Lots of GPUs Needed to Make Up for $500M Theft

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NEM doesn't even use GPU (or any other type of computer hardware) for its consensus (aka no "mining")...
 
At least the big commercial banks have the courtesy to hide all of their crime and corruption.
It helps us all sleep better at night while we laugh at the crypto corruption. :D

.
 
Imaginary money stolen, waits its not real money has nothing behind it to make it real or even legal tender LULZ ..........
 
I heard the thieves were apprehended. Johnny, 7, from Cringle, OK found the loot while building what he called his "Ice Palace of Doom" on Minecraft. The thieves are currently serving 22 overlapping virtual years in a virtual cell and have been fined $2,000,000,000,000 in virtual coinage.
 
i love this shit.

All we need is more theft and more crashes.

this crypto drama is entertaining to watch.

so secure, you don't need FDIC and bank insurance.
 
If one or two hackers wind up with it all it becomes worthless and gpu prices plumet! C'mon hackers.
 
I do find it funny how selfish people are. Getting pissed at miners for taking "their" gaming GPUs. It sucks that prices are the way they are right now, but being spiteful and childish does no good and just makes you look bad.
 
Derangel said:
I do find it funny how selfish people are. Getting pissed at miners for taking "their" gaming GPUs. It sucks that prices are the way they are right now, but being spiteful and childish does no good and just makes you look bad.
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Now some would probably be more mindful if they saw a benefit or plus. Now I didn't steal anyone's GPU nor most miners - most were bought by the recipient. If most of the coins go blitz, many GPU's would then become available for everyone to scarf up.

As a note: every year, at least in the last several years, Cryptocurrency dipps in the beginning of the year just like you see now and then grows. In other words do not expect the lower values now to continue.
 
fightingfi said:
Imaginary money stolen, waits its not real money has nothing behind it to make it real or even legal tender LULZ ..........
Click to expand...

You are going to be so upset when you realize that the dollars in your pocket have nothing "real" backing them either. The gold standard ended in 71' with Nixon. The only thing backing the dollar these days is the word of the federal government. While currently trustworthy on a global scale, it's still just words backing the dollar and nothing else.

the old saying still applies, it's only worth what someone will pay for it. dollars, bitcoin, gold, bullets, medicine, bottlecaps, society will find stores of value in whatever is best suited for the time. You might be laughing at the news, but the rest of us are laughing at your failed understanding of economic principals.

Crypto is volatile as hell, doesn't mean you still can't make a killing off it.
 
collegeboy69us said:
You are going to be so upset when you realize that the dollars in your pocket have nothing "real" backing them either. The gold standard ended in 71' with Nixon. The only thing backing the dollar these days is the word of the federal government. While currently trustworthy on a global scale, it's still just words backing the dollar and nothing else.

the old saying still applies, it's only worth what someone will pay for it. dollars, bitcoin, gold, bullets, medicine, bottlecaps, society will find stores of value in whatever is best suited for the time. You might be laughing at the news, but the rest of us are laughing at your failed understanding of economic principals.

Crypto is volatile as hell, doesn't mean you still can't make a killing off it.
Click to expand...

The debt held by the us taxpayer backs the USD. Is it a gigantic scam anyway? Sure. But less so than cryptocoin number 50,000.
 
Coin enthusiasts everywhere are surely rejoicing that decentralization means government organizations like the FDIC won’t be reimbursing a cent of the money they lost.
 
HockeyJon said:
Coin enthusiasts everywhere are surely rejoicing that decentralization means government organizations like the FDIC won’t be reimbursing a cent of the money they lost.
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Coinbase is insured by the FDIC - you don't think the Feds will not get into it. Don't worry - governments of the world are definitely looking into Crypto. Some maybe even will adapted it, like Japan.
 
noko said:
Coinbase is insured by the FDIC - you don't think the Feds will not get into it. Don't worry - governments of the world are definitely looking into Crypto. Some maybe even will adapted it, like Japan.
Click to expand...

I just looked it up and I see you’re correct sir. Thanks for the heads up. I had read that was an issue at Robinhood and some other exchanges, so I’m surprised to see the FDIC has become involved in CoinBase. Thanks for letting me know.

To your second point, there’s a difference between adopting crypto and adopting some BS coin someone created backed by nothing. I can guarantee you that governments will not relinquish central bank control over monetary policy simply because some dude on Twitter thinks that Bitcoin “is like, totally the future man”. Central bank backed cryptocurrencies would leave little reason to own third party coins with no backing unless the government also decides to allow people and businesses to use them to pay their taxes.
 
