121–130 of 172 posts
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I don’t understand the go-to-zero case. Surely an open source, permissionless financial system has some value? There’s tons of value being captured in closed financial systems.
Surely an open source, battle-tested, massively widely used operating system like Linux has some value? There's tons of value being captured by closed operating systems.
I am amazed how dominos are falling one by one.
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Bitcoin alone was apparently given a market cap of over 2 trillion recently. That’s roughly the entire GDP of France. If France’s economy poofed out of existence or halved in value, that’d be a huge shake up.
GDP is a flow. It would be better to compare the total assets of France to Bitcoin’s market cap. France’s public stocks have a market capitalization of over $2T alone. Then there are private firms, real estate, personal and government assets, IP, etc. In short, France’s actual worth far dwarfs that of the BTC market.
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The reasons for OTC desks is that if an individual wants to buy, say $100m of an asset, it's likely that they need to buy from multiple sellers. If you do that by buying $10k x 10k transactions, your demand will increase the price of the asset and mean you pay more than current price for no good reason. OTC desks either collect the $100m from large holders in big blocks, or they use working capital to constantly buy…
> unique service of accepting /nzd vs. EUR/USD/JPY/KRW Which could possibly be the reason why they are in trouble? The NZD has been dropping against USD over the last while, so any uncovered delays could hurt their margins?
> wants to buy, say $100m of an asset
https://www.bitprime.co.nz/about-us/ says:
Victories
Crypto Bought:2M+
Crypto Sold: 90M+
Users: 30K+
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This. They did the same thing with “terra USD”, some shitcoin I had never heard of until it failed. It was even named to confuse people by sounding like USDT. HN is only a step above CNN when it comes to trustworthiness on this specific topic.
UST was like the #8 cryptocurrency by market cap…
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UST was like the #8 cryptocurrency by market cap…
Lots of scams have blown up and temporarily been there. I’m sure bitconnect did too.
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This is some random startup nobody has heard of. HN likes to work themselves into a froth over every scrap of bad crypto news, but this is utterly insignificant. Crypto will continue to fluctuate wildly as it always has.
This. They did the same thing with “terra USD”, some shitcoin I had never heard of until it failed. It was even named to confuse people by sounding like USDT. HN is only a step above CNN when it comes to trustworthiness on this specific topic.
Irrespective of your attitude to an unheard-of coin, the situation rather epitomises the problem many have with crypto. They start off as penny stocks, but people expect them all to rocket to Fortune 500 levels for no good reason other than all the other gullible idiots pumping their savings into them, forgetting in their greed that it's quite as easy to start a run if you have enough.
Before you know it —and I very much mean you there— they're trading at $120 with a cap of $32bn before the floor drops out. I know a cap isn't tangible value but none of this stuff is. That didn't stop this being a top 10 crypto currency at one point.
It's all Monopoly money. You can get rich trading it, but you can also lose everything. A lot of people are getting fractions of a penny on their dollar investment. All because, what? It stinks of pump and dump. It all stinks of pump and dump.
Pile on the environmental disaster that is proof of work, and you should be able to see why people hate crypto. It's weirder that more people don't but on investigation that's usually because they have skin in the game.
Earlier quoted context omitted.
This is some random startup nobody has heard of. HN likes to work themselves into a froth over every scrap of bad crypto news, but this is utterly insignificant. Crypto will continue to fluctuate wildly as it always has.
This. They did the same thing with “terra USD”, some shitcoin I had never heard of until it failed. It was even named to confuse people by sounding like USDT. HN is only a step above CNN when it comes to trustworthiness on this specific topic.