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The first ICO unicorns are here

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Re: The first ICO unicorns are here

#31

Post by bsder »

brndnmtthws wrote: post #9

This is a bit off topic, but bear with me: so far, nearly every comment in this thread has contained some degree cynicism toward cryptocurrency-related funding. Why does HN have such a distaste for cryptocurrencies? Why can't we just have an intelligent conversation about this new technology? Why do we have all the negativity and downvotes for any remotely positive comments related to cryptocurrencies? This is super…

> Why does HN have such a distaste for cryptocurrencies?

Most charitably, because blockchain currencies don't solve any useful problem.

As has been aptly demonstrated by the by the Vinnick arrest, they are far from anonymous. And, has been aptly demonstrated by the recent Bitcoin Cash fork, blockchain currencies don't have distributed, immutable trust. So, a bitcoin currency isn't anonymous and is subject to a central authority who has enough power. And, all the while, it has all the downsides of cash (non-repudiable, stealable, etc.)

Explain to me again what the advantage of a cryptocurrency is?

> Why can't we just have an intelligent conversation about this new technology?

Because nobody really cares about the technology. If they cared you would see discussion about more articles like these:

https://qz.com/1031861/blockchain-could-fix-a-key-problem-in... "Blockchain could fix a key problem in China’s food industry: the fear of food made in China"

https://www.reuters.com/article/us-usa-blockchain-ibm-idUSKB... "IBM, Maersk in blockchain tie-up for shipping industry"

Instead, you see crypto-currency speculation over ... and over ... and over.

Re: The first ICO unicorns are here

#32

Post by 6nf »

Ologn wrote: post #23
brndnmtthws wrote: post #11

Earlier quoted context omitted.

By that logic, you can say the same thing about pretty much every single silicon valley startup.

Some startups will grow very large and become very valuable and will stay around for a long time. No cryptocoins will be around for a long time. They are all going to crash to near worthlessness, including Bitcoin and Ethereum. Also the idea of Webvan was not a bad one, they were just too early. People put too much money in too early to a good idea. Cryptocoins are not an idea before its time or of its time. It is in…

> They are all going to crash to near worthlessness, including Bitcoin

Why?

> Cryptocoins are not an idea before its time or of its time. It is inherently a worthless thing

That's not true. Coins do things you can't do otherwise. Instant peer to peer value transfer over the internet for example.

Re: The first ICO unicorns are here

#33

Post by psyc »

brndnmtthws wrote: post #9

This is a bit off topic, but bear with me: so far, nearly every comment in this thread has contained some degree cynicism toward cryptocurrency-related funding. Why does HN have such a distaste for cryptocurrencies? Why can't we just have an intelligent conversation about this new technology? Why do we have all the negativity and downvotes for any remotely positive comments related to cryptocurrencies? This is super…

The cynicism isn't about the technology, or the possibilities that might emerge from the ashes after the mania and subsequent crypto-recession are over. The cynicism is about every charlatan who can fork a repo, put together a web page, a "whitepaper", and a bunch of dorky headshots, collecting millions of dollars for nothing more than a story.

That said, I'd like to invite you all to the ICO for my new coin, PNZ. The way it works is simple. I guarantee double your money for every 3 people you convince to invest. Stay tuned for the whitepaper explaining the math.

Re: The first ICO unicorns are here

#34

Post by Ologn »

6nf wrote: post #32
Ologn wrote: post #23

Earlier quoted context omitted.

Some startups will grow very large and become very valuable and will stay around for a long time. No cryptocoins will be around for a long time. They are all going to crash to near worthlessness, including Bitcoin and Ethereum. Also the idea of Webvan was not a bad one, they were just too early. People put too much money in too early to a good idea. Cryptocoins are not an idea before its time or of its time. It is in…

> They are all going to crash to near worthlessness, including Bitcoin Why? > Cryptocoins are not an idea before its time or of its time. It is inherently a worthless thing That's not true. Coins do things you can't do otherwise. Instant peer to peer value transfer over the internet for example.

> Instant peer to peer value transfer over the internet for example.

You can't do a value transfer when there is no value.

Re: The first ICO unicorns are here

#35

Post by ehnto »

austenallred wrote: post #30
imron wrote: post #6

Earlier quoted context omitted.

A billion dollar buy-in on a product roadmap. I need to start thinking of a few product roadmaps.

It's not that simple. You also have to write a whitepaper.

I had a dream last night about managing a succesful company. The dream didn't show what the product was but anyway the initial buy in is 20c I look forward to working with you all doing what ever it is we might do.

Re: The first ICO unicorns are here

#36

Post by ChuckMcM »

Wow, they are exactly replicating the mechanism that fleeced so many retail buyers of stock in the dot.com bubble. It never occurred to me you could take that experience and monetize it so effectively. I suppose I shouldn't be surprised after I saw what the Mortgage industry did to student loans after they didn't get as much money out of sub-prime mortgages as they had forecast.

Re: The first ICO unicorns are here

#37

Post by Ologn »

ChuckMcM wrote: post #36

Wow, they are exactly replicating the mechanism that fleeced so many retail buyers of stock in the dot.com bubble. It never occurred to me you could take that experience and monetize it so effectively. I suppose I shouldn't be surprised after I saw what the Mortgage industry did to student loans after they didn't get as much money out of sub-prime mortgages as they had forecast.

> Wow, they are exactly replicating the mechanism that fleeced so many retail buyers of stock in the dot.com bubble. It never occurred to me you could take that experience and monetize it so effectively.

Human nature hasn't changed much in the past 17 years, on either the scammer end or on the scammed end.

Re: The first ICO unicorns are here

#39

Post by Kalium »

brndnmtthws wrote: post #14
Kalium wrote: post #12

Earlier quoted context omitted.

A lot of people find the technologies incredibly interesting and potentially extremely useful. Similarly, a lot of people find the uses to which those extremely interesting technologies are being put to be at best questionable and of marginal utility. Are blockchains cool? OH FUCK YES! Is people raising a lot of cash from suckers in a bubble-y market that threatens to rebound on all of us cool? Some might opine that…

Are you suggesting investors in other startups are not also speculators? Do you think every silicon valley startup is destined to succeed and be the next Google/Apple/FB? The tech is cool, and the new funding model is also fascinating. Never before has it been possible for everyone to participate in the early funding of startups. Sure, most will fail, but that's not different from the old model. The biggest differenc…

I'm suggesting that, as a sibling pointed out, there are differences beyond purely who is speculating. Investing in the structure that ICOs are outside comes with a certain level of rights and protections.

Have you considered the possibility that there may potentially be good reasons for investor accreditation systems? That the reasons for such systems might not be solely to keep the highly profitable world of venture capital the exclusive preserve of the super-rich?

Re: The first ICO unicorns are here

#40

Post by function_seven »

Ologn wrote: post #34
6nf wrote: post #32

Earlier quoted context omitted.

> They are all going to crash to near worthlessness, including Bitcoin Why? > Cryptocoins are not an idea before its time or of its time. It is inherently a worthless thing That's not true. Coins do things you can't do otherwise. Instant peer to peer value transfer over the internet for example.

> Instant peer to peer value transfer over the internet for example. You can't do a value transfer when there is no value.

> You can't do a value transfer when there is no value.

Fortunately for Bitcoin, there is value. And as long as people continue to derive value from its function, it will continue to deliver it.

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