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Reminds me of coinbase using mongodb with silent fail and no ACID transactions a few years back. And of course the mtgox fiasco. The amount of amateurishness in

Reminds me of coinbase using mongodb with silent fail and no ACID transactions a few years back. And of course the mtgox fiasco. The amount of amateurishness in the cryptocurrency ecosystem is disappointing.

ozmbie 9y ago
It’s worse when you want to store the coins yourself, so you withdraw from an exchange only to realise that the wallets available are either broken or have horrible UX. I just don’t see how an altcoin without a functioning wallet can have billions of dollars of market cap.
- charlesdm 9y ago
  Easy: $1 invested does not equal $1 in market cap. Not sure where I read this, but there was a post where a guy wrote he invested $5,000 in a coin and it increased the market cap by $4m.
  - ricardobeat 9y ago
    This is also true for stocks. As a buy pulls the latest price up, all of the other shares are worth more, and the opposite is true: for every sale, the price might slip down a bit; in the event of a large sell-off, you end up reaching zero value a lot earlier than everything can be sold off. Market cap is a bit of a fantasy metric, but has utility - just less so for crypto where you can't make any comparisons to tangible assets, liabilities or even market potential.
  - granaldo 9y ago
    True for coin with low liquidity which is why chart ranking solely based on market cap is inaccurate, an alternative is https://www.coingecko.com/en https://www.coingecko.com/en If the orderbook is thin and supply circulated is plenty, the market cap moves by the tradr
  - latchkey 9y ago
    Market cap is a useless number in the crypto world that people quote because it sounds nice. It is simply current price * number of outstanding shares [1]. It has no reflection on the actual money being put into the market, which is what people would like to transform it into in their heads. [1] https://www.google.com/search?q=market+capitalization+definition https://www.google.com/search?q=market+capitalization+defini...
coss 9y ago
It's all over man, not just crypto. Banks, credit, games,...technology has progressed but up and coming talent has degressed.
seabird 9y ago
Hilariously enough, the only people to reliably not completely biff cryptocurrency service implementation have been illegal market sites. If they didn't plan to run off with the money in the first place, sites like these managed to operate for years at a time before (inevitably) being crushed by the long arm of the law. Talk about do-or-die code correctness and validation!
- kbenson 9y ago
  When you absolutely can't go to the law for help, you make sure to cover your ass really well.
- theparanoid 9y ago
  BitWasp has had security bugs.
  - seabird 9y ago
    I'm going to wager that very few (if any) illegal marketplaces trusted a codebase they didn't write entirely in-house, but that is just conjecture.
bfuller 9y ago
Remember circle?
6t6t6t6 9y ago
> The amount of amateurishness in the cryptocurrency ecosystem is disappointing. Only in the Cryptocurrency ecosystem? So far, what I've seen in the Startups I worked for is that most of them are staffed with 25 years old developers who work 80 hours a week but barely know what they are doing.

ozmbie 9y ago

It’s worse when you want to store the coins yourself, so you withdraw from an exchange only to realise that the wallets available are either broken or have horrible UX. I just don’t see how an altcoin without a functioning wallet can have billions of dollars of market cap.

charlesdm 9y ago
Easy: $1 invested does not equal $1 in market cap. Not sure where I read this, but there was a post where a guy wrote he invested $5,000 in a coin and it increased the market cap by $4m.
- ricardobeat 9y ago
  This is also true for stocks. As a buy pulls the latest price up, all of the other shares are worth more, and the opposite is true: for every sale, the price might slip down a bit; in the event of a large sell-off, you end up reaching zero value a lot earlier than everything can be sold off. Market cap is a bit of a fantasy metric, but has utility - just less so for crypto where you can't make any comparisons to tangible assets, liabilities or even market potential.
- granaldo 9y ago
  True for coin with low liquidity which is why chart ranking solely based on market cap is inaccurate, an alternative is https://www.coingecko.com/en https://www.coingecko.com/en If the orderbook is thin and supply circulated is plenty, the market cap moves by the tradr
- latchkey 9y ago
  Market cap is a useless number in the crypto world that people quote because it sounds nice. It is simply current price * number of outstanding shares [1]. It has no reflection on the actual money being put into the market, which is what people would like to transform it into in their heads. [1] https://www.google.com/search?q=market+capitalization+definition https://www.google.com/search?q=market+capitalization+defini...

coss 9y ago

It's all over man, not just crypto. Banks, credit, games,...technology has progressed but up and coming talent has degressed.

seabird 9y ago

Hilariously enough, the only people to reliably not completely biff cryptocurrency service implementation have been illegal market sites. If they didn't plan to run off with the money in the first place, sites like these managed to operate for years at a time before (inevitably) being crushed by the long arm of the law. Talk about do-or-die code correctness and validation!

kbenson 9y ago
When you absolutely can't go to the law for help, you make sure to cover your ass really well.
theparanoid 9y ago
BitWasp has had security bugs.
- seabird 9y ago
  I'm going to wager that very few (if any) illegal marketplaces trusted a codebase they didn't write entirely in-house, but that is just conjecture.

bfuller 9y ago

Remember circle?

6t6t6t6 9y ago

> The amount of amateurishness in the cryptocurrency ecosystem is disappointing. Only in the Cryptocurrency ecosystem? So far, what I've seen in the Startups I worked for is that most of them are staffed with 25 years old developers who work 80 hours a week but barely know what they are doing.