The Pirate Bay Token
thepiratebay.org
thepiratebay.org
This token exists on Binance Smart Chain, a code fork of Ethereum that uses a Proof Of Stake system run by Binance, one of the largest exchanges in the cryptocurrency industry. It implements the same EVM (Ethereum Virtual Machine) as Ethereum, and uses BNB (Binance Token) for its gas coin.
We can look and interact with chain, address and contract state with bscscan, analogous to etherscan for Ethereum. https://www.bscscan.com/token/0xfed320e18caf45f53fb64301b16a...
100M tokens, mostly held by 0x1c8e38a96292134bd38752376fa8f1a5d1edd443
17417 'PirateToken' + 91.17 BNB ($38,400 USD) in PancakeSwap, an AMM (Automated Market Maker). [Approx $2.20 USD / PirateToken]
'Market Cap' of $220M USD.
This is the most fascinating thing about these crypto projects: Somehow, the artificially large "market cap" number actually works in their favor to attract more people. A coin with a $220 million market cap looks like it's popping. Yet even the slightest attention to details shows that it couldn't be further from the truth.
In this case, they hold 99.9658% of all coins.
The next largest holder is PancakeSwap with 0.0164%
After that, the next largest holder has 0.0031% of all coins with 3,060 Pirate Token.
Nobody could possibly be interested in these coins for anything other than rolling that dice and seeing what happens next. Just don't be the last person in the hype chain.
It’s crazy how much as changed since 2012.
Been working on a project that consumes quite a bit of gas per call and the cheaper chains look like a better alternative that Ethereum.
https://defillama.com/ tracks how much money is floating around in the defi and token space. 2 years ago it was ~600 Megadollars USD. Today it is over 200 Gigadollars USD. Something that grew that fast in 2 years might be worth investigating.
Can you shed some light on it?
Hmmm.. We can put point in time estimates of how much everything on the planet costs -- what are the desirable assets, that people will want to store wealth in, I think the three main ones in the 21st century are:
* Real Estate -- every place you can live or work, provide shelter and a place to store other physical stuff.
* Equities, Financial Derivatives, Securities, Funds, weird financial instruments that someone convinced someone else to list on a market
* Cryptocurrencies -- distributed ledgers run by computers around the world
Everything else is stuff, and is bound by the real estate. Most stuff can be made to a limit bound to the other stuff (resources, minerals). The important stuff like rocks and minerals are tracked by the financial instruments section. We do need to factor in the cost of the stuff, but often this is contingent on the labor that can harness it. Supply chain disruptions in the last 2 years have their cause from people getting sick and unable to work, or transport the stuff.
These things need to be bought with 'money', and most people earn money through employment or receive an allowance from the State.
You know, it not really difficult to create your own token on any of these chains?
Just go here: [0], look at the menu, click "Create Token", tweak all the fields and hit the blue "Create Token" button and you can see how easy these scammers can mint millions of tokens and list it on PancakeSwap and exit scam, rug-pull anyone.
So there you have it. This 'PirateToken' is no different.
A message with that address is published on the website, and the page is delivered over HTTPS. That domain is the canonical one for the site and you can see stories on HN going back to 2007. I am reasonably confident that someone in control of that domain, and can publish documents to the root of that site is speaking for the TPB organisation. We don't know who that group is, and the original folks behind it are doing other things.
The message didn't even say the chain, and I had to check multiple sites to determine where the contract was published.
You know, this is explicitly a feature that been in Ethereum (and BSC since it's forked from Ethereum) since almost day one?
The ERC20 token standard came after a bunch of tokens already appeared on Ethereum. One of the first public tutorials for Ethereum was about creating and deploying your own token. Ethereum was initially released in 2015, take a look how ethereum.org looked back then: https://web.archive.org/web/20150905085308/https://www.ether...
> Build unstoppable applications. Here are some recipe ideas:
> Design and issue your own cryptocurrency
> Create a tradeable digital token that can be used as a currency, a representation of an asset, a virtual share, a proof of membership or anything at all. These tokens use a standard coin API, so your contract will be automatically compatible with any wallet, other contract or exchange also using this standard.
What's the standard strategy for fundraising this way?
https://medium.com/cardwallet/providing-liquidity-what-does-...
'gas coin' in the scope of Binance Smart Chain would be BNB.
the contract was created may 11, 2021 [1] and there as been trading on it.
[1] https://www.bscscan.com/tx/0x1a75059929eabb3fc719ba16b4738ee...
