iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
17,243 Blog Posts

I Was Wrong About Crypto-Fags

I am working on a new project which entails a lot of manual rigor. Part of my job is to sift through the 1,300 or so ICOs and extract what they do, since no one else has actually deemed this to be an important factor in ascertaining information about cryptos. To date, all that is available to crypto investors is price action, which is, mighty I add, inexorably retarded.

To do this, I am forced to read thru white papers, detailing exactly what these companies do. Admittedly, many of these companies are laughable jokes and the valuations are out of whack; but many of them are in fact very real. The best way I can describe what is taking place is we are witnessing an entirely new internet being built — Web 3.0.

To that end, decentralization is about to happen on an industrial scale. While I cannot speak for valuations and the opaqueness of the market place, which is something that needs to be worked through, there are immense opportunities here — especially in storage. If you’re long BOX or any other cloud based server company, you should pay attention to what is going on in crypto land — because they’re about to snatch your wig.

Due to the current market intelligence platforms in crypto land being horrible and wretched places of ill-repute, most prospective investors wouldn’t know where to start, if they wanted to maybe look into a storage based coin. That will end soon.

Observe one small part of the functionality we’re building into the platform — keyword searches — which draws from a reservoir of information that is all being manually uploaded by my own hand.

Another interesting coin is Revain, ticker R — who seeks to supplant Yelp and they make valid charges in regards to Yelp’s fraudulent business, pertaining to fake reviews done to hurt businesses with extreme malice.

The list goes on and on. While some might view having to read 1,300 white papers as a chore, I see it as an educational undertaking. I’ve read through over 100 papers last night and inside the next month will have read them all. By then, I’ll have a firm handle on the asset class and will be able to speak about it with authority.

What we intend to offer is a platform, free of charge, that will overlay the algorithms in Exodus onto cryptos, in addition to a sundry of helpful information that will allow investors make informed decisions. I do not know if our predictive mean reversion algorithms will apply in this asset class — but at a minimum, users will be able to do powerful screens and use it to learn — which is the whole damned point.

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82 comments

  1. cryptonight

    You have gone over to the dark side.

    Of course, thats where the money is.

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  2. small pleb

    I find zcash very interesting from a technical perspective. I have heard people jokingly refer to zcash as NSAcoin. What do I know?

    https://twitter.com/snowden/status/943165560438886400?lang=en

    I like all of the big four on coinbase and you can’t can’t ignore the Ripple and Tron.

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  3. moneyhelicopter

    was just waiting for this. see what foxy craft you will use to go into crypto, at least there is the “i was wrong”, but then again, that’s a fucking understatement. 18years on wall street to join 18years old faggots late into their investments. what a fucking (as trump would say) stable genius. so long fuckface

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    • Dr. Fly

      Unreadable drab.

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      • moneyhelicopter

        yep yep yep, i wonder if you find your own 400+ articles insulting the simple mention of “crypto” unreadable… it’s alright, you just need another 18 years on wall street little boi.

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    • reversion

      Why such hate copter?? Grow up

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      • moneyhelicopter

        remember months when this fucktard just openly mock anyone mentioning crypto? now you mention hate. alright i’m a hater, better than a retard for what it’s worth.

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        • Dr. Fly

          Funny thing is, you’re still an ignorant moron, “money helicopter.”

          I guarantee you I know more about your beloved crypto space than you do or will ever know. I also guarantee you that you’ll be sucking my knee caps over the next year, in search of actionable crypto ideas.

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          • moneyhelicopter

            someone said the opposite? I will be on my knees praying for you to give me some opportunities and
            I agree, you know more than the creators of all cryptos.

            Still, that does not change the fact that you mocked people and miss opportunities because you are a little boi with a big ego, does it?
            Now, why don’t you go read what you discarded months ago.

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  4. zusch

    https://twitter.com/zusch_fx/status/905123970629951488

    Follow me on Twitter already Fly, its 2018

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  5. DMXtremelyOnPoint
    DMXtremelyOnPoint

    Let the crypto geeks sort it out. Make an index of the market.

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  6. Dr. Fly

    This is stock market for cryptos circa 1870s — wild west.

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  7. Dranged

    Good stuff Fly. No doubt there is a king’s ransom for those who are able to efficiently make informed decisions in the blockchain space based on fundamental factors, rather than just price action.

    However, regarding $BOX specifically, while I did trim on Friday (15% of my position) as an initial defensive move, I must say that it is not yet clear to me that they are fucked. They foresaw the actual storage as moving toward being free and infinite a few years ago. For the Enterprise, they do not charge for storage. They are moving (have moved) to use AWS and others for the physical data center.

