Buttcoin

[Thad]

Ethereum’s “Merge” is about to put every ether miner out of work

As I've often said, I'll believe Ethereum's switch to proof-of-stake is really happening when it happens, but they've set a date and performed a dry run, so it's more plausible now than it was a month ago. (Or the month before that, or the month before that, or...)

It won't make cryptocurrency any less of a solution in search of a problem, but it will significantly reduce its environmental impact, so it'll still be good news if it actually happens.

Well I'll be a monkey's uncle. They actually did it.

No more mining: Ethereum completes the highly anticipated “Merge”

[Mongrel]

Our ponzi scheme is now so much less ecologically irresponsible!

(which is technically still good news)

[Yoji]

Our internet funny money is now electrically inefficient on the scale of an MMO instead of a steel foundry :D

[Crick]

Does anyone know what's currently happening with this recent implosion? Can they explain it? Some company called FTX ran off with money and tanked the value of some coin?

[Grath]

FTX was yet another crypto ponzi scheme, the CEO/Founder has now fled to Argentina and they coincidentally "got hacked" losing "$600 million" worth of crypto as everything came crashing down.

[Mongrel]

FTX was also supposedly the "good" and "trustworthy" crypto exchange, whose CEO cooperated with gov't regulators and tried not to overtly appear to be the usual sort of techbro crypto idiot - except of course, he still was. So like, an ordinary con artist who knows you actually have to try and fool some people.

Since banks and investments firms are filled with drooling greedy fuckwads, they've been clamouring for a piece of the crypto action for years, while regulators in most countries barely held these conventional financial institutions back (rightly so). FTX was the main big exchange they could point to and invest with to try and convince governments that crypto was real (lol), and so its collapse took down the only "legitimate" pillar of the crypto tent, and a bunch of established real-world companies just took a nice bath. Luckily the overall losses are only enough to give us something to laugh at, and not enough to cause any real distress to the economy - overall damage in real economic terms is pretty limited.

The coins weren't anything special. FTX's main holdings outside their own coin were plain old Bitcoin and Ether. So they just took another hit, but lol w/e

[Crick]

Ah, so a kind of Mega Scam that outshines the Normal Scams.

Perhaps this is the hole in the boat that sinks all this in a major way.

[Mongrel]

*uncontrollable sniggering*

[Mongrel]

Binance announced they will be "temporarily" suspending U.S. dollar bank transfers to international customers starting on February 8th, US customers are "unaffected for now".

This followed a January where Binance bragged about how many withdrawals they were handling.

Further comedy to follow, no doubt.

[Mongrel]

[Büge]