Is There a Cryptocurrency Bubble? Just Ask Doge
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Re: Is There a Cryptocurrency Bubble? Just Ask Doge
#2This is possible enough that anyone putting a significant amount of money in crypto is playing with seriously dangerous fire.
On the other hand, the fall of one cryptocurrency to scammers doesn't mean all of them are destined to pan out the same way. This article doesn't really offer any evidence for that extrapolation, either.
Re: Is There a Cryptocurrency Bubble? Just Ask Doge
#3I think the thing to remember with ICOs and new altcoins is that HODL, block your ears and walk away does not apply.
People are making a living simply by flipping, insider trading, fake insider rumours, companies stringing out claims and updates, releasing of Alpha's that are paper models (not really even prototypes), teams with a lack of devs with relevant crypto background, ideas that have no use of a blockchain at all, tokens that offer no utility, or whose utility is yet to be determined, etc. Tokens that have utility, but whose utility is relatively small, yet whose investor base and node base is YUGE. It's turning into a bloodbath of fuckery.
Re: Is There a Cryptocurrency Bubble? Just Ask Doge
#4> A group of Bay Area programmers this year used an I.C.O. to raise $35 million for their project, an anonymous web browser called Brave
As in Brave, the new browser from Brendan Eich (founder of Mozilla, famously invented JavaScript in 10 days)? Hardly a scam...
Either the reporter didn't do their research or twisted the facts to fit their story.
Re: Is There a Cryptocurrency Bubble? Just Ask Doge
#5[deleted]
Re: Is There a Cryptocurrency Bubble? Just Ask Doge
#6I think there is a difference between a cryptocurrency bubble and an ICO bubble, and this article fails to distinguish between the two.
You can see Tom Lee, a financial strategist, talk about Bitcoin here: https://www.cnbc.com/2017/09/15/bitcoin-could-surge-another-...
He points out that there are only 300,000 Bitcoin wallets that hold $5,000 or more. In the grand scheme of things that is very small compared to the overall global economy. He also refers to Jamie Dimon’s comments that Bitcoin is a “fraud” (It is worth nothing that JP Morgan bought up millions of dollars worth of Bitcoin after the price crashed following that statement – on behalf of their clients).
ICOs, on the other hand, are absolutely in a bubble. Companies are raising hundreds of millions of dollars without even having a product. It doesn’t take a rocket scientist to understand how absurd that is. In my opinion, regulations in this area would actually do more of a service than disservice to crypto, and I welcome them with open arms. For one, it will legitimize token sales as a fundraising method, and for two it will remove most of the scams and illegitimate projects that seem to be popping up daily.
I think Blockchain technology is here to stay. Even if 99 out of 100 ICO projects fail (they will), that still leaves a few that will survive and may become quite valuable. While the recent explosion in crypto prices seems unsustainable, if it really does become the money of the future then the prices now are going to look like pennies in five or ten years time.
Re: Is There a Cryptocurrency Bubble? Just Ask Doge
#7One of the reasons Doge was successful was because it was, at its heart a meme, and something fun. Bitcoin is sort of a meme too but it seems to keep recreating itself. New 'Bitcoin Myths' keep popping up of why it should be valuable.
Bitcoin will make micro-transactions on the internet feasible.
Bitcoin will upend tyrannical governments.
Bitcoin will be adopted by countries with hyperinflation.
Bitcoin is a hedge against financial collapse.
GOt that idea from here: https://publication.widmerdun.com/the-perpetual-bubble-machi...
Re: Is There a Cryptocurrency Bubble? Just Ask Doge
#8Re: Is There a Cryptocurrency Bubble? Just Ask Doge
#9Really tired of mainstream hit pieces against cryptocurrency.
I wouldn't call myself a bitcoin fanatic (I hold a very small amount, just for the fact of making myself learn about blockchain and cryptocurrencies), but these articles are not well-researched.
They don't understand the difference between Bitcoin and Dogecoin, let alone the difference between ICOs and Bitcoin, not to mention their misunderstanding that blockchains are a technology, not Bitcoin.
The article even admits Dogecoin's creator was always skeptical and made the coin as a joke, so him suddenly saying he is skeptical is just about the least shocking thing.
Re: Is There a Cryptocurrency Bubble? Just Ask Doge
#10I think there is a difference between a cryptocurrency bubble and an ICO bubble, and this article fails to distinguish between the two. You can see Tom Lee, a financial strategist, talk about Bitcoin here: https://www.cnbc.com/2017/09/15/bitcoin-could-surge-another-... He points out that there are only 300,000 Bitcoin wallets that hold $5,000 or more. In the grand scheme of things that is very small compared to the o…
It's impossible to tell how many wallets there are with a certain amount in them. A wallet consists of multiple addresses and you can't tell which of them belong together. It is very common for money to be spread over multiple addresses, which are part of the same wallet. I probably have several hundred addresses in my wallet by now.