Tag Archive | cryptocurrency

who turned off the summer?

Seems like the whole weather flipped a switch the other night. On Wednesday I had the windows open, computer sitting on ice packs to help it not overheat, and wasn’t layering up at all to go to work…Thursday, wham, I’m closing the windows, pulling out extra blankets, wearing a sweater and a coat to go out.

Nothing against sweaters, but oof, me and my two smelly cats are gonna miss having a fresh breeze going through the house.

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Just as I get comfortable with “Kickstarter’s not going anywhere with their Mystery Blockchain Protocol, at least not in the foreseeable future, it’s still safe to run a campaign there for now,” then Deviantart turns around and starts flirting with blockchain nonsense. Deviantart! You were the chosen one the only major site making an active effort to protect artists against blockchain fraud! What happened??

…okay, okay, we know what happened. Current holders of crypto can’t actually get money out of the system unless they can convince new suckers to put money in, which means “bribing sites like DA and KS to drag in new suckers” is a good long-term investment.

Still a nasty twist to wake up to.

I know no amount of comments that outline how NFTs are a predatory pit of scams is going to outweigh whatever check they’re cashing from the crypto industry, but I left one anyway.

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Spent the past week or so in a real downswing of low energy and high executive-dysfunction. I have all these small, relatively simple tasks to do, but getting over the hump to actually start each one? Gonna need to go take a nap first.

(The Fluff thinks this is a great deal. He loves an extra snooze. And Fiddlesticks doesn’t hang out on the bed, which makes it a nice safe territory where Fluff doesn’t have to worry about defending his honor as Top Cat.)

I’ve been trying to put “have a nap” higher on the coping-strategy list than “chug another energy drink.” Probably healthier! Not as good a deal for the to-do list.

…also, not a great state to be in when you’re gearing up for a crowdfunding campaign. But it’s not like I work better without a deadline. So we’re moving right along.

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True story, the one thing I can reliably-and-consistently focus on right now is “writing more Moon Knight fanfiction.”

Using incentives like “you can write another chapter of Fic X once you finish Task Y” has been…moderately effective.

(I like this show a normal amount, I swear.)

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The latecomer’s link roundup of crypto crashing news

People with funds locked in Celsius Network have been sending letters to the judge presiding over the Chapter 11 bankruptcy case. These are excerpts from those letters.” Periodically updated with new excerpts, as new dockets get released.

““I couldn’t eat or sleep for two nights,” says Alla Driksne, a 34-year-old chef from London. “I got sick from the stress.” She has lost her life savings – a six-figure sum – in the Celsius freeze.

A few months before Celsius went belly-up, one of their customers called in to Scam Economy — here’s a clip that includes both the pre-crash call, and some post-crash reflections. Notably, the guy isn’t a hype-man, or an enthusiastic crypto fan. He just seems sorta sad and anxious about his money, and he’s also pretty sad and anxious about Celsius’ drawbacks, but somebody convinced him that every other option is worse:

“The top #1 Google result for “blockchain production users” (and related queries) lists 34 individual “real world blockchain” projects. […] Looking into all 34, I found that 13 are already dead (including one that has been killed by the SEC), 6 are only useful within the crypto & NFT ecosystems and not in the “real world” and 14 use Blockchain in a way where removing the blockchain would not impact functionality at all, or make the product better.”

One of the big pseudo-success stories is IBM (backers of IBM FoodTrust, a system hyped by WalMart). At least, until early 2021: “IBM has cut its blockchain team down to almost nothing, according to four people familiar with the situation. “

Really enjoy this podcast interview with a climate analyst, who’s familiar with Crypto Nonsense but whose first area of expertise is fighting climate change, doing a well-informed deconstruction of the “Bitcoin is good for the environment somehow” arguments.

