cryptocurrency forum (bitcoin and more)

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mdartclub said:
I'm not buying, but I have been trading NFTs for NFTs...and also giving away some for free. It's fun! Like trading Pokemon cards!
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Yea - whenever someone asks me what an NFT is, I tell them that they are the modern day trading card.

I lived through the trading card boom of the late 80s/early 90s. The manufacturers flooded the market with trading cards and destroyed the value. I wonder if that will happen to NFTs some day.
 
JustFillIt said:
Yea - whenever someone asks me what an NFT is, I tell them that they are the modern day trading card.

I lived through the trading card boom of the late 80s/early 90s. The manufacturers flooded the market with trading cards and destroyed the value. I wonder if that will happen to NFTs some day.
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Many NFTs have added utilities to them. They might give you access to special events, exclusive gatherings, priorities for future giveaways, etc.
 
mdartclub said:
Many NFTs have added utilities to them. They might give you access to special events, exclusive gatherings, priorities for future giveaways, etc.
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Can’t wait to see how this comment ages.

Imagine arguing that electronic concert tickets have value beyond getting you into the concert.
 
owlegrad said:
Can’t wait to see how this comment ages.

Imagine arguing that electronic concert tickets have value beyond getting you into the concert.
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For example, the regular ticket gets you into the concert, but those who own the special NFT get to meet-and-greet and take photos with the artist backstage.
 
mdartclub said:
For example, the regular ticket gets you into the concert, but those who own the special NFT get to meet-and-greet and take photos with the artist backstage.
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Like a back stage pass - those used to be hung on a lanyard around your neck.

I wonder if someday, NFTs will be integrated into the “metaverse” and act as a virtual decoration or interactive object of some sort.
 
NFT as your new vehicle purchase contract, no more stacks of paper and crap to lose.
 
NFTs are just like crypto.

I get it. I understand the technology. Sure, it's neato.

But I don't see the use case in the real world that offers advantages over what we already have...
 
Sports cards have made a comeback, oddly enough. I bought a pack of Panini Prizm cards for $30 and resold for $80. They sell out immediately because the resellers all line up before Walmart opens. Some people pay thousands for a single sports card, no idea why.

NFTs are the same way. Easy to buy and resell. Some are worth thousands because they are rare. They cost nothing to make. I'm sure it's another fad. At least with digital collectibles, you don't have to worry about safely storing them.

Speaking of fads, Squishmallows are the modern day Beanie Babies. They cost $8-30 each and kids want them all.
 
Pokemon cards. Now those I believe in. Only one company can make them. Multiple generations of people love them. It's literally the biggest multimedia franchise in history. Bigger than Star Wars. Bigger than Marvel. Bigger than Mickey Mouse.

Invest in those. Even if they fall out of favor...they'll be back again...
 
WVUPharm2007 said:
NFTs are just like crypto.

I get it. I understand the technology. Sure, it's neato.

But I don't see the use case in the real world that offers advantages over what we already have...
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It helps to permanently track the provenance. For example, someone may try to sell you a Picasso, or what they claim to be a Picasso but no one really knows for sure. Maybe it was a counterfeit. Or maybe it was stolen. NFTs provide definitive evidence on the blockchain exactly who created the piece, what the pieces were listed for and sold for, and who has owned the piece from beginning to end!
 
mdartclub said:
It helps to permanently track the provenance. For example, someone may try to sell you a Picasso, or what they claim to be a Picasso but no one really knows for sure. Maybe it was a counterfeit. Or maybe it was stolen. NFTs provide definitive evidence on the blockchain exactly who created the piece, what the pieces were listed for and sold for, and who has owned the piece from beginning to end!
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It's digital. It can be copied. Just like anything digital.

Obviously someone is the owner of every piece of digital intellectual property. But they already have something for this. It's called a copyright. The artist owns it. And if he/she wants to sell it they can. And the new owner assumes the copyright. You just create a contract.

Everything NFTs do can be done with existing legal procedures.

Just like how everything crypto currencies do, the regular banking system can do. Except with things like FDIC insurance. And a central bank. And stability in value. And the guarantee of governments for their value and use. And those governments have armies and navies to protect these interests.

This **** is so bonkers to me.
 
WVUPharm2007 said:
It's digital. It can be copied. Just like anything digital.

