The hacker house where 17 coders helped build the new bitcoin memecoin marketwww.cnbc.com/2024/04/22/inside-a-silicon-valley-hacker-house-coding-for-bitcoins-new-tokens.html
1507 sats \ 11 comments \ @k00b 23 Apr bitcoin
“Fungible tokens are a significant part of every meaningful ecosystem like solana and ethereum, so runes is an important step in the evolution of bitcoin,” said Yin, who previously helped lead product for all institutional trading products at Coinbase.
When did meaningful become a codeword for profitable?
As for Yin and his team — one other big takeaway of the runes hackathon was the need for a bit more due diligence on Airbnb properties.
The team had an outdoor gas fireplace that wasn’t working so there was a constant smell of a gas leak the entire week, the rental’s WiFi was down for the entire first day — and a handful of folks got Covid.
Them suffering from a lack of "due diligence" is so poetic. Also, AirBnBs are neighborhood spam so it lines up.
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110 sats \ 0 replies \ @grayruby 23 Apr
Did no one think to turn the gas line off?
I can't get past this.
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101 sats \ 1 reply \ @machuPikacchu 23 Apr
If we think at a systems level there's a cohort of people (that will change over time) that are looking to plug their gambling ideology into anything that will accept them. This behavior existed long before bitcoin and will continue long after. We just need to make it prohibitively expensive to do this with bitcoin.
Initially proof of work was designed to mitigate spam and it worked thus far in bitcoin but I worry that as mining pools seek to earn more profit they'll find ways to promote these scams until the nodes thoroughly reject these transactions.
At least 44% of the hashrate belongs to a powerful and authoritarian government that demands censorship at all costs. They probably have significantly more. That government also effectively controls the vast majority of the supply of mining equipment. If they have over 50% of the hashrate they can sustain spam attacks indefinitely and thus create censorship via fees. These pools effectively raised taxes on all of us.
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10 sats \ 0 replies \ @k00b OP 23 Apr
At least 44% of the hashrate belongs to a powerful and authoritarian government that demands censorship at all costs
China? Could you help me find the source of this figure?
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100 sats \ 0 replies \ @SirSpencer 23 Apr
It's no wonder precoiners find entry to Bitcoin so difficult; just about every mainstream article you can find on the topic is stuffed full of shitcoin framing and empty or misused terms just like this story.
We may very well be early for another decade.
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100 sats \ 0 replies \ @kepford 23 Apr
I imagine Statements like these really confuse people.
For years, rival chains like ethereum and solana have competed with bitcoin on functionality because both have smart contracts natively built into the base chain.
Specifically "built into the base chain". It sounds like there is one blockchain they all use. Coupled with the use of "Blockchain" as a blanket term for shitcoins / crypto I wonder how many people think all these things are on bitcoin's blockchain.
developers around the world have flocked to these blockchains (ethereum and solana) to build applications.
How many devs are working on developing on these blockchains? I've never researched that. Does anyone know?
I have to say, this whole thing reads like the typical Silicon Valley startup stupidity. The only valid problem I see them mention that seems valid is the stable coin thing. But bitcoin is probably the worst option if you wanted to do a stable coin project. Why on earth would you want a stable coin on a slow decentralized network vs. a faster centralized one? We see this with Tether's evolution to Tron.
What is really going on is that there are a bunch of naive coders being used by a smart conman to build stuff he's pitched or is pitching to boomers with tons of money. I'm curious if we will see this crap get any traction as far as money goes.
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10 sats \ 0 replies \ @kepford 23 Apr
Them suffering from a lack of "due diligence" is so poetic. Also, AirBnBs are neighborhood spam so it lines up.
Yeah, that is funny.
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10 sats \ 0 replies \ @nym 23 Apr
I think they have misguided incentives. The market will stay irrational longer than you can stay sane.
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1 sat \ 0 replies \ @Satosora 23 Apr
Another pump and dump?
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0 sats \ 0 replies \ @xz 23 Apr
Neighborhood spam lol
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0 sats \ 0 replies \ @ZezzebbulTheMysterious 23 Apr
Magic Eden is a menace. I suspect eventually Coinbase will reject these folks are they just draining the Coinbase hot wallet trying to maintain customer purchase deposits.
I read that they are simply crediting their CB account from deposits, yet these deposits are typically uneconomical to recover for CB right now. Its bleeding out sats slowly.
We saw this before. Everything is cyclic.
Remember, in a high fee environment, it is possible for an exchange to be technical insolvent, as they cannot recover user funds economically.
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0 sats \ 0 replies \ @Coinsreporter 23 Apr
Ohh! So their suffering does mean that they were producing something very innovative?
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