What would happen if I created a cryptocurrency and tethered it to the price of Bitcoin? One XYZ currency unit=1 Bitcoin. And to make it even more interesting have XYZ trade via peer 2 peer without the gambling dens "aka exchanges".
Do you think some heads would explode? Would some people be upset because they can't speculate on XYZ? Or would some people scoff at the idea because...well people won't use your XYZ currency..And what would happen if I created 100 of these currencies @ $41 billion each...and gave them all away???
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It's hard to know exactly how it would work out, but here's a couple of thoughts:
Tying it to BitCoin would enable everybody to track the total value of whatever XYZ was "out there." I do think there already are a couple of P2P cryptos in use. Also, it could be VERY hard for XYZ to gain any real value, as compared to cryptos based on blockchain mining - because XYZ isn't mined - it just "BIG BANGED" into existence. This would make it appear to be something more like a 'FIAT' crypto than a real one.
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I like experimenting and may do it. It seems that the new system is starting to mirror the existing system i.e lack, trading(gambling), greed, scarcity. Might be time for a "shakeup". The idea above is just a rough draft and I've taken into consideration all variables. Thanks for the response.
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I have been sharing this info on something not widely known/talked about, crytpo related stocks. For me , just another opportunity to capitalize on this new and exciting paradigm.
The stocks I think, give that still large segment of people who are not ready to learn about crytpos and exchanges, but have been on the sidelines hearing about all the excitement and gains, the opportunity to get on board this earth shaking crypto move, but within their own comfort zone by simply buying a stock that is related to bitcoin.
Most of these people already have a stock account they know how to use and in this way can participate easily. There are very few crypto stocks so these are already starting to skyrocket just in the last couple of days but may present an very unique opportunity. As a warning, there is not really a ton of info about them so use risk capital only!
I have put some money into them in just the last 1-2 days, already up significantly which means they may skyrocket further, or pull back hard, I do not think anybody can predict. Dollar cost averaging is probably the best way to enter at this point as they are just moving so fast now and price points could be anywhere next week. Anyways, I thought I would share, fwiw.
Here is a link with some of the info on 2 of the stocks crypto stocks that I just put together for myself and others as a starting point for due diligence.
https://steemit.com/bitcoin/@motowngold/global-arena-holding-inc-gahc-another-rare-bitcoin-and-blockchain-stock
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