Post AamnExP3Qr4lJIeBhg by mrbellek@mastodon.social
(DIR) More posts by mrbellek@mastodon.social
(DIR) Post #AamAcckXyZTBzbzioi by stux@mstdn.social
2023-10-14T23:23:22Z
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Cyrptobro's trying to get me into cryptocurrency with things like "yeah but the price per BTC is suuper low now, just under 20K"And I'm like "cheap? And where were you when it was still under 9 bucks per coin" Probaaaabably not even born :blobcatgiggle:
(DIR) Post #AamBGZfupKYU2XsUzY by stux@mstdn.social
2023-10-14T23:30:36Z
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I could never image the prices so to up like this but....what more amazes me is all the stupid crypto scams that have been going since :amaze: It's almost like common sense is just thrown out the door and people start believing in magic :blobwizard: Just because it's happening on the internet with a fancy new technique doesn't mean you can endlessly print money from thin air, it has to come from somewhere
(DIR) Post #AamBNRqyJ2WLoCKLMu by freemo@qoto.org
2023-10-14T23:31:58Z
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@stux I made a **lot** of money on crypto.. I invested in ethereum the first day it was released.Never touched BTC though that one is kinda pointless IMO
(DIR) Post #AamBV3OF8zzkFmW47U by stux@mstdn.social
2023-10-14T23:33:22Z
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@freemo Sure but it has to come from somewhere 😉
(DIR) Post #AamBbELJKqDlxb5dDs by freemo@qoto.org
2023-10-14T23:34:29Z
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@stux That is a fallacy of economics.. wealth is not a fixed quantity, things that provide utility cause wealth to be created (and can also be destroyed)... so no the money doesnt have to "come from somewhere".
(DIR) Post #AamBmU5V8UJXyh3rUG by wikkedstorm@mastodon.social
2023-10-14T23:36:02Z
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@stux never underestimate the power of greed. Crypto is just the latest flavor of get rich quick scheme that has been around since people started putting value on objects.
(DIR) Post #AamBmiEWXjqlqjOGUi by stux@mstdn.social
2023-10-14T23:36:31Z
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@freemo Indeed! And that's why we have money! :blobcatgiggle: and that's (mostly) regulated and checked, we may don't like it but the chances of a bank owner just taking off is less likeleyEvery fool can start a coin or exchange or crypto bank, gather resources and be gone or whatever with almost no consequences because we lack the rulesWith crypto one can get away with a LOT more in comparison to "dollar crime" for example
(DIR) Post #AamBumI1LTjqkMs7MW by freemo@qoto.org
2023-10-14T23:38:00Z
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@stux Yea the fact that you have **privacy** with your money with crypto is a feature not a bug... Crypto is like the firefox/librewolf of money where normal cash is like the microsoft edge/chrome of money.
(DIR) Post #AamBwq8Y0qDTG3QMMq by stux@mstdn.social
2023-10-14T23:38:17Z
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@freemo There are soo many examples where people still walk while they have commited such larges scams again and again..If one where to do that with "direct" investment for example the gov would be on your ass in no time
(DIR) Post #AamC1LsFxLYWqbxIqe by Aedius@lavraievie.social
2023-10-14T23:39:07Z
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@stux 9 buck per coin ?i mined some bitcoin before the first pizza was buy 😋 Then the hard drive of my server crashes and i didnt spend 20 dollars to get a backup, because i had like 5 dollars on it for many bitcoin 😅
(DIR) Post #AamC2FzzHn0wuo0Gfo by stux@mstdn.social
2023-10-14T23:39:22Z
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@freemo :blobcatgiggle: no, in this case it's not a feature but a bug in the "system" It's not right people can get away with scamming millions upon millionsWhy are people like Jake Paul not in jail? They are pretty known for all the shit they do
(DIR) Post #AamC6jCIfUS4dCtVp2 by stux@mstdn.social
2023-10-14T23:39:54Z
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@Aedius :blobcatgiggle: haha yeah something like that or 7 loong time ago huh? :blobcatgiggle:
(DIR) Post #AamCAnWuVCfjE6TWvw by Aedius@lavraievie.social
2023-10-14T23:40:49Z
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@stux yeah, the end of 2009 XD
(DIR) Post #AamCC033RcM0LE5FJI by FallsMom@mastodon.coffee
2023-10-14T23:40:29Z
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@stux Just like people in my country continue to "believe" in Trump--common sense out the window!
