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A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes

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Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes

#81

Post by arpfaust »

kfriede wrote: post #72
noncoml wrote: post #69

Earlier quoted context omitted.

Depends on what you want in life. If all you care about is money, then yes, your post makes sense.

Caring solely about money often has the side effect of making others' lives better. Amazon gainfully employs over 500k [1] people, giving them means to put food on the table. Not saying that wouldn't happen without Amazon, but more job availability is always better than less. Bezos just became the richest man ever recorded [2]. [1]: http://money.cnn.com/2017/10/26/technology/business/amazon-e... [2]: https://news.yco…

Isn't Amazon in the news every month or so because it treats their workers like crap?

Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes

#82

Post by bduerst »

gbersac wrote: post #60
jerkstate wrote: post #56

Earlier quoted context omitted.

it's a parody cryptocoin with faster transactions and cheaper fees than the market leader..

Because it is far less used. The techno behind it is the same as bitcoin (with different configuration).

No, dogecoin theoretically caps out at ~30 transactions a second. Bitcoin caps out at ~7 tx/s. This bottleneck increases demand for tx completion and raises tx fees for bitcoin.

The Dogecoin network can handle 4.5x more traffic than the Bitcoin network, meaning the satire cryptocurrency is a better technology at being a currency than bitcoin is.

Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes

#83

Post by sgk284 »

pedrocr wrote: post #57
ufo wrote: post #54

Earlier quoted context omitted.

Yes. This is also why Market Cap is a problematic metric in the cryptocurrency space.

What's wrong with it? Seems like a perfectly normal metric for coins just like for stocks and bonds.

Because I can create a cryptocoin with 2B tokens, sell one coin to friend for $100 and have a $200B market cap. It's got nothing to do with reality. Anyone (literally) can create a $200B market cap coin by forking a github repo.

Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes

#84

Post by digitaltrees »

ACow_Adonis wrote: post #76
kfriede wrote: post #72

Earlier quoted context omitted.

Caring solely about money often has the side effect of making others' lives better. Amazon gainfully employs over 500k [1] people, giving them means to put food on the table. Not saying that wouldn't happen without Amazon, but more job availability is always better than less. Bezos just became the richest man ever recorded [2]. [1]: http://money.cnn.com/2017/10/26/technology/business/amazon-e... [2]: https://news.yco…

Reminds me of: "Oh, Father. You're so wrong. Let me explain. [Puts and empty water glass on his desk] Life, which you so nobly serve, comes from destruction, disorder and chaos. Now take this empty glass. Here it is: peaceful, serene, boring. But if it is destroyed [Pushes the glass off the table. It shatters on the floor, and several small machines come out to clean it up] Look at all these little things! So busy no…

Fifth element. That’s a Deep cut.

Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes

#85

Post by kfriede »

thom wrote: post #80
kfriede wrote: post #72

Earlier quoted context omitted.

Caring solely about money often has the side effect of making others' lives better. Amazon gainfully employs over 500k [1] people, giving them means to put food on the table. Not saying that wouldn't happen without Amazon, but more job availability is always better than less. Bezos just became the richest man ever recorded [2]. [1]: http://money.cnn.com/2017/10/26/technology/business/amazon-e... [2]: https://news.yco…

You mean, "giving them means to live in a tent near an Amazon fulfilment centre."

Who is forcing them to work at Amazon? Their lives are clearly better working there than if Amazon had never existed. If conditions are so bad that these employees live in tents, why not quit and.... oh wait.... live in tents (now with less money).

Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes

#86

Post by lawnchair_larry »

dboreham wrote: post #65

I'm beginning to see how delusional it is to think you can make money by producing something useful or of value in people's lives. That's for lusers. Instead mess with the neural pathways of a large population such that they just give you their money.

Yep, that's what the video game industry realized. They have been overrun by glorified crack dealers peddling their loot crates.

Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes

#87

Post by Top19 »

dboreham wrote: post #65

I'm beginning to see how delusional it is to think you can make money by producing something useful or of value in people's lives. That's for lusers. Instead mess with the neural pathways of a large population such that they just give you their money.

Mark Twain on the main aim of the men of the Gilded Age:

“To get rich. In what way? Dishonestly if they can, honestly if they must.

Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes

#88

Post by QAPereo »

lawnchair_larry wrote: post #86
dboreham wrote: post #65

I'm beginning to see how delusional it is to think you can make money by producing something useful or of value in people's lives. That's for lusers. Instead mess with the neural pathways of a large population such that they just give you their money.

Yep, that's what the video game industry realized. They have been overrun by glorified crack dealers peddling their loot crates.

It’s sad... a friend bought me ‘For Honor’ and it became almost immediately clear that it was a cheaply made Skinner Box. It was also clear that plenty of people were stuck in it.

I love games, but this emerging trend is boring, and worrying in equal measure. Games have shown so much positive potential, and I’ve been defending their value for a couple of decades at least. Now... I’m really worried, st least in the near-term, and I don’t know if I can still support them in the aggregate.

Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes

#89

Post by tardygrad »

kfriede wrote: post #85
thom wrote: post #80

Earlier quoted context omitted.

You mean, "giving them means to live in a tent near an Amazon fulfilment centre."

Who is forcing them to work at Amazon? Their lives are clearly better working there than if Amazon had never existed. If conditions are so bad that these employees live in tents, why not quit and.... oh wait.... live in tents (now with less money).

Amazon presumably. Without Amazon they would be making a living wage at a mom&pop store, and we would all be paying more for lower quality products with less choice.

Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes

#90

Post by armenarmen »

ACow_Adonis wrote: post #76
kfriede wrote: post #72

Earlier quoted context omitted.

Caring solely about money often has the side effect of making others' lives better. Amazon gainfully employs over 500k [1] people, giving them means to put food on the table. Not saying that wouldn't happen without Amazon, but more job availability is always better than less. Bezos just became the richest man ever recorded [2]. [1]: http://money.cnn.com/2017/10/26/technology/business/amazon-e... [2]: https://news.yco…

Reminds me of: "Oh, Father. You're so wrong. Let me explain. [Puts and empty water glass on his desk] Life, which you so nobly serve, comes from destruction, disorder and chaos. Now take this empty glass. Here it is: peaceful, serene, boring. But if it is destroyed [Pushes the glass off the table. It shatters on the floor, and several small machines come out to clean it up] Look at all these little things! So busy no…

Aaah Keynesians
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