Maybe it was when the author of the influential book “Black Swan” said bitcoin was worth “exactly zero.”? Perhaps it was the assessment from a billionaire hedge-fund manager that cryptocurrencies are a “limited supply of nothing. ”?Or it could just be one of those cultural shifts that happens when one too many celebrities tries to convince us of something.?
is a good summary of growing volume of warnings of an “inevitable” crypto currency collapse.
Gosh, a lot of money has been made (and some lost) already, and real quick sharpshooters can probably make a lot more, but the cryptos have always been utterly unattractive to me.
Just applied for I guess it is a Web3 app that will pay for every viewing of my artwork. Basically if I get 10k views to register in their system I get rights to mine 500 of their tokens. The value of the token is low and not known to me yet. But if $2 that makes it a $1000.
As I applied yesterday I asked some key questions to see if it works with my marketing plans.
The cost of minting as NFTs my artworks individually could be $12k. After allowing an auction to run its course Opensea will pick up the costs. Because Opensea does so much business they have coders that can bundle together the NFTs into one gas fee so they wont pay anything close to $12k.
By going the former routine I mentioned I can mint them all for $12.
In the $12 process I would store them for 200 years at a costs of an additional $2. That storage assumes the cost of storage does not go down. When adjusting for deflation in storage costs the $2 is good for over 600 years.
This is real chit. I am not making this up. Just because someone may never have heard of it does not make it any less so.
Now the buyer beware part…this does take due diligence. There are many apps out there that will do partial jobs. There is a great deal of volatility of course. There are c’mons galore. But note the c’mons are the higher priced stuff. Nothing for $14 total is a c’mon when the research is done and the reason for the $2 storage is an academic exercise to simply store data permanently on nodes beginning with an academic reasoning that had nothing to do with NFTs or business concepts. Just happens to work for NFTs well.
Just applied for I guess it is a Web3 app that will pay for every viewing of my artwork. Basically if I get 10k views to register in their system I get rights to mine 500 of their tokens. The value of the token is low and not known to me yet. But if $2 that makes it a $1000.
Blockchain and associated technologies will likely have many uses in the future … your NFT/digital art sales are a nice example. However that is a separate issue from the value/prospects of the myriad cryptocurrencies, most of which will likely go to zero, IMO.
In the early 1900s there were 400 car companies in the US. Now there are 400 EV car companies in China.
There are tons of NFT platforms and cryptos. I refuse to call them crypto"currencies" in my common parlance because the IRS sees them as either capital gains or losses.
People are trying to set up businesses. It is high risk and extremely volatile.
It is real including the gains and losses.
My retirement goals are in the blue chips with far less volatility.
Blockchain and associated technologies will likely have many uses in the future … your NFT/digital art sales are a nice example.
Many of those technologies are now in their infancies. It takes sussing things out three times over to remove the wheat from the chafe. The way to tell if it makes sense it to size up the finances of why people would do it as it is discovered. There are 1000s of people ahead of me right now using the process I discussed. That is what I mean by infancy. It actually makes sense to go this route.
The really low budget stuff is not corporate. It is made up of programmers stringing things together mostly. Corporations need venture capitalists and teams of programmers. In this sort of stuff that is just setting up a gravy train to ruin. The programmers do take a skim but remember it is the low cost stuff. The programmers have no need to meet shareholder expectations or banking obligations.
Back in the early days of the web there was tinyurl. The one man show at that time was taking in $8000 a week from his advertisers. That is not corporate stuff. But for the programmer far better than working 9 to 5. It does not have to be his only project.
I have a probable start up coming into being. The CIO will be employed full time elsewhere. I can not get into what he does for us. But he is still worth 25% of the company.
In the early 1900s there were 400 car companies in the US. Now there are 400 EV car companies in China.
A few years ago there were 450 EV car companies (the vast majority only “companies” on paper, never produced anything at all), but today they’ve consolidated to under 10 real EV car companies. I suppose the world moves faster today than in the early 1900’s.
I refuse to call them crypto"currencies" in my common parlance because the IRS sees them as either capital gains or losses.
But still, why not? If you buy Euros for $1000, and then sell them for $1100, that $100 is also considered to be a capital gain.