Does anyone think these cryptocoins will hold value during, in, and through the next recession?
Depends on the recession type.
Easiest Path to Riches on the Web? An Initial Coin Offering
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Re: Easiest Path to Riches on the Web? An Initial Coin Offering
#12Does anyone think these cryptocoins will hold value during, in, and through the next recession?
I'm not sure actual economic events will have anything to do with a cryptocurrency crash. The price of bitcoin, ether really has nothing to do with overall economic prosperity.
Also, I believe of lot of crypto currency is purchased in China as protection for them, and a truthfully a get rich scheme.
Re: Easiest Path to Riches on the Web? An Initial Coin Offering
#13These crypto coin bubbles can't pop soon enough.
Re: Easiest Path to Riches on the Web? An Initial Coin Offering
#14these things are strike me as greater-fool schemes. everyone hops on thinking they are probably ahead of the curve, and most of them are suckers. what a funny game- the skill is knowing how many other people will go for it.
I think there are at least some people (e.g., money launderers) who will use a cryptocurrency even in the face of losing money, therefore it's not entirely a pyramid scheme.
Re: Easiest Path to Riches on the Web? An Initial Coin Offering
#15Someone should start WebVanCoin.
Re: Easiest Path to Riches on the Web? An Initial Coin Offering
#16These crypto coin bubbles can't pop soon enough.
The problem is they will pop, and then come back. They are like a resilient strain of disease. Each time people lose faith in them they develop new ideas and arguments for why they are the future. They aren't the future, they are deeply flawed ponzi-schemes, this is obvious. But we better find out what the future is before they start converting the gullible masses to a currency that is less secure in many ways that is swept under the rug. People are getting hurt by being swept up in cryptocurrency mania; and its not going to end anytime soon. There is talk of China developing new digital currencies(or adopting bitcoin) for stronger population control. There are innovative things happening here, its not all bad, but some of it is clearly evil.
Re: Easiest Path to Riches on the Web? An Initial Coin Offering
#17Anyone have a resource on the technical aspect of this? Seems like these businesses create their own cryptocurrency? Or build it on top of Ether?
Re: Easiest Path to Riches on the Web? An Initial Coin Offering
#18> made it easier than ever for entrepreneurs to raise large sums of money without dealing with the hassles of regulators, investor protections or accountants. Umm no easier than raising funds for any other venture, in fact probably more difficult and I would think a lot of that money is coming from people who were already made rich by other coin like bitcoin. Easy come, easy go, but enjoy the gravy train while you ar…
>in fact probably more difficult and I would think a lot of that money is coming from people who were already made rich by other coin like bitcoin. That's why it is easier. You have a bunch of gamblers who have gotten lucky on one bet thinking they are now master investors. They have seen a few ICOs pop so they are willing to take a punt on any that come through pretty much even if it makes no sense.
I claim it can be +EV even when it's a punt. Suppose you make 3x on your first bet, as I did - and it's a long story why i settled for such a poor return ;) - you can then "invest" 2/3 of your winnings, and even if it all goes to nothing then you've still broken even.
But in the current climate a 0% return seems, at least for now, unlikely....
(In the interests of even-handedness: Preston J Byrne, quoted in the article, is worth listening to, especially if you are by nature inclined to be a true believer when it comes to this kind of thing. Relevant thread: https://news.ycombinator.com/item?id=14573875)
Re: Easiest Path to Riches on the Web? An Initial Coin Offering
#19I'm sorry but this is so absurd. They are doing the equivalent of printing their own monopoly money in the garage and then selling it for real currency... dollars.
Metaphors are not as useful as historical analogies or actual descriptions of what is going on.
Basically, a new form of fast finance has emerged, connected with a blockchain technology which enables the financing mechanism as well as potential applications that are financed. It is not monopoly money as much as it is speculative vendor financing.
Re: Easiest Path to Riches on the Web? An Initial Coin Offering
#20Anyone have a resource on the technical aspect of this? Seems like these businesses create their own cryptocurrency? Or build it on top of Ether?
You can easily do it in an hour or two by copying and pasting some code off the ethereum site.
They encourage it. I like to think of ethereum as a ponzi scheme which spawns ponzi schemes (some of which themselves are intending to be a new platform for generating currencies...)