Bad beat/Moaning/Venting thread - Wordle Gummidge

[Denny Crane]

To answer this properly, there are almost a lot of different cryptocurrencies, with a lot of different business cases. One of the major business cases for Bitcoin is that it is an excellent store of value, similar to gold. However, it has a few properties that make it more practical than gold.

It has lots of properties that make it less practical than gold as a store of wealth.

[Pat Mustard]

Thought I was having a job interview this morning, friend of a friend who works for a recruitment crowd and have met IRL, and seemed sound organised it. Interesting role, minimal commute with plenty of opportunity to WFH and generous uplift (only ever heard that term here) to what I'm currently earning.

Meant to have a video interview this morning @ 10:40, instructions in email, shouldnt be more than 30-40 mins, click on video link once we have called you to confirm, sitting there waiting till 11:20, interviews can go over and I understand that.

Called the recruiter and said I've had no call, says he'll get back to me straight away, calls me back after 15 mins and says there has been a "mix up", and can we do it at 13:30, I said no problem but can't run over time as have other stuff on.

Still sitting here. Just deciding how to tell them both to GFY but in a professional way.

[Hectorjelly]

Ah look , the use case is only for criminal transactions and anyone who pretends otherwise is a fool. The energy use problem is real and no amount watching the Winkletwat twins snaring gobshites into buying it is gonna change that.
I'm not for or against crypto, I understand the technologies, the relationship with fiat currencies and I understand what they need to achieve in order to become a transnational currency.
Gamble away good luck in finding a winner in that field, this morning I saw a scan of the winner of the 2028 Cheltenham Gold Cup if you'd like to invest

The energy use problem is not real. For bitcoin miners electricity is by far the largest cost, so the mining rigs tend to be located where electricity is very cheap. This means they typically end up being beside hydroelectric dams where electricity is going to be otherwise wasted. https://qz.com/1364657/bitcoins-ener...-as-you-think/

Also, Etherium, the 2nd largest crypto, will be moving to a proof of stake network, rather than a proof of work network, which means a vast reduction in electricity consumption. https://blockgeeks.com/guides/proof-...roof-of-stake/

The use case argument is just incorrect, just this week Microstrategy announced they were adopting bitcoin as their treasury reserve, and promptly bought $250 million worth of bitcoin. https://www.businesswire.com/news/ho...-Reserve-Asset

The biggest buyer of bitcoin over the last few months is Greyscale. A publically listed security. The main purpose of this fund is to allow institutional investors gain exposure to bitcoin. The fund is worth over 3 billion. https://grayscale.co/bitcoin-trust/

https://news.bitcoin.com/grayscale-b...2.6%20million.


As for finding a winner, Bitcoin and Etherium dwarf all the other projects by several orders of magnitude, so it shouldn't be too hard to pick a winner.

[Hectorjelly]

It has lots of properties that make it less practical than gold as a store of wealth.

I can think of one?

[Silver-Tiger]

For the foreseeable (And the last 6 months) the Top Job and the Minister for Health will be the main Barometer for how the government is performing. Blue Shirt voter here already worried about the next election and what could happen. Martin and Donnelly are absolutely fucking unbearable. Not sure there is a way back for them. Martin 'Rejecting' claims that the latest guidelines are unclear. The fucking state of that.

[Raoul Duke III]

For the foreseeable (And the last 6 months) the Top Job and the Minister for Health will be the main Barometer for how the government is performing. Blue Shirt voter here already worried about the next election and what could happen. Martin and Donnelly are absolutely fucking unbearable. Not sure there is a way back for them. Martin 'Rejecting' claims that the latest guidelines are unclear. The fucking state of that.

People voted for these morons when there was a competent government in place. Buyer beware.

[Denny Crane]

I can think of one?

No 51% attacks in gold
You're not gonna lose your keys to gold
Gold has a fraction of the volatility
Gold has real word uses that backstop its value
Gold has been universally valuable since the beginning of history
Gold has greater institutional support than bitcoin will ever have
Gold doesn't have so many competing similar products

Cypto's value comes from it being a ponzi scheme

[Silver-Tiger]

Also. Miss it in here. Get some error on mobile every time i log in on my mobile browser that makes me leave it. Maybe i should use Tapatalk.

[Denny Crane]

[Raoul Duke III]

No 51% attacks in gold
You're not gonna lose your keys to gold
Gold has a fraction of the volatility
Gold has real word uses that backstop its value
Gold has been universally valuable since the beginning of history
Gold has greater institutional support than bitcoin will ever have
Gold doesn't have so many competing similar products

Cypto's value comes from it being a ponzi scheme

This. Until governments\central banks recognise and regulate crypto, it's just a wild west for scamming and speculative purposes only. That's the reality of it.

These comments do not apply to the technology itself...

[Raoul Duke III]

Had to flee Tayto Park after being drenched several times.

