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Crypto currency (IF banned from CA)

Lobster Johnson said:
If I look to, for example, Oasis Knebworth ticket stubs on E bay, I can find one for £40.

I Know you're not arguing that this is the only use case, but for me that seems really niche and not a profitable market. If you're only targeting ticket collectors for shows that tens of thousands of people were at, I'm not sure it justifies the hassle for the artist to make 2% of £40.
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I agree with you, they are basically not needed at all. I was just highlighting how they could be used.
 
The Gueye Science said:
www.coindesk.com

Why This Crypto Crash Is Different

There can be no return to the highly leveraged, fractionally reserved cryptocurrency system whose illusory riches are now giving way to real losses, says our columnist.
www.coindesk.com www.coindesk.com

It’s perhaps easy to see why the end of easy money might spell disaster for those invested in a highly leveraged crypto bubble, but it’s less obvious why it is causing bitcoin to sell off. You’d think it would encourage people to pile into deflationary cryptocurrencies like bitcoin. After all, bitcoin was originally intended to replace the dollar, and some people still think it eventually will. What better time to buy and HODL the world’s future currency than the start of the inflationary Armageddon that will bring about the demise of the dollar as the world’s principal reserve currency?

But most of those invested in cryptocurrency now don’t want to replace the dollar. Indeed, they fear its replacement. What they want is to get rich in dollar terms. So cryptocurrency prices are typically quoted in dollars, most crypto transactions involve stablecoins pegged to dollars, and dollar-pegged stablecoins are widely used as safe collateral for crypto lending.

The crypto ecosystem has tethered itself firmly to the traditional financial system, and the dollar dominates crypto markets just as it does traditional financial markets. And as crypto markets have grown, so has the dollar value of the cryptocurrency industry.

But these dollars aren’t real. They exist only in the virtual space. They are not, and never were, guaranteed by the only institution in the world that can create real dollars, namely the Fed. The Fed has no obligation whatsoever to ensure that those who have made life-changing amounts of these “virtual dollars” can actually exchange them for real dollars. So when the crypto bubble bursts, the “virtual dollars” simply disappear. If you can’t exchange your virtual dollars for real dollars, your wealth is an illusion.

The only real dollars in the cryptocurrency industry are those paid by new entrants when they make their first cryptocurrency purchases. The rest of the dollar liquidity on crypto markets is provided by dollar-pegged stablecoins. These fall into two groups: those that have actual dollars and/or dollar-denominated safe liquid assets backing them, and those that don’t. There aren’t enough of the former to enable everyone to cash out into real dollars, and there’s no guarantee that the latter can be cashed out into real dollars at all. So, in effect, the entire crypto industry is fractionally reserved.

There’s now a race on to exchange cryptocurrencies for the few real dollars still available. As is always the case in unregulated markets, the law of the jungle applies. Those with the biggest teeth get the dollars. Perhaps “whales” is the wrong name for them. Crocodiles might be more like it.
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Stopped reading here as it clearly shows the author doesn't know what they are talking about, the same probably goes for you as I assume you must have read this and agreed with it.

BITCOIN IS INFLATIONARY! What do you actually think Bitcoin Mining is??
 
DuuuncanHadaPigeon said:
Stopped reading here as it clearly shows the author doesn't know what they are talking about, the same probably goes for you as I assume you must have read this and agreed with it.

BITCOIN IS INFLATIONARY! What do you actually think Bitcoin Mining is??
Click to expand...
You might find this helpful:

"Cryptocurrencies are the complete opposite of central banking as one of the cornerstones of Bitcoin is decentralization. As you may know, mining is the process by which more Bitcoins are injected into the markets. The rate of inflation is hardcoded into the Bitcoin system: one block every 10 minutes on average. Every block pays 12.5 BTC at today's rate which means that approximately U$ 120,000 are injected into the Bitcoin economy with every mined block. Every 4 years, the Bitcoin mining reward is made half of the previous amount. Initially miners were paid 50 BTC per mined block, then it was halved to 25 and today we're midway through the second halving when the block reward is 12.5 BTC. So, what happens after the year 2040 when the reward will tend to zero? At that point, no more BTC will be injected into the system and Bitcoin will become a deflationary currency. Coins will be naturally lost and there will be no replacement for them.

This is why Bitcoin is called a deflationary currency: the rate at which money is printed is slower than the rate at which currency is lost or hoarded by investors".
 
The Gueye Science said:
You might find this helpful:

"Cryptocurrencies are the complete opposite of central banking as one of the cornerstones of Bitcoin is decentralization. As you may know, mining is the process by which more Bitcoins are injected into the markets. The rate of inflation is hardcoded into the Bitcoin system: one block every 10 minutes on average. Every block pays 12.5 BTC at today's rate which means that approximately U$ 120,000 are injected into the Bitcoin economy with every mined block. Every 4 years, the Bitcoin mining reward is made half of the previous amount. Initially miners were paid 50 BTC per mined block, then it was halved to 25 and today we're midway through the second halving when the block reward is 12.5 BTC. So, what happens after the year 2040 when the reward will tend to zero? At that point, no more BTC will be injected into the system and Bitcoin will become a deflationary currency. Coins will be naturally lost and there will be no replacement for them.

This is why Bitcoin is called a deflationary currency: the rate at which money is printed is slower than the rate at which currency is lost or hoarded by investors".
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The rate at which BTC inflates decreases over time, but BTC is an inflationary token. There was once zero BTC there are now a lot of BTC.

In 2040 when it stops inflating you can come back to this thread and say yes it is now deflationary, that is of course, if the miners don't decide to increase the supply.

People losing their keys is an irrelevance to the tech specs of BTC.
 
DuuuncanHadaPigeon said:
I agree with you, they are basically not needed at all. I was just highlighting how they could be used.
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The NFT market is a real interesting one for me, as someone who has held crypto, including being paid for a website design in bitcoin over 8 years ago - crypto has always been interesting, I've transferred that interest into NFT now with most of my profits realised or held safely.

NFT's are curious, there is so many ways for these to be monetised specially for artists, I have over 200 NFT's at the moment, and was lucky enough to drop a lot before the market started turning down in December/Jan.

I love the NFT market, I've actually created my own collection which I am putting out to mint in the next couple of months.
 



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