Anyone can launch one
Amateurish launch
They better rent liquidity with yield farming or launch a protocol owned liquidity incentive
See this paper for an example analysis:
https://basicattentiontoken.org/wp-content/uploads/2018/12/t...
I accept that this is not a deep dive, but more of some crumbs that people might be interested in following. You are welcome to publish a more comprehensive look at the 'tokenomics'.
No-one creates a new coin or token unless they're planning on cashing out.
Not dissimilar to fishing for VC without advertising what you really intend to use the money for, but at scale, and done in such a way that there's something in it for everyone clever enough to see what's really going on.
You're right, Bitcoin, Ethereum, Algorand and others were just created so the authors could take the cash and run.
Or, people have some ambition beyond money? I guess we'll never know since everyone keeps running away with the money.
This puts a hard limit on the number of currencies, and how much they'll dillute the dollar (or any other country's currency). Since you'll normally only see a single currency per government.
Cryptocurrencies on the other hand, aren't tied to any country.
There's no hard limit on the amount of them. So every time a new one shows up, they'll they'll take a piece of the cake from the already existing ones, since the space is limited by the number of people willing to invest in them and how much these people have to invest.
https://www.treasury.gov/resource-center/faqs/Currency/Pages...
> Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything
There are no limits to currencies. No limits to how much money governments will print. No limits to how much the banks will inflate the money supply through loans.
Disclaimer: A significant part of my investment portfolio is in Defi.
So it is not really about reputation or violence being used against those who would "interfere" with the dollar (whatever that means). I would argue that the value of the Yen is more influenced by reputation than that of the dollar, since people tend to treat Yen as a "safe haven" during economic crises (but ultimately the Yen's value primarily follows from the Japanese government's ability to enforce its laws).
Also by the fact that the companies of the S&P 500, who are generally based in the US, account for a large portion of global transactions, which they tend to do with USD. If anyone wants to participate in the global economy, the USD often provides the least amount of friction in transactions.
The other most popular/useful/"valuable" currencies, per forex trading volume, are: EUR, JPY, GBP, AUD, CHF, CAD.
* https://en.wikipedia.org/wiki/Foreign_exchange_market#Tradin...
Every kind of currency was born out of an idea and expectations, whether it is the idea of a standardize currency controlled by our own new free nation, or the joke that created dogecoin.
You seem to have a good graps of what US dollar's main idea is. But do you understand what is the main idea behind bitcoin or ethereum?
In the end, they are all just memes. Bitcoin's ideas that I like the most are:
- Immutability (strong and fast finality)
- Backwards compatibility (I can run old software and it will still work)
- Strong security
- Easier to verify (personal nodes require less resources than other cryptocurrencies)
I do not like at all the climate change impact of bitcoin, but as long as it remains a small global percentage I think it's worth it
I do think in our lifetimes we will see the US dollar cease or transform (such as the transition from gold backed to nothing backed). Maybe it’ll be Bitcoin backed hahaha
Anything can have value.
Bitcoin has the brand, Ethereum has the community to make it the real long term solution.
Everything else is noise IMO.
Yes, there is zero barrier to creating a new cryptocurrency. Thus, we must look at the effort, or energy that is going into a /cryptoasset/ to determine its subjective value. This token was created in a smart contract and will live forever in the Nodes run by a large cryptocurrency exchange. It cost $16.77 in BNB at the date it was published, now $10.74.
Bitcoin will continue to spend what is now Billions of dollars on energy to secure the blockchain for /at least/ the next 100 years. The only thing securing this token is the goodwill of the nodes that run BSC and the RPC operators that interact with the wallets.
Ethereum is expensive and you shouldn't use it, but that aside, looks like mining the blocks is going down an insane path, with multiple AV vendors shipping ethereum miners in their clients. What a strange time. I do however like the idea of 100s of millions of home PCs mining and distributing the mining revenue, rather than consolidation in large corporate mining operations. Concentration of specialist miners would however be more efficient.
Other EVM chains, all Proof of Stake, with various levels of security exist. The tokens that live on these are just as much at risk of the same kinds of things that could impact BSC.
Do you really believe that this will still be the case after the pain and suffering caused by climate change becomes too ever-present to ignore, and global sentiment turns against fossil fuels?
There will come a point in the future when there is energy abundance under a zero-carbon regime, but that probably won’t happen before global polities begin to demand that fossil fuels be banned—which bans may very well be enforced though dramatic means.
Can Bitcoin survive in an environment in which fossil fuels are banned, and in which people also demand that energy remain affordable to them, even in that context?
