Being in the crypto space long before steem (Hive) was even a thing puts me in a rare position to be an OG in the space
I have seen it all, from when it was just bitcoin… to the clown world we have now
We always knew back then, when more and more coins were coming out, that there will be bitcoin, probably something else, a few others, then a loooooong tail of nonsense
it was always bitcoin in the number 1 spot
Was always a battle for that number 2 and 3 spot
The top 5 and the top 10 have changed a lot over the years
However ethereum has secured that number 2 spot
The funny thing is, all these market cap comparisons are a bit silly
Market cap is a silly metric
I can go make poopoostinkyface coin and give it a quadrillion tokens then sell it to myself for $1 and have a $1 quadrillion market cap, technically
Bitcoin, for example, has a lot of tokens, for example satoshi’s tokens, that are still used when calculating market cap
If those aren’t circulating why are we measuring it?
Anyways, it will be interesting to see if Ethereum surpasses bitcoin in market and make history but honestly it doesnt matter lol
Hive however, I am impressed to see hive’s price hover around 50 cents after its pump to almost 70 cents
Seems to be doing its own thing
Another coin doing its own thing is PTGC
Some of you might remember I posted about PTGC
Well… here is the daily chart in LOG scale
Now look at the same chart without LOG scale
You might notice that the price is slightly higher in the second picture…
That is because PTGC is on a RUNNNN its just flying up its even higher now that I am typing this
Why you might ask?
Well go find my posts about it when prices were 8x lower but basically the TLDR is:
No inflation
Deflation through buy and burns and burnt LP’ing
Built in buy pressure through leveraging the AMM bots on Pulsechain
This token found a home on Pulsechain, why Pulsechain? Well Pulsechain is a fork of ethereum however their “eth” token for gas is “pls” instead and the # of units were inflated.
So in eth, even if fees are 2 gwei, that 2 gwei costs more the higher ethereum is. If ethereum does a 10x in price, then that 2 gwei can cost quite a bit… and when it spikes to 100 gwei ouff forget about it
With pls you can technically be fine paying $0.0001 in fees for a swap or transfer, but, people are bidding up the price of the transactions to get their orders through quicker
I thought of this the other day when pulsechain was having a spike in activity and fees were even higher than ETH
But thats when it hit me… the fees are based on what someone is willing to pay, and the “base” level fee, or lowest unit of measure has a flower.
For example, a satoshi is 1/100 millionth of a bitcoin. I am pretty sure you cant break a satoshi down into 0.01 satoshis…
So if bitcoin goes to a billion dollars per coin then its $10 per satoshi…
I hope that sort of explains what I meant with “base” fee for all these tokens… there is an absolute floor which is “smallest unit of measure x price of token”
So in pls for example, the fee of $0.01 can technically be dropped to way down there like $0.00000001
Which means if PLS somehow some way does a 10,000x in price, just like ethereum did, then the base fee will still be super low
HOWEVER
Humans dont care
Instead of enjoying a chain where we can pay 0.003 pls for a fee which is basically nothing… people go and spend hundreds even thousands of pls which is still less than a penny or a couple of pennies.. which is relativity cheaper than most chains, but still way more than needed
Hive being free is just so good haha
But anyways so people are bidding up the pls fees which in turn is burning more pls
So its nice to have deflationary moments
Alllllll this yappppppping to say this chain allows for things like AMM bots
Automated Market Maker bots scan the chain looking for imbalanced pools
Sort of like how if bitcoin is 101k on binance but 100.5k on coinbase, technically you can buy it for cheaper on coinbase and sell it for higher on binance keeping the difference
This happens in seconds on the chain since pulsechain has multiple working thick liquidity DEX’s on its chain with multiple aggregators and communities… funny how people call pulsechain a scam meanwhile it has multiple communities and each community is bigger than most other projects lmao
Anyways back to AMM bots… ptgc leverages these bots
How?
Well by pairing PTGC with many tokens on the chain, when one goes up, a ripple effect goes through the whole chain rebalancing everything
And if you remember from my posts about how ptgc works, you will remember that there is a fee to interact with this coin
The bots are aware of the fees and only trigger when there are profitable balancing to be made, regardless of any tax, as long as its profitable its go time
So allllll that volume gets tapped into, and you get an up and to the right chart
Like anything else, people will take profits
However, everything that ptgc is tied to has been going down while ptgc has been going up
Now that pls, plsx hex had a big 30% green day, ptgc has shot up and has accumulated a lot of fees to keep that buy pressure momentum going… its wild
This post is a little ranty… feeling strange today figured I would distract myself with a nice long LEO post
I did not eat the best yesterday and did not get good sleep so the suck has compounded.
Maybe for once I should finally sit down and detach and watch something. everything I plan to watch a movie or something I end up not doing it so maybe today I finally pull the trigger…