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(CNBC)   At this point, just put "files for bankruptcy" at the end of every Crypto firm on the planet   (cnbc.com) divider line
    More: Fail, Bankruptcy, implosion of putative acquirer FTX, Chapter 11, Title 11, United States Code, Distressed crypto firm BlockFi, bankruptcy protection, District of New Jersey, United States Bankruptcy Court, FTX US  
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671 clicks; posted to Business » on 28 Nov 2022 at 2:15 PM (8 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



41 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-11-28 1:34:05 PM  
I still have a non-deactivated twitter account and did a test yesterday.

Just post the word "Bitcoin" and "Crytpo" on it.

Within a few seconds, you'll have at least 2-5 comments.
 
2022-11-28 1:36:26 PM  
Fark user imageView Full Size
 
2022-11-28 1:50:51 PM  
Who knew that computer "mining" for non-real things with a made up value would ever end up a financial loser???

That sure sounded like a sure thing on paper.
 
2022-11-28 1:55:45 PM  

Sorelian's Ghost: Who knew that computer "mining" for non-real things with a made up value would ever end up a financial loser???

That sure sounded like a sure thing on paper.


Mourn for all the processing time lost to it.

/Could have been used to crunch away at one of those complex problems they're begging for space cycles to work on.
//I guess they just needed to provide a stupidly large financial incentive to get people in
///Like, the systems that find the working answer get a hundred million dollars or something.
 
2022-11-28 2:10:34 PM  

Bootleg: Sorelian's Ghost: Who knew that computer "mining" for non-real things with a made up value would ever end up a financial loser???

That sure sounded like a sure thing on paper.

Mourn for all the processing time lost to it.

/Could have been used to crunch away at one of those complex problems they're begging for space cycles to work on.
//I guess they just needed to provide a stupidly large financial incentive to get people in
///Like, the systems that find the working answer get a hundred million dollars or something.


Or, like how hedge funds got all the smart kids from MIT and such to run their quants...

All the brains have been totally misplaced for the past few decades.

But hey, we have HD porn on our smart phones. So, this really is Nirvana.
 
2022-11-28 2:17:58 PM  
Just you wait subby, you'll be buying groceries with crypto any day now...
 
2022-11-28 2:18:41 PM  
But I was assured by very fine people here on Fark that crypto was the answer to life.
 
2022-11-28 2:23:08 PM  
Sounds like since the summer BlockFi's been little more than a worthless puppet with FTX's/SBF's hand up its butt anyway.
 
2022-11-28 2:24:57 PM  
FWIW, this pattern will continue repeating itself as it's done all year. Just riding crypto into the ground. Slowly, and then all at once. Slowly, and then all at once.
 
2022-11-28 2:28:45 PM  

Bootleg: Sorelian's Ghost: Who knew that computer "mining" for non-real things with a made up value would ever end up a financial loser???

That sure sounded like a sure thing on paper.

Mourn for all the processing time lost to it.

/Could have been used to crunch away at one of those complex problems they're begging for space cycles to work on.
//I guess they just needed to provide a stupidly large financial incentive to get people in
///Like, the systems that find the working answer get a hundred million dollars or something.


Screw the processing time.  The power and the related emissions to generate it.  The processors can be turned back on when we find something useful for them to do.  That power though... it's gone and the only thing we have to show for it is a carbon footprint on the ass of our environment.
 
2022-11-28 2:33:21 PM  
A fool and their money...
 
2022-11-28 2:34:02 PM  

NewportBarGuy: Bootleg: Sorelian's Ghost: Who knew that computer "mining" for non-real things with a made up value would ever end up a financial loser???

That sure sounded like a sure thing on paper.

Mourn for all the processing time lost to it.

/Could have been used to crunch away at one of those complex problems they're begging for space cycles to work on.
//I guess they just needed to provide a stupidly large financial incentive to get people in
///Like, the systems that find the working answer get a hundred million dollars or something.

Or, like how hedge funds got all the smart kids from MIT and such to run their quants...

All the brains have been totally misplaced for the past few decades.

But hey, we have HD porn on our smart phones. So, this really is Nirvana.


Not really.  The one guy blew his brains out with a shotgun, so it's only 2/3rds Nirvana, and even those guys don't get together too much.
 
2022-11-28 2:41:15 PM  

SVC_conservative: I still have a non-deactivated twitter account and did a test yesterday.

Just post the word "Bitcoin" and "Crytpo" on it.

