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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

#101

Post by tomrod »

peckrob wrote: post #74
Alex3917 wrote: post #33

Earlier quoted context omitted.

Blockchain is perhaps the most economically important invention of the last 500 years. Right now the whole space is worth less than $100B, and it's going to be worth tens or hundreds of trillions of dollars. Obviously valuations have far outpaced the present usefulness of these technologies, but because the pie is so enormous it would be irrational not to overpay. Right now prices are too out-of-whack with reality so…

> Blockchain is perhaps the most economically important invention of the last 500 years Holy cow are you serious? The most economically important in the last 500 years? So the steamship, the airplane, the automobile, the railroad, the telephone, the printing press, nuclear power, vaccinations, electricity, radio, radar, the semiconductor, television, the cell phone, penicillin, the Gregorian calendar, pasteurization,…

> In early 2017, the Harvard Business Review suggested that blockchain is a foundational technology and thus "has the potential to create new foundations for our economic and social systems." It further observed that while foundational innovations can have enormous impact, "It will take decades for blockchain to seep into our economic and social infrastructure."

https://en.wikipedia.org/wiki/Blockchain

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

#103

Post by d23 »

ruytlm wrote: post #97
Jabanga wrote: post #67

Earlier quoted context omitted.

>They aren't the future, they are deeply flawed ponzi-schemes, this is obvious. By definition, they are not ponzi schemes. None of your claims are obvious, and implying otherwise is disingenuous. >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. Ah yes the "gullible masses", and the wise men and women…

>By definition, they are not ponzi schemes. None of your claims are obvious, and implying otherwise is disingenuous. So, it doesn't meet the technical definition of a very specific type of financial fraud, therefore everything is hunky dory?

No, it's just that the folks railing against it sound like sour grapes. If you want to pick a convincing analogy, do so. Calling it a Ponzi scheme doesn't fit and makes it sound like you're more interested in being contrarian than making a substantive point.

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

#104

Post by [deleted] »

ruytlm wrote: post #97
Jabanga wrote: post #67

Earlier quoted context omitted.

>They aren't the future, they are deeply flawed ponzi-schemes, this is obvious. By definition, they are not ponzi schemes. None of your claims are obvious, and implying otherwise is disingenuous. >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. Ah yes the "gullible masses", and the wise men and women…

>By definition, they are not ponzi schemes. None of your claims are obvious, and implying otherwise is disingenuous. So, it doesn't meet the technical definition of a very specific type of financial fraud, therefore everything is hunky dory?

[deleted]

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

#105

Post by curioussavage »

vectorpush wrote: post #99
imaginenore wrote: post #92

Earlier quoted context omitted.

You can also convert to Bitcoin, then sell via localbitcoins.com. LocalEthereum.com is being developed too.

So the only option is to arrange an in-person meetup with a random stranger from the internet so that they can gouge me with a gigantic markup or just rob me. This sounds terrible even if I have no beef with the government, but totally absurd if I am actually trying to hide money from authorities; for all I know, the person I meet up with is a federal agent or works with them.

I think you are trying to hard to make it seem infeasible or not worth it. The not-worth-it part may be true for most people but it is definitely feasible, especially with decentralized exchanges and websites that let you get gift cards with crypto or even dash which has a debit card. As long as you aren't in jail of course ;)

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

#106

Post by crazy1van »

hendzen wrote: post #56
H4CK3RM4N wrote: post #49

Earlier quoted context omitted.

The whole point of the blockchain is that you can't forge currency without controlling 50%+ of the computing power in the network.

Sure... and 3 guys in China control 50%+ of the Bitcoin network, and ETH mining will eventually centralize as well. What's your point? I'd rather have Janet Yellen controlling my currency than Jihan Wu/Barry Silbert/Brian Armstrong.

Could you elaborate on why you'd prefer Yellen?

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

#107

Post by the_cat_kittles »

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.

ah- yes i think thats true. reminds me of the political futures market intrade, which was ultimately shut down because people were laundering money through some of the markets, most likely at a loss.

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

#108

Post by Jabanga »

hendzen wrote: post #56
H4CK3RM4N wrote: post #49

Earlier quoted context omitted.

The whole point of the blockchain is that you can't forge currency without controlling 50%+ of the computing power in the network.

Sure... and 3 guys in China control 50%+ of the Bitcoin network, and ETH mining will eventually centralize as well. What's your point? I'd rather have Janet Yellen controlling my currency than Jihan Wu/Barry Silbert/Brian Armstrong.

Three guys run pools, which have relatively limited power. The control is in the hands of those who own the hardware that points to those pools. And the beautiful thing is that there's no barrier to entry to participating in hashing, or in the case of Ethereum's soon-to-be-implemented staking.

It's massively parallel, with smaller hash-producers/stakers having nearly the same profitability as large ones, and nearly no minimum investment required to enter.

This is diametrically opposed to any central banking scheme, which is extremely hierarchical, with the representatives of regional banks sitting alongside high-ranking political appointees to create monetary policy and make decisions as significant as buying a trillion dollars worth of privately owned assets from large privately owned financial institutions.

The current centralized monetary scheme is the reason 42% of corporate profits since 1972 have been earned by the financial sector.

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

#109

Post by the_cat_kittles »

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!

i dont think he is making a normative judgement about it, just an observation of how its used, which i think is correct.

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

#110

Post by the_cat_kittles »

mschuster91 wrote: post #48
taberiand wrote: post #30

Earlier quoted context omitted.

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

Money laundering, in my opinion, is not only legitimate, but neccessary , given that e.g. European banking transactions end up via SWIFT or implants at the NSA headwuarters. In addition many governments try to move citizens to "electronic payment" (ranging from online banking to NFC credit cards). The reason is once again tracking, and as could be seen during the financial crisis it's easy to just confiscate money wh…

do you think all attempts to stop money laundering are bad? isn't it reasonable to try to prevent people from profiting off stuff that we all agree is bad? trying to figure out if you are saying there are downsides, or that its all bad.
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