91–100 of 148 posts
Earlier quoted context omitted.
The interesting thing is to cash out now- and invest into the amazon of cryptocurrency, when all is going down.
If anybody knew what the Amazon of cryptocurrency is, we'd all be investing into it. For all we know that crypto is here, it just hasn't been evenly distributed yet.
Earlier quoted context omitted.
Yeah, heard this 100 times already. But why does it have to be like the dot com? What if it just stays a niche market for 50 years? What you say implies that crypto is as full of potential as the internet was to make it possible for businesses to grow as big as Google, Amazon. Not mentioning of course a lot of other factors that made Google, Amazon big like political influence, globalisation, lack of competition/regu…
> What if it just stays a niche market for 50 years? That would still be a collapse, just a silent one. Niche market means that everybody has on some subconscious level accepted that a large stack cannot be liquidated and plays along by "hodling" so that they can continue feeling rich. This is what is eventually happening to most collector's items: trading volume drops faster than the price and before you know it, th…
Multiple tweets stating this is all FUD. Can someone contradict or corroborate this claim? Lots of "I talked to my contact in South Korea who works for a major exchange, don't fall into the FUD. The ban is ONLY applicable to exchanges that are not following the previous KYC regulations."
http://www.kookje.co.kr/news2011/asp/newsbody.asp?code=0200&... Basically the ministry of Justice announced they are working on banning exchanges between crypto and fiat currency in Korea, and they ultimately aim to close down all exchanges. Few hours later, ministry of Strategy and Finance calls out that the ministry of Justice is announcing as if their words are final, but not all government bodies have agreed to t…
I'm a South Korean citizen. Let me just tell you what
just happened. About 4 hours ago, Ministry of Justice
issued a statement that the SK government is seeking
to ban all crypto exchanges. They explicitly stated
that this was a decision that was well communicated
between various branches of the government. This
caused the market to crash, and really caused a media
firestorm among Koreans.
And then 2 hours ago, the Ministry of Finance and the
Blue House issued a statement that this decision to
ban all exchanges wasn't something that was
unilaterally agreed upon, and that the statement made
by the MoJ was not their stance on this matter. Now
here is my speculation on what happened.
There was a unilateral agreement to shut all exchanges,
but as you all would know, this is a very anti-democratic
and anti-capitalistic thing to do. So they decided to send
out a trial balloon.
When the statement was made it caused an outrage, as
there are approximately 2 million crypto investors
in SK. National elections are held on April, so to
control the damage I think the Blue House changed
its mind and decided to throw the MoJ under the bus.
A lot of Koreans are speculating that this is what
happened under the hood, which is very amateurish. I
just feel bad for all the guys who cut losses today.https://twitter.com/iamjosephyoung/status/951428854085689344
Earlier quoted context omitted.
For me, it was an introduction to basic finance topics like abitrage and trading; also the enormous scope of scams people can pull. I made my fortune in high frequency trading of rune sets after they introduced Grand Exchange and steel smelting prior to it.
I was one of those assholes that ran a bot farm to devalue your labour. RS was a great place to learn about the race to the bottom, economies of scale, and other random economic topics as well.
And before the Grand Exchange, buying in bulk cost more than buying small amounts, because buying large amounts of materials required you to sit on World 1 spamming "buying iron ore whatever each" for hours.
Earlier quoted context omitted.
On the bright side, the idiots who join these groups hoping to scam others tend to lose their shirts as well. The person orchestrating the pump-and-dump scheme bought the currency at $X per coin in question long before, and he's using the people in the group as patsies. "Buy the coins at $X + $Y, and the rise in price will make it so that you can sell the coins to some other idiot for $Y + $Z!" If there aren't enough…
I'm not sure the historical data still exists but would this be around the time of organised market manipulation? The spiking gold rings 500% then dumping just before you told everyone else to springs to mind.
At the same time, ClanChat was introduced, allowing enormous groups of strangers to coordinate their activities.
When I first learned about crypto currency on HN back in 2012 I was excited. It sounded like a fun technical project that could do good in the world. I bought some along the way, followed projects. Along the way it changed. Yesterday I saw a spam post on Reddit about joining a "pump and dump group", which I had to research. It's groups of people who coordinate a buy of a specific currency, spread false news about thi…
Pump and dump schemes, among others, are a good example of why unregulated does not necessarily mean good.
One extreme negative, or extreme positive, derivative of a view does not condemn nor justify it. You need to consider the merits as a whole, not with piecemeal bias confirmation or condemnation.
Earlier quoted context omitted.
> What if it just stays a niche market for 50 years? That would still be a collapse, just a silent one. Niche market means that everybody has on some subconscious level accepted that a large stack cannot be liquidated and plays along by "hodling" so that they can continue feeling rich. This is what is eventually happening to most collector's items: trading volume drops faster than the price and before you know it, th…
Did you just "coin" HODL as a verb, hodling? Because I gotta say I have not read that usage before. Hodling is my new word of the day.
Was anyone talking about.com bubble blowing up before it actually did ? Speculation of crypto bubble blowing up may actually be built into the cost
There was common discussion about junk dotcoms like TheGlobe.com, DrKoop.com, Geocities and dozens of others, and how they had no actual sustainable business (and often no plan for when they'd develop one). Scient, Viant, Razorfish, MarchFirst, and dozens of dotcom service companies were granted crazy valuations versus existing traditional peers (which is history rhyming re Ripple vs PayPal/Stripe/Square/Ant/etc).
The high burn rates, the lack of business models to actually make money, some that went public with practically no plans for how they'd make money at all, extremely high valuations on the few that were making money, and so on. These things were all very widely discussed, many skeptics were shouting about it, it wasn't popular to give them TV talking time (channels/sites like CNBC et al have a vested interest in pushing exuberence).
Earlier quoted context omitted.
http://www.kookje.co.kr/news2011/asp/newsbody.asp?code=0200&... Basically the ministry of Justice announced they are working on banning exchanges between crypto and fiat currency in Korea, and they ultimately aim to close down all exchanges. Few hours later, ministry of Strategy and Finance calls out that the ministry of Justice is announcing as if their words are final, but not all government bodies have agreed to t…
From Reddit (r/cryptocurrency) - a friend messaged me this today: I'm a South Korean citizen. Let me just tell you what just happened. About 4 hours ago, Ministry of Justice issued a statement that the SK government is seeking to ban all crypto exchanges. They explicitly stated that this was a decision that was well communicated between various branches of the government. This caused the market to crash, and really c…