ESOC Crypto Corner

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Re: ESOC Crypto Corner

Post by deleted_user »

Gossip, how trite.
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Re: ESOC Crypto Corner

Post by Snuden »

But at the same time it have a kinda cozy feel to it.
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Re: ESOC Crypto Corner

Post by Dolan »

[video=70]https://www.youtube.com/watch?time_continue=49&v=faa4N0LdiTU[/video]
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Re: ESOC Crypto Corner

Post by Radix_Lecti »

my feeling is that its going to below 100 usd.
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Re: ESOC Crypto Corner

Post by Snuden »

deleted_user wrote:What is crypto currency, @Snuden? I'd like your full rundown, por favor.

I'm thinking about investing.

This is a good guide, obviously much better than I could ever explain it. https://blockgeeks.com/guides/what-is-cryptocurrency/

If you understand this you will see why Bramboys statement is so ignorant.
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Re: ESOC Crypto Corner

Post by lemmings121 »

@Snuden

Serious question from a llama, part 2:
i'll try to bring a serius argument that makes me doubt the strengt of cryptocoins.

I believe I understand the idea and concept of a criptocurrency, the argument used by some that it does not have value is flawed: a paper dollar bill also has no intrinsic value, but people believe in it and will acept that paper in exchange for goods.

BUT, there lies a dilema. the goal and idea behind the cryptocoin, is to make an alternative form of cash, independent from a central bank. But as any paper coin, it has only value if people accept it in exchange for goods. If sudenlly everyone stops acepting X coin, its value is zero, by definition.

Then we arrive at current day situation: there are a few services and products that can be bought with criptocoins, but I definatelly can not do my groceries or buy gas with it. The vast majority or people buying and selling it, arent interested in its properties as a coin, they are treating it like an investment. I'll buy those coins to store it, and sell later.

Thats where the buble fear starts to seem reasonable to me. IF the market doesnt start to use cryptocoins to actually trade for goods and dont starts doing it soon, I will be forced to jump into the wagon and call it a bubble. If there is a "good" that the only purpuse is be traded for real money, then i has no value, its the classic postal stamp from ponzi, or the dutch tulip.
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Re: ESOC Crypto Corner

Post by Gendarme »

jebaited
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Re: ESOC Crypto Corner

Post by Snuden »

Most coins are not designed to be a method of payment, that's why I personally hate the term "currency" I think it is misleading.

I struggle to fully understand blockchain technology as I am not very tech minded so I kinda simplified it to myself... Let me try to explain how I understand all this.

Let's say ESOC was a very big gaming community, 10,000's of daily users. They want to expand their business and offer a streaming service. Their streaming service would be unique in the sense that they would use blockchain technology to verify each players ID and to make sure nobody can hack into the stream.

_H20 is short of cash and would like to attract investors, what does he do? He creates a "Coin" (I prefer to call it a token) He pre-mine 40,000,000 tokens and offer 10,000,000 for sale to investors at $1 a token. He keeps the remaining 30,000,000 tokens. So basically he sold 25% of his new company to investors.

Assuming his project is sound and well thought-out, he sell all 10,000,000 tokens and now he have $10,000,000 to develop his streaming service. He get his coins listed on crypto exchanges, where people can buy and sell the token. To keep up with servers and marketing he sell off some of his coins every now and then. Let's also assume that he pays monthly dividends of the revenue (from ads for example) generated on his platform.

If the streaming platform becomes a big hit and generate tons of revenue, people would want to buy the tokens (and few would want to sell them) Causing the value of the tokens to go up.

Now let's say that I own a company that sells stuff to gamers, I then start to accept _H20's tokens as payment - even though it was NOT designed to be a method of payment for goods.
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Netherlands Goodspeed
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Re: ESOC Crypto Corner

Post by Goodspeed »

@lemmings121 It is a bubble. But there are advantages to blockchain tech that enable real world use cases. Not only in finance but other fields as well. Look into Ripple for example. You will find it almost undeniably is solving real world issues.
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Re: ESOC Crypto Corner

Post by Snuden »

There are tons of real world use cases for crypto...
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Re: ESOC Crypto Corner

Post by Goodspeed »

Yeah. I don't really believe in the one where it replaces banks though, and that seems to be the one that is often mentioned as the "goal" of crypto so I can see why people are sceptical.
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Re: ESOC Crypto Corner

Post by lejend »

Snuden wrote:Most coins are not designed to be a method of payment, that's why I personally hate the term "currency" I think it is misleading.

