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1 hour ago, Captain Cranks said:

I did a bit of DD on PLS last night and am curious how large of a market cap you think this builds to and why?  As of yesterday, it sounded like $700M had been sacrificed.  Let's say it gets to $1B.  In order for it to be a 100X investment, it needs to become the 3rd largest crypto in existence.  

Check out Hex's market cap on CMC. 23.8 billion yet ranked 201st. Now look at page 1. 23.8 billion is almost double DOT, so HEX should be ranked 9th. What gives. Political anti-Hex/Richard heart manipulation by Binance (owns cmc). Now go to Nomics, the site used by geeks and developers, powered by GRT (The Graph super data crypto). Hex is worth 79.4B. It's flipped everything but BTC and ETH. Every Hexican will tell you HEX is the 3rd largest crypto in the world. One of my many reasons for pulling away from Binance is this. Had they correctly reported the rise of HEX, I would very likely have fomo-d in earlier. 

Richard says marketcap is a bs number and gives several examples of how it can be calculated with different results. He says he doesn't care about cmc or nomics numbers. HEX is obviously top ten, it's not publicized enough, and all that matters to him, literally, is making people rich.

That's a long preface to tell you whether it's one billion or ten billion sacrificed, it's sacrificed. It's not invested or exchanged. It's not the market cap. Pulse will drop with a value of "nothing" and go forward from there. Genius tokenomics? Super-edgy gaming the system? Both? Yup. 

How much do I think it will build to and why? I'm positive because ADA, because DOGE. Richard talks affectionately how both these skyrocketed on popularity, marketing and vapor. He's designed Pulse to do the same. It seems to be happening. 

Like I said before, I'm in. If you are, good luck. If not, I have not a clue if that is a good decision. Well several days later I have some clues, but even Richard smiles at your question, shrugs and says nobody knows

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I think it helps to understand what this thorough fork of everything ETH including what's currently held in defi wallets means. It basically means Pulse is a clone of ETH with dirty ridiculously expensive gas mining replaced by Proof of Stake transactions. Like most proof of stake cryptos there will be staking, nodes, delegators and validators. It has a massive head start with liquidity from the donations/sacrifices. What will it do with all that money? Richard can't keep it. That's built into the smart contract.

Richard loves his developers and over pays them. A few of them have done voice chats on telegram. One said a big idea they will get after once they've managed this launch which has all their attention, is inviting (financially tempting) the best dead ETH projects to Pulsechain. According to him, 100s of very solid ideas died because of the gas issues. They're just sitting there, some doing a couple grand in volume daily. They're dead. Pulse wants to bring the good ones to life.

The same developer said they dislike the notion of ETH killers. The idea is mostly backfiring anyway. Bridges, gateways and interoperability has been developed from the killers to eth for hopeful full migration from eth. That's been dwarfed by interoperabilty. The projects expand their ecosystems by being operational on both mainnets. This helps both, kills nothing and makes the most sense. Killing ETH would be worse for crypto than killing Bitcoin. 

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6 hours ago, Chaos Commish said:

That's a long preface to tell you whether it's one billion or ten billion sacrificed, it's sacrificed. It's not invested or exchanged. It's not the market cap. Pulse will drop with a value of "nothing" and go forward from there. Genius tokenomics? Super-edgy gaming the system? Both? Yup. 

This is just semantics.  At the end of the day, people will have effectively invested around $1B.  In order for them to be able to realize a 10x, the market cap of PLS will need to reach $10B.  If it reaches the market cap of HEX, then that's an 80X.  For it to be a 1,000x, the tokens will have to be worth $1T.   

As you say, nobody knows where this is headed, but to cast market cap off as irrelevant is avoiding math, imo.  Nobody's sacrificing $10k in crypto and thinking their basis is zero, regardless of how Richard says the value of the airdrop should be.  

