/biz/ - Business & Finance

how do you go about analysing a sector, /smg/?

>>4565040
>be me
>be thanksgiving, family all laughing and joking, asking me when Im going to get a job or even pay rent
>tell them im actually a successful crypto trader, its been going so well i recently became a millionaire
>they all laugh
>show them my blockfolio
>i try to explain bitcoin
>uncle downloads blockfolio, types in 1,000 bitcoin, starts showing it around saying hes a crypto millionaire too
>everyones laughing
>tell them its true and i can withdraw from a bitcoin atm
>convince my family to take me to nearest bitcoin atm, 2 hours away
>they wanted to go to this city anyways for shopping, tell them ill buy some gifts for christmas
>arrive at atm
>atm only allows you to buy bitcoin, not sell it
>family getting impatient
>"enough anon, your joke is going too far, lets just go to the mall now"
>i ask the convenience store clerk how do I sell with the atm?
>he doesnt know what im talking about, "only buy, you buy here"
>aunt goes up to the atm with a $20 and pretends it came out, look Anon, I sold my byte coins, how come you cant sell yours?
>everyones laughing as they head back to the car

im fucking done, you guys are worse than /b/, idk how you got this scam so big in the first place

im trying to fud here wtf are you doing delet this post now

My first thought was: "well what either party commits fraud?" Confido has a really clever solution to this built into the smart contract. If you receive a box of coal instead of a plushy, you as the buyer can just freeze the funds in escrow. That way they don't get released to the seller. This creates a huge disincetive for fraud from the seller's perspective because they won't get paid, and they waste money on shipping. Once a contract has been held up by the buyer, only the buyer can release the funds to the seller.

But what if the buyer commits fraud - can I just claim I got coal instead of a plushy to get my money back? No you can't - your funds are in escrow, and you don't actually get your money back unless the seller authorizes the refund. Thus, there is no incentive for either side to commit fraud short of pure spite (there is just no tangible/monetary benefit you can receive by trying to defraud eachother). For the .00000001% of buyers or sellers that truly are spiteful despite zero benefit to themselves, eventually Confido will implement Kleros.io, which is a dispute resolution blockchain, as an intermediary.

>>3963621

cautiously optimistic. when was this ico tho?

>when someone on /biz/ mentions an awesome ico that has been kept quiet

>>3899452
oh and the obligatory pic related

>>3880448

>>3880474
at least they have names, unlike the ethbet team rofl

>like 60%+ in Monero since months back
>mfw waiting for it to go back up but it keeps going down