2699

From the article about the $625M hack:

“We are working directly with various government agencies to ensure the criminals get brought to justice,” the blog notes.

Sounds like those centralized institutions are good for something!

2700

Right, but mortgage debt had been a foundational US asset class for a long time. Subprime + CDOs was just a way to artificially generate a bunch more of it.

2701

What happens when a stablecoin isn’t so stable anymore? Watch in real time!

Of course the rational-panic sellers are meeting buy pressure from speculators who think the value will go back to $1.

2702

It is the very model of a modern stable stablecoin.

2703

That’s not one I’m familiar with. Is it just an alternative to USDT or does it have a gimmick? I remember there were some algorithmic stable coins being touted a while back, which seems about as good an idea as giving CPDOs AAA ratings.

2704

Seems like algorithm and gimmick both.

2705

Worldcoin promised to jump-start the global crypto revolution with an audacious plan: to give out digital money to all 7.9 billion people on Earth. To spread its crypto gospel across the planet, Worldcoin recruited a corps of “Orb operators” whose job it was to scan people’s irises — in order, they said, to keep people from claiming their payment multiple times.

2706

You guys watch this one?

It’s a wild story, but I feel like they could have told it in an hour. Anyway, story is dude starts a crypto exchange, takes money, doesn’t actually buy crypto with it but just tells people they have crypto in their account. Uses the money to party and travel, dies in India of Dheli belly. All the “investor’s” money is gone. Hilarious story of scammers and greedy idiots, and how crypto is a ponzi scheme.

2707

That’s the Quadriga guy, right? It is indeed a wild story, though a few years later it seems a bit tame with everything that’s gone on in the crypto world since.

2708

There’s a really great podcast on that guy…I’ll try to find it. I think someone here recommended it in one thread or another.

2709

Here it is! I guess I recommended it here in this thread, but someone else somewhere pointed me to it.

2710

Oh, yeah, that resulted in one of my favorite posts

How it started.
“Bitcoin is totally safe!”
How it’s going.
“EXHUME THE BODY!”

2711

I probably should have posted it here rather than the NFT thread, but over there I posted about a class action lawsuit over the “Let’s Go Brandon” coin. The factual allegations in the lawsuit are a great read.

2712

I almost felt bad for the Chinese Canadian dude who lost his entire life’s savings. But he said it himself, he was a victim of his own greed. He tried to sneak his money through a crypto exchange to dodge taxes. Turns out be bought nothing, transferred money to a crook who incremented a number in a database that pretended to represent Bitcoin.

Lol.

2713

So stupid games still pay out the traditional prizes then?

2714

Can’t con an honest man.

2715

Bitcoin conf 2022 in Miami hasn’t made many waves yet…

not sure if interesting dot gif

2716

I feel like this isn’t even written in English at this point.

2717

Using the power of the blockchain to, um, do ordinary payments using off-chain transactions!

2718

Lightning network let’s you clear Bitcoin transactions without actually using the Bitcoin network, so it’s much cheaper and more energy efficient. Kind of the same way a broker can run small stock transactions without going through an exchange.