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How to Set $2,455 on Fire
- RandomBacon 1y agoInteresting, but at the very end, the author mentions a processing fee, and the application says the fee is $50 per bill!
- jazzyjackson 1y agoGives a new meaning to gas fees
- cbhl 1y agoThe last time I played with NFTs it was about $50 USD just in processing fees to mint the token; not sure if that has changed since then. So it's not necessarily the case that the author is making a bunch of money off of this project; they might actually be just passing along costs.
- scyclow 1y agoAuthor here. Gas costs have actually come down a lot over the past few years. It only costs me a few dollars to run the transaction. It's more that scheduling, setting up, conducting, and tearing down each burn session is a huge pain in the ass. So if I can burn 10 bills an hour, then I'd clear maybe $450 an hour after gas, which doesn't feel crazy for providing boutique financial services.
- charcircuit 1y agoIt would be easier to make a smart contract that minted bUSD by giving it USDT to burn.
- yangl1996 1y agoBut then Tether would be holding the collateral, which would continue participating in the nation's (or the world's) economy?
- commandersaki 1y agoTL;DR: (Crypto) grift posing as art.
- RandomBacon 1y agoThis "crypto" at least theoretically has a ceiling.
- throwmeaway222 1y agoIt's a lot less insane than jumping out of an airplane and letting it crash for virality- but it's still in the same vein of vanity. Look at me, I'm doing something crazy.
- ocdtrekkie 1y agoThere may have not really been much prosecution for this historically but... also rarely is a crime so carefully and meticulously documented, and we happen to have an executive branch currently obsessed with patriotic symbology and aggressive responses to petty crime... this may been a uniquely bad time to do this.
- its-summertime 1y agoa not-small portion of his followers believes that the USD is going to be retired and replaced with a cryptocurrency, so its probably safe to do this.
- Esophagus4 1y agoWell this is fun. I like this sort of performance art where someone becomes the thing they’re satirizing to point out its absurdities. It reminds me of when Stephen Colbert setup a super PAC to expose how corrupt it could be.
- OutOfHere 1y agoIssuing stablecoin legally requires collateral reserves to be held. When there is a bank run on the issued stablecoin, that's when this matters. Without the collateral, the value of the stablecoin risks dipping to zero. Faith alone isn't always sufficient.