billymg[asciilifeform]: $ticker btc usd
busybot: Current BTC price in USD: $19385.55
billymg[asciilifeform]: seems that another gox might be collapsing now
billymg[asciilifeform]: usg.ftx this time
awt[asciilifeform]: ohnoez muh yield!
billymg[asciilifeform]: saw some of their bots online saying "if you want to get your money out try using these other tokens, they are less congested than btc"
billymg[asciilifeform]: damn network congestion, always causing problems. big blockers were right!
asciilifeform: lol 'exchrate heating up, let's pop anuther gox' eh
shinohai[busybot]: lol @ ftx "Bitcoin has no future as a payments network!" Guess that's why they hafta halt withdraws today.
billymg[busybot]: for the uninitiated, the founder
billymg[asciilifeform]: asciilifeform: yup, again and again, until they finally realize
bitbot[asciilifeform]: Logged on 2022-06-16 15:08:34 asciilifeform: 'gave keys' == 'sold'
asciilifeform: complete w/ 'assets are fine'(tm)(r) lol
awt[asciilifeform]: And binance acquires ftx
awt[asciilifeform]: $ticker btc usd
busybot: Current BTC price in USD: $20559.7
awt[asciilifeform]: What a gigantic load of bullcrap
asciilifeform: 'tldr' -- put cock in bear trap before putting coin in 'bitcoin finance'(tm)(r)
asciilifeform: same as 10y ago.
billymg[asciilifeform]: $ticker btc usd
busybot[asciilifeform]: Current BTC price in USD: $18875.7
signpost[asciilifeform]: might get those ch33p c01nz yet eh?
busybot[asciilifeform]: The 24-Hour VWAP for BTC is $ 19751.05 USD
signpost[asciilifeform]: damn, I kinda want to go put some limit orders in at like $10k
signpost[asciilifeform]: doesn't seem urgent though. oughta be in bust mode for what, a year or so traditionally?
asciilifeform: signpost: iirc in 'bust mode' for yr+ nao neh
asciilifeform: ( asciilifeform's mental algo -- (defun bust-mode-p (btcusd) (< btcusd *all-time-high*)) )
signpost[asciilifeform]: looks like bottom of market was about jan-sept 15 after gox failure, next one was approx oct'18-mar'19
signpost[asciilifeform]: so maybe not 1yr
signpost[busybot]: seems to my amateur butt though that there's more gox hot-air in the "market" today than ever.
asciilifeform admits that not follows 'air' in realtime, so not knows
signpost[busybot]: https://twitter.com/ftx_app/status/1417497465574539277?lang=en << this piece of shit is in the skillet today.
signpost[asciilifeform]: oops mentioned above.
asciilifeform: lulzy how there seems to be 0 limit on how many times 'dampen exchrate by popping a gox and dumping the coinz on open market' worx -- coinz end up back in yet other goxes, rinse, repeat
asciilifeform: ... on top of this, the 'lemmings' who 'gotta sell, cuz going down!!' never -- collectively -- seem to run outta coin to dump
asciilifeform: ( the reason wainot, imho elementarily, is that 'no actual btc harmed in the making of this production' -- they're 'trading' papercoinz, which printed in ~unlimited qty )
asciilifeform: i.e. precisely what keeps ye olde au down even as usd 'goes to toiletpaper'
asciilifeform: moron goes to gox, hands in some green printolade in exch for some 'yellow' printolade.
asciilifeform: (and, occasionally, vice-versa)
asciilifeform: on the rare occasions when > n, for some n, folx show up to demand actual btc rather than yellow printolade -- 'ohnoez, we got hacked' etc
signpost[asciilifeform]: gotta move both out of the goxes and never transact more than you can afford to lose in the process.
asciilifeform: aa but how will they 'getrich!!!' by leveraging then.
signpost[asciilifeform]: sooner it all gets flushed the better.
