We are nowhere near the bottom yet...
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
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Still think crypto is the longest running pump and dump in history.
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.
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You are correct but don't conflate cryptos with BitcoinPurpleThrobber said:Still think crypto is the longest running pump and dump in history.
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. -
Can you elaborate on that?DerekJohnson said:
You are correct but don't conflate cryptos with BitcoinPurpleThrobber said:Still think crypto is the longest running pump and dump in history.
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. -
I have in other threads and I can't tell if you're being serious or not.Bob_C said:
Can you elaborate on that?DerekJohnson said:
You are correct but don't conflate cryptos with BitcoinPurpleThrobber said:Still think crypto is the longest running pump and dump in history.
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. -
Not joking, more high level curious. I have roughly the same opinion as Throbber on this stuff I think. Trying to understand why BTC or any cryptos are more than just pure speculation. All other investments are too to obviously to some extent, but there is at least a cash flow and/or intangibles sitting behind there.DerekJohnson said:
I have in other threads and I can't tell if you're being serious or not.Bob_C said:
Can you elaborate on that?DerekJohnson said:
You are correct but don't conflate cryptos with BitcoinPurpleThrobber said:Still think crypto is the longest running pump and dump in history.
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. -
Bitcoin is just the tallest midget in the crypto pump and dump.
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
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It could also be used for voting.PurpleThrobber said:Bitcoin is just the tallest midget in the crypto pump and dump.
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 -
RACIST!!!!!1!11RoadTrip said:
It could also be used for voting.PurpleThrobber said:Bitcoin is just the tallest midget in the crypto pump and dump.
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 -
My bad. I forgot the imagry of chains is hurtful. Please turn me in and lower my social credit score.pawz said:
RACIST!!!!!1!11RoadTrip said:
It could also be used for voting.PurpleThrobber said:Bitcoin is just the tallest midget in the crypto pump and dump.
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 -
Pretty good article on the current market environment.
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.
