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Look at this gem of an ICO: https://humaniq.co/ WARNING: This site has been identified to potentially trigger vomiting for people with morals. Viewer discretion is advised.
How is this fundamentally different than pre-orders? It seems to me like these ICOs are selling future access to some software that hasn't been built yet. Game companies sell pre-orders to the public all the time to finance the development of the software.
(I don't have any money in cryptocurrencies, but the ICO seems like a good way to fund a seed round for certain types of software, as far as I can tell)
> So, is this the new revolution in fund raising or another pyramid that is soon to explode? Everything is a pyramid. The question is just for how long it lasts. I mean there was a pyramid called monarchy that ruled the planet for a few centuries. There's capitalism which will be replaced by something else, maybe 20 years, maybe 500 years from now. Instead of worrying about the pyramid-ness of something it's much sma…
> a real market value hasn't been established yet. The one possible true market value, micro transactions, seems to have been overcome by simple small step technological evolution. A real market value, in the sense that "something is worth what someone will pay for it", has been established. There's just a lot of people scratching their heads about it. What's the real market value of diamonds? Or gold? In the apocaly…
Yes, you concluded correctly that I see a strong relationship between market value and utility. I'm not sure if market value is the correct word for it, though. English is not my native tongue. There are two values a product has. One is trade value, the other is what you call utility. I believe the trade value of crypto coins exceeds their utility a lot. And I believe they have nearly no utility at all, because otherwise it would have shown by now what the utility is. I also believe it's totally possible that trade value can be kept high without utility for a long time, thus "people are willing to pay a big price for it for a few years" is not a proof of utility to me.
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Exactly my thoughts. This is pure gambling. Lots of people will end up losing money while a small amount of people will make millions from these scams.
True, though it's probably best to go further: Any money into any cyptocoin is pure gambling. Don't put any money in you can't afford to lose. If anyone is saying the word "investment" while talking about a cryptocoin, smile and nod while slowly receding in the other direction. As a gambling vehicle, cryptocoins are one of the finest ever created. But people should at least admit to themselves that it's not investing…
>EDIT: I think it's possible to invest in cryptocoin
smiles about 1000% gains and walks away
Look at this gem of an ICO: https://humaniq.co/ WARNING: This site has been identified to potentially trigger vomiting for people with morals. Viewer discretion is advised.
I was most impressed by the "cartoon" illustrations of the board, advisors, team, etc.
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I bought OJ, milk, eggs, veggies yesterday with BTC via my Shift Card. This hasn't caught on mainstream yet but the infrastructure is there, and it's growing. https://www.shiftpayments.com/card
The fees are quite high for that card. And you are not paying with BTC. If it's a debit card then you have to have fiat in a bank account. I guess they exchange BTC to USD when you top up your shift card.
I paid $10 for the card. $0.00 annual fee $0.00 Domestic transactions
BTC is converted to fiat at the time of purchase, also with no fee, no need to "top up" the shift card..
All the people crying "Scam!", I have a question for you: How is this fundamentally different than pre-orders? It seems to me like these ICOs are selling future access to some software that hasn't been built yet. Game companies sell pre-orders to the public all the time to finance the development of the software. (I don't have any money in cryptocurrencies, but the ICO seems like a good way to fund a seed round for c…
When you buy a new coin you get the right to use that coin in some future micro-economy. What rights and expectations go along with that purchase? What if the micro-economy doesn't value the coin the way you originally thought? What if it never materializes?
Both pre-orders and ICOs can be scams. The difference with ICOs appears to be an added layer of misdirection that could perhaps enable more successful scams.
While I think they're incredibly clever, I'm distrustful of cryptocurrencies and ethereum. So I'm putting ICOs into that basket as well. Still, they always garner a lot of attention, probably for their cleverness. On the other hand, I'm very interested in Hyperledger (IBM Blockchain) [1] which gets scant attention here. Indeed this thread already has more comments than all of the Hyperledger threads combined. Hyperle…
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How is investing in the stock market not a gamble? Potentially reduced risk with alot more rules and regulations it's not any different IMO.
A stock is an ownership share in a real (money-making) company. Criptocoins, on the other hand, have questionable intrinsic value.
There's a huge area in between, and where you place a particular activity on the continuum is largely a judgement call.