from the obviously-didn't-asportate-properly dept.
Meta stablecoin project Diem confirms shut down and $200m asset sale:
The Diem Association has read the writing on the wall and called it quits, confirming on Monday it will sell off its Diem Payment Network assets.
It explained that the decision was made after it "became clear" that federal regulators would not allow the project to move ahead.
In making the announcement, the association said it will sell those assets to Silvergate, a crypto-focused bank it was working with last year to launch a stablecoin pegged to the US dollar, for $200 million.
"We remain confident in the potential for a stablecoin operating on a blockchain designed like Diem's to deliver the benefits that motivated the Diem Association from the beginning. With today's sale, Silvergate will be well-placed to take this vision forward," Diem Networks CEO Stuart Levey said.
The sale marks the end of Meta's controversial journey to build a new digital currency. The Diem Association had launched in 2019 with the goal of creating a global currency based on blockchain technology and a digital wallet on the same system.
[...] "Today we pass the baton to Silvergate. They have been one of the first Federal Reserve member banks to understand the potential of crypto, and are now in a great position to bring a stablecoin to market that follows the PWG framework," Catalini added.
(Score: 0, Redundant) by Anonymous Coward on Wednesday February 02 2022, @02:40AM (3 children)
The last link (...2019) headline is, "Facebook debuts Libra cryptocurrency: a Bitcoin killer?"
Why did the submitter and eds not mention Facebook and Zuckerberg, the name change from Libra, etc?
(Score: 3, Insightful) by janrinok on Wednesday February 02 2022, @04:48AM
Why? Because if you are interested you can read the link that is provided.
Secondly, the blockquote is a quotation - TFA didn't say it so we really shouldn't accuse them of doing so by putting words into their mouth. This isn't directly a story about Zuckerberg - why should it be turned into one?
[nostyle RIP 06 May 2025]
(Score: 4, Touché) by FatPhil on Wednesday February 02 2022, @12:47PM (1 child)
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 0) by Anonymous Coward on Wednesday February 02 2022, @06:12PM
The META GAMBIT [arstechnica.com] has worked! Zuck is cloaked!
(Score: 5, Insightful) by Runaway1956 on Wednesday February 02 2022, @02:57AM (7 children)
"We remain confident that pointlessly burning energy to generate worthless tokens is an economically feasible way to rip off the rubes."
Let me remind everyone that generating those tokens is the reason it's so hard to find vidya cards are reasonable prices. If all the miners were to shut down, global electric prices might drop a few cents.
“I have become friends with many school shooters” - Tampon Tim Walz
(Score: 0) by Anonymous Coward on Wednesday February 02 2022, @03:09AM (1 child)
Really, nobody cares that you paid an extra $50 for your Nvidia bullshit. There are plenty of perfectly capable GPUs available at reasonable prices that miners aren't interested in.
(Score: 2) by Freeman on Wednesday February 02 2022, @03:34PM
Interested Gamers: Please provide sources.
Anonymous Coward: ...
Newegg's "Shuffle" lottery system, isn't a "source". It sort of is, but considering you're rolling the dice on being given the privilege to overpay for a video card. That's not really a "source".
In the event that you wanted to go out and buy a 3060 right this moment. The only source you have is the likes of e-bay. Where you can expect to pay nearly 2x MSRP. Even on Newegg's Shuffle lottery system, they're listing the base cards for more than MSRP, if not a whole lot more. In some cases they're bundling the GPU with some other piece of pricey equipment as well. Seems like you've not been paying any attention to Video Card prices. Even old used GPUs like the RX480 are going for much more than they should. 4GB versions of the RX480 are going for $150+ and 8GB versions are going for $200+. That is a GPU that is up-to 5 years old going for almost as much as you paid for it. In fact, in some cases, I'm seeing 5 year old RX480 8GB GPUs that sold for more than their original purchase price.
This is not a good time to buy a GPU. It is a great time to offload a GPU though. Especially, if you're really wanting to buy a Nintendo Switch or something.
Joshua 1:9 "Be strong and of a good courage; be not afraid, neither be thou dismayed: for the Lord thy God is with thee"
(Score: 1, Informative) by Anonymous Coward on Wednesday February 02 2022, @03:17AM (2 children)
Only unsophisticated miners still use GPUs. The serious ones have all moved on to ASICs that specialize in the specific hashing function used by bitcoin and etherium.
(Score: 1) by shrewdsheep on Wednesday February 02 2022, @11:20AM
While true, this is a strawman. Miners are responsible for GPU shortages. I can tell you first hand, waiting for a NVIDIA card for month now (well for work, I certainly would have found a suitable replacement if I had to procure).
(Score: 3, Interesting) by owl on Wednesday February 02 2022, @02:09PM
But, there are enough "unsophisticated" miners out there using GPU's to consume much of the GPU output, so while the serious have moved to ASIC's, not enough of the total mining crew has done so.
(Score: 3, Informative) by inertnet on Wednesday February 02 2022, @06:40AM (1 child)
Go for the LHR [google.com] versions that miners don't want.
(Score: 5, Informative) by takyon on Wednesday February 02 2022, @08:17AM
Crypto miners reveal Nvidia's LHR solution to get GeForce RTX 30 series cards into gamers' hands was futile [notebookcheck.net]
[SIG] 10/28/2017: Soylent Upgrade v14 [soylentnews.org]