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OT: Bitcoin, Altcoins, NFT's & All Things Crypto

I don't invest in gold and I am not going to invest in crypto. It's like investing in Monopoly money.
There is nothing there but lots of suckers ready to lose everything.
Matt Gaetz will kill crypto since he supposed to have paid for sex trafficking with crypto.
Countries are not going to allow things that they can't track.
 
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bob-loblaw said:
I get it. My BTC story is that I could have easily mined it when it first came out. I knew it had viability but mocked it to people. Of course had I had coins in 10/11, I would be one of those people who lost their keys and had no ability to access 50 mill in btc.
Anyway when it first went to the moon in 2017 I lost it. Besides myself, knowing that I could have and should have...

I rejoiced when it crashed in 18 and truthfully thought it was still in the shitter into 2020. When I saw the price when it crashed from covid I was shocked it was so high and began investigating. Jpoww printing $$$ got me to put skin in the game. Microstrategy buyimg 500 mill worth of btc last summer was what made me a true believer.

That compamy has now put all of its cash reserves into btc. 3 Billion i believe. His argument is that were now printing 25% more money YoY. Holding cash as an asset is a losing proposition due to the rate in which were printing money.

He had a great interview recently w Guy Adami. In talking about this, he made the analogy of sailing in the middle of the ocean. Lets say you're propelling forward at 15 mph, but the wind is blowing at you 20 mph. On the surface, it looks like you're marking progress because you're in the middle of the ocean, but in reality, you're moving backwards. I may be misquoting that a little due to some wine.

Looking at it from a different point of view, who's the bigger criminal? Madoff for his crimes, or the US govt for printing money at unsustainable levels?
Click to expand...


Madoff.

He was the quite adroit at Ponzi schemes.

I do question the concept of printing more money against what... Gold? Our resources, oil reserves, Global Credit score??

However I found this :

"The financial position of the United States includes assets of at least $269.6 trillion (1576% of GDP) and debts of $145.8 trillion (852% of GDP) to produce a net worth of at least $123.8 trillion (723% of GDP) as of Q1 2014. The U.S. increased the ratio of public and private debt from 152% GDP in ... This page was last edited on 1 February 2021 "

I'm assuming the 27T national debt (at it's all time highest) is included. But even if the National Debt is not included it seems we have ample resources of between $100- $127T relative to the currency issue.

MO
 
kyk1827 said:
I was talking about nft’s haha. Granted i know zilch about crypto as well but that seems at least to be somewhere to store value. NFT’s are one of the dumbest concepts ive ever heard of but just goes to show you theres a sucker born every second
Click to expand...
+1
I don't understand the lure and fascination with NFTs (from a buyer POV).
 
NFTs would be far more interesting to me if, for example, you owned the actual video clip rights that you could then monetize through licensing arrangements with anyone that wants to use it (I.e., ESPN pays me to show it on SC). However, you aren’t buying the IP. You are buying the “ moment” and its the NBA and DapperLabs that retain the IP rights to the point they continue to get a cut every single time it’s sold and resold. So, of course the NFT “creators” are gonna pump the business model to no end and use crypto as the lynchpin. Cuban wants to make Mavs tickets NFTs so every time they are sold and resold, especially for big games like the playoffs, the Mavs not only profit during the initial ticket sale but all subsequent sales. Then, tack on the transaction cost and it’s obvious who’s getting rich. NFTs remind me of Second Life. It was a huge fad years back where people were buying digital real estate and goods. But without blockchain Second Life struggled to establish the feeling of true ownership. It will be interesting to see how NFTs and crypto unravel in the future.
 
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cyrock3 said:
The tulips craze lasted for a far shorter time than the existence of cryptocurrency.

Bitcoin is a very real tangible asset now. Does not mean it will always go up, but it is something to hold in your portfolio.
Click to expand...

For some reason, the webboard software thought you were replying to a message by me rather than one from kyk. I"m sure he and I agree that the last thing we want is to be confused for each other -- moderator, take note.
 
So for ETH, is the value there as a crypto currency? Or is it more about the blockchain?
 
kapyoche said:
I don't invest in gold and I am not going to invest in crypto. It's like investing in Monopoly money.
There is nothing there but lots of suckers ready to lose everything.
Matt Gaetz will kill crypto since he supposed to have paid for sex trafficking with crypto.
Countries are not going to allow things that they can't track.
Click to expand...
People point to the "used crypto to pay for criminal activity" argument quite often. But obviously the US dollar is far more often used to pay for criminal activity. I imagine there are millions of drug and prostitution transactions every day paid for with dollar bills.
 
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I found this helpful in understanding NFT's.

What is an NFT? The trendy blockchain technology explained - CBS News


"In short, think of an NFT as a unique, digital version of a certificate of authenticity, publicly rubber-stamped by the blockchain."

