What? This is like every shit coin. Tons of them tank to near zero and deflate. Anyone who thinks these coins are legitimate are fooling themselves. They are built with one core requirement, do just enough to differentiate from other coins, pump it, get out. The average person can't understand 99% of the specs of these coins, it's all speculation. The whole thing is a ponzi scheme.
Just because some ICOs can be scams is no reason to write off the entire concept as a scam.
Bancor has lost more than half its value since June ICO
61–70 of 107 posts
Re: Bancor has lost more than half its value since June ICO
#62Re: Bancor has lost more than half its value since June ICO
#63Earlier quoted context omitted.
Easier to sell to people trying to make a quick buck than doing something concrete that is directly useful. Why sell even shovels directly at the goldrush when you can manufacture the shovels...
Or write a whitepaper about how you will build a factory that will build factories to manufacture shovels. I'm, ah, seeking investors.
A whitepaper for an ICO to raise money for an AI to write whitepapers to raise money in ICO :)
Re: Bancor has lost more than half its value since June ICO
#64Re: Bancor has lost more than half its value since June ICO
#65Why do so many cryptocurrency projects seem so meta? Platforms for creating platforms, coins for creating coins.
I just googled it and the description says The Bancor protocol enables built-in price discovery and a liquidity mechanism for tokens on smart contract blockchains Talk about buzzwords and mumbo jumbo.
It's an over-technical way to say they don't really do much.
Re: Bancor has lost more than half its value since June ICO
#66Earlier quoted context omitted.
Compared to volatility in fiat currencies? I (perhaps incorrectly) assume you live in a relatively stable and developed nation that hasn't seen hyperinflation? Should I base my views of fiat currency from things like the 79.6 billion percent hyperinflation in Zimbabwe? Neither is inherently volatile. Both can be, but it isn't a built-in trait of fiat or cryptocurrency.
Perhaps cryptocurrencies are inherently volatile. We don't know either way. In any case, there is zero empirical evidence that they aren't, given that there has not once existed a stable cryptocurrency.
Yeah this is incorrect. USDT, although incredibly shady, is pegged to the United States Dollar, and therefore a "stable" currency.
Re: Bancor has lost more than half its value since June ICO
#67Earlier quoted context omitted.
Easier to sell to people trying to make a quick buck than doing something concrete that is directly useful. Why sell even shovels directly at the goldrush when you can manufacture the shovels...
This is accurate. My startup is blockchain funded, but we have a serious money-making business model. But some people still want the sexy smart contract tech decentralized sound clips to get really hyped. People give us a hard time because our core team is anonymous (key part of being an extrajurisdictional company). It's a fair criticism! And the most obvious. Bancor had a bunch of smiling faces making up their top…
> This is accurate. My startup is blockchain funded, but we have a serious money-making business model. But some people still want the sexy smart contract tech decentralized sound clips to get really hyped.
Attracting people to invest in your venture who don't actually have a reasonable capability to determine whether it's a good idea is unethical.
If the "sexy smart contract tech" is a compromise to convince your investors to invest in your startup which they would already have been interested in that's one thing.
But it's unethical to convince them to invest solely on the basis of an aspect of your business plan which you yourself do not believe in.
Re: Bancor has lost more than half its value since June ICO
#68The spot price has fallen by more than half; the value has held very steady at zero.
Re: Bancor has lost more than half its value since June ICO
#69> Bancor Chief Executive Officer Guy Benartzi said Sirer is making his claims because he is advising another company.
That really says it all. The CEO prefers to attack ad hominem instead of responding to his very well substantiated arguments. Bancor is BS and a perfect example of the whole ICO scam thing.
Re: Bancor has lost more than half its value since June ICO
#70I did quite a lot of research into Bancor from a non-cryptocurrency-developer perspective a few months ago (when looking at possible ways to launch a token for Matrix - c.f. https://matrix.org/blog/2017/08/22/thoughts-on-cryptocurrenc... ) - and concluded that it's actually quite an interesting idea (once it finally 'clicked'). From the normal dev perspective: the idea is that it removes the concept of using a market…
It is rare to find someone actually contributing to a crypto currency discussion, rather than just sharing their opinion. Insightful comment thanks!