asciilifeform: imho that's the interesting thing, that 'it all' never 'gets flushed'
asciilifeform: only indiv. gox, periodically, flushed
signpost[asciilifeform]: well, in my mind there's potential for a final zap. but maybe that also, ever imminent, never arrives.
asciilifeform: hypothetical 'final zap' would have to somehow kill the fractional-reserve gox concept as a whole
signpost[asciilifeform] referring to nuclear exchange, but that also can be mostly theater.
asciilifeform: lol asteroid etc
asciilifeform: trivial 'solution'. was asking re 'they're alive but not using goxes' notion
signpost[busybot]: yeah I'm aleady astonished at the modern underclass stomach for insult, so I'm not placing any bets on the other side.
asciilifeform: imho the interesting thing is that fract-res. scamola appeals to ~all~ classes -- collective masturbatoria where erryone can imagine he is over9000x richer than factually (for so long as not tries to buy physical goods)
jonsykkel[busybot]: but if they can do infinite toilet paper thing, why is there any rise at all in au/btc
jonsykkel[busybot]: would they like to supres 100%, but theres some limit, where it would be too obvious even for morons wat they are doing
signpost[busybot]: it does, but the busts do tend to enrich dominant players while taxing all subordinate classes.
signpost[asciilifeform]: jonsykkel: not a matter of obvious, just a matter of when the valuable things have moved to their hands imho
signpost[asciilifeform]: see e.g. CZ eating all competition during this winter.
billymg[asciilifeform]: every now and then the waterfall is refilled with actual coin as well, handed over not voluntarily, but in a shakedown, e.g. like this recent announcement: https://www.justice.gov/usao-sdny/pr/us-attorney-announces-historic-336-billion-cryptocurrency-seizure-and-conviction
asciilifeform: jonsykkel: the organized dampening afaik started in '17, and not immed. effective, so exchrate after certain time 'frozen' in place
asciilifeform: (started with Official 'legalization' of use of btc by 'financialists')
signpost[asciilifeform]: billymg lol, the lack of a decimal in that URL!
billymg[asciilifeform]: signpost: that figure was measured at $66k/btc also, when it was seized last november
asciilifeform: 'Specifically, law enforcement located 50,491.06251844 Bitcoin of the approximately 53,500 Bitcoin Crime Proceeds (a) in an underground floor safe; and (b) on a single-board computer that was submerged under blankets in a popcorn tin stored in a bathroom closet.'
asciilifeform: 'Beginning in or around March 2022, ZHONG began voluntarily surrendering to the Government additional Bitcoin that ZHONG had access to and had not dissipated. In total, ZHONG voluntarily surrendered 1,004.14621836 additional Bitcoin.'
jonsykkel[asciilifeform|busybot]: hard to say if frozen wihtout knowing wat the numbers are suposed to lok like
billymg[busybot]: some other lulzy details, such as "ZHONG thereafter exchanged through an overseas cryptocurrency exchange all of the BCH Crime Proceeds for additional Bitcoin, amounting to approximately 3,500 Bitcoin of additional crime proceeds."
billymg[busybot]: smart enough to dump the airdropped shitcoin but not smart enough to encrypt his keys (or even leave the country)
signpost[asciilifeform]: wasn't this the post-dpr silk road honeypot too?
signpost[asciilifeform]: ah nope, looks like from dpr era. I thought another sprung up, maybe under another name. doesn't matter.
asciilifeform: plentiful refill for waterfall.
asciilifeform: iirc comparable to the orig. sr dekulakization.
asciilifeform: http://logs.bitdash.io/pest/2022-11-08#1015769 << indeed, but can get some clue from 'owner class' assets which actually appear to track 'the real inflation'(tm) -- real estate, rembrandts, etc
bitbot[busybot]: Logged on 2022-11-08 14:34:30 jonsykkel: hard to say if frozen wihtout knowing wat the numbers are suposed to lok like
asciilifeform: http://logs.bitdash.io/pest/2022-11-08#1015771 << orig dpr iirc not had anyffin resembling 'exit strategy' either.
