• Anivia@feddit.org
        4·
        11 hours ago

        Reddit karma uses a logarithmic function to determine the karma on a post. The first upvotes give 1 karma each, but the higher the number gets the less karma you get from additional upvotes.

        This isn’t even some theory based on observations, the reddit algorithm used to be completely open source so you can see how it works on github (or at least how it used to work 7 years ago).

        Front page reddit posts with 50k points most likely have over a million upvotes in reality

    • cm0002@lemmy.worldOP
      101·
      23 hours ago

      1k upvotes here is like the equivalent of 50k on Reddit (probably I’m operating on dated info, who knows how much they screwed with the upvoting system by now lmao)

        • skulblaka@sh.itjust.works
          1·
          39 minutes ago

          I wouldn’t even really call this a private forum, though. Anybody can join for free with minimal effort.

          Now, SomethingAwful is a private forum, I paid them ten bucks to join. And to be honest I like their style. It’s a cheap one time payment for permanent membership but if you’re being an asshole and get yourself perma banned, you’re going to pay another tenner to rejoin. It’s a great anti-troll and anti-botting feature.

          I don’t think that strategy would work well for the Fediverse and I don’t recommend it as such. But that’s what I’d consider a “private forum”.

      • cm0002@lemmy.worldOP
        23·
        22 hours ago

        The underlying tech is actually very cool and neat, unfortunately it got co-opted by cryptobros and bastardized :(

          • Knock_Knock_Lemmy_In@lemmy.world
            2·
            4 hours ago

            Most of the 2nd and 3rd generation blockchains are much less energy intensive (although still more than a home PC).

            For example, Ethereum could be run on the energy equivalent of a single wind turbine.

          • AnyOldName3@lemmy.world
            2·
            4 hours ago

            Ethereum’s been proof-of-stake rather than proof-of-work for couple of years now, so it’s no longer energy intensive.

            There inherently can’t be a way to make proof of work lies wasteful as long as there are people who want to do the work. If you make hardware more, then it makes it cheaper to do the same amount of work, so people buy more hardware and do more work and more power gets used. If you make hardware less efficient, people just use the old hardware. You have to abandon proof of work altogether and switch it to something else that isn’t inherently tied to energy usage.

        • irelephant [he/him]🍭@lemm.eeEnglish
          8·
          22 hours ago

          You took the words right out of my mouth! I think the blockchain is a very neat technology, but cryptobros completely ruined that.

  • Machinist@lemmy.worldEnglish
    411·
    1 day ago

    This is what happens when you don’t use crypto as god intended: purchasing medication from India and subscriptions to indexers.

    Purchase Bitcoin right before purchase. Watch the spare change left over go up and down and imagine all the millions you could be winning or losing.

    • Anivia@feddit.org
      2·
      11 hours ago

      Using xmr to order anabolic steroids from clearnet UGLs and to order acid and molly from darknet markets, as god intended 💪

      And to top it off all the xmr comes from semi legal business ventures in the first place, so this is a nice way to get rid of black money

      • Machinist@lemmy.worldEnglish
        1·
        6 hours ago

        I had to order medication using crypto off a darket once, anti depressants for a loved one. I used something crazy like Kali on a cheap flash drive. It worked just fine and I felt like Hackerman.

        My acid days are long gone. Psychedelics in general, actually. Mushrooms learned me enough and were a good teacher.

    • Laser@feddit.org
      7·
      23 hours ago

      This is what happens when you don’t use crypto as god intended: purchasing medication from India and subscriptions to indexers.

      I’m not saying this is what I bought Monero for.

      But this is what I bought Monero for.

  • Psythik@lemm.ee
    112·
    22 hours ago

    *checks ETH price*

    Am I missing something? I’ve been staking since the switch. I’m doing just fine.

    • brrt@lemm.eeDeutsch
      3·
      21 hours ago

      You just doing fine so far!

      Na in all seriousness what orange Muppet does to the world markets atm is horrible while I wish it to crash on his head I wish everyone of normal people they get rich with whatever.

