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Is There a Cryptocurrency Bubble? Just Ask Doge

nytimes.com

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Re: Is There a Cryptocurrency Bubble? Just Ask Doge

#11

Post by newmanships »

craigc wrote: post #6

I think there is a difference between a cryptocurrency bubble and an ICO bubble, and this article fails to distinguish between the two. You can see Tom Lee, a financial strategist, talk about Bitcoin here: https://www.cnbc.com/2017/09/15/bitcoin-could-surge-another-... He points out that there are only 300,000 Bitcoin wallets that hold $5,000 or more. In the grand scheme of things that is very small compared to the o…

Small thing, but wasn't it JP Morgan's clients buying bitcoin through their brokerage service, not actually JP Morgan?

https://twitter.com/ToneVays/status/909032026455642113

Re: Is There a Cryptocurrency Bubble? Just Ask Doge

#13

Post by forgingahead »

madamelic wrote: post #9

Really tired of mainstream hit pieces against cryptocurrency. I wouldn't call myself a bitcoin fanatic (I hold a very small amount, just for the fact of making myself learn about blockchain and cryptocurrencies), but these articles are not well-researched. They don't understand the difference between Bitcoin and Dogecoin, let alone the difference between ICOs and Bitcoin, not to mention their misunderstanding that bl…

Indeed, and since this is the NYTimes, it's worth remembering Gell-Mann Amnesia once again:

“Briefly stated, the Gell-Mann Amnesia effect is as follows. You open the newspaper to an article on some subject you know well. In Murray's case, physics. In mine, show business. You read the article and see the journalist has absolutely no understanding of either the facts or the issues. Often, the article is so wrong it actually presents the story backward—reversing cause and effect. I call these the "wet streets cause rain" stories. Paper's full of them.

In any case, you read with exasperation or amusement the multiple errors in a story, and then turn the page to national or international affairs, and read as if the rest of the newspaper was somehow more accurate about Palestine than the baloney you just read. You turn the page, and forget what you know.”

Re: Is There a Cryptocurrency Bubble? Just Ask Doge

#14

Post by craigc »

newmanships wrote: post #11
craigc wrote: post #6

I think there is a difference between a cryptocurrency bubble and an ICO bubble, and this article fails to distinguish between the two. You can see Tom Lee, a financial strategist, talk about Bitcoin here: https://www.cnbc.com/2017/09/15/bitcoin-could-surge-another-... He points out that there are only 300,000 Bitcoin wallets that hold $5,000 or more. In the grand scheme of things that is very small compared to the o…

Small thing, but wasn't it JP Morgan's clients buying bitcoin through their brokerage service, not actually JP Morgan? https://twitter.com/ToneVays/status/909032026455642113

Ah, good point. Well there is still some irony in that!

Re: Is There a Cryptocurrency Bubble? Just Ask Doge

#15

Post by madamelic »

jdormit wrote: post #4

> A group of Bay Area programmers this year used an I.C.O. to raise $35 million for their project, an anonymous web browser called Brave As in Brave, the new browser from Brendan Eich (founder of Mozilla, famously invented JavaScript in 10 days)? Hardly a scam... Either the reporter didn't do their research or twisted the facts to fit their story.

>Either the reporter didn't do their research or twisted the facts to fit their story.

It is quite obvious it is both.

- Dogecoin creator was always a cryptocurrency skeptic. The article even admits it but papers over it.

- Blockchain =/= Bitcoin. The article insinuates that any blockchain-related startups are built on top of Bitcoin.

- ICOs =/= Bitcoin.

- "early adopters often used it to buy drugs, weapons, or other illicit goods on the dark web"

- "including Jamie Dimon, the chief executive of JPMorgan Chase, who last week called Bitcoin a “fraud,”" This line makes it clear what NY Times' outlook is, they quote an opponent of cryptocurrencies like he is an expert.

Re: Is There a Cryptocurrency Bubble? Just Ask Doge

#16

Post by [deleted] »

jdormit wrote: post #4

> A group of Bay Area programmers this year used an I.C.O. to raise $35 million for their project, an anonymous web browser called Brave As in Brave, the new browser from Brendan Eich (founder of Mozilla, famously invented JavaScript in 10 days)? Hardly a scam... Either the reporter didn't do their research or twisted the facts to fit their story.

