Funny how "Crypto" starts with Cry. I believe it was in 1980's, huge fad for few years of collecting beer cans, another USA flash in the pan. https://nerdable-com.cdn.ampproject.../nerdable.com/old-beer-cans-worth-real-money/ Not until majority of people get really burned, lose much money, then it fades away.
Dont quote me on this but we had 2 BTC dips of 50%, and an stagnant market for about a year. I think that is enough to drive all the weak hands, non-believers, tourists and levered gamblers. I think 2022 will be a monster year for crypto and NFTs. Uponly
Crypto already competes with 6-8% yields in stablecoins from DeFi protocols. 1% rates in insolvent banks is nothing. Rate hikes don't matter But hey, dont quote me on this
I realized what was my mistake on missing out BAYC. I was trying to analyze this as typical NFT project, so the prices never made sense to me. But now I think I understand a bit better what is going on. To me, Yuga Labs and BAYC look like a classic Soros style Reflexive bubble, people use the fact that Yuga tokens have risen in value to buy more Yuga tokens. These guys own 70 apes So the brand looks better and people buy more tokens. then other high profile people buy more tokens, which leads people to buy even more tokens. I havent seen anything truly groundbreaking coming out of this project, Other than they are true magicians at creating higher prices. full commercial rights was pioneered by the guy from Avastars, so nothing new there. a 2nd drop made for free for OGs was pioneered by Larva Labs in Meebits. the mutant vial thing was quite clever but lots of projects do clever things. Buying the IP from Cryptopunks is just the result of having a lot of capital due reflexivity. So to me, this is a reflexive bubble, which is not to say that this is bearish. its bullish, in bubbles prices can get really insane If this is correct, the bubble would pop once the market actually saw their game/metaverse/marketplace and got dissapointed. But in the meantime, prices would continue to climb and this will feed into other NFTs as lot of rich apes sweep floors I'm not a Yuga buyer at these prices (I find it really hard to buy into bubbles at short-term peaks) but now I feel like I understand a bit better a big force behind this NFT cycle and I believe I will be able to time better the exit. I'm plan to be a net seller of marginal NFTs during this year, I want to focus on quality and take big profits when they come my way. The net effect of a Yuga bubble implosion, I think will be quite bad for the sector as the negative wealth effect will crush prices and the SEC will start coming down with the hammer. But in the meantime, most likely there will be a positive reflexivity and a positive wealth effect
Not a fan. It's a classic in/out social signaling as a velben good. Although purchasing LarvaLabs was a good flex. Coming out with a token was a good strategic move to create liquidity in a non-liquid asset. It's a digitized and explicit ol' boys club - plus it has a dark underbelly. http://gordongoner.com/
To some degree, Bitcoin is a veblen good. I see it with my friends and family who finally bought btc albeit a fraction, when they could have bought many whole btc's many years ago When btc crashed to $30K last year, my crypto-curious friends (with the s) and a family member would not buy even as I gave a long explanation that I was buying more to hodl for years like any investment On the way up (last year), when btc was at ~$50K, at least 3 of them bought btc. Family member bought more than 1 btc to hodl for 5 years. These same people would not add during the dip to low to mid $30K, though