Within a few seconds, you'll have at least 2-5 comments.


Wait. Linux_Guy is on Twitter too?
 
2022-11-28 2:42:49 PM  
"Crypto," they said, "it's a curreny built on a decentralized database not backed by any significant real assets. It's not regulated and almost no one really understands how it works. And the people who do understand will just say 'it's complicated, trust us' when asked. It's not really accepted as a currency by any major corporations or governments. And did I mention that it's unregulated?"

"Yep," they said, "cypto. It'll be great. Buy some today."
 
2022-11-28 2:43:27 PM  

Sorelian's Ghost: Who knew that computer "mining" for non-real things with a made up value would ever end up a financial loser???

That sure sounded like a sure thing on paper

ether .
 
2022-11-28 2:43:45 PM  

freakdiablo: But I was assured by very fine people here on Fark that crypto was the answer to life.


You just have to hold forever and then you NEVER realize any losses.

th.bing.comView Full Size
 
2022-11-28 2:43:52 PM  

sirrerun: SVC_conservative: I still have a non-deactivated twitter account and did a test yesterday.

Just post the word "Bitcoin" and "Crytpo" on it.

Within a few seconds, you'll have at least 2-5 comments.

Wait. Linux_Guy is on Twitter too?


He hasn't been attacking these threads with nearly the same vigor lately.
 
2022-11-28 2:45:01 PM  

Sorelian's Ghost: Who knew that computer "mining" for non-real things with a made up value would ever end up a financial loser???

That sure sounded like a sure thing on paper.


Steve Bannon made a bunch of money slinging WoW gold.

So yes: a bad idea.
 
2022-11-28 2:51:14 PM  

NewportBarGuy: freakdiablo: But I was assured by very fine people here on Fark that crypto was the answer to life.

You just have to hold forever and then you NEVER realize any losses.

[th.bing.com image 330x216] [View Full Size image _x_]


Hard to do when so many wallets are getting hacked on a regular basis.
 
2022-11-28 2:53:26 PM  

MadHatter500: Bootleg: Sorelian's Ghost: Who knew that computer "mining" for non-real things with a made up value would ever end up a financial loser???

That sure sounded like a sure thing on paper.

Mourn for all the processing time lost to it.

/Could have been used to crunch away at one of those complex problems they're begging for space cycles to work on.
//I guess they just needed to provide a stupidly large financial incentive to get people in
///Like, the systems that find the working answer get a hundred million dollars or something.

Screw the processing time.  The power and the related emissions to generate it.  **The processors can be turned back on when we find something useful for them to do.  That power though**... it's gone and the only thing we have to show for it is a carbon footprint on the ass of our environment.


Actually they can't. Most crypto mining rigs are made up of single purpose machines called ASICS. They are only useful for mining.
 
2022-11-28 2:56:29 PM  

SVC_conservative: I still have a non-deactivated twitter account and did a test yesterday.

Just post the word "Bitcoin" and "Crytpo" on it.

Within a few seconds, you'll have at least 2-5 comments.


Witness the power of The Blockchain (jazz hands)!
 
2022-11-28 2:59:34 PM  

H31N0US: SVC_conservative: I still have a non-deactivated twitter account and did a test yesterday.

Just post the word "Bitcoin" and "Crytpo" on it.

Within a few seconds, you'll have at least 2-5 comments.

Witness the power of The Blockchain (jazz hands)!


What's hilarious, after about a day those accounts are deleted and destroyed, self-destructed even.

Like, no chain of custody to verify if they're real against.
 
2022-11-28 3:03:19 PM  

sirrerun: MadHatter500: Bootleg: Sorelian's Ghost: Who knew that computer "mining" for non-real things with a made up value would ever end up a financial loser???

That sure sounded like a sure thing on paper.

Mourn for all the processing time lost to it.

/Could have been used to crunch away at one of those complex problems they're begging for space cycles to work on.
//I guess they just needed to provide a stupidly large financial incentive to get people in
///Like, the systems that find the working answer get a hundred million dollars or something.

Screw the processing time.  The power and the related emissions to generate it.  **The processors can be turned back on when we find something useful for them to do.  That power though**... it's gone and the only thing we have to show for it is a carbon footprint on the ass of our environment.

Actually they can't. Most crypto mining rigs are made up of single purpose machines called ASICS. They are only useful for mining.


I thought GPUs were still used heavily for most of the various alt-coins that have been the hot thing (and Ethereum up until the change to proof of stake).
 
