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SauronRings

Is crypto dead?

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21 hours ago, SauronRings said:

Is it? Or is this the Phoenix rising from the ashes? 

I think it's worth mentioning that the fundamental "value" of crypto is that it cannot die. This is in contrast to conventional payment systems which are based on the independent centralized ledgers of banks. The "value" of crypto is that it persists through time regardless of changes in prices or the structure of debt in our economy, which forms the basis of bank deposit money. Private bank based payment system can implode all the way to 0, while the balance of a crypto ledger will always exist, as the developers define it. 

So to answer your question: no, because crypto cannot die. 

A more appropriate question would be: what can you buy with crypto? And this answer still hasn't changed: not much (maybe more cryptos or more fiats, but no goods or services). 

We want to see the price of a gallon of milk in terms of crypto all over the world--when we see that we can say crypto is "alive". Until then, it will remain an unkillable zombie.  

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12 hours ago, SauronRings said:

I was three years old my dude 

haha ok then - I'll take a little trip down the memory lane for you. 

Back in that day all you had to do was mention "XML" and "World Wide Web" in a sentence, and VC wallets would magically open up and start showering you with millions of dollars.  Startups with no real business plans (or completely idiotic business plans) were everywhere, and were raising millions.

[Sound familiar yet?]

Then, the whole thing imploded, a whole bunch of dotComs went out of business, tech stocks tanked, real businesses such as Amazon and Ebay were caught up in a storm of devaluation all the while their execs protested loudly that they were running real businesses and not just another dotCom sh1tshow company.

[^^ this stage is playing out now]

VC monies eventually dried up for several years, tech sector was greatly reduced, and companies with real business plans eventually shook off the crash shock with their stock prices reaching or exceeding pre-crash highs.

============================

To provide some more pre-crash context, general public was completely clueless about anything web-related back in that day.  There were seriously debates on TV about "email addresses", and business articles about validity of online shopping context.

Working in tech at the time, the stupidity of most business models and/or vaporware was visible and plainly obvious.  However, being a regular employee you would simply suppress those thoughts because "it must have been you who was being an idiot, since all of these other people have raised millions starting new companies and having their names plastered all over business publications".

My belief is that investors and VCs were equally as clueless;  their first and foremost motive was to not miss the train, and to sort out the finer details later.  And so, the tech stocks soared, sh1tstartups were popping up like mushrooms after a rainstorm, and eventually the market did sort everything out (by crashing hard).

Although all of this transpired almost 20 years ago, it sets a pattern for how the broader market reacts to ill-understood technology with seemingly high upside potential.  Crypto has thus far been following this pattern very closely.

Edited by automatic
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9 minutes ago, automatic said:

haha ok then - I'll take a little trip down the memory lane for you. 

Back in that day all you had to do was mention "XML" and "World Wide Web" in a sentence, and VC wallets would magically open up and start showering you with millions of dollars.  Startups with no real business plans (or completely idiotic business plans) were everywhere, and were raising millions.

[Sound familiar yet?]

Then, the whole thing imploded, a whole bunch of dotComs went out of business, tech stocks tanked, real businesses such as Amazon and Ebay were caught up in a storm of devaluation all the while their execs protested loudly that they were running real businesses and not just another dotCom sh1tshow company.

[^^ this stage is playing out now]

VC monies eventually dried up for several years, tech sector was greatly reduced, and companies with real business plans eventually shook off the crash shock with their stock prices reaching or exceeding pre-crash highs.

Thanks man clears up the whole thing for me as everyone mentions this dotCom bubble and I never fully understand 

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13 hours ago, automatic said:

haha ok then - I'll take a little trip down the memory lane for you. 

I've been in IT since the 90's and it's always nice to go down memory lane - thanks @automatic. They were indeed great (and sometimes frightening) days.

But there is one thing you forgot to mention that I learnt all those years ago: IT moves in cycles and there's always money to be made in this industry, as there will be in blockchain projects.

For those who are pure investors, I feel a tinge of regret because these investments are subject to the whim of a cruel market. For those of you building their skills in this developing ecosystem of IoV and fintech, you will be rewarded many, many times over and have a lifetime of opportunity...

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On 11/25/2018 at 12:28 PM, Pablo said:

I've been in IT since the 90's and it's always nice to go down memory lane - thanks @automatic. They were indeed great (and sometimes frightening) days.

