cryptocurrency

‘Belonging is stronger than facts.’ —Zeynep Tufekci

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In February, after reading a Reddit thread about Dogecoin’s potential, Mr. Contessoto decided to go all in. He maxed out his credit cards, borrowed money using Robinhood’s margin trading feature and spent everything he had on the digital currency — investing about $250,000 in all. […] The value of his Dogecoin holdings today? Roughly $2 million. […]

He is also emblematic of a new kind of hyper-online investor who is winning by applying the skills of the digital attention economy — sharing memes, cultivating buzz, producing endless streams of content for social media — to the financial markets. These investors, mostly young men, don’t behave rationally in the old-fashioned, Homo economicus sense. They pick investments not based on their underlying fundamentals or the estimates of Wall Street analysts, but on looser criteria, such as how funny they are, how futuristic they seem or how many celebrities are tweeting about them. […]

These investors, mostly young men, don’t behave rationally in the old-fashioned, Homo economicus sense. They pick investments not based on their underlying fundamentals or the estimates of Wall Street analysts, but on looser criteria, such as how funny they are, how futuristic they seem or how many celebrities are tweeting about them. Their philosophy is that in today’s media-saturated world, attention is the most valuable commodity of all, and that anything that is attracting a great deal of it must be worth something.

{ NY Times | Continue reading }

‘Try to be free: you will die of hunger.’ –Cioran

Apparently someone sat Elon Musk down and told him where Bitcoins come from […] The funny move here would be if Tesla Inc. had dumped all its Bitcoins at the highs. […] The source of value for Bitcoin is not its use as a currency or economic importance; the source of value for Bitcoin — for everything — is simple proximity to Elon Musk. […]

Mark Zuckerberg shared a picture of his pet goats on Monday, introducing them to the world as Bitcoin and Max.

{ Bloomberg | Continue reading }

related { Tesla’s Musk halts use of bitcoin for car purchases }

‘Saints live in flames; wise men, next to them.’ –Cioran

For a few minutes during trading on Wednesday, for example, the price of Ethereum Classic jumped well above $100 on the Coinbase exchange. The digital token was trading at less than $80 at other venues, offering an obvious opportunity for investors to make money simply by buying in one place and selling in another.

{ Bloomberg | Continue reading }

‘There are many people today who see that modern society is heading toward disaster in one form or another, and who moreover recognize technology as the common thread linking the principal dangers that hang over us.’ –Theodore Kaczynski

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if you want to build a global taxi service that people can hail from a smartphone app, one way to do it is to coordinate with the taxi commissions of hundreds of cities to get regulatory approvals and make sure that you comply with local requirements, and another way to do it is to completely ignore those regulations and just launch your app everywhere. The second approach might expose you to ruinous fines or shutdown orders or bad publicity or prison, but it also might work; you might end up so popular in so many places that the local regulators can’t ban you and will have to accept your proposed terms. […]

If you want to build self-driving cars, you will need to test them. […] [a] way to test them is to just send out a bunch of cars to drive themselves everywhere, without asking for permission, and see what happens. […]

Federal agencies say he’s breaking the rules and endangering people. Mr. Musk says they’re holding back progress. […] When asked to comment on the specifics of this article, Mr. Musk replied with a “poop” emoji.

{ Matt Levine/Bloomberg | Continue reading }

previously:

Driverify [cryptocurrency]: Developed by Tesla’s self-driving-car division. Cars mine Driverify with spare computing power while idling, and spend it bidding against each other for right-of-way if they arrive at a four-way stop sign at the same time (users can preprogram how aggressively their cars bid in these auctions). […]

Banned [by the SEC] because: in the Phoenix suburb where the system was being tested, a pedestrian and Driverify-equipped car reached an intersection at the same time. The car dutifully wired a bid, but the pedestrian failed to respond. The car interpreted this as a bid of zero and ran into her.

{ Astral Codex Ten | Continue reading }

related { NASA suspends SpaceX’s $2.9 billion moon lander contract after rivals protest }

‘The difference between investment banking now and 20 years ago is that now, the customers have bigger yachts.’ –GSElevator

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The horses in these online races are NFTs, or “nonfungible tokens,” meaning they exist only as digital assets. […] But unlike the vast majority of NFTs each digital horse constitutes a “breathing NFT.” […] “It can breed, has a bloodline, has a life of its own. It races, it has genes it passes on, and it lives on an algorithm so no two horses are the same.” […]

One player sold a stable full of digital racehorses for $252,000. Another got $125,000 for a single racehorse. So far, more than 11,000 digital horses have been sold on the platform.