In an environment where governments must subsidize energy in order to meet both of these objectives, will they be willing to tolerate—and can they even afford—the continued operation of Bitcoin mining within their territories?
> Can Bitcoin survive in an environment in which fossil fuels are banned, and in > which people also demand that energy remain affordable to them, even in that context?
Absolutely. As long as we can power a networked computer, there will be Bitcoin. I don't think the relationship to fossil fuels is any more than a second order component, and most people would rather see disappear now we have cleaner way to generate electricity.
I think a fair way to clean the energy supply is to get suppliers of non-clean energy sources pay a penalty for the production of that energy. This would apply to electricity and oil/gas like petroleum producers. That penalty rate can be adjusted based on environmental measurements like air quality figures in local areas of consumption. The penalty should be paid into a capital pool that loans money for clean infrastructure projects at a preferential rate. We then accelerate the decommissioning and aid in migration to clean energy infrastructure.
Bitcoin is PART of a sustainable energy future. It drives economic incentives and behavior, and can be harnessed to achieve a cleaner energy. Bitcoin can and does subsidize clean energy, independent of States.
Yeah, I would need to thoroughly understand the mechanism that would be at work here, if I were to believe this at all.
Based on my own understanding of these things, your assertion seems incredible to me.
The only coin with any chance of unseating Bitcoin is Ethereum once the Eth2 conversion is done (increasing the speed and reducing the cost) simply because there's been so much community buy in and ecosystem around it that it will become the defacto network for everything.
There are a lot of shitcoins that are worthless because not enough people agreed they are valuable.
Do dollar bills have any intrinsic value ?
"Proof of work" answers none of them.
New cryptocurrencies appear all the time. This dillutes the cryptocurrency space. There's only so much capital to invest in any of them.
And the dollar has value, because they're backed up by a government. Not because the bills themselves have an intrinsic value.
And that's exactly why a lot of these new cryptocurrencies are worthless. The space is saturated and a lot of these new coins don't offer anything new. People don't agree on its value. I mentioned this.
> And the dollar has value, because they're backed up by a government. Not because the bills themselves have an intrinsic value.
Well crypto is backed by a huge network of miners, hence I mentioned proof of work.
If you like to watch things as they air, make sure you go to the main sites I’ve wrote rather than the mirrors that show up in google. They take a while to update.
Obviously, for downloading Linux ISOs
Or should we also allow posts of phishing sites and other ways of roping people into scams and schemes?
Are you referring to the "VIP content" part? It's also just a list of ideas, not "This is what will happen", which you comment makes it seem like.
What is this? Much wow? The ultimate rugpull?
It's a soft launch to a new thing we want to try and we have many ideas
- Donate to uploaders
- Donate to moderators
- Direct video streaming through partners
- VIP content
- Member logins based on BSC address
- File hosting through partners
Much Ideas. Much Wow. So Great.
It will take time but we'll get there hopefully. In the meanwhile we'll lock more and more liquidity
tpbtoken@protonmail.com
0xfed320e18caf45f53fb64301b16ab60c3bc8c42a
------------
Some options here: https://developers.cloudflare.com/1.1.1.1/encrypted-dns/dns-...
Well, TPB is blocked in plenty of western countries that wouldn't normally be counted as "internet censorship regimes".
Would be much more accurate to say "Living under the extended umbrella of MPAA and US influence". The block exists in many European countries for example.
Internet censorship is internet censorship. It is unacceptable.
You are being told what you are not allowed to see. The pirate bay has absolutely no material that infringes any copyright holder -- it hosts magnet links and comments. Infohash's identify content in a torrent and permit resolution of the files via trackers and DHT.
If someone chooses to use these magnet links to resolve and download bytes of copyright material, that's on them. TPB is an archive of hashes.
'Western countries' that prevent their citizens from viewing hashes is pre-crime enforcement. Do not accept this.
But it seems too late: some countries have already prohibited it via laws and regulations [1]. It may help other countries making censorship/intelligence harder though.
[1] https://linuxreviews.org/New_Russian_Legislation_Would_Outla...
How easy or hard is it to do something like this?
What would be the legal implications in Europe if you do this?
Obviously, this being from The Pirate Bay, legal implications are of no interest but rather focusing on the ethical/moral implications.
https://docs.openzeppelin.com/contracts/4.x/erc20 https://docs.polygon.technology/docs/develop/getting-started https://docs.binance.org/smart-chain/developer/issue-BEP20.h...
The creator of BitTorrent has gone on to invent a new type of cryptocurrency (proof of space+time)
I remember stories of how Chia was somehow attributed to why HDD prices skyrocketed or something.