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B for Blockchain, B for Bitcoin, B for Bubble, B for Bust!

The following New York Times article is of interest given the focus on emerging blockchain and related technology in Barbados – Blogmaster PALO ALTO, Calif. — Last year around this time, a toy called a cryptokitty sold for $170,000. A real estate agent remade himself as CoinDaddy, producing cryptocurrency-themed music videos. The man behind a…

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The following New York Times article is of interest given the focus on emerging blockchain and related technology in Barbados – Blogmaster

PALO ALTO, Calif. — Last year around this time, a toy called a cryptokitty sold for $170,000. A real estate agent remade himself as CoinDaddy, producing cryptocurrency-themed music videos. The man behind a company called Ripple became for a moment richer than Mark Zuckerberg. Kids barely out of high school were buying Lamborghinis because of a crypto meme. Experts went on CNBC to say Bitcoin was going to reach $100,000 per coin.

For a few sweet months of 2018, all of Silicon Valley was wrapped up in frenzied easy money and a fantasy of remaking the world order with cryptocurrencies and a related technology called the blockchain. A flood of joy hit the Bay Area. The New York Times ran with the trend in an article with the headline “Everyone Is Getting Hilariously Rich and You’re Not.” It was temporarily true.

And just as the American public had been given every possible blockchain explainer that could be written, the whole thing collapsed. The bubble popped.

Today the price of Bitcoin — $19,783 last December — is $3,810. Litecoin was $366 a coin; it’s now $30. Ethereum was $1,400 in January; today it’s $130.

 

One recent crypto holiday party offered “broken Lambo dreams and an open bar to drown your sorrows in.”

This December closes out cryptocurrency’s most exciting year, ending in a terrible, sober headache of a winter.

Read full New York Times article  – Remember Bitcoin? Some Investors Might Want to Forget

77 responses to “B for Blockchain, B for Bitcoin, B for Bubble, B for Bust!”

  1. Pachamama Avatar
    Pachamama

    Novices talk about Bitcoin/Blockchains technologies as thought this trick is not that, a trick.

    As tough these misanthropic schemes were not with us from the dawn of modern times.

    Yuh only got to get a ‘pretty’ Trinidadian woman up front, who all de men would like to *uck and a cul-de-sac for ordinary people gets a social pass.

    Is this not violence perpetrated by women on all of society as well?

  2. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    MMONEY is merely an attempt by a “…Barbados organization to setup thier version of PAYPAL to skim off revenues for themselves, claiming it will make inter Caribbean country commerce more efficient, LAUGHING ALL THE WAY TO THIER REAL BANK…”

    And in those words of Wisdom Wily Coyote you have assessed the crockery that is MyMoneyisYourMoney and exposed it as the Scam that would have cause a whole Prime Minister go import bak a man from ovah and away and changed the cuntstitution to mek he a Senator.

    AND DEN FORCE DE CENTRAL PRANK TO MEK A QUICKSANDBOX SPECIFICALLY FOR THE ADOPTION OF THIS FIGITAL RIPOFF SCHEME

    WHILE OUR DEAR SHEEPLE SLEEP.

    ALL HAIL MUGABE!!!

  3. B for Blockchain, B for Bitcoin, B for Bubble, B for Bust! — Barbados Underground – Online Marketing Scoops

    […] via B for Blockchain, B for Bitcoin, B for Bubble, B for Bust! — Barbados Underground […]

  4. Sir SimpleSimon Avatar
    Sir SimpleSimon

    C is for ex-Credit Suisse bankers
    Ex-Credit Suisse bankers arrested over ‘$2bn fraud scheme’

    Three former Credit Suisse bankers have been arrested over their alleged role in a $2bn (£1.5bn) fraud scheme connected to firms in Mozambique, according to US authorities. The men have been released on bail in London while the US seeks their extradition. The scheme allegedly involved loans to state-owned companies in Mozambique. Two others, including the country’s former finance minister, have also been arrested. The former employees of the Swiss investment bank were arrested in London on Thursday. The three – Andrew Pearse, Surjan Singh, and Detelina Subeva – were charged with conspiring to violate US anti-bribery law, money laundering and securities fraud in an indictment issued by a US District Court in New York. Prosecutors say that through a series of financial transactions between approximately 2013 and 2016, they created fraudulent maritime projects and used state-owned companies in Mozambique as fronts to raise $2bn. Some of the investors defrauded included US nationals, the indictment says. It added that they “intentionally diverted portions of the loan proceeds to pay at least $200m in bribes and kickbacks to themselves, Mozambican government officials and others”

    The U.S. has no friends. Only contacts.

