Wednesday 23 August 2017



forbes on the cryptobubble

"There are now more than 900 different crypto-currencies and crypto-assets on the market, with another launching pretty much every day"

57 comments:

  1. When it pops, it will be glorious to behold!

    ReplyDelete
    Replies
    1. It's like the dot com bubble - most projects will die, some will remain and will be the future's Googles and Amazons. I look forward to the "day of the reckoning".

      Delete
    2. since no-one else seems to be saying it, your forcast on decred was right

      Delete
    3. Thank you.

      And BlockNet even more... look what it's doing, it's going crazy.

      The growth of Decred has just begun btw.

      Delete
    4. I would give Bancor 1-2 yrs. I do think it will prevail because the oligarchs are backing it, but it will take awhile to pick up. It's still in the beginning stages.

      Delete
    5. zephyr, why do you think your advice is worth a shit ! haven't you learnt anything !

      what i notice about Z. is his advice is right and not what i would do, so i think he actually has a grip of it !

      blocknet has gone from 4.5 us cents on 21st of february to $28 now, ie $1000 in blocknet on the 21st of february is worth $600,000 now

      he was telling us, its really making me think what i am doing is totally up the shoot !

      that's one of the biggest gains in history and i spent that time arguing on message boards

      i feel sick !

      Delete
    6. There's still plenty of opportunity.

      Delete
    7. re: DECRED

      Excellent overview in 5 Reddit posts of what is problematic with Bitcoin, and why Decred could be the solution - I really recommend reading this:

      https://www.reddit.com/r/decred/comments/6wxueo/your_best_pitch_for_decred/dmcer4d/

      ---

      re: BlockNet

      BlockNet solves another problem; that of the centralization of crypto-currency exchange. What's the point of having decentralized money, if the exchange of money is completely centralized via privately-owned exchanges? So BlockNet launches (tomorrow actually, 1st sept) a peer-to-peer, decentralized exchange. - They are already talking with a centralized exchange with huge volume (500 mil), called BitFinex ( www.bitfinex.com ) - so people holding BLOCK will be able to get passive income via PoS because the trading fees will be distributed to the stakeholders (people holding coins)!

      Delete
    8. (To clarify: BitFinex is huge and BlockNet is minuscule now, but BitFinex is obviously smart enough to know that it won't survive for long if it doesn't decentralize its operation --- so they are planning to use BlockNet to ride the wave of the decentralization of exchange. What it means is BlockNet will get BitFinex's huge trade volume, for which BlockNet is not ready yet. Right now, BlockNet is still in the early stages, BitFinex' huge volume would overwhelm it and probably crush it. So it needs to be done carefully, in stages, via perpetual testing; I imagine 2018. - Right now, private exchanges like Poloniex are making millions daily on trading fees... with BlockNet; the network is peer-to-peer, and trading fees distributed to people holding BLOCK. This project has been ignored for a long time, and in 2014/2015 it was thought to be dead by many people - abandoned by almost everyone; but that main programmer just endured, insisted and pursued his vision, spending all his money to fund the project... This is a very different ethic than that of Ethereum ICOs that demand millions before even having a product.)

      Delete
    9. (I'm re-reading that series of 5 posts on Reddit; really gives you the "alternate" history of things that will perhaps become clearer to people in the future after this ICO craze/euphoria craziness ceases.)

      Delete
    10. " the network is peer-to-peer, and trading fees distributed to people holding BLOCK. "

      is there mining hardware needed for blocknet ?

      yeah ethereum looks too insecure to me !

      Delete
    11. I agree with this statement: "yeah ethereum looks too insecure to me !"

      That is why Satoshi Nakamoto, the original creator of Bitcoin, didn't want to make the blockchain scripting language Turing complete.

      There is no mining hardware needed for BlockNet as it is purely Proof-of-Stake:

      https://en.wikipedia.org/wiki/Proof-of-stake

      Basically you lock your coins for a period of time and then when they return, you get a surplus. It's an alternative to Proof-of-Work: it's much more energy efficient as it doesn't require much computational power.

      (Decred is hybrid PoW/PoS)



      Delete
    12. And why don't you look up NEO, which was original Antscoins? It went to 50 USD recently too. I recommended that if you don't remember.

