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[MirrorTodd]

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OK I'll bite

Can you explain like I'm five even one hypothetical scenario where a "blockchain"-featured "smart" contract changes the game of some industry? I mean fundamentally alters the landscape of what's possible? What would that look like? How would it be better than what can be done now?

The only example I've heard that's even remotely plausible is that it could remove the need for an escrow middleman for some kinds of purchases. E.g. if you're buying a house, a "smart contract" could simultaneously verify transfer of funds and transfer a deed, without having to rely on a title company or escrow service. Is that really such an amazing, world-shaking, "game changing" thing?

I wouldn't be able to explain things very well, but you should look into Gamestop and Loopring. Their alledged partnership is going to change the face of gaming and possibly more.

 

[mentos]

OK I'll bite

Can you explain like I'm five even one hypothetical scenario where a "blockchain"-featured "smart" contract changes the game of some industry? I mean fundamentally alters the landscape of what's possible? What would that look like? How would it be better than what can be done now?

The only example I've heard that's even remotely plausible is that it could remove the need for an escrow middleman for some kinds of purchases. E.g. if you're buying a house, a "smart contract" could simultaneously verify transfer of funds and transfer a deed, without having to rely on a title company or escrow service. Is that really such an amazing, world-shaking, "game changing" thing?

I'm like a 5 year old as well, but say you needed to wire a large sum of money to someone on the weekend. It wouldn't be possible because banks are closed. You'd have to wait until Monday to fill out paperwork, have them verify your identity, and hope it gets approved around lunchtime or a little after. You'll probably have to pay a $50 fee too.

With crypto, you can instantly transfer 1 BTC or more to anyone in the world, instantly.

Also in third world countries where the currency is constantly losing value (certain African countries or Afghanistan after the Taliban took over), they are better off having their assets in BTC.

 

[pgg]

I wouldn't be able to explain things very well, but you should look into Gamestop and Loopring. Their alledged partnership is going to change the face of gaming and possibly more.

Google just told me

At the end of October, rumors circulated on Twitter that the videogame retailer GameStop – whose meme-y stock has become a favorite this year among individual traders – may be using Loopring's technology to create a so-called NFT marketplace – a venue for trading and exchanging non-fungible tokens.

So am I to understand that a game company using smart contracts to sell NFTs is going to change the world?

I'm not sure if I could've come up with a more self-licky ice cream cone of an idea than that, if I'd thrown a bunch of slips of paper with buzzwords like crypto and blockchain and NFT and synergize and paradigm and decentralized into a blender and snorted the confetti.

 

[pgg]

I'm like a 5 year old as well, but say you needed to wire a large sum of money to someone on the weekend. It wouldn't be possible because banks are closed. You'd have to wait until Monday to fill out paperwork, have them verify your identity, and hope it gets approved around lunchtime or a little after. You'll probably have to pay a $50 fee too.

With crypto, you can instantly transfer 1 BTC or more to anyone in the world, instantly.

OK, neat, I guess. It's a wire transfer on a non business day.

I'm not seeing how that really fundamentally alters anyone's ability to do business that doesn't involve cocaine or assassinations.

Am I just unaware of some segment of the economy that is really unable to function and is missing out on massive profits because fund transfers have to wait until Monday morning? It just seems like the banking system we've got isn't really holding us back.

 

[MirrorTodd]

Google just told me


So am I to understand that a game company using smart contracts to sell NFTs is going to change the world?

I'm not sure if I could've come up with a more self-licky ice cream cone of an idea than that, if I'd thrown a bunch of slips of paper with buzzwords like crypto and blockchain and NFT and synergize and paradigm and decentralized into a blender and snorted the confetti.

Depends on how you define the bolded. What they are doing is revolutionary. The gaming industry is pretty freaking huge.

 

[deleted641888]

OK I'll bite

Can you explain like I'm five even one hypothetical scenario where a "blockchain"-featured "smart" contract changes the game of some industry? I mean fundamentally alters the landscape of what's possible? What would that look like? How would it be better than what can be done now?

