At the Bored Ape restaurant, your ApeCoin is no good now
1–10 of 253 posts
Re: At the Bored Ape restaurant, your ApeCoin is no good now
#2> “Yes, ethereum is a currency in a way where you can exchange [non-fungible tokens, or] NFTs and stuff … but as far as buying food and all that, maybe not,” one crypto-enthusiast diner, Marc Coloma, said as he munched on fries outside the restaurant. “People want to hold onto their ethereum. They’re not gonna want to use it.”
Then what is the point then? Apecoin and Ethereum certainly cannot be used for payments and holders don't even want to spend their ETH or APE crypto. They have either been terrified with the 10,000 BTC pizza purchase to never spend it or they are scared of the gas fees that will eat up the transaction cost if the chain gets congested again.
It is a loss of confidence that is so bad that they have no choice but to use dollars for payments instead.
That is a complete failure and it just took one crypto crash.
Re: At the Bored Ape restaurant, your ApeCoin is no good now
#3> “Yes, ethereum is a currency in a way where you can exchange [non-fungible tokens, or] NFTs and stuff … but as far as buying food and all that, maybe not,” one crypto-enthusiast diner, Marc Coloma, said as he munched on fries outside the restaurant. “People want to hold onto their ethereum. They’re not gonna want to use it.” Then what is the point then? Apecoin and Ethereum certainly cannot be used for payments and…
It didn't take a crypto crash, crypto has been a failed currency since BTC hit a dollar...
Extreme deflation is arguably more deadly than hyperinflation. If you know that by holding a dollar today, you can get 2 dollars worth of goods tomorrow, why are you going to spend a dollar?
Likewise, once Bitcoin went from fractions of a penny to a dollar, what incentive was left to spend it? You could argue an ideological want force it as a currency... but how many people's morals hold up at 10x returns? 100x returns? 1000x returns?
If BTC (or any major crypto) had become the official currency of a country, it'd be a failed state by this point.
Re: At the Bored Ape restaurant, your ApeCoin is no good now
#4> “Yes, ethereum is a currency in a way where you can exchange [non-fungible tokens, or] NFTs and stuff … but as far as buying food and all that, maybe not,” one crypto-enthusiast diner, Marc Coloma, said as he munched on fries outside the restaurant. “People want to hold onto their ethereum. They’re not gonna want to use it.” Then what is the point then? Apecoin and Ethereum certainly cannot be used for payments and…
> and it just took one crypto crash
I'm mostly crypto-skeptic, and appreciate your insights, but this part is to be expected with any market: when the value of something is up, certain business models become profitable and start manifesting. When the value goes down, they stop being profitable and those models vanish (or become sustained externally).
It's easy to see in high profile markets like resource extraction, real estate, venture capital availability, etc
So of course the business model of "use crypto as a currency" will vanish/diminish when the currency value of a coin is substantially down.
Re: At the Bored Ape restaurant, your ApeCoin is no good now
#5> “Yes, ethereum is a currency in a way where you can exchange [non-fungible tokens, or] NFTs and stuff … but as far as buying food and all that, maybe not,” one crypto-enthusiast diner, Marc Coloma, said as he munched on fries outside the restaurant. “People want to hold onto their ethereum. They’re not gonna want to use it.” Then what is the point then? Apecoin and Ethereum certainly cannot be used for payments and…
> That is a complete failure and it just took one crypto crash.
Disclosure: I hold virtually no crypto (a few thousand XRP)
As I watch this show from the sidelines, I wonder if the latest crash (and no doubt future crashes) isn't exactly the force needed to distribute crypto more widely into more hands, normalizing to some roughly steady state value. After several swings of the pendulum, you end up at some more or less stable value with many more users, making actual marketetplace purchases with crypto more ubiquitous. I guess time will tell, eh?
