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The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

bloomberg.com

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Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#41

Post by MrEfficiency »

masterjack wrote: post #25
MrEfficiency wrote: post #12

Earlier quoted context omitted.

>Billions of Tethers were printed seemingly out of thin air and used to purchase Bitcoin. Do we know if it was BTC that was purchased? I have half a mind to think that people who were smart enough to buy decentralized and scare BTC are different than the people who would buy a centralized fiat coin Tether. The only people I know that use Tether are gamblers who are day trading alt coins. It is become more and more ap…

> Do we know it was BTC that was purchased? Yes. You can monitor the price and volume charts of BTC after a wild tether appears. For example: http://www.tetherreport.com

Thank you.

Its unfortunate the early adopters spent much time understanding and educating people about currency while the most recent crowd is following the greed. Tether is the opposite of the problem that was being solved.

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#42

Post by superkuh »

atomical wrote: post #36
superkuh wrote: post #31

Bloomberg absolutely loves writing these "Anything not a central bank is on the brink of implosion" scare articles. They must generate a tons of views. Unfortunately Bloomberg as a whole doesn't know anything about cryptocurrency beyond the speculation side which is similar to their existing competencies. But that's all they see. We have a blind man feeling an elephant's ass and telling us it's shitty. While true, it…

> Unfortunately Bloomberg as a whole doesn't know anything about cryptocurrency beyond the speculation side which is similar to their existing competencies. But that's all they see. They don't know anything? Even though they partnered with Mike Novogratz to create an index? https://www.bloomberg.com/professional/product/indices/bloom...

I never said they don't know anything about finance or speculation markets. But if you (and they) think that's all cryptocurrency is then you're missing 90% of what's up.

Bloomberg keeps trying to predict crypto's behavior based entirely on the most traditional looking speculation markets. Speculation markets aren't really a part of cryptocurency at all (they aren't on the blockchain(s)) but they are the only part of the concept that traditional finance people can (or will try to) understand.

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#43

Post by mancerayder »

superkuh wrote: post #34
fastball wrote: post #28

Earlier quoted context omitted.

Quite the claim. Obviously you haven't heard of the NSA or the US Military.

For anyone downvoting this I'll expand what he said so you can understand it before reflex downvoting. Nationstate backed fiat currencies require enormous amounts of energy waste in the form of standing armies and other tools of power. Compared to the energy Bitcoin uses to protect itself from attack or fraud this energy is very large.

The implication now is that there'd be no standing armies or other, as you say, tools of power? Do you believe this?

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#44

Post by sleepless_on »

superkuh wrote: post #34
fastball wrote: post #28

Earlier quoted context omitted.

Quite the claim. Obviously you haven't heard of the NSA or the US Military.

For anyone downvoting this I'll expand what he said so you can understand it before reflex downvoting. Nationstate backed fiat currencies require enormous amounts of energy waste in the form of standing armies and other tools of power. Compared to the energy Bitcoin uses to protect itself from attack or fraud this energy is very large.

Also one could argue the intrinsic value of Bitcoin is it's computing power, as that is worth something.

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#45

Post by chrisco255 »

bluedevil2k wrote: post #26

Is there even any reason the world needs more than 1 cryptocurrency? I know there are dozens (hundreds?), but they all effectively do the same thing, right? Allow decentralized currency that can be used for legal and illegal transactions.

Ethereum is Turing-complete. Bitcoin is not. Many more differences among the cryptos, including governance, privacy, etc.

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#47

Post by sleepless_on »

bluedevil2k wrote: post #26

Is there even any reason the world needs more than 1 cryptocurrency? I know there are dozens (hundreds?), but they all effectively do the same thing, right? Allow decentralized currency that can be used for legal and illegal transactions.

I guess people always have preferences. For example privacy, speed, decentralised vs centralised etc.

We also don't need 10 different messaging apps.

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#48

Post by root_axis »

I doubt it. There is nothing to implode. Most of the activity in the "industry" is shuffling around tokens between the various blockchains as their respective cheerleaders hype their chosen coin and spread FUD about competing ones. All of the "real" economic activity surrounding cryptocurrencies (e.g. darknet commerce) will continue regardless of the price since darknet prices are pegged against the value of government currency anyway. The cryptocurrency world will continue to churn with activity indefinitely because creating the appearance of activity is what the industry does

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#49

Post by liftbigweights »

Two anti-crypto stories on the same day?

"Blockchain isn't about democracy and decentralisation – it's about greed "

https://news.ycombinator.com/item?id=18219256

I'm not a fan of cryptos, but it's fascinating how so much of the media ( even in different countries ) push the same narrative in almost a coordinated fashion.

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