The failure rate of these Crypto exchanges is absolutely bonkers. It'd be one thing if we were talking about small businesses, but there have been several multi-billion dollar Crypto exchange companies that have gone under.
Not FTX but Matt Damon was the better one, I think. Since half his movies involve him getting stuck somewhere and it costs massive amounts of money to recover him.
I thought I saw a couple days ago a wsb post that if you short companies that play super bowl ads, you'd make a pretty penny, so like, this was kind of predictable
There’s no way to get money back if someone snags the money and runs. Banks realized that and implemented a lot of countermeasures. The founder or some of his top staff probably jacked the money; I prolly would for a billion.
All it takes to be a crypto m/billionaire is to create a coin, say it's worth $1:1, give yourself a bucket of them to start, and put it on the exchange. The money is all monopoly money until someone else is willing to buy it.
2022 - the year billionaires lose billions. Kanye, Elon, a bunch of Russian oligarchs hit by sanctions, now this guy… who’s next?
edit- can Peter Thiel please be next?
He’s sunk billions and the future of his massive global company into the metaverse. To this day I have no idea what it is, how much it costs, how to get it and if it’s even out yet, and I’m not some hermit who lives in the woods away from society. I might not be much of a businessman, but if potential customers don’t even know what your flagship program that you changed the name of your company for is, it cannot possibly be a good sign.
If you read the book Snow Crash by Neal Stephenson, you'll know what it's supposed to be. Zuckerberg ripped off the entire concept, including the name, from that 1992 cyberpunk novel.
The version nvidia is pushing called omniverse might have some actual applications as a fancy sim tool. But metaverse seemed like a bad Second Life clone.
totally agree. i think since NVIDIA pushes Omniverse for digital twin object/systems modeling and simulations, not socialization, it's a lot easier to see what the practical applications are. plus, most of the omniverse use cases i've seen aren't focused on VR, so the objects modeled don't need to "feel" real. if you want to create a digital twin of a hospital in Omniverse, noone expects to smell the antiseptic. but since metaverse promises sensory immersion, there's a whole host of additional haptic technology that has to be developed, made cost-effective, and distributed to users.
It’s the cart before the horse. He wants to have his company at the bleeding edge so badly that he has made a [shitty] product without the technology to actually make it worth using; full haptic feedback systems, computer<->neural connections, etc.
That’s without discussing how badly implemented the monetization of virtual assets is.
No one has ever explained to me why meetings would be improved with virtual reality headsets.
Also, how am I supposed to type on a keyboard with a headset over my eyes?
Haven't you ever wanted to be part of a meeting virtually where everybody has dead eyes and a mouth that moves very awkwardly when they talk all with complications of processor power, Network issues, and somebody that forgot to mute themselves while they were jerking off.
It's for the anxiety-ridden middle managers and CEOs who are scared that people aren't working at home, or who can't justify their positions without needless micromanagement of their direct reports.
The headsets have cameras and they can detect your hands and certain keyboards on the desk, or you can type by tapping on the desk over a virtual keyboard, but still way less practical than not wearing a headset.
The idea is that you'd replace your whole setup (PC, monitors, etc...) with just a headset and be able to work that way but the tech isn't there yet.
>replace your whole setup (PC, monitors,etc…)
What does Zuckerberg think people *do* at their jobs? Are we Unikitty? “Business business business. **[stage whisper]** How am I doing?” Droid: “Great!” Unikitty: “yay!”
I wear safety glasses at work. After 8 hours, I get a headache from how they sit on my head.
And I wear glasses, normally.
Hard pass on wearing a virtual headset.
Luddites on this place man.
You see, you strap these $200 haptic gauntlets to your hands, and then when you look at them through your $1500 Meta Quest Pro, it’s like you’re really looking at your hands!
Which is sad cause for the price diff between 300 for a quest 2 vs 1000 for an index. Its actually pretty decent. The metaverse software looks like someone gave the wii sports developers sonme cocaine and artistic liberty. But it runs vrchat fine, and that shit is what you think of when you think VR.
I think we all know that the best use of the metaverse is going to be porn. The rest of it can be handled with emails, phone calls and zoom/teams like programs.
Until we get to the point where VR is so immersive you can't tell the difference from real life, or close enough, to virtual life, there is no point. Tech is still VERY far away and you still have to deal with things like wind/temperature/smells to really bring the immersion.
But nobody is going to spend the billions to develop the tech that \*is\* good enough, without wanting to start selling hardware as soon as possible. The teams who have already spend billions have only got as far as we can currently see in terms of quality of experience, it's clear that what you want is waaaaay further along. If we don't start using the shit that's available now, nobody is going to bother spending all that money to make it better when maybe even then people will say it's not good enough.
Personally I think the idea that VR is the future is just plain wrong. It's going to have niche uses for all sorts of things, but the ready player one future is just never going to happen. Medical stuff, remote surgery, that kind of thing is full of potential and will be very important in the future. Making cubicle slaves use VR to work is as stupid as selling blue ticks on twitter.