    $BOX focus is on the content management, and the physical storage is meh. Their software provides the user interface, sets policy, governance, compliance and security. The security piece will probably become obsolete with blockchain, or at a minimum need to be totally re-thought.

    While I am still sorting through it, it’s possible blockchain could be a tremendous lift for $BOX if they are able to get out in front of it and offer blockchain-based Enterprise Content Management. For now I am sitting on the remaining 85% of my position, because if they announce something blockchain, BOOM to the fucking moon.

    Interesting times. Thank you Fly.

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  8. cancel19

    One thing cool about Exodus is that we have a Moses (i.e. Dr. Fly) leading us to the promise land $.

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  9. zephler

    sounds awesome Fly -thx man! I suppose sometime after this, you can link coins to companies that are listed on old man exchanges so that old men can buy coin proxies? The current exchanges to buy and sell these coins feel greasy.

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  10. juice

    what happened to the resident IBC cryptofag blogger @coinspeak?

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    • Marc David

      I think he missed XRP and that was it.. he left that last blog post with that bastard McAfee and never blogged again. But he’s put up some good tweets. So he’s obviously still in it to win it.

      Or he’s hanging out with his wang out

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      • metalleg

        Put down the crack pipe son.

        He’s certainly reading these comments and when he has something to add, I’m sure he will do so.

        Last things he spoke about were EOS to $20 by end of January, he likes BCH over BTC, and feels strongly about XMR. He also likes $MGTI.

        He’s not a pumper so what else is there to say now?

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      • masteroneass

        How could you miss ripple. Every damn article stated the banks are using it. Plus it rhymes with Apple. It was even created before bitcoin.

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        • infinitezuul

          Probably because it’s a scam.

          “Ooops, something happened. Please try to buy XRP with USD again. We are looking into the issue.”

          “Ooops, something happened. Please try to buy XRP with USD again. We are looking into the issue.”

          “Ooops, something happened. Please try to buy XRP with USD again. We are looking into the issue.”

          “Ooops, something happened. Please try to buy XRP with USD again. We are looking into the issue.”

          .
          .
          .
          .

          “Thank you for using BTC/ETH to buy XRP! This is the easiest and most secure way to buy XRP.”

          XRP sellers are winning.

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  11. hobbes

    Fly,

    I think you are on it with regard to storage. Not many are talking about this use. I was looking specifically at cloud storage crypto. I think Saicoin (SC) could be a good play. I have been watching it and should have pulled the trigger at 2 cents a couple weeks ago. It is up another 100% today, or there abouts now at 10 cents.

    Please take a look at the white paper on this one (preferably prioritized higher on your list) and let us all know what you think.

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    • moonshot

      Storj and Krate are directly competing in the blockchain storage space. I’ve spoken to some people associated with one of those projects in the course of recruiting developers for my cryptocurrency project.

      Fly, I hope you like our updated white paper when it it released soon. I’m writing parts of it now.

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  12. hobbes

    its also now with recent moves, over your 1 Billion Market cap number.

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  13. paradox

    Web developers have been using something close to the blockchain for years. See Git vs blockchain. They’re both both examples of merkle trees. All someone has managed to do is to repackage git, but with currency, and then explain why everyone needs it. Same as being sold a new version of Microsoft Word every few years – pointless, nothing really new or helpful, possibly even worse, but boy will someone make a crapload (Microsoft and all the IT departments/agency across the land, in the case of Word). There will be no decentralization – someone (or many someones) has to do the hosting of the infrastructure and/or access to it, and just wait till government gets their hands in. No more ability to store anything under a mattress and more, every nickle and dime accounted for and immediately ready for seizing. Resume money making activities.

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    • masteroneass

      Youre wrong. The only thing is storage which sia and storj got a hold on and internet nodes. Quite honestly wifi frequencies could possibly be decentralized with equipment too. Wait for 5g.

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      • metalleg

        IUNGO?

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      • paradox

        “The only thing is storage which sia and storj got a hold on and internet nodes.”

        Exactly some thing has to store it and provide access to it. Paypal won’t get the money anymore, it will just go to sia and storj, and then it will go goldman who buys those mothertruckers out. Say hello to the new boss, same as the old boss. Even if you change the nuances and the details of everything above, or offer something ‘completely different’ as an alternative, given enough profit motive and consolidation, situation will still return to status quo. Paypal out of business, just a newer version which is probably even more up our asses.

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        • masteroneass

          Who gives a flyin fuck. My zclassic went up 60 percent today. As long as im making money i could give two shits what goldman does. And yes the first one who creates a but torrent type network with 5g wifi nodes will essentially be the new at&t of the software world. Somebody already nabbed up sprints frequency but it can be done with wifi. I am almost certain. The internet is nothing more then wires and switches. Wifi is all over the place connected to “the internet”. Find me the guy who can bittorrent connect these “wifi nodes” and ill find you a coin more valuable than the entire crytpo market.