bitbot[asciilifeform|busybot]: Logged on 2022-11-08 14:35:34 billymg: smart enough to dump the airdropped shitcoin but not smart enough to encrypt his keys (or even leave the country)
signpost[asciilifeform]: seemed like a php developer guy that got way over his head.
signpost[asciilifeform]: see also insurance premiums (+ out of pocket) for real inflation rate. I'm over here selecting self-employed insurance. what a scam.
jonsykkel[busybot]: but wat time scale are we looking at then , cuz theres 20x noise in the btc signal as far as i can tell
jonsykkel[busybot|asciilifeform]: compared to real estate
jonsykkel[asciilifeform|busybot]: theres some "real component" and bunch a waves on top
asciilifeform: signpost: re 'over his head' -- there's a fundamental problem neither dpr nor other 'uppity plebe' had any way of solving
bitbot[busybot]: (asciilifeform) 2020-12-17 asciilifeform: billymg: i disagree that it's a numeric problem, even necessarily. say, martians land, and leave you 25 tonnes of refined pu as a parting gift. you will 'pass into elite' ? or perhaps not ? what do you suppose would happen ?
asciilifeform: sorta why the latest d00d 'under blankets in a popcorn tin stored in a bathroom closet'.
asciilifeform: near as asciilifeform can tell, the ~actual btc economy~ (i.e. what remains after subtracting the reich subsidiaries that demand passport etc. when trading anyffin for coin, so can report its 'sale' and the 'gain') is ~weaker~ today than in the days of the infamous pizza.
asciilifeform: likely, dpr (or 'popcorn tin' d00d) could not even buy a pizza with that 50+k.
asciilifeform: needed a diff. wot, and these aint for sale.
asciilifeform still regularly encounters folx who read fishwraps, at time of dpr, and genuinely believe 'on the net, you can hire hitman! and not even costs much!' etc
asciilifeform: would think, naively, that just as these eventually learned in '90s that 'nigerian prince' aint as-advertised on the box -- would learn faster when 'nigerian prince' comes not only with bank acct cleanout but '20 to life'. but nope
asciilifeform: http://logs.bitdash.io/pest/2022-11-08#1015784 << there are waves, but observe that btc-style crashes 'not permitted' -- $mil house in reich absolutely never turns into $100k house (unless burns down)
bitbot[busybot|asciilifeform]: Logged on 2022-11-08 14:54:47 jonsykkel: theres some "real component" and bunch a waves on top
asciilifeform: any time this kinda thing threatens to happen , the printer goes 'brrr', and its output dispatched 'in wheelbarrows' to where needed, so the 'tbtf' asset can be propped up.
asciilifeform: sorta the entire point of the 'printer' -- to prop up essential elements of lizard power structure that otherwise could fall.
asciilifeform: if plebe works for wage for a week, 2-3 days are mandatorily to pay landlord or real-estate usurer; and at least 1 -- tax collector.
asciilifeform: this -- 'not negotiable', is what the reich is ~about~, fundamentally.
signpost[asciilifeform]: good explanation for why BTC is irrelevant to the lizard class too. they're slavers, can own whatever you think you own by owning your ass outright.
signpost[busybot]: and liability if they understand that BTC tends to appeal to folks that bias against becoming slavers themselves, or so it appears to me.
signpost[busybot]: why let anyone like that ruin the game.
asciilifeform: http://logs.bitdash.io/pest/2022-11-08#1015799 << can own whatever ~they know~ you own; which was the orig. appeal of btcism, and artfully 'nerfed' by 'legalization' (over9000 'legit(tm) places to spend' aka to demask yerself)
bitbot[busybot]: Logged on 2022-11-08 17:10:32 signpost: good explanation for why BTC is irrelevant to the lizard class too. they're slavers, can own whatever you think you own by owning your ass outright.