Cryptocurrencies Part III - We ran as if to meet the Moon

[McGarnagle]

So pissed, I was all set to sell a chuck like a said beforehand at 3,000. I was reffing a couple hockey games yesterday afternoon and it was 3,000 during the games, by the time I got home it dropped below

Then it was 2900 when I woke up.

The waiting game continues! Though i did put the ether into my gemini account so it's all ready to go!

Doing better today?

 

[The Crypto Guy]

Doing better today?

Waiting for the damn 3k haha. It’s teasing me

 

[Phion Keneuf]

Who’s riding the ERC404 wave?

 

[The Crypto Guy]

Who’s riding the ERC404 wave?

 

[Phion Keneuf]

Curious as to why not. It’s only a matter of time before mass adoption as the standard for NFTs - able to add a fungible aspect to a non fungible token.

Biggest issue with the last NFT run/bubble was that it was too hard to find buyers for specific NFTs. To be able to instantly liquidate using DEXs adds a whole new element to “just a JPEG”.

Pretty big news on the adoption so far. If I was a betting man, I’d bet on 404 being here to stay. And I may be a betting man.

 

[The Crypto Guy]

Curious as to why not. It’s only a matter of time before mass adoption as the standard for NFTs - able to add a fungible aspect to a non fungible token.

Biggest issue with the last NFT run/bubble was that it was too hard to find buyers for specific NFTs. To be able to instantly liquidate using DEXs adds a whole new element to “just a JPEG”.

Pretty big news on the adoption so far. If I was a betting man, I’d bet on 404 being here to stay. And I may be a betting man.

Bitcoin & Ethereum.

That's it.

 

[Phion Keneuf]

Bitcoin & Ethereum.

That's it.

Agree with the overall premise.

But ERC404 is an Ethereum based advancement. First time you are able to make a token on Ethereum network both fungible and non-fungible.

 

[x Tame Impala]

Curious as to why not. It’s only a matter of time before mass adoption as the standard for NFTs - able to add a fungible aspect to a non fungible token.

Biggest issue with the last NFT run/bubble was that it was too hard to find buyers for specific NFTs. To be able to instantly liquidate using DEXs adds a whole new element to “just a JPEG”.

Pretty big news on the adoption so far. If I was a betting man, I’d bet on 404 being here to stay. And I may be a betting man.

Admittedly I don’t fully understand NFT’s but fundamentally where’s the value in digital ownership? It’s either very easy to mimic or the abundance and ease of creating digital content surely means ownership has little value.

 

[Phion Keneuf]

Admittedly I don’t fully understand NFT’s but fundamentally where’s the value in digital ownership? It’s either very easy to mimic or the abundance and ease of creating digital content surely means ownership has little value.

To put it simple, I like to think of NFTs in general as art. You can have a print of an art but the original will always be more valuable. They are not very liquid as you need to find a buyer for each specific piece you hold.
NFTs aren’t just pieces of art or pictures though. They can have utility in them. For example, by holding Project A’s NFT you can get access to exclusive things, certain communities, etc. Essentially the NFT is a membership card for exclusive rewards through the use of smart contracts.

With ERC404 and similar tech, you are able to immediately liquidate your NFT as the tradable coin and NFT are one the same and inseparable. I like to think of it as:

With old NFTs you are gaining a piece of art, value is subjective and you need to find a specific buyer.

With the new ERC404 you essentially are holding a commemorative coin. That coin can instantly be traded in for value, but has a piece of art combined with it. Like having a $1 coin/bill with a special design on it. You can take that to the store and instantly receive $1 worth of trade value, or you can hold it and sell it on the open market for more. But the floor price is always $1, and it is extremely liquid unlike just a piece of art.

This is a pretty decent article on what ERC404.

What is ERC 404? The Hybrid NFTs - Zerocap

ERC 404, an emerging token standard on the Ethereum blockchain, represents a significant innovation in the realm of digital assets.

zerocap.com

 

[The Crypto Guy]

Ahh i pulled the trigger at 3K and finally sold a chunk.

Wife’s student loans , and our 2 cars will be completely paid off!

Breaking out the good stuff tonight!

 

[x Tame Impala]

To put it simple, I like to think of NFTs in general as art. You can have a print of an art but the original will always be more valuable. They are not very liquid as you need to find a buyer for each specific piece you hold.
NFTs aren’t just pieces of art or pictures though. They can have utility in them. For example, by holding Project A’s NFT you can get access to exclusive things, certain communities, etc. Essentially the NFT is a membership card for exclusive rewards through the use of smart contracts.

With ERC404 and similar tech, you are able to immediately liquidate your NFT as the tradable coin and NFT are one the same and inseparable. I like to think of it as:

With old NFTs you are gaining a piece of art, value is subjective and you need to find a specific buyer.

With the new ERC404 you essentially are holding a commemorative coin. That coin can instantly be traded in for value, but has a piece of art combined with it. Like having a $1 coin/bill with a special design on it. You can take that to the store and instantly receive $1 worth of trade value, or you can hold it and sell it on the open market for more. But the floor price is always $1, and it is extremely liquid unlike just a piece of art.

