NBA Star Spencer Dinwiddie Launches Bitcoin-Fueled ...

The market cap of crypto, and the fundamentals, have little correlation with each other

90% of the conversations found here in cryptocurrency, and most other project subreddits are people illustrating their imagined future of the decentralized world ahead of us.

Today, that is all we really have. Bitcoin doesn't really do remittances at the moment. Ethereum has an exchange (IDEX) as its best DApp. Volume on Stellar's Decentralized Exchange for cross-border fiat exchange is .... lacking.
Augur just launched today, and we don't even know for certain if it is the product that we are hoping it is. At least the the valuation of Augur can actually begin now, rather than being just speculation.
But we can all have at the moment is our imaginations of the future, and some amount of pattern recognition skills that make us all relatively confident that this future we have imagined will arrive one day. Check out this web-mapping of different subreddits and people that subscribe to common subreddits.. Here we see this fantastical, narrative spinning, imaginative microsection of Reddit where people share stories about the future, and what the future might be like.
But the price gives no fucks about your imaginations. The reason why the stock market prices are generally stable is because people can replace their imagination of the future, with concrete calculations of future income, make rational comparisons to other companies, and come out with a decent decree of certainty about the future valuations of different stocks.
When Bitcoin was pushing 20k, and the Coin Market Cap was pushing .9 Trillion, we were all geniuses, because we thought the future was here, and we predicted it. Now bitcoin is pushing down on 6K and CMC is pushing .25 Trillion, and all of a sudden we realize that the future isn't here at all.
So how far away is the future? Wherever it is, I think it's coming at an accelerating pace. In 2017 and 2018, 100x more developers came to the space than in all of 2009-2016 combined. This means that fundamentals are progressing at an proportionally quick rate. Charlie Shrem, in the latest Bad Crypto podcast estimated that "Pretty much everyone has at least heard about cryptocurrency"..
People are coming to the space that we never expected. The NBA Commissioner David Stern is getting into Crypto with a project trying to allow anyone becoming a Sports commentator, kind of like how Twitch allows anyone to commentate a video game.
Celebrities left and right, along with their clout, are adopting crypto just as much all of your friends and family are (which means some of them)
"It can all go to 0" is the biggest bunch of bull I've ever heard. A simple thought experiment can take care of this. If Bitcoin dropped too low, I personally would buy as much as I reasonably could. So would many other people. It's a worldwide currency with a world full of buyers. Too many people are looking at the Bitcoin price, and asking "Should I buy today?".

Anyone who says "It can all go to 0" simply doesn't understand the unique collection of different technologies that Satoshi organized, or what it produces.

And now to my first and last point. The current price evaluations of Cryptocurrencies are 100% due to the imaginations of the future in our heads. Therefore, when Bitcoin falls below 6K, Ether below $400, or your preferred coin below its best support, it's because people have pushed out how far the future actually is. But the future is still there somewhere, and we all know in Crypto that for every bear market, where people think the future will never come, there is an equal and opposite bull market for people who think the future is tomorrow.

The truth lies somewhere in between.

submitted by davidahoffman to CryptoCurrency [link] [comments]

Augur vs Fairlay

For those who are not familiar with Fairlay, it allows you to create your own market and settles in BTC. Supports live odds, quick settlements, etc., all the stuff you would need out of a P2P prediction market.
Now I am well aware that the settlement process for disputed outcomes is different in Fairlay. It’s a highly centralized model. That’s where the Rep token holders come in handy in the Augur platform to resolve disputes in a decentralized manner. But if you assume for the most part market creators are settling markets correctly, what benefit does Augur provide over Fairlay?
If Fairlay’s volume is anything to go by, I would say the demand is pretty weak. Even the world’s largest sports betting exchange (Betfair exchange), has low volume. Just look at the live volume during the NBA finals for example. In Fairlay, you could barely get any action for game 1 (under 1btc in the order book matched).
Given all that, what is a realistic expectation of people using these platforms on a large scale? If someone wanted to capture profits from an outcome he/she has insider info about, it’s easy enough for that person to make a market on a platform like Fairlay/Augur, but as it stands today such markets hardly gets much action/orders matched to really make big money.
Another example was Fairlay’s volume during the US elections in 2016. Yes, a few hundred bitcoins were matched(when btc was priced at $750), but that’s not really considered to be crazy volume for such a major event. Is it a matter of awareness for such platforms, or are we overestimating the need for such platforms?
Once again, I am merely looking at the reasons why masses would adopt a decentralized solution like Augur over a centralized one like Fairlay in large scale, when the latter is perfectly able to settle marked quickly and allows for anyone to create any market.
I am invested in Rep, but I want to discuss a realistic expectation of the value/demand for such a platform and I thought Fairlay was a good proxy.
This is not meant to be Fud. Just want to welcome healthy discussion as I have a lot interest in this space.
submitted by cryptostarz to Augur [link] [comments]

BITCOIN FOLLOWING CRAZY 2016 PATTERN - BE READY FOR THIS ... Bitcoin Price Prediction Bitcoin Prediction: June 2016 will begin the next big bubble. Massive profits await bitcoiners. 2016 Bitcoin Predictions - Bloomberg Markets LOOKING BACK: 2016 Bitcoin Halving Predictions that ...

By 2016, bitcoin rose gradually and the currency broke through $1000 in early 2017. The Meteoric Rises and Falls of Bitcoin Prices – Bitcoin price today. By the fall of 2017, the bitcoin price began to rise. As if October that year, the price of bitcoin broke through $5000 and it was doubled again in November to around $10,000. And by ... Cryptocurrency enthusiasts cheered when bitcoin broke the $10,000 in November. Now one of the Street’s biggest bitcoin bulls has a long-term price target 1,000 times that number. Thomas J. Lee, managing partner and head of research at Fundstrat Global Advisors, argues that bitcoin be priced at $10 million, albeit a decade or two from now. Bitcoin Foundation's executive director Llew Clasen, previously said that by the end of 2018, the price of Bitcoin would reach a minimum of $40,000 — a prediction that fell short by quite a huge margin. Since then, Classen has remained fairly quiet and has refrained from giving any other predictions. NBA Journeyman, Spencer Dinwiddie, who seems to have finally found stability with the Brooklyn Nets has been a long term advocate for Bitcoin.In fact, Dinwiddie was one of the first professional athletes to cash in on the 2017 hype surrounding digital currencies by buying Bitcoin when it was still trading for around $3,000. NBA player Spencer Dinwiddie wants his fans to put their Bitcoin where their mouth is. The Brooklyn Nets point guard has launched a GoFundMe page in which he’s looking to raise 2,625.8 BTC, or approximately $24,632,630, from his fans during the quarantine.

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BITCOIN FOLLOWING CRAZY 2016 PATTERN - BE READY FOR THIS ...

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