The only example I've heard that's even remotely plausible is that it could remove the need for an escrow middleman for some kinds of purchases. E.g. if you're buying a house, a "smart contract" could simultaneously verify transfer of funds and transfer a deed, without having to rely on a title company or escrow service. Is that really such an amazing, world-shaking, "game changing" thing?

Google just told me


So am I to understand that a game company using smart contracts to sell NFTs is going to change the world?

I'm not sure if I could've come up with a more self-licky ice cream cone of an idea than that, if I'd thrown a bunch of slips of paper with buzzwords like crypto and blockchain and NFT and synergize and paradigm and decentralized into a blender and snorted the confetti.

Let me remind everyone of “the internet” back in the 1990s. Eerily similar, in my opinion.

The burden is on you to do your own research at the end of the day. I’m looking forward to the day when people will proclaim, “If only I had bought X amount of X when it was $X” while forgetting that they were the same ones who chose to ignore or dismiss the information at hand. The difference now is that with the insane success of the internet, the information/“edge” is readily available for blockchain technology and its implications for the future of real estate, gaming, decentralized finance, and digital “ownership,” amongst other technological advances that are yet to be imagined. Of course, with any “new” tech comes many opportunities for the grifters and scammers to depart people from their money, but that comes with the territory and like I’ve said before, it doesn’t invalidate the technology and its capacity to be revolutionary.

 

[mentos]

Things just got ugly. Buying opportunity?

 

[Mman]

That's fair. I don't see much difference in risk in buying crypto vs speculative/meme/high PE stocks like TSLA, GME, AMC, RBLX, RIVN, LCID, etc.

I'm not sure I can take seriously something that lumps stocks like Tesla and Roblox in with stocks like AMC and GameStop.

Tesla and Roblox are rapidly growing companies with clear paths to making lots of profit. Now maybe you quibble over the likelihoods and values of those profits and what exactly someone "should" fairly pay for the stock, but nobody questions the businesses. AMC and GameStop are memes that were literally going out of business until people started gambling on them.

 

[abolt18]

I'm like a 5 year old as well, but say you needed to wire a large sum of money to someone on the weekend. It wouldn't be possible because banks are closed. You'd have to wait until Monday to fill out paperwork, have them verify your identity, and hope it gets approved around lunchtime or a little after. You'll probably have to pay a $50 fee too.

With crypto, you can instantly transfer 1 BTC or more to anyone in the world, instantly.

Also in third world countries where the currency is constantly losing value (certain African countries or Afghanistan after the Taliban took over), they are better off having their assets in BTC.

I just read this thread because it's like an entertaining social experiment.

 

[MirrorTodd]

I'm not sure I can take seriously something that lumps stocks like Tesla and Roblox in with stocks like AMC and GameStop.

Tesla and Roblox are rapidly growing companies with clear paths to making lots of profit. Now maybe you quibble over the likelihoods and values of those profits and what exactly someone "should" fairly pay for the stock, but nobody questions the businesses. AMC and GameStop are memes that were literally going out of business until people started gambling on them.

You may want to research gamestop again.

 

[Mman]

You may want to research gamestop again.

I know all about gamestop's history and their attempted pivot with the guy from Chewy. I am referring to the direction the business was heading when it became a meme. The extra cash they were able to print by issuing new shares of stock with all the memeness going on greatly aided their ability to survive.

 

[MirrorTodd]

I know all about gamestop's history and their attempted pivot with the guy from Chewy. I am referring to the direction the business was heading when it became a meme. The extra cash they were able to print by issuing new shares of stock with all the memeness going on greatly aided their ability to survive.

Well I can only say that it was more than just an "attempted" pivot and they are more than surviving currently. Even if we believe the Jan run up was the squeeze and the shorts all closed, the company itself is currently undervalued and has a very bright future.

