OT: Bitcoin, Altcoins, NFT's & All Things Crypto
- Thread starter bob-loblaw
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Lovely puff piece…I strongly recommend that everyone watch the video and draw their own conclusions. This is exactly the type of YouTube content/hype click-bait that makes me laugh. Plenty of snake-oil salesmen are self-made millionaires.
Interesting perspective on NFTs. Worse than beanie babies although I do believe in the long run there is a place for NFTs.
www.inc.com
“Even those who do understand NFTs can't actually tell you what they own. If you change your profile picture on Twitter to an NFT monkey, you don't actually own the image of the monkey. You own a token that represents that image of the monkey. You basically paid for the right to say I paid for something, even though I'm not sure what it is.”
Elon Musk’s 3-Word Tweet Sums Up What Everyone Is Already Thinking About Web3
NFTs are getting a lot of attention. Maybe too much attention.
“Even those who do understand NFTs can't actually tell you what they own. If you change your profile picture on Twitter to an NFT monkey, you don't actually own the image of the monkey. You own a token that represents that image of the monkey. You basically paid for the right to say I paid for something, even though I'm not sure what it is.”
You're entitled to your opinion. IMO you're totally off base on this particular guy.
along with crypto, his newsletter covers a wide range of economic and geopolitical topics with renowned experts interviewed and quoted.
Listen, all I said was for folks to watch the video and draw their own conclusions. I certainly don’t want anyone mistaking my opinion as gospel. BTW, Pompliano is the same guy that tweeted last night that BTC “fundamentals are incredibly strong” and “a nation state is buying the dip 🔥 “ = I.e, completely ignoring the fact that the so-called nation state of El Salvador is on the brink of default, they are begging the IMF for a billion dollar rescue, and protesters are ready to storm the President’s house. But, sure, why not use the crazy El Salvador President’s dip buying as a pump opportunity. Let’s all follow El Salvador’s lead.
Well, the impression is that whoever is quoted or whoever's video is posted talking about bitcoin/crypto in a positive fashion is immediately discounted by you. Obviously you're a crypto/bitcoin negatoid and unless a Buffett or a Jamie Dimon (he's already conceded a bit) or someone else's opinion that you may value opines positively about this space, you'll immediately knock it down. Well, Buffet wouldn't touch tech or Apple for years, then admitted he was wrong. I'd venture to say there will be others too who will come around (there are some big names who have already). It's fine if that's a space you want to avoid but respect those who legitimately feel that it's a worthwhile venture.
I’m not a negatoid at all = I believe in tech like blockchain. But “the Pomp” is one of the biggest pumpers around and there is a reason he tweeted “a nation state is buying” instead of “El Salvador is buying”. He’s no dummy. His only objective other than to pump is to build his YouTube subscriber base. Here’s a piece of advice, and feel free to totally ignore it, if you are seeking real investment research/advice on YouTube, or even a Rutgers message board, regardless of the asset class, just hand your portfolio over to an advisor. I post here mainly to get ideas and for entertainment purposes. And every once in a while I will learn a thing or two.
More like hopelessly realistic. If I had the time I’d pull up all the $100K BTC EOY threads from last Fall. Where are all those posters now? Where are all the ARKK posters now? The fan-boys were in full effect kicking my ass up and down this thread when BTC was at $67K and ARKK was at $160. However, Many of us predicted the market downturn based on interest rates, sector rotations, crazy valuations, etc. not because we are geniuses but because history tells a story. Come on, I’m not saying I have anything figured out, especially crypto. But look at my posts/predictions over the past 12 months = enough said. If you want to play with crypto and treat it like a trip to Vegas, that’s completely justified. Gambling can be fun and there is nothing wrong with that. Focus on the tech.
Cute post, but irrelevant to your blind bias for anyone with a different opinion than you on crypto. Name one person that is positive on crypto that you respect and don't knee-jerk trash.
I’ll make this easy. I’m onboard with almost ANY expert that (1) views crypto as a highly speculative asset, and (2) does not have a massive social media following on platforms like YouTube, Twitter, etc. You guys do little more than post what are essentially marketing videos from clowns like “Guy the Crypto Guy” and “the Pomp”. Real “experts” don’t need their own production companies used to gain 350K subs like “the Pomp”. These are social media characters and not legitimate sources of information. Regardless, if anyone on this thread watched “the Pomp” video and is now compelled to buy BTC have at it. I don’t want to stand in anyone’s way, especially when I have no idea if BTC goes to $100K or zero. But I certainly don’t like Russia’s recent stance on crypto and El Salvador is not helping the BTC cause.