 

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13 minutes ago, Captain Cranks said:

This is just semantics.  At the end of the day, people will have effectively invested around $1B.  In order for them to be able to realize a 10x, the market cap of PLS will need to reach $10B.  If it reaches the market cap of HEX, then that's an 80X.  For it to be a 1,000x, the tokens will have to be worth $1T.   

As you say, nobody knows where this is headed, but to cast market cap off as irrelevant is avoiding math, imo.  Nobody's sacrificing $10k in crypto and thinking their basis is zero, regardless of how Richard says the value of the airdrop should be.  

 

I guess one man's semantics is another's game theory. That's what Richard calls the math you protest. My first comment about pulse was it's pushing the edges in an unregulated era. This type of opportunity will be regulated away some day. But I don't care if my gains come from TigerKing. That 50% dump of FEG to TKING netted me 9 eth in 36 hours. Pulse is far more legit than TKING.

The game theory/mechanism of sacrificing requires agreement to following political statement which addresses your comment (bold mine) 

Quote

You are sacrificing to prove how strong you believe that blockchains are speech and speech is a protected human right. This is an important political statement. You must have no expectation of profit from the work of others. The set of people who have sacrificed to show their commitment to this political statement makes a great set of people to airdrop free things to. The sacrifice points are not meant to have any monetary value. Remember, you're not buying anything, the world is just noticing you are amongst a group of people that sacrificed to make a political statement. Some countries tax their citizens when they receive things of value. PulseChain and all the coins on it are designed to start with no value, which is ideal. Consult your own legal and financial professionals, as nothing written here should be considered professional advice. The only thing we know of set to be airdropped for free to this political group so far is PulseChain (PLS.) If we hear about other cool things, we'll let you know.

 

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people to airdrop free things to. The sacrifice points are not meant to have any monetary value. Remember, you're not buying anything

 

Im sure thats just legal stuff.

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So I was wrong about a couple things. Probably more than that but thought I'd own these two.

Bitcoin mining is very close to 50% renewable right now. Probably above, but going down. I said renewables were dominating new installations. That's new installations not counting those transitioning from China. The two biggest mining companies are going to Canada and Khazakstan. One going with natural gas, the other coal. 

I also said the best time to sacrifice to the pulse project was a couple days ago. Not true. With these prices rising today is better. You get points based on the $ amount of your sacrifice. $ amounts are up quite a bit since then.

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14 hours ago, KGB said:

people to airdrop free things to. The sacrifice points are not meant to have any monetary value. Remember, you're not buying anything

 

Im sure thats just legal stuff.

legalese, quasi-legal tomfoolery, game theory, semantics... all of the above.

But, the wording is accurate. Pulse probably won't hit the ground running being dropped with no value. Hex slogged along the better part of a year before liftoff. This could take longer. The 30 day use 'em or lose 'em pEths could be very active or maybe not have much interest. The whales I refer to will likely do their part to get this off the ground, but they could also be very happy with lowish returns and dump on us at 25, 50, 75%. 50% of 10 million is a nice, easy to create win. So hitting 1x might take patience. There's too much misunderstanding and irrational exuberance on this right now, but that's typical. My comments are a reality check, I think.

Lots of strategies are emerging as the best ways to game this. I won't write up a bunch but two deserve attention, I think.

Some are loading up on YFI (Yearn.finance) for their non-custodial wallets to receive free airdropped pYFI. The thinking is that one YFI is worth 32k or so at the moment. Very few have that kind of price per coin. YFI being both an erc-20 and a very solid project might cause some to psychologically pump pYFI when it's worth just pennies. Who knows, but I got me some. 

The other is loading up on Uniswap. Pulse will drop with a version of UNI ready to do business. Pulse needs a place for trading the pCoins and pTokens. No exchange is going to list them, so they will all be listed on Pulse's UNI. It will be the first project on Pulse. It should be very busy. I'm real curious to see the daily volume. So having UNI in your wallets to get a bunch of pUNI makes sense. I think.

