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  1. #15751
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    but line went up though?

  2. #15752
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    This is the Bitcoin thread, fuckers.


  3. #15753
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    Lots of in's lots of out's man

  4. #15754
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    Quote Originally Posted by skaredshtles View Post
    This is the Bitcoin thread, fuckers.

    Greenland is farther north, south, east and west than Iceland:
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  5. #15755
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    Bitcoin....who's gotten into it?

    If you gave someone named Slorg something that was cash good in exchange for something called Slerf, I can’t help but feel like you deserve every fucking dollar you lost and then some.

  6. #15756
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    Quote Originally Posted by J. Barron DeJong View Post
    It’s really not, tbh.

    A hysterical opposition to the gold standard? Huh, wonder why that would be?
    Because people (corrupt, and often blood thirsty, members of gov't) want to be able to run up the tab while other people pay for it.

  7. #15757
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    Quote Originally Posted by JimmyCarter View Post
    If you gave someone named Slorg something that was cash good in exchange for something called Slerf, I can’t help but feel like you deserve every fucking dollar you lost and then some.
    Heh, instead what happened is the new tokens that were released shot up around 5,000% because "The outcome was that the $10m got vaporized. Everyone who bought in early lost their deposits and got no Slerfs in return. But this mistake was very good for attention, and attention is the true value of any memecoin."

    Which speaks to fact the fun thing about this latest crypto rally is nobody, well almost nobody, is pretending there's a story behind it. Nobody pretending crypto is the next big thing going to take over the world. Speculation is the use-case this time around. Clearly cute doggies and memecoins are winning, for now. All the old tiresome narratives are irrelevant. The absence of pretense is refreshing.

  8. #15758
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    Quote Originally Posted by Timberridge View Post
    I read this today, and don't understand any of it.

    A new Solana-based memecoin, Slerf, has faced significant challenges after the project’s developer accidentally burnt a major portion of the token supply — effectively losing $10 million, or the entirety, of presale participants’ money.
    "Guys I f—ed up," the project's official X account wrote. "I burned the LP and the tokens that were set aside for the airdrop. Mint authority is already revoked so I can not mint them. There is nothing I can do to fix this. I am so f—ing sorry."
    The Slerf team later went to an X Spaces to elaborate further on the situation. "I'm sick to my stomach," team member Slorg said in a Space on X. "I'm literally about to throw up."
    "I'm lost for words," they added. "I don't know what to do."
    Poor Slorg. Basically the way crypto works is that a guy named Slorg makes up a token named Slerf, which is distinguished from other tokens by having a cartoon sloth logo. You send $10 million of Solana crypto tokens to Slorg, and he makes a note to himself that he owes you some Slerfs. Then he accidentally flushes that note down the toilet and, due to the irreversible nature of the blockchain, you get no Slerfs and your money is permanently gone, though Slorg is very sorry.
    If this were a company, and Slerf was a stock, this would all be bad: It is bad for a company to lose all of the money it raises in a stock offering. (Also, though, it would probably be reversible. If a company just lost its list of shareholders, it could probably, like, go back through its emails and reconstruct the list.)
    But Slerf is not a company or a stock: It is a crypto token, so absolutely nothing matters. Except that this is all sort of funny, and attention-grabbing, so of course Slerf went up. Arnold: “This mistake was very good for attention, and attention is the true value of any memecoin. So the obvious thing happened and the new tokens that were released shot up around 5,000%.” You could spend another 10 hours and 55 minutes pondering this but I do not recommend it.
    This is a classic case of fuck around and find out. Anybody playing with memecoins should expect that losing all of their money has a much greater chance of happening than zero.

    With that being said, it's the frontier of finance and technology. There are going to be problems from time to time.
    When the early internet had problems, did we give up on it? When many of the first airplanes crashed, did we abandon flight?

    Same shit. You guys are comfy, so you don't want shit to change. But it always does...sometimes really fast.

