The anti-crypto thread

[BFG10K]

Great news, crypto's collapsing across the board: https://www.techpowerup.com/282380/...ions-in-less-than-24-hours-did-the-bubble-pop

Also China's banned crypto, though individuals can still have it: https://finance.yahoo.com/news/chinese-financial-payment-bodies-barred-122712260.html

The sooner this cancerous parasite is wiped out, the better.

 

[DrMrLordX]

More great news!

Hot take: it still won't help you get a video card cheap.

 

[BFG10K]

N Korea hackers linked to $600m crypto heist

"Crypto's great when neither party trusts each other!" - Cryptobros

 

[DrMrLordX]

"Crypto's great when neither party trusts each other!" - Cryptobros

Do you even know what is Axie Infinity, or how the NK hackers filched tokens from its players?

 

[BFG10K]

Any day now. Any day now, just like Linux's year of the desktop (tm).

Ethereum developer confirms proof of stake delay, a.k.a. "The Merge"

Ethereum developer Tim Beiko recently tweeted that the cryptocurrency won't be moving to proof-of-stake in June as expected. Despite the delay of a few months, he maintains...

www.techspot.com

 

[DrMrLordX]

I guess the answer to that question is "no".

 

[BFG10K]

Beanstalk cryptocurrency project robbed after hacker votes to send themself $182 million

“We are fucked,” the founders posted in Discord.

www.theverge.com

...the Beanstalk attacker used a flash loan obtained through the decentralized protocol Aave to borrow close to $1 billion in cryptocurrency assets and exchanged these for enough beans to gain a 67 percent voting stake in the project. With this supermajority stake, they were able to approve the execution of code that transferred the assets to their own wallet.

Imagine getting a loan at your local bank, then using that as collateral to "vote" yourself access to other peoples' money at the same bank. LMFAO.

Since the attack, the hacker has been moving funds through Tornado Cash, a privacy-focused mixer service that has become a go-to step in laundering stolen cryptocurrency funds. With much of the stolen money now obscured, it’s unlikely to be traced and returned.

"Blockchain is the secure future utopia underlying digital currency, complete with full auditing!" - The Internet Cryptobros.

 

[DrMrLordX]

Imagine getting a loan at your local bank, then using that as collateral to "vote" yourself access to other peoples' money at the same bank. LMFAO.

Not that different from performing a hostile takeover using a collateralized loan. And it's not really "the same bank" since Aave != Beanstalk.

It is an interesting take on PoS though. Seems like PoS systems need an added layer of protection from 51% attacks, which arguably PoW chains need as well.

 

[VirtualLarry]

Number Fever: The Pepsi Contest That Became a Deadly Fiasco

Decades ago, a marketing stunt promised Philippine soda drinkers a chance at a million pesos. But an error at a bottling plant led to 600,000 winners—and to lawsuits, rioting, and even deaths.

getpocket.com

You thought crypto was bad - look at Pepsi's giveaways in the Phillipines. People died.

 

[ponyo]

Number Fever: The Pepsi Contest That Became a Deadly Fiasco

Decades ago, a marketing stunt promised Philippine soda drinkers a chance at a million pesos. But an error at a bottling plant led to 600,000 winners—and to lawsuits, rioting, and even deaths.

getpocket.com

You thought crypto was bad - look at Pepsi's giveaways in the Phillipines. People died.

Interesting story I never knew about. Thanks for sharing.

 

[pete6032]

OP are you OK? You seem a little angry. 72 pages of ranting about CryptoCurrency...

 

[beginner99]

The dollar is quite stable, the inflation is not mainly driven by "printing dollars" but rather increased energy costs, and other bottlenecks in the market.

Sure. Sure...I don't live in the US and here we did not heavily print money the last years. And lo and behold we basically have the lowest inflation world-wide and the only reason there actually is any is globalization. But it's much less because the dollar is also worth less comparatively. Price up 10% in dollars, dollar down 8%, so you only pay 2% more, in a nutshell.

What I can concur is that inflation itself is not a problem. It's only a problem if salaries stagnate at the same time.

N Korea hackers linked to $600m crypto heist

"Crypto's great when neither party trusts each other!" - Cryptobros

I would love to see how many funds get stolen via online banking each day. I know of 2 people that had this happen (friend, relative). In both cases the bank full refunded them but they had to sign an NDA. Yeah people getting hacked in online banking don't nmake it to the news. Doesn't mean no crime happening there. And it is entirely possible to have banking services in the crypto space that offer these same services. The fact you can be your own bank doesn't mean everyone has to be.
Crypto.com com actually has a 250k insurance in case of hacks. So you get up to 250k back.

