There isn't one.
Correct. But remember when Bitcoin was being pushed as the next currency? The currency that would decimate the USD and would soon be the preferred currency in the world?
Yeah, not happening.
BITCOIN
- Thread starter Weather Man
- Start date
There isn't one.
Correct. But remember when Bitcoin was being pushed as the next currency? The currency that would decimate the USD and would soon be the preferred currency in the world?
Yeah, not happening.
But it isn't a stock, which is Buffet's point, it's a speculation vehicle backed by nothing built solely to take advantage of irrational exuberance.
I do think at some point we will have a legit digital currency hell it may happen in our life time…
Is it this? Nah.
Hell the fact that some random dude made a “ coin “ off a random dog meme.. and it made People millionaires still blows my mind
Crypto Ponzi Scheme.........PERIOD!!
We do have a digital currency, it's called credit cards.
I only touch cash when I pay for my house cleaner and stuff. Other than that, everything goes on a card.
Voyager (OTCQX:VYGVF) had promised that customer deposit accounts are protected by the FDIC for up to $250K. "Your USD is held by our banking partner, Metropolitan Commercial Bank, which is FDIC insured, so the cash you hold with Voyager is protected," according to Voyager's website.
The problem is the customer accounts are only eligible to be insured in the event of the banks' failure, Metropolitan Commercial Bank said, as reported by the WSJ. So, account holders won't be protected as a result of Voyager's bankruptcy.
The problem is the customer accounts are only eligible to be insured in the event of the banks' failure, Metropolitan Commercial Bank said, as reported by the WSJ. So, account holders won't be protected as a result of Voyager's bankruptcy.
Correct, 100%.
So Metropolitan Commercial Bank just made out with all of their money, correct?
The money in the bank won't cover the crypto losses. Pennies on the dollar back for investors.
Not just credit cards.
Not like banks have all the dollars in their vault to cover all the account balances.
Never understood the claim with BTC and how it makes transactions easier. It’s worse. You need to convert it from USD and then back to USD.
Don’t see how those numbers on a computer move faster than the numbers that represent my USD move either.
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- In March, North Korea-linked hackers stole $620 million in crypto from the online game Axie Infinity.
- Scammers tricked an engineer at the company into applying for a fake job, according to The Block.
How when I went from 8k to 14k overnight on one of my coins? I funded most of my stereo build on crypto profits. Ya'll literally scream scam when it dips and congratulate people when they make money. Not once did you pay attention to what they are doing. Doesn't matter what you think about it, feel about it...people have made money....but not some of you. Instead of investing right now...you scream scam. Do you honestly believe Crypto is done? That it will never go back up? Everything is down....that's how that works. I still have about 10k in crypto, I didn't put 10k into it. But sit on the sidelinesCrypto Ponzi Scheme.........PERIOD!!
True. But: The inflation and monetary environment were very different. Monetary base is contracting as inflation is high. This is a death blow to risk assets. And despite what the bros say BTC is not a currency ir a "store of value" it is a risk asset.
If you graph monetary expansion to BTC price the graph looks exactly the same. You can flip it on its head and say "the conversation would be very different without the monetary expansion of 2020 2021." BTC never would have broken out to the levels it did if Reddit basement dwellers were not getting checks from the govt.
I LOL at how dumb some of the crypto models are.
Axie Infinity is an online game where users can make money by breeding virtual pets and earning other digital assets on the blockchain, which they can then sell for cash on crypto exchanges. Axie Infinity’s parent company, Vietnam-based Sky Mavis Ltd, along with digital-art creator Yuga Labs and fitness app StepN, offered services they said were part of a new iteration of the internet that distributed ownership and power to users in the form of digital tokens. Venture firms such as Andreessen Horowitz and Paradigm raised billions of dollars in new funds dedicated to crypto startups.
Andreessen Horowitz led a $152 million investment into Sky Mavis in October, valuing it at about $3 billion. General partner Arianna Simpson touted Axie Infinity as part of a “play-to-earn revolution,” saying the ability to own and sell in-game digital assets would drive loyalty to the platform. Daily platform users reached a high of 2.7 million in November, according to data from Sky Mavis.
The blockchain-based game Axie Infinity has lost users as cryptocurrencies have lost value.PHOTO: SKY MAVIS/VIA REUTERS
As the crypto boom has crumpled amid inflationary fears and a broader market downturn, the prices of Axie’s in-game tokens crashed, and Axie users fled the platform. As of July 4, the site had 368,456 daily active users, down 86% from November, a drop that came after hackers stole more than $500 million worth of cryptocurrency from the game in March.
