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A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes

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141–150 of 177 posts

Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes

#141
post #116

Earlier quoted context omitted.

You are making a big assumption which I don't think you can make which is ... that Amazon is the result of a person or people who solely care about money. I don't think your assumption is true.

Well, what do you think they care about then?

Many things, money being only one of them.

Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes

#142

I'm beginning to see how delusional it is to think you can make money by producing something useful or of value in people's lives. That's for lusers. Instead mess with the neural pathways of a large population such that they just give you their money.

Or you can make money by issuing a new blockchain token and making it useful and add value to people's lives. People are obviously ascribing value to these things otherwise prices wouldn't be so high.

Separately, CMC delisting some Korean exchanges is actually probably a good thing since prices in Korean Won have been trending 20 to 30% higher than crypto assets priced in USD or EUR. It was creating a lot of weird market conditions. A correction in price isn't a bad thing.

Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes

#143
post #72

Earlier quoted context omitted.

Caring solely about money often has the side effect of making others' lives better. Amazon gainfully employs over 500k [1] people, giving them means to put food on the table. Not saying that wouldn't happen without Amazon, but more job availability is always better than less. Bezos just became the richest man ever recorded [2]. [1]: http://money.cnn.com/2017/10/26/technology/business/amazon-e... [2]: https://news.yco…

Reminds me of: "Oh, Father. You're so wrong. Let me explain. [Puts and empty water glass on his desk] Life, which you so nobly serve, comes from destruction, disorder and chaos. Now take this empty glass. Here it is: peaceful, serene, boring. But if it is destroyed [Pushes the glass off the table. It shatters on the floor, and several small machines come out to clean it up] Look at all these little things! So busy no…

On the other hand: https://en.wikipedia.org/wiki/The_Fable_of_the_Bees

Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes

#144
post #69

I'm beginning to see how delusional it is to think you can make money by producing something useful or of value in people's lives. That's for lusers. Instead mess with the neural pathways of a large population such that they just give you their money.

Depends on what you want in life. If all you care about is money, then yes, your post makes sense.

Even if it's not all you care about, it's still extremely important for living in this world.

Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes

#145

I'm beginning to see how delusional it is to think you can make money by producing something useful or of value in people's lives. That's for lusers. Instead mess with the neural pathways of a large population such that they just give you their money.

I don't get it, either, especially with the Kodak news today. Like, someone please explain if I'm misunderstanding, but can't pretty much anyone create a cryptocurrency? Do I instantly become valuable if I create one tonight?

Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes

#146
post #2

Well that definitely contributed, but that alone didn't cause the crash. There was irrational price rise in the last few weeks for certain cryptocurrencies(Ripple, Tron) and this is part of the correction. Also, The market as a whole should get away with global averages and depending on one website to track everything. I wrote an article on it if someone is interested - http://coinsocial.io/2018/01/09/its-time-for-cr…

>There was irrational price rise in the last few weeks for certain cryptocurrencies(Ripple, Tron) and this is part of the correction. What makes their increase 'irrational'?

What makes their increase rational?

Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes

#147

Earlier quoted context omitted.

That’s somewhat like a conclusion I came to about another field I am in, glassblowing. For a long time, I thought the idea was to become more skilled at the art, and that would make me more sucessful… It turns out getting better at marketing is much more important, assuming the overall goal is to make money. Financially, mediocre glassblowers with excellent marketing do far better than excellent glassblowers with med…

well marketing is an art .. marketing was born with competition, you need marketing, because you are not the only one good at what you do marketing is anything and everything you do, to influence others, to achieve your objectives .. this does include the product design and features .. or in other words, the features you chose to include in your product marketing is not bad, and is not a waste marketing is not, in my…

At some skill point the marginal utility of increasing marketing skill is greater than the marginal utility of increasing in glass Blowing skill.

Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes

#148

I'm beginning to see how delusional it is to think you can make money by producing something useful or of value in people's lives. That's for lusers. Instead mess with the neural pathways of a large population such that they just give you their money.

I don't get it, either, especially with the Kodak news today. Like, someone please explain if I'm misunderstanding, but can't pretty much anyone create a cryptocurrency? Do I instantly become valuable if I create one tonight?

Yes. This is called an "ICO".

Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes

#149
They removed data from the Korean exchanges which have always had higher prices due to Korean exchange controls - once you've changed money to bitcoin you've got it out of the country. That data should always not really have been included if you wanted a fair idea of value.

Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes

#150
post #131

I am deeply surprised by how few people are mentioning bots. This is no doubt directly related to trading bots that are polling coinmarketcap and then buying/selling through some API like the one bittrex offers. The number of bots that are actively trading is unknown, but if you do some digging the amount of resources and interest there is around trading bots leads me to believe that the pool of bots must be massive.…

Whoever manages their networks could tell you
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