  5. Crusoe Avatar
    Crusoe

    The wild fluctuations in cryptocurrency was temporary. The long term use of it is of more value and will eventually replace traditional currency.

    The banks are on their way out and will soon become mainly mortgage holders.

    However, they will be buying into cryptocurrency when the time is right, be sure of that. As soon as maturity hits and they realise that the traditional methods of money transfer has passed the parabola peak, the crytpocurrency market will ‘fall’ into certain hands.

    Banks have been their own worst enemy, shutting branches, getting rid of customer service, to go digital.

    But digital is a whole new ballgame and they do not, yet, control it. It seems that they initially assumed that it was a neat little closed shop, or else they would have been on blockchain long ago.

    The good thing about blockchain, is that it releases smaller countries form the strangling tentacles of a fabricated regulated system, in the guise of money laundering controls, that smother business and place control solidly in the hands of a few large countries.

    Remember that there was effectively a shutdown of correspondent banks for Caribbean countries, which severely constricts business.

    Now blockchain is answering the vacuum.

    All developing countries should embrace blockchain to continue growth unshackled and refuse to allow new regulations to create new shackles on a developing technology.

    This is good for developing countries, it comes at a time when China is also flexing its arms against international monetary control. China cannot be invaded unlike some other countries who seek to use an alternate currency as their standard.

    The banks have no interest in Barbados’s GDP. They have one interest…increaisng their bottom line. That is their one and only goal.

    Blockchain is the answer for the developing world, to artificial global constricts placed by those who have control of the traditional banking system.

  6. TheOGazerts Avatar
    TheOGazerts

    @WilyCoyote,
    (1) “MMONEY is merely an attempt by a Barbados organization to setup thier version of PAYPAL to skim off revenues for themselves, claiming it will make inter Caribbean country commerce more efficient, LAUGHING ALL THE WAY TO THIER REAL BANK.”

    I fully agree with the above statement. It seems as if someone has a good idea to position themselves between the customer and the seller and collect fees. From what I read it is more like a debit card than a credit card. I see words like blockchain technology, but they are just putting lipstick on a pig.

    BushTea’s assessment “What is the difference between mmoney and the everyday bank debit card – except that mmoney runs on smart phone technology while debit cards don’t.” is on the mark.

    (2) “Not recognizing MMONEY as a crypto currency is a big FAILING of the BLOGMASTER. Coyote is continually amazed how easy it is for GOB to fog the eyesight of BAJANS”

    I disagree here. The more I see of mmony, the less I believe it has anything to do with cryptocurrency. It may just be a debit card with the advantage of not being tied to just one country.

    (3a) “Your argument that MMONEY is backed by hard currency is naive.
    (3b) “Anything being backed by whatever Caribbean hard currency is fraught with issues as these supposed hard currencies are themselves not realistic.”
    Disagree with your(3a) and think the blogmaster called it correctly
    Fully agree with your (3b) assessment

  7. TheOGazerts Avatar
    TheOGazerts

    Ask Donna “I often claim to not know anything about a topic” But I am often able to detect when a blogger has even less knowledge on a topic than what I have.
    I think Crusoe at 4:07 a.m. is in over his head.
    If I knew what the hell he was saying, I would attempt a reply.

