Internet Computer coin.... <deleted> is it?

[Heng]

It just popped up on coinmarketcap today (or perhaps late yesterday) with virtually no media lead up.   Just out of nowhere with a $50+ billion market cap.   Even the name sounds like some kind of practical joke like they just came up with a couple of random 'tech' words and went for it like Toaster Dryer or Car Boat.

 

I admit to buying some without much research (one of the bad habits that comes with playing with house money).... currently down about $80 a coin for today.  ????      

 

edit: the title should read something like... "what the heck is it?"

Edited May 11, 2021 by Heng

[ThailandRyan]

Here you go

Total Crypto Market Cap Token TCAP

$284.49

2.01%

5.97%

--

$72,920

Ethereum

1 day ago

or it could be one of these new cryptos that hit the market in the last day or so

New Cryptocurrencies Listed Today And This Week | CoinMarketCap

Edited May 11, 2021 by ThailandRyan

[BenDeCosta]

A fool and their money....

[ThailandRyan]

I saw this Crypto was added today and I wonder is it a Lager, a dark, or a stout

Beer Token BEER

$0.0000003492

0.00%

0.00%

--

--

Binance Coin

Today

 

[Heng]

28 minutes ago, ThailandRyan said:

I saw this Crypto was added today and I wonder is it a Lager, a dark, or a stout

Beer Token BEER

$0.0000003492

0.00%

0.00%

--

--

Binance Coin

Today

 

 

Thanks but Beer and Tcap both have yet to make it to Binance.   Way too much labor to have more than one exchange app.   Almost as bad as having cars from two different dealerships or keeping track of frequent flier miles from different alliances.    *reclines zero gravity chair back to default trading position* ????

[BenDeCosta]

So it seems that almost anyone can just create a new cryptocurrency and become almost overnight millionaires. I find the whole thing unbelievable. Anyone remember how the dot-com bubble ended?

[Susco]

3 minutes ago, BenDeCosta said:

So it seems that almost anyone can just create a new cryptocurrency and become almost overnight millionaires. I find the whole thing unbelievable. Anyone remember how the dot-com bubble ended?

 

Only when this one bursts, the dot-com bubble will be peanuts in comparison.

 

The bubble Bitcoin, SPAC's and influencers are creating will be remembered as the mother of all crashes.

 

https://www.channelnewsasia.com/news/business/charlie-munger-warns-of-market--frenzy---frowns-on-gambling-mentality--bitcoin--spacs-14274740

 

Asked if the market resembled the late-1990s dot-com bubble, Munger said: "Yes, I think it must end badly, but I don't know when."

Munger was speaking at the annual meeting of Daily Journal Corp, the Los Angeles newspaper publisher he chairs, which was broadcast on Yahoo Finance.

 

He is better known as vice chairman of Buffett's conglomerate Berkshire Hathaway Inc since 1978.

 

 

[Maha Sarakham]

It is very reminiscent of a few years ago when the initial 'crash' happened and all the alt coins plummeted in value.  When grandma calls asking how to refinance her house to buy bitcoin, you know the end of the bubble is near.

[Heng]

Hmm... 3 naysayers.   *pushes button and activates zero debt mega diversified 'this will end in tears' shield*

[Maha Sarakham]

I wouldn't say I'm a naysayer.  I actually participated in crypto a few years back.  There is definite value in the future of blockchain technology.  I just think the volatility behind the perceived value of these 'coins' is a huge detriment to its eventual acceptance into society.  Furthermore, I think it is way too easy for people to create random alt coins with absolutely no purpose or value (see Beer Coin above) that cheapens the overall public perception of crypto as an acceptable digital currency.

[Seth1a2a]

2 hours ago, BenDeCosta said:

A fool and their money....

 

Another cryptocurrency fraud: Reddit users scammed out of 2 million with the fake launch of a digital currency.

The benefits of cryptocurrencies are as great as the risks: a recent hoax led cybercriminals to steal more than $ 2 million for a scam to hundreds of forum users WallStreetBets from Reddit....................

 

https://pledgetimes.com/another-cryptocurrency-fraud-reddit-users-scam-out-of-2-million-with-the-fake-launch-of-a-digital-currency/

 

 

[Heng]

36 minutes ago, Maha Sarakham said:

I wouldn't say I'm a naysayer.  I actually participated in crypto a few years back.  There is definite value in the future of blockchain technology.  I just think the volatility behind the perceived value of these 'coins' is a huge detriment to its eventual acceptance into society.  Furthermore, I think it is way too easy for people to create random alt coins with absolutely no purpose or value (see Beer Coin above) that cheapens the overall public perception of crypto as an acceptable digital currency.

 

I do agree with you there.   There are a LOT of worthless coin issues out there.   Reddit and Twitter are pretty much swamped with shill bots.

[Susco]

43 minutes ago, Seth1a2a said:

 

Another cryptocurrency fraud: Reddit users scammed out of 2 million with the fake launch of a digital currency.

The benefits of cryptocurrencies are as great as the risks: a recent hoax led cybercriminals to steal more than $ 2 million for a scam to hundreds of forum users WallStreetBets from Reddit....................