Jeff is a great follow for all things crypto and NFT. He makes the case that the biggest driver on this crash has been cascading leverage selling.
jeffopdyke.medium.com
Crypto Winter Part 2? Not Even Close.
Note: This is based largely on a dispatch I am sending to readers of a paid, investment newsletter I write. But the topic — the crypto…
Thank you for sharing another opinion @ScarletNut.
This is my humble opinion. Pompliano's career is hyping up bitcoin... of course he's going to have this stance! But he cherry picks financials, and none of which are even that strong from a market study standpoint. Most importantly, he doesn't present alternative arguments. The strongest argument presents both sides, and then cuts a thesis through it.
You can hear it in his buzz words. My God, it's like listening to someone try and get me to play a boardwalk game at Seaside. Reel you in language to get people hooked. A salesman or hype man is always betrayed in their linguistics.
Difference is Pompliano really does believe it. You can tell. And this is what Crypto has created. True-believers who have been intoxicated by unrealistic gains that common sense has fled them.
As I've said here before -- this is a sophisticated ponzi scheme propped up by a massive hype machine and algorithmic pump n' dumps. A massive anonymous tax shelter where insider trading could happen with little to no consequences. A dream for money launderers. A legal ponzi scheme. And the retail sheep follow along, in the chase of free money with zero effort.
Now, as long as you know this is the game, as @RUAldo points out -- great! Gamble, pretend you're a prohibition bootlegger and know when to jump off the runaway train. It very well may go back up -- but are you going to know exactly when to depart when the true owners of it can time it exactly? When they can pull every lever you can't? That's the risk.
As New York Post investigation proved, only a few thousand people own the majority of Bitcoin. This "decentralized" currency that's for everyone! LOL And honestly, it's probably far less than that number, because those investors likely have tons of addresses.
So for years, if you algorithmically plan out the pump & dumps (that you cannot do legally in equities) and then partner it up with a hype machine --- it became insert money, make gains. Insert money, make gains. Hell, I made money too! It was easy, and it made true believers out of regular folks -- because it was tooo easy. For a reason -- markets are not supposed to be manipulated like this by such a small group of people.
Now these are powerful elites, and you know what, maybe they can. Maybe they really can pull it off, that's what you're betting on. But presumably, they're also smart enough to know when the well runs dry and regulation will be on their tail. They've already made their fortune, do they watch other whales jump off and stand there?
The rise of shitcoins tipped off the world to what was going on. A zombie Shiba coin going up thousands of percentage points in a month? Yeah, okay. Hundreds of those coins doing that? No fundamentals, no business plan, no underlying asset whatsoever, half of them total scams -- but they were making ridiculous gains. Why? Because insert money -- make gains.
But the volatility goes both ways. And these guys will always, always, always have more leverage and better timing than any of us. It's a rigged game. Are you going to spend every Friday night late up at night to make sure your life savings aren't wiped away by the time you wake up for the Rutgers game in the morning? A lot of folks are realizing that.
As @RUAldo has mentioned as well, the technology is sweet. Blockchain is here to stay, but not in a vehicle to manipulate currency unregulated. Same with NFTs, cool technology --- but sure as hell is not worth $3M for a bored ape yacht club jpeg.
Bitcoin is also woefully inefficient, Ethereum's only slightly better, and all this shits on the environment, so it can't be feasible long-term. Instead, you get this new idea of it being like a Gold ton stored in your closet. "Oh, it's a storage of value, dummy!" Wasn't the point to try and evolve beyond the idea of hard storage?
My theory is this... two things will collide to screw this 'asset'.
1) External factors are mounting, chipping away at its confidence day by day. Russia/China/Indian banning it. More and more high-profile examples of hacking/losing assets. Environmental impact. El Salvador failure. More and more investigative reporting like the New York Post. More scams being reported in the space. Fed concerned & FBI getting involved. And perhaps most importantly, retail investors tired of the wakeless nights.
2) With that deteriorating confidence, what is the first asset your average person is going to liquidate? If you have to pay your mortgage, pay your car, pay for diapers, pay for college, pay for retirement -- are you going to chance it on even a potential ponzi scheme? From a wallet you can barely access? I mean seriously. In a high risk environment, with a stock market that only goes up, and people bathed in cash -- sure. Why not? Insert money, make gains. But are millions of holders really going to sit through if stocks drop 25,30,40,50%?
Now, do I think one will still win out? Maybe. But the problem is both Bitcoin and Ethereum have major technological issues that have not been worked out. Instead the attention and money have been focused on hyping rather than fixing it.