      "blocknet has gone from 4.5 us cents on 21st of february"

      We didn't know about it then... It was like 5 dollars a few months ago. Buying it at 5 dollars and where it is now is not that big of an increase. You could have done the same with Antcoin which became NEO, which I recommended:

      https://coinmarketcap.com/currencies/neo/

      It went to 50 and then back to 33. I bet you Blocknet will also collapse soon.

      Listen, there are rumors Bancor is being backed by the UN and it's already been advertised in Israel. The problem with Zakaj's style of analysis is he doesn't take the power of oligarchs to bring coins under some semi-form of regulation.

      Delete
    13. Hey is it okay if you efface my real name from these comments? It still appears. Anyways, I'm interested in your response about NEO. I was right about NEO. It was originally Antcoin and was cheap, and then it shot up to 50 and back to 33. Blocknet will plummet a little too soon.

      Delete
    14. There are two separate questions:

      1) is a project worthwhile/good? does it have a reason to exist?
      2) can I make money with it?

      in NEO/Antshares's case, the answer to 1) is no. It's a chinese copycat of Ethereum that is completely uninteresting from every point of view.

      as for 2) - yes you can make money with any kind of thing, with all those ICO scams, you can make money with any of these Ponzi schemes.

      My style is to only invest in things I plan to hold for long term.

      Look at that "Hshare" - it went from 0 to 1 billion valuation... that's how Chinese do it, they release some copycat and pump it by trading it among themselves, creating an illusion of success.

      The scene in China is very different from the West. It's a clique of a few people controlling everything.

      Delete
    15. The thing with investing in these hyped vaporware projects like NEO is that you need to exist before the hype is gone - if you're too late, you will lose because they have no long-term prospect.

      Same with Bancor and so on.

      But if you disagree it's OK, I don't want to argue it's too time consuming! I have to reinstall my BlockNet DX node

      in general people who are new to this fall for shiny websites with beautiful designs and lots of hype pumped into it

      If you're in the space longer you learn to ignore the fluff and just focus on the fundamentals behind all the bullshit.

      market cap of cryptos could go into the trillions in the next 2 or 3 years

      Many things will change in the space, disruptions etc

      Crypto is still not widely used - I am thinking about the future when it will be widely used - there's still many years until then.

      Delete
    16. "you need to exist" -> "you need to exit"

      ...

      one style of trading is to ride these waves and try to enter early and exit before it drops but I'm not interested in that

      I make a trade every 6 months! only after a lot of research and then hold for years

      the potential with such is to gain 100x from investment

      and it's not as risky

      Delete
    17. "The scene in China is very different from the West. It's a clique of a few people controlling everything. "

      This is the fate of all coins.

      ALL coins are ponzi schemes, as I explained. The only coins with any long-term viability are those backed by the oligarchs, like Bancor which UN and a bunch of wealthy bankers back. None of the technology backing this stuff is as great as you think.

      I agree NEO is crap technology, but my prediction was correct based off its market in China.

      --- Also, like I defended elsewhere:

      Our current currency, USD, is backed by petrodollar, or basically OPEC's oil, hence why we keep getting involved in interfering in ME. We finance our widening deficit with these petrodollars; look up "petrodollar recycling":

      http://www.investopedia.com/articles/forex/072915/how-petrodollars-affect-us-dollar.asp

      The point is, cryptocurrency is backed by nothing substantial, no natural resources, so it is natural there will be a movement to some form of regulation by oligarchs, to some form of being "on top".

      Delete
    18. This comment has been removed by the author.

      Delete
    19. You say the tech is not great, I beg to differ; the original idea behind Bitcoin's Proof-of-Work is indeed great in how it solved the problems of double spending and Sybil attacks.

      You mention oligarchs, OPEC, UN - this is a concoction of rumors, conjectures, extrapolations. - Hard to comment.

      You are right about the networking effect of the "petrodollar" but it's irrelevant to the question of cryptocurrencies. Or at least I don't see the relevance. Bitcoin's value lies in its decentralization which ensured censorship resistance.

      You continue by saying that it's "backed by nothing substantial, no natural resources" - for Proof-of-Work you need to use energy (electricity) which goes into the computational power required to solve the cryptographic puzzles involved in Proof-of-Work. That is substantial.

