Info: No Crypto For You? Can they reconsider their position? Did I inform MA about Crypto TOO SOON?

Aloisius

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I asked MA to take Bitcoin a decade ago. They said no. I assumed it was about money laundering. It's now the trend of the decade and someone we know is missing the boat.

I wish MA would reconsider crypto. At the very least they should consider stablecoin implementation. Just because they got stung by failed crypto projects shouldn't mean no more crypto implementing or considering. Even now with the KYC laws protecting the participants in the crypto space it's much safer for corporations to get involved.

Here is another game from the old days (remember AlphaWorld or Blaxxun?) IMVU is still around and look at this!!

https://www.coindesk.com/avatar-soc...s-ethereum-token-to-power-its-virtual-economy

On another front, check this out, there are entire games made to run on blockchains. With their own coins and everything:

https://dclplazas.com/

And this isn't about finding my Cryptokitties a new home!!
 

Johaoninho90

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Howdy,

I agree 100% with you!

For the info i would like to share,
Bitcoin was used as reward in the Entrolympic Events 2020, 0.008 Bitcoin was rewarded to the best society (if i'm right, this is the first event in Entropia Universe to reward Bitcoin).
Of course the only risk using it was that the volatile value can go DOWN, but then could also go UP and it's what it did. 0.008 BTC worth 800-900PED became worth ~2500 PED the moment it was rewarded.
But it's not only reason, one of the most interesting thing is that it is SIMPLE and FAST to send.
So I suppose BTC is too volatile maybe to be used inside the Game's Economy....and maybe they should try something with USDT, or other US dollar backed crypto. ( or gold backed )

Edit: but of course BTC could be used to purchase thing on webshop for example!
 

Aloisius

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YA USDT would be ranked a stablecoin - but they are scandalous IMO with a case coming on the 15th of jan this year - 3 days...
There are lots of other stablecoins they could use and another news event recently with the OCC announce banksters can utilize stablecoins now!!!
Remember the good old days when MA thought it was gonna be a bank too?! Well, wakey wakey now's another chance. And don't forget my other post calling for people to exit their positions in the USD. This news and the next few days might just be the collapse of the FIAT system entirely.

Who wants to hold my bag?
 

ermik

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To the people actually thinking BTC is the future currency of all, get an education in economics.

I have one question.

If we assume BTC takes over, the number of BTC is fixed (wich according to BTC-fans is one of the key points, no inflation)

I want to buy a house, i take a loan. How would that work with BTC?

or...

Let me say it like this

Total BTC are 200, i have 100 and you have 100.

You loan me 100 BTC with an interest rate of 10%, now there are 210 BTC in the system.

See the impossible?
 

Tom Archy Blad

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To the people actually thinking BTC is the future currency of all, get an education in economics.

I have one question.

[...]

Let me say it like this

Total BTC are 200, i have 100 and you have 100.

You loan me 100 BTC with an interest rate of 10%, now there are 210 BTC in the system.

See the impossible?
I'm not a crypto expert but lending seems to exist in cryptocurrency.
I think its based on Ethereum wich is not caped like BTC and do not use only bitcoin to work... DeFi right ?
Anyone can confirm ?
 

psyche

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I can see why bitcoin is valuable since there is a limited supply. But what I don't understand is that if there's low supply of bitcoin causing the price to increase, why don't people just buy alternative crypto currency like Ethereum, dodge coin, litecoin, etc.

It would be cool if MA also join in on the crypto craze and make EntropiaCoin, we can purchase via PED or real currency.
 

Spawn

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To the people actually thinking BTC is the future currency of all, get an education in economics.

I have one question.

If we assume BTC takes over, the number of BTC is fixed (wich according to BTC-fans is one of the key points, no inflation)

I want to buy a house, i take a loan. How would that work with BTC?

or...

Let me say it like this

Total BTC are 200, i have 100 and you have 100.

You loan me 100 BTC with an interest rate of 10%, now there are 210 BTC in the system.

See the impossible?
Bitcoin is the gold of crypto. You have usdt for stuff like a loan.

The point that there will " only" be 21 million btc..
1 bitcoin is subdivided in 10 million units called satoshis. So there's only 21mil× 10 mil satoshi.
And ofcourse you can have 0.5 satoshi. You already see this with emerging altcoins where their worth is measured in bitcoin satoshi. Like for example the Brazio coin, worth 0.065 satoshi
See how a dot can suddenly make a finite number infinite?
Still, bitcoin will never become a currency. The time it takes for large transactions is too high. But we have a lot of coins improving on what Bitcoin started.
 

Optimator

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I can see why bitcoin is valuable since there is a limited supply. But what I don't understand is that if there's low supply of bitcoin causing the price to increase, why don't people just buy alternative crypto currency like Ethereum, dodge coin, litecoin, etc.

It would be cool if MA also join in on the crypto craze and make EntropiaCoin, we can purchase via PED or real currency.
A single bitcoin is divisible by eight decimal points. The smallest unit is the Satoshi, which is also referred to as a bit, hundredth of a millionth bitcoin (1 satoshi = 0.00000001 BTC). Therefore, each Bitcoin can be broken down into 100,000,000 satoshis.