[deleted]

Re: Is There a Cryptocurrency Bubble? Just Ask Doge

#17

Post by gnicholas »

jdormit wrote: post #4

> A group of Bay Area programmers this year used an I.C.O. to raise $35 million for their project, an anonymous web browser called Brave As in Brave, the new browser from Brendan Eich (founder of Mozilla, famously invented JavaScript in 10 days)? Hardly a scam... Either the reporter didn't do their research or twisted the facts to fit their story.

Exactly. The narrative was all about strangers on the internet, so it would have been inconvenient to mention that the project is headed by the former CTO of Mozilla. Or to mention that the Brave browser was built long before the ICO happened.

Both of these facts mitigate the risk that the creators are scammers with no intention of using the funds for the designated project. But it doesn't fit the narrative!

Re: Is There a Cryptocurrency Bubble? Just Ask Doge

#18

Post by rtpg »

forgingahead wrote: post #13
madamelic wrote: post #9

Really tired of mainstream hit pieces against cryptocurrency. I wouldn't call myself a bitcoin fanatic (I hold a very small amount, just for the fact of making myself learn about blockchain and cryptocurrencies), but these articles are not well-researched. They don't understand the difference between Bitcoin and Dogecoin, let alone the difference between ICOs and Bitcoin, not to mention their misunderstanding that bl…

Indeed, and since this is the NYTimes, it's worth remembering Gell-Mann Amnesia once again: “Briefly stated, the Gell-Mann Amnesia effect is as follows. You open the newspaper to an article on some subject you know well. In Murray's case, physics. In mine, show business. You read the article and see the journalist has absolutely no understanding of either the facts or the issues. Often, the article is so wrong it act…

For every story you read where you notice wrong facts, tens or hundreds of stories are getting things fine.

Almost no one sits down and says "oh, indeed, this article is competent and a correct statement of fact"

Re: Is There a Cryptocurrency Bubble? Just Ask Doge

#19

Post by craigc »

tokenizerrr wrote: post #10
craigc wrote: post #6

I think there is a difference between a cryptocurrency bubble and an ICO bubble, and this article fails to distinguish between the two. You can see Tom Lee, a financial strategist, talk about Bitcoin here: https://www.cnbc.com/2017/09/15/bitcoin-could-surge-another-... He points out that there are only 300,000 Bitcoin wallets that hold $5,000 or more. In the grand scheme of things that is very small compared to the o…

It's impossible to tell how many wallets there are with a certain amount in them. A wallet consists of multiple addresses and you can't tell which of them belong together. It is very common for money to be spread over multiple addresses, which are part of the same wallet. I probably have several hundred addresses in my wallet by now.

Ya, I am aware of that. I don’t think it really weakens his argument that much though. Your bitcoin is only redistributed to new addresses when you send and receive it so even looking at just people who have bought and held it will give you a piece of the puzzle.

You can also compare Bitcoin’s current market cap (~$60 billion) to that of gold ($7 trillion) and see that it still has a ways to go (if it is going to become widely adopted).

Re: Is There a Cryptocurrency Bubble? Just Ask Doge

#20

Post by sl4i6j3o4i98g »

jdormit wrote: post #4

> A group of Bay Area programmers this year used an I.C.O. to raise $35 million for their project, an anonymous web browser called Brave As in Brave, the new browser from Brendan Eich (founder of Mozilla, famously invented JavaScript in 10 days)? Hardly a scam... Either the reporter didn't do their research or twisted the facts to fit their story.

The scam was not so much with Brave, but how the BAT token was distributed. There were 184 investors in the BAT ICO -- is this a fair distribution for what is proposed to be the new attention economy?

The scam is in the back end of how ICO's are run. Even if the project is legit, doesn't mean the token distribution was legit. $35m in 30 seconds??

More details: https://medium.com/the-bitcoin-podcast-blog/a-look-at-the-ba...

https://www.reddit.com/r/BATProject/comments/6lnrf6/screenca...

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