Jorge Stolfi
@JorgeStolfi
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Computer Science professor, State University of Campinas (UNICAMP)
Campinas, Brazil, usually
Joined September 2010
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I now have an account at that pre-historic twiiter with a trunk that cannot be named in these Halls.
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Every computer scientist should be able to see that cryptocurrencies are totally disfunctional payment systems, and that "blockchain technology" (including "smart constracts") is a technological fraud. Would they please say that out loud?
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Investing in crypto is just like what investing in Madoff's fund in the 1990s would have been --- if he had openly admitted, since the beginning, that there was no portfolio, no stock or options trading, not even a small cash reserve.
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@StephanWach
More like "Enron won Fortune magazine’s ‘America’s most innovative company’ award for an unprecedented six years between 1996 and as recently as 2001; the prestigious Financial Times awarded Enron the ‘energy company of the year’ award in 2000."
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Just a periodic friendly reminder:
The market cap of any crypto is 100% imaginary. Not 99%, not 99%, but 100%. There is not a penny of BTC's 1 trillion market cap that is stored anywhere in any form and belongs to the BTC holders. >>
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@AriDavidPaul
Censoring payments is a *good* thing. The "censorship resistance" of bitcoin has created the ransomware plague (8 billion USD/year damage and growing, just in ransom) and greatly expanded drugs-by-mail, corruption, tax evasion, and other crimes. >>
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Every cryptocurrency is a ponzi scheme.
Each NFT is just a new cryptocurrency whose circulation is fixed at exactly one indivisible unit.
Therefore, each NFT is a ponzi whose clientele consists of exactly one sucker at each time.
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The Lighning Network
#LN
🍋 is a failure. It has fewer than 18'000 users and is not growing. The CONCEPT has many flaws that have been known for years, no one knows how to fix, and are probably unfixable. >>
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Some useful tips to tell whether a business is a scam:
1. Owners/officers are anonymous --> scam
2. Identities and histories of owners/officers are not independently verifiable --> scam
3. Owners/officers have no experience and qualifications for the business --> scam
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Projects for "green bitcoin mining" are just shams. Electric energy is basically fungible. If Square builds a 1MW solar power plant to mine bitcoin, that is the same as Square using 1MW of coal power and someone else adding a 1 MW solar plant for the grid. >>
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Just in case people forgot: Bitcoin is *literally* a ponzi scheme. All the money that is being invested into it now just disappears: 25 million USD/day go to the miners, the rest to the few who are smart enough to sell. Not a penny gets "stored" anywhere.
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Bitcoin is indeed the first currency based on mathematics. *Advanced* mathematics:
1 BTC = i USD
where i = sqrt(-1): a purely imaginary number.
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Ethereum going PoS is like assault rifle makers replacing lead bullets with steel bullets because the ammo will be cheaper and more ecological.
Going PoS is not an "improvement" Making a very harmful thing more efficient is making it worse, not better...
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Anyway, batch answer: (1) BTC is a ponzi scheme. Not just my opinion, but that of many economists too. (2) As a payment system, bitcoin is crap. (3) As money, it is the most laughable thing that has ever been called such. >>
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BREAKING TWITTER NEWS: Elon Musk ordered all Twitter programmers to report to work Monday in person and take their assigned places at the software assembly line. The goal is to produce 200 softwares per day by the end of the week.
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@FatManTerra
How generous of you. Promoting a ponzi to people who were dumb enough to fall for another ponzi. In case they did not learn the lesson, and need a remedial class?
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Periodic reminder: cryptocurrencies are nothing but a payment system for criminals, and the biggest ponzi in history.
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@vogueblackheart
@pgaffney
>> The first 30'000 blocks of the XRP blockchain have been lost, in spite of the fact that the crypto is still active. Not even Ripple Inc and its creators have bothered to save a copy of those blocks...
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@robustus
@BrownUniversity
Electronics major and CS PdD here, 50 years working in tech. Bitcoin is an abysmally crappy payment system, and the most laughable thing that has ever been called "money".
If you only looked at reality, you would see that.
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Bitcoin's market cap just passed 150 billion USD.
For those who do not know, that is how much money NEW bitcoin "investors" will have to spend, in order for the current bitcoin holders to get the money that they THINK they have.
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Does anyone have a pic of the Tether HQ building? Given their 60 billion USD of assets, it must be quite impressive.