This is a pretty decent article on what ERC404.

What is ERC 404? The Hybrid NFTs - Zerocap

ERC 404, an emerging token standard on the Ethereum blockchain, represents a significant innovation in the realm of digital assets.

zerocap.com

The utility is a rewards program and a membership club? Idk man it sounds like snake oil to me. The only, and I really mean THE only useful bit of knowledge I’ve gotten from HF regarding crypto is that the only two cryptocurrencies worth having are Bitcoin and Ethereum. Based on their utility and store of value. Everything else is for the birds and while some other coins or specific NFT’s may make you some money you basically need insider trading knowledge on when to buy these things.

It doesn’t at all seem like NFT’s have many or any useful traits. Digital beanie babies IMHO. Best of luck to you with your investments.

 

[The Crypto Guy]

Up and Up it goes!!!

 

[McGarnagle]

Up and Up it goes!!!

 

[McGarnagle]

Ahh i pulled the trigger at 3K and finally sold a chunk.

Wife’s student loans , and our 2 cars will be completely paid off!

Breaking out the good stuff tonight!

Congrats bro

I'm sure there will be a drawback from this to 51 or so for BTC and 2.8 or 2.9 for ETH before the next breakthrough creates a new resistance floor, but I'm reticent to sell anything right now because of the tax implications and generally as a rule I hodl and value time in the market over timing the market. I don't *need* to set the funds aside for anything like a house or loans at the moment (intending to build towards a down payment for a second house in the summer), so I figure selling to try to scalp a quick profit is more of a gamble that could go sideways.

I'd personally like to knock out my student loans but the lady wants to get the house for passive real estate income so that's taking first priority.

 

[The Crypto Guy]

Congrats bro

I'm sure there will be a drawback from this to 51 or so for BTC and 2.8 or 2.9 for ETH before the next breakthrough creates a new resistance floor, but I'm reticent to sell anything right now because of the tax implications and generally as a rule I hodl and value time in the market over timing the market. I don't *need* to set the funds aside for anything like a house or loans at the moment (intending to build towards a down payment for a second house in the summer), so I figure selling to try to scalp a quick profit is more of a gamble that could go sideways.

I'd personally like to knock out my student loans but the lady wants to get the house for passive real estate income so that's taking first priority.

Thanks

Yea from here on out it's just holding for a long time. I always said I wanted to knock out the student loans, everything else we have it paid off, including our house. I had originally said once the Student Loan payment freeze was done I was going to use the crypto to pay it off, but Ether was around 1500 then so I decided to wait until it was higher. I gave myself a hard number, 3K, that's when I would pull the trigger and I stuck with that. The taxes will suck, but I took out 25% more than I needed for the student loans to pay of those taxes. Is what it is but i'm just happy those will be done and out of the way!

 

[McGarnagle]

Holy shit BTC is knocking on the door of 55K and ETH 3.2K

This is really, really bullish because usually when they break resistances there's a selloff and it recoils a bit before charging. This is a straight rocket.

 

[McGarnagle]

MOON

 

[TheDoldrums]

WAGMI

 

[The Crypto Guy]

Sad so many people jumped off the Crypto train so early and were scared. They would be making some serious money. They will be kicking themselves more and more as the price goes up and up.

Just looking back there was so much interest early on but people but uneducated people who didn't know what it was tried to scare them into thinking everything was a big pyramid scheme.

 

[BreadManPanarin]

The utility is a rewards program and a membership club? Idk man it sounds like snake oil to me. The only, and I really mean THE only useful bit of knowledge I’ve gotten from HF regarding crypto is that the only two cryptocurrencies worth having are Bitcoin and Ethereum. Based on their utility and store of value. Everything else is for the birds and while some other coins or specific NFT’s may make you some money you basically need insider trading knowledge on when to buy these things.

It doesn’t at all seem like NFT’s have many or any useful traits. Digital beanie babies IMHO. Best of luck to you with your investments.

Kind of wild that people still haven't wised up on the NFT thing yet. Wish that more lessons were learned last cycle. But it looks like we're doomed to repeat them forever.

Sad so many people jumped off the Crypto train so early and were scared. They would be making some serious money. They will be kicking themselves more and more as the price goes up and up.

Just looking back there was so much interest early on but people but uneducated people who didn't know what it was tried to scare them into thinking everything was a big pyramid scheme.

In fairness the vast, vast majority of crypto, NFTs, etc. are just big pyramid schemes, affinity scams, pump n dumps, etc., and it is very difficult for people to compartmentalize and figure out that Bitcoin (Ethereum too perhaps, in your opinion) is a very limited exception to this rule that applies to 99.9% of the space.

It is much easier to just write the whole thing off as degenerate gambling than it is to deconstruct an existing mental model and build a new one from scratch which allows one to understand Bitcoin's importance and legitimacy as an asset despite it being adjacent to a vast, distracting number of trivial illegitimate gambling vehicles.

