The Blockchain/Cryptocurrency/Electric Cars (???) discussion thread

ESP47 said:
I'm getting the feeling that Warhawk really hates crypto.

Ham, can you confirm?
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I don't "hate" cryptocurrency (I do think NFTs are nothing but a huge scam); I think it is way overhyped and overblown for most people. If you want to buy things illegally on the dark web, hey, it makes sense. But for day to day use it is pretty worthless and it's basically being pushed on folks just to get the price to go up.

So, knock yourself out if you want to. Buy all the pet rocks and Power Balance bracelets you want!
 
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NYT on Tether issues.

https://www.nytimes.com/2022/06/17/...ptocurrency.html?referringSource=articleShare

By contrast, Tether claims its stablecoins are backed by cash and other traditional assets, making its reserves essential to the health of the crypto market. In theory, anyone who wants to exchange Tethers for U.S. dollars can do so quickly and easily.

But the company’s financial statements show that a significant portion of its reserves are tied up in unsecured corporate debt known as commercial paper. Such financial instruments are riskier and harder to quickly convert into cash, especially during financial turmoil. In 2021, New York’s attorney general fined Tether $18.5 million and said the company had lied about its reserves, calling it “a stablecoin without stability.”
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Warhawk said:
NYT on Tether issues.

https://www.nytimes.com/2022/06/17/...ptocurrency.html?referringSource=articleShare

from the article:

By contrast, Tether claims its stablecoins are backed by cash and other traditional assets, making its reserves essential to the health of the crypto market. In theory, anyone who wants to exchange Tethers for U.S. dollars can do so quickly and easily.

But the company’s financial statements show that a significant portion of its reserves are tied up in unsecured corporate debt known as commercial paper. Such financial instruments are riskier and harder to quickly convert into cash, especially during financial turmoil. In 2021, New York’s attorney general fined Tether $18.5 million and said the company had lied about its reserves, calling it “a stablecoin without stability.”
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Commercial paper, in itself, is fine. Money market funds trade those. It’s the type of debt that is the unknown—emerging market debt in particular (Think China RE, Russian companies…). Plus structural links, like who’s invested in them and who they’ve invested in (e.g., Celsius). One node freezes and it’s a domino effect.

I have 250 put contracts against (250 x 100 = 25,000 shares worth) coin. Riding on an implosion. Been rolling dem down since the mid $70s.
 
https://decrypt.co/114269/hundreds-...-from-ftx-overnight-in-unauthorized-transfers

Several wallets allegedly belonging to FTX were drained of hundreds of millions of dollars in coins late on Friday night, with much of the funds transferred from Tether (USDT) into stablecoin DAI, and from staked Ethereum (stETH) into Ethereum (ETH).

It was the same day that FTX filed for Chapter 11 bankruptcy, and it looked too soon, too late at night, and too sophisticated for the actions to be attributed to liquidators.

Just before midnight, an FTX Telegram administrator named Rey posted: "Ftx has been hacked. All funds seem to be gone."FTX apps are malware. Delete them. Chat is open. Don't go on ftx site as it might download Trojans."

"If you think FTX is being hacked right now, you should consider quitting crypto. you are too kind and gullible for this industry," DeFi Pulse founder Scott Lewis tweeted.
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Interesting development re: NBA Top Shots.

https://www.sportico.com/law/analysis/2023/nba-top-shot-moments-nfts-are-securities-1234710798/

Some interesting info throughout, but here's a little bit:

Last week a federal judge preliminarily concluded that NFTs of game highlights created by Dapper Labs, a Vancouver-based blockchain company that has partnered with the NBA and NBPA, and sold as NBA Top Shot Moments, are securities and thus subject to federal securities laws.

Dapper earns revenue from Moments in several ways, such as by keeping a 5% transaction fee on tokens sold via its marketplace and by taking a “cash out fee” when a purchaser transfers their Dapper balance to a bank account. According to Marrero, Dapper’s “combined market capitalization from sales of Moments on the NBA Top Shot application had reached $1.9 billion.”

Pushing in the direction of security recognition, Marrero underscored that the value of Moments is “causally related” to the profitability of Dapper. This is because Dapper generates revenue through the sale and transaction fees. The company also retains the purchasers’ cash after withdrawals are requested, allegedly as a means of “raising money at a high valuation” and “propping up the value” of Dapper’s “Flow Blockchain,” which is used to record transactions.

Marrero also distinguished Moments from baseball cards and other physical collectibles. If Dapper “went out of business and shut down the Flow Blockchain, the value of all Moments would drop to zero,” he wrote. In contrast, “if Upper Deck or Topps, two longtime producers of physical sports trading cards, were to go out of business, the value of the cards they sold would be wholly unaffected, and may even increase, much like posthumously discovered art.”
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So much misinformation here from self-righteous people, needing to feel better than a public notary service.

