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Binance to acquire CoinMarketCap for $400M

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Re: Binance to acquire CoinMarketCap for $400M

#51

Post by twox2 »

Melting_Harps wrote: post #3

Congrats to the CMC team, but I fail to see how barring some special IP this makes sense at that valuation; they're an index that, while useful to an exchange, can't really be worth $400 Million in a current (albeit resilient) crypto Bear Market. Binanace must be wanting to get rid of some Yuan as the CCP is just dumping Billions of it into the Market via bailouts, while people in Wuhan are supposedly coming [1] back…

I think it's because they have a massive audience, and along with that comes influence and marketing/advertising opportunity.

Re: Binance to acquire CoinMarketCap for $400M

#52

Post by Jack_Knowles »

csomar wrote: post #11

To the suspicious, CMC is more than a crypto prices list: https://coinmarketcap.com/api/pricing/ They also have several openings: https://jobs.coinmarketcap.com/employers/293118-coinmarketca...

I've also used their paid API and the overall sale is not too much of a shock to me considering how CMC have established their position as the most popular platform for market data.

Re: Binance to acquire CoinMarketCap for $400M

#53

Post by viklove »

gridlockd wrote: post #50
Melting_Harps wrote: post #35

Earlier quoted context omitted.

> Whataboutism does not strengthen your own position. Granted, but what you may fail to see is that Cryptocurrency is reactionary to the blatant corruption that has been normalized, the very same beahviour that the poster decries is plaguing Cryptocurrenices without providing much of an argument. When in reality, currencies like Bitcoin continue to follow the Network's protocol that it derives its value from and has…

> Sucks in what way exactly? You can't really use them as currencies. They're too unstable. Cryptocurrency transactions are taxable events in the US. That alone is too much of hassle to make them worthwhile. They're usually backed by nothing, which makes them a purely speculative risk asset. The most stable coins are backed, ironically, by fiat. Sometimes with fractional reserve. I've looked into crypto backed by pre…

> So they're useless as currencies

Maybe to you, just like the INR is useless to you as a currency (because you don't live in India). Many people do use Bitcoin as currency, and transact with it every day.

Re: Binance to acquire CoinMarketCap for $400M

#54

Post by Nursie »

Melting_Harps wrote: post #45
Nursie wrote: post #41

Earlier quoted context omitted.

They are a collective failure, particularly the places in which they are traded which is what we are talking about here. You are the one throwing around red herrings and handwaving frantically about corruption elsewhere. Talking about the value derived from the bitcoin protocol in this situation is absurd - the protocol itself is largely irrelevant, the corruption and manipulation are at the exchanges. The 'value' of…

> They are a collective failure, particularly the places in which they are traded which is what we are talking about here. Funny, I'll just point to the BTC-e vs MT Gox example as what to expect when the State gets involved and steals the funds of an exchange outside its jurisdiction and what that outcome was, and the outcome of one that is incorporated and left to in the hands of a bunch bureaucrats to solve under a…

Yes, I've heard of bitpesa, it's not even an m-pesa alternative or competitor (as declared by its founder), it's an international remittance product and cryptocurrency exchange, AFAICT and one thing we know is that, despite crowing from folks such as yourselves, international remittance has failed to embrace cryptocurrency in any significant volume because (as in basically every other arena) cryptocurrency doesn't actually address any problems people actually have, and introduces a whole load more.

Sure you can create multisig addresses, introducing more points of trust. And if you're reintroducing more points of trust, the whole thing becomes... well, pointless, we already have those systems, they work well and are regulated well. Like I said, "trustlessness" is a lie, you're just moving trust around the system in various ways.

Honestly, you read like a propaganda machine.

Re: Binance to acquire CoinMarketCap for $400M

#55

Post by gridlockd »

viklove wrote: post #53
gridlockd wrote: post #50

Earlier quoted context omitted.

