Gonna be a great day!

Comments

• Toto@lemmy.world ⁨1⁩ ⁨year⁩ ago

  I, for one, trust hand written warnings from “Low Quality Facts” account

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  • snooggums@kbin.social ⁨1⁩ ⁨year⁩ ago

    My teachers always told me that handwriting is more personal than typing, so that check out!

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    • Imgonnatrythis@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

      Tattoos are the most personal though

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  • LinkOpensChest_wav@lemmy.one ⁨1⁩ ⁨year⁩ ago

    I think it’s just a heartwarming thought

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• TootSweet@lemmy.world ⁨1⁩ ⁨year⁩ ago

  In my economics 101 gen ed course back in college, I remember a story about some society somewhere that used boulders as currency. But they were such a pain to lug around that often times they wouldn’t move them. They’d just keep track of who owned which boulders. “I’ll give you one boulder for a cow.” “Ok, it’s a deal.” “Cool, cool. The boulder over in so-and-so’s field is your now. Pleasure doing business with you.”

  There was even a case where someone tried to transport a boulder across a lake but the boat sank midway and the boulder ended up on the lakebed under many feet of water. But they kept exchanging the boulder as currency for goods and services.

  I’m imagining a dystopian Idiocracy-like future where Bitcoin has deleted itself, but people still trade seed phrases on slips of paper or pressed into metal plates with a “there’s 7 whole Bitcoins in this wallet. Trust me bro.”

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  • empireOfLove@lemmy.one ⁨1⁩ ⁨year⁩ ago

    “I’ll give you one boulder for a cow.” “Ok, it’s a deal.” “Cool, cool. The boulder over in so-and-so’s field is your now. Pleasure doing business with you.”

    This is how gold standard currencies work (or used to work). Most western currencies like the US dollar used to be permanently pegged to a specific value of gold (the Bretton-Woods system) and the dollar was meant to be redeemable for gold. But because of the impracticality of handling and storing actual physical metals actual trade was almost never handled in gold.

    In reality, the US financial system already kind of runs like your “dystopian future”, and has done so since 1971. There is no inherent value to a US dollar besides the federal government saying “trust me bro”.

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    • baldingpudenda@lemmy.world ⁨1⁩ ⁨year⁩ ago

      The fact that people give money to the US, or any country, for essentially an IOU slip of paper promising to pay you back with interest is so weird.

      Speaking of gold reminds me of this sci-fi book where aliens come to earth and cause damage. They ask how they can make things right and are explained gold and the monetary system. They go oh, we can totally filter gold from the oceans and pay you back in tons of gold per day. This caused panic as the huge influx would crash the system. I think it was an asimov short story.

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    • BB69@lemmy.world ⁨1⁩ ⁨year⁩ ago

      The value of the dollar is the battleships, war planes, and nuclear missiles.

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    • AlwaysNowNeverNotMe@kbin.social ⁨1⁩ ⁨year⁩ ago

      Hey they just audited fort Knox back in 1953 and it was all good no reason to go poking around.

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    • peopleproblems@lemmy.world ⁨1⁩ ⁨year⁩ ago

      do you have the graph? gotta show the graph.

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  • Kidplayer_666@lemm.ee ⁨1⁩ ⁨year⁩ ago

    I think you just accidentally created conventional money again

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  • 1024_Kibibytes@lemm.ee ⁨1⁩ ⁨year⁩ ago

    I believe you’re referring to Rai stones:

    en.wikipedia.org/wiki/Rai_stones?wprov=sfla1

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    • Betch@lemmy.world ⁨1⁩ ⁨year⁩ ago

      There was actually a crypto named after those called RaiBlocks but it’s called Nano now.

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  • SexualPolytope@lemmy.sdf.org ⁨1⁩ ⁨year⁩ ago

    It’s very close to how fiat currency works IRL.

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  • ininewcrow@lemmy.ca ⁨1⁩ ⁨year⁩ ago

    How about a society that trades and exchanges goods and services for boulders … and an infinite number of imaginary boulders that don’t exist at all.

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  • rynzcycle@kbin.social ⁨1⁩ ⁨year⁩ ago

    You'd record the transfer by adding it to the rockchain?

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  • ZagamTheVile@lemmy.world ⁨1⁩ ⁨year⁩ ago

    The Triganic Pu is a unit of galactic currency, with an exchange rate of eight Ningis to one Pu. This is simple enough, but, since a Ningi is a triangular rubber coin six thousand eight hundred miles along each side, no one has ever collected enough to own one Pu. Ningis are not negotiable currency, because the Galactibanks refuse to deal in fiddling small change.

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    • FlyingSquid@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Funny, I was thinking about the point where the Golgafrinchams on Earth adopted the leaf as currency and then burned down all the forests to control inflation.

