Cryptocurrency

[JustAnotherTimeline]

Check in here too:

I'm not sure the community focus is a positive here, considering the coin has crashed and a lot of local people bought into it. It has no practical usage and only one exchange lists it.

Let's admit mayor Suarez pulled a Bitcoin bait-and-switch with MiamiCoin

Miami has generated $5.25 million in crypto rewards via MiamiCoin, a tiny token that has collapsed nearly 90% since its peak.

protos.com

Thanks for locating an update. Like a mentioned before it could go down as a failed experiment. Not really surprised. It would take a pretty high level of local buy in for it to work.

 

[JustAnotherTimeline]

Timely question here... suppose crypto supplants all government currencies - no more central banks. This is the ultimate vision for crypto, right? To replace the dollar [€, £, ¥... whatever] with a totally anonymous, decentralized currency on a block chain.

So say that happens prior to Russia invading Ukraine. How does the West react? We can't sanction RUS since there are no central banks or clearinghouses. We can't aid Ukraine militarily because we don't have a treaty/alliance. So what is the answer in that scenario? Just full nuclear deterrence between everyone that has nukes? And anyone with enough crypto to buy a bomb can join the party?

I mean I get that you don't want the gubmint to know about your beanie baby collection or whatever but is it that important compared to national security?

Personally, I support Bitcoin as more of a opt-in sort of system. I don't see it replacing fiat currencies nor do I necessarily want it to.

 

[JustAnotherTimeline]

Timely question here... suppose crypto supplants all government currencies - no more central banks. This is the ultimate vision for crypto, right? To replace the dollar [€, £, ¥... whatever] with a totally anonymous, decentralized currency on a block chain.

So say that happens prior to Russia invading Ukraine. How does the West react? We can't sanction RUS since there are no central banks or clearinghouses. We can't aid Ukraine militarily because we don't have a treaty/alliance. So what is the answer in that scenario? Just full nuclear deterrence between everyone that has nukes? And anyone with enough crypto to buy a bomb can join the party?

I mean I get that you don't want the gubmint to know about your beanie baby collection or whatever but is it that important compared to national security?

Interesting developments in Russia today. Bitcoin was selling at a $5000 premium at some Russian exchanges. There appears to be increasing buy volume from citizens as the Ruble faces massive inflationary pressure as a result of the economic sanctions. Rubles can be confiscated from citizens by the government in the event of an economic collapse. Some buy volume could also be coming from Ukraine. ATMs are empty, card terminals are down, etc. People need funds in order to flee the country.

This is one reason I support bitcoin as an opt in system. It is a means of financial freedom from oppressive governments. It can also serve as a lifeline for people in dire situations.

 

[clonehome]

Dorsey sold something as an afterthought or maybe even a joke and found someone to pay $3 mil for it. That has nothing to do with him being a BTC maxi, rather it just points to the absurdity of the NFT market.

The bored ape thing is probably fun for people. You spend a couple hundred bucks worth of ETH to be a member and you get access to certain sites. Is there more to it than that? Pokemon GO was really popular for a few months in 2016 and is still around, and generated a lot of revenue along the way. After watching the cryptocurrency and NFT markets for several years they still seem to be more like games or hobbies than useful assets. Which is OK because online gaming is a multibillion dollar industry. And online betting is even bigger.

This made me laugh. Ethereum may have long term value as a blockchain (we’ll see about ETH as a cryptocurrency) but this article supports my point above regarding NFTs. It will attract some really stupid people before it washes out.

‘Jack Dorsey’s First Tweet’ NFT Went on Sale for $48M. It Ended With a Top Bid of Just $280

Crypto entrepreneur Sina Estavi bought Twitter founder Jack Dorsey’s first-ever tweet as an NFT for $2.9 million last year. He listed the NFT for sale again at $48 million last week.

www.yahoo.com

 

[cyclone4L]

This made me laugh. Ethereum may have long term value as a blockchain (we’ll see about ETH as a cryptocurrency) but this article supports my point above regarding NFTs. It will attract some really stupid people before it washes out.

‘Jack Dorsey’s First Tweet’ NFT Went on Sale for $48M. It Ended With a Top Bid of Just $280

Crypto entrepreneur Sina Estavi bought Twitter founder Jack Dorsey’s first-ever tweet as an NFT for $2.9 million last year. He listed the NFT for sale again at $48 million last week.

www.yahoo.com

The same thing was said about computers and the internet.

 

[agrabes]

The same thing was said about computers and the internet.

Fair, but the same thing was also said about HD-DVD. Didn't stop Microsoft from putting in the X-Box 360 and then having it bomb out shortly thereafter.

