41–50 of 219 posts
Usually this kind of blatant negativity would be down voted to oblivion but for some reason HN has a special place in it's heart for crypyocurrency haters.
Cryptocurrency is great. ICOs are almost universally scams.
Previously, we had a filter screening new altcoins (expletive deleted) in that you had to know enough about bitcoin to at least fork the repo, build it and make some modest changes to create a new namespace. We could see whether those coins are worth anything by looking to see if there was a novel PoW or other network changes, premine, etc. Now, Counterparty and much moreso Ethereum have created an opportunity for an…
Usually this kind of blatant negativity would be down voted to oblivion but for some reason HN has a special place in it's heart for crypyocurrency haters.
Nope, HN can just see when a 'crowdfunding' system is designed to support scammers. For fucks sake, even kickstarter etc is full of scams that never deliver - and they work within a legal system, with clear lines of identity and responsibility, and build things that are much easier to understand ahead of the time. It's obvious that the ICO buyers are half clueless people who can't evaluate the risks, and half folks e…
Exactly. It always cracks me up when people tout the completely deregulated nature of cryptocurrencies as a good thing.
FTA: ICOs conclude once the coins or tokens are tradable in the open market. This is a part that has eluded me thus far: how are the new coins tradable on the open market? I'm genuinely asking - most exchanges don't support all crypto coins, and certainly not the dozens of new ones being created. How does one invest in an ICO and then 'cash out'? I see the ROI stats on some of these ICOs but I'm curious as to if thos…
Almost all these ICOs are made on the Ethereum blockchain, there is a standard that almost all ICOs uses which is called ERC20 : https://theethereum.wiki/w/index.php/ERC20_Token_Standard Exchanges knows how to deal with ERC20 tokens so sometimes theses token hits the exchanges 5mn after the ICO is over (exchange like liqui.io or Bittrex). So no people are not sitting on their ROI since there is liquidity for these to…
Initial scam offering.
I have $0 in Bitcoin or any other cryptocurrency and I was there in 2009 when Satoshi was marketing Bitcoin to those of us at the P2P Foundation. I have to say ICOs may be the killer application for a semi-perfect medium of speculation like Bitcoin.
Usually this kind of blatant negativity would be down voted to oblivion but for some reason HN has a special place in it's heart for crypyocurrency haters.
It's worthwhile to note that not a single once of the thousands of "ICO" things that have been launched in the last year have actually done anything of value. They all generate hype, raise money, and then give up and go to work on other things. It happens over and over again with no memory of the past failures, apparently. That said I wouldn't fault you for believing that a lot of the $xM raised in x ICO just turned…
I honestly thought there was like a few of ICOs to date, and that the whole thing is like a month or two old. Does anyone track these things? A continuously updated list would be great!
I understand that I could create a FrogCoin by cloning Bitcoin or Ethereum. And then I sell investors... what exactly?
Individual coins? Are coins not mined in this scenario?
Would FrogCoin be tied to some real world asset that makes them inherently valuable and/or practical?
Or are ICOs just gambles that maybe FrogCoin will be the winning currency? It can't be that stupid? Right?
Usually this kind of blatant negativity would be down voted to oblivion but for some reason HN has a special place in it's heart for crypyocurrency haters.
Extremely complex and abstract "products" based on an incredibly complex and unproven systems and yet managing to raise millions of dollars almost daily? I don't know what is a scam and what is just extreme optimism in the long term performance of those blockchain startups but it feels more like playing in a virtual casino than investing in a startup.
How many of these ICO investors/gamblers would be able to explain in details what the startup they're funding is doing and how they're planning to generate revenue in the long term? Not many I bet.
The text as written on this site describes a conspiracy to commit tax and securities fraud. I have no idea if it will ever be prosecuted as such, but that is what is being proffered here.
The subtext is that a bunch of finance quants read Cryptonomicon and think the blockchain is the answer to their dream of becoming the gangster bosses of the anarcho-capitalist hellscape from Snow Crash.