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  • DanglingFury@lemmy.world ⁨1⁩ ⁨year⁩ ago

    “This note is redeemable in boulders”

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• Etterra@lemmy.world ⁨1⁩ ⁨year⁩ ago

  I doubt this is true, but it sure would be funny.

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  • Sanyanov@lemmy.world ⁨1⁩ ⁨year⁩ ago

    This is not true; Bitcoin is open source and you don’t have to guess whether such line is there or not.

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    • tweeks@feddit.nl ⁨1⁩ ⁨year⁩ ago

      In theory it could be added in addition to the open source, somewhere in the build process. Not that I think that, but it could.

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  • InfiniWheel@lemmy.one ⁨1⁩ ⁨year⁩ ago

    Mostly likely isn’t, I follow the account. Most of the time they post very obviously outlandish fake facts, sometimes smaller fake facts and sometimes innane ridiculous real facts. That’s their gimmick “low quality”.

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• HerbalGamer@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

  Please tell me someone here can point out the actual source for this fun fact.

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  • joyjoy@lemm.ee ⁨1⁩ ⁨year⁩ ago

    I think it’s made up.

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    • Cheesus@lemmy.world ⁨1⁩ ⁨year⁩ ago

      People would just go on the internet and tell ties? I don’t believe you.

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    • HerbalGamer@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

      :(

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  • JohnDClay@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

    It was revealed to me in a dream

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  • themeatbridge@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Source

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  • snooggums@kbin.social ⁨1⁩ ⁨year⁩ ago

    If you look closely, "Low Quality Facts" is the source.

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    • HerbalGamer@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

      that could be most things that have to do with crypto

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  • ToeNailClippings@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Its a parody account. They post this sort of stuff all the time.

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  • Fades@lemmy.world ⁨1⁩ ⁨year⁩ ago

    It is an absolute lie

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  • q47tx@lemmy.world ⁨1⁩ ⁨year⁩ ago

    “trust me bro”

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  • Snowplow8861@lemmus.org ⁨1⁩ ⁨year⁩ ago

    April first.

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• Here4CatPics@lemmy.world ⁨1⁩ ⁨year⁩ ago

  Dear God, Cthulhu, Flying Spaghetti Monster, Shiva, Tiny Baby Jesus in His crib

  All I ask for the next 2 years is universal healthcare, Henry Kissinger to die and embarrassing death, and this to be true

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  • tym@lemmy.world ⁨1⁩ ⁨year⁩ ago

    I like your wishlist! The fact nobody mentions that the devil still lives among us is sad. I hope he gets accidentally castrated by a dull knife in times square during the live NYE broadcast.

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    • Here4CatPics@lemmy.world ⁨1⁩ ⁨year⁩ ago

      One can only hope

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• TheBlue22@lemmy.blahaj.zone ⁨1⁩ ⁨year⁩ ago

  God I wish

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• popemichael@lemmy.sdf.org ⁨1⁩ ⁨year⁩ ago

  All cryptocurrency isn’t stiricrly based off of magic and mysterious bitcoin code.

  Even if there was code that made the coin erase itself, it would have been found and fixed (or abandoned for a new and better blockchain coin a’la Ethereum or Monero).

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• Void_Sloth@lemmy.world ⁨1⁩ ⁨year⁩ ago

  For anyone who is interested here is a report from Fidelity that provides a fairly concise analysis of Bitcoin and it’s value proposition.

  fidelitydigitalassets.com/…/1012662.3.0 Bitcoin F…

  I encourage everyone to take the time to read at least the first few pages, I think you’ll be surprised by what you find.

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  • Ibaudia@lemmy.world ⁨1⁩ ⁨year⁩ ago

    The report doesn’t seem to address any of the most damning arguments I’ve heard against crypto currently. Namely:

    • Bitcoin is mostly just a vehicle for speculation and is too slow and expensive to be considered for actual commerce
    • Nothing about crypto directly solves any of the existing problems with currency, since the problems are social structures and financial incentives brought about as an emergent property of organizations and are not a function of the currency itself (some of the biggest holders of crypto are the same huge investment agencies that created the subprime loan crash in '08)
    • The fact that blockchains are enormously inefficient, given that unfathomable amounts of redundant work are being done (Visa uses about 1.5 Wh per transaction vs BTC which is about 1,500-2000 kWh, making BTC over one million times less efficient)
      In my opinion, there’s a reason why you haven’t been able to do anything with your Crypto besides bet on it for over a decade now. It’s because it’s just a bad product, engineered by techbros who think they know better than the global banking system how to create a decent financial product.

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    • deadlyduplicate@lemmy.world ⁨1⁩ ⁨year⁩ ago

      What you are saying is inaccurate…

      1. BTC has a performant layer 2 called lightning. And if layer 2s are not your jam, there are plenty of L1s that can handle 1000s of transactions per second

      2. Crypto solves the problem of having a central bank control the money supply. Also having private organizations controlling digital payment rails. Provides options or underbanked people in countries with unstable financial systems. I could go on…

      3. Blockchains do not use an enormous amount of energy. You are thinking of the consensus mechanism used by proof of work cryptocurrencies. There are alternative consensus mechanisms that use much less energy

      Also the adoption rates are not a measure of utility. The Linux desktop has been around 30 years and has an adoption rate under 5 percent. Mastodon has not grown as fast as twitter did. Democracy is not used by the majority of governments and where it is, voter turnout is low.

