Bitcoin, Blockchain, Battlestar Galactica

Discussion in 'Politics & Current Events' started by Cascarino's Pizzeria, Feb 5, 2019.

  1. xtomx

    xtomx Member+

    Chicago Fire
    Sep 6, 2001
    Northern Wisconsin, but not far from civilization
    Club:
    Chicago Fire
    Kelvin would never let that happen.

    If they used F = (°C × 9/5) + 32, they would have made way more money.

    Losers.
     
    chaski, song219 and The Jitty Slitter repped this.
  2. spejic

    spejic Cautionary example

    Mar 1, 1999
    San Rafael, CA
    Club:
    San Jose Earthquakes
    There's something new going on in Bitcoin. I didn't post about it before because it wasn't a big deal, but it's starting to become one. It's something called an "Ordinal".

    You all know about NFTs. They are placed on more advanced blockchains like Etherium because they need to signify a particular token as unique and non-fungible.

    Bitcoins are fungible. You can't make an NFT there because any token is the same as any other token. They are like stock - any share of stock is the same as any other share of stock. If you owned one share of Weyland Yutani and someone took it and replaced it with another share of Weyland Yutani, the action is meaningless. Nothing changed.

    Except... if you ever sold stocks and did taxes, you know this isn't strictly true. If you bought one share of Weyland Yutani at $100 and another share at $200, and then you sell one for $200, do you report a $100 profit or zero profit on your taxes? Which share is which suddenly matters. They are non-fungible now. They have identity, and you can differentiate based on the time they were created. And you can likewise keep track of when a tiny fraction of Bitcoin was created.

    Ok, so you can have "unique" Bitcoin tokens. But Bitcoin tokens can only be Bitcoins, right? Well, that was true until recently. But the last big update introduced a quirk that allows you to store data in a token - up to the size of the transaction block (4mb). The quirk appears unfixable. And unlike chains that are made for data like Etherium, you are not changed an arm and a leg for storing large amounts of data.

    That means a new thing to do in crypto. It is the new hotness. 40% of Bitcoin transaction bandwidth is now Ordinals. Which kind of shows how useless Bitcoins are because if the bandwidth of Visa went down 40% we'd all know about it. And unlike traditional NFTs, the images (or whatever) are on the blockchain itself. They are permanent and unerasable and everywhere. If you are thinking "well, what if they" yes they did.
     
    xtomx, Q*bert Jones III and song219 repped this.
  3. chaski

    chaski Moderator
    Staff Member

    Mar 20, 2000
    redacted
    Club:
    Lisburn Distillery FC
    Nat'l Team:
    Turks and Caicos Islands
    At Stanford, they are more interested in the Cardinal.
     
  4. Cascarino's Pizzeria

    Cascarino's Pizzeria BigSoccer Yellow Card

    Apr 29, 2001
    New Jersey, USA
    How much acid were they on in come up with this mess?

    577693282.jpg
     
    xtomx, Q*bert Jones III and chaski repped this.
  5. Dr. Wankler

    Dr. Wankler Member+

    May 2, 2001
    The Electric City
    Club:
    Chicago Fire
    Looks like something Gritty would use to wipe his ass.
     
    Mike03, xtomx, russ and 4 others repped this.
  6. chaski

    chaski Moderator
    Staff Member

    Mar 20, 2000
    redacted
    Club:
    Lisburn Distillery FC
    Nat'l Team:
    Turks and Caicos Islands
    Oh how the Stanford Band has fallen since its finest moment 40+ years ago.


     
    Dr. Wankler and ChrisSSBB repped this.
  7. luftmensch

    luftmensch Member+

    .
    United States
    May 4, 2006
    Petaluma
    Club:
    Los Angeles Galaxy
    Nat'l Team:
    United States
    Good to see the Kroft aesthetic making a comeback.

    upload_2023-2-8_13-55-15.jpeg
     
    xtomx, superdave, Dr. Wankler and 3 others repped this.
  8. Cascarino's Pizzeria

    Cascarino's Pizzeria BigSoccer Yellow Card

    Apr 29, 2001
    New Jersey, USA
    Dr. Wankler repped this.
  9. spejic

    spejic Cautionary example

    Mar 1, 1999
    San Rafael, CA
    Club:
    San Jose Earthquakes
    I've seen the Stanford band many times (mostly from their "Battle of the Bands" display in Redwood City's 4th of July events) and while I hate Stanford on principle, I like the band and especially the frequently changing tree because it mocks the entire idea of marching bands and school branding and Stanford itself. I like how the musicians can't really play and the dancers can't really dance and how they make a uniform out of not wearing uniforms.
     
