Announcement

Collapse
No announcement yet.

Bitcoin and NFTs

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Speaking of

    Comment


      Another day, another scam. Pretty small beer this one, thankfully. Though these TokenLot folks seem to be a good place to start enforcement actions, as they aren't even trying to pretend these aren't securities offerings.

      Comment


        Oh yeah, Tether, the supposedly fiat backed cryptocurrency, has been hacked.

        Comment


          https://twitter.com/went1955/status/933666018521681920

          Comment


            Well right there you have its doom. If it continues to Ponzi around the globe it’s going to put mad strain on grid infrastructure.

            Comment


              A digital currency that makes Bitcoin look credible:

              https://www.yahoo.com/amphtml/news/v...210230448.html

              Comment


                SEC brings first ICO prosecution. This one seems to be an outright scam, rather than an unauthorised securities offering.

                Separately, they finally found a use for Ether, and it's causing a huge transaction processing backlog. That use is buying digital cats.

                Comment


                  And now the UK is finally getting round to regulating bitcoin like a currency, with full AML/KYC rules.

                  Comment


                    We missed a tamogotchi type game nearly breaking Etherium I see. However we probably should note that BTC gained $1,000 in 4 minutes just now.

                    https://twitter.com/SwiftOnSecurity/status/938807283710078976

                    Comment


                      We missed a tamogotchi type game nearly breaking Etherium I see.
                      Look two posts up.

                      Comment


                        Damn it. Sorry GY.

                        Comment


                          No worries. Have some free CryptoKitties securities law analysis.

                          Comment


                            Next time I see Jack Coffee, I'm going to give him hell for not covering Weaver Beaver in SecReg

                            Comment


                              Seeing as there isn't a specific thread for abject blockchain buzzword lunacy, I guess this is the best place to post about ripe.io, whose claimed purpose is to "is transforming the fresh produce food supply chain by enabling data transparency and transfer from farm to fork to answer what our food is, where has it been and what has happened to it. We’re exposing the journey of our food to create new analytics, automation and business models through blockchain technology and the Internet of Things[,]" and who would enjoin one to "[j]oin us in this conversation about the histories of our food and help us build the Blockchain of Food!"

                              Chainwashing is a new word I learned only last week.

                              Comment


                                A few people I work with are investing in bitcoin. Most of them are in denial about the fairly obvious denouement it’s heading for. The others are super-confident they’ll know exactly when to cash in.

                                Comment


                                  Go on.

                                  Someone explain to me why using your credit card / current account to buy these tokens is such an environmentally destructive enterprise.

                                  Comment


                                    Because someone calculated that the energy devoted to computers mining Bitcoins is similar to that consumed by the entire country of Belgium. Or was it Denmark? Either way, it is a massive waste of resources.

                                    Comment


                                      I’ve seen both Denmark and Ireland this week

                                      Comment


                                        https://twitter.com/officialmcafee/status/938938539282190337

                                        Comment


                                          On the one hand, if John McAfee and the like think it's a good idea, it's obviously a terrible idea. On the other hand, as someone with basically no income at all at present, I sort of wish I'd bought one or two Bitcoin when they cost about ten dollars.

                                          I want to make it clear that I'm not tempted to do so now, because people who know far more about this than I do (including all you lot) say it would be an awful idea. But given that with my savings I could just about afford to buy one still, right now, I'm curious: can anyone explain to me in simple terms why I shouldn't?

                                          Again: I'm not going to do it. But right now I'm taking it as read that it's a load of bollocks in exactly the same way as a lot of other people are taking it as read that it's the best thing ever to happen. So in an Economics For Dummies sort of way, why doesn't it work as an investment opportunity?

                                          Comment


                                            If you want to throw some spare cash at it as entirely speculative punt, I'm not going to say you shouldn't. At least until this week, I would have said the bubble was going to carry on for quite some time until it burst. Now I think the timeline has accelerated, but still, it could go up a lot from here.

                                            Just don't use any money you wouldn't be willing/able to lose completely.

                                            So in an Economics For Dummies sort of way, why doesn't it work as an investment opportunity?
                                            Because the investment opportunity is literally "it's gone up a lot in the past". That's not an investment opportunity, it's a selling signal. There is no rational market in the world where you should buy something that has increased in price as much as BTC has in a few days, on absolutely zero positive news. Moreover, the way bitcoin is structured, it becomes shittier the more it's used (higher transaction fees, slower processing times, more energy costs). So you tell me. What are the fundamental reasons you think bitcoin will be worth more, say, 10 years from now, than it is now. And if you don't think it will, why do you think you can time the market cycle?

                                            There's also other factors, like the fact that a historically long-only asset will soon be shortable.
                                            Last edited by Ginger Yellow; 08-12-2017, 09:01.

                                            Comment


                                              I really should have mined a few bitcoins about ten years ago.

                                              Comment


                                                OK.

                                                So rather than "trade" bitcoins using PayPal or whatever, how do you use your computer "the size of Belgium" to "mine" them?

                                                Comment


                                                  Conceptually, or in practice?

                                                  Comment


                                                    I just found out this morning that someone I work with bought 23 Bitcoins right at the very start for a quite tiny amount of money. This whole thing is insane, and the only way that I can rationalise it to myself is that it's more akin to gambling on a horse race in which the last 19 in the 20 runners are going to be shot as they cross the finishing line than to actually "investing" in anything.

                                                    Comment

                                                    Working...
                                                    X