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Bitfinex never ‘repaid’ their tokens, they started a ponzi scheme

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Re: Bitfinex never ‘repaid’ their tokens, they started a ponzi scheme

#71
post #68
post #46

I really wish that HN had a rule where it would be mandatory for commenters to disclose their holdings in any cryptocurrency threads. This would make it easier to flag comments that look like they're just pumping a coin to improve its search engine status. If you're praising Bitcoin, EOS, IOTA or whatever FooBarToken, please add a short note at the end to explain what you stand to gain. Either: "I'm long IOTA", or "I…

I thought you would start... (I own BTC enough to buy a nintendo game)

When I post an opinion about a coin or exchangeable token, I will.

Nothing to disclose though! I don’t care much about the space. But the volume of outright scams is the highest I’ve ever seen in any market.

Re: Bitfinex never ‘repaid’ their tokens, they started a ponzi scheme

#72

LOL Even better than a Ponzi Scheme, let's just sell "shares" of this "company" (which by the way has a paper value of a very round and big ZERO) for cash Toilet paper provides better value Oh wait, he "buys low and sells high", that explains it.

Are you 15? Shares in a company entitle you to a piece of that company, they can profit share with dividends, enable you the right to vote in corporate matters. If the company were to go bankrupt you also get money from the liquidation. What does your ICO give you?

There has to be profit to give dividends, there's such a thing as non-voting shares, and bankruptcy liquidations tend to pay out nothing to shareholders.

Re: Bitfinex never ‘repaid’ their tokens, they started a ponzi scheme

#73

LOL Even better than a Ponzi Scheme, let's just sell "shares" of this "company" (which by the way has a paper value of a very round and big ZERO) for cash Toilet paper provides better value Oh wait, he "buys low and sells high", that explains it.

Are you 15? Shares in a company entitle you to a piece of that company, they can profit share with dividends, enable you the right to vote in corporate matters. If the company were to go bankrupt you also get money from the liquidation. What does your ICO give you?

> they can profit share with dividends

Can, but not all of them do it

> enable you the right to vote in corporate matters

Can, but not all shares allow you to do that

> If the company were to go bankrupt you also get money from the liquidation.

https://i.imgur.com/seh6p.gif

> What does your ICO give you?

Where did I mention ICO?

Re: Bitfinex never ‘repaid’ their tokens, they started a ponzi scheme

#74
post #52
post #34

Earlier quoted context omitted.

The FUD against EOS is really strong. It is interesting that despite the FUD, its valuation is very big too. The FUD is mostly about the business behind EOS, as a technical project is solid C++ code with well thought out architecture. In fact this is the kind of project where as I got deeper into it I believe that it can work. In case of most other projects when I dig deeper, I become more and more sceptic. The reaso…

Multiple downvotes on my comment proves my point. There is serious hate on the EOS project. No matter how much you downvote me, EOS is still doing one of the most promising research and development on how to improve crpyto network throughput and latency. Ethereum research on sharding is also interesting, but seemingly there are extremely hard problems to be solveed there with way more complex software than EOS.

I didn't downvote or upvote you. I had no idea what EOS is until I googled it. I have zero bitcoins (and some token gridcoins from the last month, but in donating CPU time since it started as SETI).

The above being said, it looks like you are in your own EOS bubble.

You should zoom out of it, and I'd suggest further zoom out of the crypto coin hype, look at the digital coins objectively and decide if you want to lose your money, or risk increasing it.

That being said, some starting points for you:

Coins are trying to become money. We have tons of money, in fact we never had more historically.

After the last few crashes, the CBs dumped primes near zero (to avoid Max style of societial developments), and we even have more money around (cheap debts etc).

But, now we are doing fine.

BIS had a report weeks ago, outlining money contractions, salaries going up, cheap workforce from China+India joining the global economy 20 years ago stabilizing, and all that.

Cheap money, on this planet (so , not in the crypto world, or USA, or Luxemburg, but on this planet) will start contracting.

Crypto valuations, TAM and market caps are as high because people have a lot of extra fiat to dump into it (or in real estate, iPhones, high margin cars, etc).

As money becomes less obtainable, take a guess where they'll be drawn out from (well, Canadian real estate, but other stuff too).

So, after all of the above being said; I'm really glad you have a job as a c++ optimization expert in coin attempt number 3 by your CTO, but I suggest you remain sceptical about it success prospects.

