ESOC Crypto Corner

[Gendarme]

I think it's created out of thin air.

[CripSAV]

There are really good ones to pump and dump, if you analyse it well enough there's money to be made.

I've made around £5K in the last 2 weeks and on the side I can make around £150 a day with an initial investment of £3K (but the thing with this is the less people that know the better which is why it's working)

Anyhow, hope you had a good New Years, this year will be big for Cryptocurrencies :)

[Snuden]

You "mine" the coins when you either post or vote.
(At least that's my understanding)

[Gendarme]

Yeah you just get points for contributing to the Steemit community, and on the blockchain, points are tokens. Call it money if you want, or don't—but people are willing to pay for these points (because you earn points faster the more points you have). I'm not exactly sure if there's an actual service you can buy with the coins.

[Goodspeed]

So the money is ultimately coming from people who are buying tokens that will steadily decrease in value because they are created from thin air?
Seems sustainable lol

[Snuden]

Yeah you just get points for contributing to the Steemit community, and on the blockchain, points are tokens. Call it money if you want, or don't—but people are willing to pay for these points (because you earn points faster the more points you have). I'm not exactly sure if there's an actual service you can buy with the coins.

Correct. The more coins you have, the more power you have (stake in the blockchain)
We always tend to look at this as money, which it is not. It is a token that people are willing to buy for the reasons you already mentioned.

[Snuden]

So the money is ultimately coming from people who are buying tokens that will steadily decrease in value because they are created from thin air?
Seems sustainable lol

Wrong. Look at the charts for the tokens. Good increase recently.

[Gendarme]

It does not necessarily mean that it decreases in value. It decreases only if the creation of new tokens exceeds the popularity of it. Bitcoins are inflationary as well (until we reach 21 million), and so are a bunch of other things. It is not necessarily a bad thing.

In economics I think the consensus is that the ideal situation is to have an inflationary currency that inflates at the same pace as the growth of the economy.

[Snuden]

Posting and voting is basically the same as mining or staking any other coin.

[Snuden]

https://steemit.com/trending/vincentb not quite at $1000 yet :)

[Gendarme]

I am actually liking the concept of Steemit a lot! The value of the token comes from the fact that having your posts trending is valuable. It seems like a great place for content creators. If you like the concept of Po.et I think you should give this one a chance @Goodspeed.

[Gendarme]

By the way, ZClassic has gone up a lot in anticipation for the Bitcoin Private fork, but the date of the fork is not even released. I expect it to shoot up a lot as soon as they announce the date despite the insane growth it has seen already. Might be a worthwhile short-term investment where you sell either right after it goes up when the fork date gets announced, or right after the fork itself so you get the "free coins". Which one you choose depends on how much you believe in BTCP I suppose. One thing is for certain and that is that ZCL will drop after the fork, and the "free coins" may or may not be worth holding on to ZCL.

[Gendarme]

There is actually a coin sink as well. Pretty cool, although I'm not sure it actually matters. Cool nonetheless.

When you make a post, there is the option to promote it with Steem Dollars. It will then show up in the “Promoted” tab. The order that it appears in the list depends on how much the post was promoted for. Posts with a higher promoted amount will be higher than posts with less.

Steem Dollars spent to promote a post are paid to the account @null, which nobody owns or controls. Once a user transfers SBD to @null, the Steem blockchain removes them from the currency supply.

Some more info on the matter of inflation:

How many new tokens are generated by the blockchain?
Starting with the network's 16th hard fork in December 2016, Steem began creating new tokens at a yearly inflation rate of 9.5%. The inflation rate decreases at a rate of 0.01% every 250,000 blocks, or about 0.5% per year. The inflation will continue decreasing at this pace until the overall inflation rate reaches 0.95%. This will take about 20.5 years from the time hard fork 16 went into effect.

[Laurence Drake]

https://www.ft.com/content/b2012d2a-002 ... 8eaef9cac0

Dogecoin, the cryptocurrency based on an internet meme of a Shiba Inu dog, almost doubled in value over the weekend, bringing its market capitalisation to more than $2bn on Sunday.

Anyone investing in this?

[kami_ryu]

-- deleted post --

[Laurence Drake]

Well? Are you enjoying your retirement?

[Gendarme]

His HDD got nuked and he lost 'em all. Crazy how things turn out, eh?

[Snuden]

RIP (Ripple In Peace)

[Gendarme]

Oh wow. I assumed my position had been liquidated because BTC went down, but I see that I've profited actually. Cool.

[Gendarme]

The whole market is pretty RIP atm. Good opportunity to buy anything tbh

[Gendarme]

Balance has been restored!

[Goodspeed]

Not really. CMC is now ignoring Bithumb, which accounts for 30% of XRP volume and where the price is a whole dollar more. Everything is more expensive there, but since CMC is a weighted average and Bithumb accounts for such a large percentage of XRP volume, XRP is by far the most affected. CMC claims it's down 30%, it's actually down about 15%.
Should've sold yesterday. I almost did because late in the evening when Korea woke up there was no significant price increase, which made me worry for the rest of the day. But you hear stories about people trying to time the market and losing a ton of money so you hodl..

[Gendarme]

Interesting watch:

phpBB [video]

[Goodspeed]

Yeah... GL competing with an actual company that has already marketed itself to solve issues in banking transactions, already has many clients and proof of concept, and already has a working currency with near instant transaction speed and near zero cost.
But it's cute how desperate BTC advocates are becoming in trying to find a use case for it.
Seriously though, if you believe in that concept, for the love of Garja just buy some XRP

[Gendarme]

I don't think you understood the video. Did you watch it?