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!!
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!
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.
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 ?
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.
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.
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.
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…
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?
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.
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.
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:
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.
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.
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
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.