Would say covid restrictions make it far less craic than previous. Half the place is closed and queues are moving more sluggishly due to regs. And the rollercoaster was closed because of the wind (I pretended to be upset).

[Emmet]

1 The energy use problem is not real. For bitcoin miners electricity is by far the largest cost, so the mining rigs tend to be located where electricity is very cheap. This means they typically end up being beside hydroelectric dams where electricity is going to be otherwise wasted. https://qz.com/1364657/bitcoins-ener...-as-you-think/

Also, 2 Etherium, the 2nd largest crypto, will be moving to a proof of stake network, rather than a proof of work network, which means a vast reduction in electricity consumption. https://blockgeeks.com/guides/proof-...roof-of-stake/

.............

As for finding a winner, Bitcoin and Etherium dwarf all the other projects by several orders of magnitude, so it shouldn't be too hard to pick a winner.

This is a contradictory mess.
1 - There is no energy consumption issue.
2 - but Ethereum is moving to proof of Stake to get away from the energy consumption issue

What problems do cryptocurrencies solve that fiat can't?
That's the important part.

I can give you a list of problems that fiat solves that cryptocurrencies can't.

And then from there is a value judgement as to which you or I consider more important I suppose.

As RD3 says, Blockchain as a concept that helped to create Bitcoin is certainly useful. Bitcoin itself I am less sure of.

[Keane]

I ended up getting an Oculus Quest it having been stuck in my head the last few months after Opr I think it was talked about it. Mine arrived yesterday and I have to say it's actually mind blowing.

I've never used vr before and it's so far beyond my expectations.

Anyone else use one have any recommendations on how to get the most out of it? The possibilities seem to be endless.

[ComradeCollie]

[6starpool]

Also. Miss it in here. Get some error on mobile every time i log in on my mobile browser that makes me leave it. Maybe i should use Tapatalk.

Have you tried different browsers? I presume so, but who knows!

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[BennyHiFi]

Lol... Jess Brennan.

Bad form is temporary, classlessness is permanent.

[ComradeCollie]

Steve Bannon arrested. charged with fraud and money laundering https://www.nytimes.com/2020/08/20/n...-indicted.html

[Silver-Tiger]

Have you tried different browsers? I presume so, but who knows!

It's on Chrome. Always met by the consent followed by the other without fail. Not the biggest of deals but annoying.

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[Hectorjelly]

This is a contradictory mess.
1 - There is no energy consumption issue.
2 - but Ethereum is moving to proof of Stake to get away from the energy consumption issue

What problems do cryptocurrencies solve that fiat can't?
That's the important part.

I can give you a list of problems that fiat solves that cryptocurrencies can't.

And then from there is a value judgement as to which you or I consider more important I suppose.

As RD3 says, Blockchain as a concept that helped to create Bitcoin is certainly useful. Bitcoin itself I am less sure of.

It's not contradictory. There are benefits to proof of stake that have nothing to do with energy consumption. What I was saying is that energy consumption isn't much of an issue now, and it will be even less of an issue in the future.

Digital currencies solve many problems, there are so many advantages to digital currency I wouldn't know where to start to list them. I also wouldn't be the most informed or eloquent speaker on the topic. The most pressing problem right now that digital currency solves is an escape route for people in countries with huge inflation, i.e. Turkey/Brazil.

Almost every central bank around the world is exploring their own digital currency because they realise the problems with non-digital money. There's a comprehensive list here. https://www.theblockcrypto.com/post/...esearch-report

[Hectorjelly]

Cypto's value comes from it being a ponzi scheme

You need to look up what a Ponzi scheme is.

[Strewelpeter]

The energy use problem is not real. For bitcoin miners electricity is by far the largest cost, so the mining rigs tend to be located where electricity is very cheap. This means they typically end up being beside hydroelectric dams where electricity is going to be otherwise wasted. https://qz.com/1364657/bitcoins-ener...-as-you-think/

Good LOL out loud at that just think about what you are saying there

The use case argument is just incorrect, just this week Microstrategy announced they were adopting bitcoin as their treasury reserve, and promptly bought $250 million worth of bitcoin. https://www.businesswire.com/news/ho...-Reserve-Asset

I'll let you do your own thinking about that the real implications of that are.
Let me give you a clue, for very little money I can present you with a wholly new codebase, crude as fck but working, yellow pack version of any one of these designs.

[Hectorjelly]

This. Until governments\central banks recognise and regulate crypto, it's just a wild west for scamming and speculative purposes only. That's the reality of it.

These comments do not apply to the technology itself...

That's a good analogy for it. It is the wild west, and due to the lack of regulation, you get incredible innovation and an incredible amount of fraud. These days though it has a large amount of institutional support (which I've already highlighted above) and many central banks have tacitly recognised it. As for regulation, well that is basically the whole point of bitcoin. You can't regulate it.