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@wesdeviers
@jasonfugate98
Append-only logs are useful, but only for peripheral functions like archiving, auditing, debugging, statistics, recovery from hardware or software failures, mirror startup, etc. Implementations that are secure enough for those uses have been around for decades. >>
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@vogueblackheart
@pgaffney
Why do you think that inserting it in a cryptocurrency blockchain will make it permanently available? If the crypto dies out (and it certainly will), it will be very difficult to find someone who saved a copy of its chain. There may be none. >>
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I may have retweeted this before, but did not notice who the author was:
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"The holders of bitcoin would then only wish ..."
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Visa can process 10'000 times more payments per second than bitcoin.
Would you invest in a car company whose top model can do 200 miles *per year*? Would you believe that engineers will soon fix that detail? That their stock will be up 1000% next year, because reasons?
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Four basic crypto facts:
I. Cryptocurrencies are a financial scam.
II. Blokchains are a technological scam.
III. Whoever tries to convince you to invest in cryptocurrency or in blockchain startups is a scammer who wants your money.
IV. We should not be nice to scammers!
>>
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@WatcherGuru
Ah yes! The Wall Street bankers did just that in 1929 to stop the crash of the stock market. Their rescue fund DID stop the crash!
For almost a whole day.
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IOTA is like a car that is revolutionary because it is water-fueled, and while it has a gasoline lawnmower engine for now, the company engineers are developing a water-burning one to replace it, soon.
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@jerrybrito
Weren't you coin bros asking for "regulatory clarity"? What did you expect the regulations would be? "You can launder money with no worry: just use crypto, and say that you traded the coins with some guy who swore that his name was 'Nakashi Satomoto'"?
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started to prrrrint USDC like crazy. Like Tether. The number had been growing very slowly since 2018, and there were only 4 billion USDC on Jan 1st, now there are 21 billion, and they are created billions at a time.
Was Circle sold toTether?
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Cryptocurrencies STIFLE innovation, HAMPER the economy, and make the poor POORER. They have siphoned more than a hundred billion USD from millions of investors to a few miners and speculators --- money that could have taken the next Apple or Google off the ground.
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The govrnment of El Salvador made it mandatory for businesses to accept bitcoin, with sanctions for those who refuse.
Wasn't there a talk, sometime somewehere, of bitcoin freeing people from the opression of authoritarian governments? Or was it about the US dollar?
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Prof
@GaryGensler
, the SEC was created specifically to prevent disasters like those of Terra, Celsius, FTX... specifically to block such phony and fraudulent investments BEFORE they are offered for sale to the public. So WHEN will the SEC ban cryptos for good?
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Investing in bitcoin is like playing in a casino where the house sells chips but will never redeem any. Players who wish to cash out and leave must sell their chips to other players.
The casino actually thrives, because the players are so stupid that they think they will win.
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@wesdeviers
@jasonfugate98
>> And those implementations are in fact much faster, cheaper, scalable, available, and flexible than any cryptocurrency blockchain -- and even more secure.
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What prevents the owners of Tether Inc from liquidating the company, splitting any "reserves" among themselves as dividends, and leaving a one-word message to USDT holders on their website?
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"At around 7:34 am New York time, the price of Bitcoin crashed from $65,760 to as low as $8,200."
Just a momentary tear in the Matrix. The bug was promptly fixed and Reality is now firmly suppressed again.
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Bukele's goal now seems clear: he plans to confiscate the USD from remittances and force people to accept USDT instead, through that Strike app.
What was that thing about
#Bitcoin
💩enabling people to keep their money safe from theft by corrupt govs supported by armed thugs?
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One of the bad effects of crypto is that it sucks billions of capital that could have gone to productive companies, and instead burns that money with mining or sends it to the pockets of crypto magnates overseas. >>
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@GaryGensler
, crypto companies and creators are spending hundreds of millions buying out celebrities like Matt Damon and Katy Perry, and mainstream media like Forbes, to convince Joe Plumber to invest in their unregistered securities. When will the SEC do its duty about it?
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The CEO of Cardano (ADA coin) says he has been invited to speak before the Agriculture Committee of the US House of Representatives on June 23.
What is the connection with agriculture? Because crypto bros believe that money grows on (Merkle) trees?
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Lets face it: even though the market has barely been opened up, the blockchain technology that is supposed to be the core of Web 3.0 does not have the capacity needed to support all the scams that people will want to throw at it. Not even close.
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The REAL question is whether Web17 will steal the market from all Web16 startups, even before they can take the money from those VCs who have invested in Web11 trusting that it would replace Web8 the same way that Web6 was going to replace Web4.