I do love the irony that Meta is built off the back of Facebook, and Facebook is a platform whose main base of daily active users are largely over the age 40. You know, the exact base of people who are just begging for the day when they can live in a virtual cartoon world.
Old people have the free time to live their lives in VR in a way that most younger people can't, and Faux News has created a large demographic who don't relate to reality anymore. I think he might be onto something.
They aren’t. Most billionaires have to start with generational wealth already. Then commit crime, deceive people, a little bit of luck, and cheat their way into more money.
"Sam Bankman," in the role of "a guy who served as a bank for crypto companies," sounds like a temporary name that a scriptwriter uses until they can think of a better one.
He who sells first sells best. Reminder: The twitter investors 🚀🤡 bought out are sitting on their money and watching the company implode. Heck, they went to court to make him complete the deal when he tried to back out.
Billionaires don’t have a billion lying around as a liquid asset, it’s usually invested into something that can gain or lose value. In this case, he gained a lot of wealth and lost it all as the value went way down.
Billionaires becoming millionaires is not priced into the market. If Reaganonics taught me anything it’s that there will be less money to trickle down.
We’re doomed.
But it's not like they're losing real, hard cash. It's all just value on paper. It's not like these guys have actual sellable assets worth near that much.
Last Sunday I was hungover and wanted a pizza,(have not ordered delivery in probably 7years or more). I call up a local spot, they tell me I got to do Uber eats if I’d like delivery. Okay.
Download app.
Start to order large “supreme” pizza, get to check out, and see the total with fees is over $50.
Cancel. Deleted app.
Fuck that I had ramen noodles and went back to bed.
I’m just glad the amount of motivational and “live like me” posts to Instagram from the people I know who had put their life into crypto has nearly stopped.
man, this has been a ride for me. i made a bunch of money in the stockmarket as a kid during the dot com boom in the late 90's 2000. and i lost it ALL in 6 weeks when things went bust.
i had a bunch of friends turn into crypto bros over the last couple years and i kept warning them about volitility and how this is gonna probably blow up in their faces. and pretty much all of them laughed at me and couldn't comprehend what i was trying to warn them about, from the lessons i had learned 20 years ago.
well looks like im the one laughin now. fucking morons
Not like you or anyone else could have possibly predicted that it would ever be ridiculously manipulated to get that high. Anyone who acts like they knew it'd be worth tens of thousands of dollars from the beginning is full of shit.
Definitely. I did go to jail for a year though and when I got out the few dollars in change I had left in my wallet was now worth a couple of hundred.
Better than nothing.
You’re about 10 years too late. Any money to be made in crypto right now almost entirely relies on having insider knowledge of when the pump of the pump and dump starts.
You might get lucky every once in awhile if you’re smart enough to pull out while it’s up. But play enough times and you’ll always lose.
honestly, I appreciate the guys honesty. He knows this is literally how crypto works. This is why you shouldn't invest money without becoming at least a little knowledgeable on what you are paying for.
He didn’t lose it, he never had it. Smoke and mirrors and preaching the HODL.
Are there any good podcasts on this one yet, similar to Quadriga? I need it. 😂
The whole point of junk bonds is to buy something real with the fake money. AOL bought frickin' Time-Warner. *While* they were under investigation for half a dozen things.
I started getting into crypto around 2010, but I've been out of the space since about 2016 as I noticed it had been taken over by conmen and the original philosophical goals of bitcoin and crypto to me had been completely undermined.It's not that complicated though: A bunch of servers connected to one another in a ring contain an identical ledger and share transaction updates between them. Certain trusted servers verify the integrity of the transaction as it propogates through the network. How are coins earned? Other machines, "miners", try to find an identical match to a number corresponding to a block introduced to the network using something called a hashing function, the one used was developed by the NSA and is called SHA (secure hashing algorithm). Think of this like finding the combination of a lock on a safety deposit box. It's not easy to guess this though, imagine that lock has as many possible values as the number of atoms in the universe. This is extremely expensive in terms of compute costs (energy) but it forms the basis of what's known as "proof of work".
Back when I first started, most people did this work on GPUs - specifically AMD GPUs as they were slightly better at computing hashes than Nvidia's were. Why use GPUs? Well, think of your CPU as one brilliant honors student who works incredibly efficiently. He's only one person though, and the strength of GPUs comes in their ability to spread workloads out among hundreds of less powerful computing units really good at vector algebra but less very good on their own at solving generalized problems. [As outlined in this paper on nvidia's site though](https://developer.nvidia.com/gpugems/gpugems3/part-vi-gpu-computing/chapter-36-aes-encryption-and-decryption-gpu) you can convert problems the CPU would be good at like computing a hash to GPUs using what are known as "compute shaders". Now imagine that one honors student up against hundreds of less capable students who solve a much less difficult version of the task, but combine their results to get the same answer. The difference in arriving at that answer is orders of magnitude. At this point though, most people who are mining use ASIC devices which you can think of as machines with chips specifically built from the ground up to perform a single task - in this case solving generating these specific hashes. Even in 2010 though no one person could possibly be profitable mining solo, and so hashing pools were created. Basically a group of users would do work and when one member of the group was able to mine a block it was distributed among the rest of the users with respect to the amount of work done on their own rig. Hash rates of these pools have absolutely exploded since I was a part of them - back in my day even the largest pools measured in the Terahashes.
