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The Sceptics thread.

JohnnyFlash

Starting this so non-believers in cryptocurrencies, and blockchain as a tech, can have a place to discuss why.

It has become apparent to me that getting involved in other threads is 'shítting on the parade' of investors in crypto. And that was never my intention. If you all end up loaded as a result of your investments, then more power to you.

However, there is another perspective on all this. Call it a cynical eye, call it begrudgery , call it fundamentally bearish.

I'd hope that this thread becomes a place where we can discuss these things in a manner that boards.ie has come to expect.

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seannash

sexmag wrote: »

Exchanges dont just list coins on request,most have stringant application processes's, they want proof of the coins application, white papers, proof of community involvement etc to avoid such things happening and even if they didnt and just listed it,it will have little to no volume on an exchange like that so will be pointless

If that's the case I'm not sure how trumpcoin got on exchanges

https://www.trumpcoin.com/

Theres a lot more. I'm not talking about getting on binance. I'm talking about any exchange that will allow you to convert to Bitcoin or any other coin.
In terms of volume, If i control all the coins because no one has bought any surely I can control the volume.

grindle

seannash wrote: »

In terms of volume, If i control all the coins because no one has bought any surely I can control the volume.

So you're hypothetically planning on wasting ETH or BTC (trading fees) to pump the volume of a shítcoin nobody wants?

I mean...try it I guess. The second anybody notices your pumped volume they'll size up your worthless shítcoin and notice that nobody except you owns any.

The crypto markets act like penny stocks and I'd reckon there are tons of plebby shítcoins being used for money laundering on whatever terrible exchange you can imagine, but expecting random outsiders to jump into the mix to let you offload your bags seems desparately hopeful. e.g. Why should I buy your coin/token?

seannash

grindle wrote: »

So you're hypothetically planning on wasting ETH or BTC (trading fees) to pump the volume of a shoin nobody wants?

I mean...try it I guess. The second anybody notices your pumped volume they'll size up your worthless shoin and notice that nobody except you owns any.

The crypto markets act like penny stocks and I'd reckon there are tons of plebby shoins being used for money laundering on whatever terrible exchange you can imagine, but expecting random outsiders to jump into the mix to let you offload your bags seems desparately hopeful. e.g. Why should I buy your coin/token?

No I get that, and I'm not saying I'm going to do this but if someone wanted to do this its entirely plausible. Keep the volume low over the course of a year and you could potentially wash all your coins with a few accounts.
Not expecting any randomers to jump in at all. I guess my question is if I place a sell order at Market rate, does it need a buyer on the other end or does the exchange take those buys.

grindle

seannash wrote: »

I guess my question is if I place a sell order at Market rate, does it need a buyer on the other end or does the exchange take those buys.

You need a buyer on the other end, the only interaction the exchange will have with your coin is accepting your trading fees and your withdrawal fees if you move some of your MagicBean2018 off the exchange. Which they'll then try to sell.

God, if exchanges were happily buying every shítcoin at any price at any moment we'd all be rich and exchanges would be impoverished.

smacl

grindle wrote: »

You need a buyer on the other end, the only interaction the exchange will have with your coin is accepting your trading fees and your withdrawal fees if you move some of your MagicBean2018 off the exchange. Which they'll then try to sell.

God, if exchanges were happily buying every shítcoin at any price at any moment we'd all be rich and exchanges would be impoverished.

Just on the highlighted bit, surely they'll never have them to sell, they're only offering to them for sale at which point they'll execute the exchange with the actual buyer. If I have 1000 MagicBean2018 on say Binance, the only way I can convert that to any other coin is if the exchange has a buyer for those 1000 MagicBean2018? The exchanges that have FIAT pairs will typically only have BTC/FIAT pairs or maybe ETH/FIAT pairs, so you still have to get rid of your MagicBeans before you can make a withdrawal. I'd guess they operate FIAT wallets in a similar enough manner, so they're not actually left holding large amounts of even the bigger crypto coins.

grindle

smacl wrote: »

Just on the highlighted bit, surely they'll never have them to sell, they're only offering to them for sale at which point they'll execute the exchange with the actual buyer. If I have 1000 MagicBean2018 on say Binance, the only way I can convert that to any other coin is if the exchange has a buyer for those 1000 MagicBean2018? The exchanges that have FIAT pairs will typically only have BTC/FIAT pairs or maybe ETH/FIAT pairs, so you still have to get rid of your MagicBeans before you can make a withdrawal. I'd guess they operate FIAT wallets in a similar enough manner, so they're not actually left holding large amounts of even the bigger crypto coins.

While you're trading on the exchange you're trading with a human or their representative bot but some exchanges take withdrawal fees in the form of the token being withdrawn (a bit barmy if you ask me as I wouldn't want to touch most of them with a 20ft pole).
HitBTC does this & they're famous for having cripplingly high withdrawal fees. Fees went over $100 for some coins during the January madness.

JohnnyFlash

Even I can’t explain this massive drop. Was it the Tether ‘audit’ not being an audit, or the Japanese exchanges getting the slap down and being told to improve on how they verify their customers? Or something else?

kaymin

JohnnyFlash wrote: »

Even I can’t explain this massive drop. Was it the Tether ‘audit’ not being an audit, or the Japanese exchanges getting the slap down and being told to improve on how they verify their customers? Or something else?