And maybe it doesn't make me want to buy an NFT of a video clip you can see anytime on Youtube, but it does help me understand how it could be valuable in other applications.
 
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RU-05 said:
I found this helpful in understanding NFT's.

What is an NFT? The trendy blockchain technology explained - CBS News


"In short, think of an NFT as a unique, digital version of a certificate of authenticity, publicly rubber-stamped by the blockchain."

And maybe it doesn't make me want to buy an NFT of a video clip you can see anytime on Youtube, but it does help me understand how it could be valuable in other applications.
Click to expand...
I believe NFTs will be very popular with artists, athletes, and teams. They can be designed so the NFT creator would get a cut of resales.

Think of a sports team issuing tickets via NFTs. If you sell them at a higher price, they make more money.
 
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T2Kplus20 said:
I believe NFTs will be very popular with artists, athletes, and teams. They can be designed so the NFT creator would get a cut of resales.

Think of a sports team issuing tickets via NFTs. If you sell them at a higher price, they make more money.
Click to expand...
Ya, I posted that scenario the other day, and that is a specific, understandable real world application.

But I think in the broader sense, from the link I posted above, " a certificate of authenticity of a digital asset". That seems to have wide ranging possibilities, and it need not be of something like a piece of art, but how bout the title of a house? Figured I'd google Docusign and blockchain, and sure enough.
 
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RU-05 said:
I found this helpful in understanding NFT's.

What is an NFT? The trendy blockchain technology explained - CBS News


"In short, think of an NFT as a unique, digital version of a certificate of authenticity, publicly rubber-stamped by the blockchain."

And maybe it doesn't make me want to buy an NFT of a video clip you can see anytime on Youtube, but it does help me understand how it could be valuable in other applications.
Click to expand...
T2Kplus20 said:
I believe NFTs will be very popular with artists, athletes, and teams. They can be designed so the NFT creator would get a cut of resales.

Think of a sports team issuing tickets via NFTs. If you sell them at a higher price, they make more money.
Click to expand...

I think NFT's will be useful in certain circumstances such as sports memorabilia, stamps, etc. Currently everything is being converted to NFT's just to show authenticity. That seems like overkill. Overtime, this market will even out. @RU-05 mentioned using NFT's to create to track tickets that are scalped and a way for the artists to gain a larger share of the revenue produced. Similarly, tweets, social media posts can also be converted to NFT's and advertising revenue can be more fairly distributed. In the end original content will get paid which is the way it should be. Hopefully it will reduce counterfeits as well.
 
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rurahrah000 said:
I think NFT's will be useful in certain circumstances such as sports memorabilia, stamps, etc. Currently everything is being converted to NFT's just to show authenticity. That seems like overkill. Overtime, this market will even out. @RU-05 mentioned using NFT's to create to track tickets that are scalped and a way for the artists to gain a larger share of the revenue produced. Similarly, tweets, social media posts can also be converted to NFT's and advertising revenue can be more fairly distributed. In the end original content will get paid which is the way it should be. Hopefully it will reduce counterfeits as well.
Click to expand...
It will be interesting to see how the use of NFTs with something like event tickets plays out. If the original ticket issuer gets a cut every time a ticket is resold, the secondary market could take a hit and may even diminish the value of the original ticket. Or, it could increase ticket costs in the secondary market since people may want to make up for the cut that ticket issuer is taking.
 
kapyoche said:
I don't invest in gold and I am not going to invest in crypto. It's like investing in Monopoly money.
There is nothing there but lots of suckers ready to lose everything.
Matt Gaetz will kill crypto since he supposed to have paid for sex trafficking with crypto.
Countries are not going to allow things that they can't track.
Click to expand...

L O L. I love such bold proclamations like this. FUD at its finest. Let's say he did pay for his infidelities via crypto. Guess what, there's a verified blockchain transaction showing just that.

T2Kplus20 said:
+1
I don't understand the lure and fascination with NFTs (from a buyer POV).
Click to expand...
RUAldo said:
NFTs would be far more interesting to me if, for example, you owned the actual video clip rights that you could then monetize through licensing arrangements with anyone that wants to use it (I.e., ESPN pays me to show it on SC). However, you aren’t buying the IP. You are buying the “ moment” and its the NBA and DapperLabs that retain the IP rights to the point they continue to get a cut every single time it’s sold and resold. So, of course the NFT “creators” are gonna pump the business model to no end and use crypto as the lynchpin. Cuban wants to make Mavs tickets NFTs so every time they are sold and resold, especially for big games like the playoffs, the Mavs not only profit during the initial ticket sale but all subsequent sales. Then, tack on the transaction cost and it’s obvious who’s getting rich. NFTs remind me of Second Life. It was a huge fad years back where people were buying digital real estate and goods. But without blockchain Second Life struggled to establish the feeling of true ownership. It will be interesting to see how NFTs and crypto unravel in the future.
Click to expand...
rurahrah000 said:
I think NFT's will be useful in certain circumstances such as sports memorabilia, stamps, etc. Currently everything is being converted to NFT's just to show authenticity. That seems like overkill. Overtime, this market will even out. @RU-05 mentioned using NFT's to create to track tickets that are scalped and a way for the artists to gain a larger share of the revenue produced. Similarly, tweets, social media posts can also be converted to NFT's and advertising revenue can be more fairly distributed. In the end original content will get paid which is the way it should be. Hopefully it will reduce counterfeits as well.
Click to expand...

