Either I am doing something totally wrong, or some magic turned my device into a super-device? Any ideas?
First thing first, how did you measure this consumption, and did you check with a different device to see if it's accurate? You connected this mine alone as a single worker to the pool and it gets accepted shares at that hashrate? Second, no, even with this "magic", you still have 140W pe Th/s, 5 times less efficient than a standard s19. |
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Surely they must have realized they were going to get found out eventually, no? The only other possibility is that they hoped that they could continue to attract enough new users to run it as a Ponzi for 50+ years until after they were both dead, which is just hilariously naive.
I think their plan was simple, keep this up with investors pouring money into it, print more tokens, both in number and multiple types of tokens, and dig in till the bull season comes and be the first to take advantage, then with the money printed out of thin air cover the past loses. And speaking of being dead before that, I'm pretty sure exchanges take advantage of coins left there for more than a few years and help themselves from the stash, thinking there are enough chances the guy will never come back, and if he does he won't be able to make a proof of funds to recovers his coins. Starbucks had $ 1.2 billion in their cards and apps, probably a ton of that balance was forgotten and will never be used again, for sure all the exchanges know that will happen to some of the customer's funds too, this is why some scammy ones decide to close down when in trouble and leave you only 1-2 months to reclaim the funds, hoping not everyone will get the message on time and will get all of it "legally". |
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Do you think such high fees is justified ? Will the affected people get some justice because of this or it is just waste of time and money as damage is already done.
He is an insolvency professional, and speaking of professional he's the guy that managed to get back billions in Enron's bankruptcy, one of the largest in the US and the whole world, he's in charge of finding billions and he's getting paid around 2.5 million while only SBF's penthouse was priced at 40 million. It might sound much but it's way below what some CEOs of companies that have no trouble and are running smoothly are getting, some even 10x times for 1/10 of the job. And speaking of damage being done and getting over if that would have been the same with MtGox a lot of them would have simply lost their coins while with the trustee appointed, despite him changing $200k a month they are still looking at a profit in $ terms. |
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Starting with, Who accepts bitcoin? we can actually see the bitcoin's real use case and how it is already on the market just like other assets/currencies. Major Companies:- Burger King
- KFC
- Subway
- Pizza Hut
So you're telling me I can walk in any of the above 4 food chain restaurants and I can pay with bitcoin? For Burgerking it was one of their franchise in Germany that made the headlines and nothing else. KFC was briefly accepting crypto and only fo a limited period and only in Canada. Subway is trialing Bitcoin payments at three Subways in Germany’s capital, Berlin. Pizza hut tried this in Venezuela. Besides this I see the BMW sign there, no BMW is not accepting BTC random dealerships in the world accept BTC. If the list would have been really accurate and with all the companies accepting BTC in all the shops we wouldn't the at all here right now, fearing some CEX demise would bring the price back to 10k levels. Also, just lol at classifying The Private Bay and 4 Chan as "major" companies while Rakuten as small or medium when it's bigger than Pizza Hut. Anyone can post a sticker on their business window, saying "Bitcoin accepted here" ....but the question is : Is there anyone actually paying for those goods and services with bitcoins?
Which reminds me of : Bitcoin to Be Accepted at 260,000 Stores in Japan by This Summerback in 2017... |
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Both USA and Bahamian government are saying they are in charge of the bankruptcy. We are getting reports from both agencies they are working on recovering funds. However how can both of them do this exactly?
Very confused.
Because they aren't talking about the same company. The funds frozen in the Bahamas belong to FTX Digital Markets Ltd, a subsidiary of FTX Trading Ltd. FTX Trading Ltd has filed for Bankruptcy protection in Delaware US. The US company Chapter 11 in Delaware: https://pacer-documents.s3.amazonaws.com/33/188450/042020648197.pdfThen they filed for Chapter 15 Bankruptcy in the US in New York, this is for recognition of a foreign bankruptcy claim https://storage.courtlistener.com/recap/gov.uscourts.nysb.314256/gov.uscourts.nysb.314256.2.0.pdfThis is the mess between US and Bahamas, not to mention that other branches have filed for bankruptcy in their own countries, like Australia. ASIC has suspended the Australian financial services licence of FTX Australia Pty Ltd (AFS licence 323193) until 15 May 2023 after it was placed into voluntary administration on 11 November 2022.