Obviously someone is the owner of every piece of digital intellectual property. But they already have something for this. It's called a copyright. The artist owns it. And if he/she wants to sell it they can. And the new owner assumes the copyright. You just create a contract.

Everything NFTs do can be done with existing legal procedures.

Just like how everything crypto currencies do, the regular banking system can do. Except with things like FDIC insurance. And a central bank. And stability in value. And the guarantee of governments for their value and use. And those governments have armies and navies to protect these interests.

This **** is so bonkers to me.
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No one really cares about the image itself. It can be copied. The NFT is more of a proof of ownership or receipt that links to the piece.
 
mdartclub said:
No one really cares about the image itself. It can be copied. The NFT is more of a proof of ownership or receipt that links to the piece.
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Right, it’s like when you buy artwork and the thing that really has value is the receipt.

Wait, what? That can’t be right.

Maybe it’s more like the certificate of authenticity. Which is also not the thing of value but proves the thing of value is legit.

No wait, I got it. It’s like when you buy artwork and the clearinghouse let you sign a ledger proving that you bought the artwork. That makes sense.
 
owlegrad said:
Right, it’s like when you buy artwork and the thing that really has value is the receipt.

Wait, what? That can’t be right.

Maybe it’s more like the certificate of authenticity. Which is also not the thing of value but proves the thing of value is legit.

No wait, I got it. It’s like when you buy artwork and the clearinghouse let you sign a ledger proving that you bought the artwork. That makes sense.
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I agree...good explanation!
 

Hey - do you happen to know my 3rd uncle from Kenya? He is a sultan and he is holding a couple million for me right now. I just need to click on his links too and I’m good to go.
 
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Heeeeelp the IRS is sending the police to my house unless I give them $20k worth of Vanilla cards purchased from Walmart, can you help me???
 
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I’ve been buying BTC dips since December… I’m up about $4k right now.
 
owlegrad said:
To further reduce my risk should I buy on margin?
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Yes - definitely.. This will significantly diminish your risk involved….

I have contemplated a few times a “WSB style YOLO” where I straight up put all my savings on calls/puts depending on a stock. However, any time I feel confident enough in a stock where I would call a “yolo” I have almost always been wrong. It almost seems like the market exists only to respond to decisions I make for or against a stock and the market will do the exact opposite.

At one point I decided that I would call a 10K yolo (a small percent of my total savings) and I would choose a stock, then make the option call/put if it would go up or down, then do the exact opposite. The one time I did this I was disastrously wrong and I was left with 2k. At that point I took it a step further - I then decided to make a call if the stock would go up or down, then do the exact opposite, then abruptly stop myself right before the trade and go back to my original call - again I was disastrously wrong. Finally, I decided to make a call up or down on a stock, then do the opposite, stop myself and go back to the original call, then once again stop myself and do the opposite again. Again - this ended in disaster.

I gave up the yolo after loosing many thousands. However! I came up with a new yolo that harnesses the power of pure randomness! Get a banana gram pouch and pull 3-4 pieces and randomly put the letters together - keep doing this until you get a valid stock symbol, then flip a coin for a call/put option - and place your bet.
 
Hello, anyone have link to discord? Somehow channel disappeared on my discord. I enjoyed the content, if anyone would be willing to share..thanks!
 
jdh829 said:
Hello, anyone have link to discord? Somehow channel disappeared on my discord. I enjoyed the content, if anyone would be willing to share..thanks!
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Sent a PM
 
Well I guess 2020-2022 was one big pump n dump.
 
The issue "right now", is that it seems the entire crypto space is literally a house of cards/dominoes (pick your analogy).

A month ago, an attack was made on Terra, which crashed Luna. Celsius had significant Luna holdings, so they fell taking their CEL coin with it. 3AC had big holdings in CEL, so it's fallen. The market is extremely undiversified, so any crash is extremely contagious to other players since they are all invested in each other's "technology" (the most common holding for any particular digital currency fund is other digital currency).

The business strategy of Microstrategy for instance, is basically BTC price speculation. They bought lots of bitcoin, took a loan with their BTC as collateral, then bought more BTC with that money. So what happens when BTC falls below their entry price? Both their investment and their collateral are now underwater. They are in a very precarious situation if BTC falls meaningfully further.

