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Bitcoin and NFTs
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Another day, another scam. Pretty small beer this one, thankfully. Though these TokenLot folks seem to be a good place to start enforcement actions, as they aren't even trying to pretend these aren't securities offerings.
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A digital currency that makes Bitcoin look credible:
https://www.yahoo.com/amphtml/news/v...210230448.html
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SEC brings first ICO prosecution. This one seems to be an outright scam, rather than an unauthorised securities offering.
Separately, they finally found a use for Ether, and it's causing a huge transaction processing backlog. That use is buying digital cats.
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And now the UK is finally getting round to regulating bitcoin like a currency, with full AML/KYC rules.
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We missed a tamogotchi type game nearly breaking Etherium I see. However we probably should note that BTC gained $1,000 in 4 minutes just now.
https://twitter.com/SwiftOnSecurity/status/938807283710078976
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Seeing as there isn't a specific thread for abject blockchain buzzword lunacy, I guess this is the best place to post about ripe.io, whose claimed purpose is to "is transforming the fresh produce food supply chain by enabling data transparency and transfer from farm to fork to answer what our food is, where has it been and what has happened to it. We’re exposing the journey of our food to create new analytics, automation and business models through blockchain technology and the Internet of Things[,]" and who would enjoin one to "[j]oin us in this conversation about the histories of our food and help us build the Blockchain of Food!"
Chainwashing is a new word I learned only last week.
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On the one hand, if John McAfee and the like think it's a good idea, it's obviously a terrible idea. On the other hand, as someone with basically no income at all at present, I sort of wish I'd bought one or two Bitcoin when they cost about ten dollars.
I want to make it clear that I'm not tempted to do so now, because people who know far more about this than I do (including all you lot) say it would be an awful idea. But given that with my savings I could just about afford to buy one still, right now, I'm curious: can anyone explain to me in simple terms why I shouldn't?
Again: I'm not going to do it. But right now I'm taking it as read that it's a load of bollocks in exactly the same way as a lot of other people are taking it as read that it's the best thing ever to happen. So in an Economics For Dummies sort of way, why doesn't it work as an investment opportunity?
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If you want to throw some spare cash at it as entirely speculative punt, I'm not going to say you shouldn't. At least until this week, I would have said the bubble was going to carry on for quite some time until it burst. Now I think the timeline has accelerated, but still, it could go up a lot from here.
Just don't use any money you wouldn't be willing/able to lose completely.
So in an Economics For Dummies sort of way, why doesn't it work as an investment opportunity?
There's also other factors, like the fact that a historically long-only asset will soon be shortable.Last edited by Ginger Yellow; 08-12-2017, 09:01.
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I just found out this morning that someone I work with bought 23 Bitcoins right at the very start for a quite tiny amount of money. This whole thing is insane, and the only way that I can rationalise it to myself is that it's more akin to gambling on a horse race in which the last 19 in the 20 runners are going to be shot as they cross the finishing line than to actually "investing" in anything.
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