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Ethereum and Cosmos did ICOs and they have been quite successful, delivering on their promises. Maybe 99/100 ICOs fail but the same can be said about VC-backed
by seibelj 8y ago
Ethereum and Cosmos did ICOs and they have been quite successful, delivering on their promises. Maybe 99/100 ICOs fail but the same can be said about VC-backed startups.
- aurelius12 8y agoNo, 99/100 VC-backed startsup don't fail, and the rate of actual scams in them is FAR lower than in crypto.
- pavlov 8y agoEthereum is basically an ICO pyramid scam, since the only use case for it has been to enable more ICOs. Anything else has failed miserably because the network can't handle the traffic. Of course they're promising a scaling fix Real Soon Now (see above for "plausible deniability R&D mode").
- seibelj 8y agoUSDC is a stablecoin backed one-for-one with US dollars, audited by Grant Thornton and operated by Circle and Coinbase, which are regulated and above-board legal cryptocurrency exchanges. As of this writing, $327 million has been converted into it, and any amount of money can be transferred globally within seconds. Over 250,000 transactions have occurred since September 2018 when it launched. This is a legitimate use-case that has been enabled by Ethereum. Wiring money or using ACH is more expensive, slower, and more cumbersome than USDC. https://www.circle.com/en/usdc https://www.circle.com/en/usdc https://etherscan.io/token/0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48 https://etherscan.io/token/0xa0b86991c6218b36c1d19d4a2e9eb0c...
- JumpCrisscross 8y ago> Wiring money or using ACH is more expensive, slower, and more cumbersome that USDC Wiring is free and instantaneous for anyone sending moderate sums. Fidelity, for example, does this.
- seibelj 8y agoHow long and how expensive is it to wire $10,000,000 from Nigeria to South Korea? With USDC, it takes seconds and costs about 2 cents.
- pavlov 8y agoHow does one convert $10M dollars in a Nigerian bank account into USDC? That seems like a necessary first step.
- seibelj 8y agoI show a legitimate use case other than “ICO pyramid scams” and you move the goal posts. It shows that you have an opinion about cryptocurrency that cannot be changed by logic, and are essentially a troll.
- pavlov 8y agoYou claim that one can wire 10 million dollars from Nigeria in two seconds. If you’re not even going to answer the most obvious question about how someone could do this, it’s hardly a real world use case. I’m not sure if you understand how the boring old SWIFT-addressed wire competes here. I haven’t sent 10 million, but hundreds of thousands anyway. It costs no more than $25, is settled within hours, and has all sorts of safeguards that don’t exist in crypto. The funds are immediately available for use rather than USDC which AFAIK isn’t accepted for payment on anything, anywhere.
- xur17 8y ago> Wiring is free and instantaneous for anyone sending moderate sums. Fidelity, for example, does this. What counts as a "moderate sum"? Last time I tried to wire money, every option I could find charged a $XX fee no matter how much I sent.
- ricardobeat 8y agoDefine successful.