Daily Crypto Markets Live Blog: Brian Armstrong Of How Cryptocurrency Will Be Regulated (04/25/22)

in LeoFinance2 years ago

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Here is the post for the Daily Leo Talk. In preparation for the upcoming Microblogging features, this is a good place to start conversations, posts charts, memes, trades, or anything else that comes to mind.

Let us boost our overall numbers by posting lots of comments throughout the day. Spread the word to get others involved.

It is a great way to stimulate engagement.

We can think of this as a Reddit type engagement thread. We are not dealing with long form content so topics of discussion can start off with a top line comment. We can fill in from there.

We are open 24/7/365.

Stay Informed About LEO!

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Just read a blurb on Medium that the Metamask token is confirmed. Airdrop coming?????

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Very interesting. It would be smart for them to tokenize.

What chain are they starting on? I will presume it will be ERC-20.

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i can't believe this deal is going through. I was of the belief that they would resist. Anyways, let's see how things go with Twitter.

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I havent followed it close enough to form an opinion one way or another. However, it is a lot of money to turn down.

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same here but i got the gist from the All-in podcast. I thought the left was going to oppose the move, considering Elon is pro-free speech. I thought they would have opened shop and sold to another individual or group with interest in the company. anyways, I am eager to see what Elon would do with the platform

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Not too many people can put their hands on $40 billion. Elon probably has to put up some Tesla stock as collateral, which is more sound than Twitter stock most likely.

We will see what changes he makes and how quickly.

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that would be nice. I have been using metamask for a while now--who doesn't tho? I am guessing the rules or qualifications for the airdrop might be high, so not a lot of people will get it

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Interesting

If they do an airdrop, I wonder what is it going to be based on...

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I remember reading something about that back when this 'rumor' first started circulating. Don't quote me on this but I seem to recall it would be based on length of user time and volume of trades.

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Just a public service announcement for anyone looking to scoop up some cheap LEO off Hive-Engine.

The cheapest way to deposit HIVE into Hive-Engine is the CTP app called HivePay SWAP.

Fees are 0.2% compared to the Leo DEX's 0.25%.

Every little bit counts ;)

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And yikes, that LEO is cheapppppp:

LEO crypto chart.

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Also very very cheap!

Just a little more expensive than free

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Yes, it is.

Hope I can get my hands on a few when HE is back on track.

Cheap leos are one of those opportunities people fail to see.

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What do you mean when HE is back on track?

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Idk if it's only on my end but transactions are not going through on Hive Engine Atm.

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It seems HE has had some issues recently... Not sure if that is still the case

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Update: it looks normal for me now... I did a few transactions and no issues at all

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Somebody saw a lot of them.

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A whole lot

Lol...Hope I can crush numbers like that in the future

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Are you a buyer?

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heard someone sold 52k leo for 1 hive. How true is that?

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Yep, someone got a shitload of LEO for a price as low as 0.0000175 HIVE:

LEO low price.

Obviously a fat finger sell (maybe?).

But there's no going back now.

Have you got your lowball bids in the market?

If you're going to win the lottery, you've gotta buy a ticket!

;)

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True that. I will certainly get some today. I have some liquidity. Leo is really really cheap

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Ooooohh Nice. Thanks a ton Dane. :')

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That's a great service indeed and omg time to buy some LEO!

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I use Hivepay whenever I can. Low liquidity but if making small transactions definitely worth it.

A great app, easy to use and never an issue other than with the liquidity.

Plus stand up guys behind it.

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So today I start my 100days of code to finish up a course I started 2years ago. Revitalising my dream of becoming a developer. Hopeful I meet my goal this here and possibly get a junior Dev job as well.

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Good luck man

Are you focusing on a particular language?

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javascript for now. I will be proficient in that before jumping into other things.

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So you are going to create the killer DApp for us?

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Lol hopefully. That would be great. I have to be committed to this dream first before I can start dreaming of creating a killer dapp. Nevertheless, it is one of my motivations

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Well it is always good to have another developer on Hive. We need it.

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Kick ass so you can create something amazing. With the HAF you will be able to set up the next breakthrough platform tied to Hive.

