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This sentiment on blockchain is posted very often. Have the authors studied all startups in the top 100 on CoinMarketCap? How about top 500? Yes, we've all met

This sentiment on blockchain is posted very often. Have the authors studied all startups in the top 100 on CoinMarketCap? How about top 500? Yes, we've all met people who read about Bitcoin and Ethereum in the WSJ and felt incredibly smart when both declined from their highs. But what about the ICO money raised in 2018? It's likely over 5 billion at this point.

wpietri 8y ago
Ah, the "there has to be a pony in there somewhere" [1] theory. Am I going to look at every MLM scheme or perpetual motion machine to explain in detail why this new one is just as bad as the rest? No. I looked at a bunch, formed a general impression and a reasonable theory as to why they're all bunk, and have stopped wasting my time. If somebody has a specific one that they'd like to argue is different I'm willing to listen. But I'm not going to look at 500 supposed startups and figure out the flaws one by one. [1] https://quoteinvestigator.com/2013/12/13/pony-somewhere/ https://quoteinvestigator.com/2013/12/13/pony-somewhere/
- atomical 8y ago
  No, I'm merely saying you are uninformed and ignorant. That's all. If you aren't an expert don't bother postulating. We aren't here to do the research for you. Is Brendan Eich a scammer? Nope.
  - wpietri 8y ago
    Ah, now we're on to insults, plus the "great man can't be wrong" theory. Eich's a smart guy, no doubt, but that's not proof against error.
    - atomical 8y ago
      You put zero effort into your comments. That is insulting. You asked for an example and I wasted my time giving you one.
pluma 8y ago
If you want to make a case for blockchains, maybe you shouldn't lead with the proven pyramid schemes that are ICOs? "They ripped off over 5 billion dollars in cash, that means it's not a bubble." Well, doesn't that actually tell you the opposite? That people threw money at obvious scams just because the scams used fancy technology and a buzzword?
- atomical 8y ago
  And maybe you shouldn't lead with a generalization. Not all of them were scams.
  - wpietri 8y ago
    Like perpetual motion machines, some are scams and some are just run by sincere fools. And it's entirely possible that there are some real businesses run by smart people who needed funding and the blockchain bits are just window dressing. So not scams, exactly, but more the kind of marketing fraud that, in the marketing world, barely counts as fraud at all. If you have proof that one of them is a) a real business, b) is likely to succeed, and c) is using a blockchain in some way where it's both necessary to the business and superior to other ways to store and verify data, then please share it. Otherwise you're the one making hazy, unsupported general statements.
    - atomical 8y ago
      I'm attacking the part of your argument that it's a scam based on your own limited knowledge. You then respond by asking me to present proof to you as if your own ignorance is somehow compelling.
      - wpietri 8y ago
        Sorry, perhaps I didn't understand. Are you saying Eich's startup meets all three of those criteria? As I said, I'm not saying all of them are scams. Indeed, I specifically mentioned two other possible classes they could fall into. And as I think is clear from my initial comment, I'm open to the possibility that someone will find a use for blockchain that enables some sort of viable business that couldn't be done with other tech. You of course don't owe me any explanations. But you're the one who jumped in with a variety of handwaving contradictions to my comments. So if you want to to be taken seriously, backing you agitation with evidence would be a good step.

wpietri 8y ago

Ah, the "there has to be a pony in there somewhere" [1] theory. Am I going to look at every MLM scheme or perpetual motion machine to explain in detail why this new one is just as bad as the rest? No. I looked at a bunch, formed a general impression and a reasonable theory as to why they're all bunk, and have stopped wasting my time. If somebody has a specific one that they'd like to argue is different I'm willing to listen. But I'm not going to look at 500 supposed startups and figure out the flaws one by one. [1] https://quoteinvestigator.com/2013/12/13/pony-somewhere/ https://quoteinvestigator.com/2013/12/13/pony-somewhere/

atomical 8y ago
No, I'm merely saying you are uninformed and ignorant. That's all. If you aren't an expert don't bother postulating. We aren't here to do the research for you. Is Brendan Eich a scammer? Nope.
- wpietri 8y ago
  Ah, now we're on to insults, plus the "great man can't be wrong" theory. Eich's a smart guy, no doubt, but that's not proof against error.
  - atomical 8y ago
    You put zero effort into your comments. That is insulting. You asked for an example and I wasted my time giving you one.

pluma 8y ago

If you want to make a case for blockchains, maybe you shouldn't lead with the proven pyramid schemes that are ICOs? "They ripped off over 5 billion dollars in cash, that means it's not a bubble." Well, doesn't that actually tell you the opposite? That people threw money at obvious scams just because the scams used fancy technology and a buzzword?

atomical 8y ago
And maybe you shouldn't lead with a generalization. Not all of them were scams.
- wpietri 8y ago
  Like perpetual motion machines, some are scams and some are just run by sincere fools. And it's entirely possible that there are some real businesses run by smart people who needed funding and the blockchain bits are just window dressing. So not scams, exactly, but more the kind of marketing fraud that, in the marketing world, barely counts as fraud at all. If you have proof that one of them is a) a real business, b) is likely to succeed, and c) is using a blockchain in some way where it's both necessary to the business and superior to other ways to store and verify data, then please share it. Otherwise you're the one making hazy, unsupported general statements.
  - atomical 8y ago
    I'm attacking the part of your argument that it's a scam based on your own limited knowledge. You then respond by asking me to present proof to you as if your own ignorance is somehow compelling.
    - wpietri 8y ago
      Sorry, perhaps I didn't understand. Are you saying Eich's startup meets all three of those criteria? As I said, I'm not saying all of them are scams. Indeed, I specifically mentioned two other possible classes they could fall into. And as I think is clear from my initial comment, I'm open to the possibility that someone will find a use for blockchain that enables some sort of viable business that couldn't be done with other tech. You of course don't owe me any explanations. But you're the one who jumped in with a variety of handwaving contradictions to my comments. So if you want to to be taken seriously, backing you agitation with evidence would be a good step.