On 11 November 2022, John Mouawad, Scott Langdon and Rahul Goyal of KordaMentha were appointed as voluntary administrators of FTX Australia and its subsidiary FTX Express Pty Ltd, which operates a digital currency exchange that is not regulated by ASIC
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They must be making a lot of money.
Ledger Nano price is also higher than it used to be. They do not sell the cheapest model anymore, Ledger Nano S (49.99), only the Plus version for 79 usd (whcih is basically the same with more memory for shitcoins)
But it's not like they raised the price now, €79 was for sure the price back in at the begging of the year when I ordered one, everything is getting more expensive if they raised the price by 10$?? it's a bit understandable. That being said I would advise everyone to get one now, not just for the security but with the avalanche of orders nobody expected they might not only rise the price but also run out of them for a month or so till they order more as I don't think they keep tens of thousands in stock. Also, don't forget to order it with a different phone and a different address than your own, the nano might keep your coins safe, but ledger (the company) is not that safe with your personal data  But this is really good news, it means at least some have realized the danger, even if just a few hundreds as we don't know what 300% might be, 60 more sales or 6000, it still means fewer victims when the next collapse will happen, and unfortunately, it will, just like earthquakes, everyone knows one will happen sooner or alter but almost everyone is caught by surprise when it does! |
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This is all over Twitter now. Different media already released this too.
And that's a reason to bring all that clickbait fake stuff here too? This is the motion: https://pacer-documents.s3.amazonaws.com/33/188450/042120648186.pdfIn addition, in connection with investigating a hack on Sunday, November 13, Mr. Bankman-Fried and Mr. Wang stated in recorded and verified texts that “Bahamas regulators” instructed that certain post-petition transfers of Debtor assets be made by Mr. Wang and Mr. Bankman-Fried (who the Debtors understand were both effectively in the custody of Bahamas authorities) and that such assets were “custodied on FireBlocks under control of Bahamian gov’t”.
The Debtors thus have credible evidence that the Bahamian government is
responsible for directing unauthorized access to the Debtors’ systems for the purpose of obtaining
digital assets of the Debtors—that took place after the commencement of these cases. The appointment of the JPLs and recognition of the Chapter 15 Case are thus in serious question. It Case 22-11068-JTD Doc 22 Filed 11/17/22 Page 5 of 11 {1368.002-W0069002.} appears that the automatic stay has been flaunted, by a government actor no less. This is no time to be arguing over venue So beyond all the buzzwords to gain likes, the story is pretty simple. The government didn't trust FTX will keep the assets under control and decided to force them to move all the funds into a custodian under their control, not under FTX's control. Seriously, edit the title! |
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He is the president of the country and he does not buy Bitcoin with his own money, and the loss you are talking about is not his personal loss, but the loss of all the people who fill the budget of that country. It's easy to be a true believer if you're gambling with other people's money, right?
Everyone ignores this, he is not playing with his money, he is using government funds without asking anyone else, is not asking the citizens of Salvador, he is doing everything in their name with their money. But of course, everything is good here because it fits the narrative, if he would do the other thing, like selling the coins one at a day, despite being entitled to do so because it's their coins you will hear everyone bashing him like there is no tomorrow. This is fine, just like SBF giving a ton of money which was obviously not his left and right, and getting cheered about his generosity was a smart move accepted by the community. And now if we would go one step further and ask our dear Bukele about some proof of funds just as we ask exchanges, again, crickets! Let's wait and see if Christmas will come before another hero gets caught in another web of lies, let's see who that is. |
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Back to the serious part of this, did anyone really ever believe those 8%+ returns or were people thinking that I'll get out before it implodes and takes everyone else money with it, but I'll get our on time?
