May Halftime Thoughts
Crypto Ponders & “Stable” coins
NBC nightly news had their part about this recent cryptocurrency drop this week but it all depends on when you bought. The news focused on the stealing of crypto and said they couldn’t help the guy in the video but also said they can trace and track bitcoin and crypto. It’s nice to hear good things are being done with crypto rather than the bad things. At the same time NBC made it seem like crypto has problems other currencies don’t have. The guy on NBC’s nightly news this week said people stole his password but the real news should have been about Terra, Tether, and all stable coins depegging. Slowly this crypto cycle Tether gained up to the top 5 of coins and other stablecoins were a place to store money because one USDC was equal to one dollar. With other stablecoins doing the same, their coin equal to a dollar.
Someone in the BX Crypto discord server popped up on Boxden in the news forum with the coinbase debit card telling everyone about the 4% back in crypto and how you can use any coin, anywhere. They give you crypto for using the card at places but it also cost a decent amount to just load funds onto the card. The TerraUSD stable coin depegged, that is wild because so many people trusted stablecoins. I never bought into the idea of stablecoins. Going forward stable coins will be looked at like something that could all tumble. Tether didn’t go down much but the idea of it supposed to not go down and does, is sort of a joke. Yahoo Finance dude called it a “depeg” from the dollar, which Justin dude on Boxden website has been saying would flop in some time. The whole crypto market has been down bad for months and may keep going that way because no one knows how this cycle will be with it following the stock market. There are lots of smart people one can follow and gather information from but it still can be manipulated be whales and let’s be honest whales probably know each other and sell and buy as a group.
Celebrities and NFTs
Someone shared a video of rapper Rick Ross making fun of crypto holders and asking to see proof of gains. Probably because he got word crypto has been trending towards a bear market and just 3-5% gets the news now for Bitcoin. Crypto has been going down since it’s all time high around $69k/coin for Bitcoin and over $4k for Ethereum. Now Rick Ross thinks he manipulates all of the NFTs in the market. Just because he made fun of NFT holders like Meek Mill, that’s mainly who Rick Ross is focusing his energy towards. Makes me want to listen to Meek Mill more but I only like a few songs. NFT tickets will probably get more people into crypto and NFTs, maybe POAPs too. POAPs (Proof of Attendance Protocol), are just free NFTs that you can get for just attending something, like an event or concert. It’s hard to understand how or why a jpeg would be worth anything but somehow it’s got to where they are worth money to people. NFTs come with communities now on discord servers and all chat together in channels about their NFTs. Lots of famous people are buying them for profiles photos on Twitter. NFTs though, are at their cheapest level ever so if you truly want a jpeg worth money now is the time to scoop a cryptoon goon or muhreen. Muhreens, the NFT collection from Terminal Lance; those are under $20 now.
Ethereum Triple Halving or Ethereum 2.0
Switching from proof of work, or mining; to proof of stake. The merge, as some call it, but most are just going to care if it makes the Ethereum price go up or not. “2.0” version of Ethereum, where everything is moved from proof of work to proof of stake. Basically “holding” a certain amount and somehow that takes away the mining need. This was supposed to happen earlier this year so it could be chasing a major event. I don’t get how Ethereum has employees, or Bitcoin too if they also have employees. That Craig Wright guy with the Satoshi wallet can make the price whatever they want but buying and selling to keep stable. “2.0” version of Ethereum is supposed to be equivalent to three halvings. Meaning the supply will shorten and demand may rocket to Jupiter’s moons. Will the triple halving even have an effect on the market, possibly pumping Bitcoin and alt-coins? If a normal halving for Bitcoin pumps a whole buying cycle, then an Ethereum one may create a supply. Plus staking at the same time would just create hype for crypto. CNBC does a crypto world video every day and I share that with people.
Be a nice human.