  9. #15759
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    Quote Originally Posted by JimmyCarter View Post
    If you gave someone named Slorg something that was cash good in exchange for something called Slerf, I can’t help but feel like you deserve every fucking dollar you lost and then some.
    In fairness, cryptobros are already groomed for this. Ex: BTC is created and originally pitched by Satoshi - an anonymous person who has long since gone dark and the smallest unit of BTC is a.. Satoshi. Slorg and Slerf isn't far off the playing field. Gimme money.

  10. #15760
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    Quote Originally Posted by MultiVerse View Post
    Heh, instead what happened is the new tokens that were released shot up around 5,000%. because "The outcome was that the $10m got vaporized. Everyone who bought in early lost their deposits and got no Slerfs in return. But this mistake was very good for attention, and attention is the true value of any memecoin."
    Also, allegedly, massive planned fraud

  11. #15761
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    Quote Originally Posted by stalefish3169 View Post
    Because people (corrupt, and often blood thirsty, members of gov't) want to be able to run up the tab while other people pay for it.
    Yeah, that ain’t it.

    You think it’s just some weird coincidence that every wealthy country operates on fiat currency regardless of where they lie on the left/right political spectrum, and regardless of their levels of debt/deficit?

    How many left leaning or far left economists are out there advocating for a gold standard? None. It’s the far right ones, who are also against redistributive policies that help the less fortunate, for small government, for lax regulation, that all helps the rich.

  12. #15762
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    lol, that's not it either. As would be the case with a bitcoin standard, a gold standard tends to create excess deflationary pressure. That's why the Fed should adopt nominal GDP targeting to moderate both deflation and inflation.

  13. #15763
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    Quote Originally Posted by MultiVerse View Post
    lol, that's not it either. As would be the case with a bitcoin standard, a gold standard tends to create excess deflationary pressure. That's why the Fed should adopt nominal GDP targeting to moderate both deflation and inflation.
    Lol, so glad I happened to see this when not signed in.

    Stop being a pompous douche. I know about deflationary pressure of both, and have said that multiple times here.

    And I know about economist on the right pushing for nominal GDP targeting.

    But also, if any economist is, or has in the recent past, talked about the gold standard, they’re leaning right, not left.

    So go fuck yourself. Back to ignore.

  14. #15764
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    Whoa whoa whoa whoa, lots of economists talk about commodity standards. One wonders if the mere mention of such a thing means they'll be first against the wall when DeJong is made is king?

  15. #15765
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    Hmmm, it kind of seems like the SEC sucks.

    https://x.com/robustus/status/176984...cng0g8hrQ&s=09

  16. #15766
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    Deserves to quoted, "For the reasons explained below, the court imposes sanctions against the Commission for bad faith conduct in obtaining, maintaining, and defending the TRO, and denies the Commission’s Motion to Dismiss without prejudice to refile in accordance with the District of Utah’s Local Rules.The Commission’s above-discussed conduct constitutes a gross abuse of the power entrusted to it by Congress and substantially undermined the integrity of these proceedings and the judicial process."

    Perhaps even more important than the finding of gross "abuse of the power," while significant in its own right, is the denial of sovereign immunity for the SEC. While far from perfect, rulings like this show why people should have more faith in the American system. A lot of smart people also insisted Sam Bankman-Fried would never be charged let alone convicted because of his broad bipartisan political donations. So it's not just conspiracists who think everything is broken. Smart people who think they know "the real truth" can also be bamboozled into falling for doomerism.

  17. #15767
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    Quote Originally Posted by stalefish3169 View Post
    Hmmm, it kind of seems like the SEC sucks.

    https://x.com/robustus/status/176984...cng0g8hrQ&s=09
    Prosecutorial misconduct sucks. It sucks when, say, a rapist gets off because of it. But it doesn’t mean they weren’t a rapist.

    So, are DEBT Box rapists getting off because of misconduct, or are they actually innocent of any wrongdoing?

    Click image for larger version. 

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  18. #15768
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    FWIW, the SEC asked the court to dismiss the case but DEBT Box wants its day in court.

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