RTH10260 wrote: ↑Wed May 11, 2022 9:34 pm
Do not make speculative investments when you need collateral
Sad thing is, it probably is not the economic loss (at least not completely) that is getting people. I do not think people really appreciate just how much of their identity the crypto crowd ties up in the market. It is not just money to them, it is community, it is identity, it is lifestyle, it is being right about the future while the 'normal' people will be wrong. Crypto is not a market or an industry, it is thousands of interlaced cults. Crypto failing is like the rapture starting then discovering that god was just kidding and was actually an elaborate prank.
Re: Crypto - Bitcoin XRP ETH DarkMoon NFTs
Posted: Thu May 12, 2022 10:03 am
by Foggy
Suranis wrote: ↑Thu May 12, 2022 3:47 am
There's literally over 14,000 Crypto currencies, and literally every single one of them is depending on people betting that they are getting in before everyone else for max profits. Which one of that morass of grunge are you going to select?
It's a complex formula, but take your birthday according to the Julian calendar and multiply it by the number of steps to your mailbox, then divide by the age of your oldest niece or nephew. Then multiply by the number of existing shopping malls in Uruguay, and divide by Penelope. You got the best one!
Suranis wrote: ↑Thu May 12, 2022 3:47 am
There's literally over 14,000 Crypto currencies, and literally every single one of them is depending on people betting that they are getting in before everyone else for max profits. Which one of that morass of grunge are you going to select?
It's a complex formula, but take your birthday according to the Julian calendar and multiply it by the number of steps to your mailbox, then divide by the age of your oldest niece or nephew. Then multiply by the number of existing shopping malls in Uruguay, and divide by Penelope. You got the best one!
Foggy wrote: ↑Thu May 12, 2022 10:03 am
It's a complex formula, but take your birthday according to the Julian calendar and multiply it by the number of steps to your mailbox, then divide by the age of your oldest niece or nephew. Then multiply by the number of existing shopping malls in Uruguay, and divide by Penelope. You got the best one!
Remember just a minute ago when I went full on rant about paying upwards of $300K for a cartoon avatar? Well, times are tough.
$350,000 Bored Ape NFT sells for just $115
But it might not be what it seems. It could be doofus was too stupid for his own good and sold it for $115 dollar when he meant to sell it for 115 Etherium. (~$385k)
Or it could be an elaborate money laundering scheme....
Or a tax evasion scheme....
Or any number of things, most of which let you choose that someone was very stupid, or someone is a criminal.
I know an infinity nothing about bitcoin, but why is NFT “artwork” gobsmackingly awful?
Re: Crypto - Bitcoin XRP ETH DarkMoon NFTs
Posted: Thu May 12, 2022 1:25 pm
by RTH10260
pipistrelle wrote: ↑Thu May 12, 2022 1:18 pm
I know an infinity nothing about bitcoin, but why is NFT “artwork” gobsmackingly awful?
They are re-inventing the bitmaps of ancient computer graphics time My guess is that it may be related to the storage cost, this stuff is stored on a blockchain of a NFT market service (which is separate from the cryptocurrency blockchains used to trade these files) and they may incur bandwidth fees when used. Think of the thousands of downloads when used as an eclectic forum avatar.
Foggy wrote: ↑Thu May 12, 2022 10:03 am
It's a complex formula, but take your birthday according to the Julian calendar and multiply it by the number of steps to your mailbox, then divide by the age of your oldest niece or nephew. Then multiply by the number of existing shopping malls in Uruguay, and divide by Penelope. You got the best one!
re the origin of the BlueCoin, while established it does not seem to aim at a larger commercial market, from link
Bluecoin describes itself as a mesh network-focused cryptocurrency and protocol that facilitates peer-to-peer exchange. Bluecoin reportedly uses an asynchronous consensus algorithm for high throughput transaction capabilities. Mesh networks reportedly offer privacy benefits and functionality where internet access is sparse. Bluecoin was originally founded as a Proof-of-Work Blockchain Protocol utilizing Bluetooth to facilitate peer-to-peer trade. Bluecoin aims to meld IoT and Mesh Networks with blockchain technology in a meaningful and readily available way.
