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KenChanYu
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August 19, 2014, 02:55:51 AM |
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Bitcoin needs to be big enough and strong enough so that it is not affected by these things. Guys at Ethereum are getting rich, and the bitcoin price is going down. If bitcoin can be hurt so much, then there is a clear flaw in the bitcoin system.
The issue here is more that the volume is mainly fake. Dumping $500K - $1 million a day (like Ethereum is doing) is enough to send the price crashing, because the bots and scripts will play musical chairs with that dumped BTC (dump $1 million and the bots and scripts will turn it into $20+ million). How much has NEM raised for far, isn't that going to be worse for btc price when that gets dumped out or is Eth IPO a lot bigger? |
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TaunSew
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August 19, 2014, 03:09:02 AM
Last edit: August 19, 2014, 03:19:13 AM by TaunSew |
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Bitcoin needs to be big enough and strong enough so that it is not affected by these things. Guys at Ethereum are getting rich, and the bitcoin price is going down. If bitcoin can be hurt so much, then there is a clear flaw in the bitcoin system.
The issue here is more that the volume is mainly fake. Dumping $500K - $1 million a day (like Ethereum is doing) is enough to send the price crashing, because the bots and scripts will play musical chairs with that dumped BTC (dump $1 million and the bots and scripts will turn it into $20+ million). How much has NEM raised for far, isn't that going to be worse for btc price when that gets dumped out or is Eth IPO a lot bigger? 52 BTC. NEM was not an IPO but a call for participation, where sending in a token amount of BTC reserved you a spot to become a future stakeholder. There was publicly audited taint analysis to ensure these were real persons and nobody was certain back in January that NEM would be worth anything. There was at least 1200 veteran accounts and a distribution of 1200 beats everything to date (another 1800 were accounts which registered after January). Even if 1000 out of 3000 accounts were sockpuppets (unlikely due to taint analysis and the time it would take to game it and avoid being caught) this distribution beats everything in crypto history. It's a different now that NEM has been $3 - $6 million capitalization for an unreleased coin and people are very bullish about it. NEM is currently $600 on the NXT asset exchange (the capitalization for NEMstake is incorrect as NEMstake only represents 1 billion coins when NEM is 4 billion). |
There ain't no Revolution like a NEMolution. The only solution is Bitcoin's dissolution! NEM!
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instacalm
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August 19, 2014, 03:10:53 AM
Last edit: August 19, 2014, 04:59:13 PM by instacash |
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Bitcoin needs to be big enough and strong enough so that it is not affected by these things. Guys at Ethereum are getting rich, and the bitcoin price is going down. If bitcoin can be hurt so much, then there is a clear flaw in the bitcoin system.
The issue here is more that the volume is mainly fake. Dumping $500K - $1 million a day (like Ethereum is doing) is enough to send the price crashing, because the bots and scripts will play musical chairs with that dumped BTC (dump $1 million and the bots and scripts will turn it into $20+ million). Here are the numbers to answer your question. Ethereum: 28011 BTC (still ongoing) NEM: 66 BTC + 400k NXT (0.23% of ethereum's BTC as of posting) NXT: 21 BTC (0.07% of ethereum's BTC a.o.p.) |
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TaunSew
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August 19, 2014, 03:13:45 AM |
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Bitcoin needs to be big enough and strong enough so that it is not affected by these things. Guys at Ethereum are getting rich, and the bitcoin price is going down. If bitcoin can be hurt so much, then there is a clear flaw in the bitcoin system.
The issue here is more that the volume is mainly fake. Dumping $500K - $1 million a day (like Ethereum is doing) is enough to send the price crashing, because the bots and scripts will play musical chairs with that dumped BTC (dump $1 million and the bots and scripts will turn it into $20+ million). Here are the numbers to answer your question. Ethereum: 28011 BTCNEM: 66 BTC + 400k NXTNXT: 21 BTC66 BTC is the correct figure. I said 52 BTC as that is what I happened to recall it to be. It is an immaterial difference when we consider all these IPOs on Bitcointalk which do 100s - 10,000s of BTC. NEM is theoretically trying to repeat the Bitcoin experience where all early adopters (like Bitcoin pre-2012) are given a fair chance in the distribution. |
There ain't no Revolution like a NEMolution. The only solution is Bitcoin's dissolution! NEM!