    • FlashMobOfOne@lemmy.world
      18·
      1 day ago

      What’s funny is that, in 2017, the ETH high was something like $12. (It got up to $1300 in 2018)

      Now, it’s sitting at $2000 and it’s a “crash”.

      The lesson here is to buy the dip and then check back in 5-10 years.

      • SolidShake@lemmy.world
        4·
        24 hours ago

        that is the rule with all crypto. just pick one of the 40 thousand made, but it, wait a decade then sell it.

    • musubibreakfast@lemm.eeEnglish
      71·
      22 hours ago

      Ethereum is a petroleum based lube used in gay porn. When multiple dudes double dock during an orgy, that’s called a block chain. The ethereum on their foreskins creates an immutable ledger.

    • vga@sopuli.xyz
      92·
      1 day ago

      It’s a pretty old cryptocoin: initally released back in 2015, and a significant change deployed in 2022. It was then when they changed from proof-of-work to proof-of-stake, which basically means that they don’t use mining anymore to keep the network running. They use like 1% of energy compared to PoW coins.

      Also they have some smart contract capabilities which I suppose Ethereum people think are important. But I’ve never seen any practical use for that stuff.

      Still, I think Eth is one of the cryptos that actually tries to be useful and efficient in some way and not just a stupid pump and dump scheme. Turns out, nobody gives a fuck about that, perhaps?

      • dx1@lemmy.world
        3·
        23 hours ago

        Also they have some smart contract capabilities which I suppose Ethereum people think are important. But I’ve never seen any practical use for that stuff.

        Anything you need complicated multi-party interactions for that you want guarantees on. Real estate escrow comes to mind first. Depository accounts with yield. An immutable archive of records. Multi-signature corporate treasuries. Whatever. It’s programmable money. It’s not even necessarily monetary, because smart contracts can just deal with arbitrary data.

        Never impressive to see a technical audience shit all over Ethereum for internet points. By far the least scammy crypto people have actually dedicated years into building something real on.

          • keegomatic@lemmy.world
            2·
            20 hours ago

            Respectfully, I think it’s just you. Ethereum smart contracts are universally publicized and utilized in the crypto community, and it’s why people were/are interested in the project. Many other coins are built on top of this technology. It’s pretty foundational. If you look into crypto any deeper than just buying and selling it, then the topic should have come up pretty much immediately.

          • dx1@lemmy.world
            2·
            22 hours ago

            I reckon most of that already is. A real estate escrow smart contract is maybe 200-300 lines long in Solidity, depending of course on what it supports (contingencies and such). You may want to actually go look around, because there’s I don’t know how many millions of lines of Solidity already written. It doesn’t all get as much publicity as NFTs.

            • Knock_Knock_Lemmy_In@lemmy.world
              1·
              4 hours ago

              The off chain legalities are the tricky part of a real estate crypto deal.

              Can changing house ownership really be as simple as making an alterations on a decentralized ledger?

      • "no" banana@lemmy.world
        21·
        1 day ago

        Haha yeah I made this comment mostly to see if I could meme some anger out of someone. Got some nice explanations though.

  • technocrit@lemmy.dbzer0.com
    821·
    1 day ago

    Ah yes the price is returning to where it was 4 months ago just like the stock market. So people who have been buying at the peak for the past 4 months might have lost some money. Otherwise it’s still up like 10000000% historically.

    Nobody cares except the anti-crypto ideologues with their misinformed memes.

    • turnip@sh.itjust.worksEnglish
      52·
      1 day ago

      ETH is a massive premine, making you exit liquidity.

      Its basically buying silver instead of gold (bitcoin) because its “cheap”.

  • FlashMobOfOne@lemmy.world
    1116·
    1 day ago

    No, man. People are sounding like these prices are fixed, when we’ve seen time and time again that crypto prices are cyclical.

    Now’s a time to buy. ETH is at a 50% discount. Your assets would be in a pretty good spot right now if you’d bought Bitcoin in 2017 when it “crashed” to $4000 per unit. I picked up shares of EZBC at an average of $32 a share (currently hovering between $45-$50 in a supposed crash) and XRP at 50 to 75 cents, currently hovering around $2.10.

    What you do is invest, and then just forget about it and let those assets sit. Investing is about forward-thinking.