Sky Mavis co-founder Aleksander Larsen said the company is in the process of phasing out the older version of Axie Infinity, so future users will have the option of using digital tokens or playing without them.
Proponents of Web3 say the blockchain is a new way to shift economic power from dominant companies such as Facebook parent Meta Platforms Inc. and institutions like central banks. Over the past few years, it has fueled the rise of sectors such as decentralized finance, where people are able to buy and sell cryptocurrencies validated automatically on the blockchain instead of relying on financial middlemen.
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StepN is a fitness app that allows people to earn a token called Green Satoshi based on how much they walk or jog. Users, who earn the tokens after they buy a nonfungible token, or NFT, representing a pair of sneakers, flocked to the platform as the price of the Green Satoshi token increased in the first few months of the year.
The fitness app StepN has seen its token price plunge in the past two months.PHOTO: STEPN
In the past two months, the token price has crashed, and the number of monthly active users on the platform dropped more than 30% from May to June, according to data from Dune Analytics. A spokeswoman said the data excludes active users who don’t transfer their tokens for other cryptocurrencies and thus “does not represent the full picture for active users of StepN.” StepN, based in Adelaide, Australia, announced in January it raised $5 million from investors including Sequoia Capital India
Some Web3 companies’ difficulty in keeping users amid the plummeting prices of its tokens has validated some crypto skeptics’ beliefs that there aren’t many instances where consumers have a true use for blockchain-based services.
“What subset of things created in this cycle are going to work? A small subset,” said Haseeb Qureshi, a managing partner at crypto VC firm Dragonfly Capital. “That’s normal,” he said. The role of venture capital “is to try and find a lot of big ideas, and a few of them work and end up changing the world.”
Advertisement - Scroll to Continue
When cryptocurrency lending platform Celsius froze user accounts amid a plunge in valuations, it sent ripples across the industry and raised questions about what happens to user assets if a crypto platform files for bankruptcy. WSJ’s Vicky Ge Huang explains. Photo illustration: Jordan Kranse
Some well-funded crypto startups have introduced tokens before they have developed the products associated with those sales. The approach led to early revenue as users bought and started to trade the tokens, driving up their value.
One-year-old startup Yuga Labs and its partners, including gaming firm Animoca Brands, made more than $300 million in revenue by selling a collection of NFTs at the end of April representing unique plots of land in virtual world Otherside. Yuga Labs still hasn’t released Otherside to the public. Since the launch, the NFT’s floor price, or the cost of the cheapest NFT available for sale, has declined more than 70%, according to data from CoinGecko.
The declining price of the NFT for Otherside tracks a broader selloff in the market for NFTs, which were held out last year as a new way to own digital items but so far have been a way to buy luxury items popular within the crypto community. OpenSea, the world’s largest marketplace for such assets, saw $697 million in trading volume in June, down from $4.9 billion in trades in January, according to Dune Analytics.
“I believe that many of these NFTs are just temporary fads and are going to disappear,” said Marcos Veremis, a partner at Accolade Partners, which invests in crypto venture funds including Andreessen Horowitz. He thinks it will take time for NFTs to mature but remains optimistic.
“The current washout that’s happening is very healthy,” he said.
Write to Berber Jin at [email protected]
Cryptocurrency Markets
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Axie Infinity is an online game where users can make money by breeding virtual pets and earning other digital assets on the blockchain, which they can then sell for cash on crypto exchanges. Axie Infinity’s parent company, Vietnam-based Sky Mavis Ltd, along with digital-art creator Yuga Labs and fitness app StepN, offered services they said were part of a new iteration of the internet that distributed ownership and power to users in the form of digital tokens. Venture firms such as Andreessen Horowitz and Paradigm raised billions of dollars in new funds dedicated to crypto startups.
Andreessen Horowitz led a $152 million investment into Sky Mavis in October, valuing it at about $3 billion. General partner Arianna Simpson touted Axie Infinity as part of a “play-to-earn revolution,” saying the ability to own and sell in-game digital assets would drive loyalty to the platform. Daily platform users reached a high of 2.7 million in November, according to data from Sky Mavis.