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This is one of my goals. I would like to create things too. I don't want to be a consumer all my life. I am inspired by the likes of khal. This is more than just money for me and I hope to grow to a level where I don't have to worry about basic things so I can focus on more important things like development

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Well being involved with Leofinance and Hive is a good starting point. Even has a creator.

Hell today I probably gave you 10 upvotes. LOL

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Will we hit 10K comments this week?

That has to be the minimum goal that we strive for.

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I think the momentum is done a little. K was busy with my programming course all morning. I will try to put in the work for another hour or two before I return to my course

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It all helps. There is a lot to be said for being committed to engagement.

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I believe we can achieve this.

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It should be the baseline in my opinion. It is easily doable if many people participate.

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I would love for more people to participate, and the more people we have, the stronger we will be.

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I feel the motivation is lacking because people havent taken the ownership mindset. This is due to conditioning by society. Few take personal responsibility.

For that reason, it is up to us to pave the way. If people claim that 200 comments cant be done, we need dozens making more than that to remove the excuse.

People will give excuses while blaming everything else but themselves. If it is important enough, it can be done.

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In fact, this is about seeing opportunities and being self-confident.

Maybe if someone had asked me 3 weeks ago, I would have said it was very difficult. Now, when I dive deeper, I can see that it is both easy and its contribution to me is incredible. I think that many of them need to realize this and we should show it to them.

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The irony is the more engagement taking place, the easier it is for others to join in and engage.

This also creates a situation where more can be rewarded, seeing their wallets fill up.

Finally, it helps the entire platform which, in the long run, can kick off a greater network effect.

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Well, it's possible. I will probably be kind of busy this week and I'll do what I can.

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We did it before in the past.

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Yes, let's do this.

Now we're 1 comment closer to that goal

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Your massive effort is appreciated. Did you have to rest after posting that one?

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Yes! It was very energy-consuming... I may need the rest of the day 😂

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Okay. You rest up. I will cover for you.

How many comments do you usually make a day? This way I know how many to add to my quota for the day.

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Elon Musk feels there are two ways to make DOGE useful.

He feels it could be:

  • tipping
  • people could pay for Twitter blue subscriptions with DOGE.

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I think the best utility for DOGE is selling it for HIVE :P

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Or for HBD

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Also good!

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Tipping with DOGE is not new.

I have no idea what blue subscriptions are, so I won't say anything about them yet.

Another obvious use was left out: fundraising. From its earliest days Dogecoin was used for fundraising, all the way back to the hack which nearly killed it just weeks after it was launched. Shortly after that hack the platform moved from PoW to Auxiliary PoW (better known as "merged-mining"), and since then it's been a more secure network than Ethereum or even the actual Bitcoin network.

Besides merchants simply deciding to accept DOGE for payment, I wonder how easy it would be for independent merchants to accept DOGE when people buy goods and services? It should be a no-brainer for coffee shops and other mom-and-pop restaurants or stores to accept it. I ask because any place which accepts DOGE should also be ready to accept HIVE or HIVE-Backed Dollars (HBD).

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Commerce is going to be a crucial aspect.

It is going to have to be one of the main use cases for HBD. That is why it is being pushed so much. Long before the coffee shops, we need to get the applications on Hive accepting it.

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I am wondering whether or not Elon is trading those pump and dumps on DOGE. Either way, it's at least some use case.

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If he is, he can expect the SEC to come calling again.

You know they keep an eye on everything he does.

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tipping has never worked. People have tried it several times, but it never does. I do not know why he is so pressed about DODGE. It is a shitcoin, he is trying too hard to change that narrative

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Yes but develop a few use cases and suddenly it isnt a shitcoin.

