Token Daily

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HopeFox 52 mins ago

"Crypto will lead to a world free from debt!"

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ChimaekIsDelish 56 mins ago

Anyone got any leads on how and when they’ll be liquidating their assets? I get the feeling there are going to be some sweet high-end GPUs for hella cheap soon.

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reducing2radius 2 hs ago

I remember there being a really long feature article about these guys and their pods in Eastern Washington. How far we have come.

https://www.politico.com/magazine/story/2018/03/09/bitcoin-mining-energy-prices-smalltown-feature-217230

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ivanoski-007 2 hs ago

Yet another exit scam!

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Richarkeith1984 Crypto God | CC: 106 QC | ARK: 19 QC 2 hs ago

These clowns tried to take upwards of 100 Megawatts at once for themselves. That's what greed gets you. How ya gonna only have 50k ? That is like breakers and cables- did they remove the kitchen sink too because that is a sneeze and exit scam , what their ico was like 20million- 50k can fit in the guys jeans.

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superCobraJet 3 hs ago

shit co

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McDonald5 3 hs ago

Miners going bankrupt won't negatively affect bitcoin at all. The less miners there are, the easier it becomes to mine, which encourages more miners to join the pool.

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touchmybutt123 3 hs ago

the less miners there are the more miners join? that sentence doesnt make sense. if more miners join when miners leave how are there ever "less miners"? the two halves of your sentence contradict each other. crypto idiots, man.

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Futureisgreen 2 hs ago

This sub is full of morons who don't understand even the basics of cryptocurrencies. He's saying as miners leave the difficulty drops, so miners earn more. If miners are earning more, there's more incentive, thus there will always be miners willing to hop in

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touchmybutt123 2 hs ago

No you guys dont get it. Miners are leaving because theres no money to be made. If 100 miners leave and the system reaches equilibrium, *no new miners will be added to replace those 100. Thats why those 100 left, bro.* They didnt leave for fun. Theres some fluctuation but the difficulty readjusts about every 2 weeks. There will be a tiny period where you hit over 10 minute blocks but it will get automatically readjusted. Miners arent dropping out because the difficulty got too high for a two week period. they are dropping out because the block reward is dropping way way way below production costs and that there is zero buyers for their coinz. Get rekt kid.

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McDonald5 3 hs ago

Did you even read what I wrote? Read it again and then read your response. I have no idea what you are talking about.

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touchmybutt123 2 hs ago

Yea I did and it doesnt make sense. It doesnt 'encourage more miners to join the pool'. Miners will continue to drop out until the block reward equals the electricity consumption. No new miners 'will be added' due to reduced difficulty.

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Northern-Boy 3 hs ago

There's this plaza down the street from me that's in a horrible location. For whatever reason, someone always thinks it's a good idea to build a restaurant there. Whoever sets up shop **always** goes out of business within a year, no exceptions. But, lo and behold, within 3 months of the guy going out of business, a brand new restaurant is set up. "We can do this better" the new guy must think. And the cycle repeats. You'd think somewhere in that timeline someone would say "You know what? It's obviously not working, fuck this." Hasn't happened yet, 15+ years and counting. So you're right. Some sucker will pick up where the people before have left off. They'll probably lose money too, and someone after them will pick it up. Cycle of stupidity.

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fred_star 2 hs ago

"We found an attractive but deserted motel on a little-traveled road in the middle of the forest. The owners were a charming young couple [who had] used their life savings to buy this motel, which had been built a dozen years earlier. They told us without irony or self-consciousness that they had been able to buy it cheap ‘because six or seven previous owners had failed to make a go of it’. They felt no need to explain why they expected to succeed where six or seven others had failed. A common thread of boldness and optimism links business people, from motel owners to superstar CEOs." Daniel Kahneman on cognitive biases

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trixyd Crypto mug extraordinaire 3 hs ago

Ouch, $7m in debt and only $50k in assets, someone's getting well and truly fucked there.

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Northern-Boy 4 hs ago

Keep an eye on these guys, they're next based on their last period financial statements.