 

[The Crypto Guy]

Kind of wild that people still haven't wised up on the NFT thing yet. Wish that more lessons were learned last cycle. But it looks like we're doomed to repeat them forever.


In fairness the vast, vast majority of crypto, NFTs, etc. are just big pyramid schemes, affinity scams, pump n dumps, etc., and it is very difficult for people to compartmentalize and figure out that Bitcoin (Ethereum too perhaps, in your opinion) is a very limited exception to this rule that applies to 99.9% of the space.

It is much easier to just write the whole thing off as degenerate gambling than it is to deconstruct an existing mental model and build a new one from scratch which allows one to understand Bitcoin's importance and legitimacy as an asset despite it being adjacent to a vast, distracting number of trivial illegitimate gambling vehicles.

That's just plain laziness on their part to not research it.

Bitcoin and Ethereum have never been anything even close to pyramid scheme or any type of scheme.

They run in here looking to make 1 million bucks overnight then cry when the 500 bucks they put down for "safe moon" was a scam.

 

[x Tame Impala]

Kind of wild that people still haven't wised up on the NFT thing yet. Wish that more lessons were learned last cycle. But it looks like we're doomed to repeat them forever.


In fairness the vast, vast majority of crypto, NFTs, etc. are just big pyramid schemes, affinity scams, pump n dumps, etc., and it is very difficult for people to compartmentalize and figure out that Bitcoin (Ethereum too perhaps, in your opinion) is a very limited exception to this rule that applies to 99.9% of the space.

It is much easier to just write the whole thing off as degenerate gambling than it is to deconstruct an existing mental model and build a new one from scratch which allows one to understand Bitcoin's importance and legitimacy as an asset despite it being adjacent to a vast, distracting number of trivial illegitimate gambling vehicles.

Cardano really bummed me out. Charles Hoskinson has dozens of hours of podcasts/talks where he's going in depth into the use-cases of his IP. Made it seem like he was building ADA with a purpose and that it would really go somewhere. I don't think he's a scammer by any means but it was disappointing to see it plummet instead of take off.

I was invested in ETH, ADA, and Algorand.

 

[x Tame Impala]

That's just plain laziness on their part to not research it.

Bitcoin and Ethereum have never been anything even close to pyramid scheme or any type of scheme.

They run in here looking to make 1 million bucks overnight then cry when the 500 bucks they put down for "safe moon" was a scam.

Laziness for sure, but these poor investing practices were highly emphasized with the investment apps. They're designed to make it seem like you can go to some douche investor subreddit, get the "inside scoop" and you'll be swimming in profit. Coinbase shows you 5 crypto's that no one has ever heard of that are up 30+% and you think everyone in this ecosystem is making money.

That was my impression at least. I did spend a couple dozen hours learning about the tech for BTC, ETH, and crypto in general but that still didn't prepare me to make sound investments. The volatility doesn't help either.

 

[The Crypto Guy]

Laziness for sure, but these poor investing practices were highly emphasized with the investment apps. They're designed to make it seem like you can go to some douche investor subreddit, get the "inside scoop" and you'll be swimming in profit. Coinbase shows you 5 crypto's that no one has ever heard of that are up 30+% and you think everyone in this ecosystem is making money.

That was my impression at least. I did spend a couple dozen hours learning about the tech for BTC, ETH, and crypto in general but that still didn't prepare me to make sound investments. The volatility doesn't help either.

That's true. They really did no favors at the start for the industry.

Cardano really bummed me out. Charles Hoskinson has dozens of hours of podcasts/talks where he's going in depth into the use-cases of his IP. Made it seem like he was building ADA with a purpose and that it would really go somewhere. I don't think he's a scammer by any means but it was disappointing to see it plummet instead of take off.

I was invested in ETH, ADA, and Algorand.

I actually still have a decent amount in ADA as well. I've just been letting it sit there and accumulate more. One day if it ever spikes for a minute i'll sell it. Had high hopes for it a couple years ago.

 

[SuperScript29]

Sad so many people jumped off the Crypto train so early and were scared. They would be making some serious money. They will be kicking themselves more and more as the price goes up and up.

Just looking back there was so much interest early on but people but uneducated people who didn't know what it was tried to scare them into thinking everything was a big pyramid scheme.

Unless you have a good chunk of money sitting around to invest and you can afford to lose it, you're better off heading to the casino or horse race track than invest in crypto.

Let's put some perspective in what I mean. If you don't want to potentially screw yourself over, you're better off only investing in BTC/ETH. For me personally, I don't think my current lifestyle can allow me to put over 1k. Suppose I did that when BTC was 15k, that would give me around 0.066. Then let's assume that the price hits 100k, after paying the fees and taxes, I'll be lucky if my profit is 2k-3k. Keep in mind this is a speculative scenario, if I sold that kind of amount at today's price, I'll end up with maybe a few hundreds more than my initial investment.

It's not bad, but when you think about the tax implications, exchange fees, headache of moving money around from bank/exchange, etc. It's simply not worth it.