Primarily because internet connections, disk space and processing power weren't capable in the 90s. After the introduction of multi-core computers, heat protection, GPUs and widespread broadband it became feasible to waste terawatts of resources on this nonsense.
It's funny because the financial Times reported these same comments but a totally different spin on it. He isn't wrong though, I've seen him talk before that is very trendy now to be decentralised and on the blockchain but the reality is that most of these ideas will work better on a centralised database.
Find people who cashed out a million. Tell them to show us the evidence. We do have evidence of lots of people on forums crying every day that their payments worth less than 50K are nowhere to be seen.
The Mt gox dude verifiably cashed out over 400 million. The markets aren't very liquid sure, but to seriously think that a market that went from 0 to almost a trillion didn't create a few multi millionaires is like full on lizard people tin foil hat level conspiracy retarded.
dude they're multi-millionaires, not some deluded minion on /r/cryptocurrency. these people tend to cash out OTC. also why would anyone in their right mind boast on some stupid crypto-forum about how they successfully cashed out a million. that's...not how forums work.
> dude they're multi-millionaires
So, show us who these people are. Roger Verify they cashed out.
Why wouldn't people talk about it to promote this pyramid scheme? How many wealthy shareholders or celebrities are hiding the fact they made money on their investments?
If you talk about cashing out even a few grand you get hurled abuse in creepto. You get accused of encouraging a bank run. That tells us everything about how little liquidity and how much fake volume there is.
So many things can run on blockchain. This is a great tool for record keeping for just about anything. Also, blockchain currencies are great value transfer vehicles if you want to send value fast across the globe without having to wait for days. Whilst I like Ted’s vision, I can’t agree with those statements (provided they were not taken out of context).
Nothing he said was really wrong. I question whether any crypto currency is useful, I guess, but everything else he said was undeniably true. Kik is an app for 14-year olds to sexually harass each other; why does it need to issue tokens? What would you do with the tokens? In theory, you could use them to pay for freemium content, but this can be done through a number of ways that don’t involve blockchsin.
It’s still kind of a dick move to tell your investors that they made a horrible mistake after you already have their money though. At least lie to them.
The purpose of an ICO or a kickstarter or even traditional finding through VCs or an IPO is to get money now in return for future work. ICOs are the friendliest to the company raising money because the "investors" have no legal right to anything. They need to come up with a use for the tokens to avoid bad PR from the bag holders, not because tokens are useful in the business.
I get why the ICOs are useful to the companies, but I don’t understand why someone would buy them. Unlike stock, there’s no legal protections and no ownership interest in the company. You can’t get dividends and the tokens can’t be resold.
As far as I can tell, the use case is that you can use the tokens to buy the company’s products, but why would you? Even if there was a reason to buy tokens instead of using regular money to purchase items in the app, why use blockchain at all? Plenty of games and apps have in-app currency that aren’t based on blockchain.
ICO buyers usually did well because the price rose after the ICO, which allowed them to dump their bags on someone else.
People buy them because the price keeps going up. The price keeps going up because more and more people keep buying them. Maybe people will eventually get smarter.
Oh yeah, a penguin-centipede-blockchain that gets a unique code for each rotten corpse/skeleton and the transactions tattooed or implanted into their skin/skeleton. Finding the next live penguin to stick on top of the last rotting one will be hard but so is finding the next crypto block!
Wasa wasaaa wasuupppp. Its ted the man livingston here from kik that app you probably never downloaded. Wahhhhh you know I used to think man I needed money then I ran an ico and I got money and now I'm doing my best to make sure you all will get money!
This article is full of crap, completely misleading from what KIN is all about and what Ted has been trying to say. FUD to that max! Piss poor journalism, the journalist should take up a new day job and work for FOX news!
I think he needs to come back and address the community on what he meant, I realise he may be misquoted. But how it reads is sour grapes, and comes across very negative on KIN. I need to hear him say that KIN does have a great use case, and utilises blockchain.
Why? Compare this article to the Financial Post article and it’s clear that the author is just expressing his own opinion. Anyone who actually knows what kin actually is knows this article completely misrepresents Teds views on blockchain tech as it applies to Kin. He doesn’t need to pander to crypto investors for kin to succeed.
I am agreeing with you. But this story is now already over the internet and it is being used by YouTubers to leave a bad impression. Personally I would sue CCN if it was me for deliberately taking the words out of context to create a clickbait article. It is defamatory. I am suggesting Ted needs to do some damage control. MOST people read stuff on publications and take it as being true.
If the average reader can’t distinguish between uninformed opinion and statement of fact, that’s their problem. It’s obvious fud. Ted doesn’t need to address it because it’s not worth addressing. The only people this is going to discourage are people that probably shouldn’t be invested in crypto to begin with.
no its not their problem, it's ours. We are the ones with the KIN. A lot of people reading the article might be new to the space and have no idea on what is right or wrong. We want those people in the space so we have to ensure what they are reading is correct. Right now it is a wild west and it scares the crap out of new comers. It's not their fault they are new.
What about “kin doesn’t need crypto investors” don’t you get, man? As we approach integration you will see more of this fud. You can do one of two things: A: get bent out of shape and go into every sub trying to dispel fud. Or B: ignore it, because even if it’s fuded to a new historical low, it won’t matter once we have integration and are the most used crypto in the world.
Seems like Bitcoin flexing its muscles here, they don't want Ted's words to hold any weight in the industry. Ted did say Bitcoin would be worth $0 in the future afterall. Media and journalists are influenced by money and like politicians will print/say/vote for what makes them said money.
The KIN team has been ultra quiet after they told us they were meeting with KIK on integration....I feel like this is the calm before the storm....and we may see this FUD push the coin value to the bottom of low again.....maybe this FUD is being created so that some big partners can line their pockets for cheap.
It’s amazing to me that so many people don’t see how right he actually is here. Most projects don’t even have a legitimate use case. They are serving no purpose. Once the regulators get done, most of these shit projects will go bye bye, anyway. Nowhere here does Ted say that inadequacies in blockchain technology are preventing the launch of kin. “Unless you’re trying to build the most used crypto”, that’s exactly what Kin is doing! He’s not making up excuses, he’s giving his honest opinion about wether blockchain will end up benefiting all these projects. I don’t think it’s any secret that most of them will fail. The author has a vested interest in this not being the case, “Shaurya finds his true self in the world of decentralized ideologies. When not writing articles for CCN, he spends time building algorithms and contracts for his Hong Kong-based cryptocurrency hedge fund.” And the only comments I see are from shitcoin fanboys who think decentralization is the answer to everything. Good luck with that. It’s obvious this guy didn’t even research Kin before writing this.