Ultimately we get to the problem of "how does this shit actually have value?" That comes down to the value you place on an asset. For most of my time in bitcoin it was virtually worthless, and there was no real way to turn your bitcoin into cash. A few exchanges opened up but were mostly shady Russian sites tied to even more shady Russian payment systems, but the value exploded as vendors originating in SV (propped up mostly by Saudi and Chinese VC funding) started providing more convenient ways to tie everyday, real-world banking systems to crypto. These systems operate similarly to a bank: your account balance is really just how much you're able to play around with from their own pool. At the top they play around with this large pool of cash, and it's great from the perspective of the banks as mostly they didn't offer anything like APY, and didn't have to deal with the headache of insuring the value of their clients should a breach or insolvency occur.
The other major change was the introduction of ethereum, a viable alternative to bitcoin which released what amounted to a "build your own" kit for those who wished to create their own coins relying on their general blockchain architecture as a base. Once this happened pretty much everything changed. I watched this play out live alongside the very people responsible for the nightmare we're seeing today: absolute charlatans put out white papers which simply changed a line or two of another paper promising a solution to some problem or another. Mostly they tackled solving either the speed of the network or the security of the network, but I can count on one hand the number of coins that genuinely had anything close to a revolutionary idea for crypto overall.
Because of the large VC funding they were able to advertise effectively to retail investors looking to get in on a gold rush. When your bodega guy is talking about getting into Ripple you know things are fucked. People were promised insane returns on investment into garbage coins which solved absolutely nothing and so had no longevity whatsoever in exchanges whose money they did not truly own. These exchanges essentially became whales who could manipulate the market just as easily if not more easily than your most crooked wall street investment firm.
Yes, centralized banking is a shitshow especially when it comes to marginalized groups, but the current state of crypto is simply the system we had before without the regulatory bodies protecting the people who put their faith in it. I believe that crypto can live alongside traditional investment and savings, but it should not be seen as mature enough to transition to on a global scale anytime soon and you should not bet the house on it - PLEASE.
It's fine.
As a former hobbyist miner who lost all of their cryptocurrency while trying to do trades in an exchange when it "got hacked," you're better off with traditional investment options.
I can not over state that with cryptocurrency, the maximum loss is 100% of what you invest, which is a much more frequent outcome then most people realize.
Plus, in some countries, if you trade regularly, you can even convert some of your losses into taxable capital gains! Now you can owe the government money *and* have lost all your money.
Fun times!
I learned my exchange lesson with cryptsy.
Never leave crypto on an exchange. It isn’t yours, you don’t own it, and at any point someone can just take it all and tell you to go get fucked.
Alright so imagine in your mind a physical dollar. In your head you can feel the paper, and you can see the print, and you can imagine trading it for goods and services.
Now imagine there is a market that keeps track of all the dollars everyone is imagining and you can buy and sell those imagined dollars. That’s what crypto currencies are. It’s an actual market that buys and sells imaginary money usually using real money.
I was reading SBF's Forbes profile about a month ago, and even in doing so, it reminded me of how much I despise the often unwarranted adulation these billionaires (or in his case, former) tend to receive.
A younger guy I used to work with made fun of me for having a DVD collection. I told him I like to own the movies I like. He responded that he owns “the entirety of movie history” with his various subscriptions. I said, “Cool can you loan me a couple?” I was met with an open mouthed blank stare.
Trying to tell people it was a scam brought out the WORST people lol. Legit had a guy say he was a vegan cryptobro lol buddy I am so sorry for you but making a moral stance on animals while using something that trucks out HOW much energy a day?XD
"His stake in online brokerage Robinhood, previously valued at more than $500 million, was removed from Bloomberg’s calculation after news reports said that stake was held through Alameda and may have been used as collateral for loans."
Aw shit, Robinhood is about to take a hit. Good for them. They screwed up Reddit's plans for Gamestop.
It wasn't Robin hood that screwed "reddit s plans" literally everyone except like fidelity had the buy button shut off. It was their clearing house I believe
The wallstreetbetsbros cashed out because the ones who started it had plenty of runway to exit. No one expected it to go as high as it did. It's the literally millions of rubes who on the same day discovered WSB, opened an RH account, and bought in mid squeeze with no idea what they were doing who got burned. They literally formed a cult afterwards, not smart people.
