Bitcoin: no angel investors, only Faustian bargains

The Something Awful Forums > Main > General Bullshit > Bitcoin: no angel investors, only Faustian bargains

carticket: Jun 28, 2005; white and gold.

Squibbles posted:

Except the webpage says (Web2)(Web3) = Web5. So really it should be Web6 if they are multiplying like their thing indicates.

Wouldn't that then be Web²6? Even more growth!

# ¿ Jun 10, 2022 20:22

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# ¿ May 16, 2024 17:36

carticket: Jun 28, 2005; white and gold.

Conceptually isn't it web2 served via web3? So web2 over web3, expressed as web2/web3 = 0.666. Ergo, Jack Dorsey is the devil. QED

# ¿ Jun 10, 2022 20:57

carticket: Jun 28, 2005; white and gold.

Hey, funny how quote isn't edit.

# ¿ Jun 10, 2022 20:57

carticket: Jun 28, 2005; white and gold.

latinotwink1997 posted:

If it�s daytime where you are, the moon would be on the other side of the planet and therefore down. This makes crypto �to the moon� always a valid statement**

**accuracy based on geographical location

I know this is from like five pages back, but, uh... I feel like this needed to be addressed. What?

# ¿ Jun 14, 2022 02:21

carticket: Jun 28, 2005; white and gold.

MarcusSA posted:

They are basically saying buy at the dip and hodl

Oh, I get their intent, but the moon isn't only up at night.

# ¿ Jun 14, 2022 02:37

carticket: Jun 28, 2005; white and gold.

fullroundaction posted:

One of my true believer friends half joking / half not-joking was telling me to buy the dip. Obviously I would never, but I let myself think about it for a few minutes.

Right now I could technically afford to go whole coiner if I dumped all of my savings etc into it ($21,176.60 at the time of writing this). Let's say that more realistically instead of the moon, I could convince myself that it might go back up to $31,176.60 and I could eventually cash out making a cool $10k (ignoring fees etc) in a few months or year or whatever, but either way my entire life savings is tied up for an indefinite amount of time.

I could also lose 1%-100% of it from market forces alone, not to mention all of the other ways it can simply poof from existence (wallet hacks, rug pulls, exchange shenanigans, etc.).

My point being, at this point in time, who could this risk/reward possibly appeal to? ($21,117.20 at the time of writing this)

e: I love that it literally dropped $60 WHILE I WAS WRITING THIS POST lmao

You're not weighing the risks and benefits properly. If you bought at $20k, the downside risk is a 10% loss because 18k is the price floor¹. The upside potential is unlimited, but realistically were talking about Bitcoin $100k to $1mm by year end².

1. See these charts covered in PowerPoint shapes that conclude an 18k price floor
2. See these contradictory charts covered in PowerPoint shapes that conclude a trend towards $1mm

# ¿ Jun 16, 2022 14:40

carticket: Jun 28, 2005; white and gold.

Mooseontheloose posted:

This doesn't surprise me. I work in politics, policy, and campaigns and live in New England. I know exactly the type you are talking about.

I bet you love the Free Staters.

# ¿ Jun 17, 2022 17:55

carticket: Jun 28, 2005; white and gold.

nexous posted:

Have you ever watched the movie Pi? It�s about a guy who tries to predict the stock market and then gives himself a lobotomy with a drill.

What I�m saying is you should probably lock up your drills.

11:27, press return.

# ¿ Jun 19, 2022 16:27

carticket: Jun 28, 2005; white and gold.

OzyMandrill posted:

That's how a hash works in normal computing, but bitcoin is stupid.
The transaction hash is generated using the bytes of all the transactions included in the block (and hence earning the 'transaction fees' that let you skip the queue) and then has to guess a random number to add on the end The hash is then computed using a standard hash algorithm (SHA256 I think, I could google, cba).
The result from a good hashing algorithm is almost statistically random. So there's a 50/50 chance the top bit will be zero, or to put it another way, that the 256-bit number that you get from the hash is less than 0.5 * LARGEST_356_BIT_NUMBER. THeres then a 25% chance the top 2 bits are zero, 12.5% chance the top 3 bits, and so on. So if you have a million guesses every 10 minutes and you want 1 answer per 10 minutes, you work out how what number you need the hash to be under to get the exact probability you want, and that is the difficulty target.

So yes, hashes don't require guessing.
But bitcoin does, because that is the 'proof of work'.
And yes, it is as stupidly godawfully wasteful as it sounds, by design.

The use of the term guess is what, I think, is a bad choice. It doesn't guess a random number, it just generates one, computes the hash, and checks if the result meets the difficulty requirements. There's no current shortcuts that would enable you to reduce the search space of that random number. There are broken hash methods that do, and if we were using one of those, I think "guess" would be a fine word to use. As it stands now, to most people, guess would imply that there can be some strategy or methodology to it, but it is literally just random numbers as inputs. It doesn't even need to be random. You could just start at 0, then 1, then 2, etc.

