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Decentralized Blockchain-Based Electronic Marketplaces

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Re: Decentralized Blockchain-Based Electronic Marketplaces

#21

Post by spookthesunset »

askafriend wrote: post #10
sktrdie wrote: post #2

Aren't you guys tired of this whole blockchain thing? I'm a bitcoin proponent and love the technology, however it's becoming a truly "fake news" type of environment where new cryptocoins are so complicated to understand that only the creators know how they work. I'm mind blown by the fact that none of these new-cryptocoins are getting hacked - there's an enormous bounty out there for who's able to figure out how to d…

I think you're underestimating how truly small and how early the space is still. Normal people still can't easily buy a majority of the tokens/coins/cryptocurrencies out there. Every major exchange is having trouble scaling and many have closed user registrations. Coinbase has more active users than Schwab at this point by a couple million. Binance is the fastest growing private company to hit $2Bn in valuation ever…

> I think you're underestimating how truly small and how early the space is still.

What the heck are you talking about!? Kodak, the former camera company, announced at CES they were going to be selling cloud miners and have their own cryptocoin. Juice companies are announcing blockchain projects. People you run into at grocery stores are randomly bringing up bitcoin...

This is as big as bitcoin gets. And when it pops, that's it for Bitcoin. You can't get bigger than a juice company announcing it will be doing "something with the blockchain". Once it's over, Bitcoin will have lost its original purpose (a currency) and people will leave because its current purpose ("store of value") will have proven worthless too.

The ones that took out $50k from their life savings will be fucked. The drug dealers, crypto-ransomware writers, and murder-for-hire people will have moved onto some other coin. The non-criminal market will write the whole cryptospace off as a scam and go back to using VISA and Mastercard to pay for their lattes.

This is it. This is peak bitcoin. It will never get this high again because the core of Bitcoin is fatally flawed for countless reasons that have been discussed since its creation 9 years ago.

Re: Decentralized Blockchain-Based Electronic Marketplaces

#22

Post by syntaticSugar »

ThomPete wrote: post #6
nerdponx wrote: post #4

Earlier quoted context omitted.

Is anyone actually auditing all these blockchains?

You wouldn't have to that's the whole point of the blockchain that the validation is done by the network itself. All you need is to know which coin/token you are on and you know whether you have the original or not.

I think what he/she meant was the code base

Re: Decentralized Blockchain-Based Electronic Marketplaces

#23

Post by QAPereo »

stale2002 wrote: post #20
empath75 wrote: post #14

Earlier quoted context omitted.

Scarcity doesn’t exist because anyone can start their own blockchain and pretty much anyone who can has. There’s nothing preventing anyone from relaunching an exact duplicate of bitcoin with all of its strengths and weaknesses at any time other than inertia.

I can go get a printer, and start printing stale2002 dollars, right now, perfectly legally. Does that mean that paper money isn't scarce? Dollar bills, of course, are protected from counterfeiting, in the same way that bitcoins are.

That would be legal, but critically attempting to redeem them for current USD would be a crime.

So no... not the same.

Re: Decentralized Blockchain-Based Electronic Marketplaces

#24

Post by [deleted] »

sktrdie wrote: post #2

Aren't you guys tired of this whole blockchain thing? I'm a bitcoin proponent and love the technology, however it's becoming a truly "fake news" type of environment where new cryptocoins are so complicated to understand that only the creators know how they work. I'm mind blown by the fact that none of these new-cryptocoins are getting hacked - there's an enormous bounty out there for who's able to figure out how to d…

[deleted]

Re: Decentralized Blockchain-Based Electronic Marketplaces

#25

Post by surrey-fringe »

sktrdie wrote: post #2

Aren't you guys tired of this whole blockchain thing? I'm a bitcoin proponent and love the technology, however it's becoming a truly "fake news" type of environment where new cryptocoins are so complicated to understand that only the creators know how they work. I'm mind blown by the fact that none of these new-cryptocoins are getting hacked - there's an enormous bounty out there for who's able to figure out how to d…

No, I'm not.

Re: Decentralized Blockchain-Based Electronic Marketplaces

#26

Post by EGreg »

spookthesunset wrote: post #21
askafriend wrote: post #10

Earlier quoted context omitted.

I think you're underestimating how truly small and how early the space is still. Normal people still can't easily buy a majority of the tokens/coins/cryptocurrencies out there. Every major exchange is having trouble scaling and many have closed user registrations. Coinbase has more active users than Schwab at this point by a couple million. Binance is the fastest growing private company to hit $2Bn in valuation ever…

> I think you're underestimating how truly small and how early the space is still. What the heck are you talking about!? Kodak, the former camera company, announced at CES they were going to be selling cloud miners and have their own cryptocoin. Juice companies are announcing blockchain projects. People you run into at grocery stores are randomly bringing up bitcoin... This is as big as bitcoin gets. And when it pops…

"When it pops"

I hear that a lot. Many tokens have a floor, which is the actual value of the tokenized assets. Filecoin's floor is the cost/demand for actual hard drive space. Tickets to artist concerts tokenized would have a floor. Our token (Intercoin.org) has a floor represented by actual economies of communities.

Bitcoin on the other hand, has no floor. Just like Myspace vs Facebook or AltaVista vs Google, people can switch easily.