Re: At the Bored Ape restaurant, your ApeCoin is no good now
#6> “Yes, ethereum is a currency in a way where you can exchange [non-fungible tokens, or] NFTs and stuff … but as far as buying food and all that, maybe not,” one crypto-enthusiast diner, Marc Coloma, said as he munched on fries outside the restaurant. “People want to hold onto their ethereum. They’re not gonna want to use it.” Then what is the point then? Apecoin and Ethereum certainly cannot be used for payments and…
It didn't take a crypto crash, crypto has been a failed currency since BTC hit a dollar... Extreme deflation is arguably more deadly than hyperinflation. If you know that by holding a dollar today, you can get 2 dollars worth of goods tomorrow, why are you going to spend a dollar? Likewise, once Bitcoin went from fractions of a penny to a dollar, what incentive was left to spend it? You could argue an ideological wan…
BTC is official in El Salvador.
Re: At the Bored Ape restaurant, your ApeCoin is no good now
#7> “Yes, ethereum is a currency in a way where you can exchange [non-fungible tokens, or] NFTs and stuff … but as far as buying food and all that, maybe not,” one crypto-enthusiast diner, Marc Coloma, said as he munched on fries outside the restaurant. “People want to hold onto their ethereum. They’re not gonna want to use it.” Then what is the point then? Apecoin and Ethereum certainly cannot be used for payments and…
Why would anyone want to buy food with crypto anyway? Can’t understand that.
It is not faster. It is not cheaper to transfer. It is not even as anonymous as cash I’d say.
I can see why would someone buy stuff online using crypto but this does not make much sense.
Re: At the Bored Ape restaurant, your ApeCoin is no good now
#8> “Yes, ethereum is a currency in a way where you can exchange [non-fungible tokens, or] NFTs and stuff … but as far as buying food and all that, maybe not,” one crypto-enthusiast diner, Marc Coloma, said as he munched on fries outside the restaurant. “People want to hold onto their ethereum. They’re not gonna want to use it.” Then what is the point then? Apecoin and Ethereum certainly cannot be used for payments and…
> That is a complete failure and it just took one crypto crash. Disclosure: I hold virtually no crypto (a few thousand XRP) As I watch this show from the sidelines, I wonder if the latest crash (and no doubt future crashes) isn't exactly the force needed to distribute crypto more widely into more hands, normalizing to some roughly steady state value. After several swings of the pendulum, you end up at some more or le…
Who does the distribution? The vast majority of people in the world can't afford to buy crypto. The people who hold most of the BTC, ETH, SOL, and whatever other major coins were already rich before they got into it. Maybe single digit thousands of people went from non-rich to rich through buying and holding crypto, but that's a tiny fraction.
Re: At the Bored Ape restaurant, your ApeCoin is no good now
#9> “Yes, ethereum is a currency in a way where you can exchange [non-fungible tokens, or] NFTs and stuff … but as far as buying food and all that, maybe not,” one crypto-enthusiast diner, Marc Coloma, said as he munched on fries outside the restaurant. “People want to hold onto their ethereum. They’re not gonna want to use it.” Then what is the point then? Apecoin and Ethereum certainly cannot be used for payments and…
> That is a complete failure and it just took one crypto crash. Disclosure: I hold virtually no crypto (a few thousand XRP) As I watch this show from the sidelines, I wonder if the latest crash (and no doubt future crashes) isn't exactly the force needed to distribute crypto more widely into more hands, normalizing to some roughly steady state value. After several swings of the pendulum, you end up at some more or le…
How is a crash going to distribute eth or btc into more hands? A bunch of people losing their shirts doesn't seem like it's going to motivate more people to buy in, and individual investors may panic sell before prices go down further.
Re: At the Bored Ape restaurant, your ApeCoin is no good now
#10Earlier quoted context omitted.
It didn't take a crypto crash, crypto has been a failed currency since BTC hit a dollar... Extreme deflation is arguably more deadly than hyperinflation. If you know that by holding a dollar today, you can get 2 dollars worth of goods tomorrow, why are you going to spend a dollar? Likewise, once Bitcoin went from fractions of a penny to a dollar, what incentive was left to spend it? You could argue an ideological wan…
BTC is official in El Salvador.
And Bukele has locked up more than 2% of the population in inhumane conditions…
Hardly a promotional asset…