Ether Tops Market Caps of Bank of America and Disney

[Pekelo]

do you know what made the internet the internet we have today? The peripheral products

Sure. That doesn't mean that EVERY peripherial product has intrinsic value or not tremendously overvalued.

When I was a kid, there were ponzis, but people had to send 5 postcards to every person on a certain list under their names. Even worse, money ponzis had to be done in person, the horror!!!
Now we have the internet, so you just have to buy into my crypto ponzi, everything is much easier.

For the young crowd:

https://www.cs.rutgers.edu/~watrous/chain-letters.html

Why do people think chain letters could work?
The reason people are even tempted by these schemes is that the human mind does not have an intuitive view of geometrical progressions. Suppose we presume the chain letter to have a list of five people. You are asked to send one postcard to the person on top of the list, and remail the letter to five friends. You are promised thousands of postcards from all over the world if everyone participates. Your cost: a postcard, five photocopies and envelopes, and six stamps. Not much to risk to see what comes back...

 

[DiceAreCast]

The phone was revolutionary. Social media just enabled people to say shit and let idiots listen, nobody listened to those clowns before. That is not revolutionary.

the phone connected people, so. The value of the internet is not in what you say above, connecting people via voice chat etc. That’s definitely not the revolutionary part of the internet. The revolutionary part and true value of the internet came years later sorry to disagree with you. You and no one saw it because the value only really exploded with the IPhone and social media to name a few which came years later. You would have never in a million years seen that coming sorry. So with that being said you can say it’s revolutionary because you are looking in hindsight. It happens all the time in trading so I understand. Peace

Have a beautiful day amigo.

 

[DiceAreCast]

Dogecoin up 30% in a single day. This is the modern tulip mania, nothing else.

 

[ElCubano]

The phone was revolutionary. Social media just enabled people to say shit and let idiots listen, nobody listened to those clowns before. That is not revolutionary.

Hahahah good one Papi. That made me laugh. Have a great day kiddo!!! Life is beautiful

 

[NoahA]

Dogecoin up 30% in a single day. This is the modern tulip mania, nothing else.

I think even the crypto bulls probably know that its a shit coin. But if they stand by crypto, it must hurt because in many ways because its ruining their brand.

If BTC is so superior because of 21 million limit, then why is ETH doing so well? If ETH is doing so well because of lighting fast network and ability to layer stuff on top of it, then why is dogecoin doing so well? So many people like to attribute reasons to why stuff happens (just like when CNBC attributes market moves to some piece of news), but in the end, its all just the mood of the people. So if the current coin in fashion is dependent solely on the whim of the people, then that is not a very strong case for the inherent value.

But I'm sure its still going up before a major flush. So trade on!

 

[Specterx]

Already now I'm scratching my head trying to figure out why is ETH so strong while BTC so weak. Sure, the bulls say ETH is just catching up, but it seems like the FOMO crowd is just jumping on the next coin. So my position has always been, if it stops going up, how many will stick around? Its only a trading and "get rich quick" vehicle. The store of value crap will not hold water when value can very quickly disappear at the stoke of a pen.

Ether at least has an underlying economic use/value proposition insofar as it's the platform and settlement currency for NFTs, DeFi and so forth. These are basically just toys at the moment, but DeFi has the potential to amount to a niche area of finance (similar to p2p lending though likely much smaller) and NFTs also seem likely to stick around as a niche part of the art market.

BTC on the other hand has no underlying use case, except as a reserve asset.

 

[NoahA]

Ether at least has an underlying economic use/value proposition insofar as it's the platform and settlement currency for NFTs, DeFi and so forth. These are basically just toys at the moment, but DeFi has the potential to amount to a niche area of finance (similar to p2p lending though likely much smaller) and NFTs also seem likely to stick around as a niche part of the art market.

BTC on the other hand has no underlying use case, except as a rather inefficient and poorly constructed alternative to gold.

NFTs in my opinion is useless garbage.

But the DeFi is interesting. I imagine if the governments totally lose control over monetary policy then I can see how DeFi would be a hit. But can I really see it replacing the banking sector? Do I really see banks sitting by watching 50% of their business disappear while they work along side this technology? The entire political base would be shot because they would have failed the banking execs who clearly are paying the politicians. So I think this technology will improve transactions, but behind it all will still be some bank and it won't be decentralized.

 

[Sprout]

How is the technology game changing? We don't have payment systems? What is currently insecure that only a blockchain can make secure?

It’s an immutable truth ledger. After the ‘big lie’ and it’s continued expression, truth comes with a premium.

 

[Sprout]

Or there is NOTHING coming whatsoever. Nothing innovative, it does not solve any pressing problems.

What if the average lemming has just lost hope in the future and government and then feels the depression of covid and then you give such person a few thousand for doing nothing. Guess where that money goes? Into lottery tickets. What if this is just one giant lottery driven by nothing else but pure greed. Because not a single website, not one single poster, not a single conversation has convinced me of the utility of any crypto whatsoever. If this was such revolutionary technology there must be at least a few intelligent beings that can explain a fantastic idea in 2 sentences or less.

Richard Faynman: "
If you can’t explain something in simple terms, you don’t understand it"

Cool, those who have experienced crypto don’t have time to convince anyone who is ngmi

 

[Sprout]

Disagree. The internet was revolutionary because it connected people, even very early on through payments or text/voice/video chat. From the very beginning the internet made sense to be termed revolutionary. At least to me. I see nothing whatsoever of value with crypto currencies. I am trying hard. But so far no light bulb. And I feel you are in the same boat, else you would be able to name the extraordinary innovation and the problem it solves. I begin to think that nobody actually knows because nobody can explain it with a few words.

It reduces the cantillon effect, takes out the bloat within the financial sector from the dissolution of ‘necessary middlemen’