The Crypto Thread

[L.Washington]

Once this thread hits 10k never start another one imo.

[anon3530961]

Once this thread hits 10k posts, we can an airdrop of a 10k NFT collection based on # of posts made per poster in this thread. The NFTs can be tradeable on Polygon or an alternative low-gas solution. When a user wants to make a post in the new thread, they have to send their NFT to the burn wallet. Users without an NFT can purchase one off the secondary market if they want to post in the new thread.

[ParlaySlow]

I said they have a positive expected real return, which is nothing have to do with whether something is real or imaginary in a colloquial sense. So you misunderstood my point and then (by your admission) restated it in a mocking emotional state. But yeah keep making points about good faith interlocutors.

[ParlaySlow]

Honestly have no idea what this means. Real as in not nominal.

[Trolly]

@goofyballer

As shorthand for the earlier characterization in the same post of “people buy stocks expecting to sell for a profit because stocks are real because of the value of future cash flows ” which I think is perfectly fine & fair? That’s the value of stocks, right?

Well you’re conflating two things. Sometimes people buy stocks because they want a slice of the company’s income stream. Sometimes they just want to flip it and sell at a higher price. All parlay is saying is that these are meaningfully different.

This doesn’t mean stocks are always fairly valued! It doesn’t mean stocks and real estate can’t be in bubbles!

[hokie]

@Riverman

They were certainly overvalued and in my opinion they still are, but there was a plausible argument for owning Shadow Quest as a lottery ticket. If SQ had in reality developed a fun gambling P2E before anyone else, or forced Creepz out of business or had any legitimacy to future game development or whatever, and dominated those industries, their floor price would have justifiably exploded. A collection with a 10% chance of being a trillion dollar collection and a 90% chance of rug is still worth a lot of money.

Personally I feel better knowing that Riverman would have supported the failed shadow quest gambol

[Sogge]

I understand about half the post, just upping my post count ITT to get some $$$ just in case.

[Formula72]

@anon29622970

Real estate is also always perfect and efficiently valued. Never bought as a speculative asset.

For sure, a lot of things are bought for speculatory reasons - the assumption that there is a small chance of a particular catalyst happening that causes a massive increase in its particular value. And most of that shit overpriced over advertised horseshit to purposely help fuel it. That’s still different than the only catalyst being the hope that others will pay more for it after I buy it.

[alex]

@ParlaySlow

I think the point that the investment bank was making is if you looked at the market for Warhol lithographs there’s a relatively healthier ratio of people buying them to collect, hold and enjoy to people buying them primarily to flip them for more money than there is in the NFT market. They are correctly pointing out that this ratio matters for future price outlook.

This seems hard to estimate. Most people who buy nfts are active in various discords, participate in twitter spaces, join metaverse communities, change their pfps on a bunch of social media platforms, or all of the above. There’s definitely quite a bit of "collect, hold, and enjoy"ing going on.

[WichitaDM]

@Formula72

That’s still different than the only catalyst being the hope that others will pay more for it after I buy it.

I think categorizing the entire crypto/nft space as basically just pure vaporware and that all people are trying to do is unload bags on each other is not very accurate. Yes there are a lot of those types of projects created by scammers but the highest end crypto/nft projects are more than that. Now does that mean they will be successful or that it’s a good place to park money? No not necessarily.

[Fatboy8]

Counterpoint: NFTs went into a bear market when the discord was unable to attract anybody else from this forum to unload their bags to.

[anon29622970]

We’ve been caught! We were always the only people buying NFTs. We’ve just been wash trading amongst each other this entire time, waiting for the next sucker to buy our bags! And we would’ve gotten away with it too if it wasn’t for those meddling olds!

[beetlejuice]

@WichitaDM

Most assets don’t have cashflows. Acting like WELL ACKSHULLY CRYPTO DONT HAS CASHFLOWS SO IT’S WORTHLESS is the ignorant side of this (not saying you are making this argument but it’s a common one that has been made plenty).

I mean what percentage of people here who have bought NFTs think they are a bubble? It has to be at least 90%+. I’ve posted over and over it’s a bubble and unsustainable. And yet the same terrible arguments keep getting made to try and have the same tired discussion that has been happening here because a few people can’t stop trolling the thread.

[Riverman]

Crypto is best understood as “libertarians learn about the origins of financial regulation.”

https://twitter.com/nntaleb/status/1526327480809934849?s=21&t=s2N-v-VAr8ujyexQ_D1Tpg

https://fortune.com/2022/05/15/ethereum-founder-vitalik-buterin-terra-ust-stablecoin-investors-should-be-made-whole-fdic/

[anon29622970]

@Riverman

The underlying investment thesis is that there will be earnings. Fake money does not and never will have earnings. It may have utility, but it is not productive.

Coming back to this part of the discussion. I think something that gets overlooked a lot in these sorts of discussions is looking at motivation. Sure stocks have earnings/cash flow/dividends that some people might base their investment decisions on. That doesn’t disprove that the average person in the market would choose to buy a stock because they expect to be able to sell it at a higher price to someone else in the future.

Personally, my investments in the market are just in a target date fund that I can set and forget about, because I have no illusions of being able to beat the market. My #1 motivation for that investment is still that I want it to be worth more dollars when I’m ready to retire than it currently is.

[anon29622970]

Yeah I’m completely against bailing out any terra investor of any size. They were gambling and lost. I don’t see a push to bail out everyone who loses money in slot machines or at the sportsbook.

Eta: I’m ok if the money comes directly from any profits made by terra. And in that case agree that small investors should receive any benefits first. Reading more, it seems like this is what Vitalik is agreeing with, and not any sort of government intervention.

[anon3530961]

Govt gonna bail out UST investors with Rverman and Szzer tax dollars for max lawnmowers

[mukdukaluk]

Bailing UST investors out would probably be end of capitalism so I’m up for it.

[anon38180840]

Imagine Riverman personally cutting a crypto bro a bailout check for like $1,000 then logging on to UP to post. Then getting a thank you note telling him that the money was going to good use in NFTs.

The rage posting would be epic.

[WichitaDM]

Terra “investors” should not be bailed out anymore than losing sports bettors or slots players. Except I suppose if any money is going to come from the founders then maybe.