Bitcoin, Cryptocurrency, and the Future of Global Finance

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#2,429
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#2,431
I have SOL/AVAX (50%), then QANX (20%) , AIOZ (15%), NEAR (10%), others (<5%). Have been a crypto developer for 6 years and am excited for the future. Of course Israel wiped out 20% of my gains this past week but **** em, to the moon!!!!
 
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#2,432
207 others said:
I have SOL/AVAX (50%), then QANX (20%) , AIOZ (15%), NEAR (10%), others (<5%). Have been a crypto developer for 6 years and am excited for the future. Of course Israel wiped out 20% of my gains this past week but **** em, to the moon!!!!
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Near is one I wish I had picked up at the bottom of bear market, but I picked up a big bag of ICP instead. Holding ETH, ICP, LINK, AVAX, FET, MATIC, SOL, HBAR, ADA.
 
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#2,434
Serious questions.

What is the utility of hundreds, if not thousands, of different coins?

The servers that are doing the mining and building ledgers all use energy to maintain and have other costs as well. So other than being propped up by speculators why aren’t CCs wasting assets?

Isn’t there a conversion cost of a percent or two (plus or minus) if using them for transactions?
 
#2,435
#2,435
Thunder Good-Oil said:
Serious questions.

What is the utility of hundreds, if not thousands, of different coins?

The servers that are doing the mining and building ledgers all use energy to maintain and have other costs as well. So other than being propped up by speculators why aren’t CCs wasting assets?

Isn’t there a conversion cost of a percent or two (plus or minus) if using them for transactions?
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We are still very early. We have yet to find out who will be the winners and losers in the space, but I agree, we won't need hundreds of different blockchains
 
#2,436
#2,436
theFallGuy said:
We are still very early. We have yet to find out who will be the winners and losers in the space, but I agree, we won't need hundreds of different blockchains
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My questions aren’t so much do we need hundreds of CCs but what justifies their valuations? CCs total value is about $2.5 trillion. Worldwide gold is worth about $7.5 trillion. The US has about $2-2.5 trillion of physical currency in circulation. Why is total crypto worth that much other than speculators driving up the valuations?

Is there any utility? As far as I know I can’t go to Home Depot and purchase a lawn mower with Bitcoin (or gold to be fair). I guess I might be able to get a credit card/PayPal/whatever that accepts Bitcoin for my payment, but won’t they charge a fee of 1 or 2%? Also, does the IRS only tax CC gains in trading accounts? If Bitcoin (or whatever) appreciates in a trading account that is set up for consumer purchases as well, won’t they take a cut?

Iran can sell oil to China and settle up with some type of CC. Is cutting out Wall Street banks a reason to inflate CC valuations?
 
#2,437
#2,437
Thunder Good-Oil said:
My questions aren’t so much do we need hundreds of CCs but what justifies their valuations? CCs total value is about $2.5 trillion. Worldwide gold is worth about $7.5 trillion. The US has about $2-2.5 trillion of physical currency in circulation. Why is total crypto worth that much other than speculators driving up the valuations?

Is there any utility? As far as I know I can’t go to Home Depot and purchase a lawn mower with Bitcoin (or gold to be fair). I guess I might be able to get a credit card/PayPal/whatever that accepts Bitcoin for my payment, but won’t they charge a fee of 1 or 2%? Also, does the IRS only tax CC gains in trading accounts? If Bitcoin (or whatever) appreciates in a trading account that is set up for consumer purchases as well, won’t they take a cut?

Iran can sell oil to China and settle up with some type of CC. Is cutting out Wall Street banks a reason to inflate CC valuations?
Click to expand...

In short, their increase in value is proportional to the perception of our fiat system's weakness and worries about centralization of financial power. It is a bet on the nature of future of financial transactions verse their absolute utility/adoption at the moment. Only time will tell if those predictions become reality.
 
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#2,444
#2,444
WOW...

Creditors Of Bankrupt FTX To Receive As Much As 142% Of What They Are Owed



Back in March, when eyeing the tremendous rebound in the crypto space, we joked that creditors in Sam Bankman-Fried's bankrupt exchange, FTX, would recover 200% of their claims.

Well, as so often happens in the "new abnormal", it turns out that we were not joking, because according to the latest reorg plan filed by the bankrupt FTX on Tuesday, most - or roughly 98% of its creditors - would get back 118% of what they had on the FTX platform the day the company entered Chapter 11 bankruptcy. Amazingly, some creditors will recover as much as 142% of what they are owed. Claims will be repaid in cash within 60 days of court approval, although payouts are likely several months away, as FTX winds its way through the final stages of the bankruptcy case.
 
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Rasputin_Vol said:
WOW...

Creditors Of Bankrupt FTX To Receive As Much As 142% Of What They Are Owed



Back in March, when eyeing the tremendous rebound in the crypto space, we joked that creditors in Sam Bankman-Fried's bankrupt exchange, FTX, would recover 200% of their claims.

Well, as so often happens in the "new abnormal", it turns out that we were not joking, because according to the latest reorg plan filed by the bankrupt FTX on Tuesday, most - or roughly 98% of its creditors - would get back 118% of what they had on the FTX platform the day the company entered Chapter 11 bankruptcy. Amazingly, some creditors will recover as much as 142% of what they are owed. Claims will be repaid in cash within 60 days of court approval, although payouts are likely several months away, as FTX winds its way through the final stages of the bankruptcy case.
Click to expand...

Yea but they’re getting it in cash and not crypto.
 
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