There's another debate on the other feature of this airdrop. What to sacrifice. Many are sacrificing HEX just because it seems related. It isn't. Hex still has huge upside, so sacrificing it is not ideal. This is an ideal time to dump your poopcoins, garbage microcaps, and others you might feel less than excited about. Every crypto sacrificed is assigned points based on it's US dollar value. That's it. No one coin is better than another. 

So I have a FEG quandary, but that's my problem. I did some cleaning house today. My sacrifice going up.

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On 5/23/2021 at 5:51 PM, TheDirtyWord said:

First order of business will be price action stabilization.  If BTC/ETH can range for 4-6 weeks, the wounds of this drop will have healed to a certain extent.  Renewed S/R levels cementing will start to bring back retail confidence.  Remember that we’re at price levels we haven’t really seen since February. So while there may not be a lot of buyers...number of sellers has dwindled as well.  Also, if the market has been manipulated via Wycoff Distribution, you can bet institutions have a price point they’ll be piling in at.

I do think we test $30K again, maybe $28K.

Hey!  Might have gotten a call right.

Please allow me the elbow room to suck my own Richard.

Edited by TheDirtyWord
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3 hours ago, TheDirtyWord said:

Hey!  Might have gotten a call right.

Please allow me the elbow room to suck my own Richard.

That was perfect analysis. We about to pop 40. What say ye???? Is this gonna get sold back down? Tell me tell me.

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17 hours ago, ScottyD588 said:

Rumor Amazon is going to start accepting BTC by the end of the year. 

And Amazon comes out and denies the rumors. 

Or not, I dunno, rumors abound.

Quote

“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,” an Amazon spokesperson said in an email. “We remain focused on exploring what this could look like for customers shopping on Amazon.”

link

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6 minutes ago, ScottyD588 said:

And Amazon comes out and denies the rumors. 

Or not, I dunno, rumors abound.

I got out so I kinda hope it dips to 29 again lol

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3 hours ago, ScottyD588 said:

And Amazon comes out and denies the rumors. 

Or not, I dunno, rumors abound.

link

That certainly puts us in wait and see mode now.  Things were shaping up to be bullish both fundamentally and technically with the Amazon news, but now we're back to no-man's land.

I was really hoping for a run to $48k to dump some of my Altcoin bags.  

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4 hours ago, Captain Cranks said:

Dude is seeing how this all plays out in the future. Will be interesting to see just how long it takes.

Raoul Paul on social tokens

 

I don't disagree Diem will be huge for those who develop the right projects on it. But it's a stable coin so it won't be something to invest in for future gains. Doge is the original social coin. Sure it was a joke, but it was also intended for tipping on Reddit and Twitter. It used Litecoin's code thus designed to fluctuate with the market. So early investors (even a few who just got tipped a ton) made millions. That can't happen with Diem, and I'm far too old and lazy to start a business idea feeding off of Facebook accepting Diem. 

In my daily "click on that because it's rising mysteriously" I've landed on almost a dozen social coins that are not stable coins. But none of them have Facebook behind them and haven't interested me until listening to the above. Guess I should start a watchlist for them. Too lazy to dig them up atm. 

Gaming coins have dominated the "rising mysteriously" when I go to the daily top gainers page. I think gaming will be the first sector to decouple from Bitcoin. There were times in the last two weeks when it seemed it already had.

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4 hours ago, Captain Cranks said:

Dude is seeing how this all plays out in the future. Will be interesting to see just how long it takes.

Raoul Paul on social tokens

 

I listen to this guy a lot...and his entire macro thesis has changed over the last 12 months to center around Metcalfe’s Lawhich says that a network's value is proportional to the square of the number of nodes in the network.

His example of Disney is interesting and could be huge.  But if you think about interoperability...think about the idea of an exchange that traded Delta Skymiles for Disney community tokens whatever those may wind up being.  So engagement that you have with brands and experiences might become a whole new global currency.  Pretty wild.  

