What is a CBDG? All I can find is “Concrete bridge development group” and pretty sure you don’t mean that
I’ve never said crypto will end as I think it will have a place but the governments won’t allow it unless it is more regulated and that will only take a lot of the popularity out of it. At the moment it is like the wild west and simply gambling, which I do enjoy , China have realised they can’t let it become to big as they demand control and the west will soon act the same way.
That’s purely as a currency that I am talking about but the tech has many potential futures without a doubt. We probably haven’t even imagined what the biggest use for the tech will be in the future.
Regulation is welcomed and essential part of mainstream adoption.
What the majority of folks here seems to struggle to understand is the 99% cryptos are not meant to replace the current monetary system. For instance, chiliz brings tokens to sports fan that can used them to have a say in their favourite club or get some exclusive merch, access to events, etc… does chiliz want to replace the pound or the dollar? Not at all, a government digital currency will only speed up adoption (in my opinion) instead of making people disinterested in the space.
Yield farming and stable coin are disrupting banking and finance sector with 20% interest on your stable coins but not sure whether they can be stopped.
Furthermore, the majority of crypto are not in competition with one another to be the only coin/token but work in harmony like apps on your phone. You have games to play, banking app, step counter, and so on. There is not a single app that want to have all this functionality but different apps with diverse use cases.
AH so CBDC not CBDG that makes sense. I don’t disagree with the non currency part and have gone out of my way to say that but there are many who think/talk about crypto replacing standard money. This is the point I was on about only.
I think there is a world of opportunities for the tech but Bitcoin type may ultimately fail when governments ban it from use in certain ways. I can see people like Amazon creating their own for use in their shops etc.
Can’t help but think things like this will continue to rise exponentially and some people will get turned off NFTs as it is becoming a simple way to separate people and their hard earned money.
I actually run my own little sever and i think more people will. little unraid sever. easy nano server. boom. im my own bank. the kids will get into it. they will love mining for stuff.
when you start virtualizing stuff on a really easy unraid interface where you are mining and running your own media servers/DnD server/wireguard it becomes a reason to run a desktop with a few hard drives in the closet.
Just saw this post doing (well-deserved) numbers on HN, it’s a really great, conscience and informative piece with a neutral tone, which is pretty rare for the subject.
Spoiler alert: it hits the same finding that almost every analysis of a blockchain project inevitably reaches:
When you think about it, OpenSea would actually be much “better” in the immediate sense if all the web3 parts were gone. It would be faster, cheaper for everyone, and easier to use.
The story of NFTs just keeps getting better - it’s a microcosm of our times.
Twitter have now announced support for NFTs as profile pics - twitter blue has what looks like a homemade NFT with a picture of a phone, presumably they didn’t want to pay for one?
On trying it out, some monkey receipt owners were horrified to discover that their NFT has been funged and twitter/opensea does nothing to stop this:
Others pointed out that using ‘verified’ NFTs would not save him - it’s easy to create counterfeit verified NFTs as opensea does no verification of the ownership of an image.
While other users have started using this identifier as a flag to block others as the culture war between the nocoiners and the moonbois heats up:
A couple of music track NFTs sold last night for around $500k; buyers were able to get various perks plus a portion of the streaming royalties dependent on the level of investment
A couple of music track NFTs sold last night for around $500k; buyers were able to get various perks plus a portion of the streaming royalties dependent on the level of investment.
This is a really interesting experiment, thanks for linking. It does strike me as odd they use NFTs for it - what is the advantage to an NFT for a centralised service like this which is effectively selling securities? This is a like a dividend from shares in a song or a bond issue, which I assume you’d have to talk to the SEC about.
I guess the use of NFTs and cryptocurrencies may let them think they’re able to skirt financial rules around such security issues till the SEC notices? There’s another article about this here which indicates they’ve thought about this but doesn’t say what they’ve done about it:
Thanks for that link! - interesting point and something I will follow up on.
Few questions to resolve ?
Will the US royalties be paid minus a witholding tax.
Would they count as dividends - how would HMRC treat them.
If the NFT is sold for profit/loss, how would this be treated for CGT
Inheritance issues
My research for the weekend; have some contacts in the music industry and will ask them - and my accountant if she does not charge too much
, China have realised they can’t let it become to big as they demand control and the west will soon act the same way.