But there is one thing you forgot to mention that I learnt all those years ago: IT moves in cycles and there's always money to be made in this industry, as there will be in blockchain projects.

For those who are pure investors, I feel a tinge of regret because these investments are subject to the whim of a cruel market. For those of you building their skills in this developing ecosystem of IoV and fintech, you will be rewarded many, many times over and have a lifetime of opportunity...

Agreed.

Thanks to playing around with Crypto, validator nodes and some GPU work which morphed into AI, I've elevated my decent £140k OTE salary to something closer to £300k.   (I'm in sales, but super techy for sales).

Thank you XRP and Ripple!

Not just improving finance, but improving individuals finances by improving their skills.

 

Edited by Mikhail_Liebenstein

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Maybe Bitcoin Will die.

But blockchain not.

Remember the 5 of November the whole parlement exploded....Bitcoin?

Ripple is doing a great job so maybe XRP Will survive

I Will HOLDL 

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On 11/24/2018 at 2:59 PM, automatic said:

My belief is that investors and VCs were equally as clueless;  their first and foremost motive was to not miss the train, and to sort out the finer details later.  And so, the tech stocks soared, sh1tstartups were popping up like mushrooms after a rainstorm, and eventually the market did sort everything out (by crashing hard).

Although all of this transpired almost 20 years ago, it sets a pattern for how the broader market reacts to ill-understood technology with seemingly high upside potential.  Crypto has thus far been following this pattern very closely.

Hi @automatic I was also not 3 years old ;) and I remember it well... 

I think this time around will be much more profound, after all we are talking about the transformation of money transfer and bringing millions of new, formerly unbanked individuals and countries with few options onto the broader world stage.

 

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On 11/24/2018 at 4:59 PM, automatic said:

haha ok then - I'll take a little trip down the memory lane for you. 

Back in that day all you had to do was mention "XML" and "World Wide Web" in a sentence, and VC wallets would magically open up and start showering you with millions of dollars.  Startups with no real business plans (or completely idiotic business plans) were everywhere, and were raising millions.

[Sound familiar yet?]

Then, the whole thing imploded, a whole bunch of dotComs went out of business, tech stocks tanked, real businesses such as Amazon and Ebay were caught up in a storm of devaluation all the while their execs protested loudly that they were running real businesses and not just another dotCom sh1tshow company.

[^^ this stage is playing out now]

VC monies eventually dried up for several years, tech sector was greatly reduced, and companies with real business plans eventually shook off the crash shock with their stock prices reaching or exceeding pre-crash highs.

============================

To provide some more pre-crash context, general public was completely clueless about anything web-related back in that day.  There were seriously debates on TV about "email addresses", and business articles about validity of online shopping context.

Working in tech at the time, the stupidity of most business models and/or vaporware was visible and plainly obvious.  However, being a regular employee you would simply suppress those thoughts because "it must have been you who was being an idiot, since all of these other people have raised millions starting new companies and having their names plastered all over business publications".

My belief is that investors and VCs were equally as clueless;  their first and foremost motive was to not miss the train, and to sort out the finer details later.  And so, the tech stocks soared, sh1tstartups were popping up like mushrooms after a rainstorm, and eventually the market did sort everything out (by crashing hard).

Although all of this transpired almost 20 years ago, it sets a pattern for how the broader market reacts to ill-understood technology with seemingly high upside potential.  Crypto has thus far been following this pattern very closely.

Peter Schiff does a good job of explaining the Dot Com Bubble. In one of his videos (I'm not sure if its this one) but he does reference a company that had a website they designed and manufactured custom door knobs. They were were valued at or over $1B, but no one knew how much they made in profits or how much traffic their website brought in. He uses this as an example of how no one knew how to value a website and that everyone believed the value would just keep going up, even though many of these websites had no use case or if there was a use case had no market or very niche market (a company that you could order groceries from and have them delivered to you). 

 

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Does this sound like any particular coin(s) you know? (I'm transcribing and shortening from the Peter Schiff video a bit...)

"...companies were created not because they could generate a profit, but because they could go public, because investors wanted these stocks, it didn't matter if they could make money... so what happened - they took land, labor and capital, they took all the factors of production and they combined them in ways that actually destroyed value..."

Edited by GiddyUp
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