Cryptocurrencies: scams and skullduggery

This is a discussion on Cryptocurrencies: scams and skullduggery within the Cryptocurrencies forums, part of the Markets category; Originally Posted by timsk Hi Quantt, I take your point, but the reason for that is that it's not easy ...

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Old Jan 9, 2018, 7:37pm   #57
 
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Hi Quantt,

I take your point, but the reason for that is that it's not easy to get one's hands on them. That will change as and when access to cryptos is improved and they're adopted at scale. Granted, that won't happen with all of them or, even, with very many of them - but it will surely happen. Think green shield stamps or nectar points - they took a while to get established. Patience sir!


Again, it's clearly starting to happen. Obviously, established companies will be reluctant to make a wholesale transition to Blockchain technology unless and until there's a strong economic / business case for doing so. Tech start ups are using it - but I don't know anything about them so I can't name any. But just do a Google search and blockchain is all over the net. The likes of Google and Goldman Sachs wouldn't invest in it if it had no real use or value.

I wouldn't mind betting that this time next year you will be able to answer both your own questions with ease. It's clearly happening - it's just taking time to filter through to ordinary folks in the street.
Tim.
Goldman are setting up a trading desk (not blockchain based technology) and are thinking of selling derivatives- talking about the subprime products on steroids , no wonder you coin bugs are expecting another financial crisis... talking about self fulfilling prophecy :/)

Merrill and Wells for example are banning all advisors to talk to clients about bitcoin derivatives , too risky...

I accept your bet. I bet you one beer you won’t be able to name me one thing next year that you or people you know are using often and it is blockchain based tech.
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Old Jan 9, 2018, 8:05pm   #58
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. . . I accept your bet. I bet you one beer you won’t be able to name me one thing next year that you or people you know are using often and it is blockchain based tech.
That sounds fair enough to me Quantt, you're on!

Aha, now there's a great idea for a new crypto: BeerCoin!
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Old Jan 9, 2018, 11:10pm   #59
 
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Thanks for the big replay, but one thing that is missing with the whole comparison between the other industries and the dot com survivors on one side and crypto tokens on the other, is that they were/are real companies with real products used by the ordinary people around the world and even then a lot of the dot com wonders did not survive (with all the government checks in place, the regulated stock exchanges, etc)...

For crypto, I challenge you and all the "believers" to name me one single token used every day by ordinary people for something else besides speculation... Like gold is used not only to trade and store value, but in electronics, medicine, art/jewelry, etc...

Or more general question: name me one product/service used every day and based on blockchain in general, all in all this is not a new technology - it is more than 10 years old database concept and if it was that great surely we should have something by now...

Digital chips used in poker games.

Same principal. You pay monies to buy so many chips used in game. Chips have no value other than being a numerical number.

Chips gained exchanged back for cash.
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Old Jan 9, 2018, 11:44pm   #60
 
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Digital chips used in poker games.

Same principal. You pay monies to buy so many chips used in game. Chips have no value other than being a numerical number.

Chips gained exchanged back for cash.
I'll bite on your idea :-)

As a player why on Earth I would go and pay transaction fees to buy and sell chips (the fees will have to go to pay the "miners" to support the blockchain ledger - nobody will do it for free). I will just chose a company having a centralized ledger and no transaction fees instead - basically every current online casino or poker site.

As a company why, I would give control to the "miners", if someone gets more than 50% control, they can do whatever they like with the ledger - it is absolutely unnecessary risk to take for no gain... Unless you are a company selling frozen juice and change your name to blockchain to get a short term boost in the stock price, so some of the executives can cash out at the top...

As you can see in your example, those are very big problem and that's why 25 years after the blockchain was first conceptualized and almost 10 years after Satoshi implementation, there is still no use in the real world...
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Old Jan 10, 2018, 12:31am   #61
 
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I'll bite on your idea :-)

As a player why on Earth I would go and pay transaction fees to buy and sell chips (the fees will have to go to pay the "miners" to support the blockchain ledger - nobody will do it for free). I will just chose a company having a centralized ledger and no transaction fees instead - basically every current online casino or poker site.

As a company why, I would give control to the "miners", if someone gets more than 50% control, they can do whatever they like with the ledger - it is absolutely unnecessary risk to take for no gain... Unless you are a company selling frozen juice and change your name to blockchain to get a short term boost in the stock price, so some of the executives can cash out at the top...

As you can see in your example, those are very big problem and that's why 25 years after the blockchain was first conceptualized and almost 10 years after Satoshi implementation, there is still no use in the real world...
Sorry Quant I was only responding to your challenge to name but one token idea where people who play poker daily uses such a scheme.

I think in the future there may well be similar ideas.

I see the demise of the US $ happening as we speak so I do feel some future money - be it crypto, is in the making.

I also wondered how or why people in a game called second life put up real money on fictitious hyperspace to buy and sell property. Also in game play, players can buy and sell weapons all in a digital world.

I didn't think much of facebook either. Crazy to see daft valuations on earnings that'll take 150 years to gain. Just my tuppence.

So I don't know any more as techology goes, there are no limits. What now with solar power I don't see planet earth running out of juice or ideas anytime soon.

Interesting debate. Forgive me for being cheeky. I thought Timsk reply was also great.

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Old Jan 10, 2018, 1:17am   #62
 
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Sorry Quant I was only responding to your challenge to name but one token idea where people who play poker daily uses such a scheme.
Sorry Atilla, looks like I misunderstood your post as a idea.

Can you please tell me the company name, I would like to check it out, because it’s going to be my first

Thanks!
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Old Jan 10, 2018, 3:07am   #63
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Years ago Kodak missed the boat and suffered as a consequence. Looks like they won't be missing the boat this time around !

http://www.bbc.co.uk/news/technology-42630136
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Old Jan 10, 2018, 5:12pm   #64
 
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Years ago Kodak missed the boat and suffered as a consequence. Looks like they won't be missing the boat this time around !

http://www.bbc.co.uk/news/technology-42630136
Yep, talking about bubbles and tops...

You can change any database with blockchain database, but the question is how exactly this is going to be beneficial...

From the article:

"Storing the information in a blockchain doesn't protect your copyright any more than copyright law already does," commented David Gerard, author of Attack of the 50ft Blockchain.
"Notice how they're marketing it: they state a problem, then say the blockchain can solve it. But there's no mechanism by which the blockchain could do that.
"This doesn't do anything that signing up for Shutterstock or Getty Images wouldn't."

Like the frozen juice company, adding a blockchain to the name of the company is not going to make the frozen juice any different...
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