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At the Bored Ape restaurant, your ApeCoin is no good now

latimes.com

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Re: At the Bored Ape restaurant, your ApeCoin is no good now

#11

Post by grey-area »

djbusby wrote: post #6
BoorishBears wrote: post #3

Earlier 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.

https://www.amnesty.org/en/latest/news/2022/06/el-salvador-p...

https://www.cato.org/commentary/el-salvadors-road-currency-c...

https://www.reuters.com/markets/europe/crypto-crash-leaves-e...

President Bukele’s government declared a state of emergency on 27 March, following a spike in homicides allegedly committed by gangs, which has since been extended twice....Despite a drop in the homicide rate in recent years, El Salvador continues to be one of the most violent countries in the world....The government's financial problems are not because of bitcoin, but they have gotten worse because of bitcoin.

QED

Re: At the Bored Ape restaurant, your ApeCoin is no good now

#12

Post by tablespoon »

mojomark wrote: post #5
rvz wrote: post #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…

> 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…

> 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.

No. Hodl the dip.

Re: At the Bored Ape restaurant, your ApeCoin is no good now

#13

Post by fortzi »

BoorishBears wrote: post #3
rvz wrote: post #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…

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 an official currency in San Salvador, which is arguably indeed a failed state. I’d argue, though, that it’s just another symptom of the reasons which made it a failed state in the first place (populism, corruption, etc.)

Re: At the Bored Ape restaurant, your ApeCoin is no good now

#15

Post by choward »

> Perhaps that was what Nguyen was thinking when he spent more than $330,000 on the various ape NFTs on display at his restaurant.

Wow. I can't imagine what anyone is thinking when they pay that much to brag about some random blockchain that says they own an arbitrary URL that may or may not link to an image.

Re: At the Bored Ape restaurant, your ApeCoin is no good now

#16

Post by raylad »

choward wrote: post #15

> Perhaps that was what Nguyen was thinking when he spent more than $330,000 on the various ape NFTs on display at his restaurant. Wow. I can't imagine what anyone is thinking when they pay that much to brag about some random blockchain that says they own an arbitrary URL that may or may not link to an image.

That actually doesn't apply to Bored Apes.

With those NFTs you get copyright ownership of the image.

Re: At the Bored Ape restaurant, your ApeCoin is no good now

#17

Post by BoorishBears »

fortzi wrote: post #13
BoorishBears wrote: post #3

Earlier 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 an official currency in San Salvador, which is arguably indeed a failed state. I’d argue, though, that it’s just another symptom of the reasons which made it a failed state in the first place (populism, corruption, etc.)

I largely agree, I mean the president that got it through last year also violated their constitution to get another term and was upheld by his own puppet court...

But BTC hasn't helped at all. It's not even _the_ official currency, just one alongside USD, and yet it's already accelerated the country towards defaulting on their bonds.

While all this goes down the president is still making noise about a "Bitcoin city". A very "meta" commentary on cryto I feel.

Re: At the Bored Ape restaurant, your ApeCoin is no good now

#19

Post by yieldcrv »

These merchant adoption and abandonment stories are always implementation issues with no inspiration or education.

A) Point of Sale systems have handled this "volatility" issue for an entire decade. Use an implementation that shields the merchant from volatility. They usually liquidate for you.

B) Why would you list the prices in ApeCoin or Ethereum? Just show dollars and accept whatever, because A) handles whatever proportion you want to keep in dollars or some other crypto.

C) If nobody wants to use that payment method, who cares its free. How often are you getting UnionPay customers, going to make an article about that too?

Re: At the Bored Ape restaurant, your ApeCoin is no good now

#20

Post by abxytg »

choward wrote: post #15

> Perhaps that was what Nguyen was thinking when he spent more than $330,000 on the various ape NFTs on display at his restaurant. Wow. I can't imagine what anyone is thinking when they pay that much to brag about some random blockchain that says they own an arbitrary URL that may or may not link to an image.

It's not hard.

"Surely this will appreciate, I am a genius"

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