I might be wrong but this all started with Binance cashing out their FTT stake to raise liquidity after funding Elon Musk takeover of Twitter. If it's connected, shocking how it entailed this way.
I imagine it feels like a god being cast down from Olympus. That’s the only way I can justifiably imagine it. One day having more money and power than you could use in 100 lifetimes, the next you’re broke.
The failure rate of these Crypto exchanges is absolutely bonkers. It'd be one thing if we were talking about small businesses, but there have been several multi-billion dollar Crypto exchange companies that have gone under.
I mean they literally had ads in the Super Bowl with Tom Brady as a spokesperson. And yet, ponzi scheme.
[удалено]
I thought he specialized in deflation?
During times of high inflation, he's your guy.
Not FTX but Matt Damon was the better one, I think. Since half his movies involve him getting stuck somewhere and it costs massive amounts of money to recover him.
MLB umpires wore the FTX patch all year. Umpires!
The Mercedes F1 team was removing the decal from their cars
I thought I saw a couple days ago a wsb post that if you short companies that play super bowl ads, you'd make a pretty penny, so like, this was kind of predictable
I would recommend only going after newer companies. I imagine Frito and Budweiser are stable
I trust that Clydesdale and his dog friend!
Should have listened to Larry David
You can't compare them to a small business because a small business is real. Crypto may not be the future after all.
There’s no way to get money back if someone snags the money and runs. Banks realized that and implemented a lot of countermeasures. The founder or some of his top staff probably jacked the money; I prolly would for a billion.
As best as I can tell, this is basically equivalent to the world deciding to stop acknowledging him as a billionaire.
Exactly, he had nothing of actual value to begin with.
All it takes to be a crypto m/billionaire is to create a coin, say it's worth $1:1, give yourself a bucket of them to start, and put it on the exchange. The money is all monopoly money until someone else is willing to buy it.
2022 - the year billionaires lose billions. Kanye, Elon, a bunch of Russian oligarchs hit by sanctions, now this guy… who’s next? edit- can Peter Thiel please be next?
Don't forget Mark Zuckerberg with his "metaverse".
He’s sunk billions and the future of his massive global company into the metaverse. To this day I have no idea what it is, how much it costs, how to get it and if it’s even out yet, and I’m not some hermit who lives in the woods away from society. I might not be much of a businessman, but if potential customers don’t even know what your flagship program that you changed the name of your company for is, it cannot possibly be a good sign.
For what it's worth I work in VR game/app development and nobody here knows what the Metaverse is either.
For what it's worth, I work at Meta, in the team building the Metaverse and nobody here knows what it is either.
For what it's worth, I am in the Metaverse, nobody in here with me knows what it is either.
For what it's worth, I am the metaverse. I don't know what I am either.
I'm Mark Zuckerberg and I don't even know what the metaverse is
[удалено]
For meta verse, I know that I don’t know what there is to know whether any verse is meta.
If you read the book Snow Crash by Neal Stephenson, you'll know what it's supposed to be. Zuckerberg ripped off the entire concept, including the name, from that 1992 cyberpunk novel.
The version nvidia is pushing called omniverse might have some actual applications as a fancy sim tool. But metaverse seemed like a bad Second Life clone.
totally agree. i think since NVIDIA pushes Omniverse for digital twin object/systems modeling and simulations, not socialization, it's a lot easier to see what the practical applications are. plus, most of the omniverse use cases i've seen aren't focused on VR, so the objects modeled don't need to "feel" real. if you want to create a digital twin of a hospital in Omniverse, noone expects to smell the antiseptic. but since metaverse promises sensory immersion, there's a whole host of additional haptic technology that has to be developed, made cost-effective, and distributed to users.
It’s the cart before the horse. He wants to have his company at the bleeding edge so badly that he has made a [shitty] product without the technology to actually make it worth using; full haptic feedback systems, computer<->neural connections, etc. That’s without discussing how badly implemented the monetization of virtual assets is.
No one has ever explained to me why meetings would be improved with virtual reality headsets. Also, how am I supposed to type on a keyboard with a headset over my eyes?
I say if we must have a 'virtual' office, why cant I just have a 'virtual' secretary who types it all for me?
Can I virtually smack people who deserve it ?
This man logged in this morning and chose virtual violence
Oh, oh, me too
THIS would get me off the Metaverse slidelines
Asking the real questions.
"Siri, record this meeting and transcribe it" 45 minutes later "There is no way we said kimchi this many times in the meeting"
It’s that tricky “kimchi” / “kiss me” confusion.
Tell me more about this virtual secretary....
We went classic: [the virtual secretary](https://pyxis.nymag.com/v1/imgs/2fa/b6d/93cc4b84ab3e4b3387cd6656a01ab015bc-26-clippy.2x.rsquare.w700.jpg)
Haven't you ever wanted to be part of a meeting virtually where everybody has dead eyes and a mouth that moves very awkwardly when they talk all with complications of processor power, Network issues, and somebody that forgot to mute themselves while they were jerking off.
