Crypto-philosophical question for crypto-holics posed by crypto cat Garu
When a crypto-holic’s pet cat feels less loved because of crypto
I am a crypto-holic person’s cat pet, so you know sometimes I feel that my cat parent Mom loves crypto more than me. So, I wanted to sing to her in this MLTR song tune
“I am not a crypto, I am not a cryptocurrency
And I am not even any NFT
But I am hoping you still will keep loving me anyway”
In that MLTR song, the lyrics go like this, I just tweaked it from there -:
“I am not a actor, I am not a star,
And I don’t even have my own car,
But I am hoping so much you stay,
That you love me anyway…”
Damn so emotional, but that’s how it is, all though you crypto investors are trained to keep emotions aside when trading to make profits and not get heartbroken with loss, so maybe I should correct my tone here.
Cat Garu’s crypto-philosophical question to you crypto-holic category of people
Therefore I thought of posing you guys a crypto-philosophical question.
I noticed an article that amused my Mom, so I took time to understand something of that article's substance.
Time Magazine has minted this NFT which is being auctioned for 20 ETH which is about 35,000$, at the time when that article was written. Ok, that NFT is modeled out in the likes of a cover page of the Time Magazine which is titled - “Is Fiat Dead”.
This is a very pertinent question and that is my crypto philosophical question to all you crypto-holic guys.
Bitcoin was created to empower people to own a form of money that’s free from the Govt. control
Earlier there was just Bitcoin, it’s proponents had a very strong philosophy that said that money that’s printed by banks are like paper, their supply can be manipulated by a few guys in charge, which is quite unfair. They control the value of money through their monetary and fiscal policies, but this bank printed money is backed by nothing, just your faith in the Govt. and central bank authorities.
Yup...so those early days of BTC, the handful of supporters of this digital currency thought perhaps that BTC is a better form of money. However, in today’s world most feel that BTC is not good for exchange of value purposes but it’s a good store of value asset that can serve as a hedge against your national fiat currency.
I am kind of sure of this because I saw a news my Mom read recently of the Turkish Lira falling off 15% in a day, and Turkish people’s search query in Google for Bitcoin escalating, even Venezula people whose fiat currency has got very terribly devalued use Bitcoin as a store of value asset, I am sure that any Venezulean reading this article can vouch for that.
Stablecoins like Ampleforth that are not deriving their value from the US dollars
Another trend is stable coins, earlier we had those early stable coins that were pegged to a dollar, which meant the stable coin’s value is interlinked with the value of the dollar, now there are new innovative stable coins that are not pegged to any fiat currency.
I know of Ampleforth(AMPL) which is a unique stable coin category of Digital currency that’s not pegged to a dollar or any other fiat currency. In my limited understanding, (because my Mom has read very less on this topic), AMPL is an elastic stable coin currency, whose supply proportionately(evenly) changes according to the demand aiming to maintain the value of this coin to $1.
For ex, when demand is more for AMPL the price of AMPL would rise more than 1$ that time based on some fixed arithmetic formula, the supply will be increased so that the price of AMPL will come to 1$. Likewise when the demand for AMPL is less and the price of AMPL is less than 1$, then the supply of AMPL will be decreased to balance the price of AMPL to 1$.
The supply adjustments are done proportionately meaning the supply of AMPL that investors HODL in their wallets too adjusts when supply changes are implemented. This is all I know of this category of stable coin, but more new categories of stable coins are coming up these days that are not pegged to any fiat currency, pretty cool right?.
Right, there is a need for such currencies that have a standard of their own and are not linked to traditional finance.
So, again echoing the Time’s question that’s imprinted in their NFT that for auction -
“Is Fiat Dead”
Cat Garu believes people love cats with DEXs named “CUBFinance” after big cats
I know, I have come into the crypto world in the form of my Mom’s articles, so I guess you can consider me a NFT here.
And I respect you crypto folks, especially the LeoFinance team since you know, you make our Cat clan proud.
Yes, I saw my Mom check out the CUBFinance Dex built by LeoFinance team and well somewhere you guys like cats, I reckon, to have DEFI apps and tokens named after big cat’s cubs, although I would have loved a DEFI Dex that’s named after cats of my kind - small, gentle house cats whose parents spend more time doing crypto than with their cat pets. I think we domestic cats deserve that honour atleast.
Cat Garu emerged in the house when BTC was in the midst of a bull-rum in 2017
You know I was brought home on 17th March 2017, when Bitcoin was in the midst of a bull run, that time BTC was just over a 1000$. My Mom feels I have a great Bitcoin horoscope, because that year end BTC climbed to 19,000$ and all… anyway.