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Bitcoin and NFTs

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    Well done Arsenal, you're less socially responsible than Facebook.

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      What I find most fascinating about Bitcoin is how some people are so enraged about it being an intrinsically worthless object that is only worth as much as the value society is willing to put on it.

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        Yeah, I'm as down on bitcoin as anyone, but even so about half the time I'm talking about it I'm having to tell people that's not a good argument against it.

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          I'm shocked, shocked I tell you, that the guy behind KodakCoin has a history of trouble with securities law. Also, this is just perfect:
          Mr. Chell has refashioned himself as a blockchain expert in recent years, and KodakCoin is his biggest project so far. He is the chairman of Appcoin Innovations, which was registered as a literary agency — Redstone Literary Agents — until last year, when it became a consulting firm that provides “a turnkey set of services for companies to develop and integrate blockchain and cryptocurrency technologies,” according to securities filings.

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            Originally posted by antoine polus View Post
            What I find most fascinating about Bitcoin is how some people are so enraged about it being an intrinsically worthless object that is only worth as much as the value society is willing to put on it.

            But it's not quite the same, is it? A worthless dollar bill is still a piece of paper. But when you need to, you can't wipe your arse on a Bitcoin.

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              Originally posted by Snake Plissken View Post
              But it's not quite the same, is it? A worthless dollar bill is still a piece of paper. But when you need to, you can't wipe your arse on a Bitcoin.
              I'm surprised that you, of all people, are still lumbering about with a physical arse, a bum 1.0. That's so pre-millenial.

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                I'm younger than I feel, but older than I look.

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                  Originally posted by Snake Plissken View Post
                  But it's not quite the same, is it? A worthless dollar bill is still a piece of paper. But when you need to, you can't wipe your arse on a Bitcoin.
                  Well, the hard drive space it is stored on can probably hold more 1s and 0s than you can write on a dollar bill.

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                    But it's nowhere near as absorbent.

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                      It's soaking up lots of suckers' money.

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                        One man's sucker is another's far-sighted, visionary, early adopter.

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                          Things not to say in writing if you're running an unregistered ICO: "a private company can issue private stock to ANYONE who wants to invest in their company and/or products without the SEC's involvement in any way". These guys seem to have really gone out of their way to get prosecuted. If you're going to commit blatant fraud, maybe don't publicly antagonise the SEC while you're doing it.
                          Last edited by Ginger Yellow; 31-01-2018, 15:34.

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                            I saw a thing saying that now it's pretty much impossible to mine any bitcoin unless you have a special computer thing to do it, and that's expensive and even then it takes a massive amount of energy and there's no clear way to cash out of it.

                            So I've missed out on something that may or may not matter. Oh well.


                            "A private company can issue private stock to ANYONE who wants to invest in their company and/or products without the SEC's involvement in any way".

                            Yeah, that's not true, is it? That's what that Polka guy got done for. And running a ponzi scheme.
                            http://www.imdb.com/title/tt5539052/

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                              It's not remotely true. It's even less true when you're doing a very broad public offering and not limiting yourself to accredited investors. To be fair, it's marginally more true than it used to be thanks to the nightmare that is the JOBS Act. But, the JOBS Act is enforced by, guess who, the SEC.
                              Last edited by Ginger Yellow; 31-01-2018, 16:57.

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                                Originally posted by Ginger Yellow View Post
                                It's not remotely true. It's even less true when you're doing a very broad public offering and not limiting yourself to accredited investors.
                                Thanks for that clarification.


                                One thing I don't get about the bitcoin fans is this belief that it, like gold, is somehow safer than currency backed up by a government like the US because the government could collapse, etc.

                                In my mind, the fact that the dollar (or Euro or Yen or Pound) is dependent on those governments and that so many powerful people have so much tied up in those currencies is exactly why they won't collapse.

                                Whereas this Bitcoin thing has nothing like that, as far as I can tell, and I don't understand really how gold keeps its value. It's too soft to make weapons. It will be useless in the Wasteland Apocalypse to come. It is a good conductor, I suppose. As is silver, so there's that, I guess.

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                                  I don't understand really how gold keeps its value
                                  In the medium term, it doesn't. It's pretty volatile. Between 1980 and 2000 it fell 80%. Even just between 2013 and 2015 it fell by a third. It has since reclaimed much of that, but it fluctuates as much if not more than any developed economy fiat currency.

                                  But, ultimately, while gold does have some "inherent" value, in the sense that you can use it for stuff that people are consistently willing to pay for, most of the fluctuation in price can be explained by its use as an inflation hedge. And it's mainly useful as an inflation hedge because people buy it to hedge against inflation, so when inflation expectations increase (which usually means inflation is coming), its price increases. In other words, it works because people think it does.

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                                    Originally posted by WOM View Post
                                    It's soaking up lots of suckers' money.
                                    So it's absorbent, like a pad, but in electronic form.

                                    Would iPad be a better name?

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                                      https://twitter.com/paulkrugman/status/958796252514344960

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                                        I pity the fool who had to write that article.

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                                          Originally posted by Hot Pepsi View Post
                                          I saw a thing saying that now it's pretty much impossible to mine any bitcoin unless you have a special computer thing to do it, and that's expensive and even then it takes a massive amount of energy and there's no clear way to cash out of it.
                                          That's very 2017. Better to write your mining code in JavaScript and get unwary website visitors to unwittingly do your processing.

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                                            Originally posted by Stumpy Pepys View Post
                                            That's very 2017. Better to write your mining code in JavaScript and get unwary website visitors to unwittingly do your processing.
                                            Malware?

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                                              Originally posted by Ginger Yellow View Post
                                              In other words, it works because people think it does.
                                              Like dollars, then.

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                                                Originally posted by Hot Pepsi View Post
                                                Malware?
                                                It's borderline malware—it's not infecting your computer, but it is using your processor cycles (and electricity), usually unbeknownst to you.

                                                Then again, some people have said they'd rather put up with cryptocurrency mining than adverts and tracking.

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                                                  It's totally malware. It's malicious, harmful code running without your knowledge or permission. And it's literally stealing your electricity and processing capacity.

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                                                    So that's what the previous OTF forum was doing...

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