HockeyJon said:
I just looked it up and I see you’re correct sir. Thanks for the heads up. I had read that was an issue at Robinhood and some other exchanges, so I’m surprised to see the FDIC has become involved in CoinBase. Thanks for letting me know.

To your second point, there’s a difference between adopting crypto and adopting some BS coin someone created backed by nothing. I can guarantee you that governments will not relinquish central bank control over monetary policy simply because some dude on Twitter thinks that Bitcoin “is like, totally the future man”. Central bank backed cryptocurrencies would leave little reason to own third party coins with no backing unless the government also decides to allow people and businesses to use them to pay their taxes.
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Yes you are correct even the US Constitution is clear on this
Article 1 Section 8 - Enumerated Powers
  • Article 1, Section 8
    Clause 1: The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;
    Clause 2: To borrow Money on the credit of the United States;
    Clause 3: To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;
    Clause 4: To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States;
    Clause 5: To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
    Clause 6: To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;
    Clause 7: To establish Post Offices and post Roads;
    Clause 8: To promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries;
    Clause 9: To constitute Tribunals inferior to the supreme Court;
    Clause 10: To define and punish Piracies and Felonies committed on the high Seas, and Offences against the Law of Nations
    Clause 11: To declare War, grant Letters of Marque and Reprisal, and make Rules concerning Captures on Land and Water;
    Clause 12: To raise and support Armies, but no Appropriation of Money to that Use shall be for a longer Term than two Years;
    Clause 13: To provide and maintain a Navy;
    Clause 14: To make Rules for the Government and Regulation of the land and naval Forces;
    Clause 15: To provide for calling forth the Militia to execute the Laws of the Union, suppress Insurrections and repel Invasions;
    Clause 16: To provide for organizing, arming, and disciplining, the Militia, and for governing such Part of them as may be employed in the Service of the United States, reserving to the States respectively, the Appointment of the Officers, and the Authority of training the Militia according to the discipline prescribed by Congress;
    Clause 17: To exercise exclusive Legislation in all Cases whatsoever, over such District (not exceeding ten Miles square) as may, byCession of particular States, and the Acceptance of Congress, become the Seat of the Government of the United States, and to exercise like Authority over all Places purchased by the Consent of the Legislature of the State in which the Same shall be, for the Erection of Forts, Magazines, Arsenals, dock-Yards, and other needful Buildings;--And
    Clause 18: To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by this Constitution in the Government of the United States, or in any Department or Officer thereof.
Click to expand...
So in a nutshell, under US Constitution it is the duty of the US Government to regulate Crypto Currency and by the IRS declaring it property actually makes it easier for it to be used for now.
 
noko said:
Coinbase is insured by the FDIC - you don't think the Feds will not get into it. Don't worry - governments of the world are definitely looking into Crypto. Some maybe even will adapted it, like Japan.
Click to expand...

USD held by Coinbase is. Crypto held by them is not. If you have BTC on that exchange, and it gets hacked, you're SOL.
 
Derangel said:
I do find it funny how selfish people are. Getting pissed at miners for taking "their" gaming GPUs. It sucks that prices are the way they are right now, but being spiteful and childish does no good and just makes you look bad.
Click to expand...
I think cryptocurrency has potential, I'm also a gamer who has a card that should last me for several years. What's going on right now is poison for PC gaming. This is hurting the entire industry and gamers are getting fucked over something they have nothing to do with. I can't think of there ever being a precedent like this in PC gaming before, where playing a mainstream game is no longer something affordable due to hardware. It's not like blaming miners for it all will solve anything, but this is one of the worst things to happen to PC gaming since the original Xbox. The sooner a solution emerges the better. Nvidia and AMD seem to be twiddling their thumbs, when what they need to do is come up with a midrange card that they can actually mass produce. The longer this goes on, the more it's going to hurt the entire industry. I'm not against cryptocurrency, but it coming at the expense of PC gaming is a pretty shitty tradeoff, not matter how you slice it.
 
If you can't maintain security you have no place in this field. It would be expected from large corporations like Home Depot or Target that don't invest in card and customer security measures due to costs and taking a hit for rolling out better, safer tech, but from a company based around securing money (A BANK) not being able to assure customer safety is nebulous. Crypto currency won't stay around long if security can't be garunteed for account holders. They still riot in countries like Greece today when banks can't give you back your money.
 
noko said:
Yes you are correct even the US Constitution is clear on this

So in a nutshell, under US Constitution it is the duty of the US Government to regulate Crypto Currency and by the IRS declaring it property actually makes it easier for it to be used for now.
Click to expand...

