q_w_e_r_t_y
You see an investment scam and I see divinity
The answer is yes, but this looks utterly shit.Wonder if you can pay for your ticket in Bitcoin?
Why would you spend the most precious commodity in the world to spend time with wankers?
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Why would you spend the most precious commodity in the world to spend time with wankers?
moochedit
Mr Mooched It
nogojones
spelling is overrated
Wow. I think I can see my future income stream.Any of you guys going to the Bitcoin festival in wales? Only 3-4k for a ticket. Proper bargain.
CowShed.
A gathering of 100 curious people from all over the world to discuss, debate and unpack what the future of blockchain is.www.cowshed.org.uk
The investment ain't too much (100 tent's, hire a smallholding for the weekend, bit of grub, a couple of shit bands, cash for a few flights for twats to speak. At very most, what, £20k?
Then 85 fools at £3-4k a head is a quarter mill in the bank. And for sure there will be 85 gullible people in the world with £3-4k in small change in the crypto world.
The perfect grift. Only idiots get hurt and they think they're getting a favour, so no real harm done. Plus this lot will be way down the rabbithole anyway, so its not like you're converting normies into destroying the planet with mining rigs, these lot are already deep in the doodoo.
Signal 11
also programmed for conversational english
NoXion
Craicy the Squirrel
gosub
~#
Silvergate suspends crypto payments network; shares fall after-hours
Silvergate Capital Corp said on Friday it made a "risk-based decision" to discontinue the Silvergate Exchange Network, its crypto payments network, two days after the digital asset-focused bank raised doubts about its viability.
www.reuters.com
BristolEcho
Well-Known Member
So I am reading tons of scambaits. Guess what form of payment they've all moved on to?
Shippou-Sensei
4:1:2.5
Will they have a ball pit?Any of you guys going to the Bitcoin festival in wales? Only 3-4k for a ticket. Proper bargain.
CowShed.
A gathering of 100 curious people from all over the world to discuss, debate and unpack what the future of blockchain is.
q_w_e_r_t_y
You see an investment scam and I see divinity
SVB - one of only two banks in the US that accept crypto firms just collapsed. USDC lost the peg, dropping to 0.78 on some exchanges.
This has a lot of real world implications.
Things could be about to get interesting.
This has a lot of real world implications.
Things could be about to get interesting.
littlebabyjesus
one of Maxwell's demons
Almost like crypto firms are a terrible investment or something. Maybe because they don't do anything of any value?
q_w_e_r_t_y
You see an investment scam and I see divinity
Its a banking failure.
SVB was taking in VC money from crypto firms, because of fractionalised lending, this meant that they could mint many more dollars that they held in their reserves and used them to buy long dated treasuries. However, as circle, the company behind coinbase and a major borrower is looking exposed to bad debt, their share price went down and a run on the bank followed, only they had long dated treasuries which cant be immediately redeemed, so they didnt have the money to pay the people who wanted their money back.
It seems SVB is pretty much solvant, but has cash flow issues, an acquisition is possible, but the SEC are cracking down on crypto and dont really like the banks that are dealing with crypto firms. With SVB systemic risk was (thought to be) contained, but if SVB was taken over by a major bank, that would bring crypto into the heart of wall street. A bailout isnt really helpful in this case, cos solvant, but firms that bank with SVB will have frozen funds and wont be able to make payroll.
Could be a lot of companies going down over this. Know who wont be going down tho? Protocols that use decentralised, permissionless, borderless, censorship-resistant forms of value transfer.
Bullish for bitcoin!
BigTom
Well-Known Member
and yet tether keeps going!
I guess if they've avoided exposure to svb they look good right now... but longer term if this moves people from usdc and other stablecoins to tether then it creates an even bigger risk.
planetgeli
There's no future in England's dreaming
I really don't understand the language of BC but was amused to read about the collapse of SVB yesterday. Amused because I was on a plane, reading the story on someone else's phone (over their shoulder) and the whole thing was illustrated with Alice in Wonderland iconography and a title about 'rabbit holes'. The Chinese guy whose phone it was then spent a while googling what a rabbit hole was.
pseudonarcissus
fluttering and dancing
I don't understand it either. I did read this, which I thought was interesting :
The Death of Cryptocurrency - The Case for Regulation Nicholas Weaver
A friend was at college with the guy that runs Coinbase. He's enthusiastic, but I remain sceptical. I think I will remain outside the digital currency space and keep my ill-gotten gains in a traditional offshore bank.