Any day now. Any day now, just like Linux's year of the desktop (tm).

Ethereum developer confirms proof of stake delay, a.k.a. "The Merge"

Ethereum developer Tim Beiko recently tweeted that the cryptocurrency won't be moving to proof-of-stake in June as expected. Despite the delay of a few months, he maintains...

www.techspot.com

I'm sure you don't see the irony here. You complain about hacks and security which if you look always affect some "alt-projects" and never Ethereum directly. Why? Because security matters even if it delays things. If they rushed and something bad happens you would post that. But I'm sure you will not post here once PoS is up and running just fine and fully secure. You are on a tech forum. You should understand the huge complexity involved and huge need to be 100% secure which is almost impossible in programming.

 

[VirtualLarry]

Welp, NY (State) doesn't want crypto-mining no more.

(Just wait until they get a load of what's coming down the pike for Gamers, new PSUs that support transient wattage demands of 2400W, needed by the new 40-series GPUs with PCI-E 5.0 16-pin connectors. Some cards sport two of them!)

I should write their legislature, and inform them. They might want to put a moratorium on PC Gaming as well. (Eventually, in NYS, all Gaming will have to be done on Cell Phones, for environmental reasons, of course.)

Or maybe just blanket ban on importing PCI-E 5.0 power connector -using peripherals and components, including PSUs.

 

[IronWing]

Welp, NY (State) doesn't want crypto-mining no more.

(Just wait until they get a load of what's coming down the pike for Gamers, new PSUs that support transient wattage demands of 2400W, needed by the new 40-series GPUs with PCI-E 5.0 16-pin connectors. Some cards sport two of them!)

I should write their legislature, and inform them. They might want to put a moratorium on PC Gaming as well. (Eventually, in NYS, all Gaming will have to be done on Cell Phones, for environmental reasons, of course.)

Or maybe just blanket ban on importing PCI-E 5.0 power connector -using peripherals and components, including PSUs.

Maybe instead of getting lost in whataboutism, you could try to justify crypto on its own terms.

 

[Red Squirrel]

I wonder how they enforce that, look for network traffic that is crypto mining related? Suppose you could pipe that traffic through a VPN. Or go by how much power you use? In that case just need to say you heat with hydro.

 

[ultimatebob]

I wonder how they enforce that, look for network traffic that is crypto mining related? Suppose you could pipe that traffic through a VPN. Or go by how much power you use? In that case just need to say you heat with hydro.

Probably the same way they used to catch illegal indoor weed farmers... by raiding homes with unusually high electricity bills.

I kinda like this, though... someone needs to keep the pressure on cryptocurrencies to migrate to proof of stake and stop wasting gigawatts worth of electricity.

 

[Red Squirrel]

I guess a house with an unusual amount of solar panels and wind turbines might be suspect too. Though I have a feeling they will outlaw or highly regulate that regardless at some point anyway.

But yeah I think moving to a PoS system for crypto is still better long term no matter what. PoW is not really efficient at all nor very scalable. Like how high will the difficulty be in 10 or even 100 years from now?

 

[Shmee]

Welp, NY (State) doesn't want crypto-mining no more.

(Just wait until they get a load of what's coming down the pike for Gamers, new PSUs that support transient wattage demands of 2400W, needed by the new 40-series GPUs with PCI-E 5.0 16-pin connectors. Some cards sport two of them!)

I should write their legislature, and inform them. They might want to put a moratorium on PC Gaming as well. (Eventually, in NYS, all Gaming will have to be done on Cell Phones, for environmental reasons, of course.)

Or maybe just blanket ban on importing PCI-E 5.0 power connector -using peripherals and components, including PSUs.

Is this actually true, or is this just a sensational youtube video? Maybe there is a dead bill in their legislature?

 

[DrMrLordX]

Welp, NY (State) doesn't want crypto-mining no more.

That's probably unConstitutional, what with activity on the Internet being the purview of the Feds.

 

[Shmee]

Hmm, so it seems that I cannot find a whole lot of info on the bill, just that it is in progress and would be a "2 year moratorium" on mining. Sounds like there are a lot of crazy people in the legislature there. Oh well, I guess I should keep politics out of here.

 

[njdevilsfan87]

Russian oligarchs anticipated sanctions months before the war and moved money through Hawala, an informal payment system, an expert says

In the months leading up to the attack, from November and especially in December, experts noticed an increase in transactions involving Russia.

www.businessinsider.com

But how can this be? So you're telling me this kind of stuff still happens even without crypto?!!1one

 

[darkswordsman17]

Sure. Sure...I don't live in the US and here we did not heavily print money the last years. And lo and behold we basically have the lowest inflation world-wide and the only reason there actually is any is globalization. But it's much less because the dollar is also worth less comparatively. Price up 10% in dollars, dollar down 8%, so you only pay 2% more, in a nutshell.