Japanese money laundering requirements according to this article:

https://www.cnbc.com/2018/06/22/bitcoin-tumbles-after-japan-watchdog-orders-exchanges-to-review-business-practices.html

JohnnyFlash

The Chief Strategy Officer of Bitfinex has decided to leave the company.

https://www.reuters.com/article/us-cryptocurrencies-bitfinex/bitfinex-chief-strategy-officer-departs-idUSKBN1JI2IN

Only 2 days after Tether (of which he was also CSO) released their statement of liquidity....

Philip Potter will be one of the main players when they eventually make a movie about this utter madness.

JohnnyFlash

https://www.reddit.com/r/eos/comments/8u4kuh/block_producer_cartel_levels/

EOS’s decentralised model is completely broken. Cartels forming with massive voting power. What a fiasco. Perhaps the most wasteful and hyped product ever in this clusterfûck of a space.

sexmag

JohnnyFlash wrote: »

https://www.reddit.com/r/eos/comments/8u4kuh/block_producer_cartel_levels/

EOS’s decentralised model is completely broken. Cartels forming with massive voting power. What a fiasco. Perhaps the most wasteful and hyped product ever in this clusterfûck of a space.

How many hours a day do you troll through threads and threads and site and sites to back your agenda of hatred for crypto?

This article is bit more unbiased and explains it better than a bunch of annons on reddit going in tandem like you and PPL to agree with each other

https://www.coindesk.com/eos-arbitrator-problem-crypto-governance-breakdown-explained/

JohnnyFlash

sexmag wrote: »

How many hours a day do you troll through threads and threads and site and sites to back your agenda of hatred for crypto?

This article is bit more unbiased and explains it better than a bunch of annons on reddit going in tandem like you and PPL to agree with each other

https://www.coindesk.com/eos-arbitrator-problem-crypto-governance-breakdown-explained/

That article isn’t exactly selling the good news either chum. EOS was worth 12 billion at one stage. Brock Pierce and Dan Larimer made hundreds of millions and have exited stage left with the money of poor chumps who thought they were going to get rich ‘investing’ in this shîtcoin.

Pintman Paddy Losty

JohnnyFlash wrote: »

That article isn’t exactly selling the good news either chum. EOS was worth 12 billion at one stage. Brock Pierce and Dan Larimer made hundreds of millions and have exited stage left with the money of poor chumps who thought they were going to get rich ‘investing’ in this shîtcoin.

No sympathy for them Johnny! Anyone who thought it was a good idea to buy in to this scam from a weirdo like Brock Pierce deserves to lose all their money.

Very very weird guy...

rapul

Wow personally attacking someone because of there appearance ,clap clap this thread is just awesome well done be proud.

JohnnyFlash

rapul wrote: »

Wow personally attacking someone because of there appearance ,clap clap this thread is just awesome well done be proud.

It’s not just his appearance. He’s also a very dodgy individual who is widely suspected of being a nonce. The ethereum guy and Dan Larimer would be weirder looking than him.

smacl

JohnnyFlash wrote: »

He’s also a very dodgy individual who is widely suspected of being a nonce.

He's suspected of being an arbitrary number that can be used just once. Unusual, arguably even unique, but hardly worthy of a reprimand :pac:

JohnnyFlash

smacl wrote: »

He's suspected of being an arbitrary number that can be used just once. Unusual, arguably even unique, but hardly worthy of a reprimand :pac:

Ok, he’s suspected of being a kiddie fiddler then. Very sinister individual. I mean the only usage for bitcoin in its early days was for buying child porn and drugs on the darknet markets.

smacl

JohnnyFlash wrote: »

Ok, he’s suspected of being a kiddie fiddler then. Very sinister individual. I mean the only usage for bitcoin in its early days was for buying child porn and drugs on the darknet markets.

Not disputing it, but if you're calling someone out for child abuse and/or being a paedophile (are you?) you might want to provide some robust supporting references, consider using clearer language and avoiding slang terms.

sexmag

JohnnyFlash wrote: »

Ok, he’s suspected of being a kiddie fiddler then. Very sinister individual. I mean the only usage for bitcoin in its early days was for buying child porn and drugs on the darknet markets.

Gold was used to buy wenchs and whores too in the early days,what's your point? Also on the other thread I provided 3 current real world usage of cryptos,1 here in Ireland, 1 currently in the world cup and 1 in Florida yet you conveniently ignored that and haven't replied like grindl said you wouldn't

He's also accused, no prosecutions or charges brought against him but sure in the last 12 months accusations have shown that they may as well be convictions based on the internet mobs trial by twitter

JohnnyFlash

sexmag wrote: »

Gold was used to buy wenchs and whores too in the early days,what's your point? Also on the other thread I provided 3 current real world usage of cryptos,1 here in Ireland, 1 currently in the world cup and 1 in Florida yet you conveniently ignored that and haven't replied like grindl said you wouldn't

He's also accused, no prosecutions or charges brought against him but sure in the last 12 months accusations have shown that they may as well be convictions based on the internet mobs trial by twitter

240 billion of a market cap and a handful of places accepting it as a currency. Mostly places selling virtual crypto tat. This isn’t taking off. It’s slow, expensive, insecure, and in the case of EOS, way more centralised than any financial system.

el diablo

JohnnyFlash wrote: »

240 billion of a market cap and a handful of places accepting it as a currency. Mostly places selling virtual crypto tat. This isn’t taking off. It’s slow, expensive, insecure, and in the case of EOS, way more centralised than any financial system.