Doesn't that sound like being the first client of a Ponzi scheme? Be the first guy that gets that big APY before the company runs out of money since obviously, their whole business model is rotten to the core and nothing like what they are advertising? I think that people seriously believed that all that return is simply coming from the profit those platforms make when they lend the money. Few of my friends that had money in Celsius answered me that when i asked how the hell are they making those returns. They really thought of those platforms as banks.
Same here, on paper everything was fine, you lend people money with higher interest than what you give to deposits, and you ask for a 150% -200% collateral for which you have enough liquidity in the markets to not have a problem if a dump happens. But, turned out to be a completely different story and I stopped quite a while ago talking with my friends about crypto when they ask something about investments, I don't know a thing, I didn't hear a thing, I can't say a thing! I never gave advice, I don't plan on doing it! Another one bites the dust.
Isn't this a bigger deal though? As far as I know Genesis is sort of "partnered" with a good number of significantly-sized crypto platforms.
Let's wait and see where it goes. If it goes all the way up to the parent company Grayscale, then it's going to be a worse shitshow than FTX. https://twitter.com/Grayscale/status/1592882143906111488I did hear this kind of statement from quite a few bankrupt companies, but we might have reached the milestone where we finally have one saying the truth. |
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Trust CZ, he ain’t SBF!
Next time add a little "/s" in small font or white color so people get it. It was sarcasm, right? Right? While CZ seems to be more trustworthy than SBF(obviously due to recent events concerning FTX/Alameda), I wouldn't blindly listen to him.
Nikkei writes an article about Binance being forced to shut down in Japan, CZ threatens to sue while on a plane fleeing Japan saying everything is fine and they will obtain all licenses. CZ claims Binance is based in Malta, is registered and fully regulated, turns out it's not, CZ says Binance is global and doesn't need any kind of paperwork. CZ claims Binance is establishing a foothold in the US while it's a Delaware incorporated LLC with a virtual office and a trading license for a completely different company, not even a subsidiary. CZ claimed it followed all the rules in the UK, turns out it didn't follow any of them and is not permitted to undertake any regulated activity in the UK We should trust this guy? Because he posts #SAFU twice a week on Twitter? |
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~
I didn't give it a second thought. My cat ends up on my keyboard too now and then. If you see it jumping the fence with a USB drive in its mouth then trust me, your keys are gone!  There would be a lecture about different stimulants and he let his employees choose which one they like.
Oh god, when you said stimulants I thought we were talking about paychecks, he would give them bonuses and let them invest to asses their abilities, not this stimulus. There are others who also say that Sam is in a romantic relationship with Caroline Ellison the cofounder and CEO of Alameda Research.
Ok, I'm not going to judge everything about a person, if they are into this, they are, that's their business and their choice but that's for your personal life, when you combine those two and this kind of thing happens: According to a bombshell report by CoinDesk, Ms Ellison and Mr Bankman-Fried were part of a “cabal of roommates” who ran the crypto empire and “dated” each other, while living in a $US40 million penthouse in the Bahamas’ exclusive Albany resort.
Also living in the house were FTX co-founder and chief technology officer Gary Wang and director of engineering Nishad Singh. “All 10 are, or used to be, paired up in romantic relationships with each other,” CoinDesk reported. this is beyond anything I've heard lately. I'm the first one to call bs when one employee starts throwing sexual harassment lawsuits because a male employee looked at her in a way she didn't like, but this is going the other way beyond any limit. So these guys were doing trading and loaning, founding and funding companies while gangbanging and smoking mushrooms. |
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It will take a lot of time for miners to congest all these waiting transactions and additional ones in future. It will force others have to join the fee race if they can not wait.
