So cryptocurrency is the new Gold Rush. As the story goes, the only people who reliably made money during the original gold rush was the people who sold the spades. What are the "spades" here?
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Bankers Ditch Fat Salaries to Chase Digital Currency Riches
21–30 of 150 posts
Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches
#22Earlier quoted context omitted.
I don't think so. All the information is out there in the public domain; in fact, most cryptocurrencies are entirely open source so it couldn't be any more transparent than that. Everyone should be aware of the risk and the reward potential. If ICOs are a fraud, then surely our entire financial system is a fraud because there is much less transparency there. Right now a lot of people are making the mistake of investi…
> Right now a lot of people are making the mistake of investing in an ICO that they don't understand enough. Like with any kind of investing; it's their responsibility to do their research. That's not how it works. Many kinds of securities can only be sold to accredited investors for just this reason; you may not like that law, but it is the law.
It's a silly law. The entire finance industry rests on the principle that well informed people are allowed to make money off of poorly informed people.
I think ICOs are more fair because unlike in mainstream finance, there is much less information asymmetry because the code is all there for anyone to see. Anyone can access all the information they need.
Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches
#23So cryptocurrency is the new Gold Rush. As the story goes, the only people who reliably made money during the original gold rush was the people who sold the spades. What are the "spades" here?
The spades are the hardware ASIC and GPUs and also the platform that let you host and bootstrap a whole new mining field itself, like eth, waves etc
Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches
#24I wonder if this will end with people going to prison for securities fraud?
I don't think so. All the information is out there in the public domain; in fact, most cryptocurrencies are entirely open source so it couldn't be any more transparent than that. Everyone should be aware of the risk and the reward potential. If ICOs are a fraud, then surely our entire financial system is a fraud because there is much less transparency there. Right now a lot of people are making the mistake of investi…
> If ICOs are a fraud, then surely our entire financial system is a fraud because there is much less transparency and honesty there.
Well... I'm not against ICO's, but as bad as traditional finance world is, there are a lot more controls than in ICO's.
For example it is quite easy for ICO organizers to buy their own tokens using their own money, without anyone knowing about that. So they can actually pump their own funding round up without that costing a dime - they just get the money themselves, and additionally they can also sell the tokens on aftermarket.
With traditional markets that kind of tricks are much harder to pull off.
Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches
#25So cryptocurrency is the new Gold Rush. As the story goes, the only people who reliably made money during the original gold rush was the people who sold the spades. What are the "spades" here?
Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches
#26Who are these people spending real money in all these ICOs? Is this all just money made from bitcoin speculation being thrown around? Or is this real people spending real cash money?
So this is 2-tier:
- "whales" (early adopters with tons of BTC) spend their BTC;
- common folks believe in BTC hype, "invest" real dollars in the market and provide liquidity for ICOers.
In the end the bubble bursts, "whales" don't loose much (only their BTC) and the common folks loose their "investments".
Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches
#27So cryptocurrency is the new Gold Rush. As the story goes, the only people who reliably made money during the original gold rush was the people who sold the spades. What are the "spades" here?
Some imaginary hope of future riches. Bankers always sold that; though in recent times there was strict regulation in how they pronounce their promises.
Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches
#28I remember the .com-bubble; it kind of made sense that companies like Amazon were very valuable as they had the promise to transform whole industries.
But this one; it is just stupid.
Massive amounts of electricity and hardware wasted to keep a distributed ledger safe; an army of computer nerds facilitating fraud, narcotics sale and money laundry; and finally the bankers sensing bucks to be made on a large number of idiots.
Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches
#29So cryptocurrency is the new Gold Rush. As the story goes, the only people who reliably made money during the original gold rush was the people who sold the spades. What are the "spades" here?
Nvidia. I bought at $30 :)
Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches
#30So cryptocurrency is the new Gold Rush. As the story goes, the only people who reliably made money during the original gold rush was the people who sold the spades. What are the "spades" here?
all the new crypto exchanges popping up and anything that can convert between fiat and crypto