I wrote up a lolsworthy thread about them a few months back.

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satoshi_fanclub 2 hs ago

> The Company purchased $12.5 million of mining and electrical equipment during the first six months of 2018. Which is now worth zero, and they wont be able to replicate the (ahem) $22m revenues next year. Plus, I presume they are contracted to 96MW for the next few years, whether BTC recovers (LOL!) or not.... edit: According to u/jstolfi earlier figures, they are looking at approx $17m USD in electricity costs for 96MW per annum. Does that sound right?

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Northern-Boy 2 hs ago

Womp womp

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PA2SK 3 hs ago

I remember that. Might be worth doing an update, they just filed for an IPO and have posted a prospectus with much more info on their business here: https://sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00046249

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Northern-Boy 3 hs ago

Oooooh thanks! I love this kinda shit. I'll try to look at it this weekend.

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JotReda 4 hs ago

WHAT A TIME TO BE ALIVE

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jstolfi 4 hs ago

However, this January, a group of plaintiffs sued Giga Watt for allegedly conducting an unregistered securities offering. The plaintiffs were seeking the return of their investments as the firm did not meet construction deadlines and then allegedly did not honor promises to refund contributions.

Start trembling, ICO issuers! Even if the SEC dragon is too lazy or clumsy to come after you, your angry vassals may tie you up and throw you into his cave.

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FinanceTeam 4 hs ago

Imagine these economic illiterates trying to run a society. It would turn into Mad Max within weeks.

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michapman2 1 h ago

Weeks? I fully expect them to resort to cannibalism long before the food reserves start running low.

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tyrannosaurusregina 3 hs ago

[Bob the Angry Flower](http://angryflower.com/348.html) on top of this.

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Rae23 3 hs ago

Just replace cult of v8 with cult of lambo, Valhalla with blockchain and water with electricity for mining.

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ShotgunMage 4 hs ago

It really shows you the arrogance of not just the coiners but also of the liberterian techbros. Crypto craze has been a crash course on why regulation exists and the complexity of the economy.

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freeforallll New to Crypto | CC: 20 QC | VEN critic. 4 hs ago

Lulz

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Northern-Boy 4 hs ago

lol, estimated assets worth $50K and liabilities of ~~>$5M.~~

They're able to pay 1% 0.5% to 0.1% of their outstanding debt, assuming they get full price for their shit miners.

Edit - sorry, $10M-$50M of liabilities. lol

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SirBellender 4 hs ago

more like scrap price. miners are obsolete the second you buy them.

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MeagerMistake23 4 hs ago

The sooner the better. We're already way too fucked with CO2 even without the open wound that is crypto-mining.

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Casual-Swimmer 4 hs ago

Watt?

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syberghost 4 hs ago

Kill a watt.

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SaltyPockets 4 hs ago

> Giga Watt has estimated assets worth less than $50,000, whereas estimated liabilities are in the range of $10–50 million, according to the court documents.

Hoo wee that's a lot of debt and very little to show for it!

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touchmybutt123 4 hs ago

how the fuck did they get away with borrowing that much? fuckin hell.

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michapman2 1 h ago

I don’t think it’s just money that they borrowed, but also unpaid expenses (utility companies, suppliers, etc.) and possibly also unpaid employee. In crypto currency, irresponsibility has been elevated to an philosophy leading to cases like this.

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itdood 4 hs ago

ICO. $22,000,000 million raised, $50,000 in assets. LOL! I don't feel bad for the ICO suckers. I do feel bad for the utility customers who now have to share the electric bill, it'll be passed onto the paying customers in a rate hike to pay down the bad debt of the public utility.

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Mithorium 4 hs ago

What happened to the other $21,950,000? How do you piss away that much money without even a lambo to show for it

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devliegende 1 h ago

The ICO was in ETH not USD.

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commlag 1 h ago

Well, they probably saw ETH going down in value and figured they’d ride it out instead of converting it to dirty dirty fiat. ETH was down 92% from its peak yesterday.

