8/ But now there is a new class of investors that became wealthy as a result of speculating on bitcoin and ether, and a gold rush.
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9/ The way negative way to see this is to seem this as scam coins and another bust that will cause unbelievable pain.
2 replies 11 retweets 72 likes -
10/ The difference in this case is the teams are completely global, diverse, code and product completely transparent all secured by crypto
3 replies 26 retweets 130 likes -
11/ You now have a global ecosystem of traders that are betting in real time on GitHub commits, version releases, and tech partnerships.
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12/ Now any tech that can ICO will ICO and a lot of VCs are saying they couldn't even raise venture money
1 reply 19 retweets 95 likes -
13/ But is that a good thing or a bad thing? I think that's a good thing. Now code and product is priced in real time.
1 reply 26 retweets 190 likes -
14/ so you can argue that tokens are technology options valued by black scholes. That's why it's not a equity and behaves just like futures.
5 replies 45 retweets 197 likes -
this makes no sense. first of all, to be an option it needs to have a fixed exercise price and a fixed date in the future.
1 reply 0 retweets 0 likes -
Replying to @hugohanoi @zaoyang and
2ndly, option has some fundamental relationship to the underlying asset. token doesn't have relationship to ANY underlying asset or ETH.
1 reply 0 retweets 0 likes -
Replying to @hugohanoi @zaoyang and
3rdly, it assumes Black Scholes is reliable begin with. It is not, the margin of error is v. large because of its large # of variables.
2 replies 0 retweets 0 likes
lastly, to think token traders are pro traders who calculate fair price is ludicrous. everyone knows its speculators hoping for quick cash.
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yes agreed, but there is price discovery. Do not think it's gambling. Take a look at taleb's book on his shock when discovering practitioner
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