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Each NFT is just an independent cryptocurrency whose circulation is capped at just one indivisible unit. That is, a single-coin shitcoin. >>
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Michel Saylor saying that, if Biden tries to tax crypto, he can easily evade the taxes by hiding the revenue and lying to the IRS:
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>> The only way crypto investors can get money out is by taking it from other investors. Every crypto is a pure ponzi scheme. >>
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Operators of the big crypto ponzi are using their billions to corrupt every institution on Earth, from schoolteachers to senators, from sports to academia, from the poorest countries to the richest. The inevitable collapse will no longer destroy just a few million suckers...
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Investing in crypto is already the biggest ponzi of all time. It is going to be a bigger scandal than Madoff: not just because more people have lost more money in it, but also because the SEC has been more obviously and shamelessly complicit with it.
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How can crypto mining be profitable in the US? By exploiting the most plentiful resource in the country: corruption.
A BTC mine in Texas "secured a power discount from TXU for 2.5 ¢/kWH until 2030" whereas most Texans pay 18.5 ¢/kWH, >>
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BTC miners currently create ~900 BTC/day.which at the current price of ~20'000 USD/BTC is ~18 million USD/day
Let's say that 10 of those 18 million are spent in electricity, and that the miners can get 0.05 USD per kWh. (Both are underestimates.) >>
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#LightningNetwork
's Loop:
loop
announce << new fantastic_idea();
pretend_not_to_see(its_flaws);
while VC_funding_lasts()
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IOTA has a central Coordinator that defines the official state of the ledger. Why are people wasting money and time with it?
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@IOEnthusiast
@vogueblackheart
@pgaffney
I answered: get an IP, set up an HTTP server, write a "Welcome.html" page, publish your data through it.
There may be more convenient solutions, like placing it on a few Git servers, or the IPFS. But the point is that blockchain is NOT a viable solution.
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Is there any "official" explanation for the sudden drop of BTC's price, from ~51'000 to ~43'000 in a few minutes?
Did Elon Musk tweet THREE emojis?
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Anchor is a "decentralized lending" smart contract. It has collected 9 billion UST (TerraUSD) deposits on which it promises to pay 20% interest per year forever. >>
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@blockbain
And every bitcoiner thinks that all that the world needs is a YouTube video by a crypto peddler...
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48.37% "Have fun staying poor"
27.37% "Glad I dropped school in 13th grade"
22.37% The usual meme gifs
15.37% "It is not a Ponzi because the price is going up!"
14.37% "OK boomer"
11.37% "It is not a Ponzi because the USD is a Ponzi!"
10.37% Other
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A stablecoin is just an international bank with no real oversight or regulation and no deposit insurance, which allows anonymous accounts and transfers in complete disregard to KYC/AML/ATF laws.
The latter is the only significant "advantage" of stablecoins over regular banks.
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@eggsbuttersugar
@shanley
The algorithms don't do what they were supposed to do. The payment systems that they create are MUCH more expensive, limited, inconvenient, slow, and insecure than what already exists -- and are not even decentralized. The technical term for that situation is "does not work".
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#Tether
does not have any reserves to speak of. That is what their latest release says. They print USDT without backing, loan it to exchanges and brokers to buy cryptos with, and claim that those loans are their reserves.
BUT THAT DOES NOT MATTER, really... >>
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Simon Spichak on how pension funds can save you from sinking your lifetime savings into crypto, by doing that themselves for you:
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Amazing how the brilliant minds at
@techreview
still cannot realize that a system that MUST spend $50 of electricity to process one transaction cannot ever be a viable payment system. >>
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Seth Meyer last night: "30% of people are reluctant to invest in bitcoin because they don't understand it. 30% are reluctant to invest because they do."
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Bitcoin Core (BTC) is a p2m (person-to-miner) payment system, whose purpose is to let users pay transaction fees. >>
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1. Elizabeth Stark (CEO of Lightning Inc) explained on Bloomberg that Bitcoin Core is like a congested road, Bitcoin Cash is like a road with more lanes, and the Lightning Network is like teleporting. >>
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Square's plan to "make bitcoin mining green" is like raising $5M of investment to set up a farm in Africa, but then burning all the food grown there.
It would not reduce world hunger. It would not even be a no-op. It would waste $5M that could go to beneficial investments.
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Let's make one thing clear: bitcoin mining does NOT help with the climate crisis. Quite the opposite.