Re: Bitfinex never ‘repaid’ their tokens, they started a ponzi scheme

#75
post #9

While I'd enjoy a good detective journalism, this article is just making claims out of thin air. And here is one: > However, this doesn’t stop Bitfinex from tripping over their shoelaces to immediately list a fork which doesn’t exist, in order to make money off of suckers. That is not correct. Bitfinex didn't list Bitcoin Gold. They listed a future contract of Bitcoin Gold (though the naming "token" is a bit confusin…

Who owns Poloniex and Bittrex? How are they licensed? Do they segregate customer funds from operating funds?

Re: Bitfinex never ‘repaid’ their tokens, they started a ponzi scheme

#76
post #4

> As Bitfinex has become more and more desperate, they have listed more and more crypto-currencies of questionable value, such as EOS/IOTA/ETP and so on. As per coinmarketcap.com: EOS is ranked 19, 442 million in marketcap IOTA is ranked 11, 950 million in marketcap ETP is ranked 70, 73 million in marketcap Anyone can throw some light on what these coins really are? Additionally, BTC markets: https://coinmarketcap.co…

Not entirely sure. But a friend and I have day traded IOTA as an example quite a bit. We have no illusions (well I don't) about how potentially shady this all is. People start talking in crypto circles. IOTA goes up double digits that says. Then usually just goes back to where it was a few days later.

I assume none have any real value. Though IOTA seems like it has different spins on what it is doing and is trying to do real things with the coin. I've heard positives and negatives. I'm not entirely familiar with the details. Regardless for that reason and in general risk reasons, i wouldn't stake a claim in IOTA or almost small altcoins like the ones you mentioned for long.

Re: Bitfinex never ‘repaid’ their tokens, they started a ponzi scheme

#77
post #53
post #46

I really wish that HN had a rule where it would be mandatory for commenters to disclose their holdings in any cryptocurrency threads. This would make it easier to flag comments that look like they're just pumping a coin to improve its search engine status. If you're praising Bitcoin, EOS, IOTA or whatever FooBarToken, please add a short note at the end to explain what you stand to gain. Either: "I'm long IOTA", or "I…

It's not unreasonable to ask but it's completely unreasonable to expect that anyone pumping a coin on HN would have even the slightest inclination to be truthful about their position.

>> anyone pumping a coin on HN would have even the slightest inclination to be truthful about their position

Which is why I already just assume everyone who doesn't do this but makes claims about a certain coin is talking out of their ass.

Re: Bitfinex never ‘repaid’ their tokens, they started a ponzi scheme

#78
post #9

While I'd enjoy a good detective journalism, this article is just making claims out of thin air. And here is one: > However, this doesn’t stop Bitfinex from tripping over their shoelaces to immediately list a fork which doesn’t exist, in order to make money off of suckers. That is not correct. Bitfinex didn't list Bitcoin Gold. They listed a future contract of Bitcoin Gold (though the naming "token" is a bit confusin…

>First, a new creation of Tether doesn't result in a pump. That would be too obvious for traders to arb the effect.

Orly? -> https://www.dropbox.com/sh/lylx2da2vobps8h/AAAN0q62s1X_Wl0H-...

Re: Bitfinex never ‘repaid’ their tokens, they started a ponzi scheme

#79
post #39
post #28

Earlier quoted context omitted.

> […] offers 0 fees […] I’m highly skeptical of this claim since there’s a cost to running any system. It seems more likely that they just made fees implicit rather than explicit (as in Bitcoin) but, regardless, someone needs to be paid to keep servers running.

In bitcoin you don't get paid to run full nodes. Only the miners get paid for verifying transactions. Verifying transactions is done by the users themselves with iota, so there is no need for miners and no need for fees.

> Verifying transactions is done by the users themselves with iota [...]

Unless the cost of verifying transactions is zero, this just means that the cost is now measured in CPU cycles at the client. In the end, this may be higher than whatever you pay with Bitcoin, depending on how much work you need to do. This is what I mean by "making fees implicit" - there's still work to be done, but not putting a price on this work doesn't mean it's free.

Re: Bitfinex never ‘repaid’ their tokens, they started a ponzi scheme

#80
post #45

Earlier quoted context omitted.

Their claim of 0 fees will not last. It means DDOSing will be trivial, and their network will be crippled.

You have to do PoW when submitting a transaction. So DDOSing will not be trivial.

> You have to do PoW when submitting a transaction.

Then there is a price; it's just measured in watt-hours of energy spent instead of denominated in cryptocurrency.

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