BTC and ETH
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I said this in my OP, itâs been my view for several years now â
I view cryptocurrency as a legitimate asset class that I think is worth having in any investment portfolio. How much depends on your risk tolerance.
My crypto portfolio is currently BTC and ETH. I donât mess around with the other cryptocurrencies, mainly because itâs too much to keep up with and also I think 99.99% of them are going to zero. We know big players are currently loading up on Bitcoin, seems logical that if (keyword if) they were to do so with another cryptocurrency, it would be ETH.
Any long term hold other than these increases your risk by a considerable amount IMO. And arguments could be made that ETH is risky for long term as well because it has handfuls of competitors whereas BTC has none (amonst other cryptos)
Oh, I didnât mean to suggest that. Just seems to be a prevailing external viewpoint (not just in UP but basically everywhere) that people who like NFTs think theyâre gonna be a straight line up in value. I just used the term discorders to indicate that there is discussion among the so called âtrue believersâ around when this all ends (not the technology, but dumb avatars of cartoon penises being worth $5000).
Edit: It may be true that people who like NFTs do think they go straight up, itâs why there are so many fish in the market. I mean people in the discord definitely donât.
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In the same vein, the time/money involvement is only for a very small subset of people. There is a reason both spaces are very white, male and of a similar age profile.
I just dislike how consuming it is personally. I hate having to know the prices of everything, every day. Itâs a lot of work!
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That jpeg is worth approximately 0, actually less because it would cost you $15 to list it and have it never sell.
Yeah, I like both a little, the edge arguments from both sides are very silly. Goofy seems more frustrated in posts this week than earlier for whatever reason.
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It probably helps that many of the jobs are essentially on the black market.
ETA: âinformal labor marketâ is probably the more technically correct term here
Like I have a bunch of different friend groups. The poker friends have been obsessed with crypto since like 2014, it never comes up with sport ppl, gaming ppl, normal Uni crowd, at work etc.
Still have had maybe 1 woman ever bring up crypto?
I paid 0 for it, other than gas, which was $42:
https://etherscan.io/tx/0x9f471e32d54e2da3bd6343d7d16f7f73da36570480b7e8675185d0a71afbf3df
Itâs not for sale, I was joking. That thing is called a Whape, and the project is dead. The last post in itâs discord was a picture of crickets 5 days ago.
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I think all of us on the discord think that the NFT market as we currently know it is going to end at some point. I also think most of us believe that the technology will get improved upon and be used for other things. Possibly the next âNFTâ market thing, or more widespread adoption in areas we havenât even thought of. Real estate escrow smart contracts? General escrow contracts? Maybe thereâs some government use for giving out benefits to the right people. Voting? Who knows, but I doubt that web3 and smart contract blockchain stuff is going away.
Also, an aside on the discord and NFTs in general. It takes up a lot of time. I have a job that doesnât require me to do much more than a few hours of work a week, so NFTs are ideal for me. If you have a real job it could be more difficult.
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It is so obviously this.
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If I could have figured out how to add more MATIC to my MetaMask wallet I was going to keep minting Rivermen until I got #420.
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But couldnât you transfer and then do the sale on some other channel?
I guess the two parties have to trust each other to do it that way?
And donât ever compare it to dotcoms or use the T word.
You may want to lurk the discord or something, because you have an image of it that doesnât exist. Nobody in the discord is trying to scam anybody else. Everybody is very open about what they are buying and selling. We cheer when people make a big score, and we laugh/cry together when one of us punts an NFT for .2e and it moons to 2e the next week.
Most of the discord is heavily invested in a project called âHumansâ. Iâve dumped my humans except 1 because Iâm not a believer in the project and Iâve shared that information. The people still invested donât hate me for it, and I hope it succeeds for them. I made my bit of profit and Iâm out, and nobody thinks twice about it.
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Yeah and if you do something like get tricked into staking an NFT that shows up in your wallet, âZOMG you idiot why would you ever do that?â Itâs got to be intimidating for newbies. The twitter thread on the scam had a lot of posters who were like âoh shit, Iâd have fallen for thisâ.
Although I realize now that metamask and the like isnât necessary if you just want to trade NFTs. Still that seems to be the route most newbies end up going, at least on here.
The whole idea of having to keep a cold wallet from back in the day 10 years ago is one thing that turned me off. I just didnât want to invest the time to learn how to do it right. And anything less was too scary. âWell of course you lost all your bitcoin, you did XYZ, everyone knows not to do XYZâ. But then they made it easier for newbs and BTC took off.
This is a very fair criticism of it and a good reason not to participate imo. It is very time consuming and lots of aspects of it are extremely time sensitive. Missing a mint or an exit point on a position can be a 5 figure or more mistake at times.
Yeah but someone might come up with lower-effort scams that work every now and then.
https://opensea.io/collection/onchainmonkey
you might think this is a joke but I assure you it isnât
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Yeah, the reason I havenât joined was how much time everything took and wanting to have my wedding paid off (and got a car) before jumping in.
Could I have devoted time and paid off the wedding quicker with your guys help? Very likely! Still not an area I could devote risk too imo.
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