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So cryptocurrency is the new Gold Rush. As the story goes, the only people who reliably made money during the original gold rush was the people who sold the spa
by philbarr 9y ago
So cryptocurrency is the new Gold Rush. As the story goes, the only people who reliably made money during the original gold rush was the people who sold the spades.
What are the "spades" here?
- zajd 9y agoMining rigs
- philbarr 9y agoThe people buying the ICO coins don't have mining rigs?
- repomies691 9y ago> What are the "spades" here? At least quite many companies seem to be offering this kind of "ICO service" products - essentially they setup the ICO tools etc for you, help with converting the collected funds to dollars, etc.
- Anderkent 9y agoICO tokens. You describe an idea, provide no technical way forward, publish a token, and if you're lucky people start speculating on that token and you get crazy amounts of funding. Then just live on that money for a couple months before announcing that the project has failed, the tokens crash, if you feel nice you can buy them back at that point. I.e. the spades are the ICO scams.
- deleted 9y ago[deleted]
- kang 9y agoThe spades are the hardware ASIC and GPUs and also the platform that let you host and bootstrap a whole new mining field itself, like eth, waves etc
- btown 9y agohttps://www.thestreet.com/story/14190462/1/why-nvidia-and-amd-continue-to-ride-the-cryptocurrency-mining-wave.html https://www.thestreet.com/story/14190462/1/why-nvidia-and-am...
- dforrestwilson 9y ago^ These and basically anyone supplying them like voltage suppliers (Vicor) or even the more basic materials like silicon wafers (Shin-Etsu Chemical).
- csomar 9y agoSome imaginary hope of future riches. Bankers always sold that; though in recent times there was strict regulation in how they pronounce their promises.
- empath75 9y agoNvidia. I bought at $30 :)
- mttddd 9y agoall the new crypto exchanges popping up and anything that can convert between fiat and crypto
- mpeg 9y agoThe ICO coins are the spades. They're raising ridiculous amounts of money on completely unproven markets, with unproven teams. These are mostly teams that would struggle to raise a tenth of that money with a traditional VC where they'd have to be accountable for their product.
- hendzen 9y agoThey are also getting paid in Schrute bucks. These ICO raises need to be huge since selling X00m of ETH or BTC moves the price... its absolute madness.
- thisisit 9y agoThe spades are the base currencies - ethereum or bitcoin. People who got in early were believers in the technology for whatever reason. Now they are able to unload some of the coins to people who want to strike it rich by investing in the next-gen technology called "blockchain" and ICOs. They are the "enablers" for the gold rush. Once the house comes crashing down, it will be the same people who scoop up the coins back even at lower prices. Because of their belief in the coins unlike others who are just chasing cryptocurrency for the "1000%+ rise".
- cm2187 9y agoTo me this is more akin to a ponzi scheme or to a tulip bubble than a gold rush. Anyone can pull a new blockchain out of their ass. They generate no cash flows, have no intrinsic value, are only worth anything because someone will want to buy it from you for more, in the hope to sell it to another sucker for even more. At this stage people are trading thin air.
- cableshaft 9y agoExchanges are the spades, mostly. The ones who charge a small fee on every exchange. They get money from people whether they're buying or selling, no matter what the price is.
- danmaz74 9y agoNobody mentioned them yet, so I'll add the exchanges to the hardware manufacturers.
- Vadoff 9y agoExchanges or hardware miners.
- nunez 9y agoCoinbase?