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In fact right now the trending coins on cms are Axie, Wall Street Games, CryptoBlades, Splinterlands, and BabyCake. 4 gaming projects and a pancake reflection token. I think it was four days ago, 13 of the top 14 gainers of the day were gaming coins. The following day was nearly the same but completely different gaming coins. I'd love a way to tap into the Asian play for pay scene to know where they might be going next. Of the 20+ gaming coins leading all cryptos for the day I saw, I recognized three. Two poker coins and Wall Street Games.

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16 minutes ago, Chaos Commish said:

In fact right now the trending coins on cms are Axie, Wall Street Games, CryptoBlades, Splinterlands, and BabyCake. 4 gaming projects and a pancake reflection token. I think it was four days ago, 13 of the top 14 gainers of the day were gaming coins. The following day was nearly the same but completely different gaming coins. I'd love a way to tap into the Asian play for pay scene to know where they might be going next. Of the 20+ gaming coins leading all cryptos for the day I saw, I recognized three. Two poker coins and Wall Street Games.

Yup.  That's what's pumping lately.  Already missed a 2X on the GALA I mentioned a few days ago.  I went through coin market cap and pulled some charts on the lower cap NFT projects.  I'll wait for my technical buy signal before getting in on some.  ILV and GALA are already there.

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17 minutes ago, TheDirtyWord said:

I listen to this guy a lot...and his entire macro thesis has changed over the last 12 months to center around Metcalfe’s Lawhich says that a network's value is proportional to the square of the number of nodes in the network.

His example of Disney is interesting and could be huge.  But if you think about interoperability...think about the idea of an exchange that traded Delta Skymiles for Disney community tokens whatever those may wind up being.  So engagement that you have with brands and experiences might become a whole new global currency.  Pretty wild.  

It's interesting Facebook went with a stable coin after failing twice to launch a speculative coin. I suspect in the end it will be the same for Disney, Amazon, etc. Cuban once said bitcoin wouldn't work for payments because it's not reasonable to deposit 200 in your acct and have 175 when you get home. It would be too complicated for Amazon to launch anything but a stable coin with prices changing constantly. Not sure that applies to Disney.

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14 hours ago, Chaos Commish said:

It's interesting Facebook went with a stable coin after failing twice to launch a speculative coin. I suspect in the end it will be the same for Disney, Amazon, etc. Cuban once said bitcoin wouldn't work for payments because it's not reasonable to deposit 200 in your acct and have 175 when you get home. It would be too complicated for Amazon to launch anything but a stable coin with prices changing constantly. Not sure that applies to Disney.

ok, that makes some sense, but i have so many questions...

so for example, you'd convert whatever currency you have (BTC, ETH, ADA) into an Amazon coin, and then make purchases on Amazon?  what would be the advantage to doing business with your own native stablecoin (vs. USD)?  is it just the security aspect?

also, don't you lose money on transaction fees every time you convert currencies?  would Amazon (in this example) be collecting those fees? 

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10 minutes ago, amnesiac said:

ok, that makes some sense, but i have so many questions...

so for example, you'd convert whatever currency you have (BTC, ETH, ADA) into an Amazon coin, and then make purchases on Amazon?  what would be the advantage to doing business with your own native stablecoin (vs. USD)?  is it just the security aspect?

also, don't you lose money on transaction fees every time you convert currencies?  would Amazon (in this example) be collecting those fees? 

If you can't spot the sucker sitting at the table...

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37 minutes ago, amnesiac said:

ok, that makes some sense, but i have so many questions...

so for example, you'd convert whatever currency you have (BTC, ETH, ADA) into an Amazon coin, and then make purchases on Amazon?  what would be the advantage to doing business with your own native stablecoin (vs. USD)?  is it just the security aspect?

also, don't you lose money on transaction fees every time you convert currencies?  would Amazon (in this example) be collecting those fees? 