NFT's are the future. Remember early on in Facebook where that one "friend" of yours was consistently airing his/her grievances or putting their life story on the FB page for all to see? Why are they doing this? Who cares? so and so is just clamoring for attention. Fast forward to now. That person isnt so crazy any more. You come to expect people to post pictures of every life event on social.

I make this point because thats whats going on with NFT's. The vast majority dont see a need to own a digital pair of jordans or digital video of Gronk spiking a TD. But as we shift into more and more of a digital world, the need and acceptance will grow.

Don't discredit it just because you dont understand the current use case or fascination behind it. My initial thought was that it was dumb. Just like I thought the one lone fool I knew on Twitter in 06 and was dumb. "Why is this go so obsessed with the number sign?" Sometimes it takes a swift kick in the ass to take our blinders off.

And yes, current NFT's are overkill. There's a ton of NFT's by Gronk and others that are not selling. The short term bubble is going to pop. But long term, the idea is here to stay. Get used to it.
 
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Could NFTs be used to solidify identification documents such as drivers licenses? Or is it more for transactional purposes?
 
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bob-loblaw said:
L O L. I love such bold proclamations like this. FUD at its finest. Let's say he did pay for his infidelities via crypto. Guess what, there's a verified blockchain transaction showing just that.





NFT's are the future. Remember early on in Facebook where that one "friend" of yours was consistently airing his/her grievances or putting their life story on the FB page for all to see? Why are they doing this? Who cares? so and so is just clamoring for attention. Fast forward to now. That person isnt so crazy any more. You come to expect people to post pictures of every life event on social.

I make this point because thats whats going on with NFT's. The vast majority dont see a need to own a digital pair of jordans or digital video of Gronk spiking a TD. But as we shift into more and more of a digital world, the need and acceptance will grow.

Don't discredit it just because you dont understand the current use case or fascination behind it. My initial thought was that it was dumb. Just like I thought the one lone fool I knew on Twitter in 06 and was dumb. "Why is this go so obsessed with the number sign?" Sometimes it takes a swift kick in the ass to take our blinders off.

And yes, current NFT's are overkill. There's a ton of NFT's by Gronk and others that are not selling. The short term bubble is going to pop. But long term, the idea is here to stay. Get used to it.
Click to expand...
I have no doubt that NFTs are here to stay and will play a critical role in industries such as real estate. But as far as collectibles are concerned, we are looking at a bubble of epic proportions. Without sounding like a broken record, the main issue with collectible NFTs is there is virtually no barrier to entry. And, eventually there will be so many “moments” (or similar NFTs) sold by the likes of TopShots that most will be worthless. And look who’s bidding up all the news-grabbing digital art. It’s crypto-kings and NFT investors. Which then makes the rest of their digital assets even more valuable - it’s a self-fulfilling prophecy. But, again, don’t get me wrong - NFTs are a game changer in certain industries.
 
RUAldo said:
I have no doubt that NFTs are here to stay and will play a critical role in industries such as real estate. But as far as collectibles are concerned, we are looking at a bubble of epic proportions. Without sounding like a broken record, the main issue with collectible NFTs is there is virtually no barrier to entry. And, eventually there will be so many “moments” (or similar NFTs) sold by the likes of TopShots that most will be worthless. And look who’s bidding up all the news-grabbing digital art. It’s crypto-kings and NFT investors. Which then makes the rest of their digital assets even more valuable - it’s a self-fulfilling prophecy. But, again, don’t get me wrong - NFTs are a game changer in certain industries.
Click to expand...

I dont disagree we're in a short term bubble. I've mentioned in the other thread several times. This reminds me of BTC in nov/dec 2017. They hype train is actually starting to slow down lately.

The barrier to entry is a small amount of Ether. By the same token, whats the barrier to entry in art? Nothing. You can make art and sell it online if you'd like. Same with photography. Or even collectibles.... whats the stop me from selling my Kevin Maas autograph that's sitting in a box in my basement somewhere. It's merely the digital application of what we've always known. Except there is a verifiable ledger, proving that XYZ collectible is what it claims to be.