Dogsauce
I’ve got Skol but I’m not a Scholar
It was briefly fun to watch tech bro libertarians whining for a state bailout on Twatter. Unfortunately they got one, a pity because Peter Thiel (bank roller of all kinds of far right shit) was on the hook for $50 million.
I enjoyed reading that. Thought about forwarding it to a friend who is knee deep creating his own token, etc. But I couldn’t be bothered getting into it with him.
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That's a good one.
"Regulators, especially regulators in the United States, often fear accusations of stifling innovation. As such, the cryptocurrency space has grown over the past decade with very little regulatory oversight.
But fortunately for regulators, there is no actual innovation to stifle."
"Regulators, especially regulators in the United States, often fear accusations of stifling innovation. As such, the cryptocurrency space has grown over the past decade with very little regulatory oversight.
But fortunately for regulators, there is no actual innovation to stifle."
gosub
~#
NAB Completes Historic Cross-Border Transaction Using Stablecoin on Ethereum Blockchain | The Fintech Times
National Australia Bank (NAB) has completed the first cross-border transaction using its own stablecoin on the Ethereum blockchain.
thefintechtimes.com
Storm Fox
Trying the find the next noun to verb
Just $1.5 million stolen in this hack.
The thieves hacked an ATM and took the money from people's accounts.
arstechnica.com
Now remind me what happens when a Banks ATM is raided. Oh yeah the bank loses the money.
The thieves hacked an ATM and took the money from people's accounts.
Hackers drain bitcoin ATMs of $1.5 million by exploiting 0-day bug
Don't store digital coins in hot wallets! It's great advice but can't always be followed.
Now remind me what happens when a Banks ATM is raided. Oh yeah the bank loses the money.
They love the term "cryptocurrency". It's an outdated and vague term to be honest.
We I see that someone generalises about cryptocurrencies and the "aims" of cryptocurrencies, I get real dismissive of their opinions real quick.
For example, Ethereum has very different goals than Bitcoin.
For example, Ether the native payment instrument for Ethereum, has to be Ether and not any national currency, to secure the chain. Beyond that, you can use the USD or GBP to transact your business. So Ether isn't aiming to replace any national currency, though you would need to use it to do certain things on the Ethereum blockchain.
I'm tired of critics saying "nothing has been delivered" or that there is "no innovation".
They've been rebutted time and time again, with loads fo examples of innovation and products that can be used, yet they just carry on with their BS.
Zero knowledge proofs are in themselves the killer app of the future. You can prove something is true or not true, without giving away any other piece of information.
Example : I am over 18 - the end, none of your business who the fuck I am, or when and where I was born, you wanted me to prove I'm over 18, I've done that, now give me my free porn.
If people want a future where people will always have to lay down their credit/debit cards or some gov controlled ID to do their business, leaving them open to blackmail or government control, then I despair.
NoXion
Craicy the Squirrel
Yeah, people are starting to get wise and so the grift needs a new name.
It's funny how the one example you've chosen to highlight hasn't actually happened yet. It's a scam space and you don't even know it yet.
What "grift". If you are going to sit there and say the entire crypto economy is a grift, then it's you that is the grifter telling bare faced lies.
It hasn't happened yet because porn sites haven't adopted it yet.
It hasn't been adopted or recognised by government because the government wants to control your data.
It's up to us to fight for our own privacy.
Zero knowledge proofs work - they are used in validation of some networks.
What "grift"? If you are saying the entire crypto economy is a grift, then it's you that is the grifter telling bare faced lies.
Despite your lies, crypto will dominate. Crypto is winning and it will win out. And you will lie lie and tell even bigger lies in desperation.
Meanwhile in Australia.....
'Big Four' Australian Bank Issues Stablecoin On Ethereum
Are you now going to say that 4 Australian banks are in on some kind of crypto-grift?
You know fuck all about crypto, how it works and the problems that it solves.
NoXion
Craicy the Squirrel
If I had money to invest, then I would be avoiding the crypto space as a whole. Not everything in there is a scam, but there's enough happening along with the bad rep for me not to want to bother.
