@titties5763 NFTs are an attempt to make a financial instrument out of being "an original" in a medium which is by definition digital copies. The novelty fad aspect made it an investment, like beanie babies and so many long forgotten fads. Real art has value you can see, touch, and launder money with.
@BowsacNoodle@titties5763 I still think the “popularity” of NFTs largely arose from the number of people who had lucked out and gotten in on crypto early, but just couldn’t find a way to spend it without converting and taxing it.
I still think there’s a market for that, actually. Sure, Eth & bitcorn are super expensive in fiat still, but if you’re a lucky tard who dropped $200 at the right time, it’s not worth as much as it looks on the chart. Finding out you can buy a shiny digital toy is better than doing nothing at all
@RupertvonRipp@BowsacNoodle@titties5763 But this is a new dynamic. Their crypto is just sitting there. What can you do with it, without converting it to fiat, cashing out for good, and losing 50% after taxes? There isn’t much. It’s like a bunch of coupons for shit you don’t want.
So for ONCE a product comes along for you to drop some of the ethereum you got for dirt cheap, and who knows, it’ll “hold its value” for sale later on. Finally, you get to enjoy spending your digital money without the regret of selling it off!
From the outside they look super overpriced because we weren’t there from the start. If you think ETh is $1500+, then a 2-ETH buy is pricy. But, if you bought from the start, and each one in your wallet was purchased at a cost of 75 cents, then why not drop some money on a monkey painting?
@WashedOutGundamPilot@BowsacNoodle@titties5763 I'd think you'd just secure your bag, taxes or no, and convert it into something real- capital investments, real estate, bullion, pallets of toilet paper... anything but beep boop internet bullshit.
@RupertvonRipp@BowsacNoodle@titties5763 Kind of, but these guys are paralyzed. They’re the ones that were on libertarian forums when bitcoin was a buck each, they took a lucky gamble and watched it swell by $64,000 a piece. They get addicted to that, they think they’re gonna look back in regret if they sell because surely it’ll go to $500,000 in total
So they’re just stuck, they can’t sell it off. Too addicted to what could be.
@WashedOutGundamPilot@RupertvonRipp@BowsacNoodle Yah, I see that. I find it hard to believe it'll ever get above that 65-70K/coin though. It kinda showed the market how big it can get, but aside from some massive new innovation or wide adoption of it as a currency, I don't see how it could swell more.
We kinda saw what it can do, yah know? I'dk if it really has that much more left in it as far as value.
@titties5763@RupertvonRipp@BowsacNoodle I totally think bitcorn can go to half, even one million! Provided, of course, the government and its NGO friends feel it’s necessary to use it as a heatsink to prevent inflation.
I’m pretty sure that whole bull run was a media push designed to soak up all the money that middle/upper class people suddenly had during the ‘pandemic’. No more consumer spending on eating out & going to shows, so they dangled these stocks & cryptos, advertised all these apps to onboard bored housewives with the promises of huge wins. All that money went into bullshit nonsense instead of actual commodities that could drive up prices. Once the economy went back to normal, they rolled up shop and let value fall again, taking a lot of money off the table.
@WashedOutGundamPilot@BowsacNoodle@titties5763 I knew about buttcoins when they were practically given away and never bothered... if I'd spent 100bux it would've become what? Hundreds of thousands? Lol...
And I'd have sold when it hit a hundo and thought myself having gotten the windfall of a century, because 100x returns are absurd and don't just happen every day.
I guess if you got the dollar buttcoins in any number and you've held with diamond hands it is like having a winning lotto ticket. You're a multi-millionaire if you actualize it but lol you're never gonna.
@RupertvonRipp@WashedOutGundamPilot@BowsacNoodle I had like $150 of bit coin back in 2010 when someone in my dorm said he could order weed off the dark web. So my roommates and I paid him in bitcoin.
Thought we were so slick.
Then in 2019 I pulled my hair out for a hot second realizing what could have been lol.
@titties5763@RupertvonRipp@BowsacNoodle I remember using an old laptop with a dogecoin miner on it. Left it running for the hell of it. Couldn’t even be bothered to crack it open and see how much that shitcoin would be worth again when it was peaking w/ retards.
Sold the bitcoin I did have when it was like, $20k just to survive for a while. It is what it is.
Let's also not forgot who the primary users of bitcoin were when it came out lol. Dark web users. Anything which crawls out of the depths of the internet, in my opinion, is MASSIVELY prone to being a scam lmao. I me look what is was originally used for lmao. No one should be surprised when someone uses it as a vehicle to swindle people.
@fishsticks@titties5763@RupertvonRipp@BowsacNoodle I left it running at my parents house since whenever dogecoin came out until like, 2019 or so? Just a pain in the ass digging back where I had it in the cellar. Probably has a good chunk of money if doge’s like 10 cents even
that was actually the beginning of the fall, some retard i know who luckboxed doge just because he had some spare change on robinhood didn't take my advice to sell during the elon snl episode.
@WashedOutGundamPilot@titties5763@RupertvonRipp@BowsacNoodle Like, a single block reward of doge is 10,000 doge (700 dollars right now) and if you had it running since 2013 to 2019 you would have hit that several times due to the lack of competition.
@dew_the_dew@BowsacNoodle@RupertvonRipp@WashedOutGundamPilot@titties5763 Shitcoins like like safemoon at their peak were insane. Someone found they had a gigantic stash of it from the initial airdrop they never claimed worth like 10 million and destroyed the value in one single sell action. The price recovered in a few hours because "it was on sale". Emotional investors are crazy when they work together.
he kept going on about the wind farms in gambia in like august '21 and i was just like 'idk this sounds off' he was convinced he was going to retire off it.
he's done some of the best investigative finance journalism i've seen in recent memory and he is good at keeping his content engaging. i wish him the best in everything.
yes this was around the time that i decided the crypto bullrun was in a mania phase. the 2nd btc runup later that year surprised me but lol it was fake.