Comment by Theodores | Hacker News Reader

Comment by Theodores | Hacker News Reader

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I am a keen watcher of crypto although I have zero skin in the game, just friends that did get bitten by the bitcoin fever. I use bitcoin as a generic term for all the alt coins and any business that talks of 'blockchain' or 'ICO' - it is all the same snake-oil to me.

A mere six months ago everyone and his dog was advising me to get into one coin or another as if they were trying to get me into their pyramid scheme. This chat is now absent from the watercooler.

So I pressed my bitcoin mad neighbour on 'how are the coins going?' earlier today. I got an answer that they weren't doing it at the moment which sounded like the answer you would get if you asked a drug addict if they are still on crack knowing that their dealer had been busted.

I asked some more and the response I got was that bitcoin was seasonal and that right now is just not the season for it. I asked some more but there was no more other than 'seasonal'.

I also no longer get notifications of bitcoin things on YouTube and Twitter. For instance the guy 'bitfinex'd' was writing daily about the scam that was going on with that coin that was pegged to the dollar, he has not written in weeks.

So my analysis is that the coin thing has gone the way of 'cold fusion'. It sounded like the next big thing but it is not.

There is a lot of momentum with these things, I am sure that bitcoin is worth many thousands of dollars and I am sure that there are people putting together new coin scams, however, the word on the street and by the watercooler is that bitcoin is passe. People have moved on.

On the contrary, we are about to start the second wave of things. The next wave will be an order of magnitude larger than the last, and this will continue until Bitcoin and blockchain has disrupted the vast majority of current industries.

You sound like an Internet hater after it failed to find a killer app besides email for most of the mid-90s.

Then, in 2000, as Pets.com was imploding, no doubt you would've dusted off this consistent criticism: "I am sure that internet stocks are worth many thousands of dollars and I am sure that there are people putting together new scams, however, the word on the street and by the watercooler is that internet stocks are passe. People have moved on."

Ten years later, the stock market is dominated by tech stocks.

If your criticism was based on actual knowledge, I'd give you credit, but it sounds like you have no idea what you're talking about, and you're using derision as an excuse not to educate yourself.

Indeed, I think $8500 per Bitcoin is a bargain. Come check with me in a year.

Theodores seems to have some actual knowledge from the water cooler. Bitcoin has no intrinsic value - the price is entirely driven by various people buying and selling it so seeing what such people are thinking is relevant.

Don't listen to what people say...watch what they do.

https://toshitimes.com/newly-appointed-goldman-sachs-vice-pr...

>If your criticism was based on actual knowledge

Actual knowledge would probably say that institutions are positioning rapidly.

Look to the crypto systems that are currently being integrated into the financial system, the primary of which is Bitcoin due to it being battle-hardened and consistent. Follow that with Ethereum, Litecoin and Ripple.

Others have their markets but none as mature as the majors, and most of the rest will simply fade away.

"Come check with me in a year" - I wonder : is there a way to make an online bet using smart contracts?

Yes, there is, but it's not worth my time. I'm invested in crypto, so if I win, I win.

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