Cryptocurrency as the next significant stage for computing technology, not just an investment

[custom knob]

 

[usagi]

I knew Zeff was secretly a murdering capitalist shill. shame on you. I shall inform the comrades Robertnikov and Samovich forthwith that you are an enemy of the people and not to be trusted.

[chenGOD]

5 hours ago, cyanobacteria said:

Obsolete?  Centralized fiat currencies do NOT match the most unique use-cases of decentralized cryptocurrency for monetary purposes, let alone technological purposes

Yeah obsolete was maybe the wrong word, irrelevant (even more so) is probably better. 

[dcom]

As Bitcoin price surges, DDoS extortion gangs return in force (ZDNet)

[zlemflolia]

2 minutes ago, dcom said:

As Bitcoin price surges, DDoS extortion gangs return in force (ZDNet)

interesting, seems like centralized internet topologies suffer from certain types of attacks and we should seek out decentralized approaches

[hijexx]

You’d need that fourth industrial revolution well into play to avoid the physical constraints of information networks to mitigate a dedicated rival’s denial of service against infrastructure.

Just think of it as market forces!

Use cryptocurrency/blockchain based assets to generate productive funds for building out a resilient network. Oh wait, you mean these assets aren’t productive? Huh fancy that

[zlemflolia]

1 hour ago, hijexx said:

You’d need that fourth industrial revolution well into play to avoid the physical constraints of information networks to mitigate a dedicated rival’s denial of service against infrastructure.

Just think of it as market forces!

Use cryptocurrency/blockchain based assets to generate productive funds for building out a resilient network. Oh wait, you mean these assets aren’t productive? Huh fancy that

not really the existing hardware would be fine.  half the code running right now is garbage ad tracking and stuff.  if we convert back to simple html with free open source clientside scripting languages and remove all these bullshit technologies by getting back down to a firmer and simpler foundation, we can reduce bandwidth costs of typical web usage significantly except for multimedia content, for which we can simply get used to waiting a bit longer for things to load.  frankly the instant gratification nature of the internet is probably detrimental.  stallman for instance doesn't browse the web, he uses a special server that makes wget requests then sends the webpages to his email for offline reading at a later time.  many websites by design prevent this.  it will make much of the web no longer functional but it's worth it.  then once the bandwidth costs are low enough, mesh networks and p2p decentralized technologies with cryptocurrency based economic incentivization for playing nice within the protocols could solve all the problems by removing the need for any centralized authorities.  all it needs is a bit of imagination.  and lots of labor.  unfortunately labor is being vampirized by capital right now.  hence socialist revolution is required to achieve true technological advancement.  paradoxically capital prevents technological advancement through protecting its entrenched interests and exploiting labor rather than automating. 

Edited January 23, 2021 by cyanobacteria

[pcock]

Anyone been keeping up with this short squeeze play Wall Street Bets have instigated against Melvin capital? Its exhilarating. Through combined buying and holding they've exploited a flaw in illegal oversold short selling and have a chance to wipe out a 13 billion dollar hedge fund if their hypothesis is correct.  

 

Not only is it a glorious fuck you to the capitalists who caused the 2008 crash and were bailed out, its looking like this one play is going to mean I can get on the housing market about 3 years earlier than I expected

Edited January 28, 2021 by pcock

[zlemflolia]

19 minutes ago, pcock said:

Anyone been keeping up with this short squeeze play Wall Street Bets have instigated against Melvin capital? Its exhilarating. Through combined buying and holding they've exploited a flaw in illegal oversold short selling and have a chance to wipe out a 13 billion dollar hedge fund if their hypothesis is correct.  

 

Not only is it a glorious fuck you to the capitalists who caused the 2008 crash and were bailed out, its looking like this one play is going to mean I can get on the housing market about 3 years earlier than I expected

its pretty great, but im sure the bourgeoisie will apply new regulations to small time stock traders now in favor of whales

[pcock]

3 minutes ago, cyanobacteria said:

its pretty great, but im sure the bourgeoisie will apply new regulations to small time stock traders now in favor of whales

Tricky one to implement though. How do you limit inclusion in the stock market to individual investors without making it achingly clear that it isn't a free market? I can see an investigation to the open sharing of ideas on reddit coming to a frothy head, but actually limiting people in the 10-50k region access? 

Not to mention much institutional money makes big cash off Internet retail trends and surges. This has exposed an exploit against short selling. People who play the market as a bull have limited and clearly defined risk, its the oversold short aspect that has left Melvins risk at infinite.

[zlemflolia]

17 minutes ago, pcock said:

Tricky one to implement though. How do you limit inclusion in the stock market to individual investors without making it achingly clear that it isn't a free market? I can see an investigation to the open sharing of ideas on reddit coming to a frothy head, but actually limiting people in the 10-50k region access? 

Not to mention much institutional money makes big cash off Internet retail trends and surges. This has exposed an exploit against short selling. People who play the market as a bull have limited and clearly defined risk, its the oversold short aspect that has left Melvins risk at infinite.

it's not a free market, poor people are excluded.  they don't care about maintaining appearances, and people as a whole will only know if mainstream media covers the issue negatively, which they won't

[pcock]

8 minutes ago, cyanobacteria said:

it's not a free market, poor people are excluded.  they don't care about maintaining appearances, and people as a whole will only know if mainstream media covers the issue negatively, which they won't

Poor people are not excluded atall, not sure where you are getting that information. I can buy fractional shares for 50 dollars with a minimum deposit of 50 dollars. All the information needed to make informed is overwhelming and obtuse, but its freely available online. I learnt financial derivates from a free course on tasty trade that took 6 months and gave me great insight.