 

[Mman]

Well I can only say that it was more than just an "attempted" pivot and they are more than surviving currently. Even if we believe the Jan run up was the squeeze and the shorts all closed, the company itself is currently undervalued and has a very bright future.

the company had several years in a row of losing money and their primary business of physically selling games and game consoles out of stores in malls had become obsolete. Also it is far from having all the shorts closed, as nearly 11% of the shares by float are currently sold short which is an amazingly high number for any company you would consider to have a bright future.

It's still a meme, just one that is better capitalized and hoping to get lucky and survive.

 

[Mman]

for being a "store of value" and "digital gold", bitcoin is not behaving like it today. Stock market down on reports of new covid variant, well that makes sense. bitcoin tanking at the same time????

 

[OneFellSwoop]

OK I'll bite

Can you explain like I'm five even one hypothetical scenario where a "blockchain"-featured "smart" contract changes the game of some industry? I mean fundamentally alters the landscape of what's possible? What would that look like? How would it be better than what can be done now?

The only example I've heard that's even remotely plausible is that it could remove the need for an escrow middleman for some kinds of purchases. E.g. if you're buying a house, a "smart contract" could simultaneously verify transfer of funds and transfer a deed, without having to rely on a title company or escrow service. Is that really such an amazing, world-shaking, "game changing" thing?

In addition to what others said, it’s the level of security and immutability provided by blockchain. Because of this it will have an effect in all industries on some level working largely in the background to improve efficiencies and security. There’s a huge element of individual ownership, musicians and artists will own their own music, selling it as an NFT and then able to reap profits through a royalties system written into the blockchain code. I think healthcare can benefit as well. Patients could be true owners of their health care data and can release it to whomever they want whenever they want.

I agree, it all sounds very vague and word soupy at the moment and I also am a 5 year old in this. Tim Ferris has a really good podcast about the topic recently and would be worth listening to.

This is the current Wild West, lots of scams and minimal regulation but almost endless potential.

FWIW, I’m hesitant to invest in direct crypto, but I’m considering 1% in an ETF like BKCH, that way I don’t have to guess and can tilt a little to something that has potential foe HUGE upside.

 

[pgg]

for being a "store of value" and "digital gold", bitcoin is not behaving like it today. Stock market down on reports of new covid variant, well that makes sense. bitcoin tanking at the same time????

It's like gold

Gold goes down, it's a buying opportunity, you should buy more gold

Gold goes up, see we were right see see see, you should buy more gold

 

[pgg]

There’s a huge element of individual ownership, musicians and artists will own their own music, selling it as an NFT and then able to reap profits through a royalties system written into the blockchain code. I think healthcare can benefit as well. Patients could be true owners of their health care data and can release it to whomever they want whenever they want.

This is exactly the problem though. All this buzz, accompanied by claims that don't pass even the most cursory sniff test.

You're suggesting that NFTs have effective copy protection now? How does that work?

I totally agree crypto is here to stay, in some form, though I wouldn't try to pick winners and I'm not going to invest any money in it. But the very concept of NFTs is absolute crazy lunacy, this notion of ownership of some bits that can just be copied an infinite number of times, as if slapping a fancy new name is going to solve copyright and distribution issues that have existed since the first commercial tape decks.

 

[deleted641888]

This is exactly the problem though. All this buzz, accompanied by claims that don't pass even the most cursory sniff test.

You're suggesting that NFTs have effective copy protection now? How does that work?

I totally agree crypto is here to stay, in some form, though I wouldn't try to pick winners and I'm not going to invest any money in it. But the very concept of NFTs is absolute crazy lunacy, this notion of ownership of some bits that can just be copied an infinite number of times, as if slapping a fancy new name is going to solve copyright and distribution issues that have existed since the first commercial tape decks.

Agree that picking the winners is downright impossible, and investing in crypto now is not for people who don’t have a high risk tolerance.

I disagree that the concept of NFTs is “lunacy.” Think of an NFT not as the item itself but a certificate of authenticity which is written into a ledger that’s open source and publically verifiable. NFTs are not without valid criticism, but the implications of provably “owning” something digital is massive, much more than we can even imagine.