Fortunately, there will be no real race here like in other times of congestion. The actual capacity of the blockchain right now is over the daily transactions input, unlike the last event where we had more transactions each day and older ones despite paying higher than the averge at that time would be pushed at the bottom. Right now you just have to outbid Binance 13.5/sat and you will get a confirmation just as you would with 1 sat last week, some will panic and pay more but there are not enough of them to outbid you and leave you outside the blocks for more than a few hours.  You just have to pay 14sat instead of 1sat/b, 50 cents is not the end of the world if you're in a hurry. |
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Let's suppose your boss called you into his/her office and explained the company's situation. He/she then gives you the option of getting laid off or taking a 50% pay cut. If you were to choose one of these options, what would it be and why?
That would be an impossible case in the above-mentioned situation. Amazon, for example, is planning on cutting full departments and postponing developments in a lot of their programs so for them that project is losing money, paying somebody even half or even doing it for free and it's still a failure.Another thing to note here is that Amazon is firing 10 000 workers after it hied 55 000 last year and it's not planning to stop hiring in its warehouses for the holidays still looking at 150 000. So the thing is not that the company can't afford to pay you, your job and what you were doing there is no longer needed as it's a money pit! As for the question, it all depends on what's the amount and what can you do with half of it. Am I making 30k a month I'm down at 15k but my job is as easy as it can be, I will take it! I'm making 3k a month and I'm supposed to live on 1500 while McDoandls is paying 2500, you can guess the answer. Replacing human labour with robots is not however a total profit for the employer. Somehow the robots get to be maintained and I believe the cost of maintenance of the robots has to be taken cognizance of like wear and tears. Some part of the robots can totally be removed and replaced with a new one and that is also running cost. It is not a total win using robot.
Tell that to foxconn https://www.scmp.com/news/china/economy/article/1949918/rise-robots-60000-workers-culled-just-one-factory-chinasApart from the initial cost, there is little to no drawback right now against a human worker, the only real advantage longterm a human has is that it can be trained easily to do a different job for the same company while a welding robot can't be sent to packing for example. This is like self-checkouts, everyone hates them but everyone rushes to them when they see what line is at the cashier lines. |
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If you want comedy, but really bad comedy, cringe stuff, just look at SBF tweets: https://mobile.twitter.com/SBF_FTX/status/1591989554881658880 Yeah, he did a tweet with each letter of what h a p p e n e d! I just wonder, the people that worked with him day and night as he had 20 roomies in his 40 million Bahamas home, or the ones observing all this, they didn't realize the guy is nuts? When I see now how he is acting he seems like a child in kindergarten that thinks his pet giraffe has died and one bar of chocolate baked in his Barbie even will make it come to life! Just look at the plan: 15) A few weeks ago, FTX was handling ~$10b/day of volume and billions of transfers.
But there was too much leverage--more than I realized. A run on the bank and market crash exhausted liquidity.
So what can I try to do? Raise liquidity, make customers whole, and restart.
So he will raise 8 billion from investor money and pay back the defrauded customers, doesn't he realize what he is actually proposing? He is asking for investors' money to patch a Ponzi scheme? |
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And secondly, the news about FTX is not new anymore, as its equally been 5days now since it went viral, leading to the major cause for the recent fall in the price of Bitcoin to $16,000
Doesn't matter! This is about a different exchange, in this case, Digital Surge that is in trouble because of FTX. Even if it will be 3 months since the crash of FTX if an exchange goes down because of them it's still news! Interesting that while the customers have been announced there is no social media post from the owners of the exchange at all right now and the announcement is in the client area. Due to the impact of FTX Australia's administration, we are not able to operate business as usual and have suspended all deposits and withdrawals until further notice, More like because of this: The Australian Securities and Investments Commission on Wednesday said it had suspended the licence of FTX Australia until May 15 next year after it was placed into voluntary administration on Friday. |
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not a perfect answer but regulated means they are safer then any other exchange
best regulated exchanges are:
~snip
Can we stop recommending people any kind of exchange? I've gone through this topic and I saw the name of FTX four times as recommended exchange, making it the top of the safest ones out of the myriad of scams and it turned out to be a ...total scam! How would you feel if one of those you listed fill for bankruptcy the same as FTX with zero coins in the wallet and OP comes here and tells how he lost his life savings? Let's just stop assuming one is better than the other and focus on cold storage be your own bank, that's the principle of cryptos, if you want to use coins use your own wallet, if you don't care about coins and you just want to trade just trade on a platform where there are not even coins and you trade indices. |
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The way those pages load up are kinda strange, I fear they may be accessing something from Binance actually, but I don't have the tools to check that.
