Genesis Finney Coin Burn Party while BTC Falls Under $50k and EOS Under $5

CryptoFinney is a collective effort between writers, artists, and blockchain developers. Part mascot, comic, and educator, CryptoFinney invigorates the Crytpowriter community. Both the real-life version and the newly arrived android Finney impacted the community from the beginning.

Burning a Genesis Finney Coin makes CryptoFinney real. In his honor, the community held a Burn Party. What was supposed to start at 8 pm EST encountered a bit of a delay. Apparently, the testnet used a small sample model (or something). Characteristic of Cryptowriter, issues were resolved quickly and the Burn Party was a success. Ever was it.

GENESIS FINNEY COIN BURN PARTY

Genesis Finney Coins are still being distributed. Join the Telegram chat for a chance to win one this week or pick one up on Atomic Hub. A total of 10,000 coins were minted (5,000 on both EOS and WAX).

Cryptowriter community surpasses 1,000 members after celebrating 800 just a few hours earlier.

Putting it all in perspective. The burning of Genesis Finney Coins should prove historic. Over 800 WAX coins had already been burned by around midnight. An additional 300+ were gone on EOS. With 10% burned in just a few hours, CryptoFinneys priced under $100 USD were being scooped up as fast as they were being listed (keep this in mind).

It was amazing to witness the initial price disparity and subsequent balance across EOS and WAX blockchains. And then... EOS coins fell in price and remained down. Something seemed odd...

...MARKET CRASH

While Genesis Finney Coins burned, so did the crypto markets. Turns out the market’s devaluation of EOS complicated pricing. Nearly all crypto prices were still falling at the time of this article's writing: 

  • BTC $48k and EOS under $5

Why did the market crash for the second time this week? Regulatory rumors certainly played a role.

The first flash-crash (on the 18th) was attributed to US regulator interest. The second (today’s), seems certainly due to the closing of the (centralized) Turkish exchange, Thodex. Thing is, the government of Turkey had sought to ban crypto payments the week before.

For those new to crypto:

Not your keys, not your coins

- Andreas Anotnopolous

The above saying aims to teach new crypto users the critical nature of securing their keys. The closing of an exchange should have no real impact on crypto prices. Unfortunately, decentralized exchanges are not user-friendly. Centralized exchanges are inviting and easy to use, but users do not have control over their money.

THOUGHTS ON NFT EXCITEMENT WHILE CRYPTO BURNS

There’s probably more to the market panic than what’s outlined in this article. Maybe large accounts amplified the flash-crash. Maybe the underlying nervousness of looming regulation finally surfaced. In any regard, the excitement over NFTs almost didn’t feel the greater crypto market crash. Amazing.

Blockchain is a secure ledger where users needn’t worry about failing or hacked servers. Cryptocurrencies don't need a standard to trade against. They can settle markets all by themselves. NFTs, on the other hand, actually represent something. Maybe they are the new standard...


This post is published for Cryptowriter in association with Voice.