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Mithorium 1 h ago

8% of $22m is still $1.76m, if they sold none of it, that would be reflected in their assets. So they did sell it at some point for more than the current value

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AaronSharp1987 3 hs ago

They ‘reinvested’ their profits thinking that they were going to get exponentially richer, instead of doing the safe thing and continually cashing out immediately as they were produced

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itdood 3 hs ago

It was liberated by “consulting fees”.

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touchmybutt123 4 hs ago

satoshi ya fuckin jackass bud.

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ShotgunMage 4 hs ago

>As part of a plan to allow investors to buy a stake in the company’s services, it held an initial coin offering (ICO) in May 2017 that raised about $22 million-worth of cryptocurrency at the time.

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touchmybutt123 4 hs ago

oh my goodness. thats outrageous.

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JeanneDOrc 4 hs ago

Pat for the ICO course though.

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I_hate_bigotry 4 hs ago

Good. Climate poluting cock heads that make Gpus expensive.

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skaadrider 5 hs ago

Nearly a million dollars in unpaid electricity bills. Sheesh.

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mrvicks 21 mins ago

Why didn't the utilities cut them off earlier? If I don't pay my bills for a few terms they will cut me off and leave me in the cold.

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Mr_Deep_Research 4 hs ago

Yep, everyone else's electric bills are gonna need to go up to pay it back. *Creditors include the utilities provider in its Douglas County base, having a claim of over $310,000, and electricity provider Neppel Electric, which is owed almost half a million dollars.*

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itdood 4 hs ago

coiners can't grasp these economic concepts, which I guess predisposes them to being coiners. The utility is a public entity and will pass the bad debt onto paying customers in the form of rate increases. It really sucks balls and one of the bigger reasons (of many) that I hate crypto.

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Anwyl 4 hs ago

In what sense is it a public entity? It's an LLC, and doesn't seem to have public investors. Being a private company is probably why they will pass along the debt to consumers via rate increases.

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Silly_Balls 1 h ago

I can't speak for everywhere but in my state all utilities are regulated by the PSC. In order to get a rate increase they have to get approval from the PSC. The PSC will hold a town hall and seek input from others about such an effect. Most of the time the utilities are successful as the chair of the PSC (usually an elected position) is from the power company. We have 2 rate assessments on our bill currently 1 from hurricane Gustav and 1 for a storm last year. The power company however is a private company, you can invest in them on the NYSE if you wanted to.

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itdood 4 hs ago

utilities are regulated by public utility commissions. https://en.wikipedia.org/wiki/Public_utilities_commission the PUC approves rate hikes, the utility will request a rate hike based on bad AP among other things.

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FunCicada 4 hs ago

In the United States, a utilities commission, utility regulatory commission (URC), public utilities commission (PUC), or public service commission (PSC) is a governing body that regulates the rates and services of a public utility. In some cases, government bodies with the title "public service commission" may be civil service oversight bodies, rather than utilities regulators.

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JeanneDOrc 4 hs ago

Why would they grasp them? Subsidize costs, privatize profits. It’s their entire ideology. Someone else will build the roads for them, mommy and daddy will buy them hot pockets.

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LuDux 1 h ago

Libertarians in a nutshell.

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JeanneDOrc 39 mins ago

It's easy to laugh at who will provide necessary civil infrastructure when you have helicopter parents to wipe your butt for you. Surely they will scale up to maintain society while you wank it to hentai and hope Butts are your big break.

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SnapshillBot 6 hs ago

This archive will last longer than the worth of a Bitcoin gotten at the same time!

