Parker_Powell

I don't believe in Bitcoin because it is a scam.

Bitcoin is a digital currency that has no intrinsic value and its price is determined solely by supply and demand. It is not backed by any government, which means that it can be used to finance terrorism or other illegal activities.

As the price of Bitcoin increases, more people are attracted to it, which then drives its price even higher - creating a self-reinforcing upward spiral that is unsustainable and will eventually collapse.

On Saturday, Yuga Labs and the Bored Ape Yacht Club had a metaverse land sale. They sold $300M+ worth of land during their drop.

The craziest part was 55.6k ETH (~$150M) of ETH was burned because of transaction fees. At its peak, ETH gas costs hit 2ETH ($6,000), which is what the french call le ridiculous. Every single time a transaction happens on the Ethereum network there is a fee, some of it gets “burned” and taken out of the total supply of ETH. On a normal day, we burn ~$30M of supply. But for this drop, 5x that got burned.

They are trying to quadruple dip: Dip 1: Sell an NFT (Bored Apes) Dip 2: Create a coin (Apecoin) Dip 3: Sell virtual land for a metaverse that doesn’t exist yet Dip 4: Okay, you’ve run out of tokens to launch. So now launch your own blockchain

They have raised the stakes. Now, this can only go 2 ways: This becomes a generational company…they end up creating some mix between Pokemon and Fortnite Or (more likely) the whole Bored Apes craze comes crashing down in a few years and we look back at this moment as the peak of NFT project greed