@gentlemand. As I already mentioned. We should take it from our position and experiences in speculating. We baghold cryptocoins and tokens with the hope that they would pump. Companies speculate in other companies.
What other explanation is there? It is about taking risks and making money, I reckon.
There's risks and then there's certain suicide. Alot of VC stuff defies description and that's in the supposedly legit business world let alone the crypto stuff. Most peoples dogs would sneer at what they're willing to luzz money at. |
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its true, this world is full of people who will kill you for less than 120k$, sadly
People get killed in first world countries over their crappy mobile phone worth $100. It's unsurprising an amount like this would inspire such misery. I've probably failed to keep my gob shut too but most of my holdings are not easily accessible to me. If anyone pops around I'll at least have some fun with them before one of us winds up dead. |
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Maybe the costs are cheaper and it would be easier to buy an exchange than start and market another one from scratch. Poloniex is still a known exchange that have loyal users in spite of the bad service.
I reckon Circle does not want to be become directly an altcoin exchange. They need Poloniex to be that for them.
I can only assume they know more about this type of thing than any of us ever will, because from the outside it looks totally batty. 400 million dollars buys a lot of skills, marketing and staff to be applied wherever and however you wish. It's undeniable that Poloniex was racking up huge numbers once upon a time. Perhaps the deal was put into motion while it was still huge. Then again internet-related VC spending has a long track record of laying out vast sums just when users clear off for good. Myspace is now a ghost town. Friendreunited made the founders rich and then vanished. Crypto is possibly even more fickle. Time will tell I suppose and people like this might have some major vision even if it's unappetising to us lot. Or they're fucking clueless. Stuff like 21.co burning $100 million to sell a few hundred tarted up Raspberry Pi's would not have impressed me if I'd funded them. There's a book to be written about the VC world because I certainly don't understand most of it. |
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Satoshi didn't think bitcoin mining would take up this much power. He probably expected it to be more of a home mining thing instead of being on an industrial level.
I suspect he did. He predicted industrial level operations handling the jobs nodes do which I presume by extension would extend to mining - https://bitcointalk.org/index.php?topic=532.msg6306#msg6306But I doubt if him or anyone else could've predicted how rapidly mining would develop into the beast it has become. The energy = security thing makes sense until you calculate how much energy one transaction consumes at which point it becomes gross however you want to frame it. Yup, banking probably uses more. It also serves tens or hundreds or thousands of times more people, businesses and transactions. Once there's a ton of users that becomes increasingly moot but for now it's not a good look IMO. |
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By the time the final coin is mined, though of course it'll be significant, primarily it'll be academic. Coin emission will have been so low for so long that it will be an incredibly long taper that will have figured out how to keep mining. Will anyone care if 0.00210000 arrives rather than 0.00420000 every ten minutes?
Dunno. But we'll all be too dead to know. Anyone reading this in 2140 - big kiss from me.
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If they do have big plans for Polo, as figmentofmyass alluded to, it's still baffling why they would buy something and let it fall apart while they move other strategic pieces into position, rather than just building something from scratch to coincide with the rest of the plan coming together.
Yup. It makes no sense. And it's not as if Poloniex was dripping with regulation for them to swan straight into which would be the main reason to buy an ongoing concern. At the very most it might have some money transmitter licences in a few states which any old donkey can get for a fraction of Poloniex's price tag. Circle as its own brand was much better run and far less despised when they were selling BTC to the public. I don't get why they didn't revive that. |
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Who or what wrote that article? It reads like a mong who ran it through 37 different languages on google translate.
After what happened with Wavecrest, there's no way I'd ever leave more than spare change on any crypto debit card. Despite anything the company issuing them claims, they can evaporate any second.
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'They include code errors, web protocol security, user account security, and registrar and domain security.'
So it doesn't go in to what's happening inside the exchanges which is the more important bit. Coincheck kept ALL of their XEM in one hot wallet waiting to be tapped by any passerby. Okcoin/Okex used to keep all their backups in the CEO's girlfriend's grandmother's cupboard, that's when they weren't putting customer funds into bullshit investment schemes.