Imagine “owning” a limited edition of a Pokemon or a limited edition weapon or spell in World of Warcraft. If you don’t realize how much money is involved in the e-gaming industry and the potential for NFTs to literally revolutionize that industry, you’re not gonna make it (which is why LRC/Gamestop is a big deal right now). People have died playing WoW because they forgot to eat. Personally, I’ve put in >20,000 hours of my life (mostly pre-med school) towards playing video games at a high competitive level, and I am completely floored at what NFTs could have done for me if I had been able to “own” and sell some of those items back then.

This is only one example of why NFTs could be huge. Others are digital art, physical items (Nike, Adidas, etc.), music (Opulous), tickets/shows, real estate, etc.

First, they’ll say it’s impossible. Then they’ll say it’s improbable, and eventually, they’ll say it’s inevitable.

 

[pgg]

If you don’t realize how much money is involved in the e-gaming industry and the potential for NFTs to literally revolutionize that industry, you’re not gonna make it

I'm not gonna make it, eh?

First, they’ll say it’s impossible. Then they’ll say it’s improbable, and eventually, they’ll say it’s inevitable.

Here's gripe #72 I have with you crypto believers

It's the implication (or outright declaration) that people who don't get on board NOW NOW NOW are going to be left behind, unable to participate in this new economy. It's the projection of your FOMO on the rest of us rubes.

You could be right, and maybe this NFT real estate crossover world is going to happen. But I'll be you a dollar of fiat money that if that comes to pass, and 30 years from now I want to buy a beach house, somehow, some way, I'll be able to do so with whatever the currency of the day is. Even though, gasp, I didn't buy any bitcoin in 2021. And if we have to use a blockchain AI settlement agent based on a distributed lunar-mars quantum network instead of a title agent in a strip mall office, I bet that'll work out too.

Just admit you're playing a high risk get-rich-quick early adopter game. Don't couch it in these dismissive terms of "not for people who don’t have a high risk tolerance" 🙄 as if those of us who aren't interested in "investing" in Pokemon NFTs just don't have the bankroll or stomach to take risks.

 

[deleted641888]

I'm not gonna make it, eh?



Here's gripe #72 I have with you crypto believers

It's the implication (or outright declaration) that people who don't get on board NOW NOW NOW are going to be left behind, unable to participate in this new economy. It's the projection of your FOMO on the rest of us rubes.

You could be right, and maybe this NFT real estate crossover world is going to happen. But I'll be you a dollar of fiat money that if that comes to pass, and 30 years from now I want to buy a beach house, somehow, some way, I'll be able to do so with whatever the currency of the day is. Even though, gasp, I didn't buy any bitcoin in 2021. And if we have to use a blockchain AI settlement agent based on a distributed lunar-mars quantum network instead of a title agent in a strip mall office, I bet that'll work out too.

Just admit you're playing a high risk get-rich-quick early adopter game. Don't couch it in these dismissive terms of "not for people who don’t have a high risk tolerance" 🙄 as if those of us who aren't interested in "investing" in Pokemon NFTs just don't have the bankroll or stomach to take risks.

That was tongue-in-cheek. Didn’t you just spend the last few posts dismissing crypto/NFTs as if it’s some massive ponzi scheme? And then when people refute your claims, you gripe about the people instead.

I literally could not care less if you choose to invest in crypto or not. You literally have no idea how blockchain technology works yet have already dismissed the idea as “lunacy.” Who has the agenda here, really? Eye roll.

 

[Mman]

That was tongue-in-cheek. Didn’t you just spend the last few posts dismissing crypto/NFTs as if it’s some massive ponzi scheme? And then when people refute your claims, you gripe about the people instead.

I literally could not care less if you choose to invest in crypto or not. You literally have no idea how blockchain technology works yet have already dismissed the idea as “lunacy.” Who has the agenda here, really? Eye roll.

there is nothing about understanding how blockchain technology works that means that it is inherently valuable as an investment. Dismissing any nonbeliever in it as a world changer does not mean they do not understand how it works.