If you convert 21 million bitcoins into satoshis you have slightly over two quadrillions, enough units to go around. In fact, every world citizen in 2140 could own an average of 131,250 satoshis.

Even if the need exceeded this, it is possible to have the Bitcoin protocol and related software modified to handle even smaller divisions.


* Edit: Looks like Spawn beat me to the punch. (y)
 

Igorl

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To the people actually thinking BTC is the future currency of all, get an education in economics.

I have one question.

If we assume BTC takes over, the number of BTC is fixed (wich according to BTC-fans is one of the key points, no inflation)

I want to buy a house, i take a loan. How would that work with BTC?

or...

Let me say it like this

Total BTC are 200, i have 100 and you have 100.

You loan me 100 BTC with an interest rate of 10%, now there are 210 BTC in the system.

See the impossible?
BTC =/= currency
BTC = value store (virtual gold)
BTC has no transaction speed to allow for speedy transactions, privacy to even allow trading in e.g. EU, nor practicality.

World agreed it has some value - so it does. There are 100s of better crypto engines out there, still none on par with Visa Cobol based transaction system - unfortunately...

Anyways - just my 0.0000000002 BTC

Regards
I.
 

LavaSparks

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Why would they take BTC? Funny money that varies by several hundred % in it's relation to real currency would make MAs economy very volatile if enough people used it. Too big a risk for most companies (except maybe 1-man gaming projects and the likes), no?
 

Igorl

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I can see why bitcoin is valuable since there is a limited supply. But what I don't understand is that if there's low supply of bitcoin causing the price to increase, why don't people just buy alternative crypto currency like Ethereum, dodge coin, litecoin, etc.

It would be cool if MA also join in on the crypto craze and make EntropiaCoin, we can purchase via PED or real currency.
First off - you see - there is a limited amount of pubic hairs Ill shave off my crotch till the end of my life. Wanna buy some?

And to answer your other question - it got pushed upwards because - it got easier to buy it. You have services like Revolut, Robinhood, etc all adding BTC (all) and ETH (some) to their platforms. Meaning - avg Joe can and will just add 50$ to their account and just buy it anytime. 3 years ago you had to use shady p2p services to do it.

And since all those service providers must hold bitcoin in their wallets which their clients so conviniently purchased - they are driving the price up.

Regards
I.
 

psyche

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First off - you see - there is a limited amount of pubic hairs Ill shave off my crotch till the end of my life. Wanna buy some?

And to answer your other question - it got pushed upwards because - it got easier to buy it. You have services like Revolut, Robinhood, etc all adding BTC (all) and ETH (some) to their platforms. Meaning - avg Joe can and will just add 50$ to their account and just buy it anytime. 3 years ago you had to use shady p2p services to do it.

And since all those service providers must hold bitcoin in their wallets which their clients so conviniently purchased - they are driving the price up.

Regards
I.
A single bitcoin is divisible by eight decimal points. The smallest unit is the Satoshi, which is also referred to as a bit, hundredth of a millionth bitcoin (1 satoshi = 0.00000001 BTC). Therefore, each Bitcoin can be broken down into 100,000,000 satoshis.

If you convert 21 million bitcoins into satoshis you have slightly over two quadrillions, enough units to go around. In fact, every world citizen in 2140 could own an average of 131,250 satoshis.

Even if the need exceeded this, it is possible to have the Bitcoin protocol and related software modified to handle even smaller divisions.


* Edit: Looks like Spawn beat me to the punch. (y)
That is my point exactly. Even though there is a limited supply of bitcoin there are alternative crypto people can buy and use. Ethereum, dogecoin, litecoin, etc.
The point is that the supply of bitcoin may be limited, but the supply of crypto currencies is unlimited. People can always create new crypto and call it psychecoin or igorcoin or optimatorcoin etc.
There is unlimited supply of crypto currency and it should not be so valuable as it is now.
 

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A dollar is a paper bill. Paper bills have corona viruses on them. Cryptocurrency does not. You can scan another phones qr-code to easily make payments, without physical contact or contracting viruses. Like this example for the lightning fast coin Nano:

 

Power

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Everything in Entropia is already it's own "coin" if you think of PED in the same way you would Ethereum. Animal Hide has a value that runs off the PED platform for instance. The only thing missing is a blockchain to secure and tie all the transactions together.
 

Rocket192

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Never gonna happed.

1) MA would need to set up a hedge desk and account for various fees/exchange rates accross several liquidity providers, because they won't hold it in-house on their balance sheet.

2) AML/KYC compliance based on the user's home country as well as on-chain analytics to confirm it's not the source of money laundering, gun/drug trafficking, and/or fraud

3) transaction fees are higher and slower than FIAT right now.


*** i trade for a proprietary firm, myself, and provide liquidity to US merchants who want to use/accept cryptocurrency as a payment mechanism.
 

Aloisius

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Wow you smucks have no clue.
This post isn't just about Bitcoin. I wish MA could see the uses. Tell them 5$.

Never gonna happed.