Also, how the fuck am I a grifter? You know that words have meanings, right? You might think I'm being mistaken or mendacious, which is your prerogative of course, but I'm not the one asking people to throw their money into dubious schemes. This unthinking reversal of terms betrays a childish part of you.
Funny, why not? I'd have thought they'd jump at the chance to confirm visitors' ages without having to handle all the other personal data. I suspect it's because the idea that you can meaningfully verify someone's age without also knowing a whole lot of other things about them is a bunch of wishful thinking.
I would propose instead that society should provide parents with better tools for educating their children and managing their access to the internet, as well as the training to use them effectively. You know, actually putting parenting into practice.
Oh yeah, the big bad gubbermint is at fault. No culpability on the part of the profiteering private entities, no sir they're all good actors with no possible ulterior motives or past record of misdeeds or acts of omission.
There are so many people who don't even realise that there's a fight to be had there. Enough so that multi-billion dollar international corporations have formed and now dominate the internet because of it. Suffice to say that's an uphill battle.
Which is not the same as validating a person. I wonder if that's because networks and people are different things and thus have fundamentally different requirements when it comes to verification?
Crypto bros keep saying shit like that, but the only real accomplishment of crypto so far is in becoming yet another tradeable commodity. Great news for people with the money to speculate I guess, but that doesn't meaningfully change for the better the lives of us folk who actually have to work for a living. "Stock Market 2.0" isn't the revolution you think it is.
ONE Australian bank. One of the Big Four Australian banks is piloting a scheme for "select corporate and institutional clients". Big entities do pilot schemes all the time. That doesn't mean anything meaningful is going to come of it.
Good for you. The difference here, unlike that other thread, is that your decisions based on your knowledge are respected.
No one here will call you fucking stupid for avoiding the space altogether because of scams.
I said that if you was going to say that the entire crypto space is a scam, then you're the grifter. You're not because you've pulled back from going in that direction.
You can't get zero proof validation of them being over 18 if the holder of the digital wallet doesn't have legit NFT issued by decentralised identity solution.
This comes back to whether governments want to be honest and real about all of this,.
It's no use porn sites using decentralised ID networks with zero knowledge proofs if the the authorities come back and say "Fuck off you must accept credit/debit cards, because we're cunts and no matter how much you do to prove this works we say it doesn't and we're the final arbiters of the truth because we're drunk on power."
I guess the real solution is to have decentralised porn sites where people download the porn and that's it. The porn is there, can't be destroyed or taken offline.
My point is, the tech works and no amount of proclamations from you changes that fact.
Stock Market 2.0 has transparency and fairness.
Stock Market 1.0 does not.
A fact you can't change but hate because you hate capitalism more than you hate normal people making money so that they eventually don't have to work.
FTX isn't stock market 2.0 it's stock market 1.0 trading crypto on top.
Oh I would say it's a 50/50 that one day a hostile government would get in and pass laws to shut it all down
Don't care as such an act would be futile.
Crypto will win. Crypto year on year gets bigger and bigger because there's lots of innovation.
NoXion
Craicy the Squirrel
Capital has significant lobbying power in many parts of the world, and many sectors of it (not just porn) would stand to benefit from a reliable decentralised identity solution. If it were possible to square that circle then there would certainly be interest in finding it. You can't say the tech can work as a general solution when it clearly doesn't outside of specialised use-cases.
I suspect the reason it hasn't happened yet for the verification of visitors to adult sites is because of legal more than technical issues. No identity solution is going to be perfect, so in the case of a decentralised one, who would take the legal liability and thus the costs and reputational damage when things go wrong? Who is going to be legally and financially responsible for ensuring that the decentralised identity solution remains compliant in all of the various jurisdictions within which it operates?
Given the magnitude and frequency of fraud within the crypto space, as well as the sensitive nature of personally identifying who visits which sites, I don't fault most industries for instead spending that money and effort on directly lobbying the government for favourable legislation and taxation structures.
The people who make a living off of speculation are gamblers. They're not producing anything of real value, so it's not something significant numbers of people can do for a living. Gamblers still need goods and services. So the idea that financial speculation should be normalised is to encourage a cancerous growth on the real economy we all depend on. Growth for its own sake rather than in the pursuit of human flourishing.