Which essentially evaporates the main value propositions put forward by the crypto community regarding decentralization and all that jazz.
 
collegeboy69us said:
You are going to be so upset when you realize that the dollars in your pocket have nothing "real" backing them either. The gold standard ended in 71' with Nixon. The only thing backing the dollar these days is the word of the federal government. While currently trustworthy on a global scale, it's still just words backing the dollar and nothing else.

the old saying still applies, it's only worth what someone will pay for it. dollars, bitcoin, gold, bullets, medicine, bottlecaps, society will find stores of value in whatever is best suited for the time. You might be laughing at the news, but the rest of us are laughing at your failed understanding of economic principals.

Crypto is volatile as hell, doesn't mean you still can't make a killing off it.
Click to expand...
actually you CANT make a killing of something that isnt real let me know when i put this currency in my hand or wallet and get change back from it before the world ends first, thanks !
 
fightingfi said:
actually you CANT make a killing of something that isnt real let me know when i put this currency in my hand or wallet and get change back from it before the world ends first, thanks !
Click to expand...

Its strange how this myth keeps going on and on and on. There are exchanges that do crypto to USD transactions, and have been for YEARS. My friend started investing in crypto coins just before the recent surge. He turned $16k in Bitcoins into a $55,000 2017 pickup truck, for USD, from a dealer. I cashed out some old Litecoins and random altcoins that I had from 2013, and put a new furnace in my house.
 
HockeyJon said:
Which essentially evaporates the main value propositions put forward by the crypto community regarding decentralization and all that jazz.
Click to expand...
lol, well maybe some had a big misconception on how Country laws will apply - Some should just pray that the US government does not consider it currency. It may over time for the ones, if any that survive. Now regulation can actually make things grow faster since you have set rules which you can work with vice a Wild Wild West approach. The Internet exploded once regulation was applied, I think it was 1993 or 1994 which the players finally knew the rules for engagement. Regulation is not always bad in other words.
 
NLW said:
USD held by Coinbase is. Crypto held by them is not. If you have BTC on that exchange, and it gets hacked, you're SOL.
Click to expand...
You are correct for FDIC, the Cyrpto is also insured but not by the FDIC. Now the kicker with the currency is that the insurance is only that is in the system and not what is in Cold storage. What they claim in Cold storage is 98% of the assets. Meaning really, only 2% of the Crypto is insured - those sneaky bastards. Thanks for bringing that to my attention, after reading their policy something smelt fishy, adding up what was all said - yeah the currency is insured - 2%.
 
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fightingfi said:
Imaginary money stolen, waits its not real money has nothing behind it to make it real or even legal tender LULZ ..........
Click to expand...
Imaginary currency or not, it has actual value, therefore people are out real money.
 
Greed is a funny thing indeed...

If cow penises suddenly became the currency of the world,

People would be happily sitting on mounds of make believe penises that don't exist for obvious reasons.
 
fightingfi said:
actually you CANT make a killing of something that isnt real let me know when i put this currency in my hand or wallet and get change back from it before the world ends first, thanks !
Click to expand...

This is the 21st century -- virtual goods and property are a thing. If you can't wrap your head around that then the world will just pass you by. Click a few buttons online and buy stocks - is that google or apple stock something you can put in your hand easily? It's all just bits in a computer somewhere, but the end result (the important one) is an increase in value over time.

I paid my house off 25 years early thanks to crypto profits -- is that tangible enough for you? If your measure of value is limited to what you can hold in your hand, then you are severely limiting your opportunities in this increasingly digital world.
 
fightingfi said:
actually you CANT make a killing of something that isnt real let me know when i put this currency in my hand or wallet and get change back from it before the world ends first, thanks !
Click to expand...
People have made a killing on it. Not sure where you are coming from. Yes, it is virtual, but if it helps you understand, look at crypto the same way you would a commodity. It is worth whatever people will pay for it. As of this 16:55 today people are paying around $11455.00 for bitcoin. Yes, it is a virtual good, but yea there is real money involved. I don't really get it either, but I never understood the pet rock either. My or your understanding does not change the fact that someone made very real money on it.
Hell, people sell virtual trading cards, virtual hats, virtual mystery boxes full of virtual mystery goods, on steam for real money. Not sure how you can pretend there is no money in virtual goods.
 
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