It looks like many hacks could be prevented with some common sense and attention. Not too many places can be bothered. Coincheck in particular lost hundreds of millions of their own dollars and they could've prevented that by bothering to implement multisig which is free and built into the XEM protocol.
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I'm pretty much convinced at this stage that Circle don't have a "vision" and simply lurch from one disaster to the next, heh. Their first attempt at an exchange was a failure. I stopped using Polo as soon as they got involved, but everything I hear sounds like it's a worse service than it used to be. I think it's a company where I'm going to do everything humanly possible to avoid dealing with them.
The thing is that places like this operate on time scales that us twitchy cryptokiddies can barely wrap our heads around. They're going to be looking at 10-15 years ahead. That being the case it doesn't matter what us lot think of Poloniex. It's in the plan for a generation that hasn't arrived here yet. I still don't understand why it's the same old heap of shit it's always been though. There's certainly plenty of track record for VC cluelessness. I'd still wait a substantial amount of time before declaring total failure. |
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Transferwise implies foreign exchange which attracts fees, just as converting Bitcoin to another currency would cost a hefty amount in fees from an exchange too.
In many countries you can send several million Euros or pounds for free and near instantly.
And if you look a little closer, the geezer actually sent 0.83 BTC, the rest is change.
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No. This year is the same as 2014. No matter how good the news, it won't make any difference to the direction things are fated to go in. We boom, then we bust. We're still busting.
Things like this will count when the sentiment turns around, but it won't do a thing to turn the sentiment itself. You could install a Bitcoin trading tablet in every paving slab on the planet. It wouldn't make any difference until the herd decides to stampede again and it isn't influenced by stuff like this.
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Soon enough you won't be able to spend your Starbucks voucher in the UK, let alone use a bank or financial institution. They'll all have buggered off.
If I was a non European entity looking to operate in Europe the UK is currently overwhelmingly pointless. Hard to believe that nearly a year and a half down the line literally nothing has been settled.
I would've thought the UK would've been the biggest potential market in Europe for Coinbase considering how appallingly served it is compared to everywhere else.
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but I'm hesitant to bet that it's a better financial decision than just HODLing BTC.
I can only see one scenario where they're a better investment and that's the total death of Bitcoin itself. These would live on as a memorial and have some value, but it would be interesting to see if they became caught up in the desire to forget about the whole thing. Beyond that I would't buy one for any reason other than the desire to own one. Spending 1.5 BTC on a nice 1 BTC coin now probably means kissing goodbye to 0.4-0.499 BTC eventually if the price gets up there. |
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One of the world's most used wallets does not have a Trezor T or Ledger on hand to test with? Eh?
Good news all the same. I wonder how many people abandoned Mycelium because of lack of Segwit. I for one did not.
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Yeah, thanks but no thanks. I think most societies are moving toward being cashless, but my impression is that this is being driven by citizens and not government, i.e., people much prefer to use either debit/credit cards or their phones to pay for everyday things and at least in the US it's not being promoted by the government.
That's what blows my mind. I can't believe people aren't thinking this through. Paranoia aside, basing an entire country's spending on the dependability of a couple of card companies and a handful of banks is fooking barking. In the UK there've been multiple moments of chaos when banking has crapped out. At least Western cashlessness is a bit more segregated than the Chinese version. There most people spend through their Wechat account which basically offers up every detail, thought and preference of your entire life. The ideal place to turn off the taps. |
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I mean, I expected it to become an every-day currency for the things I did, and to an extent it worked well for that (buying/selling goods and services online, on steam, etc.). However, for the general public, I doubt it would work out. I agree that there will always be something about BTC that retailers will find to deny working with it.
It's absolutely superb for retailers - no chargebacks, permanent settlement within an hour or so and can be accepted worldwide. It's consumers who have no incentive to use it at all. Retailers would have to heavily discount to entice non believers and the margins aren't there in most areas. |
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And I wonder how many actual dollars they managed to extract from it.
I'll guess a huge amount evaporated in price falls and what's left is still stuck in increasingly worthless tokens.
From where I'm sitting the whole ICO thing has been a giant fisting that's been and gone and left nothing of value whatsoever.
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