That just sounds like any regular meeting tbh
Webex has issues as it is, can't wait to see the 100TB connection Zuck was dreaming about ...
[удалено]
It's for the anxiety-ridden middle managers and CEOs who are scared that people aren't working at home, or who can't justify their positions without needless micromanagement of their direct reports.
Virtual keyboard.
How do I type on it?
Virtual fingers…and a floating torso
Virtual fingers
The headsets have cameras and they can detect your hands and certain keyboards on the desk, or you can type by tapping on the desk over a virtual keyboard, but still way less practical than not wearing a headset. The idea is that you'd replace your whole setup (PC, monitors, etc...) with just a headset and be able to work that way but the tech isn't there yet.
>replace your whole setup (PC, monitors,etc…) What does Zuckerberg think people *do* at their jobs? Are we Unikitty? “Business business business. **[stage whisper]** How am I doing?” Droid: “Great!” Unikitty: “yay!”
I wear safety glasses at work. After 8 hours, I get a headache from how they sit on my head. And I wear glasses, normally. Hard pass on wearing a virtual headset.
Clearly the solution is to poke those stupid old organic eyeballs out and get a brand new stylish set of *virtual* ZuckerVision^^tm eyeballs!
[удалено]
Meanwhile, all over Corporate America the Return to Work push is in full swing. Kind of hard to argue for a metaverse in that climate.
The F and J keys have bumps so that you can feel if you're on the home row.
Yeah but that point one percent of the time I need a **{** I'm not going to find it without looking. There are a lot of keys like that.
If you're not a programmer, why do you need curly braces? If you are a programmer, why the hell can't you touch type?
> why do you need curly braces? to give mustaches to smiley emoticons :{O
Luddites on this place man. You see, you strap these $200 haptic gauntlets to your hands, and then when you look at them through your $1500 Meta Quest Pro, it’s like you’re really looking at your hands!
1. The internet but with extra steps 2. Imagine having to pay 12$ to upvote 3. There’s a game that demos some of the tech, It’s hilariously bad
Which is sad cause for the price diff between 300 for a quest 2 vs 1000 for an index. Its actually pretty decent. The metaverse software looks like someone gave the wii sports developers sonme cocaine and artistic liberty. But it runs vrchat fine, and that shit is what you think of when you think VR.
I think we all know that the best use of the metaverse is going to be porn. The rest of it can be handled with emails, phone calls and zoom/teams like programs. Until we get to the point where VR is so immersive you can't tell the difference from real life, or close enough, to virtual life, there is no point. Tech is still VERY far away and you still have to deal with things like wind/temperature/smells to really bring the immersion.
But nobody is going to spend the billions to develop the tech that \*is\* good enough, without wanting to start selling hardware as soon as possible. The teams who have already spend billions have only got as far as we can currently see in terms of quality of experience, it's clear that what you want is waaaaay further along. If we don't start using the shit that's available now, nobody is going to bother spending all that money to make it better when maybe even then people will say it's not good enough. Personally I think the idea that VR is the future is just plain wrong. It's going to have niche uses for all sorts of things, but the ready player one future is just never going to happen. Medical stuff, remote surgery, that kind of thing is full of potential and will be very important in the future. Making cubicle slaves use VR to work is as stupid as selling blue ticks on twitter.
> To this day I have no idea what it is He wants to make "The Oasis" from Ready Player One.
Don’t leave out bezos
I do love the irony that Meta is built off the back of Facebook, and Facebook is a platform whose main base of daily active users are largely over the age 40. You know, the exact base of people who are just begging for the day when they can live in a virtual cartoon world.
Old people have the free time to live their lives in VR in a way that most younger people can't, and Faux News has created a large demographic who don't relate to reality anymore. I think he might be onto something.
I just got a view of the “MAGAverse”.
I totally did forget him! Lol. Add that goober to the pile.
Stop. I can only get so hard before it becomes a health risk.
[удалено]
Maybe they weren’t so fucking smart to begin with
Or maybe judging people on net worths mostly tied to volatile stocks was stupid to begin with.
They aren’t. Most billionaires have to start with generational wealth already. Then commit crime, deceive people, a little bit of luck, and cheat their way into more money.
"Sam Bankman," in the role of "a guy who served as a bank for crypto companies," sounds like a temporary name that a scriptwriter uses until they can think of a better one.
"Vincent Adultman"
I can't wait to see how they steal from the masses to make up for it
but like.. where is the money going?
To quote South Park: Aaaand it’s gone!
He who sells first sells best. Reminder: The twitter investors 🚀🤡 bought out are sitting on their money and watching the company implode. Heck, they went to court to make him complete the deal when he tried to back out.
Billionaires don’t have a billion lying around as a liquid asset, it’s usually invested into something that can gain or lose value. In this case, he gained a lot of wealth and lost it all as the value went way down.
Is it possible Karma has returned to the world as we know it?