Johnny/Paddy (I suspect you're the same person and use a VPN), you seem to spend an inordinate amount of time on a sector that you believe has zero use cases and is mostly comprised of scams. Many of your claims have been debunked here multiple times but you refuse to see reason (possibly because you regularly post while drunk

). I suggest you find something more constructive to spend your free time on.

JohnnyFlash

el diablo wrote: »

Johnny/Paddy (I suspect you're the same person and use a VPN), you seem to spend an inordinate amount of time on a sector that you believe has zero use cases and is mostly comprised of scams. Many of your claims have been debunked here multiple times but you refuse to see reason (possibly because you regularly post while drunk ). I suggest you find something more constructive to spend your free time on.

I’m not Pintman Paddy Losty. This has been cleared up by the moderators, so please refrain from making such claims. My drinking habits having nothing to do with you either - even drunk I can see this space for what is is - a cesspit of scams, conmen, outrageous valuations, no real world usage, devestating impact on the environment etc. I think some of the true believers in this stuff around here appear to be on LSD, of were dropped on their head as a kid. Definitely not the smartest tools in the shed. :eek:

Finally, don’t tell me what to do. I’ve absolutely no intention of stopping posting here. It’s a disgrace that this is seen as investing - when it is nothing of the sort. If even one person doesn’t lose money as a result of my posts then I consider the effort worthwhile. I’m sorry for all the lads who lost money buying these fake coins with real money at hugely inflated prices, or who bought mining rigs that never make them money, but there’s no reason others should be led down the same path. The greater fool theory isn’t a sound investment strategy.

makeorbrake

Yawn

Pintman Paddy Losty

When is that McAfee lad going to eat his hat again. Think he made some ludicrous prediction like btc being 100,000 by the end of the year. Serious amount of egg on his face at the moment.

Also are people still defending EOS or are you just disagreeing with Mr. Flash and I out of stubbornness?

If people are serious about making money we should just invent our own coin. Flashcoin. Has a nice ring to it. Strong team of Devs led by pintman paddy losty. I'll cobble together a whitepaper and road map in an evening. We'll get h0neybadger to pre mine a good chunk of the coins. Say we're going to make transactions happen in a flash. Pump it on a load of telegram groups. Have some crypto dweeb on youtube say it's the next big thing. Then dump the lot and buy our lambos. What do ye say?

JohnnyFlash

Pintman Paddy Losty wrote: »

When is that McAfee lad going to eat his hat again. Think he made some ludicrous prediction like btc being 100,000 by the end of the year. Serious amount of egg on his face at the moment.

Also are people still defending EOS or are you just disagreeing with Mr. Flash and I out of stubbornness?

If people are serious about making money we should just invent our own coin. Flashcoin. Has a nice ring to it. Strong team of Devs led by pintman paddy losty. I'll cobble together a whitepaper and road map in an evening. We'll get h0neybadger to pre mine a good chunk of the coins. Say we're going to make transactions happen in a flash. Pump it on a load of telegram groups. Have some crypto dweeb on youtube say it's the next big thing. Then dump the lot and buy our lambos. What do ye say?

It isn’t his hat he intends to eat, Paddy. It’s his own cock!!! :eek:

Like the sound of Flashcoin. I’ll set up one of those twitter yokes, and say we’ve signed a partnership with Microsoft (renting a virtual machine in their cloud) and stuff like that. Flashcoin could be used to trace the supply chain of porter from the factory to your gob. Definitely raise at least a billion.

Pintman Paddy Losty

JohnnyFlash wrote: »

It isn’t his hat he intends to eat, Paddy. It’s his own cock!!! :eek:

What? The dirty fecker.

JohnnyFlash

Pintman Paddy Losty wrote: »

What? The dirty fecker.

Rumours say it’s more a cocktail sausage than a bratwurst - if you get my drift?

In other news, the EOS boys have announced that they intend to rewrite their constitution. Mr Larimer made the announcement from his new base in the Cayman Islands. Tether is now the 9th most valuable coin, and yesterday it traded more than Bitcoin.

JohnnyFlash

makeorbrake wrote: »

Yawn

You tired dude? Must be exhausting looking at all that red in your ‘portfolio’....

rapul

JohnnyFlash wrote: »

You tired dude? Must be exhausting looking at all that red in your ‘portfolio’....

Who hurt you Johnny?

JohnnyFlash

rapul wrote: »

Who hurt you Johnny?

Bit of a sore head, Rapul. Was at a funeral yesterday and drank at least 12 pints of porter. A good funeral is better than a bad wedding. Suffering today though like a EOS bag holder.