      Bitcoin has the properties that make it a better store of value than gold. It's transferable but more importantly, decentralized; it required no third-party, no bank, no "vault" (nobody to keep your gold for you) - and it cannot be censored (that's why its main use in the past was black markets).

      These properties are important; it's also a protection against inflation, quantitative easing etc.

      Delete
    20. (The deleted comment above was just the same comment as the one I reposted, but it contained some errors and redundancies so I fixed it a bit and reposted.)

      Delete
    21. You are wrong to say all coins are Ponzi schemes.
      Bitcoin is used daily - there are so many use cases.
      To give just one example:

      CNBC's recent article

      "Cash is useless in Venezuela thanks to hyperinflation — so people are turning to bitcoin"

      I know someone from Venezuela. Bitcoin is saving him and his family.

      https://www.cnbc.com/2017/08/24/bitcoin-mining-is-popular-in-venezuela-because-of-hyperinflation.html

      Delete
    22. https://www.reddit.com/r/Bancor/comments/6wevyd/bancor_collaboration_with_the_un/

      Delete
    23. I said to wait 2 yrs. I invested for long-term. I don't want to come on here and see I'm being criticized prematurely. If I am wrong in 2 yrs, I will admit to it, but I actually do think Bancor is being backed by oligarchs and will grow. Even if Bancor grows to 200 USD per piece, that's more than I'd make investing in other coins.

      Delete
    24. Zephyr and Z., i don't understand much at all about crypotcurrency, but it seems to be a coming thing for ecommerce so i am trying to figure out how to hold a small amount, say $100 and be able to switch between currencies , oddly, i still don't know how to do this !

      any advice is appreciated ! i am wary of doing credit card transactions becuse of the potential hacking ?

      Delete
    25. yeah i'm confused on how to buy trade and hold

      Delete
    26. This comment has been removed by the author.

      Delete
    27. so the process is:

      1) you go to Bitstamp (or another trusted fiat/crypto exchange)
      2) you register an account
      3) you choose "deeposit funds" and choose "bank wire"
      4) they give you the info
      5) you use your bank app or go to your bank to wire the funds (don't forget the reference code)

      Delete
  2. You wrote on r/zen:

    "this event like paul's conversion on the road to damascus is very distinct and the true basis of the zen patriarchy !"

    What is your view of Paul's vision? - was it authentic?

    ReplyDelete
    Replies
    1. yeah, its odd to think of paul's vision as dai kensho, but that's what it was !

      Delete
  3. "i think brad warner is loose enough and sufficiently knowledgable about meditation for me to have been ok with him !"

    He looks down on people who don't sit in "proper Lotus" and considered "Half- or Full- Lotus posture or Burmese" as a necessary component of Shikantaza. He said before that sitting in a chair is not Shikantaza.

    ReplyDelete
    Replies
    1. Indeed, the Japanese Soto people do stress posture... Warner follows his master in that.

      I went to check that post from mister Warner ( http://hardcorezen.blogspot.si/2011/11/sitting-in-chairs-is-not-zazen-part-one.html ) and there was a comment under by Andrew:

      "this evening there's no-one within 2 km, no traffic and i can go out onto the porch, lean up against a pillar and listen to the voices of the different types of frogs, one lot is deeper and more recognizably froggish, while another lot sounds like crickets and just look into the misty dark with the gum trees standing there out across the paddocks and it's naturally a meditative mode !

      why would i sit?


      in cities and towns or even rural family life that's just not available so you have problems of providing solitude in an economic way which is really what zazen and sitting is !


      you should never do anything that could remotely cause joint issues or circulation problems, when i sat 19 - 22 years ago i sat kneeling with my bum on an upright cushion which never caused me problems, however i am light and of a small build!


      there is nothing special about zazen or posture, it's the stillness, silence and lack of distraction that is central "

      ---------------------------

      and then about Buddha:



      "he [Buddha] never left what he was which is a rether second rate story !

      give me the daoist half of zen anyday, way more colour and interest !"

      -----------------------------------

      about simulation Zen:


      "fred, one of the big problems with zen is people go through a sort of simulated backward step, get a slight glimpse, but really the whole thing is inauthentic and they flounder about in verbiage like you for the rest of their lives which is 99.9% of zen teachers and advaita and non-duality and the rest of it it"

      Delete
  4. This comment has been removed by the author.

