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So I will be releasing my own cryptocurrency in the next few months.
I'd love to hear everyone's opinions on what characteristics make for a good cryptocurrency.
#investing #crypto #cryptocurrency #bitcoin #ethereum #cardano
@freemo@qoto.org
Cryptocurrencies are casino chips, which chip is better than the other? Who knows. It's all in the eyes of the beholder.
@johnnada Right, im asking about what each persons beholding eye is most attracted to in terms of features.
The big difference between a casino chip and a cryptocurrency is that cryptocurrencies are adding functionality to money we never had before. Thats huge.
@freemo@qoto.org
Yeah it's huge, until the lights go out.
Missing Features
- instant convertibility to cash anywhere any time
- ability to settle any bill anywhere any time any vendor in "crypto"
- value stability (must it really be "worth" some random value every day based on how many neetbux Creepy Joe and the ZOG Fed are paying into Scrub accounts this month?)
Consultation check in the mail to John Nada Enterprises thank u
True, though its a relative scale. USD is far more stable than Ethereum for example.. Though USDT is, unsurprisingly, just as stable as USD.
USDT is pegged to USD.. USD is a fiat, so it isnt backed by a commodity but rather backed by the us government itself (As is all fiat).
Currencies are generally compared to eachother.. how many you can exchange one for the other and watching how that relative exchange rate changes. Keeping in mind it is only the relative change that matters and the absolute value doesnt. So a single price point at a single point in time would tell you nothing.
You can of course look at indexes that show the buying power of a particular currency. But keep in mind that has a lot to do with the import/export relationship of the country and to some extent the wealth of the country.
Comparing USD to BTC is a bit unfair. USD is priced to stimulate economies and improve the countries overall wealth. Doing that actually requires a currency undergo reasonable levels of inflation.
BTC and other cryptos, on the other hand, are not bound to a nation or to a specific group of people. Its goal is not to stimulate economies or improve wealth generation. Its goal is more so to be a vehical for investment. So in that sense we want to see it undergo deflation rather than inflation.
Even as a money, its still not associated with a government or people. Which makes it extremely unique as money goes.
i doubt