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

Post by hellogoodbyeeee » Mon, Oct 15, 2018, 8:52 PM UTC

atombender wrote: post #143

jayalpha wrote: post #108

Earlier quoted context omitted.

" It's as if you took Herbalife as a valuable/honest/model player in the dietary supplement market..." Are they not? Shakes can be a decent way to lose weight. Seems to be that people are willing to pay a premium for the "community". But IMHO saying their stuff is overpriced is like saying beer in a bar is overpriced because you can buy a beer for one dollar in the supermarket. Yes, it is correct. In some way.

There's nothing wrong, at least conceptually, with Herbalife's products, protein shakes. However, Herbalife's success comes from their incredibly shady and destructive pyramid scheme that preys on individuals and tricks them into acquiring debt in exchange for becoming "distributors" of Herbalife products. According to the FTC [1], "it's virtually impossible to make money selling Herbalife products". I recommend the…

Post by yoavm » Mon, Oct 15, 2018, 8:54 PM UTC

slammm wrote: post #3

I feel like its another case of the tech bubble. The projects with real causes and uses will come back from any implosion in the long run.

Post by nosuchthing » Mon, Oct 15, 2018, 8:57 PM UTC

starbugs wrote: post #133

epicide wrote: post #127

Earlier quoted context omitted.

I never said the energy is lost. I'm saying I, the owner, cannot extract it back out. This is also true for gold-backed currency, but USD, among others, hasn't been backed by gold for some time now. My understanding is that a currency needs to be backed by something intrinsically (seen as) valuable as it goes through the bootstrapping process. Once it is generally accepted, it can stand on its own (at least for a whi…

Well, I think the comparison to gold holds to a high degree. Let's take alts out of the equation for now. Bitcoin requires energy to be mined and transferred. Same is true for gold. I'd say Bitcoin's and gold's intrinsic value hence is energy. The parallels only break down at the point where you could get more gold after you've mined all of it on earth (e.g. by mining an asteroid) while for Bitcoin there's a hard lim…

Post by Spooky23 » Mon, Oct 15, 2018, 9:06 PM UTC

SunSparc wrote: post #96

decentralised wrote: post #16

In general, if you pick the all time high as a starting point for your "research" it's all the way down from there. Bitcoin's daily transaction volume is moving to second layer so the metric used is not very useful. More importantly, and I can't stress this enough, the FX value of a cryptocurrency is not directly related to the project's status (developer activity or security track record, etc) but it is correlated t…

Agreed. This technology is really still in the infancy stage. As crypto takes first steps there will certainly be many falls before it is truly able to walk. In 2017 I think we saw an initial foray into general consumer visibility. As we know, general consumers are picky and have very short attention spans. The fact that crypto garnered so much attention for so long is a good indication that there is certainly someth…

Post by statguy » Mon, Oct 15, 2018, 9:14 PM UTC

Cmerlyn wrote: post #81

superkuh wrote: post #34

Earlier quoted context omitted.

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.

Yes, because if cryptocurrencies became the standard, armies will become obsolete and Nation states will dissolve their Military programs. Makes sense.