I think the video above that started this conversation answers all of this. Cranks was kind enough to fast fwd to the facebook/diem stuff. Just a couple minutes, then the Disney stuff follows if you're interested. In a nutshell there would be benefits to using the Amazon coin, discounts, points for whatever, like prime maybe but more versatile and programmable. Amazon would be removing the financial middle man on all those transactions, credit card fees etc. There's cryptos available now who's fees are .00001 per transaction. 

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15 hours ago, Captain Cranks said:

Yup.  That's what's pumping lately.  Already missed a 2X on the GALA I mentioned a few days ago.  I went through coin market cap and pulled some charts on the lower cap NFT projects.  I'll wait for my technical buy signal before getting in on some.  ILV and GALA are already there.

i just bought wsg - wall street games - .ooooooo189. On a little dip. First trade in the new 401k. I might spend the day loading it with gaming tokens. I think ILV has a long way up still, but i feel bitter missing out on this current rise. I'm still hoping btc goes way down again. 

Edited by Chaos Commish
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14 minutes ago, Chaos Commish said:

i just bought wsg - wall street games - .ooooooo189. On a little dip. First trade in the new 401k. I might spend the day loading it with gaming tokens. I think ILV has a long way up still, but i feel bitter missing out on this current rise. I'm still hoping btc goes way down again. 

That's how I feel about GALA.  I'm too hung up on what it was worth last week.  Stupid human psychology.

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BTC at $40K.

Pretty sure it will go up or down from here.

IF anyone can tell me exactly where it will bottom over the next week or month, that would be great TIA!

:banned:

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2 hours ago, KGB said:

BTC at $40K.

Pretty sure it will go up or down from here.

IF anyone can tell me exactly where it will bottom over the next week or month, that would be great TIA!

:banned:

 

Never before have I seen someone put everything on a wild hunch.

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12 hours ago, KGB said:

BTC at $40K.

Pretty sure it will go up or down from here.

IF anyone can tell me exactly where it will bottom over the next week or month, that would be great TIA!

:banned:

I'm in :suds:

My prognostication: BTC will hover around here for a little while longer (say a week or two, maybe a month). Someone will say something about something and it will drop precipitously because negative anything = people jumping ship because they think this is when the bottom falls out. Probably drop down to around $31k since that seems to be the comfortable fall back position of BTC these days. There will be a few drops below $30k, that's the time to buy. Then someone will say something about something and it will rocket to $42k. All this will take place in the next 6-8 weeks.

Lather-Rinse-Repeat

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Elizabeth Warren FUD at a hearing of the Senate Committee on Banking  entitled “Cryptocurrencies: What are they good for?”

Quote

 

“So they [cryptocurrency miners and developers] have the capacity here to manipulate the system. It sounds to me like a lousy tradeoff. Instead of leaving our financial system at the whims of giant banks, crypto puts the system at the whims of some shadowy faceless group of super coders and miners, which doesn’t sound better to me.”

The Massachusetts senator also says that despite the shortcomings of the traditional financial system, cryptocurrencies could present even bigger risks.

“There’s no doubt that we need a stronger, safer, and more inclusive financial system. The biggest banks have too much power, represent too many risks to financial stability and have failed to serve Americans’ needs. The giant banks have created huge problems, but I’m not convinced that crypto is the solution. In fact, crypto could be even more dangerous for consumers, more dangerous for the environment and more dangerous for the stability of our financial system.”

Warren adds that regulations for the crypto sector are needed.

“All the warning signs are flashing. The hype, the volatility, the wild claims that turn out to be false. As the crypto markets grow, so do the risks to our financial stability and our economy. Regulators need to do their job and step in before it’s too late.”