 

[pgg]

That was tongue-in-cheek. Didn’t you just spend the last few posts dismissing crypto/NFTs as if it’s some massive ponzi scheme? And then when people refute your claims, you gripe about the people instead.

Fair enough.

I'll disagree that my skepticism of NFTs has been "refuted" though. 🙂

I literally could not care less if you choose to invest in crypto or not. You literally have no idea how blockchain technology works yet have already dismissed the idea as “lunacy.” Who has the agenda here, really? Eye roll.

I understand the concept and even a fair bit of the math. It's a fascinating subject. My "agenda" is limited to casual argument on a Friday afternoon.

But yeah, I'm going to stick to the word "lunacy" when we're talking about the supposed world changing, paradigm shifting potential of music/Pokemon NFTs and the world economy.

 

[gasdoc77]

Agree that picking the winners is downright impossible, and investing in crypto now is not for people who don’t have a high risk tolerance.

I disagree that the concept of NFTs is “lunacy.” Think of an NFT not as the item itself but a certificate of authenticity which is written into a ledger that’s open source and publically verifiable. NFTs are not without valid criticism, but the implications of provably “owning” something digital is massive, much more than we can even imagine.

Imagine “owning” a limited edition of a Pokemon or a limited edition weapon or spell in World of Warcraft. If you don’t realize how much money is involved in the e-gaming industry and the potential for NFTs to literally revolutionize that industry, you’re not gonna make it (which is why LRC/Gamestop is a big deal right now). People have died playing WoW because they forgot to eat. Personally, I’ve put in >20,000 hours of my life (mostly pre-med school) towards playing video games at a high competitive level, and I am completely floored at what NFTs could have done for me if I had been able to “own” and sell some of those items back then.

This is only one example of why NFTs could be huge. Others are digital art, physical items (Nike, Adidas, etc.), music (Opulous), tickets/shows, real estate, etc.

First, they’ll say it’s impossible. Then they’ll say it’s improbable, and eventually, they’ll say it’s inevitable.

I believe these digital assets have value now (and only now) as we draw near the end of an economic cycle. They are a result of wild speculation, thus far largely sustained by the few where the fiat wealth is concentrated in a period where money still has some value due to a low prevailing monetary velocity.

The cycle I speak of is the OPPOSITE of stagflation (sometimes referred to as deflansion). For 20-30 years now (longer than most of you have been investing) the economy has mostly expanded while purchasing power has been relatively stable or even increased in terms of quality of life, largely due to globalization, technological advances, outsourcing of labor, and stable transportation/energy prices. The very things that afforded an improving quality of life also left a major trade deficit that we have ALL known would come home to roost.
When appetite for our treasuries (at home and abroad) dwindled, leaving only the federal reserve to monetize the government's debt, that is a major harbinger.

As anesthesiologists, we all think in systems. We know that all systems are interdependent and each intervention creates an (at least partly) opposing reaction as the system seeks homeostasis.... enter stagflation.

When resources become more scarce and people start to awaken that digital is no more or less a resource that fiat, I suspect people will seek a more tangible resource to speculate upon. If this theory proves correct, the exit could be rapid.

 

[pgg]

The cycle I speak of is the OPPOSITE of stagflation (sometimes referred to as deflansion). For 20-30 years now (longer than most of you have been investing) the economy has mostly expanded while purchasing power has been relatively stable or even increased in terms of quality of life, largely due to globalization, technological advances, outsourcing or labor, and stable transportation/energy prices. The very things that afforded an improving quality of life also left a major trade deficit that we have ALL known would come home to roost.
When appetite for our treasuries (at home and abroad) dwindled, leaving only the federal reserve to monetize the government's debt, that is a major harbinger.

I do wonder sometimes ...

If aliens were watching the primitive monkey tribes on earth ...

