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Easiest Path to Riches on the Web? An Initial Coin Offering

nytimes.com

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Re: Easiest Path to Riches on the Web? An Initial Coin Offering

#21

Post by zanny »

notadoc wrote: post #10

Does anyone think these cryptocoins will hold value during, in, and through the next recession?

The next recession will not be caused by a loss of faith in cryptocurrencies, so probably. But the exchange rates will slip just as much as everything else in said recession because recessions are highlighted by a near uniform withdraw of capital from investment.

On the flipside, btc usually goes up when gold goes up, and gold goes up in recessions. They might bounce back as an alternative store of value not dependent on the general economies functioning.

Re: Easiest Path to Riches on the Web? An Initial Coin Offering

#23

Post by milkytron »

nodesocket wrote: post #7
abrkn wrote: post #5

Earlier quoted context omitted.

There are programs that generate the tokens for you, templates for promotional websites, companies that specialize in shilling, pump groups that help for a cut. You don't have to do much but invent a name and write a nonsense "white paper" (pet supplies on the blockchain). Best of all, you can remain anonymous.

Can you link to such programs, templates, companies? I'm interested to research and have a good chuckle.

Here's a decent way to start... http://launchaco.com

Re: Easiest Path to Riches on the Web? An Initial Coin Offering

#24

Post by hendzen »

taberiand wrote: post #14
the_cat_kittles wrote: post #9

these 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.

Wow. So people should treat it not as a pyramid scheme, but as a legitimate asset, because it can be used for money laundering! That is truly hilarious!

Re: Easiest Path to Riches on the Web? An Initial Coin Offering

#26

Post by notadoc »

nodesocket wrote: post #12
notadoc wrote: post #10

Does 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.

> The price of bitcoin, ether really has nothing to do with overall economic prosperity.

You don't think the same economic policies that have driven all other asset values through the roof is also impacting cryptocurrency?

Re: Easiest Path to Riches on the Web? An Initial Coin Offering

#27

Post by hendzen »

jamespitts wrote: post #19
nodesocket wrote: post #4

I'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.

We have "speculative vendor financing" - normally in the form of OTC stocks, i.e. pink sheets. This seems like an even less regulated way of trading pink sheets, except funded by a bunch of software people with a lot of disposable income instead of some mob guys in a boiler room in New Jersey.

Re: Easiest Path to Riches on the Web? An Initial Coin Offering

#28

Post by notadoc »

zanny wrote: post #21
notadoc wrote: post #10

Does anyone think these cryptocoins will hold value during, in, and through the next recession?

The next recession will not be caused by a loss of faith in cryptocurrencies, so probably. But the exchange rates will slip just as much as everything else in said recession because recessions are highlighted by a near uniform withdraw of capital from investment. On the flipside, btc usually goes up when gold goes up, and gold goes up in recessions. They might bounce back as an alternative store of value not dependen…

> On the flipside, btc usually goes up when gold goes up, and gold goes up in recessions.

That's why I think a recession will be the defining time for bitcoin and other cryptocurrencies. Do they become more valuable in rocky economic times, like gold? Or do they plummet like any other speculative asset or high flying stock? The answer might depend on the severity of the recession and any associated turmoil.

Re: Easiest Path to Riches on the Web? An Initial Coin Offering

#30

Post by taberiand »

hendzen wrote: post #24
taberiand wrote: post #14

Earlier quoted context omitted.

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.

Wow. So people should treat it not as a pyramid scheme, but as a legitimate asset, because it can be used for money laundering! That is truly hilarious!

Well, if money laundering it legitimate to you...
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