  8. TheOGazerts Avatar
    TheOGazerts

    https://theoofy.com/19232/is-bitcoin-dead-btc-a-bubble-or-a-stable-investment-is-crypto-dead-is-cryptocurrency-dead-cryptocurrency-predictions-2018-2019-2020-2025-sat-jan-05/‘

    Kind of long… but worth a read and remember this,,, blockchain is not a cryptocurrency……… cryptocurrencies are created using blockchain technology. Some have confused the two,

    “Over 800 cryptocurrencies are now dead as bitcoin is 70 percent off its record high
    Over 800 cryptocurrencies are now dead and worth less than one cent.
    New digital tokens are created through initial coin offerings but some of these projects have been scams and many have not materialized into real products.

    Bitcoin has fallen grealy since its record high near $20,000 last year, adding to bearish sentiment around cryptocurrencies.
    Cryptocurrency projects have been popping up left, right and center in the past 18 months, but over 800 of those are now dead, adding to comparisons between the current digital coin market and the dotcom bubble in 2000.

    New digital tokens are created via a process known as an initial coin offering (ICO) where a start-up can issue a new coin which investors can buy. The investor doesn’t get an equity stake in the company, but the cryptocurrency that they buy can be used on the company’s product. People usually buy into an ICO because the coins are cheap and could offer big returns in the future.

    There has been an explosion in ICOs. Companies raised $3.8 billion via ICOs in 2017, but in 2018, this number exceeded $12 billion, according to CoinSchedule, a website that tracks the market.

    However, hundreds of these projects are now dead because they were scams, a joke or the product hasn’t materialized. Dead Coins is a website that lists all the cryptocurrencies that fall into those categories. So far, it has identified just over 800 digital tokens that it considers dead. These coins are worthless and trade at less than 1 cent.”

  9. TheOGazerts Avatar
    TheOGazerts

    It’s not a miracle….
    https://cointelegraph.com/news/major-consulting-firm-mckinsey-finds-little-evidence-of-practical-blockchain-use-cases

  10. TheOGazerts Avatar
    TheOGazerts

    Over 2,000 changes

    https://coinmarketcap.com/all/views/all/

  11. TheOGazerts Avatar
    TheOGazerts

    Just read
    https://www.coindesk.com/bitcoin-price-tumbles-10-as-crypto-markets-flash-red

    Mining malware?
    https://www.coindesk.com/crypto-mining-malware-has-netted-nearly-5-of-all-monero-says-research

  12. TheOGazerts Avatar
    TheOGazerts

    Someone mentioned a story in the Nation newspaper about a possible scam related to ‘mining’.

    Barbadians now see their few pennies being eyed by government, private companies, online and offline scammers…

    It seems as if the word has gotten out ‘A Bajan and his money are soon parted’

    Avoid quick rich schemes
    Try to understand what you are investing in
    Know the reputation of the person who is handling your money
    Don’t be greedy
    Ignore the few who come here and pump up things they know nothing of
    Research

  13. TheOGazerts Avatar
    TheOGazerts

    Crypto-scam update
    ttps://www.pressreader.com/usa/new-york-daily-news/20190309/281865824784562

  14. TheOGazerts Avatar
    TheOGazerts

    Crypto-scam update
    https://www.pressreader.com/usa/new-york-daily-news/20190309/281865824784562

  15. TheOGazerts Avatar
    TheOGazerts

    https://nulltx.com/2-billion-stolen-2018/
    Headline: Inside Jobs Dominate as Crooks Steal $1.7 Billion in 2018, 360% Higher Than 2017″

    “Last year was the worst yet in regards to crypto crime, a new report reveals. The industry lost more than $1.7 billion to crypto crooks, three times the 2017 tally. In what has become an ever-evolving menace, the thieves have continued to refine their methods. Crypto exchanges are still targets of choice for the crooks. However, the landscape is slowly changing, with inside jobs becoming a significant new channel. Exit scams by ICO issuers and SIM swapping have also gained traction as the thieves diversify.”