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It seems it is a done deal. Elon has acquired Twitter:

~~~ embed:1518664935060000769?s=20&t=q3b2XYn1KdlHJ1ncfb3Dug twitter metadata:TW9ybmluZ0JyZXd8fGh0dHBzOi8vdHdpdHRlci5jb20vTW9ybmluZ0JyZXcvc3RhdHVzLzE1MTg2NjQ5MzUwNjAwMDA3Njl8 ~~~

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So now Musk owns Twitter?

Now what?

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Wait for him to do the impossible he claims to be capable of. Elon is a great guy and all but I don't think much will change with Twitter. It's just going to be another dodge project where an overzealous individual tries to change the narrative of a shit project but fails at it. I hope I am wrong though.

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We will see where he goes with it. He certainly has big aspirations.

Either way, with Musk, it wont be boring.

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REMINDER!!!

It is #CANDIE time.

Tis the season to fill your jars.

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Getting my 40 today..

Thanks for the reminder

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Hey @taskmaster4450le, thanks a lot for the warm welcome and directing me to this page. I wanted to ask what #Candie is about.

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Thanks for the reminder.

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Got 40 for the day.

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Thanks for the reminder. Claimed mine for the day.

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How will cryptocurrency be regulated?

Brian Armstrong, the CEO of Coinbase, has some view on it. He believes it will be multi-faceted.

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SO many government aren't looking into regulating cryptocurrency, they are looking into making it unavailable to their citizens and only in cases of war like that of Russia and/or Protest that they remember that there is a decentralized method of payment.

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Yes well stopping a truly decentralized system is impossible.

The Nigerians operate under some crypto unfriendly laws and they basically told the government to pound sand. They could care less.

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Wouldn't there be a big rush to use Naira to buy crypto at the centralized exchanges used by Nigerians before their crypto gets offloaded to Web3 wallets or DEXs? If this is the case, it would be like the behavior of surf moments before a tsunami hits the coastline.

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True that. They want to crush it not control it. It is too much of a threat to the established system. Hope more people get involved in crypto. This is the only way to stop the government's plans

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Hope more people get involved in crypto.

That is the true defense.

As more people filter into cryptocurrency, the resiliency of the entire system goes up.

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The problem now is the people getting involved are business people and not much of those in politics are interested, and as we know, a businessman has only one aim, make money. So those getting involved currently aren't bothered about the regulations, all they do is manipulate the system to either pumping it or dumping it so they make money

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Interesting view. I think he is probably right.. I just wonder what kind of process they will use to classify and decide which path each coin will follow because there are so many out there and new ones being created by the hour

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We just need to build around it. That is all.

The ability is there. One big time application that hides identity or throws the tracking bots off the path and it is game over.

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That will be nice. I think privacy will be a huge "asset" in the future

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It is going to be tough to negotiate. Money is, after all, nothing more than data. And if we are entering an age where data is more important, then privacy is going to be considered.

How do they separate data that represents one medical history as compared to financial?

I am not sure it can be separated.

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As long as KYC is done in some form or other, it cannot be separated.

This is not crypto, but this example shows what we can do:

  • Years ago, the NYC subway system moved away from physical tokens to pay for fares to using MetroCards instead. Currently, MetroCards are being phased out in favor of a service called OMNY, where people pay their subway fares using their mobile devices.

MetroCards can be tracked by a serial number, but that number isn't tied to anyone's identity. In this way, MetroCards are like cash.

OMNY, on the other hand, it tied to either the mobile phone or the bank account or both. Essentially, OMNY requires KYC.

If we can keep crypto more like the MetroCard, we're good. Once crypto becomes like OMNY, we're doomed.

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If we can keep crypto more like the MetroCard, we're good. Once crypto becomes like OMNY, we're doomed.

Agreed. We are seeing how they want to control everything and know all that is going on. For this reason, we can see how we (developers) need to develop layers that seriously alter the tracking abilities. They arent going to like it but if the industry has the stuff being produced from all over the world, there is nothing that can be done about it.

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First we give our crypto to ELON, then ELON redistributes our money back to us in the proportions we used to give first.

(ELON here is whatever privacy coin we want to use, not actual ELON memecoins.)

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Lol Brain Armstrong is part of the system that crypto wants to disrupt. I don't think we need regulation in this space. Code is law and I am willing to leave It at that. If the government by any chance controls this spacewe can say goodby e to the freedom we have worked for... The government is just a few elites dictating what's right or wrong. I have no confidence in such systems

