent of a perpetual motion machine
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Apr 9, 2021 09:03
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what's even the pitch for fei? "buy our stablecoin so that when the price doesn't go up you don't make a profit"?
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Apr 9, 2021 09:35
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Qwertycoatl posted:what's even the pitch for fei investors? "buy our stablecoin so that when the price doesn't go up you don't make a profit"?
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Apr 9, 2021 09:35
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Qwertycoatl posted:what's even the pitch for fei? "buy our stablecoin so that when the price doesn't go up you don't make a profit"? it's the only way for "whales" to convert their huge amounts of btc to "fiat" currency and evade taxes op
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Apr 9, 2021 09:48
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if you're scared the bubble will pop any minute, why not convert your ipogs into stablepogs. we might* let you cash them out after the bubble *fees apply
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Apr 9, 2021 09:55
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OzyMandrill posted:if you're scared the bubble will pop any minute, why not convert your ipogs into stablepogs. we might* let you cash them out after the bubble ** stablepogs may not actually be stable (additional fees will apply in this case)
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Apr 9, 2021 12:41
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quote:(additional fees will apply in this case) No, fees!
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Apr 9, 2021 16:04
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New York does a vaccine passport! On a loving blockchain. IBM sells another blockchain system. https://davidgerard.co.uk/blockchain/2021/04/09/new-yorks-excelsior-pass-for-covid-19-on-ibm-blockchain-doing-the-wrong-thing-badly/
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Apr 9, 2021 20:48
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divabot posted:New York does a vaccine passport! On a loving blockchain. IBM sells another blockchain system. https://davidgerard.co.uk/blockchain/2021/04/09/new-yorks-excelsior-pass-for-covid-19-on-ibm-blockchain-doing-the-wrong-thing-badly/ Has anyone filed a FOIA or looked at other documents to see how much NY actually paid for this crap? With their bit license, NY is more invested in crypto than most states.
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Apr 10, 2021 00:28
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divabot posted:New York does a vaccine passport! On a loving blockchain. IBM sells another blockchain system. https://davidgerard.co.uk/blockchain/2021/04/09/new-yorks-excelsior-pass-for-covid-19-on-ibm-blockchain-doing-the-wrong-thing-badly/ “Blockchain is the overly persistent salesperson.” 
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Apr 10, 2021 05:17
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SYSV Fanfic posted:With their bit license, NY is more invested in crypto than most states. which is funny because bitcoiners absolutely hate it for that exact thing
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Apr 10, 2021 05:23
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divabot posted:New York does a vaccine passport! On a loving blockchain. IBM sells another blockchain system. https://davidgerard.co.uk/blockchain/2021/04/09/new-yorks-excelsior-pass-for-covid-19-on-ibm-blockchain-doing-the-wrong-thing-badly/ lmao those fucks at the watson center finally found a buyer
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Apr 10, 2021 07:46
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quote:“All of the data stays distributed,” Paydos said. “We’re not creating a big intergalactic database in the sky. We wouldn’t want to do that, nor given the time urgency could we do that.” god knows it takes years and years to make a loving database
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Apr 10, 2021 10:59
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what do these chucklefucks think distributed means? "we didn't want to make a target for hackers, so we made it distributed" is like saying "hiding my valuables in a safe makes it too obvious where they are, so instead I scattered them around my house"
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Apr 10, 2021 14:26
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KnifeWrench posted:what do these chucklefucks think distributed means? "we didn't want to make a target for hackers, so we made it distributed" is like saying "hiding my valuables in a safe makes it too obvious where they are, so instead I scattered them around my house" * other people's houses
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Apr 10, 2021 14:27
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Chalks posted:* other people's houses fair correction
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Apr 10, 2021 14:54
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https://twitter.com/VICE/status/1380943693717377024
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Apr 10, 2021 19:11
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