    ReplyDelete
  5. African grey parrots have equal level of intelligence as chimps and dolphins, even with such a small brains!

    http://www.amazon.com/Alex-Me-Scientist-Discovered-Intelligence/dp/0061673986

    ReplyDelete
  6. People who bond with snakes are stupid.

    ReplyDelete
    Replies
    1. People who bond with inanimate objects are enlightened.

      Delete
  7. I think I should write a little update on the current state of my research. I still think the coins I talked about in the past have a lot of growth potential (they will grow in price in 2018 considerably) but after countless discussions, thought experiments, and reading, I now believe only in Bitcoin for the long-term, and will be slowly moving my positions into Bitcoin over the next 6 months. I thought it was fair to write this here.

    ReplyDelete
    Replies
    1. any early development of quantum computing to real world cryptographic function would really throw a spanner in the works !

      Delete
    2. Indeed, but that would threaten more than just cryptocurrencies.

      Delete
    3. All our cyber-security depends on cryptography! Everything.

      Delete
  8. Insanity is not a total disconnect from reality. It comes from a link to a portion of reality that is either useless or dangerous to society. In the old times they saw insane people as possessing a special kind of wisdom, but today we only look at it through the medical/technical as of an organism/machine that is malfunctioning and has to be fixed/cured.

    ReplyDelete
    Replies
    1. Can't really get rid of insanity - if suppressed it reemerges where least expected: even in such 'safe' spaces as science & technology.

      And that is because sanity is only a subset or a dialect of insanity.

      Delete
    2. what irks me about insanity, is for such a potentially exciting condition, the people are so dull . .

      Delete
    3. well i live a dull life . .

      Delete
  9. Look at how much SONM is going up. It was 7 cents when I recommended you to invest. Now it is 22 cents. That is 3x increase.

    ReplyDelete
    Replies
    1. congratulations ! i must admit i haven't been doing anything and need to put some time in, i hope you are making money out of it !

      Delete
    2. This comment has been removed by the author.

      Delete
    3. Zakaj, I was right about NEO and SONM. I think I'm going to be right about Bancor soon too.

      Delete
    4. Congratulations.

      I'm not going to comment on crypto "currencies" any more, had so many conversations and it's exhausting and I'm not benefiting from conversations anymore.

      I noticed there are only 2 types of conversations worth having:

      1) if a person is going to trust me 100% and is genuinely asking me for advice, and I care for the person, then if they can just follow my advice blindly, I will give it to them, and they will benefit.

      2) if the person knows more than me about the technology, then I can learn something.

      Otherwise it's best to avoid these conversations.

      Delete
    5. Basically conversations are good if they are between master and student. Either I'm the "master", or I'm the "student". If I'm the student, it's better for me, of course. I benefit more.

      Conversations between equals are usually a waste of time for both, either dick measuring, or endless cyclic arguments. I guess it's same in Zen?

      I'm not too excited about any "currency" that exists presently. I'm researching some that will come into existence in 2 to 6 months. I'm especially excited about a specific one.

      Delete
    6. its worse in zen because there's no real world yardstick for competence, whereas you have done that rare thing, actually make money !

      i'm interested in new currencies, could i email or pm you if you are still on reddit ?

      you have actually taught me a lot, to see that its the technical aspects that make or break a cryptocurrency

      Delete
    7. Sure, I'll send you my E-mail address on Reddit.

      Delete
  10. Antibiotic Apocalypse coming?

    https://www.theguardian.com/society/2017/oct/08/world-faces-antibiotic-apocalypse-says-chief-medical-officer

    ReplyDelete
  11. This comment has been removed by the author.

    ReplyDelete
  12. Is there anything intrinsically special about the "stories we tell ourselves" (i.e., our narratives)?

    I think this is the most important question facing the modern age. I have thought long and hard about this, and I've come to the conclusion that there's some truth to solipsism. There is no such thing as a collective narrative. There are only individual narratives and perceived overlap, but I believe each narrative is unique unto the individual and the overlap is illusion.

    This is the conclusion I have come to. We are entirely alone with the babble of our own minds and nothing more. Endless dreams within dreams, the history of civilizations dust forevermore.

    ReplyDelete