The blockchain-based game Axie Infinity has lost users as cryptocurrencies have lost value.PHOTO: SKY MAVIS/VIA REUTERS
As the crypto boom has crumpled amid inflationary fears and a broader market downturn, the prices of Axie’s in-game tokens crashed, and Axie users fled the platform. As of July 4, the site had 368,456 daily active users, down 86% from November, a drop that came after hackers stole more than $500 million worth of cryptocurrency from the game in March.
Sky Mavis co-founder Aleksander Larsen said the company is in the process of phasing out the older version of Axie Infinity, so future users will have the option of using digital tokens or playing without them.
Proponents of Web3 say the blockchain is a new way to shift economic power from dominant companies such as Facebook parent Meta Platforms Inc. and institutions like central banks. Over the past few years, it has fueled the rise of sectors such as decentralized finance, where people are able to buy and sell cryptocurrencies validated automatically on the blockchain instead of relying on financial middlemen.
Advertisement - Scroll to Continue
StepN is a fitness app that allows people to earn a token called Green Satoshi based on how much they walk or jog. Users, who earn the tokens after they buy a nonfungible token, or NFT, representing a pair of sneakers, flocked to the platform as the price of the Green Satoshi token increased in the first few months of the year.
The fitness app StepN has seen its token price plunge in the past two months.PHOTO: STEPN
In the past two months, the token price has crashed, and the number of monthly active users on the platform dropped more than 30% from May to June, according to data from Dune Analytics. A spokeswoman said the data excludes active users who don’t transfer their tokens for other cryptocurrencies and thus “does not represent the full picture for active users of StepN.” StepN, based in Adelaide, Australia, announced in January it raised $5 million from investors including Sequoia Capital India
Some Web3 companies’ difficulty in keeping users amid the plummeting prices of its tokens has validated some crypto skeptics’ beliefs that there aren’t many instances where consumers have a true use for blockchain-based services.
“What subset of things created in this cycle are going to work? A small subset,” said Haseeb Qureshi, a managing partner at crypto VC firm Dragonfly Capital. “That’s normal,” he said. The role of venture capital “is to try and find a lot of big ideas, and a few of them work and end up changing the world.”
Advertisement - Scroll to Continue
When cryptocurrency lending platform Celsius froze user accounts amid a plunge in valuations, it sent ripples across the industry and raised questions about what happens to user assets if a crypto platform files for bankruptcy. WSJ’s Vicky Ge Huang explains. Photo illustration: Jordan Kranse
Some well-funded crypto startups have introduced tokens before they have developed the products associated with those sales. The approach led to early revenue as users bought and started to trade the tokens, driving up their value.
One-year-old startup Yuga Labs and its partners, including gaming firm Animoca Brands, made more than $300 million in revenue by selling a collection of NFTs at the end of April representing unique plots of land in virtual world Otherside. Yuga Labs still hasn’t released Otherside to the public. Since the launch, the NFT’s floor price, or the cost of the cheapest NFT available for sale, has declined more than 70%, according to data from CoinGecko.
The declining price of the NFT for Otherside tracks a broader selloff in the market for NFTs, which were held out last year as a new way to own digital items but so far have been a way to buy luxury items popular within the crypto community. OpenSea, the world’s largest marketplace for such assets, saw $697 million in trading volume in June, down from $4.9 billion in trades in January, according to Dune Analytics.
“I believe that many of these NFTs are just temporary fads and are going to disappear,” said Marcos Veremis, a partner at Accolade Partners, which invests in crypto venture funds including Andreessen Horowitz. He thinks it will take time for NFTs to mature but remains optimistic.
“The current washout that’s happening is very healthy,” he said.
Write to Berber Jin at [email protected]
Cryptocurrency Markets
Related coverage, selected by the editors
SIGN UP FOR THE WSJ CRYPTO NEWSLETTER
Crypto Dominos Are Falling, Threatening More PainCrypto Broker Voyager Digital Files for Bankruptcy ProtectionCelsius Customers Are Losing Hope for Their Locked-Up CryptoAfter Tumultuous Quarter, Investors Ask What Else Could Go WrongBehind Celsius Sales Pitch Was a Lender Built on RiskMan Behind TerraUSD Has a New Coin for YouHedge Funds Are Betting Against TetherBitcoin: What to Know Before Investing
Advertisement - Scroll to Continue
SHOW CONVERSATION
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©2022 Dow Jones & Company, Inc. All Rights Reserved.
Things are real bad for those investors. Currently all accounts invested in crypto are locked and can not make any transactions. Millionaires over night, broke and in major debt now.
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