This ad has been shown across America over the last few weeks.

https://www.youtube.com/watch?v=x6B6cj1CIMk

[Hectorjelly]

Good LOL out loud at that just think about what you are saying there

I'll let you do your own thinking about that the real implications of that are.
Let me give you a clue, for very little money I can present you with a wholly new codebase, crude as fck but working, yellow pack version of any one of these designs.

Congratulations, you worked out that bitcoin is open source.

[Raoul Duke III]

That's a good analogy for it. It is the wild west, and due to the lack of regulation, you get incredible innovation and an incredible amount of fraud. These days though it has a large amount of institutional support (which I've already highlighted above) and many central banks have tacitly recognised it. As for regulation, well that is basically the whole point of bitcoin. You can't regulate it.

This ad has been shown across America over the last few weeks.

https://www.youtube.com/watch?v=x6B6cj1CIMk

Just as a matter of interest, why have you become such an evangelist for crypto? I clearly missed a memo somewhere.

[Hectorjelly]

Just as a matter of interest, why have you become such an evangelist for crypto? I clearly missed a memo somewhere.

There's more money in crypto than poker, and the memes are better.

[Strewelpeter]

Congratulations, you worked out that bitcoin is open source.

Yeah thats what I'm pointing you towards
The coin is either worthless or worth far more than it is now, just about all of the big holders are crooks, good luck with outplaying them.

[Raoul Duke III]

The most pressing problem right now that digital currency solves is an escape route for people in countries with huge inflation, i.e. Turkey/Brazil.

How does it solve that problem in a way that buying EUR, USD, CHF or indeed XAU doesn't?

[Raoul Duke III]

There's more money in crypto than poker, and the memes are better.

But are you actually working and\or speculating in crypto?

[Emmet]

It's not contradictory. There are benefits to proof of stake that have nothing to do with energy consumption.

concrete example?

What I was saying is that energy consumption isn't much of an issue now, and it will be even less of an issue in the future.

hmm, seems a strange premise. Once we have unlimited free energy then the fact that a main tenant of cryptocurrency transaction handling is having multiple cpus burn through watts of power just to facilitate finding the solution for a problem that solves only the facilitation of that transaction and no other goal whatsoever, we're grand?

Digital currencies solve many problems, there are so many advantages to digital currency I wouldn't know where to start to list them. I also wouldn't be the most informed or eloquent speaker on the topic. The most pressing problem right now that digital currency solves is an escape route for people in countries with huge inflation, i.e. Turkey/Brazil.

How? How does it do that in a way that fiat cannot? What is the differential here? What is the added value of the cryptocurrency over fiat here? Also, let's stick with cryptocurrencies, as you have extolled, and not 'digital currencies' which you've moved onto in this post, almost all currency transactions in the world by volume is via digital currency. The Euro has been a digital currency for decades.

Almost every central bank around the world is exploring their own digital currency because they realise the problems with non-digital money. There's a comprehensive list here. https://www.theblockcrypto.com/post/...esearch-report

As above, digital currency is not equivalent to crypto currencies. I can already spend multiple currencies using a digital wallet.

Thank you for the link dump though.

[Denny Crane]

You need to look up what a Ponzi scheme is.

Yes agree with the above. I was suggesting it for small amounts where the purpose is to just sell later for an expected profit, as it's the most hassle free way to dabble

Same principles. New investors paying off old.
the big collapses in crypto happen when they run out of new money. Like after the South Korea mania.

[Hectorjelly]

Same principles. New investors paying off old.
the big collapses in crypto happen when they run out of new money. Like after the South Korea mania.

You are confusing a bubble with a Ponzi scheme.

[Emmet]

A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.

[Strewelpeter]

Also it might be close to over now but the lockdown chess tournaments have been the most fantastic sport Looks like Magnus is about to Magnus but there might be one further twist in the last rapid game which is about to start here

https://chess24.com/en/watch/live-to...ur-2020/11/1/2

[Hectorjelly]

concrete example?

The proponents of proof of stake believe that the network will be safer and that it is a more democratic way to run a blockchain. The argument is too technical for me to have much of an opinion now the merit of that, but if there is a problem with proof of stake then it we will find out in the next few years.

hmm, seems a strange premise. Once we have unlimited free energy then the fact that a main tenant of cryptocurrency transaction handling is having multiple cpus burn through watts of power just to facilitate finding the solution for a problem that solves only the facilitation of that transaction and no other goal whatsoever, we're grand?

Nope, that's not what I was saying. The energy that bitcoin uses is mainly renewable energy in places that don't have much other use for it. I.e hydroelectric damns It isn't adding to the total amount of electricity used.

[Hectorjelly]

But are you actually working and\or speculating in crypto?

All of my money goes into music right now, which 100% is a Ponzi scheme.

