One coin I heard about in the CryptoKnights discord server was IOTX, or IoTeX, whichever way to spell it, it is a web3 coin. Metaverse coins were something of last week kind of online but still for others who are just now hearing about Decentraland or metaverse coins they are still new. Recently coinbase, a crypto exchange, gave out free amounts of a couple web3 coins if you finish 3 quizzes, you got $3 in that coin, which for me was IOTX.
With as many people talking about web3, I sort of don’t want to, but it is the future. I just don’t see that future happening anytime soon with as large as the web2 tech companies are. Web3 looks like it’s just completely the opposite of web2 and I am still trying to understand how FAANG companies are going anywhere. If you think news will just come out that Google’s search engine is trash and now this random new web3 coin/DOA/company is the new search engine; you are wrong. Web3 makes sense and is great in idea but would take decades to get to how it’s imagined by internet lovers.
The metaverse after thinking about it for a few weeks isn’t going to be what we think it will be. Until all the hundreds of metaverses are connected; it won’t be a full on metaverse. Senator Cynthia Lummis is proposing a large crypto bill in 2022, I think that will be for the large investors though. Jack Dorsey has been dissing web3 on Twitter because he loves Bitcoin so much and Web3 uses Ethereum.
CBDC vs Stablecoins
I see where the conflict comes with a central bank backed digital currency, because why would you use that if you’re already using a stable coin. It’s the same thing, a dollar is a dollar, it doesn’t matter which one you send to someone, the USDC or the CBDC, it’s the same thing. When they used to say “End The Fed” with Ron Paul, that is what crypto does, but everyone is just watching what the government does and reacting accordingly. Some flat out believe Bitcoin will replace the dollar, like former Twitter CEO Jack Dorsey, where some see it as a digital gold that’s a limited asset. Others use Bitcoin as a transaction system, Bitcoin is very versatile. Ethereum does even more than Bitcoin; so maybe you see why people include Ethereum in their portfolio, it’s because it’s easier to build on top of Ethereum. Bitcoin can have things built onto it also I guess, it’s just harder; probably because it’s hard to find anyone who knows how to code that stuff. NSA created the Secure Hash Algorithm, so if the government wanted to add something to Bitcoin, that could possibly be easily done but a private person adding something to all of Bitcoin, that would be rare if impossible.
Will people care about Bitcoin when Bitcoin is $150k? Will investors think it’s going to a million a coin then? Crypto is at the moment where people are confused, at least it seems like that, or just the vibe I am getting from discord servers. The meme coins folks have gotten smarter and are now thinking of Web3 coins instead of metaverse coins. Metaverse coins are still a great go to, and so are web3 coins, but just know that web3 and the metaverse aren’t mainstream knowledge yet.
Be a nice human.
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