Snapshots:

This Post - archive.org, megalodon.jp, archive.is

^(I am a bot.) ^([Info](/r/SnapshillBot) ^/ ^[Contact](/message/compose?to=\/r\/SnapshillBot))

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Dan Held - @Dan-Held

RT @ercwl: 1. Mine 10 blocks for $27k 2. Spin up some nodes 3. Share blocks with syncing nodes 4. They gets stuck on chain you control 100% PSA: It won't be safe to use BCH without relying on 3rd party assurance. This is called "weak subjectivity" in PoS and is a form of centralization. https://t.co/ShcgrJ4C6X

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Tushar Jain - @TusharJain_

What is the argument for a 10 block checkpoint vs a 2 block checkpoint? 2 blocks would provide faster finality and at first glance seems to be a pareto improvement to a 10 block checkpoint. Is there a tradeoff here I am not seeing? @deadalnix @Bitcoin_ABC @rogerkver https://t.co/YgVhtd8zZB

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Murad Mahmudov - @MustStopMurad

RT @ercwl: 1. Mine 10 blocks for $27k 2. Spin up some nodes 3. Share blocks with syncing nodes 4. They gets stuck on chain you control 100% PSA: It won't be safe to use BCH without relying on 3rd party assurance. This is called "weak subjectivity" in PoS and is a form of centralization. https://t.co/ShcgrJ4C6X

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Alejandro DeLaTorre - @bitentrepreneur

RT @Bitcoin_ABC: Bitcoin ABC 0.18.5 has been released! This release adds deep reorg protection to ensure that transactions are immutable after 10 confirmations. This safeguard helps users, businesses, and exchanges stay secure and free from disruption. https://t.co/wubd7LQYIz

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Dennis Parker⚡️ - @Xentagz

RT @BobMcElrath: ABC officially abandons proof of work. Devs decide the correct chain. Also it's now easy to forcibly hard fork the network by causing a 10-deep reorg. Next up, Bitcoin ABCD! https://t.co/GiEv4ZzCrV

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Christopher Wheeler - @Stocktrader

RT @ercwl: 1. Mine 10 blocks for $27k 2. Spin up some nodes 3. Share blocks with syncing nodes 4. They gets stuck on chain you control 100% PSA: It won't be safe to use BCH without relying on 3rd party assurance. This is called "weak subjectivity" in PoS and is a form of centralization. https://t.co/ShcgrJ4C6X

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James Prestwich - @_prestwich

This release enforces permanent consensus failures between new and old nodes https://t.co/waCiXGpgJR

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Ragnar Lifthrasir ⚑ - @Ragnarly

RT @BobMcElrath: ABC officially abandons proof of work. Devs decide the correct chain. Also it's now easy to forcibly hard fork the network by causing a 10-deep reorg. Next up, Bitcoin ABCD! https://t.co/GiEv4ZzCrV

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Peter Todd - @peterktodd

RT @ercwl: 1. Mine 10 blocks for $27k 2. Spin up some nodes 3. Share blocks with syncing nodes 4. They gets stuck on chain you control 100% PSA: It won't be safe to use BCH without relying on 3rd party assurance. This is called "weak subjectivity" in PoS and is a form of centralization. https://t.co/ShcgrJ4C6X

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Nick Szabo⚡️ - @NickSzabo4

RT @ercwl: 1. Mine 10 blocks for $27k 2. Spin up some nodes 3. Share blocks with syncing nodes 4. They gets stuck on chain you control 100% PSA: It won't be safe to use BCH without relying on 3rd party assurance. This is called "weak subjectivity" in PoS and is a form of centralization. https://t.co/ShcgrJ4C6X

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Eric Wall - @ercwl

1. Mine 10 blocks for $27k 2. Spin up some nodes 3. Share blocks with syncing nodes 4. They gets stuck on chain you control 100% PSA: It won't be safe to use BCH without relying on 3rd party assurance. This is called "weak subjectivity" in PoS and is a form of centralization. https://t.co/ShcgrJ4C6X

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Ryan X. Charles - @ryanxcharles

RT @shadders333: Nakamoto consensus is now dead on the ABC chain... They do not believe in bitcoin. https://t.co/2YVGxRNqX8

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Kevin Pham - @_Kevin_Pham

RT @jpthorbjornsen: Yep sounds exactly like the "heaviest chain"' consensus that Satoshi invented! ABC becoming less like Bitcoin every day https://t.co/Md5WGbAv8W