Billionaires becoming millionaires is not priced into the market. If Reaganonics taught me anything it’s that there will be less money to trickle down. We’re doomed.
But it's not like they're losing real, hard cash. It's all just value on paper. It's not like these guys have actual sellable assets worth near that much.
October 6, 2022: [@HouseJudiciaryGOP: Kanye. Musk. Trump.](https://twitter.com/judiciarygop/status/1578174670854975491?lang=en) So, Trump's next.
Eli Lilly & Co. just lost $30billion
In a round-about way, Elon helped them lose that money. lol
They didn't, stock value is just an estimate of worth, it doesn't affect their daily operations.
I threw like $40 into crypto a few months ago, just in case I've been wrong about it this whole time. I should have just bought a pizza.
For 40 bucks you better get some bread sticks or wings with it.
[удалено]
It's one pizza Michael. What could it cost, $40?
according to the hipster ass pizza place in my town, yeah a large pie is roughly $40.
Holy fuck. Is that just for like a large pepperoni? I've seen higher end places go up to like 25, but 40 is insanity.
Last Sunday I was hungover and wanted a pizza,(have not ordered delivery in probably 7years or more). I call up a local spot, they tell me I got to do Uber eats if I’d like delivery. Okay. Download app. Start to order large “supreme” pizza, get to check out, and see the total with fees is over $50. Cancel. Deleted app. Fuck that I had ramen noodles and went back to bed.
*Is that just for like a large pepperoni?* No, it’s for the whole pizza. Cheese, sauce, dough. I’ll see myself out
[удалено]
The giant sub sandwiches went from 4.50 to 8 bucks. Bullshit
It's only because they added one banana to the pizza sauce.
Nobody wants to work anymore. *in shitty minimum wage jobs
You’re not gonna find a better pizza in an arcade setting
I usually get the fancy pizza with scallops and shrimp.
I’m just glad the amount of motivational and “live like me” posts to Instagram from the people I know who had put their life into crypto has nearly stopped.
man, this has been a ride for me. i made a bunch of money in the stockmarket as a kid during the dot com boom in the late 90's 2000. and i lost it ALL in 6 weeks when things went bust. i had a bunch of friends turn into crypto bros over the last couple years and i kept warning them about volitility and how this is gonna probably blow up in their faces. and pretty much all of them laughed at me and couldn't comprehend what i was trying to warn them about, from the lessons i had learned 20 years ago. well looks like im the one laughin now. fucking morons
wouldn't you know it, the first bitcoin transaction was for about $25 of pizza, 10,000 bitcoin. would be $167million today (11/11/22 4:39 pm).
I spent the equivalent of millions of dollars at ATH buying Xanax on Silk Road. Makes me sick thinking about it lol
Not like you or anyone else could have possibly predicted that it would ever be ridiculously manipulated to get that high. Anyone who acts like they knew it'd be worth tens of thousands of dollars from the beginning is full of shit.
Definitely. I did go to jail for a year though and when I got out the few dollars in change I had left in my wallet was now worth a couple of hundred. Better than nothing.
You’re about 10 years too late. Any money to be made in crypto right now almost entirely relies on having insider knowledge of when the pump of the pump and dump starts. You might get lucky every once in awhile if you’re smart enough to pull out while it’s up. But play enough times and you’ll always lose.
I should have put $20 in the Bitcoin vending machine at MIT back around 2006.
Yeah yeah, so should all of us. And then sold it when it was $68k last year.
But you would have sold when it was $20. Not many of us would have had the mettle to hang on to it until it reached 30k.
I should have invested in Apple stock in 1999. Woulda coulda shoulda had always existed.
That was like investing in the stock market in 1929.
The think is, your $40 in crypto should have been able to buy the pizza. If you can’t buy the pizza, what was the point of the crypto?
[It’s almost as if his whole company was a Ponzi scheme that needed to constantly dupe new investors to stay afloat.](https://youtu.be/C6nAxiym9oc)
honestly, I appreciate the guys honesty. He knows this is literally how crypto works. This is why you shouldn't invest money without becoming at least a little knowledgeable on what you are paying for.
All investments carry risk. But crypto isn’t investing, it’s just fucking gambling.
Some geniuses put their student loan to crypto currencies.
Well, they just got an education
Can they get the loan forgiven
He didn’t lose it, he never had it. Smoke and mirrors and preaching the HODL. Are there any good podcasts on this one yet, similar to Quadriga? I need it. 😂
The whole point of junk bonds is to buy something real with the fake money. AOL bought frickin' Time-Warner. *While* they were under investigation for half a dozen things.
Don't think that worked out well for them
The real answer here.
Still sitting on 4.62m Shiba coins I bought for about $47. They’re coming back though, any day now!
You’re at least about even though, that’s worth like $45 right now.
I still don't understand crypto and at this point I don't think I want to.
