Topic: under the radar: bancor scam ! and ferrum network need to be also checked! (Read 77 times)

source : http://hackingdistributed.com/2017/06/19/bancor-is-flawed/

Bancor just did their Initial Coin Offering (ICO) last week and raised a record $144M within a few hours. They now hold the record for the biggest crowd-funding, ever, in the history of mankind.

in other words you can say to uneducated people some bullshit and even spread it all over the web with shitty youtubers.


Bancor uses lots of mumbo jumbo terminology.

Bancor addresses the "double coincidence of wants" problem in economics through an "asynchronous price discovery" mechanism that blah blah blah buzzwords blah and more buzzwords. Half of these buzzwords aren't even real. "Asynchronous price discovery" is a franken-word they made up. It borrows asynchronous from distributed systems and "price discovery" from economics. The crowds eat this stuff up, but in reality, it's just a giant red flag -- there's no content here.

Let's move on, for it's possible to have a good idea underneath fluffy marketing.

The core problem they want to address, "Double Coincidence of Wants" is not a real problem.
"Double coincidence of wants" is a real problem in economics today in the sense that the "itsy bitsy spider" problem is a real problem in zoology -- that is, it's something one might learn in grade school, and it's completely irrelevant in the real world.

To be fair, you might indeed come to the market with two rabbits one day and I might come to the market with two chickens on the same day. I might also have an aversion to rabbit meat and a family history of mal de caribou. We would then be unable to conduct a trade.