Help me understand crypto Market Cap and the role of new money....

NoahA said:
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.
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I started buying 5 Bears Deluxe at 0.08 Eth, then added some more the next day, around 0.09, I wanted a panda paid 0.3x Eth and a cigar, 0.5x, my last add was around 1 Eth

I have 11, but since the 2 rare ones can go 1.5x to 2x a regular bear and some of my bears have a little bit higher rarity scores, I'll count them as 13 Bears Deluxe NFT's :D

You get in at the bottom by watching that guy EllioTrades and getting ideas, but you have so much hatred of the NFT space, I would suggest to stay away

NFT is very very very very very risky
 
NoahA said:
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.
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I asked you this before and I am genuinely curious

Can you please tell us what you think will get you 1000% to 10000% returns on investment that is accessible to you and me?


Heck, even children are able to make a nice chunk of change on NFT's (and cryptos, google kids running mining farms)

https://www.cnbc.com/video/2021/09/...coder-set-to-earn-over-400k-selling-nfts.html
 
johnarb said:
I started buying 5 Bears Deluxe at 0.08 Eth, then added some more the next day, around 0.09, I wanted a panda paid 0.3x Eth and a cigar, 0.5x, my last add was around 1 Eth
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I do have a hatred for these things, but given how you acquired them, I give A+ for strategy!!!

This is pretty much exactly what I was saying, that the only way to make these things work is to get in at the floor and wait for them to be bid up. But you of course also have to get out. I noticed that in the past 24 hours, the floor for the bears dropped to 2.2, but have come up since. But none of this will matter if nobody wants to buy your bear, and I fear that when the tide turns, there might not be any bids for these things.

johnarb said:
Can you please tell us what you think will get you 1000% to 10000% returns on investment that is accessible to you and me?
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I'm more than happy to admit that this is the only game in town for these kinds of returns, but you have to admit that its one big ponzi scheme and you're only in it for the money and not the art.

Its just a roulette wheel and you're placing your bets on as many numbers as you can. But the payout is certainly better than any casino game, and the odds are also much better as well I reckon if you're doing your homework and placing well researched bets.

Honestly, when the economy starts to crash, if Evergrande in China causes a major problem, if the dollar starts to drop in value, any of these things can set off a chain reaction that I think will hit these things hard. Money is flowing to these things because of FED policy and the huge liquidity that has been injected into the system.

Plus, I still wonder who the players are. Who is paying 100 ETH for an NFT? Is it a legitimate buyer or is something crooked happening with these transactions? I'm reminded of guys who do these trading tests to earn an account with a supposed prop firm. Once funded, they are supposedly trading real money, but in some cases with certain firms, its impossible for them to cash out. We see threads like this on ET all the time where they can't withdraw their winnings. I wouldn't be surprised to learn that most of the volume we see is from people just moving stuff around amongst their friends. Have there really been enough players taking their 100 ETH and cashing out? I of course know you can take your 100 ETH if you have it, but I think most buying at these insane valuations are perhaps part of some elaborate scheme. I don't see how someone will pay 100 ETH for an NFT and really want to own it.
 
NoahA said:
I noticed that in the past 24 hours, the floor for the bears dropped to 2.2,

but you have to admit that its one big ponzi scheme and you're only in it for the money and not the art.
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The price floor actually dropped to less than 2 Eth yesterday

I don't have to admit it's a ponzi since I do not believe that at all

I'm in it to be part of the exciting revolution and evolution in cryptos. I have NFT's on NiftyGateway, as well for several months now

Money is secondary, of course a very very very nice secondary :D

I'm happy to have profits, but this was a tiny risk capital investment of less than $8K

The fact it became 6 figures $ amount in 9 days was mind-boggling, but I'm not complaining!
 
NoahA said:
Plus, I still wonder who the players are. Who is paying 100 ETH for an NFT? Is it a legitimate buyer or is something crooked happening with these transactions?

..... I don't see how someone will pay 100 ETH for an NFT and really want to own it.
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OpenSea has over $3B in sales last month, $10B in quarterly sales

Last year, I think they only did a few million $ worth of sales

If you think it's fake people are buying back and forth, then you don't know how much Ethereum gas fees cost, nor the OpenSea fees on a $100K NFT sale
 
Digital images of bears, pandas and cigars worth tens of thousands of $?

It does sound a bit crazy but probaby it's just me being too old to get it. :D
 
Tokens can permanently change the system by which digital content copyrights work, and protect crypto paintings and videos from illegal copying. Also, NFT will greatly ease the burden of copyright for musicians and will allow streaming services to license films and TV series faster.

In general, operations with NFT tokens are much faster than operations with physical objects, which also has a positive effect on the implementation process. It will be easier for users to support their favorite authors without resorting to using third-party resources and systems. At the same time, they will receive exclusive rights to own the purchased crypto art.
 
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