Cryptobollocks

[touchingcloth]

Is Lee Sharpe doing NFTs yet?

[Gurke and Hare]

No, but Patrice Evra is.

[JamesTC]

[Better Midlands]

Just saw that, blimey.

I didn't think it could get worse than that $0.004 at it's lowest

[Sebastian Cobb]

https://www.theonion.com/man-who-lost-everything-in-crypto-just-wishes-several-t-1848764551

[touchingcloth]

If Terra/Luna was supposed to be pegged at $1, wasn't there a pretty big warning sign when it went up to over $100? Do these people only care when the weird quirks are downward ones?

[C_Larence]

If Terra/Luna was supposed to be pegged at $1, wasn't there a pretty big warning sign when it went up to over $100? Do these people only care when the weird quirks are downward ones?

Terra (UST) is the "pegged" token, Luna is just the governance token of the Terra network afaik and not pegged to anything.

[JamesTC]

Sounds like lots of people got pegged by Luna.

[Sebastian Cobb]

Do these people only care when the weird quirks are downward ones?

what do you think mate?

The whole thing is just a "numbers go up" game. Which is why every bit of copy for a decentralised blockchain-based service is a jargon-laden word-salad that fails to explain what the vapourware does or how it works, nobody actually wants these things, or care if they work though beyond the numbers going up in their investments.

The pipe-dream of some people is to have the blockchain as a thing you can just push code onto and have an independent worker execute and bill you for. Apparently there will be no problems with this because they'll somehow be able to look-ahead for code that does arbitrarily bad things and if you consume lots of resources then you'll get billed accordingly. I guess if we ignore the Halting Problem hard enough it might go away.

Something I didn't realise is you apparently can't even tail the chain effectively, in the above example a worker would need to traverse a chain every single time to find data and there's no real way to build an efficient way to speed up lookups of crypto hashes.

The above is why git (another merkle tree system) stores snapshots rather than diffs (transactions).

But these pale in comparison to the actual inefficiencies involved in calculating the hashes and achieving consensus in the network, which is where the performance bottlenecks and insane energy consumption are.

[Gurke and Hare]

Wasn't quantum computing supposed to be getting close to being a useful thing? Just wait for the quantum blockchain mate.

[pupshaw]

LUNAUSD a few mins ago touched 0.00086840

[Junglist]

0.00008 now. Gone from 345mil circulating supply to about 340bil in a couple days. It is dead.

[touchingcloth]

I think you got your mil and bil the wrong way round...

$40bil down to $700mil is what I've read.

[Junglist]

I think you got your mil and bil the wrong way round...

$40bil down to $700mil is what I've read.

That's marketcap, not circulating supply. They're printing unlimited amounts. It's now at 1 trillion and 0.00001

[Junglist]

UST also at 8pence. Both are done.

[Sebastian Cobb]

Wasn't quantum computing supposed to be getting close to being a useful thing? Just wait for the quantum blockchain mate.

I think quantum computing is supposed to render most common cryptography schemes useless so all that money will be up for grabs or something if they get it working.

[Pinball]

Interesting video from a well-known scambaiter about NFTs. Not all negative either. NFTs are still a load of old bollocks though IMO. Some people will get rich, but the vast, vast majority of suckers to these people will lose their shirts. That's cryptowang.

[Sebastian Cobb]

You don't actually need a blockchain to do nfts, just key pairs to sign proof of ownership. But you won't hear that from the people invested in them because it's mostly a flimsy vehicle to get people to drink the wider crypto kool aid.

Free implementation here, uses no more energy than any other basic web site.

https://smy20011.github.io/ChainlessNFT/

Molly White has done a good analysis into whether NFTs have utility for digital artists and whether the blockchain actually solves problems there or is just an unnecessary technical hurdle and cited the above.

https://blog.mollywhite.net/digital-artists-post-bubble-hopes-for-nfts-dont-need-a-blockchain/

[Zero Gravitas]

[rude soil]

Ah bollocks

[JamesTC]

It is very apt for Me Bean to enter the market just as the whole thing is collapsing. Performative art, really.

[Huxleys Babkins]

Would happily spend and lose every penny I have on a Pizza Bean NFT.

[imitationleather]

Have NFTs being such an absolutely obvious pile of useless scam shite been what's finally made people wake up to all this?

If I was in charge in keeping all this crypto stupidity going and ticking over nicely I never would have let NFTs become a thing. They're too stupid even for the massive amount of bellends this planet holds.

[JaDanketies]

If I was in charge in keeping all this crypto stupidity going and ticking over nicely I never would have let NFTs become a thing. They're too stupid even for the massive amount of bellends this planet holds.

A former boss got involved with NFTs. I believe through minting them and trying to sell them / get a foothold / bait marks, rather than through any legitimate belief in them. Not sure if he made anything. He's the only irl person I know who has ever bought or sold an NFT.

[Sebastian Cobb]

[Ferris]

Spending mine on an oculus and stupid clock in January turns out to have been quite the canny financial move.

[Zero Gravitas]

So kind of Paypal to get into the unsolicited education game, a great time to be getting some beginners up and running:

[pcsjwgm]

lmao

Many would have you believe that cryptocurrency is collapsing, but those who have closely studied the history of these markets have seen this before – and they know that earnings are poised to shoot through the roof. Here's what's really going on.

https://twitter.com/jon_bois/status/1524104658029092865

Spoiler alert

a crypto guy who's at least enough of a big deal to have been on cable news just shared this tweet as evidence that crypto will rebound. i swear to god, i have never tried harder to cram this much obviously meaningless bullshit nonsense into a single tweet

https://twitter.com/jon_bois/status/1524588619603886080

[close]

[imitationleather]

I hope everyone I personally like who dabbled with this got out a year or two ago with a few quid extra in their pocket.

As for the rest of the libertarian fuckers involved in this shite who hasn't stopped bragging about it since the Coalition government were a thing, I look forward walking right past them as they beg for coins while sat in bivvy bags on the street outside my flat.

[Replies From View]

The weirdest thing about Bitcoins is that people supposedly "mine" them.  And that's the magic bit that makes it all work - the same as time travel would be if we were going to use vintage Boglins as currency.

I can't even imagine what "mining" for Bitcoins would look like because I am too stupid - I just picture a tiny cartoon man like the one from the Pink Panther cartoons and he's in a little digger and descending deeper and deeper into a labyrinth pit made up of arbitrary numbers.