I struggle to fully understand blockchain technology as I am not very tech minded so I kinda simplified it to myself... Let me try to explain how I understand all this.

Let's say ESOC was a very big gaming community, 10,000's of daily users. They want to expand their business and offer a streaming service. Their streaming service would be unique in the sense that they would use blockchain technology to verify each players ID and to make sure nobody can hack into the stream.

_H20 is short of cash and would like to attract investors, what does he do? He creates a "Coin" (I prefer to call it a token) He pre-mine 40,000,000 tokens and offer 10,000,000 for sale to investors at $1 a token. He keeps the remaining 30,000,000 tokens. So basically he sold 25% of his new company to investors.

Assuming his project is sound and well thought-out, he sell all 10,000,000 tokens and now he have $10,000,000 to develop his streaming service. He get his coins listed on crypto exchanges, where people can buy and sell the token. To keep up with servers and marketing he sell off some of his coins every now and then. Let's also assume that he pays monthly dividends of the revenue (from ads for example) generated on his platform.

If the streaming platform becomes a big hit and generate tons of revenue, people would want to buy the tokens (and few would want to sell them) Causing the value of the tokens to go up.

Now let's say that I own a company that sells stuff to gamers, I then start to accept _H20's tokens as payment - even though it was NOT designed to be a method of payment for goods.


@_H2O

Why are you not doing this? Don't you want Lambos?

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Re: ESOC Crypto Corner

Post by XeeleeFlower »

Time is wise and our wounds seem to heal to the rhythm of aging,
But our past is a ghost fading out that at night it’s still haunting.

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Re: ESOC Crypto Corner

Post by Gendarme »

lemmings121 wrote:I believe I understand the idea and concept of a criptocurrency, the argument used by some that it does not have value is flawed: a paper dollar bill also has no intrinsic value, but people believe in it and will acept that paper in exchange for goods.

As far as I am aware, the people believing in "intrinsic value" (and actually are well-versed on the subject; not your average Joe ESOCian) are almost exclusively the students of the Austrian school of economics, who religiously advocate the gold-standard because fiat has no intrinsic value. The same type of people also dislike crypto-currencies for the same reason. I have never really heard the argument that crypto-currencies are better than fiat because they have more intrinsic value.

lemmings121 wrote:BUT, there lies a dilema. the goal and idea behind the cryptocoin, is to make an alternative form of cash, independent from a central bank. But as any paper coin, it has only value if people accept it in exchange for goods. If sudenlly everyone stops acepting X coin, its value is zero, by definition.

Crypto-currencies have several goals, they are not all the same. If we take Bitcoin into consideration, the goal is to create a superior form of money. Whether it actually is superior or not is arguable.

lemmings121 wrote:Then we arrive at current day situation: there are a few services and products that can be bought with criptocoins, but I definatelly can not do my groceries or buy gas with it. The vast majority or people buying and selling it, arent interested in its properties as a coin, they are treating it like an investment. I'll buy those coins to store it, and sell later.

Thats where the buble fear starts to seem reasonable to me. IF the market doesnt start to use cryptocoins to actually trade for goods and dont starts doing it soon, I will be forced to jump into the wagon and call it a bubble. If there is a "good" that the only purpuse is be traded for real money, then i has no value, its the classic postal stamp from ponzi, or the dutch tulip.

You definitely can't buy your groceries or gas with it today, but you may be able to in 2019; crypto-currencies—including Bitcoin—are still in active development. If it were to be definitively declared today that Bitcoin would never be used to buy groceries, I assure you the price would plummet down to oblivion. The goal is to among other things purchase groceries with it, but we are simply not there yet.

There are many crypto-currencies (or crypto-tokens as Snuden correctly suggests) and their numbers will only increase. Their uses cases vary a lot, and will vary even more as time goes on—some will probably even be jokes like duckCoin. Andreas Antonopoulos speaks often about the abstract concept of money; I highly suggest you watch some of his lectures or interviews.


P.S. Stay away from Ripple.
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Re: ESOC Crypto Corner

Post by lemmings121 »

Snuden wrote:Most coins are not designed to be a method of payment, that's why I personally hate the term "currency" I think it is misleading.