Re: Decentralized Blockchain-Based Electronic Marketplaces

#27

Post by askafriend »

spookthesunset wrote: post #21
askafriend wrote: post #10

Earlier quoted context omitted.

I think you're underestimating how truly small and how early the space is still. Normal people still can't easily buy a majority of the tokens/coins/cryptocurrencies out there. Every major exchange is having trouble scaling and many have closed user registrations. Coinbase has more active users than Schwab at this point by a couple million. Binance is the fastest growing private company to hit $2Bn in valuation ever…

> I think you're underestimating how truly small and how early the space is still. What the heck are you talking about!? Kodak, the former camera company, announced at CES they were going to be selling cloud miners and have their own cryptocoin. Juice companies are announcing blockchain projects. People you run into at grocery stores are randomly bringing up bitcoin... This is as big as bitcoin gets. And when it pops…

I don't think you've really understood my comment or understand the space at large. Bitcoin is only one player (and the largest currently) but by no means does it represent the entire space. My comment had nothing to do with Bitcoin specifically.

This may be the peak of Bitcoin (of which I have 0, by the way) or maybe not but it is by no means the peak of the cryptocurrency space collectively. Not even close.

Re: Decentralized Blockchain-Based Electronic Marketplaces

#28

Post by spookthesunset »

EGreg wrote: post #26
spookthesunset wrote: post #21

Earlier quoted context omitted.

> I think you're underestimating how truly small and how early the space is still. What the heck are you talking about!? Kodak, the former camera company, announced at CES they were going to be selling cloud miners and have their own cryptocoin. Juice companies are announcing blockchain projects. People you run into at grocery stores are randomly bringing up bitcoin... This is as big as bitcoin gets. And when it pops…

"When it pops" I hear that a lot. Many tokens have a floor, which is the actual value of the tokenized assets. Filecoin's floor is the cost/demand for actual hard drive space. Tickets to artist concerts tokenized would have a floor. Our token (Intercoin.org) has a floor represented by actual economies of communities. Bitcoin on the other hand, has no floor. Just like Myspace vs Facebook or AltaVista vs Google, people…

> people can switch easily.

And therefore it clearly follows that bitcoin is worth, what, $13,400 per BTC?

If the amount of crypto-coin is near limitless (hint: it is), why is any of it worth anything at all?

Which is yet another flaw in the original Bitcoin premise... that because Bitcoin is scarce, it is valuable. But guess what... bitcoin isn't scarce at all. It can, and has, and will continue to be forked. And yeah yeah yeah.... "network effects" and "first mover" and whatever. If, as you say, the switching costs are basically zero... why does any of it have any value at all?

Re: Decentralized Blockchain-Based Electronic Marketplaces

#29

Post by askafriend »

jhwang5 wrote: post #17
askafriend wrote: post #12

Earlier quoted context omitted.

Everyone knows Bitcoin, ETH, and LTC which are all easily purchasable via Coinbase. But the general public is still lacking exposure to projects such as EOS, XLM (YC backed), REQ (YC backed), VEN, and many others. Not only are they lacking exposure but it's a complicated, risky, error-prone process to actually buy in to these projects/tokens even for those who are technically apt. That's how early these projects are.…

1)None of the "legitimate" projects you cited have actually delivered any products or revenue. 2)The whole market is up 5x in December 2017 alone, so I wouldn't say 5x return makes you a genius - it's like saying you are performing at that asset class's benchmark. Note, this is also just one sample. 3)If we unpack your reasoning closely, you seem to assume that further upside is inevitable if altcoins get easier to b…

The value is in the network of people invested in it and that continue to invest in it. To look at these projects the same way you'd look at a private company or a public company would be to completely miss the point. The point is not to deliver revenue or GAAP numbers. The point is to deliver and continue to support a robust network through a governance model that people believe in and where the incentives are correctly aligned between the token holders and the supporting foundation.

I think that's the reason why so many people have trouble understanding the space. Fundamentally networks are what make humans so powerful. The USA is nothing more than a network of people that agree on a set of shared principles. The growth of a network's value isn't linear. A network that goes from 1 person to 2 people isn't twice as valuable, it's exponentially valuable and we're still in the really early stages of figuring out how to value these new, global networks that are forming rapidly.

So the real answer is that we just don't know, but it seems clear that the old world rules don't quite apply.

I never claimed I was a genius for generating 5x. I think you're putting words in my mouth. I'm not a genius. I just see an opportunity that I think a lot of people are missing. I think it's still very early in the space, and I'm making moves to take advantage of it. I'm willing to be wrong and lose 100% of my investment. I'm diversified into my holdings, I follow the projects and teams closely and in case of regulatory risk I have an exit strategy.

I do think further upside is inevitable just based on the sheer demand hammering the exchanges which carry these altcoins. If anything, the influx of capital waiting to flow in will stabilize the prices further even though it may not strictly generate more upside. It'll at the very least set some more solid floors in place for existing asset prices.

Re: Decentralized Blockchain-Based Electronic Marketplaces

#30

Post by [deleted] »

sktrdie wrote: post #2

Aren't you guys tired of this whole blockchain thing? I'm a bitcoin proponent and love the technology, however it's becoming a truly "fake news" type of environment where new cryptocoins are so complicated to understand that only the creators know how they work. I'm mind blown by the fact that none of these new-cryptocoins are getting hacked - there's an enormous bounty out there for who's able to figure out how to d…

[deleted]
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