And the North American and European monkey tribes had just spent 50 years living large on the labor, raw materials, and fossil fuels provided by the Asian and Middle Eastern and African and South American monkey tribes ... paying for those tangible goods, services, and labor mostly with green slips of cotton-fiber paper and magically conjured 1s and 0s in a digital ledger someplace and maybe some other vague promises ...

Even if all the monkey tribes of the world suddenly decided that 1s and 0s were garbage and the green slips of paper were useless, and they didn't want to send any more stuff or do any more labor for the fat lazy monkeys overseas ...

Which monkey tribes will the aliens have judged to have "won" the exchange? Which tribe will be in the best position to keep winning after the 1s and 0s scheme collapses?

When resources become more scarce and people start to awaken that digital is no more or less a resource that fiat, I suspect people will seek a more tangible resource to speculate upon. If this theory prices correct, the exit could be rapid.

There's always a crash on the horizon. Crashes are always rapid. But as that guy once said, markets can stay stay irrational for longer than most people can stay solvent.

What's a person to do when the crash might be tomorrow, or in 10 years, or in 30? I don't think the answer is any different than it's ever been - diversify and live beneath your means. Maybe partial ownership in companies that produce goods and services for profit. Maybe loan some money to businesses or utilities or governments for some kind of interest return. Maybe gold doubloons. Maybe farmland or shoddy duplexes in the low rent part of town. Maybe even a bit of cryptocurrency or some Pokemon NFTs. 🙂

 

[mentos]

I'm not gonna make it, eh?



Here's gripe #72 I have with you crypto believers

It's the implication (or outright declaration) that people who don't get on board NOW NOW NOW are going to be left behind, unable to participate in this new economy. It's the projection of your FOMO on the rest of us rubes.

You could be right, and maybe this NFT real estate crossover world is going to happen. But I'll be you a dollar of fiat money that if that comes to pass, and 30 years from now I want to buy a beach house, somehow, some way, I'll be able to do so with whatever the currency of the day is. Even though, gasp, I didn't buy any bitcoin in 2021. And if we have to use a blockchain AI settlement agent based on a distributed lunar-mars quantum network instead of a title agent in a strip mall office, I bet that'll work out too.

Just admit you're playing a high risk get-rich-quick early adopter game. Don't couch it in these dismissive terms of "not for people who don’t have a high risk tolerance" 🙄 as if those of us who aren't interested in "investing" in Pokemon NFTs just don't have the bankroll or stomach to take risks.

I don't think anyone here is saying that. I totally agree it's a get rich quick pyramid scheme, high risk high reward. The bottom of the pyramid is where you want to be.

 

[nimbus]

'The Metaflower Super Mega Yacht' NFT Sells for a Record $650,000 USD

The most expensive NFT item in The Sandbox metaverse.

hypebeast.com

 

[mentos]

El Salvador Buys 100 More Bitcoins as Crypto Market Falls

El Salvador’s President Nayib Bukele said in a tweet that he bought the coins at “a discount.”

www.coindesk.com

 

[mentos]

Thoughts on USDT?



Crypto.com gives 12% to stake it. Seems like free money?

 

[maxxor]

Thoughts on USDT?



Crypto.com gives 12% to stake it. Seems like free money?

Tether is sketch IMO.

You can get similar for USDC at both Nexo or Celsius

 

[Direct Laryngoscopy]

Let me remind everyone of “the internet” back in the 1990s. Eerily similar, in my opinion.

The burden is on you to do your own research at the end of the day. I’m looking forward to the day when people will proclaim, “If only I had bought X amount of X when it was $X” while forgetting that they were the same ones who chose to ignore or dismiss the information at hand. The difference now is that with the insane success of the internet, the information/“edge” is readily available for blockchain technology and its implications for the future of real estate, gaming, decentralized finance, and digital “ownership,” amongst other technological advances that are yet to be imagined. Of course, with any “new” tech comes many opportunities for the grifters and scammers to depart people from their money, but that comes with the territory and like I’ve said before, it doesn’t invalidate the technology and its capacity to be revolutionary.

