Discussion about the meme market and the latest news on meme stonks.
@arakouzo We don't really know the ideal built-in inflation and deflation constants to create the ideal currency. The problem with inflation in a fiat currency is that while a small amount of inflation is useful to the economy at large, very particular people are able to unfairly leverage this by being the people who know first what the rates will be changed to and being the closest to the creation of the new currency. If inflation were built into a currency such that nobody benefited according to the algorithm then it could offer the same subtle push to not hoard the currency forever. The problem with Bitcoin and all other cryptocurrencies that I'm aware of is that the initial time to create coins is incredibly easy. This means that there is more incentive to pump endless new coins. Who the fuck has all of those early minted Bitcoins?
My take on the situation is that Bitcoin has been selected to go pretty big precisely because it is highly non-ideal. Segwit can be used one day in the future for a treatified miner consortium to steal / seize coins, transactions times will be slow enough so that an overlayed clearing network such as Lightning Network will be used to make it viable. There is already much better tech than Bitcoin. As a forty year old techie I'm quite aware of how often the worse and more corruptable tech wins out simply because it is pushed by major corporations and government. As I often do here I'll reference my normie mom (since I don't care to know any other Western normies at this point in my life). She would absolutely jump on an Apple iPhone Bitcoin system and she would feel like a hipster rebel while doing it. Go girl! Bitcoin has that sort of easily recognizable sexy factor while actually not being that interesting anymore (from the perspective of someone who knows anything or something).
The elite's drag society forward by the nose ring. Now Bitcoin might very well be the huge investment opportunity since millennials and Mom can both be convinced of such a thing for different reasons. I'll argue though that when you have Hollywood, Big Finance, Big Tech, Big Sports, etc all pushing BLM then it's probably not quite where it's at, know what I mean? Mom is pretty good at being an advanced more intelligent than average absolute-normie-norm and it's sometimes done pretty well for her. I'd just caution any actual rebels to consider how rebellious they are actually being when they standing hip-to-hip with Mom. Make a profit, play the game fine. How much of it though is fundamentals, how much of it is the corralling of an absolutely captive population with their 401k's and all of their managed stupid-ass smart money?
Someday soon the globalists might have such control over the world that a few generations have grown up without knowing what a genuine economic breeze feels like, but I'll be damned before I go off into that easy night before my time has come.Read More
@jpwilk Most but not all cryptos limit what can be mined. By design, they get more and more difficult to mine over time until eventually it hits the maximum amount allowed to be circulated and there's no more to mine. Then, people just trade around what exists.
Other cryptos don't limit mining in that way but periodically burn off coins. Some inflate forever, but those are usually situational tokens that get used for stuff.
@Fawk_Face I'm worried a little bit about where ADA caps out and how much of the ship has already sailed. It's got 300 times as many coins in circulation as ETH. Even if the technology is awesome, we probably won't ever see a $2000 ADA. It might not even crack 10$. It looks like there's still room to grow, but with the high market cap, it's going to take a lot of activity to budge the price.
I think the people who got in at 10-20 cents will do really well, but the people FOMO-buying in at 1.30 might end up seeing a slow 3-5x rather than a sudden trip to the moon.
Update on ADA tokens, that’s happening today! They are hardforking the coin in an update and users will be able to develop their own tokens from that point on.
Explaining the Mary hardfork.
Would you be interested in a Cardano based token? I’d be willing to put hours in to make it happen. Let me know.
I'm still bull on ether.
But now that I know about cardano i'm not as much.
When ether gets back up to $2,500 I plan on selling most of my ether.
and converting it to Cardano (ADA).
I'm gonna split my portfolio between Ether and ADA.