 

https://pledgetimes.com/another-cryptocurrency-fraud-reddit-users-scam-out-of-2-million-with-the-fake-launch-of-a-digital-currency/

 

 

 

Sad enough that they didn't get those Reddit <deleted> for a multiple of that sum.

[Neeranam]

18 hours ago, BenDeCosta said:

So it seems that almost anyone can just create a new cryptocurrency and become almost overnight millionaires. I find the whole thing unbelievable. Anyone remember how the dot-com bubble ended?

Why on earth do you post in a crypto forum? 

You'll have a rough time convincing those of us who have had our lives changed by crypto riches that it is a bubble. 

[Neeranam]

I bought some after watching this video. 

 

[BenDeCosta]

There are two important points that spring to mind.

 

1. You can't just create money out of thin air (unless of course you are a government, but let's not go in to that). People seem to view cryptocurrencies as magic.

 

2. Anything that seems to good to be true, almost always is.

 

However, I gather that there are very knowledgeable and savvy people who know how to trade these volatile things and make a fortune out of it. Surely, for every $1000 that an "investor" in crypto makes, someone must have lost $1000 somewhere?

[Heng]

Now down $163 a coin from my buy in.     

[fdsa]

being an IT expert I could say that the technology they talk about is incredibly complex to implement and with high probability they will not release a working system.

so this is just another pump&dump hype-coin not worth investing for long time, but might give you some hundreds of %s in daily trading.

[fdsa]

4 hours ago, BenDeCosta said:

There are two important points that spring to mind.

 

1. You can't just create money out of thin air (unless of course you are a government, but let's not go in to that). People seem to view cryptocurrencies as magic.

 

2. Anything that seems to good to be true, almost always is.

 

However, I gather that there are very knowledgeable and savvy people who know how to trade these volatile things and make a fortune out of it. Surely, for every $1000 that an "investor" in crypto makes, someone must have lost $1000 somewhere?

you do not understand how shares work, please do your homework.

[BenDeCosta]

17 minutes ago, fdsa said:

you do not understand how shares work, please do your homework.

 

Who was talking about shares?

 

Every $1000 of profit that a crypto-trader makes doesn't come out of thin air. Unless you know something that I don't, and that money can come out of nowhere?

 

That money is coming from somewhere, but most crypto-traders think it's coming from their genius. 

Edited May 12, 2021 by BenDeCosta

[BenDeCosta]

31 minutes ago, josthomz said:

 

Well you said that fore every $1000 you make, someone else loses $1000. 

 

And while in essence this is what happens. I'd rather refer to Supply / Demand to explain it. 

 

When a stock or a crypto is relatively new, you buy it cheap because it is not well known, it hasn't shown its potential yet. Then as it becomes more popular, more people are interested in buying it, the price rises, you sold what you had bought at a cheaper price and you make a profit out of selling to whoever is interested in buying it at a higher price. 

 

Obviously the difficult thing is knowing when to buy and sell so that you make a profit... Hence why 80% of traders end up losing money on the long term.

 

But most of these things have no intrinsic value, you are just looking to sell to the next mug who'll pay more than you paid. It's gambling.

Edited May 12, 2021 by BenDeCosta

[Heng]

1 hour ago, fdsa said:

being an IT expert I could say that the technology they talk about is incredibly complex to implement and with high probability they will not release a working system.

so this is just another pump&dump hype-coin not worth investing for long time, but might give you some hundreds of %s in daily trading.

 

Yeah, already moved it to "the back" of my portfolio mentally but it's only the 2nd day, and I've had other coins go deeper red than this (including BTC).    

[fdsa]

12 hours ago, BenDeCosta said:

 

Who was talking about shares?

 

Every $1000 of profit that a crypto-trader makes doesn't come out of thin air. Unless you know something that I don't, and that money can come out of nowhere?

 

That money is coming from somewhere, but most crypto-traders think it's coming from their genius. 

 

I thought you said that about rise of cryptocurrencies' price. It is same as shares - if some cryptocurrency "market capitalization" is $100 bln it does not mean that people paid exactly $100 bln, the price could just be pumped up with $10'000 with trading portions of cryptocurrency with sums like "buy 0.00001 shítcoin for $0.1", "sell 0.0001 shítcoin for $0.8".

 

but when you withdraw cash from the exchange - then yes, your $1000 is "real" money that someone else paid for your or different shítcoins. And when people buy obvious scam coins - well, they invested "only what they could afford to lose".

 

[Heng]

21 hours ago, BenDeCosta said:

 

But most of these things have no intrinsic value, you are just looking to sell to the next mug who'll pay more than you paid. It's gambling.

 

Intrinsic value isn't universal.   People like to throw that concept around, but what they often are doing is saying 'intrinsic value based on my own personal values.'    I don't think children making reviews of toys they play with on Youtube has an intrinsic value of $10-20 million in revenue a year, but apparently it does for some part of the market.   

 

Somebody with access to relatively liquid stock markets in Bangkok/Singapore, dozens of banks they can stash their wealth in, with endless real estate options might not need yet another way to store/move their wealth, but it doesn't mean that there aren't millions of folks that do need some way to get their wealth past the local militia or even their own 'legitimate' government.   

 

p.s. currently down $193 a coin on this one.   Looks like I might have to wait on the intrinsic value of this one....????

 

Edited May 13, 2021 by Heng