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Sad when even the Internet Archive fall for the digital tulip mania. https://en.wikipedia.org/wiki/Tulip_mania https://en.wikipedia.org/wiki/Tulip_mania Crypt

by henvic 6y ago

Sad when even the Internet Archive fall for the digital tulip mania. https://en.wikipedia.org/wiki/Tulip_mania https://en.wikipedia.org/wiki/Tulip_mania Crypto currencies might have space and maybe someday a good one might appear, but so far, it's all a Ponzi scheme. Why not just build an application to mirror their data in a distributed manner using Torrent and let people support their efforts by downloading it?

anonporridge 6y ago
While there's tons of unfounded mania going on in the crypto space, to paint it all as nothing more than Tulip mania is really pretty ignorant at this point.
- henvic 6y ago
  Theoretically, it's not all. It's possible to have a reasonable cryptocurrency backed by something tangible. In practice, all I saw so far was either pure fraud (USDT) or fiat currency (BTC). I'm a free-market capitalist/anarcho-capitalist so I want to see people free from the awful state-issued money, but these stupid cryptos we see are no better to use as a substitute. Eventually, we will probably see alternatives that make sense, but it might take a while.
vmception 6y ago
Non-profits can accept assets of any kind, and it takes fifteen seconds to sell $10,000,000 worth of FIL for USD. It is likely that a majority of charitable contributions are transfers of assets with a wide spectrum of liquidity, mostly illiquid. Accepting an asset is not an indication of interest or speculation or bullishness, any contribution towards a non-profit only tells you that the donor was accepted. You extrapolated a lot for something you will never have information on, as the subsequent transactions will never be reported.
- 22c 6y ago
  >and it takes fifteen seconds to sell $10,000,000 worth of FIL for USD. That's an oversimplification. If you dumped ~ $10m of FIL in such a short time, you'd undoubtedly drive the price down while doing so. Right now, Kraken shows that selling ~ 1000 FIL would drive the price down by over 1% and the support only gets worse from there.
  - vmception 6y ago
    On an asset that has changed in value 3% or 10% in one day, 1% slippage is pretty tolerable, to me. On an altcoin pair that's fantastic. Filecoin is listed on over 100 trading pairs across exchanges. If hitting the tape simultaneously sounds like a contrived rebuttal to you, I guarantee you I could get a quote from three OTC desks that will take $10,000,000 in Filecoin today and wire transfer $9,900,000 in a few hours.
    - 22c 6y ago
      It's not 1% slippage on a 10m trade though, that was on a 1000 FIL trade. Crypto support is quite fickle. I didn't even go near the withdrawal aspect, but withdrawing anything more than ~5 BTC worth of currency from an exchange will take at least several business days to get verified, and depending on the exchange you use might takes weeks or possibly you'll never see your money again (there are several stories of less reputable exchanges freezing accounts for "fraud" when they attempt a large withdrawal). In principal I do agree with what you're saying, but crypto is still very much the wild west at the moment, so I personally would not be trying to shift millions of dollars around on such short time frames.
- henvic 6y ago
  Good luck dumping that much shitcoins overnight. Also, they could always accept without endorsing. Enough of wasting energy and human effort on shitcoins...
  - vmception 6y ago
    Use an OTC desk Message a few and tell me what spreads they quote
LAMike 6y ago
Tulip Mania? Never heard of that one!

by henvic 6y ago

anonporridge 6y ago

While there's tons of unfounded mania going on in the crypto space, to paint it all as nothing more than Tulip mania is really pretty ignorant at this point.

henvic 6y ago
Theoretically, it's not all. It's possible to have a reasonable cryptocurrency backed by something tangible. In practice, all I saw so far was either pure fraud (USDT) or fiat currency (BTC). I'm a free-market capitalist/anarcho-capitalist so I want to see people free from the awful state-issued money, but these stupid cryptos we see are no better to use as a substitute. Eventually, we will probably see alternatives that make sense, but it might take a while.

vmception 6y ago

Non-profits can accept assets of any kind, and it takes fifteen seconds to sell $10,000,000 worth of FIL for USD. It is likely that a majority of charitable contributions are transfers of assets with a wide spectrum of liquidity, mostly illiquid. Accepting an asset is not an indication of interest or speculation or bullishness, any contribution towards a non-profit only tells you that the donor was accepted. You extrapolated a lot for something you will never have information on, as the subsequent transactions will never be reported.

22c 6y ago
>and it takes fifteen seconds to sell $10,000,000 worth of FIL for USD. That's an oversimplification. If you dumped ~ $10m of FIL in such a short time, you'd undoubtedly drive the price down while doing so. Right now, Kraken shows that selling ~ 1000 FIL would drive the price down by over 1% and the support only gets worse from there.
- vmception 6y ago
  On an asset that has changed in value 3% or 10% in one day, 1% slippage is pretty tolerable, to me. On an altcoin pair that's fantastic. Filecoin is listed on over 100 trading pairs across exchanges. If hitting the tape simultaneously sounds like a contrived rebuttal to you, I guarantee you I could get a quote from three OTC desks that will take $10,000,000 in Filecoin today and wire transfer $9,900,000 in a few hours.
  - 22c 6y ago
    It's not 1% slippage on a 10m trade though, that was on a 1000 FIL trade. Crypto support is quite fickle. I didn't even go near the withdrawal aspect, but withdrawing anything more than ~5 BTC worth of currency from an exchange will take at least several business days to get verified, and depending on the exchange you use might takes weeks or possibly you'll never see your money again (there are several stories of less reputable exchanges freezing accounts for "fraud" when they attempt a large withdrawal). In principal I do agree with what you're saying, but crypto is still very much the wild west at the moment, so I personally would not be trying to shift millions of dollars around on such short time frames.
henvic 6y ago
Good luck dumping that much shitcoins overnight. Also, they could always accept without endorsing. Enough of wasting energy and human effort on shitcoins...
- vmception 6y ago
  Use an OTC desk Message a few and tell me what spreads they quote

LAMike 6y ago

Tulip Mania? Never heard of that one!