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Haha what do you know. Another day, another anti-crypto article on the top of Hacker News. In this case, I agree with the overall sentiment. I don’t think thes
by craigc 8y ago
Haha what do you know. Another day, another anti-crypto article on the top of Hacker News.
In this case, I agree with the overall sentiment. I don’t think these companies are actually “dying” though, but rather they were probably created as get rich quick schemes, so they took the millions of dollars they raised and then sailed off to some island somewhere.
From the report
> We use intensity of tweets from the cryptocurrency official Twitter account after the ICO to estimate that the survival rate for startups after 120 days (from the end of the ICO) is only 44.2%, assuming that all firms inactive on Twitter in the fifth month did not survive.
Not sure how I feel about that methodology, but probably many of these companies never planned to actually issue a product in the first place so it may very well be accurate.
- xbkingx 8y agoI love it and agree. It's like this at the start of every major change that has an impact on all levels of society. Even if these tokens are failing, they exist because they caught some unique insight into how the tech will change the world and they were able to communicate that clearly enough to get many, many investors. That they failed or were money making schemes is irrelevant because someone will see the core idea once the sector has matured and use that to build something cool and useful. It should also be pointed out that 50% of small businesses fail within 5 years, and between 70-96% fail within 10. You'd think people so incompetent at identifying success would know when to STFU by now. "Hey, our industry is the go to source for how to run a business. Businesses have a 96% failure rate. Please continue to listen to us. Why are you laughing?" https://www.fool.com/careers/2017/05/03/what-percentage-of-businesses-fail-in-their-first.aspx https://www.fool.com/careers/2017/05/03/what-percentage-of-b... https://www.inc.com/bill-carmody/why-96-of-businesses-fail-within-10-years.html https://www.inc.com/bill-carmody/why-96-of-businesses-fail-w...
- splintercell 8y agoHN anti-cryptocurrency bingo: - "It's just a glorified database" - "It's just a slow database" - "Congratulations, the crypto people just learned why regulations exists. Soon enough, we'd need to create each and every regulations in financial sector but for crypto" - "Oh, to solve that problem, they'll have to do this other thing, and another thing, and soon enough you'd have recreated each and every aspect of our current financial system which they aimed to remove" - "Can we stop using the word 'crypto' to mean 'cryptocurrencies'? I downvote any article's headline which uses 'crypto' to mean 'cryptocurrencies'"