12 ms·

The whole reason why Ethereum is "outpacing" Bitcoin is easiness of taking money from clueless "investors" that feel like they missed the boat on becoming rich

by dpc_pw 9y ago

The whole reason why Ethereum is "outpacing" Bitcoin is easiness of taking money from clueless "investors" that feel like they missed the boat on becoming rich through Bitcoin. https://medium.com/@WhalePanda/i-was-wrong-about-ethereum-804c9a906d36 https://medium.com/@WhalePanda/i-was-wrong-about-ethereum-80... It's going to be a big mess, one this bubble pops.

agumonkey 9y ago
Not so fast, it's not "only" a bubble.
- kgwgk 9y ago
  You're right, there are several bubbles.
  - agumonkey 9y ago
    That's not what I meant, but I can't say more right now.
    - kgwgk 9y ago
      I know. I was joking and I can't say that I didn't deserve the downvotes.
gfodor 9y ago
People have been expecting the crypto bubble to pop for almost a decade now, but prices continue to rise. At some point you have to admit that this isn't tulip bulbs.
- res0nat0r 9y ago
  Sounds like the argument folks were trying to make about the housing market, and we know how that turned out.
  - gfodor 9y ago
    There was a major correction and prices eventually rose close to their previous highs?
- avaer 9y ago
  Prices continually rising is an argument for how this _is_ tulips. The valid counterargument would be that the tulips are largely being used for something other than trading tulips.
  - brianwawok 9y ago
    Tulips have SOME intrinsic value. If doomsday comes, the world is over.. a toolip can be planted outside your house and it looks a little bit more pretty. Or maybe you can eat it. Gold has SOME intrinsic value. It is very good for certain applications, I believe trace amounts are used in compute parts. Worst case you can make something shiny to look at, that will be rust proof and easy to shape. What is the intrinsic value of ETH or Bitcoin? It literally has nothing to back it.
    - komaromy 9y ago
      For ETH, that's not really true: you can use it to pay for computation on the Ethereum blockchain. The value you assign to that computation may not be very significant, but it's hard to justify the notion that it's zero.
      - avaer 9y ago
        I'd argue the value of the computation is strictly less than zero, because I could do it cheaper without using Ethereum at all.
        wayn3 9y ago
        thats like saying that the value of gasoline is less than zero because you could just walk the distance without polluting the environment. computing power is inherently valuable. the value of AWS is less than zero because you could just buy a computer and do the computation cheaper at home. duh.
        avaer 9y ago
- pjc50 9y ago
  People spent most of the 2000s predicting the collapse of the housing bubble. Coins are strange, because appetite for non-speculative legal use seems to remain low, but appetite for coins continues to be strong. It does seem to be valuable as an unregulated speculation platform...
- hackinthebochs 9y ago
  But it did popped already? Just because its value didn't go to zero doesn't mean it wasn't a bubble.
deleted 9y ago
[deleted]
stale2002 9y ago
Just because the bubble is going to pop, doesn't mean that it will pop to 0. If bitcoin prices crashed to 1000$, everyone would call THAT a "pop", but it would still leave anyone who bought in a year ago ahead on their investment.
- aaron-lebo 9y ago
  And it will leave a lot of investors with a loss. That's the nature of market crashes, and it'll hit the smallest and most inexperienced investors the worst.
golergka 9y ago
Web was a bubble too once. And then it wasn't.
SCAQTony 9y ago
WhalePanda in not an economist, not a digital coin developer, nor a professional coin analyst. At his website he describes himself as: "...I’m a Belgian Brand/Online Marketing/UX consultant with a passion for Bitcoin..." https://twitter.com/WhalePanda?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor https://twitter.com/WhalePanda?ref_src=twsrc%5Egoogle%7Ctwca... Obviously partial to bitcoin but has no more "street cred" that I do: "a California fine artist, UI designer, with a passion for Ethereum." That is to say I am using Ethereum for my art catalog or Catalogue raisonné as an ad hoc copyright tool and historical archive. What does he or most people use bitcoin for?
- gnarcoregrizz 9y ago
  He also pulled off an insider trading stunt with the Monero maintainer. I'm not sure why people listen to this dude
  - daxorid 9y ago
    I assume you're referring to Fluffy's announcement stunt? There is neither evidence, nor motive, for "insider trading". All he did was troll the moneychanging/parasite class, which is a beautiful thing.
  - dgacmu 9y ago
    Citation? (From curiosity, not skepticism.) Edited: Ahh. Fake news announcement. http://bitsonline.com/fluffypony-speaks-troll-monero-market/ http://bitsonline.com/fluffypony-speaks-troll-monero-market/
- someSven 9y ago
  > What does he or most people use bitcoin for? Bitcoin was ment to be money which is good in the store of value part. Etherum has a higher inflation for all I know, and it is not primarily meant to be money.
- Obi_Juan_Kenobi 9y ago
  I couldn't give two shits about 'who' he is; the points he makes are rock-solid. The ICOs are the only 'real' thing currently going on in the Ethereum space, and those ICOs will have costs that they actually have to pay. They are astoundingly fragile. My best estimate is that the ICO market as a whole will have to be at least 3-4 times more successful than VCs if the house of cards is to stay standing. We're talking about a process that has to churn out unicorns to stay afloat. Do you think smart contracts really make every business that uses them 3 to 4 times more valuable? > That is to say I am using Ethereum for my art catalog or Catalogue raisonné as an ad hoc copyright tool and historical archive. I honestly can't tell if you're taking the piss.
DiNovi 9y ago
oh well if whale panda says it.

