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I mean, wut?  Alaskas favorite fast food restaurant is Tim Hortons?  Hawaii’s is Popeyes?  Also – what’s Mod?  And why is it so popular?

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I mentioned yesterday that our former VFX Supervisor on SG-1, James Tichenor, recommended we invest in Netflix.  Back in 2004.  Netflix?  The movie rental company?  James was quite insistent that streaming was the way of the future – but I’d been hearing about it forever and it seemed like streaming was exclusively the venue of people pirating off bit torrent.  Oh, how wrong I was.

Fast-forward, oh, eleven years later and Akemi was telling me I should invest in this thing called bitcoin.  Although I found the idea of digital currency interesting, I also found it altogether baffling, from the manner coins are “mined” to the bewildering means by which they are purchased and stored.  Five years later, things are slightly less puzzling on that front, but I’m still on the fence.  On the one hand, I think that, conceptually, it makes perfect sense and should be the currency of the future.  On the other hand, how far into that future are we talking about because, at the moment, the coin has no applicable practical value beyond its theoretical prospectus.  I mean, sure, some places will allow you to pay using bitcoin, but how many?  And how many people actually do pay with bitcoin?  At present, not very many, rendering bitcoin a purely speculative investment.  Which is fine, I suppose, but opens it up to significant volatility.  Also, I hear transaction times lag and the fees are high.

I was looking into the other digital currency, but I ultimately know even less about these coins beyond…

Ethereum: The second most popular alt coin – although a distant second – that, apparently, may suffer from security issues.

Ripple: Doesn’t require mining like other digital currency, but the fact that the majority of its coins are owned by Ripple makes the risk of manipulated inflation/deflation a concern.

Litecoin: Referred to by some as the silver to bitcoin’s gold, it offers faster transactions but is really just a bitcoin clone.

Tether: One of the more popular stable coins, so called because its market value is tied to a currency.  It was hacked to the tune of 30 million in tokens a few years ago, which doesn’t exactly inspire confidence.

Monero: Really, all I know about this one is that its private, untraceable, and perfect for drug dealers and terrorists.

EOS: The relatively new kid on the blockchain.  Introduced in 2018, it offers fast transactions but confusing in its application.

And there are plenty more – Binance Coin, Bitcoin SV, Bitcoin Cash, Cardano, and Facebook’s yet to be released Libra.  Like I said, all very interesting but also confounding and potentially unstable.

Would love to hear hear from you crypto experts.  Have you invested?  If so, which digital currency do you prefer.  More importantly, which digital currency do you steer clear of and why?

Yesterday’s movie-themed question:

And tonight’s movie-themed question:

11 thoughts on “May 29, 2020: Let’s talk crypto currencies!

  1. I have no idea what MOD is. It sounds like an acronym for some villainous secret organization. And Chik-Fil-A is not that great. Yeah, I said what I said.

    As far as investments go, I think you should start selling shares in a revolutionary and safe travel alternative for these trying times called Transfer Transit.

  2. According to Google, MOD is a pizza chain. I live in NJ, travel to PA a lot…yet still have never heard of it. Not sure how it’s #1 in PA. LOL

  3. How do they define “favourite”? I’ve heard of Wendy’s, In-n-Out Burger, Tim Hortons and McDonald’s (of course) but I don’t recognise any of the others. Only McDonald’s exists in Australia.

    Alas, I failed to jump on the Bitcoin bandwagon when I first heard about it in the early days. A work colleague was one of the early adopters and had thousands of coins which would have made him a multi-multi-multi-millionaire today . . . if he hadn’t sold them to buy a new computer monitor when he was in school. I know several people that dabble in digital currency trading. Some have made some money, some have lost. None are going to retire any time soon.

    What is a great comedy that not enough people have seen?

    “The Dish” My favourite movie of all time:

    Also, “The Pirates! In An Adventure With Scientists” a.k.a. “The Pirates! A Band Of Misfits”, because I spent 4 years of my life working on it and nobody went to see it!

    https://media3.giphy.com/media/hp4HwdEsRXvBmPks3J/giphy.gif

    What’s a fantastic action movie that not enough people have seen?

    I can’t think of any. I’ve only seen mainstream action films that I’m sure lots of people have seen.

    “True Lies” and “Die Hard” are probably my favourites.

  4. I have lived in Pennsylvania all my life and never heard of this “Mod” so I don’t know how it could be Pennsylvania’s favorite. Sounds shady to me.

  5. Cryptocurrencies are the digital-equivalent of ponzi schemes. My advice is to stay away from all of them. Invest in something more stable, like Dutch tulip futures.

    1. Kudos on the reference. I SHOULD have bought in on tulips at their height in 1637.

  6. Remember QuadrigaCX? Would you want to invest in an instrument like that? As an economist, I understand the importance of central banks having the ability to manipulate human behaviour through monetary policies to keep the economy balanced. There hasn’t been a depression since the Great Depression in the 1920s and that is in large part thanks to central banks. Crypto-currencies that are not backed up by real assets, like a nations GDP, are just speculative gambling. I wouldn’t even believe Facebook’s assets are enough for a currency. I’ll probably be proved wrong (check back in 10 years), but at a time like this Covid crisis has shown, monetary policies are important to governments to help their people.

  7. Bitcoin (or any crypto coin) is a hyped-up pyramid scheme. The people who get in early at the bottom can cash out once it takes off. Buying any established coin is straight-up gambling. None of it is “investing”.

    As long as you realize it’s gambling and you can afford to lose the money, then gamble away.

  8. Utah has three MODs, hardly a favorite. Guess who put out the map? Ours is probably either Chik-fil-a or In-and-Out, with local favorites hard on their heels, Arctic Circle, Jake’s Over the Top, and Crown Burger.

  9. Hi Joseph,

    Great post!

    I’m no expert, but you’ve done a great job summarizing some of the most commonly traded cryptocurrencies. I’m new to cryptocurrency, but I think it is the future along with blockchain.

    I have purchased a little bit of Bitcoin and Ethereum. I bought a few times in March and April when both coins went into bear territory. I spent $200 between BTC and ETH and so far made a gain of $119.

    I also own some Basic Attention Token BAT, Stellar Lumens XLM, Orchid OXT, EOS, Tezos XTZ, DAI, and 0x ZRX. All of these crytpos amount to a little over $80, I got all these for free.

    If I see any of the cryptocoins I know (and that you mentioned in your article), I buy more.

    Thank you,
    Tony

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