re the origin of the BlueCoin, while established it does not seem to aim at a larger commercial market, from link
Bluecoin describes itself as a mesh network-focused cryptocurrency and protocol that facilitates peer-to-peer exchange. Bluecoin reportedly uses an asynchronous consensus algorithm for high throughput transaction capabilities. Mesh networks reportedly offer privacy benefits and functionality where internet access is sparse. Bluecoin was originally founded as a Proof-of-Work Blockchain Protocol utilizing Bluetooth to facilitate peer-to-peer trade. Bluecoin aims to meld IoT and Mesh Networks with blockchain technology in a meaningful and readily available way.
Re: Crypto - Bitcoin XRP ETH DarkMoon NFTs
Posted: Thu May 12, 2022 1:41 pm
by Fortinbras
The recent IRS regulations that cryptocurrency has to be reported on tax returns in the same manner as stock investments probably took a lot of wind out of the crypto's usefulness for money laundering and asset-hiding, hence the rapid fall in value.
Re: Crypto - Bitcoin XRP ETH DarkMoon NFTs
Posted: Thu May 12, 2022 2:12 pm
by neeneko
pipistrelle wrote: ↑Thu May 12, 2022 1:18 pm
I know an infinity nothing about bitcoin, but why is NFT “artwork” gobsmackingly awful?
They are optimized for being easily computer generated. Even when the artist who created the models has the skill to do them well, they really want pieces that an algorithm can then pump out random variations.
Re: Crypto - Bitcoin XRP ETH DarkMoon NFTs
Posted: Thu May 12, 2022 3:06 pm
by Gregg
Yeah, why make one ugly monkey? You might sell it for $1000.
BUT!!!! Make a set of pieces, like a digital Mr Potato Head. This smile, with this coat, with this earring, with this hat in this color with this background...which together makes up 10,000 possible iterations. Now, sell those as "collectable" there is only one of each! And even though you only list them initially for $190 each, get a few rich suckers celebrities on board issue a press release and the secondary market makes them worth ...you got it, ~$350,000.
And the collectors, who aren't celebrities, get so into the minutia of them. Listing itemize every trait
Brown back ground only 4% have this
Pith Helmet only 54% have this
etc...
which is in itself wrong, by definition, if all the possible iterations are issued, then every single trait has the same percentage it would only be in combinations that they would begin to break down, but not even then, because with each combination complexity the distribution would still remain equal....
The point is, though, they manufacture them like Mr. Potato Heads and they market them like Bradford Exchange Collectables and they're as practically useful as both of the above.
pipistrelle wrote: ↑Thu May 12, 2022 1:18 pm
I know an infinity nothing about bitcoin, but why is NFT “artwork” gobsmackingly awful?
They are optimized for being easily computer generated. Even when the artist who created the models has the skill to do them well, they really want pieces that an algorithm can then pump out random variations.
Monetize the legendary 699th Airborne Assault Dachshunds Regiment by creating and issuing a set of 5,000 unique Dachshunds.
and ya know, that started as a joke but I'm sitting here going over in my mind what I would need to actually do it. With good art, a range of attributes and a the whole backstory chuminess it sounds as viable to me as any of the other series of NFT character sets I see. It's been a clever little inside joke of mine for well over 10 years, so why the hell not?
Tell ya what... if I do it, everyone on Fogbow gets a flying wiener for a dollar!
Monetize the legendary 699th Airborne Assault Dachshunds Regiment by creating and issuing a set of 5,000 unique Dachshunds.
and ya know, that started as a joke but I'm sitting here going over in my mind what I would need to actually do it. With good art, a range of attributes and a the whole backstory chuminess it sounds as viable to me as any of the other series of NFT character sets I see. It's been a clever little inside joke of mine for well over 10 years, so why the hell not?