The dreamers were right in the case of the internet, Amazon, etc, but there are a thousand other things they were wrong about. I think my person opinion of this stuff is being validated at the moment - NFTs are mostly a worthless fad, while cryptocurrencies do have a few limited uses. We're seeing more and more of these NFTs that were once hyped come crashing down to earth as people recognize that the hype was just hype and had no substance. Who knows though, in another year or two I might be proven wrong.

 

[ISUTex]

Fair, but the same thing was also said about HD-DVD. Didn't stop Microsoft from putting in the X-Box 360 and then having it bomb out shortly thereafter.

The dreamers were right in the case of the internet, Amazon, etc, but there are a thousand other things they were wrong about. I think my person opinion of this stuff is being validated at the moment - NFTs are mostly a worthless fad, while cryptocurrencies do have a few limited uses. We're seeing more and more of these NFTs that were once hyped come crashing down to earth as people recognize that the hype was just hype and had no substance. Who knows though, in another year or two I might be proven wrong.

Remember the apple eye glasses? What were those called?

 

[KidSilverhair]

Remember the apple eye glasses? What were those called?

You mean Google Glass? Or was there a different Apple product?

Or maybe George Glass?

 

[BCClone]

You mean Google Glass? Or was there a different Apple product?

Or maybe George Glass?

View attachment 97770

 

[JustAnotherTimeline]

This made me laugh. Ethereum may have long term value as a blockchain (we’ll see about ETH as a cryptocurrency) but this article supports my point above regarding NFTs. It will attract some really stupid people before it washes out.

‘Jack Dorsey’s First Tweet’ NFT Went on Sale for $48M. It Ended With a Top Bid of Just $280

Crypto entrepreneur Sina Estavi bought Twitter founder Jack Dorsey’s first-ever tweet as an NFT for $2.9 million last year. He listed the NFT for sale again at $48 million last week.

www.yahoo.com

NFTs will be used in the future for tokenized physical assets, online security, voting, ticketing, supply chain, and authentication/verification. NFTs are not just scarce cartoon jpg files like many seem to think.

Also, what exactly are you referring to with the ability for the Ethereum network to persist with or without it's native asset?

 

[besserheimerphat]

 

[JustAnotherTimeline]

Gotta have the stomach for defi risk in order to reap the rewards.

Still feel bad for these investors though. I lost a dent chunk of capital last year in the TITAN/IRON fiasco. Sucked.

 

[besserheimerphat]

 

[MeowingCows]

lol

 

[JustAnotherTimeline]

lol

Yeah, I would not be pleased if I was involved in this ecosystem. Not a great look for crypto here. I have never been a fan of staking coins for rates and benefits that can change on a dime. Too much cost up front for decent rewards with no guarantee of sustainability.

Frankly, I don't know why people even use the crypto.com card. I use the coinbase card exclusively for the 4% back. It costs nothing and there is no native token to stake.

 

[MartyFine]

 

[ISUTex]

You mean Google Glass? Or was there a different Apple product?

Or maybe George Glass?

View attachment 97770

Yes. Google Glass. Thanks. I hated those things.

 

[cyclone1209]

Also - at this point it is hard to call crypto a diversifier or “store of value”, when all it does is track growth stock indexes to a higher or lower degree

 

[Malone]

Also - at this point it is hard to call crypto a diversifier or “store of value”, when all it does is track growth stock indexes to a higher or lower degree

Your statement is akin to lumping in Apple or Amazon with the stock market at large over the last 20 years.

Make sure to clarify between "crypto" and "Bitcoin" when making these arguments because it's wildly inaccurate otherwise; Bitcoin is the greatest store of value in the world over the last 10 years, and institutional money has barely started to participate.

 

[JustAnotherTimeline]

I don't post much that is bearish on crypto because by and large it's FUD. However, this isn't FUD. This is really sad because many people (approx 16 billion supply) put their life savings into the UST "stablecoin". The native token Luna, a top 10 coin, is down 98% in 2 days and UST has completely lost it's peg to the dollar and currently trading for 33 cents. Personally, I have always been bearish on algo stablecoins because of the potential for this kind of failure. Someone in one of my crypto groups already mentioned of a known suicide because of this. This is where regulation is welcome. Not to stifle the innovation of the space, but to ensure people who participate understand the risks.

Controversial stablecoin UST — which is meant to be pegged to the dollar — plummets below 30 cents

UST, a so-called stablecoin that's meant to maintain a $1 peg, was trading at less than 40 cents Wednesday.

www.cnbc.com