4216

Maybe, the show I saw was old but it did touch on the FTX problems, although not the latest stuff. They said the change was going to happen but hadn’t as of that time.

The reason for the massive electrical use is insane. All to clear security protocols and prove you are worthy. :)

4217
4218

Actually it is sillier than that. The miners would be selected among the largest coin holders, thus making the rich richer.

4219

So some are still trying to mine the old way?

4220

So, just like pattern-walking, then!

4221

The implosion of FTX was financially ruinous for some employees. Outside the U.S., many staff were paid via direct deposit to their accounts on the cryptocurrency exchange, so when FTX froze customer withdrawals last week, these employees couldn’t access their funds, people familiar with the matter said.

4222

ETHW is dumber than you think, no matter how dumb you think it is. Basically, when ETH went from proof-of-work to proof-of-stake, the proof-of-work chain still existed, and all the coins on it still existed, but were duplicated on to the proof-of-stake chain. In theory the old proof-of-work chain coins are worthless, but hey, that never stopped crypto people. So ETHW is now $3.78, compared to ETH at $1215.

Of course, there’s also Ethereum Classic, which, oh god, I can’t even.

4223

You mean the FDIC doesn’t exist? The Federal Dumbass Insurance Corporation?

4224

Yeah exactly like that xkcd strip about new standard increasing the amount of standards by one

4225

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image1000×567 50.5 KB

Still a classic.

4226

I prefer the medieval version:

Situation: there are two competing popes, each demanding loyalty and excommunicating those loyal to the other one.

It was ludicrous. Christendom needed a single spiritual authority to look to. So the two Popes plus the various European rulers who tended to interfere in Church politics got together and hammered out a compromise by which a new pope would be elected.

New situation: there are three competing popes.

4227

I really think it is awesome you can duplicate your company’s assets with just a small software update.

I know, I’m really late to the party, but I’m really sorry my friends and my scheme (after a number of drinks at our friend Brewpub) that we were going to do 5 years ago never got off the ground. . AlohaCoin would have probably been a winner, and certainly would have been a winner if we had rebranded it as AlohaCoinGreen a couple of years latter.

4228

In other news:

ASX has dumped its controversial blockchain project that would have replaced its ageing CHESS settlement and clearing system, after a devastating report from Accenture identified a range of problems, including uncertain timelines, communication issues with technology vendor Digital Asset and excessive complexity.

ASX will write off $245 million to $255 million pre-tax in costs associated with the project, which has dragged on for seven years.

In a devastating blow to the credibility of the exchange and to distributed ledger technology more broadly, the independent report by Accenture highlighted significant gaps and deficiencies with the design of the system and ASX’s ability to deliver it.

Reserve Bank governor Philip Lowe described the ASX announcement as “very disappointing”.

The Accenture report was commissioned in August after the project’s fifth delay. ASX has now gone back to a “solution design” stage for CHESS replacement and will reassess all options to create a new clearing and settlement system while maintaining the legacy infrastructure.

“Current activities on the project have been paused while ASX revisits the solution design,” ASX said. “All stakeholder activity on the project will be paused, and the industry testing environment will be closed.”

So this was going to be a full on commercial for something useful blockcahain.

Turns out the latency barrier is just too high for it to be really workable (I am told).

The company I work for which would be on the other side of the ASX (ie a banks end) is likely to have to write off over several million dollars in development effort. 5000 - 6000 hours of time flushed down the toilet. Pretty crappy day all round.

4229

Key quote This included not having enough throughput to settle trades.

4230

Now, now! If you don’t have enough throughput you don’t have to worry about liquidity, so it’s a win!

4231

image

4232

He has no idea what he’s talking about.

OFAC being the barrier to growth? Regulations not achieving anything?

He’s a child.

4233

“hehe” gonna go over really well with the finder of fact.

4234

“Effective Altruism (hehe)”

4235

Does he not have lawyers to tell him to stfu?