iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
21,506 Blog Posts

I Don’t Get It

The recent craze in the crypto world are NFTs. Most of you have heard of them and some of you have bought/invested in them. On the surface, it seems like a “cool” idea to sell avatars as works of art. But then something else happened after Gary V bought his crypto punk for $3m+ a short while ago. The entire space is frantic with panic buyers — people stepping in and diving head first into artless projects — giant rocks and doodles of nothing — distorted pixilated nonsensical pieces of shit.

While this is happening, ETH and BTC are flat — but there are surges elsewhere in newer/cooler coins like SOL — which has tripled over the past month.

It reminds me of when I was investing in MANA — nice little Metaverse where people were buying PARCELS OF LAND and dropping six figs to do it. It was “cool” up until the idea struck me that the coin itself, MANA, was going up too much, so much that people would not be able to afford playing the game. Shortly after the entire crypto space COLLAPSED and MANA corrected.

During the previous crypto collapse, what preceded it was wanton speculation in DOGECOIN, Cum Rockets, SafeMoon and various other SHITCOINS that ripped because it was mockery and a joke and that joke soon led to tragic losses and real hardship.

Same shit is happening now in the NFT space.

So what does this portend and will ETH drop again — once these NFT lunatics get cleaned out?

Unfortunately yes — ETH will drop hard and yes most NFTs will drop by 90% in value — because hot money gets cold very fast once the fever breaks.

Perhaps my age is finally showing with this new investment theme; but I just can’t get myself to commit good valuable ETH, which was derived from good valuable stocks, which was derived from good valuable dollars, which was derived from hard work —- and transfer it all into a fucking retarded looking ape scrawled by some moron hopped up on mushrooms hoping to be today’s Picasso, only on the blockchain.

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10 comments

  1. roguewave

    I concur.
    At some point NFT’s will have real world use and value. e.g for tokenizing unique assets like real estate, etc. I don’t think we’re there today.

    I try not to ape in on shit I don’t understand or care about – except for a brief speculation.
    I own no NFT’s today and don’t plan to buy any until I understand them. I don’t see that happening in the near term.

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    • roguewave

      There is some amazing creative NFT art being produced, but as always, much is junk.

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  2. barbee

    Yeah Boss it’s puzzling on the face of it.
    I have been doing some causal ‘market research’ and this is what I have found.
    The 1st being that these are not investments per-se. They are trades. As long as the market is hot-they have value. One Pelican even referred to them as the new “Beanie Babies” I think that comparison is apt. But as you said-the market can collapse at any moment.
    The 2nd thing I learned is actually quite disturbing to me. Some people are treating their ETH as play money: as somehow unreal. Without value. Perhaps this is because it went up so far and so fast-it seems fake. (I have confirmed that ETH can be exchanged for ‘real’ money; actual greenbacks. Please correct if I’m wrong on that!)
    And…Admit it: DAMN it looks like a heck of a lot of fun. 🙂
    But 3Mil? If I had that kind of fiat to play around with I’d probably lean more toward a Picasso, Rembrandt or Monet. Those are investments not trades.

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    • roguewave

      You can put/convert your ETH onto your Visa debit card and spend it*. Conversion is a taxable event.
      As I understand it, the new “infrastructure” tax just passed is impossible for crypto miners to comply with – even if they want to. If it stays as is, all the mining businesses and many others will have to set up shop outside of the US. Ooops. They should get some NY guys on board. They have the experience and on-the-ground know-how to drive business away.

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  3. juice

    welcome to old age-dom … glad to have you aboard, Sir Sen?or Monsieur le Flyster

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  4. DaJuice

    Ok boomer ?

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  5. soupbone

    Oil went negative dollars per barrel. AIG swelled like the moon. The Fed got cocky. The EU made bad decisions. China is clawing back. Afganistan. Relevant stuff.

    An Andy Warhol or Georgia O’Keeffe, prime farm land or coast frontage. High end cookware. A Kubota. Anything but crypto and nft’s.

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  6. Raul3

    the stuff being curated by art blox is pretty fancy, but when I show it to people I respect in the art community they say it looks like something you’d see on NES

    the profile picture stuff is interesting, though

    think about these online poker players, so much of that game is mental

    some dicknose pops into a game with a 7-figure avatar maybe you start playing poker like an asshole, I don’t know I don’t play poker

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  7. wolfdaddy

    Dropping my daughter off at college is my worst fear. I have nightmares about that day. You are correct though, it’s best fir them and will be the greatest time of their lives.

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