# ¿ Jun 19, 2022 17:35

carticket: Jun 28, 2005; white and gold.

That is exactly the demographics I expected if asked who you might find in a "Golden Ape" club.

# ¿ Jun 22, 2022 00:49

carticket: Jun 28, 2005; white and gold.

Dr. Video Games 0031 posted:

put every nft bro onto one of elon musk's rockets (they'll sign right up) and then launch it directly into the sun

I thought we all learned how orbital mechanics works via kerbals.

# ¿ Jun 24, 2022 23:04

carticket: Jun 28, 2005; white and gold.

LifeSunDeath posted:

y'all dippin'?

I made this a while back for buying the dip.

E: this was like the $40k or $30k dip. Good thing I bought in hard!

carticket fucked around with this message at 14:22 on Jun 30, 2022

# ¿ Jun 30, 2022 14:12

carticket: Jun 28, 2005; white and gold.

The problem with technical analysis is that it's too right. It is 100% correct. However, if you take action based on your analysis, you've changed the future and you must re-analyze with the new information, which at that point is completely wrong. Much like a cryptographic hash, the smallest change to the input results in a wildly different output.

Technical analysis only looks wrong because people are smart enough to figure it out, but dumb enough to act upon it.

# ¿ Jul 4, 2022 01:28

carticket: Jun 28, 2005; white and gold.

The book is both sci-fi and not sci-fi until you read it and force it into one state or the other.

# ¿ Jul 4, 2022 05:14

carticket: Jun 28, 2005; white and gold.

I kind of hope that story continues until Bitcoin crashes to the point that his hard drive is worthless, and then the municipality finally says "ok".

# ¿ Jul 28, 2022 12:53

carticket: Jun 28, 2005; white and gold.

How do you suppose Nugen is doing these days?

# ¿ Jul 31, 2022 02:48

carticket: Jun 28, 2005; white and gold.

Party Ape posted:

This just reminds me that people have no real understanding of risk vs reward. These people don't understand that "5% return on an investment" is the same as saying "hey, give me your entire 100k of life savings for a year and if my idea pans out I'll give you 5000 back but if it doesn't lol gently caress you".

How are people living long enough to save up money but not go "ok 5 grand is not enough reward for the risk I'll face"?

No, it's only 5%! It must be a safe investment.

That's basically the long and short of it. People conflate low reward meaning low risk.

# ¿ Aug 1, 2022 03:44

carticket: Jun 28, 2005; white and gold.

Rotten Red Rod posted:

Boy, who could have seen this coming

Certainly not companies that did the exact same thing in Second Life more than a decade ago

I suspect some of them are the same company. This time it will be big.

# ¿ Aug 5, 2022 22:13

carticket: Jun 28, 2005; white and gold.

How could BDO Italia even do this. You can't properly translate Arabic numbers that large into Roman numerals.

# ¿ Aug 19, 2022 23:07

carticket: Jun 28, 2005; white and gold.

They did what appears to be a log curve on an x-log y chart, which iirc basically makes it linear growth.

# ¿ Sep 7, 2022 20:00

carticket: Jun 28, 2005; white and gold.

Fishstick posted:

Can someone explain to a financial idiot (me) why PoS would trigger SEC rules but PoW doesnt?

Proof of Work/Waste is doing something in exchange for a reward, which in the long run ends up proportional to the amount of work.

Proof of Stake is doing nothing (I think you need to still run a validator node, but that's basically no work), and getting a reward, which in the long run ends up proportional to the amount staked.

The Howey test is used to decide if something is a security, with the following four points.

An investment of money
In a common enterprise
With the expectation of profit
To be derived from the efforts of others

So, PoW lacks the investment (I don't think capital equipment would count, but maybe), common enterprise, and the efforts of others. Mining pools add a common enterprise, but payout is proportional to your effort. Selling mining pool shares would pass this test and be a security.

PoS is still a little gray, I think. There's definitely an investment of "money". The way staking does selection of stakers to generate blocks could probably be considered a common enterprise. The last point is where I think it's iffy. You are selected proportional to your stake, as I understand it, but the validation/generation could be considered your work, thus failing the test. Staking pools (the analog to mining pools) remove the element of your work and easily pass as securities. I would imagine most staking is done via pools.

I am not an expert on this at all. I just learn what I have to in order to make fun of crypto in an informed manner.

# ¿ Sep 16, 2022 11:16

carticket: Jun 28, 2005; white and gold.

Vampire Panties posted:

I'm dying IRL hahahahaksjdfghakjsdhgakjshkjahsdgkjhasdghasdfg

who gave these people money

A-series VC round was led by Martingale Capital

# ¿ Nov 14, 2022 23:15

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# ¿ May 16, 2024 17:36

carticket: Jun 28, 2005; white and gold.

I would blow Dane Cook posted:

vitalik buterin bulge

FYI this is your something awful tab. Just type in the address bar to search Google.

# ¿ Nov 24, 2022 01:54

The Something Awful Forums > Main > General Bullshit > Bitcoin: no angel investors, only Faustian bargains