And yes, a lot will be worthless, just like that Kevin Maas autograph I just had to have when I was 11 years old.
 
rurichdog said:
Could NFTs be used to solidify identification documents such as drivers licenses? Or is it more for transactional purposes?
Click to expand...

Great question. Im honestly not 100% if NFT's are the right approach, but blockchain could certainly do this.
 
I thought NFTs were just a way to launder money and commit tax fraud?

There are 5 "NickRU714 NFT".
One is sold at "auction" for $10,000.

NickRU714 NFT now has a market value of $10,000.

Donate a "NickRU714 NFT" to Charity X.
I now have a charitable contribution valued at $10,000?

Isn't that basically what the celebs are doing with these?
 
rurichdog said:
Could NFTs be used to solidify identification documents such as drivers licenses? Or is it more for transactional purposes?
Click to expand...

Not sure about NFT but you can store them on the Block Chain. I would think it would something similar to Ethereum's smart contracts.....
 
It all needs to be outlawed in every nation.

If you do not control the banks and the money you can't have an effective tax system.. you cannot fund a functioning government.
 
thank you for this. been meaning to start to educate myself on crypto but havent been able to get the ball rolling. this should do it.
 
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GoodOl'Rutgers said:
It all needs to be outlawed in every nation.

If you do not control the banks and the money you can't have an effective tax system.. you cannot fund a functioning government.
Click to expand...
L. O. L. What should be outlawed is the unaccountable rate in which JPoww is printing money. I'm still aghast at the amount of money we've printed the past year.
 
jschwartzgotthescoopman said:
thank you for this. been meaning to start to educate myself on crypto but havent been able to get the ball rolling. this should do it.
Click to expand...
Hope.com is a really good place to start. I also highly recommend the Pomp Podcast, as the host Anthony Pompliano is great at simplifying the crypto message. I usually also recommend you watch this video from him. He's interviewing Jim Cramer and lays out a compelling case on BTC vs gold and lays it out very easy for people to understand. It's also great to watch the follow up video released 2 weeks ago. Spoiler Alert: Cramer heeded Pomp's advice and was a happy camper.
 
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bob-loblaw said:
Hope.com is a really good place to start. I also highly recommend the Pomp Podcast, as the host Anthony Pompliano is great at simplifying the crypto message. I usually also recommend you watch this video from him. He's interviewing Jim Cramer and lays out a compelling case on BTC vs gold and lays it out very easy for people to understand. It's also great to watch the follow up video released 2 weeks ago. Spoiler Alert: Cramer heeded Pomp's advice and was a happy camper.
View embedded media
Click to expand...
thank you!!
 
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bob-loblaw said:
Its not playing catch up. Btc has scarcity that is defined. Eth does not. You will never see eth "catch up"
Click to expand...
I assume "catch-up" means recent growth, not absolute value. ETH has recently outperformed BTC on this metric.
 
T2Kplus20 said:
I assume "catch-up" means recent growth, not absolute value. ETH has recently outperformed BTC on this metric.
Click to expand...
Fair, but BTC will always outperform long-term. The supply for btc just isnt there and the price will reflect that. While Im happy to see Eth over 2k (bought in under 200), it needs to get its shit together quick. Transaction / gas fees are through the roof. Its hard to make a use case for it as a utility if its so expensive.

I like ETH, but I feel like we're all going to hit a point where we realize that we all fd up by not hodling more BTC. That moment could be tomorrow, August, or next year. I wish I knew. Its odd, but I worry about a major player getting in before I have the chance to get more. The thought of Apple taking 1% (almost 2 bill) of its cash reserves and moving it into BTC is frightening and exciting at the same time. It's going to happen eventually, I just want to be hodl more before they do so
 
BTC back over $60k. ETH hits another all-time high at $2200.
 
Last edited:
bob-loblaw said:
Fair, but BTC will always outperform long-term. The supply for btc just isnt there and the price will reflect that. While Im happy to see Eth over 2k (bought in under 200), it needs to get its shit together quick. Transaction / gas fees are through the roof. Its hard to make a use case for it as a utility if its so expensive.

I like ETH, but I feel like we're all going to hit a point where we realize that we all fd up by not hodling more BTC. That moment could be tomorrow, August, or next year. I wish I knew. Its odd, but I worry about a major player getting in before I have the chance to get more. The thought of Apple taking 1% (almost 2 bill) of its cash reserves and moving it into BTC is frightening and exciting at the same time. It's going to happen eventually, I just want to be hodl more before they do so
Click to expand...
I'm roughly 50-50 between BTC and ETH. Haven't jumped into any of the others yet.
 
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