 

 

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14 hours ago, beer 30 said:

I'm in :suds:

My prognostication: BTC will hover around here for a little while longer (say a week or two, maybe a month). Someone will say something about something and it will drop precipitously because negative anything = people jumping ship because they think this is when the bottom falls out. Probably drop down to around $31k since that seems to be the comfortable fall back position of BTC these days. There will be a few drops below $30k, that's the time to buy. Then someone will say something about something and it will rocket to $42k. All this will take place in the next 6-8 weeks.

Lather-Rinse-Repeat

I'm a buyer around 30.  And all in @ $28

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On 6/29/2021 at 3:30 PM, eoMMan said:

Yeah, I think 40k is very doable for July.

I'll do one better and say we hit 42k in July. I think the Dorsey/Musk talk will create interest again. Saw recently too about Cathie Wood wanting to do a bitcoin etf.

 

BOOM!

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On 7/29/2021 at 9:03 PM, Chaos Commish said:

Elizabeth Warren FUD at a hearing of the Senate Committee on Banking  entitled “Cryptocurrencies: What are they good for?”

 


She’s the worst

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3 hours ago, KGB said:

@Chaos Commish

Meeting with my guy tomorrow.

Will have 25K of pulse when all is done.  :hifive:

Good lord I hope this works. Listening to the naysayers on twitter... whew, the hate is strong. So not sure if you have time or interest, but I'd be curious to hear your guru's opinion of the two strategies I described. 

And this one. The idea is serious erc-20s like Matic, Enjin, Aave, Telcoin etc. won't have interest for the free money air dropped p coins. People will say, "Yeah that ain't Tel." But meme coins have a different culture. Idiots, but price pumpers. So maybe they see pShiba for pennies and say, "Oooh, fresh start, let's pump." I own some BabyDoge for this strategy only.

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9 hours ago, Chaos Commish said:

Good lord I hope this works. Listening to the naysayers on twitter... whew, the hate is strong. So not sure if you have time or interest, but I'd be curious to hear your guru's opinion of the two strategies I described. 

And this one. The idea is serious erc-20s like Matic, Enjin, Aave, Telcoin etc. won't have interest for the free money air dropped p coins. People will say, "Yeah that ain't Tel." But meme coins have a different culture. Idiots, but price pumpers. So maybe they see pShiba for pennies and say, "Oooh, fresh start, let's pump." I own some BabyDoge for this strategy only.

Sorry didnt see this before I spoke with him.

Hes says pulse is 45-60 days out still.  

But my sacrifice is complete.  🤞

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22 minutes ago, KGB said:

Sorry didnt see this before I spoke with him.

Hes says pulse is 45-60 days out still.  

But my sacrifice is complete.  🤞

 

no worries

45-60 days to air drop or until ... what? not sure what he means...

good luck fellow Pulsican...

I'm shopping for an island. haha 

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2 minutes ago, Chaos Commish said:

 

no worries

45-60 days to air drop or until ... what? not sure what he means...

good luck fellow Pulsican...

I'm shopping for an island. haha 

Before pulse is released

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On 7/21/2021 at 7:33 AM, Chaos Commish said:

 

Nice bounce for everything atm. 

My MetaHero is up 115% in 2 weeks. It was up 95% yesterday while everything was bearish. I like this one guys. atm. 

3 weeks, +260%, still 2600 or so in cap. It's gonna 100x itself into the top 200, i think. :)

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19 minutes ago, CowboyFan4822 said:

Is anyone here invested in NEO ?  Up about 36% the last day or so and makes up more of portfolio right now than BTC.

I've never held NEO. Greedy Chinese founders somn somn. But sure is having a nice day. 👍

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The mostly Democrat* FUD from this senate banking committee is starting to feel like an effort to tank the market. Maybe they ignorantly believe what they are saying. Ok, probably. Maybe they're just control freaks. Maybe their banking masters are directing them but... here's some tidbits... 

Quote

 

Sen. Sherrod Brown (D-Ohio), the banking committee’s chairman, warned in his opening remarks that crypto could endanger U.S. consumers and financial stability. “There’s nothing democratic or transparent about a shady diffuse network of online funny money,” Brown said. He called for “smart regulations” that protect consumers from crypto “extortionists” and their “phony populist marketing.”