      Is it also your opinion that these things are bad products?

      Decentralized systems just take longer to mature. It’s crazy to me that fediverse users don’t understand this.

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    • schmidtster@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Do you not have stores that let you pay with bitcoin and other crypto? It’s a thing in Canada atleast.

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    • Void_Sloth@lemmy.world ⁨1⁩ ⁨year⁩ ago

      [deleted]

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    • ubermeisters@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Do t come to lemmy with actual facts, it’s no better than Reddit in this regard. It’s almost like it’s a society issue.

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    • JohnDClay@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

      I think proof of state solves some of the energy and efficiency issues, but I agree it’s pretty over hyped.

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    • ComradeKhoumrag@infosec.pub ⁨1⁩ ⁨year⁩ ago

      youtu.be/QdQixEQpbAc?si=PDPL-rjk2T9Kiu_l&t=12…

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  • DarkenLM@kbin.social ⁨1⁩ ⁨year⁩ ago

    That "fairly concise analysis" has way too much "gun manufacturer says guns are not a problem" energy to be trusted. Specially comming from an investment firm, which are the Masters of Scamming.

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  • thethirdobject@lemmy.world ⁨1⁩ ⁨year⁩ ago

    This report has no critical value, they’re trying to convince sceptic investors that bitcoin has a value as an investment. Their whole argument is that it has the qualities and potential to replace other monetary goods. There is no questions regarding how the system works, the speculation, the inequalities, etc. Looking at the state of the world and the role of capitalism in this tragedy, it feels completely disconnected to read that bitcoin is great because it could maintain the statu quo.

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    • Ibaudia@lemmy.world ⁨1⁩ ⁨year⁩ ago

      I also noticed that it was strikingly uncritical. Does not reivew any mass-adoption scenario, lists very few drawbacks, and seems to be a hype piece targeting individual investors.

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  • Fades@lemmy.world ⁨1⁩ ⁨year⁩ ago

    B-b-but the internet said it’s made up and dumb!!!

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    • itsAsin@lemmy.world ⁨1⁩ ⁨year⁩ ago

      so it’s NOT a pyramid scheme?

      or it IS a pyramid scheme, and that’s why we should get on board?

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    • Ibaudia@lemmy.world ⁨1⁩ ⁨year⁩ ago

      The fact that institutional holders are some of the biggest holders is a red flag in itself given that crypto marketed itself as a solution to problematic power structures. So far it has no use other than speculative value.

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• CCF_100@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

  Proof, where’s the source code?

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  • hex_m_hell@slrpnk.net ⁨1⁩ ⁨year⁩ ago

    Due to the quality of the facts, I assume proof will be hard to find.

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    • HeyThisIsntTheYMCA@lemmy.world ⁨1⁩ ⁨year⁩ ago

      This is what we get for going to the bargain facts store

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  • wesley@yall.theatl.social ⁨1⁩ ⁨year⁩ ago

    This is a satire account

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  • nekothegamer@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

    source is on github but good luck finding that line for yourself

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  • weirdwallace75@lemmy.world ⁨1⁩ ⁨year⁩ ago

    If someone says something that a lot of people want to be true with no evidence… it ain’t true.

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    • Arielcorn@lemmy.world ⁨1⁩ ⁨year⁩ ago

      That want that to be true. I’ll take your word for it. 😊

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• Mr_Dr_Oink@lemmy.world ⁨1⁩ ⁨year⁩ ago

  This would be a very banksy move if it ended up happening.

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• Outtatime@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

  April fools!

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  • ToeNailClippings@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Gettin in early.

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• Luisp@lemmy.dbzer0.com ⁨1⁩ ⁨year⁩ ago

  Well there is a limit of mining, every new digit is 16 times harder to make, there are just 2 or 3 digits left.

  This was made with growth and inflation in mind so the currency last like 60-80 years but they didn’t predict giant farms using entire powerplants of energy, so basically 50 years of bitcoin was shortened to the last 5. The thing is profitability as miners have to make an entire 28 bit hash at random wasting dozens of GPU in exchange of less money of what they cost so the prizes must be risen even more making it even more centralized (also lowering the price for every other holder)

  This is almost poetic As bitcoin approaches its end only the top miners are allowed to continue increasing the risk of the death which is 51% attack, if some of the final miners will unite and reach 51% at this point they can cash out the entire currency and make it look that the price falls to zero.

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• Kit@lemmy.blahaj.zone ⁨1⁩ ⁨year⁩ ago

  Sounds legit.

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