Bitcoin....who's gotten into it?

[Foggy_Goggles]

Exactly. Just pay your damn taxes. There are already so many ridiculous write offs. The salaried people are the one who should be bitching if anything.

Exactly. If I were to go on a rant about "the costs of doing business", federal income tax would be pretty low down the list. I can't remember the exact number but payroll taxes are a very large percentage of the federal government's revenue. Corporate income taxes is a very small percentage.

Back to the crypto. A. that Coffeezilla podcast is insane, I'm not sure why anyone would give SBF as much as $5. B. thanks for whomever posted that article explaining that FTX was basically making the market in an illiquid assess and simultaneously responsible for marking to market their own balance sheet. That has some similarities to both Enron and to toxic MBS asset of 2008.

[frorider]

This one? https://www.readmargins.com/p/ftx-and-how-to-lose-money

[I Skied Bandini Mountain]

Kind of a fall guy for widespread financial fraud caused by bank deregulation of 80’s. S&l’s, MLP’s, junk bonds. Greed is good.

My (at the time) girlfriend's dad got caught up in that whole deal, that on top of a messy divorce, it was enlightening (and horrifying) what ungodly amounts of money along with media and government scrutiny does to a family.

MM got a sweetheart deal and it's remarkable how he's rehabilitated his image IMO.

[MontuckyFried]

[MultiVerse]

Is it really a crime to try to convince others the line will go up forever?

It's OK as long as you say "Do your own research" and "Not investment advice."

But seriously, it's insanely criminal to on the one hand play dumb and claim ignorance when things go wrong while on the other lie to everyone including customers, investors, reporters, and regulators when the line was going up.

[MakersTeleMark]

[CarlMega]

"My logic is flawless"

https://www.wired.com/story/bitcoin-texas-power-grid/

[MakersTeleMark]

Texas. It just always has to be Texas. I guess facepalm isn't good anymore, we are just left with a lame #smh. Fuck that country. I'm still waiting for them to either rot, or be sunken to the face of their neighbor foes. Viva!

[nickwm21]

"My logic is flawless"

https://www.wired.com/story/bitcoin-texas-power-grid/

Occam’s Razor is dull in Texas…


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[J. Barron DeJong]

Some positive news on Binance:



https://www.coindesk.com/business/20...ed-says-audit/


“However, the assessment is not an official audit, according to Francine McKenna, lecturer in financial accounting at The Wharton School at the University of Pennsylvania. "They did a comparison of balances per public key address from a list they got from management. They did not compare any balances in independent banks or custodians or depositories," said McKenna."This is more worthless than even the Tether or USDC report," she added.”

Oh….

[bennymac]

coffeezilla corners SBF again and makes him testy

#Legendary

[Harry]

I’m surprised the Russian Mob hasn’t killed that guy yet.

[I Skied Bandini Mountain]

"multiple self inflicted gunshot wounds to the head"

[bennymac]

I think of it like this - at his richest he was "worth" enough to have 1000 different bank accounts each holding $16 million dollars.

We can debate if he ever was truly that rich and liquid - regardless I'm sure he has enough stashed away to pay for some high level protection for now (in cash up front)

[J. Barron DeJong]

Fuck NFT’s are (were?) the stupidest shit



https://twitter.com/jacobdotsol/stat...YmwXZnH4jpWpjA

[neufox47]

NFTs actually do have some real value. One use case is for tickets to events as they would be far more secure and scalpers couldn’t sell copies.


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[ex-powderbroker]

that is a tiny use case and what is the supposed benefit of that vs sending a one time use link like a password reset? not to mention that you could have an infinite amount of ledgers issuing “unique” nfts. it’s just snake oil by another name.

[Garbowski]

Scalpers don't sell copies though... they sell the one unique item.

[J. Barron DeJong]

Scalpers don't sell copies though... they sell the one unique item.

Yes, but what if they could sell a link to an image of the unique item instead?

[Garbowski]

Yes, but what if they could sell a link to an image of the unique item instead?

Now you're talking! More middlemen equals more economic activity equals more value.

[nickwm21]

NFTs actually do have some real value. One use case is for tickets to events as they would be far more secure and scalpers couldn’t sell copies.


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Does that actually happen? Who buys a resold ticket in 2022 that’s not a certified/guaranteed resale from stubhub / Ticketmaster / seatgeek etc….


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[Vt-Freeheel]

Does that actually happen? Who buys a resold ticket in 2022 that’s not a certified/guaranteed resale from stubhub / Ticketmaster / seatgeek etc….


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Mags?

From solid Mags

[neufox47]

Yes, ticket fraud is a thing. Blockchain provides a unique way to combat it. If a NFT is minted on a blockchain it can then be verified as unique, by a user. Sure it can still be hacked and stolen but you can’t copy it. It is extremely different from a “one time link like a password reset”. I’m not really sure what that means but a NFT has some rather unique properties. It can’t be copied, it can be securely transferred to another user, it allows the original creator to charge a fee each time it is resold (ie a band sells a ticket for $100 and gets 50% of any price increases when the ticket is resold), and it is verifiable.

Another use case is property titles, NFTs could replace our whacky system of property titles and eliminate the need for title searches and title insurance.

https://freakonomics.com/podcast/are-n-f-t-s-all-scams/


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[MontuckyFried]

Another use case is property titles, NFTs could replace our whacky system of property titles and eliminate the need for title searches and title insurance.

You know what else works awesome? The physical Deed sitting in my filing cabinet, duly recorded at the County Courthouse. Title searches and insurance can be kind of a joke, but overall the current property system works just fine. If it ain't broke and all that.

[ex-powderbroker]

Yes, ticket fraud is a thing. Blockchain provides a unique way to combat it. If a NFT is minted on a blockchain it can then be verified as unique, by a user. Sure it can still be hacked and stolen but you can’t copy it. It is extremely different from a “one time link like a password reset”. I’m not really sure what that means but a NFT has some rather unique properties. It can’t be copied, it can be securely transferred to another user, it allows the original creator to charge a fee each time it is resold (ie a band sells a ticket for $100 and gets 50% of any price increases when the ticket is resold), and it is verifiable.

Another use case is property titles, NFTs could replace our whacky system of property titles and eliminate the need for title searches and title insurance.

https://freakonomics.com/podcast/are-n-f-t-s-all-scams/


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it is a unique way to combat theft but does it have any advantage over other mechanisms we have to verify a user or grant access to something? to me it seems like there are systems in place that work and nft’s seem unexplored and most likely just come with a different subset of issues we haven’t explored yet. i am not aware of the mechanisms to validate that a particular nft is what it says it is but since you will need a source of truth to verify each ledger you may as well have a web app that solves these authentication issues every day. even this crappy site does it.

eta: i am definitely against nft investments but if there was a practical use for the technology that would be cool. i just don’t really see it catching on.