The Crypto Thread

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Congrats

The Canadian kid that was arrested for stealing $36M (not to be confused with the other Canadian kid who stole $16M) apparently used sim swap for the heist, as did the group in Europe that stole $100M. So it’s definitely happening, but the exact details seem a little murky.

is that a watermelon penis?

https://twitter.com/jasonintrator/status/1463597175666003974?t=lPOA4lmff6rDTsQ5Ux_DKQ&s=19

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Burning ether doesn’t mean the same as sending 100 ounces of gold into outer space.

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So first bitcoin was going to be a new way to buy stuff and then when the fees got outrageous it was a “store of value” - and apparently this store of value is better than income generating assets like stocks. I guess we are somewhere on the timeline for Ether to become a “store of value” as well?

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Eth still has hope with Eth 2.0 which is supposed to drastically reduce gas fees and speed up transactions.

It’s just a year away!

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I have a theory about the gas fees and the insane valuations and potential profitability of NFTs. It’s basically the more rake is better theory except I think it actually is for the NFT sharks. It’s obviously much much worse for everyone else.

That problem goofy mentions, the high fees/gas, pretty much forces people to play high stakes. There is no .01/.02 for eth NFTs. Because if there was it would come with a $20 rake. So you have an ecosystem where the lowest stakes are in the hundreds of dollars per NFT. So when you find an edge the profits are large as well.

So yes the $150,000 I have paid in gas fees and the similar number I have paid in OpenSea fees really suck. But I actually think I would have made less in a feeless/frictionless market. Every nft would be laddered down to the penny/dollar. That’s exactly what you see on Polygon, Topshot and other NFT platforms with little to no fees.

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I have made money with crypto since I was lucky to get exposed early to it in 2011 due to poker but I honestly fucking hate it to death. I thought this video starting at 5:50 really nails it.

So why are eth gas fees so high? I assume they aren’t a function of the value of eth relative to USD or something, but why can’t they just be lowered? I mean I’m definitely smart enough to know the answer, but I figure others here might benefit from dumbed down answer. Happy Thanksgiving, lol.

If anyone can explain the relationship between ETH and the Ethereum network, I’m all ears. From what I’ve seen, the network doesn’t need ETH to function. Anyone?

So NFTs are craps + max odds?

It’s all based on supply and demand. Each block on the etherium blockchain is only so big and thus only a limited number of transactions can be processed. Minors process transactions with the highest gwei. The fee you pay is your gwei * the amount of gas your transaction takes. So as more people use the etherium blockchain, the gwei required to get your transaction processed goes up.

Making things worse - gwei is a unit of eth, so in as eth increases in value, the gas gets more expensive in terms of fiat.

The brags itt are out of control.

I mean i dunno guess i was kinda lucky to have all this supermodels sex on my yacht but man i fucking hate the seasickness amirite

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https://twitter.com/laurentdelrey/status/1461736394984878083

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Can someone explain why we never got Poker Boom 2.0 with Crypto? What is stopping someone from running youtube/television ads for Poker Boom 2.0 funded entirely with crypto? Wasn’t that the sole legal issue (payment processing?)

I think poker survived because of crypto tbh. There is still a pretty large amount of games going 24/7 online and in the apps. The boom itself was driven by the explosion of popularity post-Moneymaker. While crypto solved the ability to easily move money to/from poker sites it doesn’t solve the declining popularity. The decline of online poker started long before Black Friday.

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Was it declining before Black Friday? I don’t remember that. I think it could be pretty popular with the Gig culture/WSBros/Influencer crowd who don’t want to get real jobs and are showing serious degan tendencies. Just need to increase advertising imho.