Dennis Rodman is headed to North Korea to set himself up for a Nobel Peace Prize by smokin’ sweet Ganja with Kim Jong Un. Sponsoring the whole event is PotCoin, a digital cryptocurrency created solely for buying and selling cannabis.
PotCoin (POT) is a decentralised, open-source cryptocurrency forked from Litecoin in January 2014. It was created with the goal of becoming the standard form of payment for the legalised marijuana industry. Technically, PotCoin is almost identical to Litecoin, with just a few differences: a shorter block generation time, quicker halving schedule, and a higher maximum number of coins. As a result of its name and nature, the cryptocurrency attracted a fair amount of attention in mainstream media and, unlike most cryptocurrencies, PotCoin was deemed sufficiently notable to keep a Wikipedia page.
PotCoin price is up 90% (and rising) since the news hit yesterday. Here is the PotCoin chart overnight since the story hit mainstream media.
Also from the Gizmodo article:
But even more bizarrely, Rodman has hinted that he’s setting up a backchannel for Donald Trump to speak with Kim Jong-un. And people are taking the possibility very seriously, considering that Dennis Rodman is the only mutual friend between the two world leaders. Seriously.
Seems surreal right? Well it’s also our best shot at bringing Kim Jong Un to the negotiating table and PotCoin just put themselves on the world stage. This is a masterstroke of PR genius by PotCoin with the added benefit of possibly opening the door to US and North Korea negotiations.
420 brah.
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Ridiculous. How about TulipCoin. Or BreXCoin.
Dot com all over again.
So, by that logic:
1999 tech bubble
2017 5 largest companies are tech
2017 crypto bubble
2035…..
Some of the faux coins will collapse but the sustainability of the potential survivors will depend upon whether their use as a medium of exchange reaches critical mass. If a large enough segment of society begins to use Bitcoin, Ethereum, or some other coin on a large enough scale, the chosen ones may stick around.
Non sequitur!
“dot com” IPO was the rage of a niche segment WITHIN the tech bubble market.
Blockchain tech is the rage of a niche segment WITHIN tech market. Noting to do with FAAG/FANG today – they were not “dot com” wonders in 2000.
amazon was most certainly a “dot com” wonder back in the day.
There are over 700 cryptocurrencies in circulation now. I expect over 95% of them will be will gone in a few years but the ones that remain will be household names and store trillions of dollars in value.
Hundreds of dot com companies didn’t survive the dot com bubble but the ones that did you probably use every day.
So, less than 50 survivors.
Would you say there is any possibility to gain an information advantage here for who a survivor might be? Name value would count for something in the short term, but longer term it’d have to be more than that. If no information advantage is out there, the only real strategy possible would be a basic trend following overlay?
Re: trillions of dollars in value – perhaps, maybe, unknowable but if it does happen, it will be gov’t mandated and enforced blockchain. I doubt it will be BTC. BTC will go the Netscape way. It’s already happening…losing market share.
Losing market share because the others are appreciating in value is no problem over the short term. BTC ran hard and fast and a breather is in order. BTC is also required to purchase other cryptos on most exchanges so BTC is the de facto “reserve currency” in this space.
I recommend everyone take the time (20+ hrs.) to understand how the crypto’s work. When the internet started, the negative talk was much the same. Yes, many are scams, but some are not. The ones I feel comfortable with are Bitcoin, Litecoin, ETC, Monero. Some others will be good too. I just don’t know which.
An enforced blockchain is like a circular square. Ain’t no such thing, and never can or will be. (See paragraph 1.) (Watch some Antonopolis vids) Start – Now