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Very true. Even if he started with pure intentions, he is now part of the establishment. Regulation protects his business from outsiders. His only vulnerability is from other banks.

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I hope we don't get to that point where we seek solace in the hands of a corrupt government. I understand people are concerned about scams and hacks but those are problems the industry should solve, rather than falling back on the government.

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DeFi, when established properly, is the defense against that. We have to keep building to the point where the infrastructure is such that anyone can fork what they need.

Then it is truly an unstoppable force.

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DeFi, when established properly, is the defence against that. We have to keep building to the point where the infrastructure is such that anyone can fork what they need.

Spot on! This is none of the many points I made against regulation in my recent post. The infrastructure can take care of itself when done properly. So in other words we are simply going to innovate to the point where we mitigate fraud within this space.

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Spot on!

I get lucky once in a while.

Without a doubt. Regulation means nothing. This is why I keep trying to explain to people what the true model for cryptocurrency is. We are doing what the banking conglomerate did with the Eurodollar system. It is not different.

And that operates outside the scope of governments and central banks.

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I think the centralized blockchains will be regulated like that. Do you think they will start building profiles through KYC and start linking wallets together and giving them to the governments?

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Do you think they will start building profiles through KYC and start linking wallets together and giving them to the governments?

Of course. That is what KYC allows. They know the accounts and then can start tracking everything. Once that have the identity, it is all over.

That is why they fear decentralized so much.

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I think that is already in the works... To bad I have done kyc on a couple of exchanges. Imagine Binance giving the nigerian government my data. Lol that's means I will start paying some form of tax. 🥲

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I think that is already in the works... To bad I have done kyc on a couple of exchanges. Imagine Binance giving the nigerian government my data. Lol that's means I will start paying some form of tax. 🥲

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Binance seems to be the one to resist most countries.

However, all governments are going to want that data.

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Many are calling for a Bitcoin bottom. Does that seem like it is happening.

It is humorous how some are so certain the direction it is going when nobody really knows.

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Fidelity seems to think the days of extreme volatility with Bitcoin are over.

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For those who are concerned about fundamentals, the hashrate hits an all time high.

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I expect Bitcoin to touch $37000.

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Speculations I will say. Everything in the crypto world has been speculations since its inception. It is no doubt that the price of BTC will drop real hard soon as everyone is expecting it to happen just like a deja vu, since it happened in 2018.

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That is true about it being speculation from the beginning. It is changing though with the hunt for yield. Now we are getting to the point whereby people are understanding how to develop a solid financial system and not just speculate.

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It ha sure changed a little with the acceptance of cryptocurrency by a lot of people but at the same time, cryptocurrency getting to the hands of many rich people has made it an instrument of manipulation either with the use of their money or influence.

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Grayscale is going to take on the SEC. They are now saying that legal action is possible.

It is pushing for a Bitcoin Spot ETF. So far, the SEC is rejecting spot ETF applications while accepting futures ones.

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I wonder who sells and buys LEO for cheap.

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I don't sell. But I do buy!

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It's great to see someone investing in the future.

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Who is the most generous person in the crypto market?

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Thanks a lot for the gift.

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I look at something similar to this when I use Ecency:


202204522005_100153892.png
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Search 100,153,892 posts

The correlation between the datetime stamp in the tooltip and the "Post" count is in the Search field near the top of the page isn't exact, but it gives a rough idea of where we are at the time I take the screen capture.

Last week the counter turned from 99,nnn,nnn to 100M. Sadly, the count doesn't change in real-time or even after each page refresh.

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Thanks for this. Great to see we got 153K "posts" since the meme was made of the crossing 100M.

It will be interesting to see the pace of things with some daily monitoring (even if not exact).

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We might want to give this one some love. This author has been commenting.

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On it.

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Now that Musk owns Twitter, we will see a filing in a few weeks that he bought more than 5% of Facebook.

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Is anyone else aware of this? I saw this on D.Buzz a few minutes ago:

I was going to wait until the next edition of DCMLB-- and I may post about it there anyway-- but given how many of us use this I couldn't wait.

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