More likely that an internal cost-benefit analysis sees gains too marginal to be worth pursuing at scale, if at all. Even if open digital ledgers were to become the norm within international financial transactions between institutions, so fucking what? I don't play that game, and I doubt that you do either. There's still gonna be ways and means for capital to privatise gains while socialising losses including the environmental costs.
pseudonarcissus
fluttering and dancing
It's been an informative thread though. It's clear some people see the intrinsic value in crypto as a mathematical solution to payment confidentiality, or maybe just for its own sake. That's fine. How elegant the maths is, with the discussion of proof of waste verification and the sheer amount of electricity consumed by the miners, maybe open to debate. 7 transactions a second is a medium size Tesco store.
It's clear a lot, probably a large majority, of folk swapping fiat currency for cyber tokens are motivated by the hope of making a fast profit, ie by speculation, however this is not the case for everyone. The speculators need an off-ramp to exchange back into fiat, as discussed in the paper, and it's not clear how safe or reliable these will be for lay users. I though it was also interesting that the paper suggests in the USA, the financial regulators probably already have legislation in place to itervene if crypto is being sold to "investors" as some sort of financial instrument.
It sounds like you are interested in block-chain for non-speculative use. I'm not convinced that most of us are too interested in zero knowledge proof, and its potential applications. That ship has already sailed for anyone with the Facebook app on their phone, or a Boots reward card. Does anyone pay for porn?...and are people really exposed to blackmail unless it's very niche?
Stablecoin seems like an oxymoron, without a central bank, or other trusted backstop, with a whole load of assets on hand. Maybe an Australian bank is interested inn the technology, but the paper suggests there's no clear advantage for transactions between trusting counterparties.
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pseudonarcissus
fluttering and dancing
I'm not sure about this, though. "transparency and fairness"?
FTX is looking increasingly like it was a pure Ponzi scheme
Shares of Coinbase Global Inc dropped 15.8%...after the crypto exchange disclosed a warning from regulators that it might have broken securities laws - breaking news 23.03.23
I've been enjoying the FT podcasts about Quantum Computing. In this episode, they claim that quantum computers will break most encryption.
What about crypto currencies? Quantum computing will break them too, right?
What about crypto currencies? Quantum computing will break them too, right?
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BigTom
Well-Known Member
I don't think so.
So firstly, what do you mean by "break them"? do you mean alter the record of transactions that is the blockchain?
That can be done by forking the chain, which needs the consensus of validators, and then the ongoing support of users for the specific fork to continue.
Quantum computing would allow you to solve the PoW puzzles trivially - like encryption this is going to need something new that quantum computers can't handle, which may be a form of encryption created by quantum computers - it makes sense in a non-technical poetic sense to me that that would happen anyway.
But at the same time, everyone would be using quantum computers to mine the coin so idk if it would matter, you'd still need 51% of the hashing power, so even if the quantum computers give you orders of magnitude more hashing power, it would just be the same arms race there is now.
Beyond that though is the question of continued use of the fork. If a malicious actor is able to control and fork the chain to their own ends, everyone else can just ignore it and continue processing on the original chain. Nothing about quantum computers changes the nature of decentralisation and the security that offers in terms of backups (there are as many copies of the blockchain as there are nodes storing the blockchain) and verification.
Crispy
The following psytrance is baṉned: All
The types of encryption algorithm that quantum computers can break are very specific, and it requires some very clever physics/maths to translate the problem (find the prime factors of this very large number) into something that can actually be computed by a quantum computer. SHA-256 as used by bitcoin (and by standard encrypted web connections) is one of these vulnerable algorithms. A quantum computer wouldn't solve it instantly, just many many orders of magnitude faster than standard computers. If quantum computing arrives, then someone with a quantum computer will become the overwhelmingly fastest bitcoin miner, virtually guarunteed to win the lottery for every new block. They would have immediate power to manipulate new blocks unless and until a second quantum computer joins the network to compete with it, at which point the mining rate would be adjusted to suit this new vastly higher hash rate.
So while there might be a brief period where bitcoin is destabilised by quantum computing, which might result in the project being forked and reset to a pre-takeover state, it would soon settle down to a state where only quantum computers can solve new blocks fast enough to mine new coins.
EDIT: Like the fella said
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