2022-11-28 3:04:53 PM  

p89tech: "Crypto," they said, "it's a curreny built on a decentralized database not backed by any significant real assets. It's not regulated and almost no one really understands how it works. And the people who do understand will just say 'it's complicated, trust us' when asked. It's not really accepted as a currency by any major corporations or governments. And did I mention that it's unregulated?"

"Yep," they said, "cypto. It'll be great. Buy some today."


Fark user imageView Full Size


Fortune favors the brave!
 
2022-11-28 3:06:17 PM  

MadHatter500: The processors can be turned back on when we find something useful for them to do.


There's already plenty for them to do, but it doesn't benefit the computer user -- it benefits the scientists who are trying to benefit humanity.

SETI has been shut down for a while now, but plenty of other projects that can use spare computer processing time.

upload.wikimedia.orgView Full Size
 
2022-11-28 3:13:03 PM  

NewportBarGuy: freakdiablo: But I was assured by very fine people here on Fark that crypto was the answer to life.

You just have to hold forever and then you NEVER realize any losses.

[th.bing.com image 330x216] [View Full Size image _x_]


That gif always reminds me of spring break 2001 in Mazatlan when the random Mexican walked up to our table at the restaurant and started talking to us. It was all just nonsense. Eventually the server came back and everyone ordered a beer, and he just kept rambling. It was hysterically funny in one of those "WTF is going on moments", and culminated when he said: "Anyways. Do you guys know why I'm smart?" Then he taps his finger to his head like the dude in the gif and says: "Because I don't let women f*ck with my mind. Stay cool, amigos." Then he just walks off while the two of us just stare at each other laughing while also realizing he stuck us with his $3 beer.

Anyway...I wouldn't be surprised if that guy probably made money in crypto.
 
2022-11-28 3:17:55 PM  

Mad_Radhu: sirrerun: MadHatter500: Bootleg: Sorelian's Ghost: Who knew that computer "mining" for non-real things with a made up value would ever end up a financial loser???

That sure sounded like a sure thing on paper.

Mourn for all the processing time lost to it.

/Could have been used to crunch away at one of those complex problems they're begging for space cycles to work on.
//I guess they just needed to provide a stupidly large financial incentive to get people in
///Like, the systems that find the working answer get a hundred million dollars or something.

Screw the processing time.  The power and the related emissions to generate it.  **The processors can be turned back on when we find something useful for them to do.  That power though**... it's gone and the only thing we have to show for it is a carbon footprint on the ass of our environment.

Actually they can't. Most crypto mining rigs are made up of single purpose machines called ASICS. They are only useful for mining.

I thought GPUs were still used heavily for most of the various alt-coins that have been the hot thing (and Ethereum up until the change to proof of stake).


GPUs can still be useful but I think most large scale rigs are based on ASICS nowadays.
 
2022-11-28 3:29:48 PM  

stuhayes2010: Just you wait subby, you'll be buying groceries with crypto any day now...


2.bp.blogspot.comView Full Size


"Hopefully with all this Bitcoin i can get a half-gallon of milk and some stale bread from clearance."
 
2022-11-28 3:39:53 PM  
Gen X calls for Biden to refund crypto losses in 3, 2, 1 ...
 
2022-11-28 3:40:26 PM  

freakdiablo: But I was assured by very fine people here on Fark that crypto was the answer to life.


It is but the scammers add the part about investing at the end.

Crypto exchanges and crypto investing is the problem.

Cryptocurrencies will change the world. But, just don't "buy" crypto.

When the time comes, we'll all use crypto just like we use the internet.
 
2022-11-28 4:08:34 PM  
Another win for crypto!  These companies are where other companies were in 1995.  Bankruptcy of these crypto firms is surely another example of crypto going mainstream!


Crypto!
 
2022-11-28 4:14:24 PM  

mr0x: Cryptocurrencies will change the world.


How? Go nuts. As pie-in-the-sky as you wish. And never mind "change the world" - it's too broad. Under what circumstances and with what effect do you imagine that a crypto-currency will meet a requirement - any requirement - not currently met by regular currency & e-banking?

Excluding illegal activities of course.
 
2022-11-28 5:17:41 PM  
Just another failure of the Biden regime not passing laws to protect consumers, while fedarally protecting Big Banks from forfeiture.
 
2022-11-28 6:21:39 PM  

snowshovel: Just another failure of the Biden regime not passing laws to protect consumers, while fedarally protecting Big Banks from forfeiture.


