“In my life I try to avoid things that are stupid and evil and make me look bad in comparison to somebody else. And bitcoin does all three.”https://t.co/tgROWQxM1R
— Stephen Diehl (@smdiehl) May 2, 2022
Web3 is like a game of poker. If you can’t spot the sucker in your first half hour in the community, then YOU are the sucker.
— Dare Obasanjo (@Carnage4Life) May 2, 2022
„In engineering, our mandate is to build structures that fail gracefully and minimize human harm in the presence of failures. Smart contracts synthesize brittle, corruptible software with irreversible transactions to achieve a result that fails in the most violent way possible.“ https://t.co/3BRsqtn0uy
— Malte Engeler (@MalteEngeler) May 2, 2022
A bit off topic for this post, but an important point (and I'm a sucker for really British names).
“It’s now dawning on people that there’s more to investing than handing out capital like lollipops at a school fete to anyone with an idea for flying taxis or carbon-free hot dogs.”
— Robin Wigglesworth (@RobinWigg) May 1, 2022
https://t.co/D91u9ztHj1
While we're leafing through the Financial Times, no one does needful snark like Jemima Kelly.
Soooo I am officially now an FT Columnist and this means that you get to hear my shouty/correct opinions every Wednesday. 🤡 Thought I would stick to some familiarly salty territory for my first week in the new slot... #NGMI https://t.co/8M6ako9szT
— Jemima Kelly (@jemimajoanna) April 27, 2022
Tough stance from an organization that needs (and deserves) donations.
Yay! Small victories. 71.2% of Wikipedians on this proposal voted against accepting crypto. The right decision, for sure. https://t.co/i5qIyhFYlw
— Stephen Diehl (@smdiehl) May 1, 2022
for all the talk about community self-governance and individual agency, crypto people sure get mad when a community they're not a part of self-governs in a way that they don't agree with
— Molly White (@molly0xFFF) May 1, 2022
This bodes well.
Crypto is the first Ponzi scheme with Millions in advertising, and now millions in bribes to politicians, when this collapses it will make the S&L, the subprime, and other financial crisis look like small potatoes. In addition I think it is intended to end dollar as reserve.
— David Doak (@SouthPoint1000) April 30, 2022
One thing to highlight about our Alex Jones reporting: the longer I’ve covered the contemporary far right, the more I’ve found very wealthy people funding hate and social destabilization. https://t.co/Fe1c9BS5s6
— Michael Edison Hayden (@MichaelEHayden) April 30, 2022
Anyone else getting a really strong sophomore stoner who likes to impress freshmen vibe off of these Silicon Valley visionaries?
If people don't know about the weird transhumanism cult of the Valley they really should read this article/thread because they're so common.
— Stephen Diehl (@smdiehl) May 1, 2022
The truly insane ethical calculus of longtermism and "effective altruism" is the rationale for a lot of SV founders to do terrible things. https://t.co/rGHLNeR5cC
What could go wrong?
For the lols… pic.twitter.com/YoG9EFOiGg
— Concoda (@concodanomics) May 1, 2022
What could go wrong?
What could go wrong?Fidelity plans to allow people to put retirement savings into Bitcoin
— web3 is going just great (@web3isgreat) April 26, 2022
April 26, 2022https://t.co/M1cYZkA2i9 pic.twitter.com/5ILE5Aaubi
"Mr. Khawar's group works inside the Labor Department to regulate company-sponsored retirement plans. In the interview, he said he views cryptocurrency as speculative. There is 'a lot of hype around "You have to get in now because you will be left behind otherwise,"' he said."
— web3 is going just great (@web3isgreat) April 30, 2022
It's almost like, they never had real jobs before, but a big VC company saw a chance to use them as pawns for a scheme that would net them a lot of $$ https://t.co/Ggwv4fGDUY
— Amy Castor (@ahcastor) May 1, 2022
I'd seen the term "gas war" in this context before but I was never entirely clear about what it meant until I read this post by Amy Castor.It's just a bad software architecture, no way around it. The only way this kind of thing ever scales is by becoming the very centralized setup it aims to replace, thus undermining its goals.
— Stephen Diehl (@smdiehl) May 2, 2022
Yuga Labs launched a land sale for its upcoming metaverse project Otherside Saturday night, which quickly morphed into a gas war — and broke Ethereum.
As part of their psychedelic-fueled business plans, Yuga Labs offered 55,000 NFTs called “Otherdeeds” for 305 APE each ($5,800, at the time). Apecoin was the only crypto accepted for the minting.
The sale, which started on April 30, at 9 p.m ET, immediately became a land grab for the rich. People paid between 1.3 ETH to 1.9 ETH ($3,500 to $5,500), on average, just to get their transactions to go through. Some even paid 5 ETH ($13,500) and higher — double the cost of the land itself.
The high fees lasted several hours, making Ethereum virtually unusable for any other projects. [Reddit]
By the time the sale was over, Yuga Labs netted 16.7 million APE ($310 million), helping to recentralize a coin they can then claim is decentralized. All of the APE acquired in the sale are locked up for one year.
Gas fees
Ethereum — a “world computer” — ambles along at 15 transactions per second. You have to pay a fee, called “gas,” to Ethereum miners to process transactions.
When transaction volumes are high, miners get to selectively process only transactions paying the highest gas fees. The higher the gas fee you are willing to pay, the better your chance of having a miner include your transaction in the next block on the blockchain.
If you happen to pay too low a gas fee, your transaction will fail, and you lose your gas money. The Otherdeed mint saw lots of failed transactions. [Dune]
Jonathan Swift on the South Sea Bubble, the crypto of his day:
— Stephen Diehl (@smdiehl) May 2, 2022
> While some build castles in the air,
> Directors build them in the seas;
> Subscribers plainly see them there,
> For fools will see as wise men please.
Nothing ever changes.
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