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Nathaniel Popper - @nathanielpopper

RT @fintechfrank: This is interesting. By way of comparison, the US stock market is worth ~$30tr, which DWARFS the valuation of the largest stock trading venues: - ICE (owner of NYSE, et al): 45bn - Nasdaq: 14bn - Cboe: 12bn https://t.co/iYJ7HIqYzI

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Vinay Gupta - @leashless

RT @Melt_Dem: fun fact: the companies enabling financial speculation on #crypto assets are worth more than the protocols. for example, the only "protocols" worth more than @coinbase are: - bitcoin $76B - ethereum $18B - ripple $14B more fun data 👉🏽 https://t.co/NWZLpzFESh https://t.co/rK07Q3BWrF

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Pierre Rochard - @pierre_rochard

RT @steve_flash: Does anyone have any fun 🦃 day break reads to recommend? Here are two of mine below👇🍺 📖 🍗. -The Truth About the Crypto Crisis by @Melt_Dem https://t.co/XHIaC7GYzK & -Understanding The Technical Side of Bitcoin by @pierre_rochard https://t.co/8KwkGeuWXR

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Jeremy Epstein - @jer979

RT @Melt_Dem: i just published "the truth about the crypto crisis, or how i learned to stop checking prices and love the struggle" it ends with my investment thesis for 2019, so check it out... https://t.co/NWZLpzFESh

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Camila Russo - @CamiRusso

RT @Melt_Dem: fun fact: the companies enabling financial speculation on #crypto assets are worth more than the protocols. for example, the only "protocols" worth more than @coinbase are: - bitcoin $76B - ethereum $18B - ripple $14B more fun data 👉🏽 https://t.co/NWZLpzFESh https://t.co/rK07Q3BWrF

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Frank Chaparro - @fintechfrank

This is interesting. By way of comparison, the US stock market is worth ~$30tr, which DWARFS the valuation of the largest stock trading venues: - ICE (owner of NYSE, et al): 45bn - Nasdaq: 14bn - Cboe: 12bn https://t.co/iYJ7HIqYzI

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Ashley Lannquist - @AshleyLannquist

RT @Melt_Dem: i just published "the truth about the crypto crisis, or how i learned to stop checking prices and love the struggle" it ends with my investment thesis for 2019, so check it out... https://t.co/NWZLpzFESh

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Christopher Wheeler - @Stocktrader

RT @Melt_Dem: i just published "the truth about the crypto crisis, or how i learned to stop checking prices and love the struggle" it ends with my investment thesis for 2019, so check it out... https://t.co/NWZLpzFESh

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Wong Joon Ian - @joonian

RT @Melt_Dem: fun fact: the companies enabling financial speculation on #crypto assets are worth more than the protocols. for example, the only "protocols" worth more than @coinbase are: - bitcoin $76B - ethereum $18B - ripple $14B more fun data 👉🏽 https://t.co/NWZLpzFESh https://t.co/rK07Q3BWrF

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Santi - @santisiri

RT @Melt_Dem: i just published "the truth about the crypto crisis, or how i learned to stop checking prices and love the struggle" it ends with my investment thesis for 2019, so check it out... https://t.co/NWZLpzFESh

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Ryan Selkis - @twobitidiot

RT @Melt_Dem: i just published "the truth about the crypto crisis, or how i learned to stop checking prices and love the struggle" it ends with my investment thesis for 2019, so check it out... https://t.co/NWZLpzFESh

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Katherine Wu - @katherineykwu

RT @Melt_Dem: i just published "the truth about the crypto crisis, or how i learned to stop checking prices and love the struggle" it ends with my investment thesis for 2019, so check it out... https://t.co/NWZLpzFESh

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Meltem Demirors - @Melt_Dem

i just published "the truth about the crypto crisis, or how i learned to stop checking prices and love the struggle" it ends with my investment thesis for 2019, so check it out... https://t.co/NWZLpzFESh

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