> Sucks in what way exactly? You can't really use them as currencies. They're too unstable. Cryptocurrency transactions are taxable events in the US. That alone is too much of hassle to make them worthwhile. They're usually backed by nothing, which makes them a purely speculative risk asset. The most stable coins are backed, ironically, by fiat. Sometimes with fractional reserve. I've looked into crypto backed by pre…

> So they're useless as currencies Maybe to you, just like the INR is useless to you as a currency (because you don't live in India). Many people do use Bitcoin as currency, and transact with it every day.

> Maybe to you, just like the INR is useless to you as a currency (because you don't live in India).

Apples and Oranges.

> Many people do use Bitcoin as currency, and transact with it every day.

Do they really? To buy what? Other cryptocurrencies?

Virtually nobody accepts Bitcoin as a currency. Some shops accept Bitcoin as the vehicle for transactions in USD or EUR, or whatever. They use services like Bitpay, who pay out in ordinary currencies. Prices are calculated based on the Bitcoin market price in ordinary currencies - plus a markup for volatility and transaction fees, which is generally more expensive than just using the ordinary currencies themselves.

That's not Bitcoin being used like a currency, that's Bitcoin being used like a payment provider, like PayPal. Millions of people transact with PayPal every day, but PayPal is not a currency.

Of course, that one time some guy bought a Pizza or even a House with Bitcoin. That's Bitcoin being used "like a currency". Exceptions to the rule.

Re: Binance to acquire CoinMarketCap for $400M

#56

Post by viklove »

gridlockd wrote: post #55
viklove wrote: post #53

Earlier quoted context omitted.

> So they're useless as currencies Maybe to you, just like the INR is useless to you as a currency (because you don't live in India). Many people do use Bitcoin as currency, and transact with it every day.

> Maybe to you, just like the INR is useless to you as a currency (because you don't live in India). Apples and Oranges. > Many people do use Bitcoin as currency, and transact with it every day. Do they really? To buy what ? Other cryptocurrencies? Virtually nobody accepts Bitcoin as a currency. Some shops accept Bitcoin as the vehicle for transactions in USD or EUR, or whatever. They use services like Bitpay, who pa…

> Virtually nobody accepts Bitcoin as a currency. Some shops accept Bitcoin as the vehicle for transactions in USD or EUR, or whatever. They use services like Bitpay, who pay out in ordinary currencies. Prices are calculated based on the Bitcoin market price in ordinary currencies - plus a markup for volatility and transaction fees, which is generally more expensive than just using the ordinary currencies themselves.

I mean if you just want to ignore the fact that all over Europe, you can pay rent, buy groceries, and live your life solely by using bitcoin, then I guess there's no arguing with you. You live in your own little bubble.

Re: Binance to acquire CoinMarketCap for $400M

#57

Post by gridlockd »

viklove wrote: post #56
gridlockd wrote: post #55

Earlier quoted context omitted.

> Maybe to you, just like the INR is useless to you as a currency (because you don't live in India). Apples and Oranges. > Many people do use Bitcoin as currency, and transact with it every day. Do they really? To buy what ? Other cryptocurrencies? Virtually nobody accepts Bitcoin as a currency. Some shops accept Bitcoin as the vehicle for transactions in USD or EUR, or whatever. They use services like Bitpay, who pa…

> Virtually nobody accepts Bitcoin as a currency. Some shops accept Bitcoin as the vehicle for transactions in USD or EUR, or whatever. They use services like Bitpay, who pay out in ordinary currencies. Prices are calculated based on the Bitcoin market price in ordinary currencies - plus a markup for volatility and transaction fees, which is generally more expensive than just using the ordinary currencies themselves.…

> I mean if you just want to ignore the fact that all over Europe, you can pay rent, buy groceries, and live your life solely by using bitcoin, then I guess there's no arguing with you.

That's a massive exaggeration. I can guarantee you 99.99% of landlords will not accept Bitcoin as payment. Most major stores will not accept Bitcoin.

Are there a couple of hipster places in major cities that may accept Bitcoin? Sure, presumably you can waste your money exclusively dining and shopping there, if that's your thing.

