A friend on Facebook I did not suspect of trading in BTC is complaining he cant get through to Coinbase.
CB’s financials are now getting more shaky. The assets v liabilities are on edge. The losses are mounting up now starting on a second year.
Time to get out. I withdrew after all fees $278 of the $360 I put in. Some small amounts are stranded on Arweave because stranding them is not a tax calculation or any fees to just leave them there. I am talking $24.
Total losses $82 inclusive of the $24.
Small dealings.
By way of saying it is not worth parking any money on CB as far as I can see.
I know 1000 ways from Sunday y’all have been saying that. My foray was to do business selling NFTs on Opensea. I now question that Opensea will stay solvent. But Opensea may have time.
If I hear bad things about Opensea’s solvency I will need to delete all my art on that site before it collapses. I might do that in February anyway. The idea being not be locked out of my animations if Opensea fails.
I’d have my art but would not be able to sell NFTs of the animations if they were still on failed Opensea. I’d turn to other platforms in 2025 if the market is peaking again.
Meanwhile my partnership is moving to a very different project away from NFTs.
But why do you think you wouldn’t be able to sell NFT’s of your animations if they were still on OpenSea when OpenSea collapsed? There’s no law against minting multiple NFT’s of the same piece of art - it’s actually a really common practice in most generated NFT collections. Is there something in the OpenSea ToS where they acquire your copyright in the animation just by you listing there?
Better than taking them down, I can use a simple button on each of them to mint them on Rarible perhaps. I have not listed them for selling yet.
Going back to the blockchain is like a gallery and the platforms like Rarible and Opensea are only windows into that gallery.
I want to make sure I can work it later.
The issue is the wallet. It is Coinbase. If CB fails then the keys to the NFTs is failed. Good to talk it out with you.
Because it is not like I can trust another wallet or exchange more than CB. Sad state of affairs. I need to delete the art off of Opensea to empty the wallet. Rid the keys by deleting the minted art.
No. I am going to transfer my keys out of CB to a Ledger cold wallet. I need to study that cost but there might be none since I am not using another exchange. I will stay with CB. The keys in safe keeping if CB fails it does not matter. The NFTs are on the blockchain. Opensea stores a copy of each animation on Google because I used the Lazyman’s minting which is free.
In case Opensea fails I will have first by mid February have put the NFTs on several platforms. This assumes I do not have to list them for sale at that time. This assumes there are no fees to show them on other platforms. Rarible is the main competition. I can research a few others offered by Opensea for simply listing the collection as a whole.
The main thing is to get the keys into a cold wallet at a very low cost. I no longer trust any corporate entity in the space. The blockchain will take care of itself. Google storage wont fail. The key controls the file behind the scenes that has the storage and token APIs. Opensea will share that data through the blockchain with Rarible and the others offered up by Opensea. There is a system of APIs and data put together in a couple of listing services independent of the NFT selling platforms.
If Ledger goes out of business that does not matter. The hardware wallet will survive to hold the keys.
The news below and the assets to liabilities on the balance sheet are not pretty while losing money.
Opensea the CFO in the beginning of 2022 announced the ending quarter of 2021 was profitable. That implies pretty strongly nothing else has been for them either.
The Ledger arrived earlier today. It is pretty good but wont be used for the next two years.
Turns out my keys were not in my Coinbase ext wallet. The keys are on the NFTs at Opensea. I think Opensea is well enough funded to last into 2025. By then even make money as the market probably comes back strong.
The ledger will be used as cold storage for the keys then.
The transfer of the keys costs over $5 per animation or $1000 plus dollars for 200 animations. I am not parting with that money right now. I also want to see if the NFT market does come back. I am not chasing it with money. That was never my intent.
I am safe from Coinbase folding if it does go under.
I wonder how many millennials are backing away from the stock market. LOL. Every time you have an extreme market drop there are more people running away and then when the market comes back they jump back in at the top. It’s just part of the cycle.
Lots!!! But the story was that they are backing away from traditional stock market and getting into crypto and meme stonks. Now, as you said, the cycle is continuing once again.
Although comfort levels dropped with investors across generational lines, the decrease was steepest among millennials. Nearly 30% of American investors between the ages of 26 and 41 feel comfortable in 2022, compared to nearly 50% in 2021.
When the markets get manic it’s never over the same thing. It wasn’t internet stocks after the Nasdaq crash in 2000, it wasn’t real estate after 2008, it wasn’t even the Nifty Fifty back in the 60’s.
You can’t tell the same outrageous story twice, only total fools believe it the second time. As opposed to temporary fools who buy in to it the first time. I don’t know what it’s going to be, but it won’t be crypto and it won’t be NFTs. Those stories are dead.