I thought Cardano could have been the one to take the next leap -- because they focused on their white papers, bringing in researchers, making it regulator-friendly, and its staking helps the environment -- but if you listen to Hoskinson, he's a grifter too. They can barely get things built, even after years of excitement and money pouring in.
We're in crazy times, and maybe crypto will keep mooning, and the ponzi scheme will actually work. They have enough power that it's possible. But when you listen to guys on youtube that use buzzwords and just show favorable graphs of a ponzi going up -- it's a disservice to your investment. RUAldo and I don't bitch about it to be know-it-alls, we're sharing a contrarian perspective in the hopes that someone doesn't lose their house. If you have the money to gamble, go for it... have fun, try and time it.
Couldn’t agree more. Gambling is great entertainment and unless regulators step in the world of crypto is just the modern Wild West. Just know that the social media hype machine is like nothing we’ve ever seen. Celebrities from Kardashian to Shaq are paid millions to hype coins. The whales have their own production studios dedicated to creating pro-crypto content. Everyone is a so-called crypto expert these days. Heck, I didn’t want to be a “negatoid” but Jeff Opdyke (someone posted his article and I think I have the right guy) is an author, journalist, screen-writer, editor, etc. that has written a bunch of random books and has been pitching a comedy show “Jetlaggards”to Hollywood for over 5+ years without success. I’m supposed to take crypto advice from a guy that just two years ago completed his TV Writers Fellowship at UCLA? He is NOT a crypto expert. He is a writer that gets paid based on how many clicks, re-posts, etc. that his articles generate. Sorry to rain on the parade again. But def DO NOT let me influence any investment decisions.
I posted the Opdyke article. My observation of a lot of your feedback is you take things to extremes. Everyone in the media gets paid for clicks. Pretty sure you said a few days ago you like listening to Cramer for market trends. Is Cramer doing his show out of the goodness of his heart? No, he’s getting paid to get viewers. His picks are meaningless. The hype machine with crypto you talk about really isn’t all that different from CNBC. And I know you agree with that based on your commentary about Kathie Wood always going on CNBC when she needed a pump.
For me, crypto and the projects I invest in are not much more than a measured gamble. But the Opdykes, Pomp’s, etc are still a valid source of info.
Pick one…anyone…that meets the criteria I set forth. You’re basically asking me to prove a negative LOL. I’ll happily listen to folks that understand the technology, and I can tell you those aren’t the people Tweeting, making YouTube videos, creating click-bait, etc.
I don’t disagree. Cramer is an entertainer and I do like his show for ideas, although I’ve never bought a stock he recommended. At least, not without doing my own independent research. But, Cramer is a former Goldman guy that also managed his own hedge-fund for years. So, he’s far more qualified than the usual crypto clown suspects who are making more money off clicks than they are off crypto. All I’m saying is to vet the sources of information even if it’s just a measured gamble in your portfolio. If you met a person named “Jimmy the Stock Guy” on a NYC street corner giving investment advice would you ever stop to listen? Answer is probably “No”. So why in the hell would anyone buy crypto based on recommendations from “Guy the Crypto Guy”? As far as I’m concerned, any shred of credibility that Guy the Crypto Guy may have had went out the window when it was discovered that he basically liquidated his crypto portfolio right before the last crypto crash - and then reloaded. Would have been nice if he told his subscribers? Nope, he was pumping videos right up until around the time of the crash.
Strike 2! One more chance to prove you are not hopelessly biased. You can do it!
Again with the extremes. Not sure who follows this Crypto Guy you mention, but I’m
pretty sure the educated posters in this thread don’t.
Back to Opdyke. I posted this link (https://jeffopdyke.medium.com/a-millionaire-maker-crypto-masquerading-as-an-nft-73a8701b08c4) in this thread back in November. At the time this NFT was selling for 20-25 SOL. When the article was written they were selling for half that. They hit a high of 160 SOL earlier this month and are holding at 120 now. I read the article. I joined that discord and asked questions. I talked it over with friends. I bought and am holding 4 of them. I didn’t do it because Jeff the Twitter Guy told me to. There’s great info on Twitter, YouTube, etc. if you spend time to research and filter it.
LOL…trust me…I wish I made up Guy the Crytpo Guy! His YouTube videos have been posted all over this thread. Certain posters really do think Guy is legit! I, on the other hand, obviously do not! Guy the Crypto Guy has been the source of many contentious debates here LOL, which is why I find your “educated poster” comment not only spot-on but hilarious!
