Topic: That's it, I've lost hope in the future of crypto currencies... - page 2. (Read 4134 times)

Well said.  The market is smaller that these people realize.  I believe it is a fraction of its true potential.  I don't thing we are near the brownout stage.  Not enough people in the masses know about it yet.  People I work with are more put off by it at this stage.  After all it is only 3+ years old.  Its when the disinterested masses jump in is when it really starts producing brown outs.  How many companies produce hardware that can mine?  When they number in the tens of dozens is when I'll worry about a real bubble.

You are right its just a bunch of speculators but mostly ideologists.  The Teslas of the era.  Its still the age of innovation in cryptocurrencies and we have some time before the real competition begins.

I think it might be more than that.  Since this is digital its more than just location based.  Ideas like 4chan, lolcats, facebook transend physical locations.  There are location based ideas and concepts like miko miko that do not catch on everywhere.  Some people have ideologies that do not jive with others and they will not put money toward it.  I think cryptos are the future but not in their current state.  I think that idea based coins are the next great wave of cryptos, especially when they are connected to folding projects, that benefit society.

This is all moving forward towards the new future where we invest in ideas and concepts to move them forward into the public space and where financial reward comes from investing in ideas in more abstract ways like digital currency.  We already do it physically with lobbying politicians to get an agenda to move forward.  

What if a coin could be spawned to move an idea forward.  A lower taxes coin where 2% of the node fees goes to lobbying a politician to change his vote.  It means people could compete against the corporations.  Or a coin that cures breast cancer?  Dilutive to the market yes because right now the market is small but in the coming years the market will be massive.  A few billion will pale in comparison the the hundreds of trillions it can be in the coming decades.

Again, stop! You make too much sense for this board.

Hopefuly this is the case, but my gut says it won't

Indeed, I cant help feeling the same way. I am not afraid that these new alts will destroy any confidence in cryptos att all. Just check the wiki and look for dead coins. There is plenty of them and more to come.

also companies compete for the same capital, a dollar that buys one share stock cannot buy another, but with the crypto bubble of 2013 is unqiue in two ways:

- What being crowded out is computing power... we're probably going to cause a massive brownout when all is said and done, lol
- When the bubble pops most of what people will lose is BTC, since BTC is the main way of buying alt coins so it won't be as big a deal to the world as when people see massive drops in their domestic currency (won't have a huge effect on any nations banking system)
- The end result will just be a bunch of bitter speculators who spent to much money on GPUs who now find themselves with no more BTC and bunch of altcoin worth less then they paid for.
- But like other bubbles a few companies do survive and prove their worth

The market for cryptos currently is very much like real currency markets or pharmaceutical stock which is a load of speculation trying to make money on short pops in the price while a few true believers hold long term hoping the projects actually meet completion.

Are you saying that one of the companies that are operating in the cryptocurrency market are real.  We'll that is good then mtGox doesn't have to be worried about that lawsuit since they are imaginary.  

yes the companies are real but the value we place on their shares (coins) is arbitrary.  We make up those numbers based on a number of metric we feel are important.  How is that any different here?

New companies DO dilute the value of other companies IN the MARKET.  If I create a new company and start mining gold well that is gold that the other companies cannot mine.  That means they have less opportunity because I've prevented from capturing it in this mine.  As a result my value goes up against theirs.  They potential value goes down.  If there was a single company mining all gold then they would have all the value and their shares would be worth the same as the total market cap of the industry.

Bitcoiners are upset because the total market value of the cryptocurrency market is not growing as fast as the number of currencies are as a result Bitcoin value is distributed to other currencies.  Eventually they will all reach parity but not without some massive price swings.  This is all healthy market action in a free market system.  Its just that some early adopters were not smart enough to anticipate it.

And there is a quote about never staying married to a stock.  I think it holds true here.  Never marry a coin.

This phase of altcoin saturation I see being short lived ,I'm not endorsing this next point but I feel it's a direction we might be headed - different crypto coins will become location-centric as we live in a world of boarders a certain small number of crypto coins with very similar characteristics will be favoured based on where you live. Rather than a particular coins features .

good marketing is just as much important to development as the technology.

Many competing products have the inferior product win because of better marketing.

The coin that will will the cypto hunger games will be the one with best mix of technology, marketing and accessability.

Ymer, you're not so bad after all.  This is another 100% on lock explanation.

I haven't read the book, however I want to give my opinion about your analogy.

The stock market with real companies is a bit different from cryptos, since they are real companies making profits, other companies do not dilute the value, but decisions, news, incoming laws, future plans do... though this is only my opinion, I'm not very educated on the subject

Alt coins are healthy competition to bitcoin. Just let the market decide which coin succeeds.

In fact, it is not like saying that at all.  I've debunk this terrible, terrible analogy so many times I am nearly brought to tears at the mere thought of having to debunk it again.

That is like saying adding another stock to the stock market will dilute the ones already there and ruin the credibility of the others. For every Worldcom and Enron there are other stocks that have more trusted and have true value.  Maybe what we need is a market of sound analysts that can weed out the fly by nights from the more legitimate coins.  But for that you need to have a more mature market. 

Welcome to the days of the bucket shops!  If you ever get a chance to read Reminiscence of a Stock Market Operator please do so.  You will perfectly understand what is going on right now in the cryptocurrency market. 

I see talking to you is like talking to a brick wall. A big, stupid, ignorant brick wall...

This you are 100% correct on.  In fact, I've already been seeing comments on the outside of people pointing out that BTC is a "scam" because anyone can just inflate the supply by making a random "buttcoin".  The thing is, at this point they're being proven right.

Yea point 4 is the whole point of my thread, my opinion is the opposite as yours though, my personal opinion is that I think that all altcoins are making BTC unstable and ultimately will crumple.

Point 4 is the error, I think.

I have many times in the past suspected deliberate attempts to legitimise established things by proliferating "illegitimate" competitors.

For example take the concept of the protection racket, aka police.

Having tons of gangsters and bandits and muggers and pickpockets running around actually helps the racket rather than making it seem illegitimate.

Basically any new thing that starts to see an "edge" to be gained in "legitimacy" needs "illigitmate" similar things to point at to "justify" all kinds of special advantages being given to the "legitimate" ones, ultimately leading to "regulated industries" and "licensed professionals" and so on. It is an age-old racket so it behooves those who want Bitcoin to gain "legitimacy" to proliferate oodles of "illigitimate" similar things to point at so they can argue that bitcoin / bitcoin-business needs special treatment, legislation, licensing and so on and so on.

Age-old story, boring.

The more people get ripped off by imitators of bitcoin, the more bitcoin can argue "you should have used the Real Thing (TM Pepsi-Colgate-Palmolive-Corp?)"

-MarkM-

Welcome to the libertarian nightmare