[zlemflolia]

4 minutes ago, pcock said:

Poor people are not excluded atall, not sure where you are getting that information. I can buy fractional shares for 50 dollars with a minimum deposit of 50 dollars. All the information needed to make informed is overwhelming and obtuse, but its freely available online. I learnt financial derivates from a free course on tasty trade that took 6 months and gave me great insight.

with an extremely optimistic average yearly return of 20% you'll make $10 on that $50 by this time next year, your shares also give you no power whatsoever when it comes to voting in comparison to big capitalists.  you are completely excluded from using capital to affect your life in any real way if you're playing around with $50. if you have enough money to make sizeable amounts of money off capital that makes it worth locking away that money in comparison to paying off living expenses, then you aren't poor

Edited January 28, 2021 by cyanobacteria

[pcock]

24 minutes ago, pcock said:

Poor people are not excluded atall, not sure where you are getting that information. I can buy fractional shares for 50 dollars with a minimum deposit of 50 dollars. All the information needed to make informed is overwhelming and obtuse, but its freely available online. I learnt financial derivates from a free course on tasty trade that took 6 months and gave me great insight.

I made 300 percent last year on my first full year in the market, poor example because last year was a huge bull market, but still. The advantage of being poor is that you can afford to use derivates to apply leverage. I'm not saying its safe but at no stage are you excluded. In fact I'm well on my way to no longer being poor exclusively because I've spent 18 months studying and being able to trade freely. 

Quoted wrong post sorry.

Edited January 28, 2021 by pcock

[pcock]

But you aren't wrong. Wall Street seems to  be becoming increasingly agitated that commoners are turning to the stock market, and certainly any of the huge players who are bleeding billions from this event will be pushing for a restructuring. Interesting times indeed

Edited January 28, 2021 by pcock

[thumbass]

This is situation is really wild to follow

[usagi]

mixed feelings.

[dingformung]

I wonder if the bitcoin halving in 2024 will affect the worth of da bitcoin. 

[usagi]

not sure how many of you know Louis Rossman, he's a young businessman in NYC with a sizeable youtube presence who works in tech, specifically Apple repair. I find his videos pretty enjoyable. he's had a long history of lobbying for the little guys in the right-to-repair movement and on other tech issues so he's coming at this thing from a somewhat different angle, which is mainly rebutting accusations of WSB "hacking" the market to achieve its goals. anyway I generally agree with this video even if I don't agree with Louis on other social issues and even if I think WSB is gross in its own way. I don't have a problem with anyone struggling with poverty making something out of this and helping secure themselves, and I definitely don't give a fuck about the Melvin types or the fact that they're being beaten at their own rigged game for once, we can all be gleeful about that together. I just worry at the end of it all that using the fucked-up system to beat itself is not going to result in any long-term change or good, except maybe at the individual level for people who jumped on this.

 

Edited January 28, 2021 by usagi

[chenGOD]

I mean the good thing is it's brought into the public eye again the issues of market makers and short selling, which is clear market manipulation.

The WSB redditors who saw an opportunity for a short squeeze, good on them - but it doesn't change how fucked up the market really is. No long term change will come of this (except maybe institutional investors will find out new ways to hide short plays), and really, how could it.  

The real worry is that lots of individual retail investors will see this, and start trying crazy plays themselves, without seeing the risk, just like we saw in crypto. The play by the redditors is absolutely insane, GameStop fundamentals haven't changed, the only surprise is that they didn't go the way of blockbuster long ago. When they file for Chapter 11, best hope you've pulled out.

On a related note, I had a friend (well we don't talk much these days), who sold BTC to gamble on Trump getting re-elected. When he lost, this friend doubled down and pulled out more BTC to bet on Trump winning it in the Supreme Court. Just ridiculous. Hope he didn't lose too much.

[iococoi]

ouch..

 

[auxien]

this whole debacle probably deserves its own thread but anyway

here's a good intro for anyone interested but unsure where to start...still probably helps to be aware of some general market terminology i guess

https://arstechnica.com/gaming/2021/01/the-complete-morons-guide-to-gamestops-stock-roller-coaster/

Quote

So does that mean WallStreetBets just has magical control over the stock market now? Can the subreddit's millions of members effectively drive up the price of any stock they want just "for the lulz" and rake in the profits?

That's true in theory. But there's still a collective-action problem involved in convincing all the WSB players to follow a single lead and work in concert in this way. This isn't a hive mind with a clear leader focusing its attention like the Death Star. Proposed "bets" that aren't sufficiently convincing to the throng will either be passively ignored or actively bet against by a segment of the mob, muddying the waters.

 

edit: worth browsing some comments there as well if interested, this promoted one was a good summary

Quote

All this does is demonstrate how completely disconnected the market is from reality. Between the stupidity surrounding the all the time highs achieved at a time when ppl are struggling and unable to participate in the economy, to this wild gambling and speculation in GME, AMC (lmao!), and others, the market has shown itself to be absolutely ludicrous.

 

Edited January 28, 2021 by auxien

[pcock]

This is absolute popcorn. Wsb now full intent on organising class action because Robin hood have disabled buying but not selling short squeeze stocks. 

[Enthusiast]

[Cryptowen]

2020 was all like oh no i gotta stay home & watch neflix for three months this is just like being in a war

2021 all like [man with buffalo horns screaming & chanting]

thorstein veblen would be proud