{ NY Times | Continue reading }

image { “Disaster girl” makes $500,000 in NFT sale of her viral meme }

So, how idlers’ wind turning pages on pages, as innocens with anaclete play popeye antipop, the leaves of the living in the boke of the deeds

NYC man sells fart for $85, cashing in on NFT craze […] Ramírez-Mallis and his fellow farters compiled the recordings into a 52-minute “Master Collection” audio file. Now, the top bid for the file is currently $183. Individual fart recordings are also available for 0.05 Ethereum, or about $85 a pop.

{ NY Post | Continue reading }

unrelated { Illegal Content and the Blockchain }

Meme creators will make NFTs. Memers become millionaires.

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Under U.S. law, as soon as a work of art in any medium is created, the creator owns the copyright in that work. […] When we talk about “copyright”, we’re really talking about multiple rights (sometimes called a “basket of rights”). These include the right to control who makes copies of the original work […]

Typically, when someone buys a work of physical art, they are only purchasing the physical object. They are not purchasing the copyright in the work. […]

So if you own an original oil painting, you can display it in your home or wherever you want, and you can sell or loan the painting to someone, but you can’t make copies of it, sell prints, or make new works based on the original. […]

if you buy an NFT, my presumption is that you are only buying ownership in the NFT itself. You are not buying the copyright, unless there is a written contract […]

if I buy an NFT, and then I post it to Instagram with the message “Check out this cool NFT that I just bought!”, that’s creating many more digital copies. But this is true for all kinds of visual art these days, and the artist is free to go to Instagram and file a copyright takedown notice, requesting that the post be removed.

{ David Lizerbram & Associates | Continue reading }

image + header { The meme economy }

Nor is there any void, for void is nothing, and nothing cannot be

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Blockchain technology is going to change everything: the shipping industry, the financial system, government … in fact, what won’t it change? But enthusiasm for it mainly stems from a lack of knowledge and understanding. The blockchain is a solution in search of a problem. […]

Once something is in the blockchain, it cannot be removed. For instance, hundreds of links to child pornography and revenge porn were placed in the bitcoin blockchain by malicious users. It’s impossible to remove those.

Also, in a blockchain you aren’t anonymous, but “pseudonymous”: your identity is linked to a number, and if someone can link your name to that number, you’re screwed. Everything you got up to on that blockchain is visible to everyone. 

The presumed hackers of Hillary Clinton’s email were caught, for instance, because their identity could be linked to bitcoin transactions. A number of researchers from Qatar University were able to ascertain the identities of tens of thousands of bitcoin users fairly easily through social networking sites. Other researchers showed how you can de-anonymise many more people through trackers on shopping websites.

The fact that no one is in charge and nothing can be modified also means that mistakes cannot be corrected. A bank can reverse a payment request. This is impossible for bitcoin and other cryptocurrencies. So anything that has been stolen will stay stolen. There is a continuous stream of hackers targeting bitcoin exchanges and users, and fraudsters launching investment vehicles that are in fact pyramid schemes. According to estimates, nearly 15% of all bitcoin has been stolen at some point. And it isn’t even 10 years old yet.

And then there’s the environmental problem. The environmental problem? Aren’t we talking about digital coins? Yes, which makes it even stranger. Solving all those complex puzzles requires a huge amount of energy. So much energy that the two biggest blockchains in the world – bitcoin and Ethereum – are now using up the same amount of electricity as the whole of Austria.

Carrying out a payment with Visa requires about 0.002 kilowatt-hours; the same payment with bitcoin uses up 906 kilowatt-hours, more than half a million times as much, and enough to power a two-person household for about three months. […]

And for what? This is actually the most important question: what problem does blockchain actually solve? OK, so with bitcoin, banks can’t just remove money from your account at their own discretion. But does this really happen? I have never heard of a bank simply taking money from someone’s account. If a bank did something like that, they would be hauled into court in no time and lose their license. Technically it’s possible; legally, it’s a death sentence. 