64.media.tumblr.comView Full Size
 
2022-11-28 6:26:50 PM  

zgrizz: Gen X calls for Biden to refund crypto losses in 3, 2, 1 ...


you can have one too, you dingbat
64.media.tumblr.comView Full Size
 
2022-11-28 6:29:27 PM  

King Something: [Fark user image image 850x637]


At least you had an actual flower
 
2022-11-28 9:41:17 PM  

Chajeungna: mr0x: Cryptocurrencies will change the world.

How? Go nuts. As pie-in-the-sky as you wish. And never mind "change the world" - it's too broad. Under what circumstances and with what effect do you imagine that a crypto-currency will meet a requirement - any requirement - not currently met by regular currency & e-banking?

Excluding illegal activities of course.


Only one thing, distributed trust and consensus.

Crypto allows you to break away from centralized systems. That is the primary tenet of it and nothing more.

The secondary consequences have been talked over quite a lot like government now does not control money and supply but that is a lot of heady talk.

Yes, crypto cannot do something that a centralized system can do. For example, bitcoin could be centralized and 21 million unique coins issued. All transfers of bitcoin would then be done on the central database and to the end user it would work the same. But the point is that there is no central anything in bitcoin. There is no single bitcoin computer that is processing the transactions.

Just one random example. Why does fark offer total-fark by the month and not by the day? Why not 33c a day. The rules of money is that there is a huge processing fee that prevents it. But somebody could come up with a money that allows it. Or, anybody can come up with any kind of money for whatever application in the web. This can be solved by a centralized system but everything is ~$10 subscription and/or ads.
 
2022-11-28 11:01:59 PM  

mr0x: Chajeungna: mr0x: Cryptocurrencies will change the world.

How? Go nuts. As pie-in-the-sky as you wish. And never mind "change the world" - it's too broad. Under what circumstances and with what effect do you imagine that a crypto-currency will meet a requirement - any requirement - not currently met by regular currency & e-banking?

Excluding illegal activities of course.

Only one thing, distributed trust and consensus.

Crypto allows you to break away from centralized systems. That is the primary tenet of it and nothing more.

The secondary consequences have been talked over quite a lot like government now does not control money and supply but that is a lot of heady talk.

Yes, crypto cannot do something that a centralized system can do. For example, bitcoin could be centralized and 21 million unique coins issued. All transfers of bitcoin would then be done on the central database and to the end user it would work the same. But the point is that there is no central anything in bitcoin. There is no single bitcoin computer that is processing the transactions.

Just one random example. Why does fark offer total-fark by the month and not by the day? Why not 33c a day. The rules of money is that there is a huge processing fee that prevents it. But somebody could come up with a money that allows it. Or, anybody can come up with any kind of money for whatever application in the web. This can be solved by a centralized system but everything is ~$10 subscription and/or ads.


The magic of currency is that many people agree upon its value so that it can be used as a means of exchange.  A currency can be *anything*.  Leaves, shell beads, gold nuggets, wheat, cattle, shares of carved stone disks sunk in a local lagoon, WoW gold, bitcoins, beanie babies.

Anything.

But the functionality of it depends on its physical or ledger stability (gold is great for this in low tech environments/ bitcoin or digital bank ledgers is ok for high tech environments), divisibility (grain by the pound:good, gold dust:good, cattle:not so good), ease of carrying high values (gemstones:good, bank ledgers/checks:great), ease of transaction (online bank payments:awesome, botcoin to buy a sandwich:sucky)

..and the final one: stable agreement about value amongst many parties

This is where bitcoin really eats sh*t.  Its value vs the stuff you want to buy is too volatile.
 
2022-11-29 9:38:56 AM  

mr0x: Chajeungna: mr0x: Cryptocurrencies will change the world.

How? Go nuts. As pie-in-the-sky as you wish. And never mind "change the world" - it's too broad. Under what circumstances and with what effect do you imagine that a crypto-currency will meet a requirement - any requirement - not currently met by regular currency & e-banking?

Excluding illegal activities of course.

Only one thing, distributed trust and consensus.

Crypto allows you to break away from centralized systems. That is the primary tenet of it and nothing more.

The secondary consequences have been talked over quite a lot like government now does not control money and supply but that is a lot of heady talk.

Yes, crypto cannot do something that a centralized system can do. For example, bitcoin could be centralized and 21 million unique coins issued. All transfers of bitcoin would then be done on the central database and to the end user it would work the same. But the point is that there is no central anything in bitcoin. There is no single bitcoin computer that is processing the transactions.