Blockchain is a public notary service. Ethereum is 100x more energy efficient than PayPal.

If you don't understand something, be quiet about it. You're hating a small group of people who are misusing the tecnology - and they get caught, because that's how it's designed. It's like hating email because people pretend to be Nigerian royalty.

Support Press Pass
 
Capt. Factorial said:
Yes, but the fraud in this case doesn't really have anything to do with cryptocurrency itself. If a chicken farm had committed fraud and bilked its customers, it wouldn't make sense to say, "See? Chickens are fraudulent. That's why I'm a vegetarian!"
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Maybe not, but we don't see chicken farm after chicken farm stealing folks' electronic wallets and absconding with the money, do we? There's been (what seems like) a LOT of that with cryptocurrency. I know, banking/investing in general invites similar issues, but not to the same extent. Having untraceable billions floating around in the cloud and ripe for stealing seems to invite theft and fraud. Who knew?

17 biggest crypto heists of all time (cointelegraph.com)
However, as evidenced by various cryptocurrency scams since their introduction to the world, cryptocurrencies also do not provide enough security to the users' funds.

Due to the funds being placed digitally (most of the time), hackers find it easier to steal virtual currencies than physical cash. Also, cryptocurrencies stored in huge sums can be transferred anonymously, leading to major heists in the crypto industry.
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Reports show scammers cashing in on crypto craze | Federal Trade Commission (ftc.gov)
Crypto has several features that are attractive to scammers, which may help to explain why the reported losses in 2021 were nearly sixty times what they were in 2018. There’s no bank or other centralized authority to flag suspicious transactions and attempt to stop fraud before it happens. Crypto transfers can’t be reversed – once the money’s gone, there’s no getting it back. And most people are still unfamiliar with how crypto works. These considerations are not unique to crypto transactions, but they all play into the hands of scammers.
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Warhawk said:
Maybe not, but we don't see chicken farm after chicken farm stealing folks' electronic wallets and absconding with the money, do we? There's been (what seems like) a LOT of that with cryptocurrency. I know, banking/investing in general invites similar issues, but not to the same extent. Having untraceable billions floating around in the cloud and ripe for stealing seems to invite theft and fraud. Who knew?
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I do not think that analogy works, have you been providing your electronic wallet to chicken farms?

I think the general insinuation made by crypto-currency industry was that it's a greenfield investment opportunity; and that it's inevitable that "line go up." The assumption being that the normal financial system has been captured by incumbents that rig the system in their favor, so this is the "Average Joe's" chance to become a feudal lord and create generational wealth. That's the promise, (and in my opinion the scam.)
 
https://www.nytimes.com/2023/11/21/...ytcore-ios-share&referringSource=articleShare

Changpeng Zhao, the founder of Binance, the largest cryptocurrency exchange in the world, agreed to plead guilty to money laundering violations, according to court papers made public on Tuesday, a stunning blow to the most powerful and influential figure in the global crypto industry.

Binance itself also agreed to plead guilty and pay $4.3 billion in fines and restitution, according to the documents, filed in federal court in Seattle.

As part of his guilty plea, Mr. Zhao agreed to pay a $50 million fine and will also step down from his role as chief executive of the company.
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On a positive note and just because this thread exists, I just want to say how much I love my non-Tesla electric car. :cool:
 
pdxKingsFan said:
On a positive note and just because this thread exists, I just want to say how much I love my non-Tesla electric car. :cool:
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My Teslas have been the best vehicles I’ve ever owned. AINEC. They have had some issues and some long range functionality is fine but you need to plan. I’d love to get the new Lucid Air SUV, but without easily available charging options it’s a no go.
 
macadocious said:
My Teslas have been the best vehicles I’ve ever owned. AINEC. They have had some issues and some long range functionality is fine but you need to plan. I’d love to get the new Lucid Air SUV, but without easily available charging options it’s a no go.
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I'm not a fan of Tesla's cockpit and UX moreso than anything, my i4 behaves like the next evolution of the other bimmers I've owned and is fairly stealth compared to all the other BEVs on the market today (only the blue badging and lack of exhaust betray what it truly is). I drove it 3500 miles across country after delivery and while EA's network isn't perfect it wasn't remotely as bad as I prepared for. And since getting it home I charge at work or at home. Easily the best car I've ever owned and also not close. Although I still plan on keeping my Z3 MCoupe long enough to get it to the Monterey Historics and car week in the next year or two.
 
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