{ The Correspondent | Continue reading }

acrylic, fluorescent acrylic and Roll-a-Tex on canvas { Peter Halley, Iss, 2019 }

‘And the state of (gestures at everything) *this* is not helping lol.’ –britney gil

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Some luxury brands have started adding surveillance to their arsenal, turning to blockchains to undermine the emergence of secondary markets in a way that pays lip service to sustainability and labor ethics concerns. LVMH launched Aura in 2019, a blockchain-enabled platform for authenticating products from the Louis Vuitton, Christian Dior, Marc Jacobs, and Fenty brands, among others. Meanwhile, fashion label Stella McCartney began a transparency and data-monitoring partnership with Google for tracking garment provenance, discouraging fakes and promising to ensure the ethical integrity of supply chains. Elsewhere, a host of fashion blockchain startups, including Loomia, Vechain, and Faizod, have emerged, offering tracking technologies to assuage customer concerns over poor labor conditions and manufacturing-related pollution by providing transparency on precisely where products are made and by which subcontractors. […]

Companies such as Arianee, Dentsu and Evrythng also aim to track clothes on consumers’ bodies and in their closets. At the forefront of this trend is Eon, which with backing from Microsoft and buy-in from mainstream fashion brands such as H&M and Target, has begun rolling out the embedding of small, unobtrusive RFID tags — currently used for everything from tracking inventory to runners on a marathon course — in garments designed to transmit data without human intervention. […]

According to the future depicted by Eon and its partners, garments would become datafied brand assets administering access to surveillance-enabled services, benefits, and experiences. The people who put on these clothes would become “users” rather than wearers. In some respects, this would simply extend some of the functionality of niche wearables to garments in general. Think: swimsuits able to detect UV light and prevent overexposure to the sun, yoga pants that prompt the wearer to hold the right pose, socks that monitor for disease risks, and fitness trackers embedded into sports shirts. […]

According to one potential scenario outlined by Eon partners, a running shoe could send a stream of usage data to the manufacturer so that it could notify the consumer when the shoe “nears the end of its life.” In another, sensors would determine when a garment needs repairing and trigger an online auction among competing menders. Finally, according to another, sensors syncing with smart mirrors would offer style advice and personalized advertising.

{ Real Life | Continue reading }

related { Much of the fashion industry has buckled under the weight of the coronavirus — it appears to have sped up the inevitable }

Neighbors from Hell

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related { Spite fence | Fontainebleau Hotel Corp. v. Forty-Five Twenty-Five, Inc }

Detecting Ocean Glint on Exoplanets Using Multiphase Mapping

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Bitcoin Is Worth Less Than the Cost to Mine It

The production-weighted cash cost to create one Bitcoin averaged around $4,060 globally. […] With Bitcoin itself currently trading below $3,600, that doesn’t look like such a good deal. However, there’s a big spread around the average. […] Low-cost Chinese miners are able to pay much less — the estimate is around $2,400 per Bitcoin — by leveraging direct power purchasing agreements with electricity generators such as aluminum smelters looking to sell excess power generation.

{ Bloomberg | Continue reading }

art { Marcel Duchamp, 3 stoppages-étalon, 1913-14 | MoMA, NYC | Centre Pompidou, Paris }

The avocado is overcado

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Brooklyn-based blockchain software technology startup and Ethereum development studio ConsenSys has acquired asteroid mining company Planetary Resources, Inc. through an asset-purchase agreement. […]

ConsenSys is a production studio that creates enterprises in a wide range of business areas based on the Etherium platform for cryptocurrency and other blockchain applications. It has spawned 50 ventures, or “spokes,” including an online poker site, a legal services site and a “transmedia universe integrated with blockchain technology” called Cellarius. […]

Planetary Resources was founded in its present form in 2012, with initial backing from billionaires including Larry Page, Eric Schmidt, Ross Perot Jr. and Charles Simonyi. Its original mission was to identify and mine near-Earth asteroids for valuable resources, ranging from water that could be converted into rocket fuel to platinum-group metals that could conceivably be sent back to Earth.

Over the course of six years, the venture raised tens of millions of dollars and explored other potential revenue streams, including space telescope manufacturing, space selfies and an Earth-observation constellation called Ceres. […] But an anticipated funding round failed to come together, leading to a wave of staff cutbacks.

{ GeekWire | Continue reading }

related { Cryptocurrency Pump-and-Dump Schemes }

photo { Model of a Tyrannosaurus Rex, 1936 }