Elsewhere on Capitol Hill, House members debated central bank digital currencies (CBDCs) and senators jousted on the ransomware wave. It was a sign of the growing influence that crypto wields in monetary policy and cybercrime. 

Democrats on the banking committee said that influence should be quashed, as they attacked crypto for myriad hypocrisies – particularly decentralization. Republicans, led by ranking member Sen. Pat Toomey (R-Pa.), who has invested in cryptocurrencies, were slightly more cautious; Toomey acknowledged “legitimate concerns about cryptocurrency” but showcased the upsides of blockchain technology.

 Angela Walch, a professor at St. Mary’s School of Law in San Antonio... described crypto as an unregulated time bomb primed to wreak havoc on traditional financial payment systems...

Some senators used the hearing to push different theories about market and mining trends. According to Sen. Jon Tester (D-Mont.), China’s bitcoin (BTC, -0.58%) mining exodus is step one in a state-sanctioned plan to achieve dominance in the financial industry over the U.S.

“They’re shipping ‘em around the world because they know these guys can raise hell with our financial system,” he said.

Sen. Tina Smith (D-Minn.) said that most decentralized finance (DeFi) derivatives instruments violate U.S. commodities law, a view echoed by Dan Berkovitz, commissioner of the Commodity Futures Trading Commission. Smith later called out bitcoin’s massive carbon footprint, poo-pooing arguments that crypto can go green. 

“We don’t have time to ride the cost curve down,” she said.

 

*I'm not a member of any political party and have never once visited the politics forum here.

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2 hours ago, Chaos Commish said:

The mostly Democrat* FUD from this senate banking committee is starting to feel like an effort to tank the market. Maybe they ignorantly believe what they are saying. Ok, probably. Maybe they're just control freaks. Maybe their banking masters are directing them but... here's some tidbits... 

*I'm not a member of any political party and have never once visited the politics forum here.

I can’t help but think the Federal Reserve probably has a lot of issues with crypto but I really don’t know, just guessing. I’d also guess those same folks have a bit of sway with our government.

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On 7/20/2021 at 2:28 PM, KGB said:

Hex update.  230k down to $180k.

A dangerous game we play

HEX  $168K

Very Dangerous.  But only started with $2K.  I'm holding till 2025

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54 minutes ago, beer 30 said:

I can’t help but think the Federal Reserve probably has a lot of issues with crypto but I really don’t know, just guessing. I’d also guess those same folks have a bit of sway with our government.

 

You would be correct.

@Dinsy Ejotuzposted this paper from a member of the fed

41 pages, easy reading. In the end it's an appeal to regulate stablecoins as banks with an almost humorous call to arms. 

The paper makes a case that stablecoins bring us back to the era of wildcat banking and all the bad stuff involved. The history of the free banking era made interesting reading for me. I agree stablecoins need reasonable regulation, but the associated smart contracts, trustlessness, and ease of digital auditing make them something much different than wildcat banks. It was a bit of a strawman argument. 

Like many central banks the Fed is exploring a cbdc. It's own USGov/$ backed stable crypto. Crazy quote within from another Dem:

Quote

 

Rep. Stephen Lynch (D-MA) said a Central Bank Digital Currency, or CBDC, would cut down on the number of cryptocurrencies being launched:

“You wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a digital U.S. currency. I think that’s one of the strong arguments in its favor.”

 

 

Wth. The biggest concern for those in power is like other blockchain projects, middlemen become unnecessary. In the case of cbdcs that means, BoA, Citi, Chase, Wells. haha. So the next time a massive bill is pushed through expect the dems to slip in some legislation outlawing stables and forcing the FED to funnel it's cbdc through fdic insured banks. Or something like that. We'll see, but let's make hay while sun's shining, because a war against crypto is coming. 

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