Holds onto guy the crypto guy, ignores that someone like Jeff Opdyke might be able to provide some legit info. Again with the extremes
Fair enough = if you make money on your NFTs then Opdyke served you well. My main issue with the Opdyke article you posted earlier today is that it was based purely on speculation/opinion and didn’t have a shred of facts. He when I got to this part:
“Today, there’s a ton of institutional cash in crypto, and I don’t mean ETFs and such. I mean Fortune 500 companies and 100-year-old life insurance firms who are investing in crypto or who are building blockchain-based products and services because they know exactly where the world is headed. Those are not weak-kneed paper-hands rushing to dump.”
Hard to take someone serious when he makes this kind of statement.
Like I said, if Opdyke led you to NFTs, you did some research, and you made money, then he served you well. But Opdyke is not a crypto expert or tech extraordinaire. He’s a journalist/writer that capitalized on a hot area of reader interest after his script he pitched to Hollywood for 5+ years failed. If “Jetlaggards” ever gets picked up by a major studio I suspect you won’t see too many more crypto/NFT articles.
Interesting point. Another NFT project I bought is Ben Mezerich’s, mostly because I’m a fan of his books. Ben has had plenty of scripts picked up (Bringing Down the House/21, Accidental Billionaires/The Social Network) and he’s still writing about NFT’s, so there’s hope for Jeff continuing. Owning Ben’s NFT actually gives me access to royalties on his next screenplay. Maybe Jeff will offer the same 😂
benmezrichnft.com - Domain Name For Sale | Dan.com
I found a great domain name for sale on Dan.com. Check it out!
What I find fascinating is folks on this thread pumping crypto, posting videos, slamming anyone that questioned the $100K BTC EOY target - ONLY to then sell off their crypto portfolios and move that money to stocks. Why would any of these posters sell their BTC when they believe, and argued, it’s going to $100K?
Who sold their BTC? I must have missed that. Time to stop trying to change the subject when getting called out on your blind bias. You earned that.
“Blind bias” doesn’t even make sense in the context of this crypto debate, but if nothing else it would mean that you don’t think I’ve done any research. Fairly confident I’ve proven over and over again that I’ve done plenty of research as I’ve continually stressed the specific use cases and potential of the underlying technology as opposed to the silly token/coin nonsense. But, if you need me to make a bunch of corny videos where I pretend to have a British accent and show some fake charts to prove my point I’ll jump right on it. This whole debate is very simple - if anyone on this thread thinks BTC will revolutionize the world of finance then start buying BTC hand over fist right now. What are you all waiting for? The 2021 PT was $100K. You guys are getting the discount of the century at $35K! Have the balls to BUY THE DIP or stop pumping this crap. All talk no action. I dare you to become a BTC millionaire and show all of the crypto skeptics like me that we were wrong.
I can feel the rage in this post. Time to calm down and perhaps have a good night sleep. Or check out the Stocks/Investments thread. I ready some interesting info on mid and small caps.
No rage whatsoever. I’m bored out of my mind watching the Eternals with my son, one of the more disappointing Marvel films that is also about 2 hours and 40 minutes long. I can’t believe how bad it is and I’m a huge Marvel fan.
Haven't even watched it yet. I heard from so many it blows. Loving Boba Fett so far.
Shockingly terrible. If there was any rage last night it was over wasting a Saturday night on what should have been a great movie. I think Disney has lost a step. They are the masters of animation but beyond that I’m not overly impressed.
But if we believe that the blockchain tech is for real, then why is this gambling anymore then stocks?
Granted it's near impossible to get any worthwhile metrics out of the blockchain "companies", so it's also near impossible to say what valuations, if any, make sense.
Are institutions not investing in crypto and block chain technologies?
“Investing” as in buying a whole bunch of crypto = No (other than companies like Microstrategy, Tesla, and a few others that are doing it more as a gimmick). In my experience, Fortune 500 companies that want blockchain solutions typically develop it internally or buy off-the-shelf and custom solutions such as this:
IBM Blockchain - Enterprise Blockchain Solutions and Services
IBM Blockchain technology empowers businesses to digitize transactions through a secured, shared and distributed ledger, improving efficiency and transparency.
www.ibm.com
Fortune 500 companies have supply chain and finance organizations that have accountability. They aren’t going to gamble when they can buy legit hyper-ledger solutions. Not only that, for the most part, they don’t care about DeFi. The number of people in the world that care about DeFi is minuscule. Go ask family members, friends, co-workers, etc., if they are excited for the future DeFi world = I guarantee almost all of them won’t know what you are talking about or won’t care.