 

[mentos]

Cool graph, but what is considered a crypto user? Most people buy and hold or trade it. I imagine the amount who actually "use" crypto for defi or smart contracts or whatever is very small.

 

[chessknt]

Cool graph, but what is considered a crypto user? Most people buy and hold or trade it. I imagine the amount who actually "use" crypto for defi or smart contracts or whatever is very small.

Also there were significant technical barriers to internet use like pc ownership or the actual infrastructure existing that aren’t present for crypto adoption.

 

[Mman]

Also there were significant technical barriers to internet use like pc ownership or the actual infrastructure existing that aren’t present for crypto adoption.

on the other hand, there were legit reasons for people to want to use the internet like email and porn that drove rapid adoption. For most people in the developed world, crypto doesn't really let them do anything useful that they already cannot easily accomplish with a credit card or some cash/check.

 

[anonperson]

FWIW, I’m hesitant to invest in direct crypto, but I’m considering 1% in an ETF like BKCH, that way I don’t have to guess and can tilt a little to something that has potential foe HUGE upside.

BKCH: Biggest holdings are Riot blockchain and coinbase. A few others like Square and PayPal.

If you're putting in 1%, might as well buy the actual currency. Easy to do and you can hold it in a wallet.

Ethereum
Nov 28, 2020: ~$530
Nov 28, 2021: ~4200

It did bounce around a fair bit and was as high as $3800 but this is just to show there is still some money to be made.

Similar to bitcoin.

With a steady salary, you can easily invest 1% and just hold.

 

[mentos]

This weekend was a good test for my risk tolerance. I'm only going to hold BTC and ETH now. They will survive if crypto crashes. The rest, who knows?

 

[nimbus]

Seems like omicron FUD for all assets is already subsiding.

 

[OneFellSwoop]

BKCH: Biggest holdings are Riot blockchain and coinbase. A few others like Square and PayPal.

If you're putting in 1%, might as well buy the actual currency. Easy to do and you can hold it in a wallet.

Ethereum
Nov 28, 2020: ~$530
Nov 28, 2021: ~4200

It did bounce around a fair bit and was as high as $3800 but this is just to show there is still some money to be made.

Similar to bitcoin.

With a steady salary, you can easily invest 1% and just hold.

My thought was to own the companies rather than the coins bc the companies can diversify and expand. Riot could pivot to mine something other than just bitcoin. Coin base deals in all crypto, not just btc or eth. I’m taking the same strategy as the rest of my buy-and-hold portfolio and trying to diversify within this ‘sector’ to allow for the freedom of expansion. None of us are using Netscape anymore, but we are still using web browsers. Let’s say riot or btc becomes Netscape, the index will adjust for that as well. Maybe it’s a bad strategy, and yeah, 1% of portfolio is extremely low and could just as well go into something high risk like the coins themselves, but a 6 month old fund is pretty risky too🤷‍♂️

 

[mentos]

My thought was to own the companies rather than the coins bc the companies can diversify and expand. Riot could pivot to mine something other than just bitcoin. Coin base deals in all crypto, not just btc or eth. I’m taking the same strategy as the rest of my buy-and-hold portfolio and trying to diversify within this ‘sector’ to allow for the freedom of expansion. None of us are using Netscape anymore, but we are still using web browsers. Let’s say riot or btc becomes Netscape, the index will adjust for that as well. Maybe it’s a bad strategy, and yeah, 1% of portfolio is extremely low and could just as well go into something high risk like the coins themselves, but a 6 month old fund is pretty risky too🤷‍♂️

RIOT and COIN do not do anything proprietary. There are many companies doing the same thing as them. RIOT has competition from MARA, HUT, BITF, SOS, CAN, BTBT etc. COIN is one of many crypto exchanges. The only advantage I see of buying a crypto related stock vs actual coins themselves is to get tax free gains in a Roth (until that benefit is taken away). However there are apparently ways you can directly buy crypto in a Roth now.

Sometimes crypto related stocks go down even after BTC goes up. But they never go up when BTC goes down. These crypto stocks are always dependent on how BTC acts.

