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"Axe Exploration Inc is a Canadian based exploration stage company. It is engaged in the business of acquiring, exploring and developing of mining properties and also holds interests in properties at the exploration stage located in Canada. It has interests in four properties, which are located in Quebec, mainly in Abitibi area. Its properties include Destorbelle Property, Commandant Property, Gold Peak Property and Unique Property."

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AXE EXPLORATION INC > Crypto-Clones = Wasted Ore

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Post by truecanuckon Jan 31, 2018 3:51pm

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Post# 27473958

Crypto-Clones = Wasted Ore

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,