I know why I make screenshots and save them, seems like also the archive.is sucks at loading pages. No header but the columns are easy to guess, so at least in April, the fees were the same! ~ can't wait to see a similar move from the two big "spammers", Coinbase and Binance, but in the latter's case I doubt they will do such a thing, they are using the fees as a motivation to have people use their shitty coin.  Seems that neither the fees nor the other thing in that post did change. |
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You do have a point, but they could:
* do much fewer batches of consolidation if they want to // no need to do all in one day
* do partial consolidations together with the actual user withdrawals (that would be imho a smarter implementation).
Playing devil's advocate (with a disclaimer that I know my client is worse than satan  ) - we don't know how many coins they have that they can't actually spend, and we don't know if they are not scraping every satoshi at this point - maybe the wallets are under different supervision? Actually, this does make a lot of sense to me as I would want to limit the access of every single individual. Yeah, it's a stretch but this is the best I can come up with. * what if, while we were cheering this year for how much bitcoin has left the exchanges in 2022, this was more due stealing/working on fractional reserve than user withdrawals? (I know, this may be a bit paranoid though).
Highly possible! I've said like ten times this week, all these companies have costs to run, if there is no money flow they will need to either take loans or find "investors", when these options run out, you touch the honeypot and you promise yourself you will cover the losses tomorrow, then next month and so on. To be honest, this is so messed up I don't know what will be good or bad for the ecosystem right now, I'm wondering if those morons have played with a fractional reserve, and they don't have our coins if a bulls run starts, we hit 100k and everyone rushes to sell and take the profit, will the inflow be able to cover the losses or they won't be able to buy back the coins and honor the deposit, triggering a drop worse than ever? |
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You're a pessimist, you're also not unique or special.
I never said I'm special or unique, thank you for letting me know that, as for the pessimistic thing, what is pessimistic about inflation going down, recession not happening and people not losing their job or dying of hunger? Sorry to bring it to you but if that makes me a pessimist it makes somebody else a psychopath! After all if there is no panic nobody watches the news. And then they can't sell advertising.
-Dave
Exactly! Thousands of breaking news when lumber prices went through the roof, hundreds of interviews of people who can't afford to build their houses, crying, screaming, now that lumber prices are at 432 compared to 439 in 2017 5 years ago nobody is doing any report on it? You will see hundreds filming a mob battling for toilet paper but nobody on the second day showing there is enough toilet paper to wipe our asses till 2030 in the deposits! I simply don't get these people that need to live in this constant fear that everything will collapse, I'm starting to think there are a ton out there who really want this, they just want to see everything destroyed because of whatever personal failures they've had in their own lives. No asset class likes inflation.
Nobody likes inflation, not when we talk about anything up that a full point, nobody would give a damn if real inflation would be under 1%, it would mean that prices would go up by 50%-75 in your whole lifetime. I never said and I don't believe either that bitcoin won't be able to protect your wealth when we go on long-term timespans, but I still believe from a personal point of view each individual would be far more pleased with tiny inflation knowing in case something bad happens he has his coins rather than experiencing constant hyperinflation and with everyone around him dirt poor so there is little left to buy with your expensive coins. |
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