Right but that was my point all along. This happens to all markets. When they go up everyone piles in, when they go down, everyone piles out.
Andy
1 Like
Do you know how many times Bitcoin has dropped?
Every time it went down, people have been yelling it is never coming back…yet. It comes back.
Andy
I agree in short.
But I am a well trained artist. It is not that NFTs wont be back. It is that what type of art for the NFTs will change. That is my risk. I made 3D animations for the future. I am one step ahead but that does not mean it will flush out in my direction two years from now.
The Bore Apes will have value but all of those cards choking up the entire ecosphere will be trash.
Disagree in short.
BTC and then Eth has died before on a four year cycle. Not promising anything or forecasting but every time BTC has died it is at the old high mark from the time four years before when it peaked. Some death, sarcasm.
The problem is the newer infrastructure is built into mania and does not survive the following depression.
Who were brought up on charges by the SEC, Justice Dept, etc in the previous cycle? Which big institutions saw their investment evaporate in the previous cycle?
26 January 2018: Coincheck, Japan’s largest cryptocurrency OTC market, was hacked . 530 million US dollars of the NEM were stolen by the hacker, and the loss was the largest ever by an incident of theft, which caused Coincheck to indefinitely suspend trading.
Mark,
It was all people overhyping things.
The difference being by 2021 the Metaverse was taking shape. That meant building things. That meant more institutional involvement or institution like forms taking shape.
Ethereum and NFTs play a role in that still more people got involved.
That has not changed when we get into the next manic phase.
This is like looking at the 1870 to 1937 period for stock speculation. In many ways there is very little difference. The IRS wants the tax revenues.
Where there is money involved there is always scandal. Even with Fiat money I see scandal, even after the great Recession there has been scandal. WFC I am looking at you.
Andy
2 Likes
People want to believe in something.
When it falls apart many of them continue to believe and wait for the next time around.
Fewer times than AOL did along it’s journey. Less than elements of the Nifty Fifty did along its Stairway To Heaven, until it ended.
You’ve missed the point. It isn’t about “bitcoin’s” ups and downs, it’s about the mania over crypto in toto. It’s in the crapper, largely. That doesn’t mean people won’t still buy it (you can still get shares of AOL if you want, or of the nifty fifty, or real estate following 2008). It’s just that it doesn’t turn into the same zany crazy market again, at least to anything like the previous degree. Or at least hasn’t in any previous mania. Tulip bulbs have never sold for more than a tulip bulb is worth as a flower since they once reached the moon and then crashed.
If, by some miracle, somebody actually finds a use for crypto beyond laundering drug money or buying more crypto, then perhaps it will grow out of its doldrums. But that’s a big IF.
3 Likes
NFTs the tokens are a great substrate for digital art. The use flexes the use of Ethereum.
The digital age mars the value of digital content. NFTs do something very valuable to rectify that.
I am looking at my meager stats in marketing my prior art. The print on demand market is $5 billion. My aesthetics are decided male and fine art. That does not play well with cat photos online.
I know more about aesthetics than engineers. That is to my advantage with gaming.
I am moving to learn more about C# four weeks ahead of schedule.
The video game market is in the $200 billion ballpark.