Just one random example. Why does fark offer total-fark by the month and not by the day? Why not 33c a day. The rules of money is that there is a huge processing fee that prevents it. But somebody could come up with a money that allows it. Or, anybody can come up with any kind of money for whatever application in the web. This can be solved by a centralized system but everything is ~$10 subscription and/or ads.


Talk to me when you can get a commercial financial instrument, like a mortgage, small business loan, or the like, from a bank using crypto without it being turned into a centralized fiat or traditional specie currency at any point during the transaction.

Oh, and for a bonus, make the currency non-deflationary or hyper-inflationary by design.
 
2022-11-29 7:37:56 PM  

Bonzo_1116: mr0x: Chajeungna: mr0x: Cryptocurrencies will change the world.

How? Go nuts. As pie-in-the-sky as you wish. And never mind "change the world" - it's too broad. Under what circumstances and with what effect do you imagine that a crypto-currency will meet a requirement - any requirement - not currently met by regular currency & e-banking?

Excluding illegal activities of course.

Only one thing, distributed trust and consensus.

Crypto allows you to break away from centralized systems. That is the primary tenet of it and nothing more.

The secondary consequences have been talked over quite a lot like government now does not control money and supply but that is a lot of heady talk.

Yes, crypto cannot do something that a centralized system can do. For example, bitcoin could be centralized and 21 million unique coins issued. All transfers of bitcoin would then be done on the central database and to the end user it would work the same. But the point is that there is no central anything in bitcoin. There is no single bitcoin computer that is processing the transactions.

Just one random example. Why does fark offer total-fark by the month and not by the day? Why not 33c a day. The rules of money is that there is a huge processing fee that prevents it. But somebody could come up with a money that allows it. Or, anybody can come up with any kind of money for whatever application in the web. This can be solved by a centralized system but everything is ~$10 subscription and/or ads.

The magic of currency is that many people agree upon its value so that it can be used as a means of exchange.  A currency can be *anything*.  Leaves, shell beads, gold nuggets, wheat, cattle, shares of carved stone disks sunk in a local lagoon, WoW gold, bitcoins, beanie babies.

Anything.

But the functionality of it depends on its physical or ledger stability (gold is great for this in low tech environments/ bitcoin or digital bank ledgers is ok for high tech environments), divisibility (grain by the pound:good, gold dust:good, cattle:not so good), ease of carrying high values (gemstones:good, bank ledgers/checks:great), ease of transaction (online bank payments:awesome, botcoin to buy a sandwich:sucky)

..and the final one: stable agreement about value amongst many parties

This is where bitcoin really eats sh*t.  Its value vs the stuff you want to buy is too volatile.


There are "stable-coins" that are directly pegged to the dollar.

However, the way they are structured they still aren't good as a general purpose currency for everyday use.
 
2022-11-29 7:45:18 PM  

luidprand: mr0x: Chajeungna: mr0x: Cryptocurrencies will change the world.

How? Go nuts. As pie-in-the-sky as you wish. And never mind "change the world" - it's too broad. Under what circumstances and with what effect do you imagine that a crypto-currency will meet a requirement - any requirement - not currently met by regular currency & e-banking?

Excluding illegal activities of course.

Only one thing, distributed trust and consensus.

Crypto allows you to break away from centralized systems. That is the primary tenet of it and nothing more.

The secondary consequences have been talked over quite a lot like government now does not control money and supply but that is a lot of heady talk.

Yes, crypto cannot do something that a centralized system can do. For example, bitcoin could be centralized and 21 million unique coins issued. All transfers of bitcoin would then be done on the central database and to the end user it would work the same. But the point is that there is no central anything in bitcoin. There is no single bitcoin computer that is processing the transactions.

Just one random example. Why does fark offer total-fark by the month and not by the day? Why not 33c a day. The rules of money is that there is a huge processing fee that prevents it. But somebody could come up with a money that allows it. Or, anybody can come up with any kind of money for whatever application in the web. This can be solved by a centralized system but everything is ~$10 subscription and/or ads.

Talk to me when you can get a commercial financial instrument, like a mortgage, small business loan, or the like, from a bank using crypto without it being turned into a centralized fiat or traditional specie currency at any point during the transaction.

Oh, and for a bonus, make the currency non-deflationary or hyper-inflationary by design.


Government is creating CBDC, central bank dollar/digital currency/coin.

It will be the worst of block-chain and government issued currency.
 
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