1) MA would need to set up a hedge desk and account for various fees/exchange rates accross several liquidity providers, because they won't hold it in-house on their balance sheet.

2) AML/KYC compliance based on the user's home country as well as on-chain analytics to confirm it's not the source of money laundering, gun/drug trafficking, and/or fraud

3) transaction fees are higher and slower than FIAT right now.


*** i trade for a proprietary firm, myself, and provide liquidity to US merchants who want to use/accept cryptocurrency as a payment mechanism.
Theres 6500 alts. They don't have all the same transaction fees. ETH is high too atm but that high fees is just because the price is high and that's just because intitiutional interest. It could be a bull trap.

Everything in Entropia is already it's own "coin" if you think of PED in the same way you would Ethereum. Animal Hide has a value that runs off the PED platform for instance. The only thing missing is a blockchain to secure and tie all the transactions together.
True enough. PED would be like a stablecoin. If it was PROTECTED by a blockchain then MA could open its own seperate development platform with less FEAR of losing its proprietary system.

In case you all didn't notice, MA is so stuck in it's old ways nothing new can come out of it. The fear of change is killing the game. The world is moving on. And yes, the world is moving towards digital economies. PEDs is going the way of the USD. Only the blind can't see that.
 

Rumsponge

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Last I heard, CoinBase was planning to release a VISA debit card.
Problem solved! MA can now spend their time fixing bugs. :yay:
 

Aloisius

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Crypto is SO EASY TO USE. I also heard SWIFT is gone expired. I implore MA to reignite it's own internal desire to join the cryptospace!!! Neverdie was also interested but you guys need some captains of the industry to advise.

I bought some XRP gambling that the Quantum Financial System (story) is true.
 
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San

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How fast people forget never fails to amaze. The same question which was not answered with the first crypto adventure (DeepToken) is still open if you'd try it again: What on earth do we want to do with a cryptocurrency in Entropia? Apart from stuffing MA with the exchange risk, that is. Until someone comes up with something better than just wetting themselves over how cool the technology is, this willshould not happen.
 
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Stefan 008 Bond

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Bitcoin is digital gold (for now), popular for many reasons including hedging against a collapse in fiat (as $5 hinted at). And that's all or any fiat around the world not just USD.

Yes, De-Fi (decentralized finance) is a thing and was one of the first obvious use cases for smart contracts (Ethereum).

I know you guys arent fussing over transaction speeds for EU where we have like 30k players lol

Regardless there are many faster transaction crypto (nano as example) if that were really a problem down the road.

It seems many people dont understand the fundamental strength that is the bitcoin blockchain.. im pretty sure it is the most powerful and secure network in the world at this point. This coupled with BTC being the gold standard as well as the grandaddy is what makes BTC stand so tall above the rest.

@ San: Ive suggested a few times that deposits and withdrawals at the very least could be useful as crypto in EU. A decentralized exchange.

Theres plenty of others ideas too... shoot its digital treasure! Lock up some BTC, ETH, LTC in some loot and see the playerbase go crazy...
 

San

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@ San: Ive suggested a few times that deposits and withdrawals at the very least could be useful as crypto in EU. A decentralized exchange.
I'm aware of that and I think I responded every time that this would include MA in the exchange process and expose them to associated risks. They know this kind of stuff, most of us here don't (I've got my toes wet for a bit and it's a really hostile world). Our young CEO had the idée fixe in his baggage when he entered and they sort of caved the first time around, at least that's what the story looks like from here. They won't make that mistake again.

Otherwise I'd be as much for the whole de-fi process as everybody else if it wasn't for the certainty that it won't happen without governments clawing it under their control first and involving a whole lot of entities entirely antagonistic to the core ideas of the whole blockchain invention and the community it grew from. This is no less than a clash of civilizations. I don't know yet how this will end, neither technically nor politically nor socially. It's one of those fields where people are the more opinionated the less they know. We're all excited about the voyage but we have no roadmap, this is uncharted territory.

If you can have credit cards from your favourite crypto exchange now or in the near future, then we can knock ourselves out and MA doesn't need to get involved in the exchange process at all. Why should they spend resources on this right now? It makes no business sense.

Another angle is the direction of the current hype. Let's say it will continue for a while, fueled by all the real-world chaos which doesn't seem to want to subside too soon. I recently said in another channel around here that the most relevant exchange rate to observe right now is not BTC/USD, but BTC/XAU (gold). This is telling indeed. Now, think like a real investor (I know, everybody considers themselves one, gravity sorts the failures out). For as long as the current sentiments last, would you want to pull out the smallest amount from your cryptos and spend it on trivial matters, or invest it into some RCE game which may yield a decent percentage but takes 50 days plus the time you need to sell your stuff (because no market makers) to liquidate? Of course not. MA can't have an interest in making it any easier to pull funds out right now. I know I've been ranting against the asymmetric deposit/withdrawal process for a long time and I still think there is something fundamentally wrong which we aren't told about. Just the incentives to do something about it are getting only weaker.

Edit: I'd consider it most likely that our management is observing closely this development (s. article below) and will take steps only when we know how and when this will be implemented. Until then, all threads like this are futile.
 
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