Until it self-destructs at some random time in your home, and becomes worth 50x what you bought it for. Brilliant!
Help me understand crypto Market Cap and the role of new money....
- Thread starter NoahA
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Until it self-destructs at some random time in your home, and becomes worth 50x what you bought it for. Brilliant!
Crypto market cap is the market capitalization of crypto coins. It is calculated by multiplying the number of coins in circulation by their price. The market cap is generally used to compare how much a crypto coin will increase in value if the rest of the coins were to be valued at the same price.
As art, its absolute crap. Nobody needs to own a 256 color BMP or GIF that looks like its from the 80's.
As a token to say "look how rich I am since I can spend millions on this worthless garbage", then yes, I can see the utility there. We do after all see runway models walking down the runway wearing the most god-awful and impractical outfits that they would never dare be seen wearing in public.
Hearing these guys talk as if they discovered the next Picasso is hilarious. Everyone here is definitely drinking the cool aid. The only way they can back up their thesis is by way of saying how much money is plowing into the crypto market.
Now I'm not saying the idea behind NFT is bad, there is utility there, but the absolute garbage that people are spending thousands of dollars on is insane. Like who cares if a bear is wearing a scarf or has glasses. The cryptopunks are even worse.
The thing is that they also know the rug will be pulled out from this NFT market. The game is very simple. Sell it to the next sucker for a much higher price. Now I'm not against this game, but I am against calling this art and concluding that there is some value to it.
Looking extensively at the trades, its obvious to me that during this recent dip of the past couple of days, you had guys dumping for a loss who were just wanting to make a quick buck. I see that most bears or other things from these collections have yet to sell for an insane price, hence some are essentially worthless at this point. They are simply being held, hoping that someone takes the bait. There is some very big money here that is pretty much running the whole show.
I also see lots of transfers vs. sales. Perhaps one owner has multiple accounts and needs to move stuff around, like having different brokerage accounts. But it could also very well be a way to drum up the illusion of sales. I can agree to sell to my friend for 3 ETH and he will sell his to me. Neither of us has lost money, but we generated volume, perception of value, and hopefully future sales.
I think the odds of winning are perhaps much better than Vegas, so that has an appeal right there, but lets not forget this is a game, a Ponzi scheme, and when it crashes, it will be epic.
Anyone who missed out on bitcoin, ethereum, solana, cardano, matic, link, etc, etc...
NFT's could be another chance at life-changing profits. Very risky...
Only if someone is stupid enough to pay 100 ETH for something that you got for 0.1 ETH
Honestly, I'm looking at these fadenzas, and sure, they are pretty, like the generic abstract crap you see for cheap at a home outfitting store, but with 1000 of these things, its hard to see the value. Most have yet to be sold. And those that sold once for 100 ETH, I really wonder who is behind that sale. I do not believe that someone used 100 ETH and bought something that they just had to have, even if they are just buying it as a so called "store of value". This market is so small, and I think most of it is a scam.
With reference to coins, at least they have utility and can solve a real problem today. I don't think art really ever had a problem that needed to be solved.
But I would love to go in, offer 0.1 ETH for many of these, and just hope and pray for an error of some kind where I'm magically the auction winner. With stock trading, the exchange can easily bust a trade that occurs after hours and is too far away from the recent price. But with this stuff, I imagine that if for some reason you can acquire some of this garbage for a fraction of an ETH, then winning the lottery might be in the cards.
Still working my way through the video since I can only listen to it in small chunks. But he said these things are truly rare, what a joke, but continued that the true value will come out when BTC crashes.
If the price of BTC is plummeting, I can see people wanting to unload into something else, but I'm not sure why they will buy NFTs. We say in March of 2020 that both BTC and gold went down, and of course along with equities. Why it would be different now I'm not sure. USD will never drop 50% in weeks or months, as that would literally be unthinkable. But crypto can easily drop 90% in weeks. I would say that even precious metals will have a floor. But crypto, and especially NFTs will not have a floor.
Ok... lets go listen some more.
If the price of BTC is plummeting, I can see people wanting to unload into something else, but I'm not sure why they will buy NFTs. We say in March of 2020 that both BTC and gold went down, and of course along with equities. Why it would be different now I'm not sure. USD will never drop 50% in weeks or months, as that would literally be unthinkable. But crypto can easily drop 90% in weeks. I would say that even precious metals will have a floor. But crypto, and especially NFTs will not have a floor.
Ok... lets go listen some more.
Hey @johnarb , I never did ask, how did you come to acquire the NFTs, and especially the bears that you have since you say you have 10? Did you somehow get them for the 0.1 ETH or lower initial price? Or did you actually spend 0.5 or more, knowing they were going to shoot higher, and hence took a much bigger risk?
I can only see this game working if somehow a person is able to be the initial owner for next to nothing. But I don't understand how you get in at the bottom.
I can only see this game working if somehow a person is able to be the initial owner for next to nothing. But I don't understand how you get in at the bottom.
OMG, and now there are toads. Jesus, when will this supposed rare quality to NFTs end? I've learned about crypopunks, deluxe bears, bored apes, the Fidenza, and now toads. Pretty soon, given that many of these have thousands in their collection, they will surpass the number of bitcoins. There is no end to how much garbage you can sell on OpenSea.