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  14. masteroneass

    Half ai / half algo. Blockchain is the most interesting tech since the internet. It is internet 2.0. Say what you want satoshi was extreme genius. But the best part is these algos are very accurate and allow everybody to participate and distribute the internet fairly. Not just the fangs.

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  15. Marc David

    Other than buying BTC, BCH, ETH or Litecoin it’s not all that easy for the masses than are begging to get on exchanges, quickly fund and buy these alt-coins.

    My point is.. from one perspective it’s too late.

    From another, it hasn’t even started.

    Most of the people I talk to are all Coinbase and might buy a tiny piece of BTC or BCH. Yeah! Then you mention Monero, XRP, etc.. no clue. They want it! But to get it.. not for your grandmother.

    I don’t know where this goes. I know it probably ends in massive sells with most people stuck. But then price levels out and the real Web 3.0 is this blockchain stuff.. not the price of some coin, token, whatever.

    In the meantime, it’s fun! Just like the original dot com! FUN FUN.. blow out.. people made millions. Lotta people got dicked. In the end we got major Web 2.0 players that are still here serving real purposes and more price stability.

    Crypto is not going away. But what it becomes other than people tossing money at low tokens.. I don’t know. I don’t pretend to know.

    If this is the 8th inning.. best to have an exit plan of sorts because if/when masses selling does occur if it does. These crap ass exchanges today can’t handle it. You’ll be screwed. The bigger guys/gals will have already hit the exits.

    That being said..

    Monero.. I like that. BCH for real world use. XRP for banks and such and Monero for those who want Silk Road 4 and to buy fake drivers licenses.

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    • masteroneass

      There are over 1300 altcoins. Bitcoin was just the tip of the iceberg. People are diversifying out of it. Just look at ripple. It was actually invented before bitcoin. Missed the boat on that one 37300% in one year after reading all year the banks were using it because i was concentrating on bitcoin and ethereum. Big mistake and the mistake they wanted us all to make.

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  16. Marc David

    Interesting page if you actually have an account on some of these bastard exchanges.

    The arbitrage for Ripple XRP is upwards of 19%

    Buy on Exchange A… transfer.. sell on Exchange B

    https://www.shufflup.org/currency_spec.php?currency=usd

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  17. hobbes

    Bitrex is the exhange for alt coins.

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    • Marc David

      Yeah well they have been closed to new registrations since Dec 15th. That was my first choice but I missed the boat by 1 day.

      Most others have closed or take who knows how long to get registered. So if you want XRP or alt-coins now.. you need Coinbase or Gemini and then use a few other exchanges.

      Had great luck with Shapeshift.io and Binance (closed now)

      Even Bitrex requires you to fund with a crypto right?

      The fiat takes for-ever even with a wire. And some places like TD are not doing 3rd party wires to digital asset companies.

      It’s the wild west.

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  18. one-eighty

    BlockV is running.

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  19. zephler

    BAT.X – very interesting

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  20. fixurrss feed

    Good Stuff. It will be interesting to see how history repeats/rhymes or doesn’t with crypto’s and the dot com boom.

    Another thing thats doomed by Web 3.0 is Ebay.
    https://www.openbazaar.org/features/

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  21. chuck bennett

    Wild Wild West is right

    Bank robberies and all.

    Crypto bank robberies.

    Money? What money?

    Regards

    Chuck Bennett

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  22. gappingandyapping
    gappingandyapping

    Wait….What was Internet 2.0? I don’t know, I mean these are just made up things that have zero backing and anyone can create anything and call it a crypto, Dogecoin is fucking a billion dollars. Bitcoin trades at like 100x what it would cost to just replicate the infrastructure to mine all of the coins today. How is that not a major worry. I get something is worth what another idiot will pay for it but assigning even a dollar value to it just doesn’t even seem correct. But what the fuck do I know, off to buy some cryptos.

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  23. fryguy15

    Hmmm. Still plenty of money to be made in good old stocks. If I want a thrill I go with options or some /NQ. Y’all have fun though. Best of luck.

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  24. fryguy15

    Btw.. Fly, I see what you did there. Brilliant as ever! My man.

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  25. sweetbillyv

    Sweet!