I struggle to fully understand blockchain technology as I am not very tech minded so I kinda simplified it to myself... Let me try to explain how I understand all this.

Let's say ESOC was a very big gaming community, 10,000's of daily users. They want to expand their business and offer a streaming service. Their streaming service would be unique in the sense that they would use blockchain technology to verify each players ID and to make sure nobody can hack into the stream.

_H20 is short of cash and would like to attract investors, what does he do? He creates a "Coin" (I prefer to call it a token) He pre-mine 40,000,000 tokens and offer 10,000,000 for sale to investors at $1 a token. He keeps the remaining 30,000,000 tokens. So basically he sold 25% of his new company to investors.

Assuming his project is sound and well thought-out, he sell all 10,000,000 tokens and now he have $10,000,000 to develop his streaming service. He get his coins listed on crypto exchanges, where people can buy and sell the token. To keep up with servers and marketing he sell off some of his coins every now and then. Let's also assume that he pays monthly dividends of the revenue (from ads for example) generated on his platform.

If the streaming platform becomes a big hit and generate tons of revenue, people would want to buy the tokens (and few would want to sell them) Causing the value of the tokens to go up.

Now let's say that I own a company that sells stuff to gamers, I then start to accept _H20's tokens as payment - even though it was NOT designed to be a method of payment for goods.


ok, I get it, but you didnt answer my question, so i'll just rephrase it with your example.

Esoc makes its token, its sells for one dollar, and for 2 in the next week. people look at it on the rise and buy esoc tokens and it hits 20k usd value. the first 1% maybe knew what was the goal of esoc tokens, but the 99% that are making all the value in the market have no idea what is the point of the coin, they are just here for profits. then someday they realise, "wait, h20 inst paying that big dividends, it think this esoc thing isnt worth bilions.... and the token crashes.

I believe thats the current state of crytocoins. A lot of potential and good tech that could change the world, BUT, the market value in them isnt about their capabilities, instead, it is about people who wants profit.

Gendarme wrote:You definitely can't buy your groceries or gas with it today, but you may be able to in 2019; crypto-currencies—including Bitcoin—are still in active development. If it were to be definitively declared today that Bitcoin would never be used to buy groceries, I assure you the price would plummet down to oblivion. The goal is to among other things purchase groceries with it, but we are simply not there yet.


pretty much the same answer as for snuden. the tech is great, and is all about beeing able to buy gas in 2019..... but if 99% of the holders dont give a damm about the goal of the coin and are just holding it for profits, it cant work

then back to my original post: if people dont start acepting those coins in the realmarket in large scale (not two hipster companies somewhere..) soon, I believe it will crash.
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Re: ESOC Crypto Corner

Post by VinyanyĂ©rĂ« »

Gendarme wrote:heir uses cases vary a lot, and will vary even more as time goes on—some will probably even be jokes like duckCoin.


Gendarme fined 10,000,000,000 duckCoin
duck
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Re: ESOC Crypto Corner

Post by Snuden »

It takes time, most of the coins traded today are not even functional companies in the sense that their product is working.
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Re: ESOC Crypto Corner

Post by Gendarme »

This is how I imagine Snuden during the dips.

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Re: ESOC Crypto Corner

Post by Goodspeed »

Except everything halved in value
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Re: ESOC Crypto Corner

Post by deleted_user0 »

Goodspeed wrote:Except everything halved in value


sure, but halved from when it tripled.
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Re: ESOC Crypto Corner

Post by Snuden »

Gendarme wrote:This is how I imagine Snuden during the dips.

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This is Snuden's crib during highs and lows. 666db of Slayer in the background.
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Re: ESOC Crypto Corner

Post by Goodspeed »

umeu wrote:
Goodspeed wrote:Except everything halved in value

sure, but halved from when it tripled.
I mean you wouldn't go from 5000% to 4500. Also it more than tripled.
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Re: ESOC Crypto Corner

Post by Goodspeed »

Looks like it might've bottomed. High volume yesterday
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Re: ESOC Crypto Corner

Post by Snuden »

Now that the market is moving up, CNBC is all positive about crypto. Lmfao.
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Re: ESOC Crypto Corner

Post by Gendarme »

Get on Discord you silly Luciferian!
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