Author Topic: Cryptocurrencies  (Read 11853 times)

Liberty

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Re: Cryptocurrencies
« Reply #120 on: June 22, 2017, 01:12:38 PM »
Isn't the main difference that most other currencies are being used and most cryptocurrencies are being bought to speculate at the present time? Seems like that changes the analysis when comparing BTC to M2 as a TAM or whatever...
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pau_

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Re: Cryptocurrencies
« Reply #121 on: June 24, 2017, 06:36:00 AM »
GDAX is bailing out margin traders who lost their shirts (and people who sold due to a stop-loss order) from the company (VC?) coffers. https://blog.gdax.com/eth-usd-trading-update-2-216a3b946ef6

CONeal

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Re: Cryptocurrencies
« Reply #122 on: Today at 08:59:29 AM »
GDAX is bailing out margin traders who lost their shirts (and people who sold due to a stop-loss order) from the company (VC?) coffers. https://blog.gdax.com/eth-usd-trading-update-2-216a3b946ef6

Understand where they are coming from and doing this in order to build their brand.  At the same time, a very slippery slope and people will always expect their money back if they lose. 

Personally think this is horse shit, allowing people to talk on more risk thus supporting the idea that the price can only go up.

mttddd

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Re: Cryptocurrencies
« Reply #123 on: Today at 09:12:54 AM »
Agreed sets a dangerous precedent but they may also know more than we do. If the flash crash was due to issues with their exchange this may be a way of avoiding litigation (I'm assuming there are some strings with the bailout)

Jurgis

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Re: Cryptocurrencies
« Reply #124 on: Today at 12:18:08 PM »
Funny ICO idea from MIT mailing list:

Quote
GSB ICO [1]

Initial Coin Offerings (ICOs) [2] are the hot new way to get rich with very little effort.  To do an ICO all you need is an idea that runs on Ethereum.  Then, you sell shares of your "company" in tokens to raise capital, similar to an IPO.  From this you can compute the market valuation of your company.  These valuations are absolutely insane given that most of these ICOs haven't actually implemented or planned anything.  In one case, an ICO led to a valuation of $300 million [3].

Given all that, we here at GSB are doing an ICO by following the conventional steps:

1.  Come up with an idea.  Deep learning is hot now, so maybe a distributed deep learning thing?  Throw in some internet of things for good luck. [4]

2.  Pitch the idea.  I've put the important bits between asterisks:

"GSB is a *distributed deep learning framework* built on top of the Ethereum network.  The *internet of things* can leverage our GSB layer to access the *global supercomputer*, enabling never before seen levels of *interoperability*.  I'm an *MIT student* doing an ICO of *5%* of GSB with a target valuation of $200 million so I can work full time on GSB.

Note that I'm only offering 5% of GSB.  This is important because it means that your investors have essentially no say in how the thing runs.
 No one will notice this.

3.  (Optional) Write a white paper with some technical details of how you'll accomplish your goal.  This used to be necessary but now a flashy website with no technical details will do just fine.

4.  Pick a date for your ICO and hype it like crazy on Reddit.  Retail investors with no understanding of computer science or Ethereum will buy your coins like crazy.

5.  After you sell out of tokens, cash out everything.  ICOs often perform worse than ether.  Whether you can actually flood the market with your 95% share is yet to be seen, so you should probably do it slowly.

6.  Don't build anything.  You already have the money.  Kick back and relax!

7.  Fight off the paranoia.  This isn't illegal, right?  I mean, sure the SEC will probably make an example of a few people and send them to federal prison for securities fraud for a very long time, but come on, that won't be YOU, right?  Move to a country that doesn't extradite to the US to be safe.

Buy the GSB ICO at this week's [5]

*G i R L     S C O U T     B E N E F i T*

</snip>
---------------------------------------------------

1.  I really wanted to call this email, "How I Made $200 Million From Home," but last week's email (All Natural AWS) got caught in a lot of spam filters and this definitely would too.

2.  http://fortune.com/2017/03/31/initial-coin-offering/

3.
http://www.coindesk.com/ethereum-ico-irrationality-300-million-gnosis-valuation-sparks-market-concerns/

4.  I overheard some people in Kendall square the other day talking about how they wanted to do an ICO but they didn't have any ideas.
Their first mistake was thinking that they *need* an idea.

5.  Thanks to Ben Sherman for the GSB ICO idea.

This is humor. Do try it at home.  8)