Tell ya what... if I do it, everyone on Fogbow gets a flying wiener for a dollar!
Heh, with Ether crashing, this might be the time to do it. Putting out NFTs is kinda expensive.
Re: Crypto - Bitcoin XRP ETH DarkMoon NFTs
Posted: Sat May 14, 2022 11:39 am
by raison de arizona
FADD8922-843D-45EF-AB16-FA92BD2ED815.jpeg (314.91 KiB) Viewed 1143 times
COINBASE SAYS IF IT GOES BANKRUPT, IT MIGHT SEIZE USERS’ CRYPTO UNDERSTANDABLY, EVERYONE HATES IT.
Failsafe
The crypto wallet company Coinbase appears to have quietly snuck a mutually-assured destruction clause into its latest earnings report.
As Fortune observed, the fine print in Coinbase’s quarterly earnings report — which details both a $430 million loss and a 19 percent drop in users per month — explains that if the company goes bankrupt, it could possibly take all the crypto in its users’ wallets.
In a subsection noting that the company currently holds $256 billion total in both cryptocurrencies and fiat, Coinbase added that in the event of bankruptcy, its users would become “general unsecured creditors” and “the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings.”
Problem with that is that 285 billion is paper worth. If they tried to sell it, the price would crash and they would be lucky to squeese a Billion out of the mess. It's like saying you have 40 million worth of Beanie Babies,
Re: Crypto - Bitcoin XRP ETH DarkMoon NFTs
Posted: Mon May 16, 2022 9:00 am
by RTH10260
U.S. issues charges in first criminal cryptocurrency sanctions case Federal judge finds U.S. sanctions laws apply to $10 million in Bitcoin sent by American citizen to a country blacklisted by Washington
By Spencer S. Hsu
Today at 6:15 a.m. EDT
The Justice Department has launched its first criminal prosecution involving the alleged use of cryptocurrency to evade U.S. economic sanctions, a federal judge disclosed Friday.
In an unusual nine-page opinion, U.S. Magistrate Judge Zia M. Faruqui of Washington, D.C., explained why he approved a Justice Department criminal complaint against an American citizen accused of transmitting more than $10 million worth of bitcoin to a virtual currency exchange in one of a handful of countries comprehensively sanctioned by the U.S. government: Cuba, Iran, North Korea, Syria or Russia.
In the ruling, the judge called cryptocurrency’s reputation for providing anonymity to users a myth. He added that while some legal experts argue that virtual moneys such as bitcoin, ethereum or Tether are not subject to U.S. sanctions laws because they are created and move outside the traditional financial system, recent action taken by the Treasury Department’s Office of Foreign Assets Control require federal courts to find otherwise.
“Issue One: virtual currency is untraceable? WRONG … Issue Two: sanctions do not apply to virtual currency? WRONG,” Faruqui wrote, adopting and crediting the staccato-delivery style of the late American political commentator John McLaughlin and his long-running television program, “The McLaughlin Group.”
“The Department of Justice can and will criminally prosecute individuals and entities for failure to comply with OFAC’s regulations, including as to virtual currency,” Faruqui said.
preparing for the day he'll be doing ads for reverse mortgages and medicare supplements..
Re: Crypto - Bitcoin XRP ETH DarkMoon NFTs
Posted: Tue May 24, 2022 3:00 pm
by humblescribe
tek wrote: ↑Tue May 24, 2022 9:42 am
preparing for the day he'll be doing ads for reverse mortgages and medicare supplements..
Not to mention life insurance for those twilight years at $9.99 per month per unit (generally $1,000, but declining as one ages.)
(Have you ever considered that if people rat-holed the $120/year in premium for a $1,000 death benefit, that they would be ahead of the game after eight years and four months?)
My guess is that it may be related to the storage cost, this stuff is stored on a blockchain of a NFT market service (which is separate from the cryptocurrency blockchains used to trade these files) and they may incur bandwidth fees when used. Think of the thousands of downloads when used as an eclectic forum avatar.