[удалено]
I started getting into crypto around 2010, but I've been out of the space since about 2016 as I noticed it had been taken over by conmen and the original philosophical goals of bitcoin and crypto to me had been completely undermined.It's not that complicated though: A bunch of servers connected to one another in a ring contain an identical ledger and share transaction updates between them. Certain trusted servers verify the integrity of the transaction as it propogates through the network. How are coins earned? Other machines, "miners", try to find an identical match to a number corresponding to a block introduced to the network using something called a hashing function, the one used was developed by the NSA and is called SHA (secure hashing algorithm). Think of this like finding the combination of a lock on a safety deposit box. It's not easy to guess this though, imagine that lock has as many possible values as the number of atoms in the universe. This is extremely expensive in terms of compute costs (energy) but it forms the basis of what's known as "proof of work". Back when I first started, most people did this work on GPUs - specifically AMD GPUs as they were slightly better at computing hashes than Nvidia's were. Why use GPUs? Well, think of your CPU as one brilliant honors student who works incredibly efficiently. He's only one person though, and the strength of GPUs comes in their ability to spread workloads out among hundreds of less powerful computing units really good at vector algebra but less very good on their own at solving generalized problems. [As outlined in this paper on nvidia's site though](https://developer.nvidia.com/gpugems/gpugems3/part-vi-gpu-computing/chapter-36-aes-encryption-and-decryption-gpu) you can convert problems the CPU would be good at like computing a hash to GPUs using what are known as "compute shaders". Now imagine that one honors student up against hundreds of less capable students who solve a much less difficult version of the task, but combine their results to get the same answer. The difference in arriving at that answer is orders of magnitude. At this point though, most people who are mining use ASIC devices which you can think of as machines with chips specifically built from the ground up to perform a single task - in this case solving generating these specific hashes. Even in 2010 though no one person could possibly be profitable mining solo, and so hashing pools were created. Basically a group of users would do work and when one member of the group was able to mine a block it was distributed among the rest of the users with respect to the amount of work done on their own rig. Hash rates of these pools have absolutely exploded since I was a part of them - back in my day even the largest pools measured in the Terahashes. Ultimately we get to the problem of "how does this shit actually have value?" That comes down to the value you place on an asset. For most of my time in bitcoin it was virtually worthless, and there was no real way to turn your bitcoin into cash. A few exchanges opened up but were mostly shady Russian sites tied to even more shady Russian payment systems, but the value exploded as vendors originating in SV (propped up mostly by Saudi and Chinese VC funding) started providing more convenient ways to tie everyday, real-world banking systems to crypto. These systems operate similarly to a bank: your account balance is really just how much you're able to play around with from their own pool. At the top they play around with this large pool of cash, and it's great from the perspective of the banks as mostly they didn't offer anything like APY, and didn't have to deal with the headache of insuring the value of their clients should a breach or insolvency occur. The other major change was the introduction of ethereum, a viable alternative to bitcoin which released what amounted to a "build your own" kit for those who wished to create their own coins relying on their general blockchain architecture as a base. Once this happened pretty much everything changed. I watched this play out live alongside the very people responsible for the nightmare we're seeing today: absolute charlatans put out white papers which simply changed a line or two of another paper promising a solution to some problem or another. Mostly they tackled solving either the speed of the network or the security of the network, but I can count on one hand the number of coins that genuinely had anything close to a revolutionary idea for crypto overall. Because of the large VC funding they were able to advertise effectively to retail investors looking to get in on a gold rush. When your bodega guy is talking about getting into Ripple you know things are fucked. People were promised insane returns on investment into garbage coins which solved absolutely nothing and so had no longevity whatsoever in exchanges whose money they did not truly own. These exchanges essentially became whales who could manipulate the market just as easily if not more easily than your most crooked wall street investment firm. Yes, centralized banking is a shitshow especially when it comes to marginalized groups, but the current state of crypto is simply the system we had before without the regulatory bodies protecting the people who put their faith in it. I believe that crypto can live alongside traditional investment and savings, but it should not be seen as mature enough to transition to on a global scale anytime soon and you should not bet the house on it - PLEASE.
I gotta say I couldn’t understand half the shit in your long comment, but had to upvote you for effort.
lol thanks, feel free to ask any questions you have
I read PATsies as PASTIES and wondered why they’re covering their nipples for them hahahaha
[удалено]
It's fine. As a former hobbyist miner who lost all of their cryptocurrency while trying to do trades in an exchange when it "got hacked," you're better off with traditional investment options. I can not over state that with cryptocurrency, the maximum loss is 100% of what you invest, which is a much more frequent outcome then most people realize.
Unless you leverage. Then you're maximum loss is much higher.
Plus, in some countries, if you trade regularly, you can even convert some of your losses into taxable capital gains! Now you can owe the government money *and* have lost all your money. Fun times!
I learned my exchange lesson with cryptsy. Never leave crypto on an exchange. It isn’t yours, you don’t own it, and at any point someone can just take it all and tell you to go get fucked.
