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TETHER: The Tail Wagging The Dog – Hacker Noon
that the manipulated futures markets leads price discovery causing artificial pump and dumps in precious metals
bitcoin  blockchain  bubbles 
14 days ago by jmkorhonen
Bitcoin Is Ridiculous. Blockchain Is Dangerous: Paul Ford - Bloomberg
I’m not saying this would be a good idea. In fact, I’m pretty sure it’d be a bad one. Point is, this sort of thing used to be prohibitively difficult to pull off at any scale, because anonymity can be hard to protect, and platforms are hard to run and easy to attack. Now the frameworks are coming to build such tools and make them anonymous and decentralized, so that they might endure, and, as with all internet things, they’ll arrive well ahead of the ethics we need to make sense of them.

[…]

Here’s what I finally figured out, 25 years in: What Silicon Valley loves most isn’t the products, or the platforms underneath them, but markets. “Figure out the business model later” was the call of the early commercial internet. The way you monetize vast swaths of humanity is by creating products that people use a lot—perhaps a search engine such as Google or a social network like Facebook. You build big transactional web platforms beneath them that provide amazing things, like search results or news feeds ranked by relevance, and then beneath all that you build marketplaces for advertising—a true moneymaking machine. If you happen to create an honest-to-god marketplace, you can get unbelievably rich.
paul-ford  capitalism  bitcoin  silicon-valley  markets  bubbles 
5 weeks ago by jbrennan

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