> Crypto.com currently have around US$2.5 billion in reserve on the platform, with more than 20% of that number being comprised by Shiba Inu token (SHIB).
Geez, isn’t that a dogecoin knockoff meme coin? Guess you can now become a crypto billionaire on the back of a knockoff of a meme. What a strange world we live in.
And Dogecoin itself was created as a joke, the developer stated that took him about 2 hours, including the logo, throw together. its literally nothing more than a copy-paste of another coin (itself a 95% identical copy of bitcoin) with a few irrelevant cosmetic changes and a deliberately absurd emission rate setting.
The point of Dogecoin was to mock how ridiculous the "sound money" narrative of cryptocurrency is by showing how easily more - infinitely more - of it could be created with almost zero efforr, and nobody seemed to care to do the least bit of common sense research before ithrowing real money into it.
>The point of Dogecoin was to mock how ridiculous the "sound money" narrative of cryptocurrency is by showing how easily more - infinitely more - of it could be created with almost zero efforr, and nobody seemed to care to do the least bit of common sense research before ithrowing real money into it.
I am no fan of crypto but that is non different then any fiat money no? In fact dodge at least has some sort of rate limit where fait system have non.
That’s the point it makes. That crypto is not limited because anyone can make a new coin any time they want. While crypto zealots will insist that bitcoin is inherently valuable because you can’t create more.
Central banks, indirectly, can force people to use their currency (e.g. for taxes) and actively make decisions to try to follow a deliberate financial policy.
Their states command economic, diplomatic or military power which they often use to protect and develop their economies and the associated currencies. Often the decision makers are accountable in the form of elections and rule of law.
Crypto on the other hand is purely market driven and free floating. It's very easy for bad actors to manipulate the currency itself rapidly, something that does not happen to Dollars or Euros.
Cryptobros and others disagree whether anything outside of fully unregulated market forces is a good thing.
> developer stated that took him about 2 hours, including the logo, throw together. its literally nothing more than a copy-paste of another coin (itself a 95% identical copy of bitcoin) with a few irrelevant cosmetic changes and a deliberately absurd emission rate setting.
ha-ha-ha-ha-ha, and what do you think 10 pounds note is? Take 5 pounds note, throw some logo around, add Queen face and voila
The developers failed badly; their attempted joke turned out to be quite serious. And with more predictable emission rates than the clowns at the Fed, we might note. There are some real jokers out there.
There is a lesson here about how the developer doesn't have any influence over the crypto once a community gets involved. At least, not in their capacity as a developer.
Crypto made me understand how much money are laying around. Now only if I could build a product people wanted...there is literarily money growing on trees.
Well I don't favor fraud, but crypto fraud has shown there is plenty of disposable income and it would appear greed. The very people that scream greed at capitalism don't seem to mind scamming other people if they are promised high returns.
My point tho is that people have a lot money laying around.
My point tho is that people have a lot money laying around.
They don't. The taxi drivers, hairdressers, and hotel doormen that got caught up in crypto are going to lose a significant chunk of their life savings if these exchanges blow up. There's 2-3 trillion dollars in crypto at this point, how much of that is from unsophisticated retail investors? A quarter? Half? Nobody knows.
> There's 2-3 trillion dollars in crypto at this point...
No, there's not.
Issuing a trillion CJCOINs and selling one for $1 gives me a trillion dollar market cap, by cryptocurrency valuation standards. There's not actually a trillion dollars invested into the CJCOIN ecosystem.
I'm not sure it's accurate to characterize everything going into crypto "disposable income". The Celsius Network collapse yielded some pretty devastating appeals[0] to the bankruptcy court for the return of people's life savings.
Geez, isn’t that a dogecoin knockoff meme coin? Guess you can now become a crypto billionaire on the back of a knockoff of a meme. What a strange world we live in.