And just to be clear, I'm not advocating anyone invest in crypto. There's no doubt it's super high risk and there had already been a big bubble in recent memory. We might be on our way back to another one.

That said a bubble is not indicative of a Ponzi scheme. The internet had it's own bubble.

[Denny Crane]

It's the greatest Ponzi scheme of all time. A guy wrote some digits, all the early adopters are rich, new investors are brought in under the guise of hodl moon. Will probably go to zero at some stage.

[Hectorjelly]

Yeah thats what I'm pointing you towards

This manner of discourse is beneath you.

[Hectorjelly]

Will probably go to zero at some stage.

Do you want to bet on that?

[6starpool]

It's on Chrome. Always met by the consent followed by the other without fail. Not the biggest of deals but annoying.

Are you using incognito mode? It mightn't make a difference, but that consent thing is related to cookies I think, so might be part of the problem. If that's not it then try deleting any bookmark, and going to www.irishpokerboards.com and adding a new bookmark when the site loads after you log in. I saw elsewhere that this might work. Other than that, I don't know.

[Emmet]

The proponents of proof of stake believe that the network will be safer and that it is a more democratic way to run a blockchain. The argument is too technical for me to have much of an opinion now the merit of that, but if there is a problem with proof of stake then it we will find out in the next few years.

Appeal to Authority and an appeal to ignorance are not concrete examples I'm afraid. Can we do better here?

Nope, that's not what I was saying. The energy that bitcoin uses is mainly renewable energy in places that don't have much other use for it. I.e hydroelectric damns It isn't adding to the total amount of electricity used.

You're trolling here right?

[Gimmeabreak]

those who are confusing a bubble for a ponzi scheme are actually both confusing it for capitalism.

[dinekes]

After listening to all the arguments...


https://youtu.be/8QuSuKcrAeU

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[Denny Crane]

Stock market represents economic activity and produces dividends. Vs Bitcoin which produces little economic value, most people are just buying into it hoping it goes to the moon (closer to a penny stock than the real market). And it has no fundamental value. It's value all comes from new round of speculators.

Almost every central bank around the world is exploring their own digital currency because they realise the problems with non-digital money. There's a comprehensive list here. https://www.theblockcrypto.com/post/...esearch-report

And most central banks hold hundreds of billions in gold reserves. There's no comparison about which is real store of wealth.

[Strewelpeter]

Also it might be close to over now but the lockdown chess tournaments have been the most fantastic sport Looks like Magnus is about to Magnus but there might be one further twist in the last rapid game which is about to start here

https://chess24.com/en/watch/live-to...ur-2020/11/1/2

Scenes

Swing Swong, Magnus had to win the second blitz game extraordinary win blitzing out a dozen or more crucial life or death moves precisely from 20 seconds on the clock to force Armageddon( Starts in 4 mins)
Incredible stuff

[hotspur]

Half the place is closed and queues are moving more sluggishly due to regs.

Seems appropriate that the first use of that word here in probably 7 years has to do with kids at Tayto park.

[paul8200]

Stock market represents economic activity and produces dividends. Vs Bitcoin which produces little economic value, most people are just buying into it hoping it goes to the moon (closer to a penny stock than the real market). And it has no fundamental value. It's value all comes from new round of speculators.



And most central banks hold hundreds of billions in gold reserves. There's no comparison about which is real store of wealth.

the reasons they hold gold in reserves is it is seen as a currency pair, and as such a hedge against currency fluctuation, which is how Bitcoin has been acting in this unusual year. the Nasdaq priced in Bitcoin, for example, is not doing particularly well. (On the day TESLA breaks 2000!)

[Lao Lao]

FOUR!!!!!

[ComradeCollie]

FOUR!!!!!

Way to make Jess Brennan look like not so unusual a gobshite

[ArmaniJeans]

80 people indoors at the Oireachtas Golf Society 50th Anniversary function is just hilarious.

[Keane]

80 people indoors at the Oireachtas Golf Society 50th Anniversary function is just hilarious.

I genuinely didn't think FF would be this bad. What a bunch of duds.

[Keane]

Was there any exit poll info on people voting for FF by age in the election? They must have had around 0 votes from the under 30s surely?

[Lazare]

Martin is a massive failure I feel. It's like his whole mission in his career was not to be the first. Now that he's over the line he doesn't know what to do with himself.

Actually really like S Donnelly, there's a naiive honesty about him.

Totally unsuited to a ministerial role.

[ComradeCollie]

Was there any exit poll info on people voting for FF by age in the election? They must have had around 0 votes from the under 30s surely?

Probably more from younger people as they have no real memories of what cunts they are. One of my nephews joined FF on freshers day a few years ago. I was pre emtively turning in my grave.

[ComradeCollie]

[Keane]

https://twitter.com/JohnFogartyIrl/s...155981312?s=19

This messaging is confused. Not confusing, confused.