BTC itself, yes, but it spawned little crypto clones.
BTC itself, yes, but it spawned little crypto clones.
I assume the bitcoin forks aren’t bitcoin but more like “bitcoin removed from the finite coin standard”? So actually Bitcoin did what your buddy Nixon did, three times in the last 3 years? Not sure why you are complaining about economic decisions crypto makes more forks than any currency ever recorded in history. On a small token based ‘industry’.
Marty! Crypto forks go brrrrr! Keep them miners interested!
The sucker is not the one who is scamming, but one who is scammed. Thats why you can still get away with making new cryptocurrencies or NFTs and get a lot of cash. Some new method of control over suckers money is developed and suckers will have orgasm because it have crypto- in its name.
Forks are how disagreements about changes to the consensus rules are solved. Go look at the capitalization of those forks, they are slowly dying off. I get it that this is a challenging topic as nothing like this exists in classical currencies. But fact is it’s not inflating the coin supply, only one of those forks will survive, while the rest will over time lose all capital and fade into insignificance.
But I can see how this is confusing and looks like an infinite money printer
There are over 12,000 different crypto currencies, Karak is saying many of them will disappear into nothing and I agree. Only a handful of the popular coins such as Ethereum, Tether, Binance Coin and Solana may survive.
When Ethereum finally changes to Proof Of Stake I think it will become less popular because you need a large amount of Ethereum to mine it. I like popular crypto currencies that can be mined without having to stake lots of money. Less people will use ethereum due to it being very expensive to mine.
It is not important how many scams will be over, but how much money you can make on those scams if you create them, pump them and then dump.
Bitcoin can be there to show how succesful the scam may be, luring more suckers, but its not different than others, it was only first to achieve such position, with such volatility and growth. Essentially can be treated as a bait, when you state that your crypto or NFT is having more potential for get rich quick scheme.
You can see smaller fractally emerging scams on borders of a bigger thing. All fuelled by peoples greed.
Ok, maybe I should have explained what I mean by fork, because there are two kinds.
There are source forks like Zcash, which is partially based on the Bitcoin source code, but it is not a fork of the blockchain history. It’s a completely new history and has nothing to do with Bitcoin otherwise. This is not what I ment with the forks. Coins like this may or may not have a valid use-case. Zcash is a privacy coin and may have one, but I’m not familiar with the project.
The second type of fork is when there is a disagreement over the consensus rules in a coin. Examples of that are BCH (bcash, or Bitcoin Cash) or BSV (Bitcoin Satoshi Vision) which essentially started as a disagreement about the block size. For Ethereum there is for example ETC (ethereum classic). Those are the forks that are dying off I was talking about.
But funny you did not show the full history and just the last 5 years of the coin you chose. At what point will you recognize that maybe if you constantly have to cherry-pick stuff in an attempt to even get an argument you are maybe wrong?
Yeah, like bitcoin in general . And the NFTs are not a valid use case, hence this topic. Which has been hijacked by people saying “it can’t be a scam, since I am paid to launder money in it”
Bitcoin is disappearing into nothing for over a year. After a SINGLE investor company made Bitcoin peak to $60000, got enough out of it with their pump and dump strategy. A very small amount of winners, and a lot of ‘captured’ losers who are stuck until some other company tries the same.
On occasion I check the yearly value of bitcoin. It’s -11.984,12 (-25,01%) today. That’s bad.
I suggest you change your chart to monthly candles and log scale and increase your time period. Also check the BBand basis, the MA20 on the same candles.
Whilst you’re there take a peek at SPGSCI/SPX ratio chart on monthly candles.
Perhaps you’re wondering why AMZN are so keep to split 20:1 in order for retail investors to buy them easier?
Take a look at XAUUSD on monthly log scale and XAGUSD also on monthly log scale.
Ok, looks like we have some investment specialists here. I have a question. Below are two logarithmic graphs on the monthly scale of two different assets.
The topic, 900 posts ago was about NFT’s being a MLM scam designed to get people to buy worthless crypto scam tokens. Kinda like “I heard you like scams, so I build a scam on top of a scam so you can scam while scamming…”
The distance between two numbers indicates a unit and this unit remains uniform throughout a scale. Thus, a scale plays a crucial part in plotting graphs. Without scales, we won’t be able to infer anything relevant from the graph.