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  26. fixurrss feed

    One thing that will definitely live through the cryptobubble is IPFS. It has a geeky name Interplanetary File System, but the idea of decentralized web will be unstoppable. Imagine no censorship from twitter, facebook, etc. Follow this guy: @juanbenet

    https://twitter.com/juanbenet

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  27. vale

    Okay, so it takes a tremendous amount of power to validate blockchain transactions, which is rewarded in coin. And this is for small amounts of data for each transaction. I don’t understand how it could be economically feasible to use blockchain to store any significant amount of data. It would take Gigawatts https://www.youtube.com/watch?v=f-77xulkB_U to validate TBs of data transfer, no?

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  28. bwana

    My brothers company.

    https://fansunite.io/whitepaper.pdf

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    • mad marsupial

      Never met the man, but Hunters S. (why is the ‘s’ important) Thompson would probably be all over the crypto-thing.

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  29. dae42

    Your next boner will be weed stocks. Reporting is far simpler than anticipating, but either can be profitable. Carry on…

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  30. bob smith

    Has anyone besides me ever considered this: if there was legitimate money to be made in this space, why wouldn’t Bezos be all over it? Consider this: if the new Pansy replaced the old “tulip,” Bezos would be selling the cheapest and most utility-oriented Pansy there is.

    Why is Bezos and Buffett not in this space? They have managed to infiltrate and sabotage every genuine profitable enterprise in the last 20 years.

    Yet. they are staying out. Why?

    Before you max our your Visa in anticipation of “wealth beyond my wildest dreams,” at least consider why some the the smartest men on this planet are opting out.

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    • ironturd

      Buffett acknowledged he made a big mistake not investing in tech. Bezos will do blockchain but he doesn’t have to invent if. He just waits for the market to develop, then does it better at scale with a built in market. He got burned with the Fire Phone, he’ll do blockchain right when he’s good and ready. This also assumes he hasn’t invested himself in crypto or crypto companies. Amazon breaking the eff out right now I wouldn’t be surprised it’s around the corner. $100B personal net worth is also something to put in perspective. When you can buy all top ten cryptos out, what do you care? The moment he touches anything crypto related it will send shockwaves. VUZI just announced AR glasses with Alexa. Crypto took a lot of smart people by surprise because it sounded nerdy and unrealistic to overthrow the fiat system. Now it’s catch up time and absolutely everyone is on the same page as Fly here. BTFD for crypto, emerging markets, Europe and weed stocks for the next two years imo. China tech has another huge wave to come.

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      • bob smith

        “The moment he (Bezos) touches anything crypto related it will send shockwaves.”

        This kind of wishful thinking is typical of krypto enthusiasts. It is unrealistic… fantasy. Kind of like Elon Musk’s fantasy that he will rule the world, travel to mars and be smart some day.

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    • moonshot

      You realize amazon grabbed a bunch of blockchain related domains like amazonbitcoin.com and several others years ago?

      Besides that, there are (decentralized) servers making up parts of the blockchain network. One of mine is hosted at AWS, where they give you your first virtual private server for free for the first 12 months. That server is spitting out about a 50% ROI for me even if the price of the coin wasn’t going up, which it is. A similar example, Dash Masternodes, are now worth over 1 million dollars and giving something like a 5-15% ROI.

      I think AWS will be in blockchain quite heavily (and already is) whether they intend to be or not.

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      • bob smith

        “I think AWS will be in blockchain quite heavily (and already is) whether they intend to be or not.”

        Be careful what you wish for. The moment Bezos makes a real blockchain cryto currency, all others will go the way of Kmart.

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  31. ccassara

    This will be a great addition to Exodus. I have started to do the same thing with crypto white papers because I am tired of being mystified about the space. I have finished 3 white papers 😉 Can’t wait for you to complete this!

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  32. mad marsupial

    You know WAY more about this than I do, but it seems to me, if governments really start to get nervous about the libertarian nature of this ‘coin of the realm,’ ICOs will be attacked.

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  33. bitcoin fag

    ?What an interesting development. I’m curious to hear what you think of $Gvt It’s one of the few, if not only, involved with asset management. Specifically private trust management. You’ll have? a unique perspective. I got in under $3.

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  34. yourlame

    Fly decides to copy Mitch Stevens opinion word for word… how original

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  35. yourlame

    Fly does his best Mitch Stevens from RBC right down to the WEB 3.0 … WTF

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  36. moosh

    One of the fast money dudes from cnbc said he was starting a “suite” of crypto etf’s for everyone to have much pleasure in.

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  37. lapens

    1. No hard feelings Fly, all along we just wanted your input. Bringing your experience of the Dotcom boom to this space will be invaluable.

    2. I can’t wait for Exodus Fly. Thank you! I’m still pretty sure I was the first to ask for that functionality, but hell yeah!

    3. PPT popped again overnight. Get. On. It.

    4. XVG very soon. Look at that chart – ST target will be $0.70

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  38. moosh

    Lol, apmex payment options include btc.

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