The BTC hashrate is now about 400 million TH/s. Assuming the best-performing mining rigs on the market, which consume ~30 J/TH, that is 12 GW of power consumed. >>
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If you have time to watch only one video about cryptocurrencies, watch this one:
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@signifec
>> Can you see the difference between:
1. Most payments with national currencies are illegal.
2. Most payments with bitcoin are illegal.
3. Most illegal payments use national currencies.
4. Mist illegal payments use bitcoin.
Hint: 1 and 4 are false, 2 and 3 are true.
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@MDTaps
Yes. That is not just my opinion, but of all computer scientists I know who aren't being paid to "develop" it. >>
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@cz_binance
Ah, the old mirage of getting rich without effort or skills... "Just give us whatever money you have now, and you will soon be partying on your yacht with three girls in bikinis by each side."
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NFTs (Non-Fungible Tokens) are a scam. Anyone needs me to explain why?
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>> That is, Square is not making bitcoin be less of a waste of energy or more "green". It is just diverting money that could go to reducing fossil fuel consumption to sustain the mining of those virtual unicorn burps.
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For those who claim that crypto investors are smart and nocoiners are stupid, let me point to the interesting math of the Anchor DeFi:
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Over the past year alone, the suckers who invest in bitcoin have spent at least 10 billion USD MORE buying BTC than they gained by selling it. That's their net total LOSS. That money, like the more than 10 B that they lost in previous years, will never come back to them.>>
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2. That means, I suppose, that increasing the block size limit is sensible and straightforward engineering, while the LN is just Star Trek fanfiction. I can appreciate the frankness... >>
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Tether and their minions have been doxxing, spamming, harassing their critics...
Wouldn't it be much more effective instead to just post a *detailed* account of their reserves? Like, what are those "commercial papers"?
Because they *do* have those reserves, right?
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@Dennis_Porter_
"Bitcoin stores energy" must be the most absurd and dishonest of the lies that its promoters have invented.
All the energy used to mine crypto is WASTED. Not stored anywhere.
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Today I learned that Elon Musk became boss of Tesla by investing 40 million USD into it. Which is about as much as
#Bitcoin
💩 miners take in one day from the suckers who "invest" in the coin.
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@stephendpalley
I totally delight in the failure of blockchain projects. And at he losses of their big investors.
But I totally do NOT delight at the misery of the poorer victims of those swindlers. That is why I feel doubly good trying to stop them.
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Today I transferred 10 STC (StolfiCoin) all around the world, through 27 national borders, back to myself. At the current price, that was 80 billion USD worth. I paid 0.001 jorge (0.08 USD) of fee and it confirmed in less than 0.1 second (yes, faster than the speed of light).
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>> So a centralized "LN wallet" like Chivo or Strike is a contradiction in terms -- like a "coal-powered wind turbine", or a "vegetarian pork sausage".
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@jchervinsky
>> It will be the same with crypto. If the price of bitcoin drops to zero tonight, the investors will not lose a trillion dollars. They will not lose a penny. They will only finally learn that THEY HAVE ALREADY LOST more than 20 billion -- over 12 years, as they invested.>>
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@jchervinsky
Madoff's ponzi crashed when its market cap was 60 billion USD. But the investors did not lose a penny on that day. They HAD ALREADY LOST 19 billion USD over the previos 25 years, when they invested. On that day they just learned of that previous loss. >>
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1. There is a lot of modern bogus mythology about gold and money. Much of it is spread by marketeers of gold and gold funds, who, with great sacrifice, are generously willing to give you their "sound money" in exchange for your "worthless fiat". >>
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@sarim_hidayat
It cannot handle 4 million users doing 1 payment per week. It is MUCH worse than Visa, PayPal in everything -- speed, cost, safety, customer support, convenience, simplicity, ... and it uses a "currency" that can lose 10% of the value in minutes, 50% in a year...
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@jasonzuketo
@ReinH
The DeFi "loans" are not real loans. You must put down money to get a loan of less money! They are only gambles on the future relative price evolution of two cryptocurrencies.
The "collectibles" are just digital receipts of nothing. Hard to imagine something more useless.
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@AriDavidPaul
>> And moreover it has not served "billions". By design, BTC cannot process more than 400'000 tx/day, which is not enough to serve 4 million people doing 1 payment per week...
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@mnicoletos
That is like saying that arsonists contribute to reduce fires by spurring the development of better fire alarms and sprinklers.
Bitcoin is a store of energy in the same sense that sewage is a store of food.
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