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Cryptocurrency ICOs Are The Tech Bubble We Have Been Waiting For - Business Insider Deutschland

[img]http://media1.picsearch.com/is?avl6EaBaRurShteANOItqZI17RHrJctfs2RyXRm9Dpg it does not give you voting rights over anything, and we make no guarantees of its future value." My favourite example of this phenomenon is the cryptocurrency casino that wants to give buyers nonnegotiable coins that can be gambled inside a hotel that will float in the sea off Macau. The company, Dragon Corp., is literally asking you to "invest" in poker chips. That isn't even the wildest ICO so far. We have also seen: An ICO to build the world's largest aquarium. An ICO for prostitutes. An ICO for avocado growers. An ICO for dentists. Worse than the dot-com bubble of 1999 In some ways, ICOs are worse than dot-com stocks in 1999. At least with a dot-com stock you owned an actual piece of equity in the underlying company (even if, like TheGlobe.com, a failed social-media network, it had revenue of only $780,000 a quarter). The assets being offered in an ICO aren't backed by an existing revenue stream. Rather, it is a speculative bet on the success of some future product, and you must make that bet before the company has created the product you're buying. On that measure, dot-com companies actually looked more solid than ICOs. Pets.com actually sold pet food. Boo.com actually sold clothes. There was something there, even if it didn't make profits as a business. With ICOs you don't even have that. It's a bit like Mark Zuckerberg funding the early days of Facebook by offering you credit for free "likes" instead of common stock. Bitcoin and Ethereum are Google and Amazon ... ICOs are Pets.com and Boo.com It's perhaps worth drawing a distinction here between the two big cryptocurrency players, bitcoin and Ethereum, and the thousands of "altcoins" that have been issued this year. Unlike most ICO coins, bitcoin and Ethereum aren't geared toward specific projects. Bitcoin is an all-purpose digital asset, and Ethereum's ether is meant to underpin an all-purpose application platform, which multiple blue-chip companies are looking at using. Bitcoin and Ethereum are useful because they are widely used, like cash. Altcoins, however, are credits for a limited, defined service. It is obviously not the case that because much of the crypto sphere is a bubble that it is all a bubble. The dot-com bust of 2000 didn't prove that the entire internet was useless — just that it was inflated with immature ideas. Bitcoin and Ethereum may turn out to be the Google and Amazon of crypto, but there will be plenty of altcoin equivalents of Pets.com and Boo.com, too. Gurley was also asked whether bitcoin was a bubble. He said no. Bitcoin is different, he said. I don't think it's a fraud. "I think of it as an incredible store of value in the rest of the world," he said, adding: "I don't think it's a fraud." At the massive Web Summit tech conference in Lisbon, Portugal, this year, I heard a version of that phrase a lot: "Bitcoin is an established store of value." It was like a mantra. People said it as if merely repeating it made it truer. But there is a real problem with that formulation. A "store of value" is a term used to refer to an asset that can be saved and reliably sold at a later date because it predictably maintains its value over time. Traditional stores of value include money (pounds, euros, and dollars), stocks, bonds, gold, and property. There are many others. These assets "store value" because when you want to exchange them they have most likely retained most of their value or increased it. They achieve this by giving the owner a claim on an underlying asset that has its own use: Money is backed by a central bank guaranteeing its value with actual assets on a balance sheet; stocks offer dividends and future earnings; bonds pay interest; gold can be used for jewelry or manufacturing; and you can live in or rent property until it can be sold. When the property bubble collapsed in 2008, at least people still owned houses The problem with bitcoin is that it isn't backed by a useful asset. Its price is set only by supply and demand. That means bitcoin can go to zero, because there are zero assets behind it, if people suddenly agree that bitcoin on its own is worthless. Stocks, bonds, and houses can collapse in value too, of course. But even when they do, you still own a stock, or a bond, or a house. In terms of underlying assets, there is no fundamental difference between bitcoin and any of the other cryptocurrency ICOs on the market. Sure, bitcoin is now a few years old, and its price has generally gone up over time. If you bought bitcoin years ago, then it really does feel as if you stored value. But bitcoin has no houses or stock certificates or interest coupons, and there is no company behind it generating revenue whose profits you might share. And neither do any of the other crypto coins. If these coins — including bitcoin — go to zero, then you own nothing. This is why the crypto space has so many similar characteristics to 1999. (Take it from me: I lived through 1999, including the worthless stock certificates and the unemployment payments that came after it). With cryptocurrencies, the value being stored is simply everyone else's agreement that there must be value here. There is no other asset. And that is what a bubble looks like. --------------------------------------------------------------------------------- Anzeige: Hier erfahrt ihr bei finanzen.net, wie ihr Bitcoins kaufen könnt. Den Originalartikel gibt es auf Business Insider UK. Copyright 2017. Und ihr könnt Business Insider UK auf Twitter folgen. Mehr von Business Insider UK: Japan-Gericht gewährt Freilassung auf Kaution für Automanager Kelly Mysteriöses Leck: 릴게임 바다이야기 Die Erde verliert tonnenweise Sauerstoff an den Weltraum Tesla hat etwas geschafft, das niemand in der Autoindustrie bisher für möglich gehalten hätte (TSLA) Erdogan lädt Trump zu Türkei-Besuch ein Trump: Die Notenbank Federal Reserve ist „das einzige Problem" der US-Wirtschaftскачать dle 11.3

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