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We are nowhere near the bottom yet...
HoustonHusky
Member Posts: 5,954
https://www.cnet.com/personal-finance/crypto/visiting-the-worlds-biggest-nft-convention-amid-a-crypto-crash/
Once everyone's inside, Doodles' CEO announces Pharrell Williams as Doodles' new Chief Brand Ambassador, before treating the crowd to a surprise performance by The Chainsmokers. No expense was spared.
Just one hour earlier, I was in a hotel lobby chatting with an NFT trader. He'd gotten into nonfungible tokens a few months ago. He'd already lost about $100,000.
...
Take the most salient example, Yuga Labs, creator of Bored Ape Yacht Club. Yuga has raised hundreds of millions of dollars by selling Bored Ape NFTs, and it's using that cash to create a big-budget video game. The goal is to bring in players who've never uttered the words "nonfungible token." The plan is clear: If the Bored Ape Yacht Club brand converts enough new hearts and minds, the value of the NFTs that inspired it will skyrocket in response. (people fell for this shite???)
Interesting and pretty comical read...to me it sounds like all the Beto furries of the world are trying to monetize their kink but maybe I'm wrong. I'm sure @HHusky is buying NFTs along with stocks today on yet another "dip"...
Once everyone's inside, Doodles' CEO announces Pharrell Williams as Doodles' new Chief Brand Ambassador, before treating the crowd to a surprise performance by The Chainsmokers. No expense was spared.
Just one hour earlier, I was in a hotel lobby chatting with an NFT trader. He'd gotten into nonfungible tokens a few months ago. He'd already lost about $100,000.
...
Take the most salient example, Yuga Labs, creator of Bored Ape Yacht Club. Yuga has raised hundreds of millions of dollars by selling Bored Ape NFTs, and it's using that cash to create a big-budget video game. The goal is to bring in players who've never uttered the words "nonfungible token." The plan is clear: If the Bored Ape Yacht Club brand converts enough new hearts and minds, the value of the NFTs that inspired it will skyrocket in response. (people fell for this shite???)
Interesting and pretty comical read...to me it sounds like all the Beto furries of the world are trying to monetize their kink but maybe I'm wrong. I'm sure @HHusky is buying NFTs along with stocks today on yet another "dip"...
Comments
Can’t decide whether a three letter agency is behind it.
The blockchain technology is cool and has useful application but the fact that just anyone can gin up a currency makes no sense to me.
Until I can hustle down to Albertsons and buy some pepperoni sticks with it, BTC is tulip futures.
I fucking love block chain technology. Would literally change so many industries - title insurance would become obsolete with a perfect chain of title on a piece of real estate. I’ve seen it used in real estate deals to track investors who subsequently sell their stake. Shares of stock via block chain would put a hurt on brokers and the corrupt maze of intermediaries with DTCC
https://www.zerohedge.com/markets/2022-market-disaster-more-pain-come
Don’t Be (or buy) a Dip
As indicated above, trying to combat inflation with rate hikes is not only a joke, it creates a market disaster when a nation’s debt to GDP is at 120%.
To fight inflation, rates need be at a “neutral level,” (i.e., above inflation), and folks, that would mean 9% rates at the current 8%+ CPI level.
That ain't gonna happen…
At $30T+ of government debt and rising, the Fed can NEVER use rising rates to fight inflation. End of story. The days of Volcker rate hikes (when public debt was $900B not $30T) are gone.
But the fickle Fed can raise rates high enough to kill a securities bubble and create “asset-bubble deflation,” which is precisely what we are seeing in real time, and this market disaster is only going to get worse.
In short, if you are buying this “dip,” you may want to think again.
As June trade tapes remind, the Dow dipped below 30000, and the S&P 500 reported an ominous 3666, already losing more than 20% despite remaining grossly over-valued as it slides officially into bear territory.
Bitcoin is classified by the IRS as property. It is a commodity. It has no central group or person managing it and determining outcomes, like increasing the number of coins and distributing to friends, etc. It is digitally engineered and designed to forever have a limited number of coins available. With hundreds of thousands of nodes (computers) around the world working to defend it 24/7, there have been countless attempts to hack BTC but it has never been successful. At the heart of so many human miseries has been broken currencies manipulated by greedy humans. But Bitcoin can't be manipulated and greedy humans can't compromise it even if they wanted to.
The Bitcoin NETWORK will also be very useful in the coming years as the foundation for innovations like the Lightning Network.
it is becoming increasingly clear that the US Treasury views Bitcoin as a threat. Many people hope that BTC becomes the official currency of the USA when the dollar finally goes to zero in 10-25 years. But it is my hope that BTC remains classified as property and that the US dollar gets pegged to it so BTC becomes the backing to the US dollar as gold used to be before Nixon took us off the gold standard in 1971. Yes, the spending power of the US dollar will get weaker and weaker, but the day could come where I swipe my card to purchase something and I'll have a LOC tied to my Bitcoin that will use the Lightning network to move that money from my LOC to US dollars and then sent to the merchant from whom I bought. It will be done at the speed of light and with instant finalization, unlike our current credit card systems that need a day or more to finalize the transaction.
Only people I ever met who were into it were the crypto bro dbags