What I can concur is that inflation itself is not a problem. It's only a problem if salaries stagnate at the same time.



I would love to see how many funds get stolen via online banking each day. I know of 2 people that had this happen (friend, relative). In both cases the bank full refunded them but they had to sign an NDA. Yeah people getting hacked in online banking don't nmake it to the news. Doesn't mean no crime happening there. And it is entirely possible to have banking services in the crypto space that offer these same services. The fact you can be your own bank doesn't mean everyone has to be.
Crypto.com com actually has a 250k insurance in case of hacks. So you get up to 250k back.



I'm sure you don't see the irony here. You complain about hacks and security which if you look always affect some "alt-projects" and never Ethereum directly. Why? Because security matters even if it delays things. If they rushed and something bad happens you would post that. But I'm sure you will not post here once PoS is up and running just fine and fully secure. You are on a tech forum. You should understand the huge complexity involved and huge need to be 100% secure which is almost impossible in programming.

Which is the real issue for...going on like 50 years now. Which is why I get people wanting to not pay taxes (since hey, that's one of the key means by which wealthy people get wealthier), I just wish they'd be honest about it and not claim a load of nonsense, whilst they actually further enable other issues that are the actual problem with modern economic systems.

Er, pretty sure that's not an NDA (its just basically a form where you swear you weren't the one that did the charges so they can nail you for fraud should they find evidence you did). Also, absolutely that's an issue, but no one cares. Once it starts having real ramifications (safety for instance) maybe, but even then fairly doubtful. Intel has had one of the worst physical hardware security issues ever, that still is affecting even their most recent CPUs, and no one gives a shit. Most likely because security was already shit because companies do not prioritize it. And as we're seeing, blockchain doesn't magically fix it (despite the insistence from crypto-evangelists that it will). I'd be all for calling out companies that claim how secure their payment processing stuff is and the like (just like I'm all for calling out companies claiming "unlimited" that is in fact limited in various ways). I'm not sure why some of you argue like people are ok with that shit just because we might take issue with the lax security elsewhere.

I'd be all for energy audits of the current financial systems, especially wall street and others. And gaming. And a lot of other. But then I'd also be ok with crypto just so long as it was taxed adequately (and negative externalities - especially the ridiculous amount of energy consumption, were also properly addressed).

That's probably unConstitutional, what with activity on the Internet being the purview of the Feds.

Is that what is actually being done? Because the title says they're banning crypto-mining which I would think means people physically crypto mining in the state.

Googling and it seems they're banning new proof of work crypto-mining operations and making it so current ones are barred from renewing their permits for 2 years. So, seems that someone here isn't being honest or knows what they're talking about.

OP are you OK? You seem a little angry. 72 pages of ranting about CryptoCurrency...

I like how you're trying to be dismissive but I doubt the OP minds admitting that crypto-mining makes him angry. Its kinda like the way dickheads try to dismiss people being upset by real issues, as though its not something worth getting bothered by. Which I never understood this weird insistance that nothing bothers you some people seem to want to champion. It just makes you come off like a huge asshole that lacks any concern even for yourself. Then again, that does seem to be popular mentality with a lot of people. Who weirdly get upset when you call them out on such behavior. Almost like, it bothers them.

 

[dlerious]

Thousands of dollars for a failed transaction? Count me out.

Bored Ape Yacht Club caused Ethereum fees to soar to astronomical levels

$4,661 in fees for a $5 .eth domain purchase?!

mashable.com

 

[VirtualLarry]

That pay spike for miners at the end of the graph? Yeah, that's because of "high gas fees". I sure got paid.

 

[DrMrLordX]

Is that what is actually being done? Because the title says they're banning crypto-mining which I would think means people physically crypto mining in the state.

It's a legally thorny issue. You literally can not mine without an Internet connection to relevant nodes on a blockchain. The activity has interstate commerce built into it by default. Unless the blockchain were contained to servers only physically located in the State of NY, I don't think they have standing to regulate the activity.

They can pass regulations on power consumption, maybe. But that doesn't directly affect miners. It would affect a lot of things.

 

[VirtualLarry]

It's a legally thorny issue. You literally can not mine without an Internet connection to relevant nodes on a blockchain. The activity has interstate commerce built into it by default. Unless the blockchain were contained to servers only physically located in the State of NY, I don't think they have standing to regulate the activity.

+1, Insightful