101–110 of 433 posts
Earlier quoted context omitted.
Forget money, I would like to know of one legit ICO. One single ICO that has a product. One.
I think the RNDR token is the only one I've seen that really makes sense. https://rendertoken.com/ . And the people behind it (Otoy) are very reputable.
Earlier quoted context omitted.
Right, but at that point, what's the difference between an ICO and a security? If I was an investor, why would I want to go into an ICO vs traditional means?
A non-security ICO coin is not a share, it's a pre-order for a product that may or may not ever exist. It's like a Kickstarter project[1], except most of the backers don't actually want the backed product, they want to resell their pre-order to someone who does. At least, that's how it's supposed to work, in theory. In practice, it's a hotbed for scams. Most of the re-sales happen from one speculator to another, unti…
I'm not even sure it's this. Pre-orders come with rules. ICOs do not. (Or more accurately, they make them difficult and unrewarding to enforce.)
Earlier quoted context omitted.
A non-security ICO coin is not a share, it's a pre-order for a product that may or may not ever exist. It's like a Kickstarter project[1], except most of the backers don't actually want the backed product, they want to resell their pre-order to someone who does. At least, that's how it's supposed to work, in theory. In practice, it's a hotbed for scams. Most of the re-sales happen from one speculator to another, unti…
> it's a pre-order for a product that may or may not ever exist I'm not even sure it's this. Pre-orders come with rules. ICOs do not. (Or more accurately, they make them difficult and unrewarding to enforce.)
[1] Product might not perform as advertised.
[2] Product might not be delivered in the promised timeline.
[3] Product might not be completed at all, due to unfortunate circumstances, such as exhaustion of funds, acts of God, or the laws of physics.
[4] All pre-orders are final, no refunds.
You can see the state (volume, # daily users) of some of these promised "dapps" here: https://dappradar.com . It is indeed a barren wasteland. And when a new popular ICO comes along, the Ethereum network struggles and fees skyrocket. It's weird because people compare it to the early days of the Internet... but the early Internet was useful from its beginning: you could at least send messages and files across the netw…
> It's weird because people compare it to the early days of the Internet... but the early Internet was useful from its beginning That really depends on where you put 'beginning'. But more to the point, blockchains are useful now, just like the internet was. They're just not useful for all the things that are being promised (yet). Also, just like the internet wasn't. > Now, all we see is rampant fraud and a complete d…
Earlier quoted context omitted.
One promising example is SpankChain. It's a cryptocurrency specifically designed for the porn market. Traditionally, it's hard to make money in porn due to fraud and chargebacks. Most payment processors also won't touch you. But crypto has no chargebacks, so it's a natural fit. One could argue that if you have to dip down to the level of porn just to find some value, ICOs are worth dismissing. But I would say that it…
>One could argue that if you have to dip down to the level of porn just to find some value, ICOs are worth dismissing One could also argue that when porn starts adopting a technology, you should adopt it too because that tech is what is going to win. Porn has consistently chosen the winners and any tech that discourages or disallows porn's involvement loses.
More to the point is there any evidence of the mainstream porn user actually adopting SpankChain (or any of the other supposed "blockchains for porn") as opposed to ICO profiteers adopting pornography as a relatively plausible potential future business model to sell unnecessary tokens at an implausibly high value?
Just had a look at the company page of the service. The CEO is a "decentralization laser gun" who boasts about how much money he raised in other ICOs (hmmm...) as well as his favourite computer games. In lieu of an actual testimonial, we get him in blockquote saying "we've honestly got the best team ever". Apparently this is one of the more promising ICOs and yet it's making me feel the SEC parody ICO site was a bit mild...
You can see the state (volume, # daily users) of some of these promised "dapps" here: https://dappradar.com . It is indeed a barren wasteland. And when a new popular ICO comes along, the Ethereum network struggles and fees skyrocket. It's weird because people compare it to the early days of the Internet... but the early Internet was useful from its beginning: you could at least send messages and files across the netw…
> It's weird because people compare it to the early days of the Internet... but the early Internet was useful from its beginning That really depends on where you put 'beginning'. But more to the point, blockchains are useful now, just like the internet was. They're just not useful for all the things that are being promised (yet). Also, just like the internet wasn't. > Now, all we see is rampant fraud and a complete d…
Exactly. The early internet was full of promises of taking over retail. None of that worked, at first. Instead the internet was useful for messaging and putting up personal websites. All the responsible people at the time kept whining -- how is it going to make money??
Well, people kept working on it. For years. Business cycles came and went. Eventually the promise worked out.
You can see the state (volume, # daily users) of some of these promised "dapps" here: https://dappradar.com . It is indeed a barren wasteland. And when a new popular ICO comes along, the Ethereum network struggles and fees skyrocket. It's weird because people compare it to the early days of the Internet... but the early Internet was useful from its beginning: you could at least send messages and files across the netw…
The early internet I used was just as barely usable as the Ethereum network is now. I remember being in the college computer lab and begging on simple things like a page to load. Just a few years later and I was able to watch videos on the computers streaming from the internet. Technology rapidly advances. I still realized back in those computer labs how revolutionary the internet was going to be, I feel the same way…
Because the example you said about the internet (from loading webpage to video streaming) does sound amazing. What's the "parallel" for crypto that you see?
You can see the state (volume, # daily users) of some of these promised "dapps" here: https://dappradar.com . It is indeed a barren wasteland. And when a new popular ICO comes along, the Ethereum network struggles and fees skyrocket. It's weird because people compare it to the early days of the Internet... but the early Internet was useful from its beginning: you could at least send messages and files across the netw…
> It's weird because people compare it to the early days of the Internet... but the early Internet was useful from its beginning That really depends on where you put 'beginning'. But more to the point, blockchains are useful now, just like the internet was. They're just not useful for all the things that are being promised (yet). Also, just like the internet wasn't. > Now, all we see is rampant fraud and a complete d…
Earlier quoted context omitted.
This is a serious question as I want to make sure I'm reading this right: CryptoKitties really had only 274 users in the past 24 hours? The USV/Andreessen company?
Yes... and as someone mentioned, the amount is very low compared to it's peak - https://dappradar.com/app/3/cryptokitties (you can see all time history) - on 09/12/2017 it had around 14k daily users...