The blockchain is going to destroy everything

[wonko the sane?]

I assumed they would also control the individual marketplaces (since it's pretty pointless to buy shit FOR diablo in the TF2 market.) and consequently take a cut of each transaction. At least, that's how I would do it if my goal was to literally screw my user base both coming and going.

 

[Ungnome]

Which defeats the entire purpose of using a blockchain. At that point a simple database would suffice.

 

[wonko the sane?]

Yeah, but you can't upsell the fees and pricing if there isn't some technobabble bullshit that the majority does not understand.

Edit: sorry, my statement is lacking the explanation of the fundamental realization; blockchain is NOT a computer technology, it is a MARKETING technology.

 

[Dekafox]

Which defeats the entire purpose of using a blockchain. At that point a simple database would suffice.

That's 99% of the scenarios where blockchain has been proposed, honestly.

 

[Ungnome]

True enough.

 

[Dekafox]

Bitcoin’s last stand

The European Central Bank (ECB) is the central bank of the European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.

www.ecb.europa.eu

 

[abates]

https://twitter.com/i/web/status/1600709939529400320

Totally worth the money.

 

[Rhinox]

Turns out the only thing the blockchain broke. . . . was itself.

*sad trombone

 

[Plutoniumboss]

Gee. Looks like the thing critics have pointed out all along as a flaw of NFTs actually happened. Who could possibly have predicted it.

 

[Nevermore]

 

[abates]

Exclusive: U.S. Justice Dept is split over charging Binance as crypto world falters

Splits between U.S. Department of Justice prosecutors are delaying the conclusion of a long-running criminal investigation into the world's largest cryptocurrency exchange Binance, four people familiar with the matter have told Reuters.

www.reuters.com

Binance's defense attorneys at U.S. law firm Gibson Dunn have held meetings in recent months with Justice Department officials, the four people said. Among Binance's arguments: A criminal prosecution would wreak havoc on a crypto market already in a prolonged downturn.

(Insert Top Gear "Oh no! Anyway" meme)

 

[Ironbite4]

Hey guys, remember FTX, the world's largest cryptocurrancy exchange who's CEO decided to commit Dirty Crimes and got caught? Yeah today was his arrainment date. So he got to plead.

He pled not-guilty.

Sam Bankman-Fried pleads not guilty to 8 counts of wire fraud, securities fraud, and conspiracy

FTX co-founder Sam Bankman-Fried pleaded not guilty on Tuesday to all 8 counts of fraud and conspiracy he is facing for his role in the collapse of the crypto exchange.

finance.yahoo.com

Keep in mind, two major executives of his company have flipped in order to protect themselves and have given the government EVERYTHING. And Sammy here thinks he's got a shot at an aquitle.

Ironbite-this is gonna be funny.

 

[Steevy Maximus]

Oh, the optimism of youth

 

[wonko the sane?]

No, the optimism of money. Dude literally ripped off billions, he expects to get away with it and let's be real here: the precedent of that is in his favour.

 

[Pocket]

But he did so using a made-up currency that threatened to disrupt Big Money, so he might actually get the book thrown at him if only to keep the usual lobbyists happy.

 

[wonko the sane?]

All money is made up currency, some are just older than others.

I just forged a nice wood cutting axe, any one wanna trade for some chickens?

 

[Ungnome]

Yes, but his made-up currency didn't have a powerful entity to back it up. It was essentially monopoly money with buzzwords attached to it.

 

[KidTDragon]

What To Say To Someone Who Lost Money In The Crypto Crash

With prices for digital currencies plummeting, The Onion provides helpful advice on what to say to someone who lost all of their money in the crypto crash.

www.theonion.com

 

[Dekafox]

Lorin Hochstein :verified: (@[email protected])

> If I told you that US venture capitalists promoted a Ponzi scheme that used a cartoon computer game to steal hundreds of millions of dollars from poor workers in the Philippines and send it to North Korea to fund a ballistic missile program, you probably wouldn’t believe me. Unless I said “…...

hachyderm.io

The article about it: https://www.bloomberg.com/opinion/articles/2023-06-12/three-arrows-had-a-fun-bubble

 

[KidTDragon]

The article's paywalled.