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Comment Re:We're a nation of 12-year-olds (Score 1) 104

We could pretty easily raise the level of thinking in the country but it would cost money nobody wants to spend and it would undermine organized religion. Parents don't like it when their kids come home from college with all that highfalutin learning questioning established doctrine from the holy books they never read... The real problem is that well-educated children are not going to be able to relate with and get along with they're under educated parents so those parents are going to get upset if their kids are taught critical thinking skills...

Which explains the why no one who wants to think critically should attend any Texas college or university.

Comment Be Aware: Learn about Crypto B4 Investing in it! (Score 1) 50

Let this movie Everyone is lying to you for money! (Click here for trailer) explain cryptocurrency to you. It costs $5.99 to watch in most jurisdictions or you can pay a lot more on Amazon Prime Video. The maker, who does have a degree in Economics, says he decided not to place it on regular streaming services because they all wanted 50% of revenue. I receive no compensation for suggesting it.

The filmmaker gained on camera interviews for the movie with various crypto-criminals before they got caught including probably the currently most famous Sam Bankman-Fried the founder of Alameda Research and the Crypto exchange FTX which created the fraudulent FTT token , and who is now serving time in prison.

The movie is based on the book "Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud" likely AVAILABLE FREE via Overdrive.com with your (in the US) public library (if you have a freely obtainable library card) online for 21 days as screen readable text or as an Audiobook read by the author.

NOTE: The book does go into far more detail than the movie.

You really want to watch the documentary or read the book before you invest in any cryptocurrency.

Remember the former CEO of Binance CZ was pardoned by Trump. CZ made the Trump family Crypto firm World Liberty Financial USD1 token workable after Trump's sons could not.

Crypto fraudsters are not anomalies, they are a *feature* (not a bug) of Crypto-Currency by design.

You are just an NPC with money to obtain to those running Crypto.

Crypto is for crime!

Comment Re: Will they be able to cover the next one? (Score 1) 50

Cryptocurrency has a force more powerful than any military hardware or economic warfare the U.S. can bring to bear: math.

Math? Really?

The generation and manipulation of numbers is valuable only for how they are applied. Math is a tool.

With Cryptocurrency, Math (that many do not understand) along with cognitive manipulation is used to convince victims to hand their currency to the robber. This works better than a weapon, because the victim only finds out later long after they cannot get their real currency back.

Saying "math" is like saying "trust the code" to people who do not understand either.

Comment Re: Will they be able to cover the next one? (Score 1) 50

Money in a bank is safe, even if the bank is hacked. The traceability of money makes it difficult to steal from a bank but with Bitcoin, it is impossible to reverse any theft. There is a reason bitcoin theft is loved by hackers.

It's mostly "safe" in the bank because the bank spent it!

The bank usually invests it, rather than spending it. BTW, loans are investments.

Bank transfers are often irreversible, but a hacker couldn't transfer that much before the bank's ledgers reach 0. If too many account holders try to withdraw money the bank simply shuts down...

Then the FDIC steps in and makes everyone whole up to $250K of their deposits with any specific bank. That's why if you have more real $$$, you should invest in Treasuries. You'll almost always get a better return than any Bank CD also and pay lower taxes on the gains. And if the US ever defaults on their debt, we are all f*d anyway.

Cryptocurrency has no real value, and so as long as victims accept crypto rather than real money they still have nothing, but won't know it until they attempt to cash out for real currency.

Want to save your money from going into a scammers pocket? Watch Everyone Is Lying To You For Money! And then cash out of any crypto holdings before the crowd does, if you can. It will cost you $5.99 in most jurisdictions and I receive no commission.

Comment Re: Will they be able to cover the next one? (Score 1) 50

Hacks don't devalue cryptocurrency anymore than bank heists devalue the dollar.

Unless a significant number of the victim investors in the Crypto decide to cash out to real money. Then they'll find out they can't and there is NO BACKSTOP or insurance like the FDIC to make them whole ever again.

Too bad, so sad. You lost your real $$$ when to bought the tokens. But your exchange was probably paid fees in your real $$$. In exchange, you get to see fake valuation numbers on a screen until you try to cash out.

Thus the "pantomime play" about all the tokens frozen and recovered.

Want to test that likely lie? Cash OUT for real money.

Comment Re:And this is why ... (Score 1) 91

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Block chains are way too slow handle modern financial transactions. They are interesting, but limited use cases in low transaction rate scenarios.

They have similarities with LLM token evaluation and a lot of the same problems.

Well they are consensus based, but the original vision of that was regular people all over the world, using regular hardware, would be determining that consensus.

