Here is where's the bubble's at http://www.marketwatch.com/story/heres-how-the-us-got-to-20-...
Is There a Cryptocurrency Bubble? Just Ask Doge
61–70 of 161 posts
Re: Is There a Cryptocurrency Bubble? Just Ask Doge
#62I think the thing to remember with ICOs and new altcoins is that HODL, block your ears and walk away does not apply. People are making a living simply by flipping, insider trading, fake insider rumours, companies stringing out claims and updates, releasing of Alpha's that are paper models (not really even prototypes), teams with a lack of devs with relevant crypto background, ideas that have no use of a blockchain at…
This is what an unregulated market looks like, and the more chaotic it gets, the more I think people should understand why we regulate markets.
Re: Is There a Cryptocurrency Bubble? Just Ask Doge
#63I was a longtime ethereum sceptic, however I was guilty of being a cynical old curmudgeon; the type that poo-poo's anything and everything novel on the grounds that I'll be right 95% of time, ignoring the fact that I'll poo-poo everything that will ever change the world. Bitcoin made currency decentralised and permissionless. Ethereum has made capital raising and equity holding decentralised and permissionless. Sure,…
> Bitcoin made currency decentralised and permissionless.
This is a common misconception, that cryptocurrencies can somehow exist outside government control, and it makes me doubt some of the long term value of Bitcoin. A government can basically make anything it wants illegal, and once cryptocurrencies become large enough, there will be tons of additional regulations and control.
Re: Is There a Cryptocurrency Bubble? Just Ask Doge
#64I was a longtime ethereum sceptic, however I was guilty of being a cynical old curmudgeon; the type that poo-poo's anything and everything novel on the grounds that I'll be right 95% of time, ignoring the fact that I'll poo-poo everything that will ever change the world. Bitcoin made currency decentralised and permissionless. Ethereum has made capital raising and equity holding decentralised and permissionless. Sure,…
Why does SEC compliance exist? It's because people are born suckers.
Very few people need what Ethereum is offering, a lot of people want to be millionaires before they've done anything, and they're willing to lie, scam, and exaggerate to get that. Is not part of the lesson of 2008 is that if you build your economy on sand, it's gonna collapse?
Re: Is There a Cryptocurrency Bubble? Just Ask Doge
#65I was a longtime ethereum sceptic, however I was guilty of being a cynical old curmudgeon; the type that poo-poo's anything and everything novel on the grounds that I'll be right 95% of time, ignoring the fact that I'll poo-poo everything that will ever change the world. Bitcoin made currency decentralised and permissionless. Ethereum has made capital raising and equity holding decentralised and permissionless. Sure,…
> Bitcoin made currency decentralised and permissionless. This is a common misconception, that cryptocurrencies can somehow exist outside government control, and it makes me doubt some of the long term value of Bitcoin. A government can basically make anything it wants illegal, and once cryptocurrencies become large enough, there will be tons of additional regulations and control.
Drugs are illegal almost everywhere in the world and they are one of the largest consumer markets. Something similar happens to US dollars in Venezuela. So I don't know if making bitcoin illegal will really hurt its value in the long run.
Re: Is There a Cryptocurrency Bubble? Just Ask Doge
#66I have great respect for Kevin Roose, but this was a disappointing piece. Dogecoin was a meme. It gained popularity and is still worth something. Jackson Palmer might not believe it has value, but clearly, there are people who own Doge that think otherwise. There is definite frothiness in the market. Some token sales are scams, some are overpromising, and some that look promising will probably blow up. Take a look at…
What do you do with Dogecoin though? It's market cap is $91MM and yet its creation was a joke.
I guess sell it. People think it's valuable. Cryptocurrencies are priced not valued. You can't just go Dogecoin is valued at X. Dogecoin is priced based on supply and demand which is saying it's worth $91MM.
Re: Is There a Cryptocurrency Bubble? Just Ask Doge
#67I was a longtime ethereum sceptic, however I was guilty of being a cynical old curmudgeon; the type that poo-poo's anything and everything novel on the grounds that I'll be right 95% of time, ignoring the fact that I'll poo-poo everything that will ever change the world. Bitcoin made currency decentralised and permissionless. Ethereum has made capital raising and equity holding decentralised and permissionless. Sure,…
Why does SEC compliance exist? It's because people are born suckers. Very few people need what Ethereum is offering, a lot of people want to be millionaires before they've done anything, and they're willing to lie, scam, and exaggerate to get that. Is not part of the lesson of 2008 is that if you build your economy on sand, it's gonna collapse?
But the government only gets around to regulating something after it's done it's damage.
Then lobbyists eventually get the regulations weakened enough for a round two.
At least with cryptocurrencies, no one should have the illusion that somehow the government will prevent a collapse or bail them out. Unless, of course, they are "too big to fail".
Re: Is There a Cryptocurrency Bubble? Just Ask Doge
#68Earlier quoted context omitted.
Noob question... What is the "product" that underlies the value of cryptocurrency that is so much more valuable than what underlies an ICO? What is the value of a machine churning hashes? It seems like the value is underlied by securing a transaction ledger + an arbitrarily difficult math problem. So is the value the security of the ledger?
That is a very good question. I didn’t do a good job making an argument for why I think the value of a currency like Bitcoin could be so much higher than an altcoin that did an ICO. In my opinion, Bitcoin has the first mover advantage in this space. It was the first real use of the blockchain, is still the gateway to pretty much every other crypto currency, there is a maximum supply of coins, and is one of the only c…
Question:
Bitcoin is a global cryptocurrency. Sure it has a first-mover advantage but so does Google. Today someone searches with google, tomorrow they may switch to Bing. Can't the same be said of Bitcoin and say Litecoin / Dogecoin / whatever? So why is Bitcoin worth more than Litecoin let's say? Both are accepted by Coinbase etc.
Re: Is There a Cryptocurrency Bubble? Just Ask Doge
#69Earlier quoted context omitted.
> It is worth nothing that JP Morgan bought up millions of dollars worth of Bitcoin after the price crashed following that statement The crash was mostly independent of Dimon's statements.
Yeah I should have made that clear. The price had already started a correction, and the crashing was more associated with uncertainty related to Bitcoin exchanges in China shutting down, but his statement certainly didn’t help. It was picked up by pretty much every news outlet.
I guess that's true if learning that Jamie Dimon thought it was a bubble moved a lot of people to sell their bitcoin.
Re: Is There a Cryptocurrency Bubble? Just Ask Doge
#70Earlier quoted context omitted.
What are you talking about? Also every exchange out there will let you short any number of cryptocurrencies.
I do not personally believe the bitcoin markets will function properly for the shorting mechanism to pay off in interesting scenarios. If I borrow your bitcoins, how will you force me to sell them? If we agree that a third party will warehouse those coins, how can I trust them? And if BTC plunges, who's to say that 3rd party will still operate? All very different from shorting a stock. But if you want to loan me your…
People successfully short cryptocurrencies every day and reputable exchanges pay out, even during massive drops. If you really want to short, sign up at GDAX and enable margin trading.