Thursday July 21, 2016
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…
Sunday July 3, 2016
Peer to peer markets have quickly dried up as Bitcoin has grown in value and market cap. It’s difficult to make OTC trades with bitcoin directly between peers to receive goods and services. Proponents of a block size limit increase always fail to propose a solution to establishing peer to peer trade routes. The consumer has come to expect Amazon.com as the standard user experience for online shopping, thus this same consumer wants an identical experience while substituting credit cards for Bitcoin.
The irony behind this consumer’s mass adoption mentality is the frequent citation of the Bitcoin whitepaper’s abstract: “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.” Mass adoption consumers tend to overly rely on centralized solutions such as Amazon, instead of directly trading with peers. They focus on strictly the idea of electronic cash, while ignoring the idea of peer to peer trading completely. Luckily due to consumers revolting, the anonymous enterprising entrepreneur has more opportunity than ever to establish profitable trade routes that have been completely untapped in the peer to peer network.
Saturday July 2, 2016
Autumn of last year I wrote an article about consumers beginning to revolt. Interestingly, the prediction the article was constructed around is slowly playing out. Companies like Shapeshift and Poloniex sound exactly like this prediction:
…one of them is that consumers revolt, entrepreneurs intervene, before the end of 2015 there’s about a thousand to a million different Bitcoin forks, each with its ten million-ish monetary base worth about a dollar, on global average. The size of the inter-Bitcoins market, the complexity and confusion ensuing makes pretty much everything unmanageable for the “ordinary person”. Hedge funds and banks (the ones a little ahead of using Excel) that trade in this murky complexity make a killing and become the principal driver of economic growth worldwide
Friday July 1, 2016
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!”