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.

 

[JEDI]

It's not a few bad actors. The whole crypto thing has been exposed as greater fools theory and that it actually encourages bad behavior.

It's existence is a negative

Tulips is the next Big fad!
It's been a few centuries. Now It's coming back as the commodity of the decade!

Buy buy buy!

 

[DrMrLordX]

It's not a few bad actors. The whole crypto thing has been exposed as greater fools theory and that it actually encourages bad behavior.

It's existence is a negative

I mean, you're entitled to your opinion and all, but that's just not true. We notice the bad actors and ignore the people silently plugging away to make blockchain projects that actually work and provide value to the people that use them.

Lots of people rave about NFTs and DeFi lending platforms with insane payouts. The un-sexy, practical stuff is often overlooked except by people who are "in it for the technology".

 

[VirtualLarry]

Tulips is the next Big fad!
It's been a few centuries. Now It's coming back as the commodity of the decade!

Buy buy buy!

Nonono. It's "Virtual Land".

 

[KMFJD]

https://twitter.com/x/status/1557159865134587906

Well damn eh

 

[DrMrLordX]

Well damn eh

That's kind of weird. Wonder how they actually lost money? They must have some out-of-control expenses, but that's a lot.

 

[KMFJD]

I dunno, the only thing i know and care to learn about crypto is that it's a worthless pyramid scheme, sure it might eventually become usefull for something but right now it's still a fucking rectangle that scammers are pretending is already a wheel

 

[Meghan54]

Crpyto is different in that once a transaction is complete, it can never be reversed, unlike credit card fraud, for example, where consumers are not liable.

You know that’s really not true, either. We’ve witnessed retrievals of millions of “dollars” in stolen crypto. So it can be done.

 

[DrMrLordX]

You know that’s really not true, either. We’ve witnessed retrievals of millions of “dollars” in stolen crypto. So it can be done.

You misunderstand how most of those tokens are stolen.

 

[VirtualLarry]

That's kind of weird. Wonder how they actually lost money? They must have some out-of-control expenses, but that's a lot.

F1 sponsorships cost money? Who knew.

 

[DrMrLordX]

F1 sponsorships cost money? Who knew.

Not that much.

 

[VirtualLarry]

Not that much.

They were giving out $200 in free crypto to anyone that signed up for an account.

 

[DrMrLordX]

They were giving out $200 in free crypto to anyone that signed up for an account.

Depends on what they were giving away. You're forgetting that in the cryptoverse, people can airdrop stuff "worth" a lot of money just by minting a new ERC20 (though it used to be a lot cheaper, back in the day). Banks used to give away toasters and TVs for opening an account, and they almost always gave away surplus headed for a landfill somewhere. Same basic idea.

 

[njdevilsfan87]

Ethereum now up 100% from its low. Even if you're a crypto hater, you cannot deny the non-leveraged trading opportunities (or gambles) are best in the crypto space.

 

[AdamK47]

Ethereum now up 100% from its low. Even if you're a crypto hater, you cannot deny the non-leveraged trading opportunities (or gambles) are best in the crypto space.

I'll stick with my ETFs.

 

[dullard]

Ethereum now up 100% from its low. Even if you're a crypto hater, you cannot deny the non-leveraged trading opportunities (or gambles) are best in the crypto space.

You are correct that their are short-term opportunities. But why the need to play with fire in an attempt to get rich quick? I much prefer the almost iron-clad method of getting rich slowly.

 

[Lost_in_the_HTTP]

This chain stuff people keep mentioning .... is that the stuff between the handcuffs and leg irons?

Dutch detain suspected developer of crypto mixer Tornado Cash
https://www.cnbc.com › 2022 › 08 › 12 › dutch-detain-suspected-developer-of-crypto-mixer-tornado-cash.html
TodayDutch detain suspected developer of crypto mixer Tornado Cash Published Fri, Aug 12 20229:20 AM EDT Share Key Points Dutch authorities on Friday said they had arrested a 29-year-old man believed to...
Alleged Tornado Cash developer arrested in Amsterdam
https://www.theverge.com › 2022 › 8 › 12 › 23298217 › tornado-cash-crypto-mixer-crackdown-authorities-arrest-suspected-developer-amsterdam
TodayA 29-year-old man has been arrested in Amsterdam for his suspected involvement in the development of Tornado Cash — a crypto mixer service that was banned earlier this month by the US Department of...


South Korean Authorities Arrest Three in $3.4B Crypto Probe
https://tokenist.com › south-korean-authorities-arrest-three-in-3-4b-crypto-probe
1 day agoSouth Korean prosecutors reportedly arrested three individuals in a probe of $3.4 billion worth of foreign-exchange transactions due to potential links to illicit crypto trading activities, according to Bloomberg. The arrests were made due to allegations that these individuals started and operated crypto trading companies without registering ...


Delhi woman arrested in crypto currency fraud case; used to promise 15% ...
https://www.republicworld.com › india-news › general-news › delhi-woman-arrested-in-crypto-currency-fraud-case-used-to-promise-15-percent-to-150-percent-returns-articleshow.html
TodayDelhi Woman Arrested In Crypto Currency Fraud Case; Used To Promise 15% To 150% Returns The police have so far unearthed a fraud of around Rs 2.50 crore and the figure and the number of cheated investors may increase.

 

[AdamK47]

The developer of Tornado Cash was complicit in the money laundering. That blows away arguments made on Monday about the good behind it. It has criminal components actively backed by the developer. Good intentions were not on his mind.

 

[KMFJD]

https://twitter.com/x/status/1558216748360351745

A sucker born every minute

 

[JEDI]

https://twitter.com/x/status/1558216748360351745

A sucker born every minute

Shiba for lyfe!

 

[BFG10K]

The hits just keep on rollin':

Indie devs outraged by unlicensed game sales on GameStop’s NFT market [Updated]

It may be impossible to remove the games from the Internet.

arstechnica.com

There's that whole "crypto's great because neither party trusts each other!"

This is where the real maliciousness of NFT crypto projects like this lies. It's all 'exploit first, ask questions later.'

A wonderful summary of all crypto. Show me a single person who operates crypto coins or NFTs without the intention of getting fiat in return. This "betterment of humanity" is as real as fairies & unicorns.

 

[DrMrLordX]

There's that whole "crypto's great because neither party trusts each other!"

That doesn't make any sense. Trustless txn verification played no role in a grifter attempting to monetize someone else's Creative Commons software.

 

[njdevilsfan87]

Show me a single person who operates crypto coins or NFTs without the intention of getting fiat in return.

Because there's this thing that every business or service in existence deals with called operating costs?

 

[VirtualLarry]

Crypto mining, specifically GPU mining, not what it once was, from Vosk, one of the OG Crypto YT'ers.

 

[DrMrLordX]

Crypto mining, specifically GPU mining, not what it once was, from Vosk, one of the OG Crypto YT'ers.

He ain't wrong. Things are gonna get a lot uglier soon.

It was a fun hobby but it got way out of control. Nobody developing PoW threads has ever found a realistic way to make sure it stayed in the "fun hobby" stage, which ironically leads to consolidation of hashpower which is usually undesirable. It also causes blockchains to become much less efficient without any actual benefit to the chain.

 

[Heartbreaker]

The good news keeps coming:

Ethereum’s “Merge” is about to put every ether miner out of work

The ambitious change is expected to cut energy consumption by a factor of 1,000.

arstechnica.com