  10. JohnR

    JohnR Member+

    Jun 23, 2000
    Chicago, IL
    Some of them can play. My HS friend was admitted because he played a mean trombone.
     
    Dr. Wankler repped this.
  11. spejic

    spejic Cautionary example

    Mar 1, 1999
    San Rafael, CA
    Club:
    San Jose Earthquakes
    I'm sure they can play well individually. It's just that as a band... I'm sure they can play well individually.
     
    roby, Dr. Wankler and russ repped this.
  12. chaski

    chaski Moderator
    Staff Member

    Mar 20, 2000
    redacted
    Club:
    Lisburn Distillery FC
    Nat'l Team:
    Turks and Caicos Islands
    Was he the one who was run over at the end of the play in the BigGame?
     
  13. superdave

    superdave Member+

    Jul 14, 1999
    VB, VA
    Club:
    DC United
    Nat'l Team:
    United States
    All of it
     
  14. spejic

    spejic Cautionary example

    Mar 1, 1999
    San Rafael, CA
    Club:
    San Jose Earthquakes
    There's news that might make a certain Jitty Slitter happy.

    In 2019 New York State investigated Tether to see if they were sufficiently backed and run properly. The settlement included a (not big) fine and a restriction from doing business with anyone in New York. But New York didn't release the evidence they found. In 2021 the Coindesk news site petitioned New York to get a copy of that evidence under the Freedom of Information Law. A judge just denied Tether's attempt to block it.

    This isn't the end of the delaying tactics Tether can do, but the writing is on the walls now. Tether's internal information - at least as of 2019 - is going to be released. That will be a fun day.

    https://www.coindesk.com/policy/202...-reserve-records-dismissed-by-new-york-court/
     
    ChrisSSBB, The Jitty Slitter and xtomx repped this.
  15. spejic

    spejic Cautionary example

    Mar 1, 1999
    San Rafael, CA
    Club:
    San Jose Earthquakes
    #990 spejic, Feb 15, 2023
    Last edited: Feb 15, 2023
    Some interesting things are going on at the world's largest and crookedest crypto exchange Binance, and it's connected to an even larger bomb the Feds might be dropping soon.

    I've talked before about stablecoins. These are crypto tokens that represent some other unit of money, like the dollar, and are stable during trading because if they become disconnected from the dollar you can just arbitrage and that brings it back in line (like if a dollar-backed stablecoin is trading at 95¢, then I can buy it on the open market and trade it into the stablecoin people for a dollar, and the pressure of people doing that brings the token back to $1). These are extremely useful in places where crypto touches the world, like in onboarding suckers I mean customers.

    Binance has their own stablecoin because everyone does. Theirs is called BUSD. It's backed by US treasuries, and is run in partnership with a US company called Paxos. Paxos mints coins based on the number of dollars and treasuries they have and they are put on the Etherium blockchain. This seems on the level. But Binance also wants the stablecoins on their own Binance blockchain so they can do shady finance-type stuff with it. So they bridge them over (write a program that locks up a coin on Etherium as long as the coin on the other blockchain exists). Confusingly enough (purposefully so), these Binance-world stablecoins are also called BUSD.

    But you see the great risk of stablecoins. If they are worth real world $1 each, and you can mint a billion out of thin air with the click of a mouse, you start clicking like a monkey hooked up to a cocaine machine. And since Binance controls the blockchain and the bridge, they can make it hard (although not impossible) to tell the coins come from cocaine monkey or Paxos.

    So why is this important now? Because NY State just ordered Paxos to stop minting stablecoins. Binance has been getting a lot of hard looks from regulators, who have been shutting down their connections to US companies. Binance funny money only has worth because people pretend it's the same as the Paxos stuff, but if there's no Paxos stuff, the Binance stuff is worthless. Binance customers certainly didn't like it - over $2.7 billion was withdrawn in the last few days.