(DIR) Post #AamCCqQahM4unHUmDQ by video_manager@mstdn.social
2023-10-14T23:41:03Z
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@stux Heck, I had the opportunity at $0.50, $3.00, $10.00 ... and still thought it was stupid...
(DIR) Post #AamCDicrBxyYsxeKpc by stux@mstdn.social
2023-10-14T23:41:15Z
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@FallsMom Yup.. Scammers that walked away with everything years ago and still people hold on to "they'll be back"
(DIR) Post #AamCIBj8w4aoIfilaS by stux@mstdn.social
2023-10-14T23:41:46Z
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@video_manager :blobcatgiggle: good one!i did use it for a while but in it's early days before (sorry) boomers took it over and ruined it
(DIR) Post #AamCOf5gfvtR6iLvto by freemo@qoto.org
2023-10-14T23:43:24Z
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@stux Thats like arguing against encryption because bad people can use it to hide what they do. and some people might use that hide bad things.Its hard for me to see why you think encryption should be allowed, when it can and is used to hide people doing bad things, but privacy and self-control over my money shouldnt be allowed for the same reasons?
(DIR) Post #AamCdKA2m2UQXSNkOG by stux@mstdn.social
2023-10-14T23:45:56Z
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@freemo No, that's not close :blobcatgiggle: Encryption is used so widely for so many things so prob 99% of it's usage is for good and encyption doesn't cause millions damage each day over and over :blobcatgiggle: there should be regulation for big corps like FTX and other exchanges or busineses that evolve around crypto, not the avergage person..how can you be against setting up a system that prevents massive theft?
(DIR) Post #AamELiHuX20i3wnAPI by Powerfromspace1@mstdn.social
2023-10-15T00:05:14Z
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@stux truth ☝️ 😉
(DIR) Post #AamEQXCbAwQD83be8e by freemo@qoto.org
2023-10-15T00:06:09Z
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@stux Encryption is used so widely for so many things so prob 99% of it’s usage is for goodOk so your saying we should adopt crypto currency and have it replace 99% of money cause then you can say its used for 99% of things and therefore mostly used for good?Hey its your logic man im just rolling with it :) and encyption doesn’t cause millions damage each day over and overSure it does… everytime someone does something illegal that costs millions in damage, anything, if they didnt have encryption then they wouldnt have been able to do it because everything they say or do can be listened in on… you cant cause millions in damage if you arent allowed to have any secrets…You think those huge companies that cause tens of millions in intentional damage to society would be able to get away with it if they didnt have encryption?Wait regulation only should apply to big companies? No, it should apply to everyone.I never said I was against regulation. I said I was against your view of cryptocurrency as a bad thing, in particular that having privacy around my money is bad… regulate all you want, but do so without infringing on my right to privacy. how can you be against setting up a system that prevents massive theft?I am not, so long as you dont try to take away my freedom of privacy to do it… and so long as you dont prevent me from deciding myself how I want to trade with other people.
(DIR) Post #AamEvmjXTqhcH8unuC by signalthirteen@mstdn.social
2023-10-15T00:11:42Z
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@stux It reminds me of the novel "Making Money" by Sir Terry Pratchett. "It wasn't money - it was the *idea* of money."