“The bug caused a misplacement of decimal points when refunding pavladiv.near’s USN. Instead of returning 4.9995 USN (about $5), the smart contract bug minted 4.9995 trillion USN for the user on both occasions, thus creating almost $10 trillion out of thin air.” Oooops. (These are the same people who will say “USD is unreliable because the government can just print as much money as they want”…)

“Power companies don’t take bitcoins or tethers. But the crypto trading system was running low on naïve retail suckers to supply fresh dollars. So the miners needed to do their part in propping up the price of bitcoin. Their solution was to avoid selling their bitcoins, and instead to hold them and use them as collateral against low-interest loans.”

“I left my easy six figure job in crypto because I couldn’t stand to market to such a deranged group of individuals and the toxic web3 workplace. Even though I even enjoy some aspects of crypto… the online crypto communities are extremely bizarre, mentally unwell, deranged, and socially inept. […] AMA in the comments! I need to vent.”

“A London-based software company has just launched CloneMyNFT.com which offers NFT owners the ability to “keep their NFT artwork forever” even after they have sold it. […] The system works by creating an exact digital copy of the artwork but with another unique contract on the block chain, effectively making it an almost exact clone of the original NFT.”

Note: this has been possible for as long as NFTs have existed! The only change is having a convenient site that’ll process all the code automatically.

You don’t know anything about the metaverse but you want to do like all the best marketers around and write something on the web about it? Don’t worry, Tony is here for you and will give you all the advice you need to write the most impactful article about the metaverse ever. I have a structure that will make you jump ahead of all the competition. Follow me!” (This is so perfect, I love it so much.)

The entire crypto space has been a Jenga stack of interconnected time bombs for months now, getting ever more interdependent as the companies find new ways to prop each other up.” The Latecomer’s Guide to Crypto Crashing.

Insert your own “SELLcius” joke here

Welp, we’re having another banner week in the crypto world, huh?

These are links I’ve been picking up over the past month or two. They go up to the Luna “we have a token that will always be worth US$1 because of Algorithms(TM), what could go wrong?” crash, but nothing yet from the Celsius “we are not a bank, because banks are Bad and we are Good, so we don’t need all those silly regulations that banks have to follow, and oops now we’re freezing everyone’s ability to withdraw your tokens” crash.

The first Patreon Creator Census has a lot of broad strokes you probably could’ve guessed, but it’s nice to see the specifics broken down. Especially when they break stuff out by “what field is the creator in?”

Creators overwhelmingly hate crypto, btw. Patreon tries to downplay it by breaking out the fields that hate it least…but that also reveals that visual artists hate it the most. You know, the field where crypto has made the biggest and hardest pitch for how useful it is? Second-most hate comes from the writers (the fields where the journalists are), and third-most comes from the game developers (the field where crypto has made the second-biggest push).

“As talk of “the metaverse” grows, and people float [NFT] theories about owning items and cosmetic skins and being able to take between games, interest in what that means practically for gamers has lead to a wild array of theories, but they’re largely pushed by people who know nothing about game development. So, as a developer, it falls to people like me who live and work in these spaces to share our knowledge.” (Link is just one article, but the whole blog is worth a read.)

[US] Political donations from the sector surged to more than $26 million during 2021 and the first three months of this year. That influx of cash is outpacing spending by internet giants, drug makers and the defense industry — providing a fresh pool of financing for candidates heading into November’s congressional elections.”

Ms. Blackburn consolidated many Bitcoin addresses, which might have seemed to represent many miners, into few. She pieced together a catalog of agents and concluded that, in those first two years, 64 key players — some of whom were the community’s “founders,” as the researchers called them — mined most of the Bitcoin that existed at the time.”

“All [interviewees] had similar testimonials about putting their faith in an asset they thought was stable and losing everything. Muhammad, a 30-year-old from Egypt, said that he learned about Luna from YouTubers who said that it would reach $1,000. He bought 1,000 tokens at $88. One token is now currently worth less than $0.0002.

“[The article] uncritically repeated many questionable or entirely fallacious arguments from cryptocurrency advocates, and it appears that no experts on the topic were consulted, or even anyone with a less-than-rosy view on crypto. This is grossly irresponsible. Here, a group of around fifteen cryptocurrency researchers and critics have done what the New York Times apparently won’t.”