Also as much as it sucks, usually the FOMO stuff can be the most profitable, because it’s irrational markets. A lot of people act on FOMO and sometimes we make money just by acting faster than them or anticipating the public FOMO and then buying to sell to FOMOer at higher prices.
Good project that we like (onchain manks) take a lot longer time to mature cuz there isn’t massive hype behind tham
I’m talking really basic stuff. Like, I think I’ll watch at least one Youtube video that walks someone through setting up a wallet before I do it myself. (In addition to reading.) Which is probably excessive, but that’s my personality to do so.
I can accept getting involved in a project in order to exploit FOMO, but I don’t think I can ever be an impulse buyer. I’m going to do way too much research before making a decision. I think there’s still room for me to make money that way and I can accept other people making more without feeling jealous.
I think my path to investing is going to be finding projects where researching them is intellectually stimulating, which I think is going to be lower EV from a monetary perspective, but is going to be more satisfying for me as a person.
Yeah it’s def possible to still make money this way in the NFT space. I’m more of a buy and holder myself as well. It’s also fun and satisftying to do it that way IMO. Instead of just focus purely on money printing can join some of the communities of the NFTs you like. Getting emotionally attached to bad projects though can have devastating effects because you’ll hold and they’ll keep going lower and lower down to 0. So the research part is very important when picking those.
I got active in the discord recently and I certainly am not intending to make any kind of huge effort. There was a project recently where I joined their Discord and they had a process for getting on the whitelist (a list of people who get to mint one of their NFTs, basically getting in on the ground floor) and I was like “too hard, no deal”. I’m just reading stuff that other people post and trying to be helpful where I can. I’ll definitely miss opportunities doing this but that’s fine.
It should be said for anyone wanting to join that the NFT market could 100% collapse at any moment. The blue chips like BAYC are not going anywhere, but the space is constantly over-saturated because it’s cheap to churn out a collection and throw it at the wall and see if it sticks. It’s like any other fad. Think about poker towards the start of the early 2000s boom. Could you tell if it was a short term fad about to burn itself out, or a cultural phenomenon about to go supernova? All you can do is read the tea leaves and try to guess. A lot of what goes on ITT amounts to trolling, but if you join the Discord and read for a bit you will discover the tone is not constantly bullish at all.
Oversimplifying, probably, but from afar 2021-2022 NFTs remind me of 2017-2018 crypto. I guess BAYC is the Bitcoin equivalent, and you’ve got a bunch of other alt-coin equivalents. The technology is here to stay and will just get better over time, but most of the individual projects will die and along the way we could see the entire space crash -90% or something crazy.
I see the word “projects” used a lot. is this mostly nft art projects or something else?
It’s story over, book closed. Game over for BTC.
Will we all be singing the same song when the stock market crashes and loses half its value or more overnight, as it has before and will eventually again?
Yeah. When have Nasdaq companies ever changed the world?
This is getting bloody , damn.
*Tweeted from my Apple iPhone over Verizon 5G
Actual NFT “art” is like art irl in that if you’re Banksy or someone you sell everything for eleventeen million dollars and other than that stuff is fairly cheap and you can buy it if you like it but are unlikely to see much if any profit.
Other than that there are broadly three main types of NFT project:
PFP, i.e. avatar type pictures, stuff like BAYC. The market here is oversaturated but there’s probably still money to be made. Essentially the drawcard is to be part of a cool clique so you’re looking for respectable people behind the project, uniqueness, future utility (attending events etc), and so forth.
Meme type stuff, like IreneDAO. This is like the Dogecoin, Shiba Inu etc of NFTs. Most of them are pure pump and dump scams but occasionally one of them (like Dogecoin) inexplicably keeps trading high and/or making resurgences.
Games. This is where a lot of the future action will be imo. Essentially gambling with various amounts of strategic skill attached.
the time to buy stocks is not before the crash
I’m not sure what your point is
When is the time to buy stocks?
Lucky there is no inflation like you said multiple times in the last few months
i think riverman’s posts are really cool, i wish i could be that secure in my own feelings. when i try to taunt my friends about their failures i always feel bad, like i remember that they’re human beings and my friends and stuff so i never really get to fully relish kicking them when they’re down. it’s inspirational, to me. the way the success story posts are inspirational, i’m taking inspiration from the taunting posts as well
And what’s really an inspiration is the tenacious dedication. The same taunts when BTC falls from 2,000–>1,200, 18,000–>12,000, and 60,000–>38,000, over the course of a half decade? Just takes an incredible strength of will and laserlike focus on the ultimate endgame. I’ve always thought crypto was dumb but I guess I still need to find a deeper wellspring of confidence to move beyond just saying to myself, man, this seems pretty silly, what the hell is going on, and truly find my voice.
Just straight takes from 2017. Every one is perfectly aware that Bitcoin is a risk-on asset in its present state.