As for Tether, I can only imagine they are invested in/can manipulate BTC because why not? They can basically prop up the price (and it's been researched by some that they may in fact have been doing that) by creating Tethers out of thin air. And even if they aren't just creating Tethers, if they just merely invest in BTC in an appreciating market, they get 1 USD, put it in BTC which becomes $3, then they redeem the 1 Tether and net $2. It all works as long as BTC keeps appreciating. It all falls apart when it goes the other way. So their 1 Tether is now worth 50 cents, but they still have to redeem that 1 Tether for 1 USD.

The floor on a potential crash is deep, because everyone depends on everyone else being solvent, and that solvency depends on an ever-appreciating bitcoin. But Bitcoin is going the other way. Luna was the #7 most valuable crypto not too long ago, and it went to zero in 24 hours. Imagine the French Franc, British Pound or German Mark go to zero in 24 hours. It would be catastrophic. That type of failure just doesn't happen with fiat.

Crypto is make believe money. Play stupid games, win stupid prizes.
 
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Update. Well an hour later, and Bitcoin is down another 1K from when I made the above post.

Some people are speculating an attack is being made on Tether. There are obviously some already-deep-pocketed people who could be made very rich by that.
 
.

I'm convinced tether is a scam too.
 
Up to the minute. Ransom attack on Tether.



Is there anything that can make any cryptohodler confident in this charade?
 
KCAB said:
Here we go. Bitcoin needs to make a stand now or the tether wheels are coming off.
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It went up 15% since yesterday, pretty impressive. But I wouldn't be surprised if it fell to 15k or lower later.
 
mentos said:
It went up 15% since yesterday, pretty impressive. But I wouldn't be surprised if it fell to 15k or lower later.
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It will - everyone with half a brain knows that it’s all about selling before everyone else does right now.

But yea - this rebound is exactly what was on my mind at 1am the other day that I posted in the other investment forum. These swings and rally selling can make big money. I didn’t buy, but I was really close buying on the way down for the rally.
 
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KCAB said:
Bitcoin stood its ground at $17-18 k but it is too early to tell. I am actively following Tether as it is indictive of the overall crypto market. People are still withdrawing from Tether.
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I like your style dude - your new around these parts - or are you a banned account coming back?

In any case glad you’re here. Just so you know - the only rule is that you must break the spirit of potential new pharmacy students by telling them the horrors of modern pharmacy. Their spirits must be crushed. With a little luck, we may dash their hopes and dreams of being a pharmacist forever.

It’s for the best of us all. Hopefully we can turn this cycle around in pharmacy and usher in a new golden age. It’s dirty work but someone has to do it.
 
I have a good friend who is very high up in the computer science field, everyone has an opinion but he knows a lot of the key players in this space and urged me to not invest in crypto. Says there are about 4 likely scenarios where this ends catastrophically, was enough of a warning for me to not dabble in it. Ultimately people will do as they wish, not looking to talk anyone out of their own opinions on investment/speculation but this is the personal stance I've made on crypto.
 
Bitcoin has nothing to prove. It's been the most appreciating asset in the last ten years.

Other cryptos though, most, if not all, are scams.
 
Noemata said:
Bitcoin has nothing to prove. It's been the most appreciating asset in the last ten years.

Other cryptos though, most, if not all, are scams.
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So did tulips. So did the east indy trading company stock. So did beanie baby’s and dot com stocks. So did subprime mortgage derivatives.

It’s all fun and games until the bubble pops.
 
owlegrad said:
So did tulips. So did the east indy trading company stock. So did beanie baby’s and dot com stocks. So did subprime mortgage derivatives.

It’s all fun and games until the bubble pops.
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With the exception of *some* dot com stocks, did any of the other bubbles you listed completely recover from their crashes to reach new highs?

This is bitcoin’s 3rd crash (at least) since it was created in 2009, and each previous time it has recovered… do you think *this* time will be different?

You’re not the first person to compare bitcoin/crypto to tulip mania and/or the beanie baby craze… but both of those things in their entirety only lasted 3 and 4 years, respectively - not the best comparison IMO.

I do think your dot com crash is comparison is spot on though. A ton of those companies failed… but some that survived went on to become extremely successful (Amazon, eBay, etc.)

If/when the crypto “bubble” finally bursts (again) (for the last time) I can totally see bitcoin and maybe a handful of others still making it.
 
ETH from sub 900 to over 1500 in a month, crazy.
 
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