AXE EXPLORATION INC V.AXQ

Crypto-Clones = Wasted Ore

[truecanuck]

 Don't Know About All This Crypto Stuff

 I’m no crypto neophyte.
I was telling my readers to buy Bitcoin as early as 2013.
No matter what they say, these Johnny-come-lately newsletter guys with crypto promos weren’t telling you to buy it five years ago.

So that’s my ethos.
But this whole thing has kind of gotten out of hand, hasn’t it?
I mean, it was cool when there was Bitcoin and Ethereum. And yes, the technology behind them is real and will have limitless applications as you’ve now heard from limitless people.
But where’s the value when there are over 1,300 different cryptocurrencies out there and growing?

Let’s say Bitcoin is gold and Ethereum is silver. All these other crypto-clones are like trying to monetize the dirt around them.
But they’re worthless! In mining terms, they’re waste ore.
These things are just being created out of nothing in days… and some of them are vanishing back to nothing just as quickly.  It’s like the best sci-fi comedy you’ve ever read. Not only is it funny, but it teaches a lesson as well.

Take the story of tether (no capital T because it's so hip), a so-called stablecoin. (I’m not making this up. This is actual crypto-talk.) It is supposedly stable because it's tied to the U.S. dollar. Let’s let Wired magazine explain:
“Unlike bitcoin and its many siblings, tether is what is called a stablecoin, an entity designed to not fluctuate in value. With most cryptocurrencies prone to wild swings, tether offers people who dabble in the market the option of buying a currency that its backers say is pegged to the US dollar.”  Oh they say, do they?
 
But in recent weeks a chorus of skeptics has called into question nearly everything about tether. The root of the controversy is whether the company behind it, also called Tether, is telling the truth when it claims that every unit in circulation is matched by a US dollar it holds in reserve.
 
Well, I’ll be. Didn’t see that one coming.
And here’s the punchline, delivered like it’s some sort of effing revelation:
If tethers are not backed by a matching number of dollars, then Tether can print an arbitrary amount of money.
Ding ding ding ding!
Are you getting the comedy here? And more importantly, the lesson?
You know what you can’t arbitrarily create more of on a digital platform?  Gold
Call it like you see it,

 

[Henrylav123]

Nick Hodge? Is that you??? Good one..

[leonado]

hahahha i can see how bad you want this baby, Jan 15 you sold all your shares, and now trying to bash it come back at a lower position.  BAD BOY!!!