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KenChanYu
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August 19, 2014, 03:21:54 AM |
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Bitcoin needs to be big enough and strong enough so that it is not affected by these things. Guys at Ethereum are getting rich, and the bitcoin price is going down. If bitcoin can be hurt so much, then there is a clear flaw in the bitcoin system.
The issue here is more that the volume is mainly fake. Dumping $500K - $1 million a day (like Ethereum is doing) is enough to send the price crashing, because the bots and scripts will play musical chairs with that dumped BTC (dump $1 million and the bots and scripts will turn it into $20+ million). Here are the numbers to answer your question. Ethereum: 28011 BTCNEM: 66 BTC + 400k NXTNXT: 21 BTC66 BTC is the correct figure. I said 52 BTC as that is what I happened to recall it to be. It is an immaterial difference when we consider all these IPOs on Bitcointalk which do 100s - 10,000s of BTC. NEM is theoretically trying to repeat the Bitcoin experience where all early adopters (pre-2012) are given a fair chance in the distribution. Didn't realise the IPO was that massive! They must of had impressive concepts to fool so many people into buying in. |
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TaunSew
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August 19, 2014, 03:24:44 AM |
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Bitcoin needs to be big enough and strong enough so that it is not affected by these things. Guys at Ethereum are getting rich, and the bitcoin price is going down. If bitcoin can be hurt so much, then there is a clear flaw in the bitcoin system.
The issue here is more that the volume is mainly fake. Dumping $500K - $1 million a day (like Ethereum is doing) is enough to send the price crashing, because the bots and scripts will play musical chairs with that dumped BTC (dump $1 million and the bots and scripts will turn it into $20+ million). Here are the numbers to answer your question. Ethereum: 28011 BTCNEM: 66 BTC + 400k NXTNXT: 21 BTC66 BTC is the correct figure. I said 52 BTC as that is what I happened to recall it to be. It is an immaterial difference when we consider all these IPOs on Bitcointalk which do 100s - 10,000s of BTC. NEM is theoretically trying to repeat the Bitcoin experience where all early adopters (pre-2012) are given a fair chance in the distribution. Didn't realise the IPO was that massive! They must of had impressive concepts to fool so many people into buying in. Maidsafe was $8 - $12 million altogether and it was alleged with evidence to had involved laundered MtGox Bitcoins. Ethereum is like $15 million with 4400 participants. Top 100 wallets control half of Ethereum. The thing is wallets are not humans. If I invested $1 million $Fiat into Ethereum, I would do it in 5 to 20 wallets to minimize loss from a hack theft. As well the 4400 participants is not impressive considering all of Ethereum's marketing and marketing budget. NEM probably could had done up to 10,000 as there was big demand to become a stakeholder (it was capped at 3000 as the intent wasn't to become a planetary relief fund). |
There ain't no Revolution like a NEMolution. The only solution is Bitcoin's dissolution! NEM!
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KenChanYu
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August 19, 2014, 03:24:56 AM |
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Maybe Proof of Concept coins will be the next big thing.
Great ideas with great photoshop skills and you can make yourself a lot of btc and never having to release the product.
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TaunSew
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August 19, 2014, 03:32:49 AM |
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You mentioned Visa Coin. Yes  Other people wouldn't find it funny (esp those who lost money) but it was comically the worst scam on BTT which took like $120K+ at the time. As I said here - never ever ever ever ever ever trust a developer with an account named after the coin. I have almost never seen any of them work out. The odd exceptions might be Redd, Qora and Ora but last I check none of these coins have yet to go past $5 million capitalization. |
There ain't no Revolution like a NEMolution. The only solution is Bitcoin's dissolution! NEM!