    • friedmag@lemmy.ml
      1·
      43 minutes ago

      Is this really a cycle? The interesting thing to me is, as others have pointed out, it’s mostly dropped right along with the stock market. Not looking so much like an uncorrelated asset.

    • ubergeek@lemmy.todayEnglish
      83·
      24 hours ago

      Now’s a time to buy.

      Never is it a good time to invest in a ponzi scheme. It’s just a matter of playing “Greatest Fool”.

      • dx1@lemmy.world
        21·
        22 hours ago

        “Greatest fool” description relies on the precept of its utility or demand returning to zero in a near-future timeframe. If people have utility for “the thing”, that won’t be the case.

        • ubergeek@lemmy.todayEnglish
          42·
          22 hours ago

          There is no utility really, for ponzicoins. You can’t make anything from it. You can use it to make anything. You can’t eat it. You can’t hydrate with it. And you can’t use the notes to summon military aid.

          I suppose you can buy drugs with it. Maybe.

          So yes, it’s a Greatest Fool game.

          • dx1@lemmy.world
            31·
            22 hours ago

            Yes, for the limited subset of ERC20s or whatever you describe as “ponzicoins”. Things that actually do nothing, particular not doing anything more than L1 cryptos but “this is yet another token”, are not really adding any value. But I would be really surprised if you can name any more complex contracts than ERC20s (or ERC721s), which is where the work in the space actually goes.

              • dx1@lemmy.world
                11·
                15 hours ago

                Yes, work. Smart contracts are designed, programmed and, if they’re done right, rigorously audited for correctness. Then you have user-facing interface and everything surrounding that as well. Look at the documentation of AAVE, for one example.

                And this isn’t even getting into the protocol level (L1 or L2) work either. Bitcoin was relatively simple, Ethereum is not. They’ve spent years crafting these systems to function for PoS, L2 support, sharding, rollups, etc., at scale.

                • ubergeek@lemmy.todayEnglish
                  2·
                  4 hours ago

                  Smart contracts are designed, programmed and, if they’re done right, rigorously audited for correctness.

                  What do these “smart contracts” make? And why do we need to burn up tons of fossil fuels, just to have contracts like we had before?

                  And how is this better than a typical contract?

                  https://www.zdnet.com/article/hackers-hijack-smart-contracts-in-new-cryptocurrency-token-rug-pull-scams/

                  Bitcoin was relatively simple, Ethereum is not.

                  Both are simple ponzi schemes.

                  They’ve spent years crafting these systems to function for PoS, L2 support, sharding, rollups, etc., at scale.

                  And all that time, they are still ponzi schemes that do none of the above very well. We’ve had all of that in the merchant payment systems for decades now, all without the need to consume more electricity than many small nations, just to approve a transaction.

    • explodicle@sh.itjust.worksEnglish
      10·
      1 day ago

      We’ve seen time and time again that not all crypto prices are cyclical. Ethereum has been performing poorly relative to BTC. If you’re just going to forget about it, then you should avoid proof of stake! When you log back in you’ll see that everyone who staked was sitting on a musical chair and you’re not.

      Plus, it’s run by a central foundation that bailed itself out when the DAO flopped. Requires attention at best.

    • TheObviousSolution@lemm.ee
      133·
      1 day ago

      They are as cyclical as people are cyclical for falling for confidence scams again and again and again … You can consider something based on how good an investment it is, or based on how ethical it is. Very seldom will both work out. People, don’t cry about the rich getting richer, the poor getting poorer, assholes behaving more like assholes, and inflation skyrocketing when you normalize and even crowdsource this sort of relationship with your economy. Don’t be surprised when the society that surrounds you is so burnout all you have to spend your money on is shit.

      • FlashMobOfOne@lemmy.world
        66·
        1 day ago

        They are as cyclical as people are cyclical for falling for confidence scams again and again and again

        No. They are cyclical because of the way that crypto algorithms work, and the effects they have on the media and human greed.

        how ethical it is.

        This conversation isn’t about ethics. It’s about the silliness of the meme, but thank you. You are correct in saying that each individual investor needs to consider these issues as well.