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Fools and their crypto

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Re: Fools and their crypto

#101

Post by Cthulhu_ »

prklmn wrote: post #93
viridian wrote: post #85

Earlier quoted context omitted.

I'm a registered Libertarian (lol) who isn't against reigning in ICOs. My chief concern is regulation creep from problems that do exist, to problems that may exist in the future, but aren't really a current concern. I find targeting the latter gives a government a whole lot of elbow room to extract wealth, via things like trade license fees, ICO officiation fees, a requirement that a coin some some property that crea…

your point about needing a tech background to invest is like saying that one should have a finance background to invest in an IPO. I disagree.

It's very much a thing over in Europe though, the new MiFID II directive is a thing intended to protect investors - one implementation that (online) investment banking sites have to offer now is things like a basic test, that is, you need to prove you have half a clue what you're doing.

Re: Fools and their crypto

#102

Post by jfk13 »

eksemplar wrote: post #45
icodemuch wrote: post #5

Hopefully a wake up call.. but probably won't be.

It won’t be. Every ICO I’ve bought into and the subsequently sold once it hit the exchanges has made me ridiculously amounts of money. Some sells were stupid, others were brilliant but they were all green. My stocks have increased as well and hold the majority of my investments, but they increased by 11% last year. My Cryptocurrency increased by 1153% in the same period of time. As long as that happens Cryptocurrency…

And "taking money from other people by selling useless shit [that plays on their naïve hope to also get rich quick]" doesn't trouble your conscience at all, I assume?

Re: Fools and their crypto

#103

Post by 0xfeba »

marban wrote: post #59
teekert wrote: post #57

Earlier quoted context omitted.

Recommended watching: http://www.imdb.com/title/tt1596363/

..."People want an authority to tell them how to value things, but they choose this authority not based on facts or results. They choose it because it feels authoritative and familiar."

Sounds a lot like how many people support the current POTUS.

Re: Fools and their crypto

#104

Post by jackpeterfletch »

Thriptic wrote: post #21

I will repeat myself from another ICO thread last week: you cannot have investment vehicles where commiting fraud results in no punishment. It simply doesn't work. Until someone figures out a way to even somewhat integrate ICOs into the existing legal system, this will keep happening. I have proposed one possible solution to this problem here: https://news.ycombinator.com/item?id=16208325

What does crypto offer in this solution.

You could do it without?

Re: Fools and their crypto

#105

Post by monadmancer »

CPLX wrote: post #80
monadmancer wrote: post #65

Earlier quoted context omitted.

We aren't there yet. Successful projects are building protocols with the goal of developers using them to build next-gen products that people actually want. Current speculation (a16z, polychain, ...) is that it will take another few years for this rollout to really take effect.

> products that people actually want This part of the process is usually considered one of the first steps in a successful business.

If we're talking about developers, then there are already a variety of projects that "people" developers actually want.

The consumer oriented blockchain-natively-dependent projects are not here yet because the protocol layer isn't mature enough.

This isn't just my opinion, but those of the "actual" investors in the blockchain space such as a16z and polychain.

Re: Fools and their crypto

#106

Post by NiekvdMaas »

cdancette wrote: post #58

There's a thing that bothers me with ICO, it's when people call it an investment. It has nothing to do with an investment, it's basically a presale for the service that the company will provide. It offers you nothing of what buying shares of the company will (except when explicitly specified in the token sale) : no dividend, no voting power... Expecting to earn money by buying tokens in an ICO is pure speculation, as…

There is a big difference between a Kickstarter and an ICO, namely that ICOs allow you to resell the tokens in open marketplaces. If you decide you're not interested after all the next day you can resell the token.

Re: Fools and their crypto

#107

Post by thisisit »

shaki-dora wrote: post #100
thisisit wrote: post #39

Earlier quoted context omitted.

That I guess is a subtle nod to the company Pied Piper in the series Silicon Valley [1]. In the last season one of the characters built an app called "SeeFood", a Shazam for food: https://www.youtube.com/watch?v=FNyi3nAuLb0 The app ended being used at Periscope to detect penis which explains the ending for the website too.

In case you’re wondering why your comment is all gray: people think you should go to your school and demand your money back if you think „pied piper“ was invented by the TV series. (Unless you’re not in Europe or its cultural descendants)

I know that it is a children's story. What I meant in the comment was that the whole story about food on blockchain and the eventual ending about penis seems to reflect the SeeFood app arc in the TV series. That is why the image was used.

If people thought otherwise then I guess my commenting skills are not that great.

Re: Fools and their crypto

#108

Post by soundwave106 »

teekert wrote: post #62
marban wrote: post #59

Earlier quoted context omitted.

..."People want an authority to tell them how to value things, but they choose this authority not based on facts or results. They choose it because it feels authoritative and familiar."

animex comment is so true by the way that it is insanely ridiculous. Anything that is said about ICO can be directly applied to Synthetic CDOs that do not contain what is claimed. How many people went to jail for selling those fraudulent products? By this logic we should be using tax payers money to compensate people who suffered losses in ICOs. And we should also use tax payers money to pay the bonuses of the ICO le…

The main difference here is that Wall Street does have more well regulated segments, such as your traditional investments like stocks and bonds. I think disclosure of the nature of investment is a key here. Even more risky areas (options and whatnot) can be approached at with at least some degree of analysis -- you are investing in companies of whom are required to maintain a series of statistics that can help you determine value.

Fraud still happens even in this space, but it's not a huge moonshot like an ICO would be in the best of circumstances (let alone the completely fraudulent make-money-fast type ICO scams.)

My thought on the CDO crisis and the somewhat nonchalant reaction from regulators, is that this was a sign that Wall Street needed more regulation in certain areas, their howls of protest on regulations that did appear post-2008 (eg Dodd-Frank) notwithstanding. It is worth noting that in the Savings and Loans scandal 20ish years earlier, people were jailed for selling fraudulent investment vehicles. The reaction to the CDO driven crisis in contrast was very weak IMHO.

Re: Fools and their crypto

#109

Post by pavlik_enemy »

monadmancer wrote: post #105
CPLX wrote: post #80

Earlier quoted context omitted.

> products that people actually want This part of the process is usually considered one of the first steps in a successful business.

If we're talking about developers, then there are already a variety of projects that "people" developers actually want. The consumer oriented blockchain-natively-dependent projects are not here yet because the protocol layer isn't mature enough. This isn't just my opinion, but those of the "actual" investors in the blockchain space such as a16z and polychain.

Why there were no blockchain projects for the last 10 years?

Re: Fools and their crypto

#110

Post by tim333 »

mrep wrote: post #35
KasianFranks wrote: post #24

Earlier quoted context omitted.

Many of them are MLMs but I'm referring to the ones that are not, the ones that actually using the crypto capital for true innovation.

Name 1 that has used that capital to achieve over 10$ million in profit per year.

Kucoin (KCS)
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