Let's talk about Cryptocurrencies

[afc wimbledon]

Originally Posted by topfiverecords

That’s more like interest from a savings account or bond than revenue.

actually I would say its not even that productive, as in theory interest on savings is made when the bank invests your money on your behalf in external companies or mortgages, where as the money made within crypto is just a product from selling more crypto, it is a form of pyramid scheme at its essence if you were to sell crypto strictly on this as its 'benefit' or income.

[karl262]

No, when you stake you are letting your coins be used to verify blocks. This process creates coins that didn't exist before. That is not interest.

[afc wimbledon]

Originally Posted by karl262

No, when you stake you are letting your coins be used to verify blocks. This process creates coins that didn't exist before. That is not interest.

As I said, it's a pyramid, you make money from the new buyers below you, now unlike a classic pyramid you, in theory, don't need to recruit them your self but you are still making money from the sales of the coins to the new owners

[karl262]

Originally Posted by afc wimbledon

As I said, it's a pyramid, you make money from the new buyers below you, now unlike a classic pyramid you, in theory, don't need to recruit them your self but you are still making money from the sales of the coins to the new owners

A pyramid scheme where one doesn't recruit...ok...I'll leave you to think about that one.

This article from Deloitte Inside Magazine is almost 4 years old now and it gives a good overview of asset tokenization on the blockchain including the disruption to traditional finance it will likely cause.

How many intermediaries do you have to go through to buy stocks or other assets, and what are the costs associated? Same with selling stocks but with the added inconvenience of waiting from the time you sell and initiate a wire transfer until the cash is liquid in your bank account. Then there's also apparently the moral dilemma of being involved in the new kind of no-recruiting pyramid where you sell something to a new buyer and make money.

I'd like to buy your car you have for sale and I'll be paying you with barrels of WCS oil. Laughable right? Asset tokenization and smart contracts will make my offer realistic, immediately executable and acceptable.

https://drive.google.com/file/d/1YEu...w?usp=drivesdk

[afc wimbledon]

Originally Posted by karl262

A pyramid scheme where one doesn't recruit...ok...I'll leave you to think about that one.

This article from Deloitte Inside Magazine is almost 4 years old now and it gives a good overview of asset tokenization on the blockchain including the disruption to traditional finance it will likely cause.

How many intermediaries do you have to go through to buy stocks or other assets, and what are the costs associated? Same with selling stocks but with the added inconvenience of waiting from the time you sell and initiate a wire transfer until the cash is liquid in your bank account. Then there's also apparently the moral dilemma of being involved in the new kind of no-recruiting pyramid where you sell something to a new buyer and make money.

I'd like to buy your car you have for sale and I'll be paying you with barrels of WCS oil. Laughable right? Asset tokenization and smart contracts will make my offer realistic, immediately executable and acceptable.

https://drive.google.com/file/d/1YEu...w?usp=drivesdk

You are conflating two things, which is the basic problem of crypto at the moment, judging any crypto as a currency is a wholly different proposition than judging it as an investment, the US dollar is a great currency but no one would see it as an investment, it's value in the long term only fluctuates with inflation, as such it neither makes nor loses value as it is 'value' its the measure of 'value' and no more, crypto may well be a great currency but as an investment its 'returns' are made from more buyers buying more crypto, crypto doesnt generate any returns of its own, no currency does.

Again there may be a great future for blockchain and or crypto in all kinds of areas (although I suspect in the vast majority of potential applications a far simpler cheaper non blockchain solutions will steal the trade once the trade is established) but that doesnt make any particular crypto a good investment any more than the dollar being a good currency doesnt make Ford a good investment, the two things are seperate, they may or may not affect each other's value or returns but they are not connected.

And for the record the worlds largest pyramid schemes have never required recruiting, Madoff, Ponzi were all running pyramid schemes worth in some cases billions and no one involved in investing recruited anyone, they were all sold a good story as to why this scheme was special and the rest of the world wouldnt understand

[PsYcNeT]

ADA staking is definitely closer to a pyramid scheme than ETH staking, if not by nature that ETH staking actually increases an assumed pools supply of Validator Nodes which actually perform transactional functions.

ADA staking does...

uh...

...something? I guess?

Maybe Cardano will actually have a use case somewhere and someone will eventually adopt it but so far nada. Just promises, hot air and astroturfing.

[afc wimbledon]

Originally Posted by PsYcNeT

ADA staking is definitely closer to a pyramid scheme than ETH staking, if not by nature that ETH staking actually increases an assumed pools supply of Validator Nodes which actually perform transactional nodes.

ADA staking does...

uh...

...something? I guess?

Maybe Cardano will actually have a use case somewhere and someone will eventually adopt it but so far nada. Just promises, hot air and astroturfing.

are the validator nodes used for something other than maintaining the function of the currency, something external that generates revenue from doing something useful that has sod all to do with the crypto itself?

[PsYcNeT]

Originally Posted by afc wimbledon

are the validator nodes used for something other than maintaining the function of the currency, something external that generates revenue from doing something useful that has sod all to do with the crypto itself?

They are currently running in a parallel testnet and simply just re-affirming the transaction processes miners handle, but upon 2.0 launch miners will be terminated from the process.

Functionally, the validators confirm (validate) any transactions that occur on the Ethereum network, which is a host of 100,000+ tokens and the majority of the NFT chain.