(DIR) Post #AamGTVd1gOxx1cVuEq by RandomDamage@infosec.exchange
2023-10-15T00:29:06Z
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@freemo @stux eh. All currency has an origination point.When you convert BTC to USD, those dollars originate from some source, whether it's the federal reserve or a bank granting creditIt might seem like it materializes out of thin air when it's banks granting credit, but it can disappear back into thin air just as easily if it doesn't have real wealth backing it (land or commodities for this purpose, labor for the larger definition)
(DIR) Post #AamGeYN5pCEgiZKM0O by RandomDamage@infosec.exchange
2023-10-15T00:31:08Z
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@freemo @stux forensics of money transfer is much easier on the blockchain than with cash.Don't confuse electronic dollars with physical dollars.Cold, hard cash is still the best bet if you want to avoid having your transactions tracked
(DIR) Post #AamGkGtbiAaKFvGJpg by freemo@qoto.org
2023-10-15T00:32:08Z
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@RandomDamage As someone who has dealt with the math behind economic models quite a bit I am very careful with my words... Look at what I said again:> That is a fallacy of economics.. wealth is not a fixed quantity, things that provide utility cause wealth to be created (and can also be destroyed)Notice I start by talking about wealth, and then only connect that to money/currency... that is very important. Money is not wealth, but it has a relationship to wealth.Wealth is created (its not out of nowhere though).. the creation of wealth effects the value of money, which over time will usually effect its quantity should there be someone printing it.. The wealth is the important part, the physical amount of currency not so much.@stux
(DIR) Post #AamH8Cw45UJkvHpEh6 by RandomDamage@infosec.exchange
2023-10-15T00:36:29Z
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@freemo @stux I understand this perfectly well, and thought I had addressed it adequately"cryptocurrency" is generally a dollar derivative asset, so at least 2 steps away from any real wealthIn my estimation that's one of the things that makes it so volatile. That and the immense amount of fraud on the cybercurrency exchanges relative to national currencies and regular security exchanges
(DIR) Post #AamHGEQ2SKbPqAfgum by freemo@qoto.org
2023-10-15T00:37:55Z
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@RandomDamage The problem is cash has rules.. try to take out large chunks or deposit large chunks and any reputable bank must report you. I think thats the crux of the problem.. not the forensics.. just the fact that governments cant control the flow of money anymore at all.@stux
(DIR) Post #AamHfW6PqWaHvNYA1Q by RandomDamage@infosec.exchange
2023-10-15T00:42:30Z
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@freemo @stux the rules only apply when interacting with licensed banks, and vary from country to countrySo buying a new car with cash at a major brand dealer in the US would be a problem if you can't back up the source, but there's lots of opportunites for money to flow that don't involve banks at all, and those can't be traced unless someone reports themUnlike cryptocurrency where every transaction is logged in a permanent record, and all an investigator needs to do is follow the records
(DIR) Post #AamHonvKxLyHnonRiq by freemo@qoto.org
2023-10-15T00:44:09Z
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@RandomDamage Sure lots of ways you can spend money illicitly... But int he USA the rule is above a certain amount then the transaction must be recorded.@stux
(DIR) Post #AamI5WKfc7oCAOcJ2e by RandomDamage@infosec.exchange
2023-10-15T00:47:13Z
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@freemo @stux which only matters when dealing with a law abiding business.That's why the early 20th Century mobsters were mainly caught on tax evasion rather than most of their other crimesBecause even cash is somewhat traceable if you can get people to testify to transactionsBut with cryptocurrency evey transaction is recorded, which makes the flow of money observable and greatly reduces the number of people you need to flip for a successful investigation
(DIR) Post #AamIQmplSNoVQVIkUa by freemo@qoto.org
2023-10-15T00:51:01Z
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@RandomDamage Indeed.. the problem is a law abiding business int he usa,a s far as i know, wouldnt need to report crypto transactions in the same way largely because it would be impossible to know if you have one big buyer vs lots of small buyers due to the anonymity.@stux
(DIR) Post #AamIpKk32XaRXWKftA by RandomDamage@infosec.exchange
2023-10-15T00:55:29Z
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@freemo @stux the reporting rules mainly apply to banks, and the source of the transaction is irrelevant to the reporting rulesA transaction split among a dozen sources that triggers reporting requirements gets reported.
(DIR) Post #AamTmAb5OqN4hhpoCO by jhavok@mastodon.social
2023-10-15T02:57:35Z
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@stux I'm a fan of Kai Rysdall's Marketplace, but about a year ago they went nuts over crypto. I was appalled that anyone could get sucked in so late, particularly a group of people who seem so savvy. I only listen to podcasts when I'm doing mindless work like driving, though, so I'm out of the loop now as to where they stand.
(DIR) Post #AamnExP3Qr4lJIeBhg by mrbellek@mastodon.social
2023-10-15T06:36:11Z
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@stux back in my day you could get a bitcion for free from the btc faucet!
(DIR) Post #Aan2DkwdRaASCjVvRw by Meowki@mastodon.world
2023-10-15T09:23:43Z
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@stux Yupp. Crypto currencies never became useful because of the value bubbles. So it is like you say: a ponzi scheme. I still played smart and made some money on it. And the technology itself and what you could have applied it to was interesting. Yet, totally inefficent in any realistic scenario.