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KenChanYu
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August 19, 2014, 03:35:46 AM |
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You mentioned Visa Coin. Yes As I said here - never ever ever ever ever ever trust a developer with an account named after the coin. I have almost never seen any of them work out. The odd exceptions might be Redd, Qora and Ora but last I check none of these coins have yet to go past $5 million capitalization. I think the one exception I have seen is Guldencoin, the main account is Guldencoin, but this is one of the creators on TV and giving out his name. https://vimeo.com/98412899Oops it was this one http://vimeo.com/101441955 |
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TaunSew
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August 19, 2014, 03:42:23 AM |
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You mentioned Visa Coin. Yes As I said here - never ever ever ever ever ever trust a developer with an account named after the coin. I have almost never seen any of them work out. The odd exceptions might be Redd, Qora and Ora but last I check none of these coins have yet to go past $5 million capitalization. I think the one exception I have seen is Guldencoin, the main account is Guldencoin, but this is one of the creators on TV and giving out his name. https://vimeo.com/98412899Not sure what happened with Guldencoin. It used to be like $300K and now it's like $30K something. I haven't been following it but it reinforces the skepticism I have about developers naming themselves after coins and POW coins in general. I theorize the national coins should just move away from POW and Airdrop. If I made my own national coin it would be POS and I would restrict the number of applicants who can receive their stake in a given week and/or month. So yes it would still technically be an air drop but if only 100 or 1000 people can claim their coins every month then it lessens the sell off (it shouldn't be hard to figure out an appropriate release) |
There ain't no Revolution like a NEMolution. The only solution is Bitcoin's dissolution! NEM!
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KenChanYu
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August 19, 2014, 03:44:36 AM |
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You mentioned Visa Coin. Yes As I said here - never ever ever ever ever ever trust a developer with an account named after the coin. I have almost never seen any of them work out. The odd exceptions might be Redd, Qora and Ora but last I check none of these coins have yet to go past $5 million capitalization. I think the one exception I have seen is Guldencoin, the main account is Guldencoin, but this is one of the creators on TV and giving out his name. https://vimeo.com/98412899Not sure what happened with Guldencoin. It used to be like $300K and now it's like $30K something. I haven't been following it but it reinforces the skepticism I have about developers naming themselves after coins and POW coins in general. It's looks to be making a slight comeback at close to $70k , but yeah far off the 5 million capitalization you mentioned. hehe |
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TaunSew
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August 19, 2014, 03:46:36 AM |
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What do you mean? Are you suggesting a tin foil hat conspiracy that Vitalik Buterin could be a paid Mascot for Goldman Sachs, and there's 20 Indians in the backroom doing all the programming?  |
There ain't no Revolution like a NEMolution. The only solution is Bitcoin's dissolution! NEM!
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Truther
Full Member
 Offline
Activity: 209
Merit: 100
Opal Dev
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August 19, 2014, 03:50:00 AM |
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OMG if you get a chance read there 10 page terms and conditions before buying the coin. lol. Dangers of Quantum Computing is in there.. to funny.
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transient858
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August 19, 2014, 04:50:02 AM |
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Doubt Ethereum is the reason. People who invest into Ethereum probably having a big regret right now seeing all altcoin sinking down.
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TaunSew
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August 19, 2014, 05:22:58 AM |
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Doubt Ethereum is the reason. People who invest into Ethereum probably having a big regret right now seeing all altcoin sinking down.
Dumping $500K+ a day... then the bots and scripts betting short increasing that to $5 million downward pressure? Then the exchanges which are being hacked. There could be some legit people freaking out about Bitlicense but I think the IRS ruling was more destructive. |
There ain't no Revolution like a NEMolution. The only solution is Bitcoin's dissolution! NEM!
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profitofthegods
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August 19, 2014, 12:26:19 PM |
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Doubt Ethereum is the reason. People who invest into Ethereum probably having a big regret right now seeing all altcoin sinking down.
Dumping $500K+ a day... then the bots and scripts betting short increasing that to $5 million downward pressure? Then the exchanges which are being hacked. There could be some legit people freaking out about Bitlicense but I think the IRS ruling was more destructive. It has been a bit of a 'perfect storm' of different things coming together, and I think all the things you've mentioned played a part in addition to the fact that its summer and buyers are on holiday while others may be cashing out to pay for a holiday. It certainly can't be just Etheruem devs dumping and nothing else. |
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asdlolciterquit
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August 19, 2014, 01:32:13 PM |
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A must read for all those getting scammed into ethereum: http://gavintech.blogspot.com/2014/06/bit-thereum.htmlAnd for anyone who honestly believes bitcoin is being "killed" by this non-factor new altcoin, have a look at the big picture reality:  All of this has happened before, all of it will happen again. And again. And again. And again until fiat no longer exists.how can this destroy fiat currency? |
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Rakitich
Member
Offline
Activity: 70
Merit: 10
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August 19, 2014, 02:37:52 PM |
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Fiat will exists as long as we have goverments.
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