    And what's coming may be new Federal rules against all stablecoins as unregistered security trading. They've sent letters to all US companies asking them to stop all activity. There's still a bunch of lawyer talk to go, but I suspect asking will turn to telling soon enough.
     
    xtomx, ChrisSSBB and The Jitty Slitter repped this.
  16. spejic

    spejic Cautionary example

    Mar 1, 1999
    San Rafael, CA
    Club:
    San Jose Earthquakes
    The Etherium blockchain hosts lots of third-party tokens, and there is one being minted right now called Blur. No big deal, except they are using so much of the bandwidth today that to make any transaction on Etherium requires a fee of between $250 and $500 to get completed.

    I can't imagine the future of money involves paying an extra $500 just to buy some yogurt because Wells Fargo wants to make some new financial instrument. At least I hope not.
     
    The Jitty Slitter repped this.
  17. The Jitty Slitter

    The Jitty Slitter Moderator
    Staff Member

    Bayern München
    Germany
    Jul 23, 2004
    Fascist Hellscape
    Club:
    FC Sankt Pauli
    Nat'l Team:
    Belgium
    #992 The Jitty Slitter, Feb 16, 2023
    Last edited: Feb 16, 2023
    I'm still getting through the Tortoise podcast into Tether. It is clear it is a total fraud. I can't really understand why they haven't been indicted.

    When they print $1bn Tether, obviously no one is giving them 1 billion USD. Why would you when you could just use the USD to buy actual bitcoin or ETH? They are just creating it against worthless IOUs etc as we saw with other shitcoins
     
    spejic repped this.
  18. spejic

    spejic Cautionary example

    Mar 1, 1999
    San Rafael, CA
    Club:
    San Jose Earthquakes
    Which they did this week.

    It's weird. In my description above, you can go to stablecoin operators (like Paxos) and redeem the token for the dollar. But you can't actually do that for Tether. There's only like 5 people who are allowed to do that. Tether have to be wizards to keep it pegged to the dollar so long. They don't have arbitrage, they only have price manipulation by the exchanges.

    If BUSD goes down, Binance is probably going to go even more heavily into Tether.
     
  19. Cascarino's Pizzeria

    Cascarino's Pizzeria BigSoccer Yellow Card

    Apr 29, 2001
    New Jersey, USA
    I appreciate your explanations since what you describe sounds like a money system devised by Hobbits or a ranting lunatic in an asylum.
     
  20. The Jitty Slitter

    The Jitty Slitter Moderator
    Staff Member

    Bayern München
    Germany
    Jul 23, 2004
    Fascist Hellscape
    Club:
    FC Sankt Pauli
    Nat'l Team:
    Belgium
    This is the problem with all these shitcoins. It's very hard to prove the price is incorrect. Indeed because of the rigged exchanges, you can lose your shirt trying to prove that
     
  21. The Jitty Slitter

    The Jitty Slitter Moderator
    Staff Member

    Bayern München
    Germany
    Jul 23, 2004
    Fascist Hellscape
    Club:
    FC Sankt Pauli
    Nat'l Team:
    Belgium
    It's reasonably similar to what happened in the olden days when currencies were often pegged to the USD.

    If people thought the a currency wasn't worth 1USD, they would start shorting it, causing downward pressure, and forcing a central bank to buy it at over the odds to maintain the peg.

    This famously happened in '92 when speculator's broke the £ and Soros made 1bn in a day...

    As Spejic says, the key to a real stable coin, is that you can redeem for $1 but of course they don't allow that because if everyone started redeeming it would break the peg - so you can only trade it

    But the problem with these shitcoins is that the markets are rigged. If you 'short' tether, they can just do massive wash trades and kill you
     
  22. Dr. Wankler

    Dr. Wankler Member+

    May 2, 2001
    The Electric City
    Club:
    Chicago Fire
    Pretty harsh on Hobbits there, man.
     
    Cascarino's Pizzeria and luftmensch repped this.
  23. xtomx

    xtomx Member+

    Chicago Fire
    Sep 6, 2001
    Northern Wisconsin, but not far from civilization
    Club:
    Chicago Fire
    One can never be too harsh on Hobbits
     
  24. rslfanboy

    rslfanboy Member+

    Jul 24, 2007
    Section 26
    Nor Harfoots!
     
  25. spejic

    spejic Cautionary example

    Mar 1, 1999
    San Rafael, CA
    Club:
    San Jose Earthquakes
    I miss being a technical writer.
     

Share This Page