To the suspicious, CMC is more than a crypto prices list: https://coinmarketcap.com/api/pricing/
They also have several openings: https://jobs.coinmarketcap.com/employers/293118-coinmarketca...
Binance to acquire CoinMarketCap for $400M
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Re: Binance to acquire CoinMarketCap for $400M
#12400 Million?! Maybe I'm missing something, but last time I checked, CoinMarketCap was just a stock ticker website for cryptocurrencies. Where is the value...?
You're underestimating the influence CMC has over the space.
They determine what exchange volume is legit and what isn't, also what coins are worthy of being listed. At the least, this gives Binance additional stability, at the most, they can really consolidate trading volume at their exchange and for Binance approved coins.
Re: Binance to acquire CoinMarketCap for $400M
#13Congrats to the CMC team, but I fail to see how barring some special IP this makes sense at that valuation; they're an index that, while useful to an exchange, can't really be worth $400 Million in a current (albeit resilient) crypto Bear Market. Binanace must be wanting to get rid of some Yuan as the CCP is just dumping Billions of it into the Market via bailouts, while people in Wuhan are supposedly coming [1] back…
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Re: Binance to acquire CoinMarketCap for $400M
#14Perhaps this isn't $400M in cash, but instead is $400M in binance-coins, which are virtually worthless, but make crypto startups appear much more valuable.
You mean this: https://coinmarketcap.com/currencies/binance-coin/ Which would effectively give them close to 1/4 of the entire token supply, which they could dump at any time and disrupt Binances financials? That's worse than giving them cheaply printed fiat from all of these bailouts/stimulus.
Agreed. The bailout money will go straight into crypto.
I predict that people are going to start taking out bank loans at 0% interest to buy crypto. Crypto assets have a very unusual attribute that they cannot always be recovered in case of bankrupcy because only the owner knows the private key to their wallet and they can claim to have 'lost their keys'. Cryptocurrencies therefore offer a decentralized mechanism to allow people to convert their ever inflating debt-money (which is not even their own money) into money that is their own and in limited supply.
Is it unethical? Yes, but we all know what happens when everyone start doing the wrong thing; it becomes OK. That's how fiat money came about; it's also highly unethical (compared to gold-backed currency), but when all the banks started loaning money backed by gold which they didn't actually have, it became OK too.
Our financial system's incentives which reward reckless behavior are going to be its own demise.
Re: Binance to acquire CoinMarketCap for $400M
#15Well I guess it's time to find a different website to check Bitcoin prices.
Re: Binance to acquire CoinMarketCap for $400M
#16Earlier quoted context omitted.
You mean this: https://coinmarketcap.com/currencies/binance-coin/ Which would effectively give them close to 1/4 of the entire token supply, which they could dump at any time and disrupt Binances financials? That's worse than giving them cheaply printed fiat from all of these bailouts/stimulus.
Agreed. The bailout money will go straight into crypto. I predict that people are going to start taking out bank loans at 0% interest to buy crypto. Crypto assets have a very unusual attribute that they cannot always be recovered in case of bankrupcy because only the owner knows the private key to their wallet and they can claim to have 'lost their keys'. Cryptocurrencies therefore offer a decentralized mechanism to…
Ironically, if cryptocurrency succeeds, it will only help to put another nail in the marxist coffin.
Re: Binance to acquire CoinMarketCap for $400M
#17Earlier quoted context omitted.
You mean this: https://coinmarketcap.com/currencies/binance-coin/ Which would effectively give them close to 1/4 of the entire token supply, which they could dump at any time and disrupt Binances financials? That's worse than giving them cheaply printed fiat from all of these bailouts/stimulus.
Agreed. The bailout money will go straight into crypto. I predict that people are going to start taking out bank loans at 0% interest to buy crypto. Crypto assets have a very unusual attribute that they cannot always be recovered in case of bankrupcy because only the owner knows the private key to their wallet and they can claim to have 'lost their keys'. Cryptocurrencies therefore offer a decentralized mechanism to…
I also predict some utter idiots will indeed take out low interest loans and stake them in the heavily manipulated, volatile casino that is the cryptocurrency market.
Then they will find themselves with a pile of debt and no way to pay it off, just as many have before when 'investing' in hokey schemes and outright scams.
Re: Binance to acquire CoinMarketCap for $400M
#18Earlier quoted context omitted.
Agreed. The bailout money will go straight into crypto. I predict that people are going to start taking out bank loans at 0% interest to buy crypto. Crypto assets have a very unusual attribute that they cannot always be recovered in case of bankrupcy because only the owner knows the private key to their wallet and they can claim to have 'lost their keys'. Cryptocurrencies therefore offer a decentralized mechanism to…
I also predict some utter idiots will indeed take out low interest loans and stake them in the heavily manipulated, volatile casino that is the cryptocurrency market. Then they will find themselves with a pile of debt and no way to pay it off, just as many have before when 'investing' in hokey schemes and outright scams.
But think about it. What does bankrupcy actually mean if all of the bankrupt person's assets are in crypto and only they know the private key? The bank/creditors cannot recover these assets.
So by that definition, is the person actually bankrupt if they still control all of these crypto assets?
One could argue that crypto makes reckless individuals bankruptcy-proof.
Re: Binance to acquire CoinMarketCap for $400M
#19To the suspicious, CMC is more than a crypto prices list: https://coinmarketcap.com/api/pricing/ They also have several openings: https://jobs.coinmarketcap.com/employers/293118-coinmarketca...
I'm one of the paying client for the API, people in the comments fail to understand that CMC API has many paying customers
Re: Binance to acquire CoinMarketCap for $400M
#20Earlier quoted context omitted.
Agreed. The bailout money will go straight into crypto. I predict that people are going to start taking out bank loans at 0% interest to buy crypto. Crypto assets have a very unusual attribute that they cannot always be recovered in case of bankrupcy because only the owner knows the private key to their wallet and they can claim to have 'lost their keys'. Cryptocurrencies therefore offer a decentralized mechanism to…
Ironically, if cryptocurrency succeeds, it will only help to put another nail in the marxist coffin.
I think you may be right. What we would get after with cryptocurrencies might be some kind of unregulated anarcho-capitalism.
According to Marx, the absence of regulations should clear the path for capitalism's self-destruction. So I don't know if this would mark the end of Marxism or be a catalyst for its revival. But it probably won't be a smooth transition.
But who knows, maybe anarcho-capitalism will work if the communities are small enough.