by dpc_pw 9y ago

agumonkey 9y ago

Not so fast, it's not "only" a bubble.

kgwgk 9y ago
You're right, there are several bubbles.
- agumonkey 9y ago
  That's not what I meant, but I can't say more right now.
  - kgwgk 9y ago
    I know. I was joking and I can't say that I didn't deserve the downvotes.

gfodor 9y ago

People have been expecting the crypto bubble to pop for almost a decade now, but prices continue to rise. At some point you have to admit that this isn't tulip bulbs.

res0nat0r 9y ago
Sounds like the argument folks were trying to make about the housing market, and we know how that turned out.
- gfodor 9y ago
  There was a major correction and prices eventually rose close to their previous highs?
avaer 9y ago
Prices continually rising is an argument for how this _is_ tulips. The valid counterargument would be that the tulips are largely being used for something other than trading tulips.
- brianwawok 9y ago
  Tulips have SOME intrinsic value. If doomsday comes, the world is over.. a toolip can be planted outside your house and it looks a little bit more pretty. Or maybe you can eat it. Gold has SOME intrinsic value. It is very good for certain applications, I believe trace amounts are used in compute parts. Worst case you can make something shiny to look at, that will be rust proof and easy to shape. What is the intrinsic value of ETH or Bitcoin? It literally has nothing to back it.
  - komaromy 9y ago
    For ETH, that's not really true: you can use it to pay for computation on the Ethereum blockchain. The value you assign to that computation may not be very significant, but it's hard to justify the notion that it's zero.
    - avaer 9y ago
      I'd argue the value of the computation is strictly less than zero, because I could do it cheaper without using Ethereum at all.
      - wayn3 9y ago
        thats like saying that the value of gasoline is less than zero because you could just walk the distance without polluting the environment. computing power is inherently valuable. the value of AWS is less than zero because you could just buy a computer and do the computation cheaper at home. duh.
        avaer 9y ago
pjc50 9y ago
People spent most of the 2000s predicting the collapse of the housing bubble. Coins are strange, because appetite for non-speculative legal use seems to remain low, but appetite for coins continues to be strong. It does seem to be valuable as an unregulated speculation platform...
hackinthebochs 9y ago
But it did popped already? Just because its value didn't go to zero doesn't mean it wasn't a bubble.

deleted 9y ago

[deleted]

stale2002 9y ago

Just because the bubble is going to pop, doesn't mean that it will pop to 0. If bitcoin prices crashed to 1000$, everyone would call THAT a "pop", but it would still leave anyone who bought in a year ago ahead on their investment.

aaron-lebo 9y ago
And it will leave a lot of investors with a loss. That's the nature of market crashes, and it'll hit the smallest and most inexperienced investors the worst.

golergka 9y ago

Web was a bubble too once. And then it wasn't.

SCAQTony 9y ago

WhalePanda in not an economist, not a digital coin developer, nor a professional coin analyst. At his website he describes himself as: "...I’m a Belgian Brand/Online Marketing/UX consultant with a passion for Bitcoin..." https://twitter.com/WhalePanda?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor https://twitter.com/WhalePanda?ref_src=twsrc%5Egoogle%7Ctwca... Obviously partial to bitcoin but has no more "street cred" that I do: "a California fine artist, UI designer, with a passion for Ethereum." That is to say I am using Ethereum for my art catalog or Catalogue raisonné as an ad hoc copyright tool and historical archive. What does he or most people use bitcoin for?

gnarcoregrizz 9y ago
He also pulled off an insider trading stunt with the Monero maintainer. I'm not sure why people listen to this dude
- daxorid 9y ago
  I assume you're referring to Fluffy's announcement stunt? There is neither evidence, nor motive, for "insider trading". All he did was troll the moneychanging/parasite class, which is a beautiful thing.
- dgacmu 9y ago
  Citation? (From curiosity, not skepticism.) Edited: Ahh. Fake news announcement. http://bitsonline.com/fluffypony-speaks-troll-monero-market/ http://bitsonline.com/fluffypony-speaks-troll-monero-market/
someSven 9y ago
> What does he or most people use bitcoin for? Bitcoin was ment to be money which is good in the store of value part. Etherum has a higher inflation for all I know, and it is not primarily meant to be money.
Obi_Juan_Kenobi 9y ago
I couldn't give two shits about 'who' he is; the points he makes are rock-solid. The ICOs are the only 'real' thing currently going on in the Ethereum space, and those ICOs will have costs that they actually have to pay. They are astoundingly fragile. My best estimate is that the ICO market as a whole will have to be at least 3-4 times more successful than VCs if the house of cards is to stay standing. We're talking about a process that has to churn out unicorns to stay afloat. Do you think smart contracts really make every business that uses them 3 to 4 times more valuable? > That is to say I am using Ethereum for my art catalog or Catalogue raisonné as an ad hoc copyright tool and historical archive. I honestly can't tell if you're taking the piss.

DiNovi 9y ago

oh well if whale panda says it.