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Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
- Start date
Flobee
Vyemm Raider
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The biggest lesson learned in this last cycle is that earning "yield" on crypto is a scam. Don't do it. I was using Blockfi and fortunately got out before it imploded, but that yield you're earning is coming from degenerate gamblers betting with your capital. Not a good market.
Flobee
Vyemm Raider
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Regarding the price drop, its worth noting that BTC often sniffs out larger market moves earlier than other 'risk assets'. Be interesting to see if anything materializes. Also... BTC is essentially being long volatility, this sort of move should surprise no one.
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ya I have been wondering the same, BTC dropped massively about a month before the last couple crashes in the nasdaq and S&P. Coming up with a theory for the link is difficult though so it may just be shapes in the clouds.
Flobee
Vyemm Raider
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Best theory I've heard is that BTC represents the last and only true a open market (with all the pluses and minuses attached to that) it is also incredibly liquid. As such its the first asset liquidated to cover margin calls in other markets. So BTC sells first to cover margin calls, then other assets follow once the capital runs out to cover. COVID crash was a liquidity event, I would suspect that something similar is possible in the current environment.
Intrinsic
Person of Whiteness
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I still have all my TrueBit also. Once we reach the moon and cash out we'll have to buy some small islands somewhere with hookers and blow all day!
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Flobee
Vyemm Raider
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So a new whitepaper just came out for Bitcoin. Proposal requires no changes to Bitcoin (no softfork) and would allow for turing complete smart contracts to be used with verification/proof on-chain. I've historically disliked attempts to do this on BTC but this implementation seemingly has little to no on-chain affect. Turing complete smart contract capabilities are undeniably powerful and the main reason a developer would choose something like ETH over BTC. If this works as proposed RIP 
coins.
Funnily enough I guess the proposal is similar to ya'lls favoritecoin Truebit... but without the predatory pre-mined coin distribution. I'm not claiming to fully understand if/how this would work long term.
whitepaper
article discussing
coins.Funnily enough I guess the proposal is similar to ya'lls favorite
coin Truebit... but without the predatory pre-mined coin distribution. I'm not claiming to fully understand if/how this would work long term.whitepaper
article discussing
Flobee
Vyemm Raider
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Tell me more about how you don't know anything about computer science.
Edit: To avoid a 100% useless post, it just means that it can simulate any other general purpose computer or programming language in terms of output. Its not complex at all
Asshat wormie
2023 Asshat Award Winner
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Tell me more how you don't understand what I wrote. Or better yet, tell me how adding "Turing complete" as used in that paper is in any way meaningful to the thesis of that paper. And feel free to explain it as if I had degrees in CS and math because I do. Thanks!
Flobee
Vyemm Raider
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Just read the conclusion man. You don't need me to explain it to you
BitVM claims it can fill a gap in the current bitcoin scripting language so it would be theoretically capable of expressing all tasks accomplishable by computers. Thus "Turing complete". This is the main limitation that led Vitalik to create Ethereum and all the rest of the altcoin garbage that spun from that point.
EDIT: To be fair I guess the point is you didn't understand why they were doing this and I misunderstood what you were trying to say
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Asshat wormie
2023 Asshat Award Winner
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The thing is a way to do off chain computation and relate them to the blockchain in an extremely limited way. Turing completeness off chain was ground breaking when Turing was alive. Adding the term "Turing complete" to this turd is just a way to hype up a bs news article in order to attract more eyes.
Flobee
Vyemm Raider
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You seem to be failing to understand what this means in context.
There is a scripting language built into Bitcoin, this is a whitepaper about a new method to utilize that scripting language. This would make Bitcoin scripting language Turing complete which it currently is not. This allows for Bitcoin transaction to have significantly more complex scripts written into them and the on-chain proofing being used as a source of truth. In its current state these would be (practically) limited (due to the nature of Bitcoin transactions and this initial implementation) to 2-party transactions where one party is proving execution of some code, and the other is verifying that said code was executed.
There is tons of room to be skeptical about whether or not this is useful or will produce anything of value, you're just biting on an irrelevant portion. Yes, taking computation offline obviously improves the scope of what can be done, no that may not be useful. I certainly don't fully understand where this is going, just that its interesting. We'll see.
Big Phoenix
Pronouns: zie/zhem/zer
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I just spent 15 minutes hearing a coworker talk about their love of bored ape nfts and crypto in general.
They didnt change their mind when i told them its all money laundering and pump and dump scams all then way down. It started out funny because i assumed they where being sarcastic but nope, they actually love nfts and stuff.
They didnt change their mind when i told them its all money laundering and pump and dump scams all then way down. It started out funny because i assumed they where being sarcastic but nope, they actually love nfts and stuff.
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Asshat wormie
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Should have asked him to explain how NFTs are like land.
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Sanrith Descartes
Veteran of a thousand threadban wars
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Should have asked if you could see their NFTs and then take a pics of them
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Big Phoenix
Pronouns: zie/zhem/zer
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Bruhs it gets even worse. Ran into them as I was leaving and talked about crypto again and they literally used "hodl" in describing them not selling shibaeno or whatever shitcoin and missing out on $15000 in profit.
The craziest thing about this person is they arent some 20 year old zoomer. They have a very respectable, professional job and would be the last person you would expect to be invovled in shitcoins and nfts. They also mentioned the metaverse and they really want it to become a thing. Just so wtf.
The craziest thing about this person is they arent some 20 year old zoomer. They have a very respectable, professional job and would be the last person you would expect to be invovled in shitcoins and nfts. They also mentioned the metaverse and they really want it to become a thing. Just so wtf.
LOL i may do that. I tried telling them the blockchain doesnt contain any picture or media data at all, that its completely disconnected from the picture. They still tried to explain to me how both are one and the same.
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