There is only one BTC and ETH. They are the Apple and MSFT of crypto. They aren't going anywhere.

 

[OneFellSwoop]

There is only one BTC and ETH. They are the Apple and MSFT of crypto. They aren't going anywhere.[/QUOTE]

Honest question from a crypto newbie: how do you KNOW they’re not Netscape and AOL?

 

[gasdoc77]

There is only one BTC and ETH. They are the Apple and MSFT of crypto. They aren't going anywhere.

Honest question from a crypto newbie: how do you KNOW they’re not Netscape and AOL?
[/QUOTE]
I hope that is a rhetorical question (for sooooo many reasons).

 

[MirrorTodd]

the company had several years in a row of losing money and their primary business of physically selling games and game consoles out of stores in malls had become obsolete. Also it is far from having all the shorts closed, as nearly 11% of the shares by float are currently sold short which is an amazingly high number for any company you would consider to have a bright future.

It's still a meme, just one that is better capitalized and hoping to get lucky and survive.

So did Apple and look where they are at now. Just cause a company was once losing money, doesn't mean it can't turn itself around in a short period and then explode in revenue. Personally, I think Gamestop is already turned around and poised to explode, enough so that I've bet a fairly large sum of money on it. At the very least, the hedge funds won't be able to short it into oblivion (which it certainly seems like they were trying). I highly suggest reading more into this whole saga before casting it aside as "it's still a meme".

EDIT: (Nevertheless, I won't say anything else about it cause this is a crypto thread and I'm not trying to blur the lines here.)

 

[mentos]

Added more SOL at 203 and 213. Should have bought under 200.

Grayscale Investments Launches Trust With Exposure To Ethereum Competitor Solana

Digital asset investment giant Grayscale is launching a new product offering exposure to one of the hottest digital assets today, Solana.

www.forbes.com

 

[mentos]

FWIW, I’m hesitant to invest in direct crypto, but I’m considering 1% in an ETF like BKCH, that way I don’t have to guess and can tilt a little to something that has potential foe HUGE upside.

BKCH started on 7/12.

Gains since 7/12:
BKCH 52%
BTC 74%
ETH 228%

 

[IMGASMD]

I just read this thread because it's like an entertaining social experiment.

I left a while ago. Came back for this.

 

[mentos]

COIN got killed this week, but BTC and ETH holding up well.

 

[mentos]

Are we still bullish?

 

[RadOncDoc21]

The whales have come out and cashed out…

Bitcoin Whale Holdings Reach 2021 High Amid Inflation Fears

Fears of inflation lurching out of control strengthen the case for investing in perceived store of value assets like bitcoin

www.coindesk.com

CEOs and insiders sell a record $69 billion of their stock — CNBC

From Satya Nadella at Microsoft to Jeff Bezos and Elon Musk, CEOs, founders and insiders have been cashing in their stock at the highest pace on record.

apple.news

I’m down about 40% on my portfolio over the past 2 weeks. Not much I can really do now but hold. I’m not dipping anymore of my toes into anything at this time.

With that said, if I had more cash, I would be bullish.

 

[MirrorTodd]

The whales have come out and cashed out…

Bitcoin Whale Holdings Reach 2021 High Amid Inflation Fears

Fears of inflation lurching out of control strengthen the case for investing in perceived store of value assets like bitcoin

www.coindesk.com

CEOs and insiders sell a record $69 billion of their stock — CNBC

From Satya Nadella at Microsoft to Jeff Bezos and Elon Musk, CEOs, founders and insiders have been cashing in their stock at the highest pace on record.

apple.news

I’m down about 40% on my portfolio over the past 2 weeks. Not much I can really do now but hold. I’m not dipping anymore of my toes into anything at this time.

With that said, if I had more cash, I would be bullish.

Same, I get paid in two weeks.

 

[mentos]

I got more SOL under 200. Running low on funds haha.

 

[deleted126335]

Same, I get paid in two weeks.

😳