As opposed to what we really got which is a relatively small number of corporate miners, concentrated in some jurisdictions, that grossly outweighs the individual miners, and may be at a point where some of the security assumptions of crypto are compromised. I.e. decentralization.

Regular hardware from around when the original bitcoin paper was released is pretty useless for mining when the computation required keeps rising exponentially. Some of the more successful Crypto miners (aka "crypto bros") are now into building AI data centers. Which gives you an idea of the scale needed.

LLMs remind me of blockchain where you add a new token to the end of the prompt and then have to traverse the entire prompt again to produce the next token. Wash, rinse, repeat. That's really inefficient, similar to blockchain.

Building AI models in hardware *may be* the best solution for Local AI.

No one should want any of the frontier model AI companies getting copies of everything you feed to their AIs.

See: https://chatjimmy.ai

This AI model and training is from 2021... so kinda of dumb... but ask it anything and see how fast it is. It will tell you how many tokens/sec it took for your answer.

AMD now owns this tech.

Comment FTX had their own Cryptocurrency (Score 1) 91

Crypto is largely a spin on the classic ponzi scheme and money laundering.

Not at all. There is no interest or dividends where earlier investors are paid with recent investor's deposits. The preceding is a ponzi scheme.

Crypto is the "Greater Fool" theory, where one believes that there will be someone else to buy the asset at an even higher price in the future, so today's price does not matter. Also that the salvage value of the asset does not matter.

I suggest you do a review of FTX, Alameda Research and SBF.

FTX created and sold their own token FTT to crypto end-users. It is at the top of that KPMG autopsy report:

"FTX launched it’s own token, “FTT”. FTT provided holders with a discount on trading fees and OTC rebates, with FTX buying back and ‘burning’ FTT tokens based on FTX profitability – reducing supply hence increasing token price."

They used a flywheel model which works until there is a run on their crypto tokens. Very similar to a ponzi scheme. Customers think their accounts are becoming worth more, so they don't question. And like a ponzi scheme FTX provided incentives to not cash out.

"You lost your $$$ the moment you bought the tokens."

Comment Re:Pardon me (Score 1) 91

I foresee another $1,000,000 buy of Trumpcoin in CZ's near future.

Perhaps, but Trump already pardoned CZ once and erased all the fines he was to pay in exchange for making Trump's family crypto firm World Liberty Financial actually work as his sons were unable to do that.

Crypto is just a "wretched hive of scum and villainy" and victims.

Comment Stablecoins are just the chips for the casino (Score 1) 91

That should tell you right now that if you're involved in this crypto scam crap that you shouldn't be trusting stablecoins as they are by design made to fuck you over at the whim of a centralized authority.

They are only as good as their backing in the real currency they are *supposedly* backed by.

If they get frozen that usually means they are backed by NOTHING!

Comment Re:And this is why ... (Score 1) 91

Crypto is largely a spin on the classic ponzi scheme and money laundering.

Not at all. There is no interest or dividends where earlier investors are paid with recent investor's deposits. The preceding is a ponzi scheme.

Crypto is the "Greater Fool" theory, where one believes that there will be someone else to buy the asset at an even higher price in the future, so today's price does not matter. Also that the salvage value of the asset does not matter.

I suggest you do a review of FTX, Alameda Research and SBF.

Comment Re:And this is why ... (Score 1) 91

And this is why cryptocurrency was designed for users to hold their own wallet keys on their own devices. Not some 3rd party service.

On what hardware that cannot be hacked containing code that you cannot audit and that is not warranted or insured against loss. Chromebooks, PCs, Macs are all hackable. And hardware keys that can't be audited are only as secure as the incentive to break into them and obtain the keys.

"Trust the code" is a scam.

Crypto is very profitable for the criminals running the exchanges like Binance. The former CEO was pardoned by Trump. And then went on assist the Trump family World Liberty Financial in creating that Trump family crypto company after Trump's sons could not.

Comment Re:And this is why ... (Score 1) 91

If you are storing your cryptocurrency in a device that you cannot audit you likely already lost your money the moment you bought those crypto tokens.

Hence a dedicated device, used for nothing else.

Or maybe even a nice hardware wallet? Like this one here?
https://www.bleepingcomputer.c...

Face it, crapto is stupid. Banks are regulated strongly for really good reasons.

Thanks for proving the point! BTW, having a dedicated Chromebook, PC or Mac offers almost zero protection if the keys stored on them are worth the time obtain them. You cannot trust or audit the code inside. And the software vendors ALL declare no guarantee for any warrantable use of their products.

And if some Crypto promoter offers you a free hardware wallet to protect your keys, RUN AWAY!

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