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    Bitcoin mining consumes more electricity than is generated by all the world's solar panels*

    Truly we deserve the impending collapse and return to bartering


    *See p.33 of the modern Book of the Apocalypse (The Uninhabitable Earth by David Wallace-Wells)

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      Originally posted by WOM View Post
      I could have sworn I posted something on here about MoviePass, but damned if I can find it.

      Anyone else enjoying watching it unfold (unspool?) ?

      Put it in the 'did you do a business case for this?' category.

      Here are the broad strokes (I'm going from memory, so figures are rounded):

      So, you buy a MoviePass for $9.95 US a month and you can see one movie a day for free.

      Except MoviePass doesn't have any partners, so they have to buy the actual ticket from the theatre with cash money.

      So how do they make money? Something something something critical mass...economies of scale...popcorn....something.

      The stock has gone from a couple of bucks to five cents. They're losing about $125 million a quarter.

      Now you can only see three movies a month, and only choose from six or so, and only at certain times.

      Imma put a 'hold' rating on this baby.
      You'll be shocked to learn that MoviePass is suspending operations while it - get this - retools its app. See, it's the app that's causing the problems, not the business case. In 2018, they lost $329 million on revenues of $232 million. In financial circles, that's considered 'frowny face'.

      Their holding company (Helios and Matheson) is also under investigation by the NY AG for possible fraud around misleading investors, which...you know...could become a distraction on the road to profitability.

      Bold Prediction: you'll never hear from MoviePass again.

      More here. https://variety.com/2019/digital/new...ze-1203259672/

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        Craig Wright's trial is not going well for him, surprising nobody.

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          Silly crypto diagram of the day, this time courtesy of, remarkably, the ECB:

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            Wow, that is nasty.

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              ha ha, that diagram has to be a joke, surely? Like those guys who submit spoof maths papers in order to trick dodgy journals into publishing them.

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                Originally posted by Evariste Euler Gauss View Post
                ha ha, that diagram has to be a joke, surely? Like those guys who submit spoof maths papers in order to trick dodgy journals into publishing them.
                I reviewed one of those for a data mining conference not too long ago. Forgot what the exact title was, but it started with "The essence of mathematics lies in a Painlevé" something something; the pseudo-fundamental mathematics rather stuck out between the support vector machines and neural networks.

                It should have been desk rejected by the program chairs, but the good news for the conference was that all three reviewers gave it a strong reject.

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                  That diagram screams "Conjoined Triangle of Success" at me.

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                    Originally posted by Ginger Yellow View Post
                    Silly crypto diagram of the day, this time courtesy of, remarkably, the ECB:

                    WTAF

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                      It hurts my head.

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                        If Charles Joseph Minard's famous infographic about Napoleon's Russian campaign is one end of the infographic quality spectrum, that cube is the other end.

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                          Originally posted by WOM View Post

                          You'll be shocked to learn that MoviePass is suspending operations while it - get this - retools its app. See, it's the app that's causing the problems, not the business case. In 2018, they lost $329 million on revenues of $232 million. In financial circles, that's considered 'frowny face'.

                          Their holding company (Helios and Matheson) is also under investigation by the NY AG for possible fraud around misleading investors, which...you know...could become a distraction on the road to profitability.

                          Bold Prediction: you'll never hear from MoviePass again.

                          More here. https://variety.com/2019/digital/new...ze-1203259672/
                          And they are officially done. Apparently being a disrupter isn't enough to run as an ongoing concern. Uber investors take note.

                          https://www.theverge.com/2019/9/13/2...s-subscription

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                            Kik seems to be taking the whole "pivot to blockchain" thing a little too seriously, by shutting down the app its probably illegal currency would be used in and sacking everyone not committed to its silly crusade against the SEC.

                            Also, this may not be a sensible thing to say when accused of illegally offering securities:
                            We will focus on one thing: converting Kin users into Kin buyers

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                              The Beeb has a podcast series going about the OneCoin scam.

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                                Block.One settles with the SEC for $24m. Seems pretty small for such a large ICO, but still.

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                                  Is there any interest in "doing" We Work?

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                                    I kind of can't. Too close to my work.

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                                      I hope you have proper safety equipment.

                                      The incineration of billions in shareholder value generates a bit of heat.

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                                        I will say, however, that today's Matt Levine has a link to an absolutely bonkers Business Insider story about the company.

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                                          Ah, yes

                                          The one where Neumann claimed that he and his family controlled 100 percent of the company and that "his descendants would still control it in 300 years"

                                          [unfortunately paywalled]

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                                            Fun times at Bitmain

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                                              That's going to do wonders for their IPO prospects

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                                                An IPO? For a crypto-miner? That doesn't bespeak much confidence in their own product. Why not an ICO?

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                                                  I think that they wanted the prestige of an HK listing.

                                                  Also, do they mine for their account? I thought that they just made rigs.

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                                                    The BBC's OneCoin podcast has (more or less) wrapped up. I'm in two minds about it. On the one hand, it really does exhibit the worst tendencies of investigative podcasting, like a parody of Serial — spinning out a fairly simple set of facts over too many episodes, making it all about the journalist's emotional journey, annoying faux naivete from the presenter. On the other hand, it did make clear something I hadn't really realised beforehand. OneCoin isn't a scam built on a crypto-currency. It's a bog standard pyramid scheme pretending to be built on a crypto-currency that doesn't actually exist. It's kind of comical really, if extremely depressing. It's so easy to actually build a crypto-currency and pretend it has value, but they didn't even do that. It also did a fairly good job of exploring the psychology of people who get into pyramids and MLM. I just wished it had focused more on that rather than the ulimately kind of irrelevant question of where Ruja Ignatova is.

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