Is Bitcoin the Next Big Thing?

[dee]

People should protect themselves without a nanny state getting involved

You say that , but you're assuming everyone is as tech savvy and as clued up as most people here. Unfortunately most people do actually need protecting from themselves in the world of the interweb.

 

[3gmedia]

Interesting to see the comments at the start of this thread.

 

[ian]

Interesting to see the comments at the start of this thread.

Don't I just know it, when I said (though don't remember) "Whilst unregulated, it doesn't have a hope. Would rather remain in precious metals, art etc"

 

[Murray]

Don't I just know it, when I said (though don't remember) "Whilst unregulated, it doesn't have a hope. Would rather remain in precious metals, art etc"

Well you could look at it that at least you don't sit on your first opinion and leave it there.

 

[Edwin]

Crazy video about the ICO explosion (make sure you’re concentrating as the timeline reaches the present, it’s blink-and-you’ll-miss-it nuttiness.) Growth like that can’t possibly end well!
https://www.technologyreview.com/th...razy-and-explosive-the-ico-market-has-become/

(PS couldn’t figure out how to link just to the video, so you’ll need to click on it at the top of the post.)

 

[Admin]

Yes absolutely, the ICO madness was a get rich quick scheme and a bubble just like the .com bubble. You floated anything techy back then and had yourself a company with a multi million pound valuation overnight. Many had little substance and so yes it was unethical and not very cool. BUT out of it came the big companies that still dominate the online landscape today. The ICO explosion is analogous and again the BUT is that the main players and cryptos with substance and real world value will dominate sections of our online future. I could be wrong but I only seem to notice you being dismissive and negative to everything crypto when you could be dipping your toe into the water where you see merit and making yourself some money so you can afford to pay Nominet all the reg fees they want. Ethereum has doubled in the last month and its a very exciting blockchain technologoy with real world applications.

 

[Edwin]

ICO “was”? More money went into ICO in the last 2 months than the sum total of all ICO before that. So right now is when things are going super-loopy, not in the past.

And that makes your .com analogy even more apt. Even a day or two before that market collapsed, pundits were predicting it would go up and up.

You’re also right that a few companies survived the .com crash and later thrived, but they did so in spite of it not because of it.

 

[Edwin]

There’s more investment money floating around now than at any time in history. If a company is a solid play with a great idea it WILL get funded. Absolutely no need to pluck the ten thousandth random crypto currency out of thin air to do so.

If a company is “only” good enough for an ICO there’s something massively wrong with its business model, execution etc. May not be immediately obvious, but there will be a flaw somewhere.

 

[Edwin]

And BTW Ethereum may well turn out to be the Amazon of crypto ie one of those few survivors/thrivers. Time will tell. But just because it may have a valid purpose doesn’t say anything at all about the thousands of ICO frantically piggybacking on it.

 

[Admin]

And BTW Ethereum may well turn out to be the Amazon of crypto ie one of those few survivors/thrivers. Time will tell. But just because it may have a valid purpose doesn’t say anything at all about the thousands of ICO frantically piggybacking on it.

And that was exactly the point I was making in my post. The ICO nonsense is just that. I think most wise heads know over 90% of the ICOs will slowly or not so slowly diminish to next to nothing so my point is why keep mentioning the crazy icos rather than critiquing what you think will happen to bitcoin, ethereum etc in the medium to long term.

 

[lazarus]

'Most experts would suggest buy once a correction has taken place, but that is easier said than done in such a volatile market..

I always buy using the "Dollar cost averaging" Method (DCR)
https://en.wikipedia.org/wiki/Dollar_cost_averaging

 

[Admin]

Like this guy did, he bought 10,000 btc in q1 this year, thats currently worth 100 mill

https://www.coindesk.com/chinese-angel-investor-amassed-10000-bitcoins-amid-q1-price-slump/

 

[martin-s]

If a company is “only” good enough for an ICO there’s something massively wrong with its business model, execution etc. May not be immediately obvious, but there will be a flaw somewhere.

ICO = money AND control for some?

 

[Edwin]

Like this guy did, he bought 10,000 btc in q1 this year, thats currently worth 100 mill

https://www.coindesk.com/chinese-angel-investor-amassed-10000-bitcoins-amid-q1-price-slump/

You’ve lost me. He spent about $70-80 million to accumulate a $96 million stash of coins.

Profitable on paper (15-20% profit perhaps before taxes and fees), but not remotely replicable unless you’re already on the Times Rich List. And that profit could evaporate in days or weeks, given historical volatility levels. Or he could end up with more. Who knows? But the actions of one amazingly rich individual say nothing at all about the wider crypto market.

 

[Edwin]

And that was exactly the point I was making in my post. The ICO nonsense is just that. I think most wise heads know over 90% of the ICOs will slowly or not so slowly diminish to next to nothing so my point is why keep mentioning the crazy icos rather than critiquing what you think will happen to bitcoin, ethereum etc in the medium to long term.

A) I don’t think I “keep” mentioning them

B) They’re topical NOW precisely because they’ve gone superduper crazy NOW. Again, the video makes that point incredibly well. Last 60 days are game-changing in volume terms. So just like Bitcoin in December it’s legitimate to expect that ICO are something that progressively more and more clueless investors are going to flock to as the number of coins shoots up like a rocket. Surely that merits a brief acknowledgement? Especially since it’s easy to predict that much stricter regulation may be rushed in to protect the unwary.

NOTE: I posted the original video link because anyone not following the ICO space like a hawk already may well not have realised just how quickly the market has gone mad...

 

[Admin]

You’ve lost me. He spent about $70-80 million to accumulate a $96 million stash of coins.

.

I was commenting in relation to the previous post about averaging!

I always buy using the "Dollar cost averaging" Method (DCR)
https://en.wikipedia.org/wiki/Dollar_cost_averaging

 

[JMI]

"Earn millions from bitcoin even when crypto markets are crashing"

When you get bombarded with emails like this, and I get asked by granny whether they should invest their savings or not, in my mind it says it all about the whole crypto thing.
.

 

[ian]

"Earn millions from bitcoin even when crypto markets are crashing"

When you get bombarded with emails like this, and I get asked by granny whether they should invest their savings or not, in my mind it says it all about the whole crypto thing.
.

Does it? Just says to me that opportunists will take any opportunity to exploit money from vulnerable people for personal gain, regardless of industry.

 

[Admin]

"Earn millions from bitcoin even when crypto markets are crashing"

When you get bombarded with emails like this, and I get asked by granny whether they should invest their savings or not, in my mind it says it all about the whole crypto thing.
.

It's tacky, its nasty and its opportunitistic business ( you could judge the morality of the business behind it if you wish ). It's just like a million other niches.

The thing is, crypto is huge so its going to come with a side car of sh1t as well. When SEO became mainstream lots of iffy business opportunitists started spamming the online world with their SEO expertise offerings...its still the case 10 years on and yet SEO is still a necessary, valuable and worthwhile activity. Just because industries have their unfortunate side-kick low ethic opportunists it doesnt make them any less valid, exciting or worthwhile.

 

[Edwin]

This site was quite eye-opening. It has chronicled the death of over 800 different ICO and other cryptocoins
https://deadcoins.com/

Basically it seems to be playing the role of the F’dCompany of crypto, if anyone else remembers that DotCom company crash tracker with nostalgia...