You can argue a lot about the validity of the network (of those tokens, I'd say only ~200-300 see a lot of use and trading, and while NFTs have a solid use-case for contract hosting and proof of ownership they are mostly relegated to being a joke of people "owning" JPEGs), but it is massive and is the functional backbone for a majority chunk of crypto used today.

[Fuzz]

Perhaps the biggest concern, however, is that it exposes a population with little financial education – for the most part, without an economic safety net – to the fate of the highly volatile cryptocurrency markets.


“The Bitcoin law essentially gambles with two public purses, that of the El Salvador government and of the IMF,” says Daniel Munevar, a Colombian economist focused on debt justice. “It’s one thing for an American to bet his stimulus cheque on cryptocurrency in the hope of big returns, but this is Yolo [you only live once] investing elevated to the national level.”

https://www.theguardian.com/world/20...bitcoin-gamble


Lots of questions around El Salvador's rollout.

[karl262]

Originally Posted by afc wimbledon

You are conflating two things, which is the basic problem of crypto at the moment, judging any crypto as a currency is a wholly different proposition than judging it as an investment, the US dollar is a great currency but no one would see it as an investment, it's value in the long term only fluctuates with inflation, as such it neither makes nor loses value as it is 'value' its the measure of 'value' and no more, crypto may well be a great currency but as an investment its 'returns' are made from more buyers buying more crypto, crypto doesnt generate any returns of its own, no currency does.

Again there may be a great future for blockchain and or crypto in all kinds of areas (although I suspect in the vast majority of potential applications a far simpler cheaper non blockchain solutions will steal the trade once the trade is established) but that doesnt make any particular crypto a good investment any more than the dollar being a good currency doesnt make Ford a good investment, the two things are seperate, they may or may not affect each other's value or returns but they are not connected.

And for the record the worlds largest pyramid schemes have never required recruiting, Madoff, Ponzi were all running pyramid schemes worth in some cases billions and no one involved in investing recruited anyone, they were all sold a good story as to why this scheme was special and the rest of the world wouldnt understand

Different blockchain projects have vastly different functions and objectives. They will not all fit into a nice box to make it easier for you to land on a clear definition.

[afc wimbledon]

Originally Posted by karl262

Different blockchain projects have vastly different functions and objectives. They will not all fit into a nice box to make it easier for you to land on a clear definition.

possibly true, although the lack of clear definitions seems like little more than a method to confuse rubes into parting with their money, a new version of the black box scams of the 2000's

[karl262]

Originally Posted by afc wimbledon

possibly true, although the lack of clear definitions seems like little more than a method to confuse rubes into parting with their money, a new version of the black box scams of the 2000's

Some crypto projects are total scams. Maybe all of them are, I guess we'll have to wait and see. I'm looking forward to finding out.

[karl262]

Question for the hive mind mind here, where might a business in Canada find the best exchange rate for crypto->fiat? Please point me in the right direction if you have any info.

[PsYcNeT]

Originally Posted by karl262

Question for the hive mind mind here, where might a business in Canada find the best exchange rate for crypto->fiat? Please point me in the right direction if you have any info.

Probably Newton.

They cover e-transfer fees as far as I know for fiat transactions. Not sure if you'll get the best market price/slippage tolerance from them, but the actual liquidation is fee free.

[tony-soprano]

Kadena /end thread.

[Yoho]

https://twitter.com/user/status/1439972473018191882

[Fuzz]

China's central bank on Friday declared all transactions involving cryptocurrencies such as bitcoin illegal and stepped up a crackdown on illegal mining of them in the country.

Chinese banks have been forbidden from handling cryptocurrencies since 2013, but it still existed at the margins, and the country was one of the world's largest producers of bitcoin. The crackdown on crypto is part of a broader push by Beijing to ratchet down risk in the country's economy, specifically the technology sector and in real estate.

"Virtual currency derivative transactions are all illegal financial activities and are strictly prohibited," the People's Bank of China said on its website.

https://www.cbc.ca/news/business/chi...ning-1.6188011

El Salvador's rollout is not going smoothly...

https://www.bbc.com/news/world-latin-america-58579415

[chemgear]

Being sold magic beans. And then buying magic seeds afterwards knowing that you got scammed on the beans.

https://kotaku.com/nft-buyers-scamme...bly-1847806528



More than 4,000 NFTs in the “Evolved Apes” offering have been sold since they first went on sale a week ago, according to Vice. Their “origin” comes from several hideous JPGs, which are already a rip-off of the more successful “Bored Ape” series. NFT creator Evil Ape promises not only would buyers receive a “unique NFT trapped inside a lawless land” but also cash giveaways, and an accompanying fighting video game to go along with the useless, ugly-ass images.

Then, surprise! On Friday Evil Ape bailed, shutting down the Evolved Apes website and taking its Twitter account with them. They also vanished with the $2.7 million they’d raised by selling idiots a jpg that looks like someone ordered a Gorillaz poster on Wish.

In a move that you or I might call extraordinary—but which is sadly predictable among those who view NFTs as a “community” and not a “market where everyone is getting taken for a ride”—many of those ripped off here want to stay involved with these unsightly digital images. These souls are planning a new project called “Fight Back Apes,” where anyone who bought Evolved Apes NFTs will be, “automatically approved for a Fight Back Apes token linked with the art from the old project.”

https://twitter.com/user/status/1445461351480971266

[Azure]

BTC up almost 35% in one week.

[Fuzz]

Sell sell sell!