  16. David Avatar
    David

  17. Vikash Kumar Jha Avatar
    Vikash Kumar Jha

    Well, we can’t always see the positive or negative side. Every process here is sinusoidal. There will be variation but we need to look beyond- what is our primary need?
    1. Ownership
    2. Transparency
    3. Integrity
    4. sustainability
    Blockchain is being developed to address these issues.
    If you have something to contribute by presenting, sharing your views, join us at: https://www.meetingsint.com/conferences/blockchain
    #blockchainconference #blockchainsummit #blockchainmeeting

  18. TheOGazerts Avatar
    TheOGazerts

    Positive note————————-
    Visited the link by Vikash Kumar Jha and had a pleasant reaction to it.
    A next positive, the meeting is in August, so you have time to google names, companies, events mentioned, date
    Going to give him a passing grade for 1. Ownership and 2. Transparency
    He may be genuine

    ________________Now for the bad news________________________________

    TheO’s rating: Still a scam

    https://www.newsbtc.com/2019/04/20/analyst-bitcoin-btc-likely-to-soon-see-massive-volatility-as-golden-cross-pattern-forms/

    “XC, a popular cryptocurrency trader on Twitter, shared his thoughts on Bitcoin in a recent tweet, explaining that he expects BTC to see another “scam move” up to the upper-$5,700 region, at which point it will be pushed back down.

    “Seeing weak bearish moves all across the board here, think we get one more scam move up with a harsh peak around 5777,” he explained.”

  19. TheOgazerts Avatar
    TheOgazerts

    The truth is I did not read it all.

    “On top of all of this, there’s some evidence to believe that Binance regularly inflates the trade volume of its own Binance Coin (BNB), as well as the coins launched via Binance Launchpad.”

    Seem one like one bad guy saying the other is worse
    https://www.ccn.com/binance-overlords-delisting-bitcoin-sv-bad-thing-for-cryptocurrency

  20. kayleesong97 Avatar
    kayleesong97

    Your blog post (https://krown.io/story/how-to-hack-a-blockchain-conference) has been submitted to Krown! Upvote your link, before it gets buried!!

  21. kayleesong97 Avatar
    kayleesong97

    Your blog post (https://krown.io/story/what-factors-influence-the-price-of-bitcoin-2) has been submitted to Krown! Upvote your link, before it gets buried!!

  22. TheOGazerts Avatar
    TheOGazerts

    Numbers are interesting. They tell a story, but not the whole story. By themselves the numbers can be misleading.

    ” One user suggested in Elmandjra’s thread that the bulk of Bitcoin transactions come from “speculative trading” and a comparison with Visa “couldn’t be more apples to oranges.”

    https://cryptoslate.com/bitcoin-transaction-volume-tops-paypal-creeps-up-on-visa/

  23. Sargeant Avatar
    Sargeant

    This should be of interest to someone…..

    https://www.cbsnews.com/news/bitcoins-wild-ride-60-minutes-2019-05-19/

  24. Moksh Popli Avatar
    Moksh Popli

    Really interesting article. Thanks for posting.

  25. David Avatar
    David

    https://platform.twitter.com/widgets.js

  26. Consulting24 Avatar
    Consulting24

    This article reflects on the rise and fall of the cryptocurrency frenzy in 2018, capturing the thrilling highs and sobering lows experienced in Silicon Valley. From a cryptokitty selling for $170,000 to the dreams of reshaping the world with blockchain, the narrative took a swift turn as the bubble burst. Bitcoin, once reaching $19,783, now sits at $3,810, and Ethereum and Litecoin faced significant drops. The piece serves as a cautionary tale, highlighting the unpredictable nature of the cryptocurrency market and the sobering aftermath of a once-euphoric period.

  27. TheOGazerts Avatar
    TheOGazerts

    Your post brought me here, for this was once one of my pet topics.
    $3810 should possibly have been $38,100

    Your timing alarms me as I am now seeing some suggesting that now is the time to buy bitcoin. I suspect that some of these folks are trying to cut their losses and run and others are trying to lock in their gains.

    To be honest, I have no idea if to buy or to sell, but I was never and am not a lover of these coins. I do not have any and I have no advice for you.

    BU readers are warned to read posts on bitcoin carefully. and to do the necessary research. Do research before you start buying coins.

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