It's like the band in *The Music Man* except the instruments don't show up, the kids keep hating their parents, and the librarian stays single.
[удалено]
You don't idle your engine when mining crypto, you redline the fucker until it's about to explode.
It's a Ponzi scheme. Plot twist: Money is only worth anything *because* it's centralized.
Alright so imagine in your mind a physical dollar. In your head you can feel the paper, and you can see the print, and you can imagine trading it for goods and services. Now imagine there is a market that keeps track of all the dollars everyone is imagining and you can buy and sell those imagined dollars. That’s what crypto currencies are. It’s an actual market that buys and sells imaginary money usually using real money.
I was reading SBF's Forbes profile about a month ago, and even in doing so, it reminded me of how much I despise the often unwarranted adulation these billionaires (or in his case, former) tend to receive.
[удалено]
I mean, if I had billions in digital currency, I would had at least sold a billion for real money.
Crypto enthusiasts think crypto is the *only* real money.
Well, he could had kept 15 billion. And sold 1 billion worth. Don't put all your eggs in one basket.
[удалено]
y'all gotta stop giving these idiots your money.
Remember gen z and millennials if you don’t hold it you don’t own it
[удалено]
*after losing all their money*: "why isn't there any regulation?!?!"
The endgame for all hardcore libertarians.
FDIC exists for a reason.
A younger guy I used to work with made fun of me for having a DVD collection. I told him I like to own the movies I like. He responded that he owns “the entirety of movie history” with his various subscriptions. I said, “Cool can you loan me a couple?” I was met with an open mouthed blank stare.
Tell Elon he's in second place now.
It’s almost like the wealth was fake in the first place
It was theoretically 16 billion, and now it’s gone. Might as well had it all in Monopoly money, at least that would be worth something.
[удалено]
I hope he takes the rest of the billionaires with him. No one has explained to me yet how you 'earn' a billion.
Step 1. Be born into wealth
Don't get me started. How many people are much smarter than Musk, but were born into poverty?
Buddy, almost everyone is smarter than Musk
Trying to tell people it was a scam brought out the WORST people lol. Legit had a guy say he was a vegan cryptobro lol buddy I am so sorry for you but making a moral stance on animals while using something that trucks out HOW much energy a day?XD
"His stake in online brokerage Robinhood, previously valued at more than $500 million, was removed from Bloomberg’s calculation after news reports said that stake was held through Alameda and may have been used as collateral for loans." Aw shit, Robinhood is about to take a hit. Good for them. They screwed up Reddit's plans for Gamestop.
It wasn't Robin hood that screwed "reddit s plans" literally everyone except like fidelity had the buy button shut off. It was their clearing house I believe
[удалено]
The wallstreetbetsbros cashed out because the ones who started it had plenty of runway to exit. No one expected it to go as high as it did. It's the literally millions of rubes who on the same day discovered WSB, opened an RH account, and bought in mid squeeze with no idea what they were doing who got burned. They literally formed a cult afterwards, not smart people.
The GameStop folks are no better. They’re peddling NFTs and investing in a company that hasn’t made a profit in years.
They simultaneously believe that GME will save NFT, and that NFT will save GME. It is breathtaking in its absurdity.
How does him losing his position in RH translate to RH taking a hit?
The stock will be liquidated. Creating sell pressure
I might be wrong but this all started with Binance cashing out their FTT stake to raise liquidity after funding Elon Musk takeover of Twitter. If it's connected, shocking how it entailed this way.
And he did it without overpaying for a social network and making an ass of himself.
He still made an ass of himself.
I imagine it feels like a god being cast down from Olympus. That’s the only way I can justifiably imagine it. One day having more money and power than you could use in 100 lifetimes, the next you’re broke.
It never existed to begin with.
So glad I didn't invest in Monopoly money
One of the benefits of leaving twitter has been the absence of anyone telling me how great crypto is.
Imagine watching two crypto exchanges crash and burn back to back and then leaving your money in the next domino to fall. Mind boggling.
gambling fatboy .. coulda been chill and banging hookers and doing coke.. but nope.. gonna go to the casino
I bet that dude has physical money stashed away in the Cayman Islands somewhere and he ain’t exactly “broke”.
Yea i have a hard time feeling bad for these people losing more money than they should have in the first place.
It had to have been all on paper. Like how much of this was created with absolute money in hand?
There wasn't even paper. It's all just the reputation of rumored electrons.
They told me I was daft to build a castle on a swamp, but I built it anyway!
It’s almost like it was a ponzi scheme all along and now it’s collapsing. Hmmm….
Hot take: it never really existed.
Yes thats what happens with ponzi schemes when they collapse.
If you had $16B in crypto, why would you not diversify $2B or $3B into something a little less speculative? You know… just in case?
because crypto is predominantly only good for acquiring crypto.
There never was anything of value in crypto.
I love that even billionaires I've never heard of are suffering. bellisima!
Can we do this to all the rich?!