Pretty much nobody is going to do that in their daily life though, except to write one of these "I lived only on Bitcoin for a month" blog posts. That's because Bitcoin sucks as a currency. Right now, a single transaction to go through in about ten minutes will cost almost a dollar. It's just not practical.

Of course you can also get one of these Bitcoin credit cards and pay almost everywhere in the whole world. Again, that's not Bitcoin used a currency, that's Bitcoin used as a gimmick payment platform.

> You live in your own little bubble.

I suspect the same of you.

Re: Binance to acquire CoinMarketCap for $400M

#58

Post by andirk »

viklove wrote: post #56
gridlockd wrote: post #55

Earlier quoted context omitted.

> Maybe to you, just like the INR is useless to you as a currency (because you don't live in India). Apples and Oranges. > Many people do use Bitcoin as currency, and transact with it every day. Do they really? To buy what ? Other cryptocurrencies? Virtually nobody accepts Bitcoin as a currency. Some shops accept Bitcoin as the vehicle for transactions in USD or EUR, or whatever. They use services like Bitpay, who pa…

> Virtually nobody accepts Bitcoin as a currency. Some shops accept Bitcoin as the vehicle for transactions in USD or EUR, or whatever. They use services like Bitpay, who pay out in ordinary currencies. Prices are calculated based on the Bitcoin market price in ordinary currencies - plus a markup for volatility and transaction fees, which is generally more expensive than just using the ordinary currencies themselves.…

And I literally virtually buy things online with BTC (not drugs unfortunately)

Re: Binance to acquire CoinMarketCap for $400M

#59

Post by andirk »

gridlockd wrote: post #57
viklove wrote: post #56

Earlier quoted context omitted.

> Virtually nobody accepts Bitcoin as a currency. Some shops accept Bitcoin as the vehicle for transactions in USD or EUR, or whatever. They use services like Bitpay, who pay out in ordinary currencies. Prices are calculated based on the Bitcoin market price in ordinary currencies - plus a markup for volatility and transaction fees, which is generally more expensive than just using the ordinary currencies themselves.…

> I mean if you just want to ignore the fact that all over Europe, you can pay rent, buy groceries, and live your life solely by using bitcoin, then I guess there's no arguing with you. That's a massive exaggeration. I can guarantee you 99.99% of landlords will not accept Bitcoin as payment. Most major stores will not accept Bitcoin. Are there a couple of hipster places in major cities that may accept Bitcoin? Sure,…

Look into Bitpay and others. Square has it built in too. It's rare but it's around. Look for the sticker next to Visa, MasterCard. Ever head of Diners Club? Ever heard of buying a sandwich with stock shares? Me either.

Re: Binance to acquire CoinMarketCap for $400M

#60

Post by gridlockd »

andirk wrote: post #59
gridlockd wrote: post #57

Earlier quoted context omitted.

> I mean if you just want to ignore the fact that all over Europe, you can pay rent, buy groceries, and live your life solely by using bitcoin, then I guess there's no arguing with you. That's a massive exaggeration. I can guarantee you 99.99% of landlords will not accept Bitcoin as payment. Most major stores will not accept Bitcoin. Are there a couple of hipster places in major cities that may accept Bitcoin? Sure,…

Look into Bitpay and others. Square has it built in too. It's rare but it's around. Look for the sticker next to Visa, MasterCard. Ever head of Diners Club? Ever heard of buying a sandwich with stock shares? Me either.

> Look into Bitpay and others.

I already mentioned Bitpay and made the distinction there.

> Ever heard of buying a sandwich with stock shares?

Well no, stocks aren't currency. That's my point. Bitcoin sucks at being a currency.

Unlike stocks, it also sucks as an investment, because like gold, it doesn't do any work, a Bitcoin stays a Bitcoin.

Unlike gold however, it also sucks as a hedge, because there is no intrinsic value to it.

So, what's the point of Bitcoin? Price speculation. You can speculate on the price of anything, like Beanie Babies or Funco Pops or trading cards.

At least a Bitcoin doesn't take up space on a landfill, should it become worthless. On the other hand, the electricity cost of producing is immense.

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