In my mass adoption as a Ponzi article I noted that a market requires whales in order to have liquidity at increasing prices. With shallow order depth, an exiting whale will crash the market, it’s only a matter of time. After Steemit made Qntra headlines I did some research and posted a comment indicating the sheer lack of liquidity for such a high price.
The next day, STEEM was listed on Poloniex, so I posted on Steemit-itself warning users not to irrationally trade; 24 hours later, only 3 users bothered to comment, the rest likely deafened their ears to resist acknowledging reality. Read more…
Bill Maher recently proclaimed in his show’s segment, New Rules, that millennials have romanticized socialism. In this rare instance, Maher directly criticized the entitlement mentality that has supposedly infected this generation of youth. I had to check the program title, since for a second I thought I was watching Bill O’Reilly.
Millennials don’t remember a threatening Soviet Union or any Soviet Union. The only time they’ve ever had to crouch under a desk was to go down on their teacher. So the new generation is ready for socialism. Problem is, they may be ready for a little too much socialism.
Almost 2/3rds of Sanders’ voters want free college and free universal health coverage for no more than an extra thousand dollars in taxes…even though that’s not really socialism. That’s Santa-ism.
[Millenials have gotten] too used to getting shit for free.
“I was told we’d all be rich!”
The early sphere of Bitcoin attracted harmful venture capitalists. When you look at the early drama timeline most individuals and “companies” that raised Bitcoin capital ended up losing it – an unacceptable liability. Coinbase was the first company to take a different approach, raising fiat capital as Bitcoin venture capital is a greater liability, than raising fiat capital. I mean what’s the worst that happens if you lose fiat capital? They just print more of it.
A frightening thought huh? This very well may become the case for Ether huffers. Earlier today, The DAO was hacked, and is still under attack as its funds are drained by a malicious entity. This is the result of idiots trusting in a smart contract that could have bugs in it. Just as people do not read paper contracts before signing them, it seems no DAO investor fully read or tested the code composing the organization’s smart contract. Followers of The Most Serene Republic are likely recalling the “mega-thread”TM on the failures of open source software.
The DAO exists as a smart contract on the Ethereum blockchain, however it is vulnerable to recursive split commands. The attacker used this vector of vulnerability to siphon off Ether into a sub-DAO they fully control. After a 27-day window, inherited from the parent contract, the attacker can then begin withdrawing ether. Ironically, this exploit is a direct result of Buterin wanting an blockchain with a Turing complete scripting language.
“Zim hacked the DAO! You have to believe me!”