Let that be a lesson to all the bears out there. No one can hold Ethereum down for 12 straight weeks.
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:vince1:
:vince2:
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:vince1:
Iâm taking the next few days off, so thought Iâd post my June NFT trades wrap up.
Iâm a relative noob, only been at this since February. My results are nothing mind blowing, but I eeked over the 1 eth mark this month in a terrible market, and Iâm happy with that for whatâs really mostly a game/hobby.
Iâm very much an NFT non-believer so I am strongly biased toward quick flips. I try not to hold anything much at all. Peacefall and Internet Game are my only intentional long-term plays right now. I got a bit lucky to sell almost the exact top of UltimatePass for most of my profit this month. Iâll be putting in more volume in July, hopefully, but will also be doing summer things, so maybe not.
Current bags:
Internet Game x6: feeling great about this one. Got in at .06 and they are about to launch their new platform after a long wait. Crazy low listings and a real team.
Leave Me Alone x9: Made a nice flip on 5 of these and then got attached to the project (mistake) and bought back in like an idiot. Could pump if they make some web3 free speech connections, but probably going to zero.
Peacefall x45: Big conviction play here. Hopefully well informed and not replaying the LeaveMeAlone mistake. Up .25 eth lifetime and in for 1.5 on these 45. In a project lull right now and could for sure 4-5x from here. Real team, real game. Similar vibes to Internet Game but smaller scale.
Vayner Sports Pass x3: Strong community. Iâm watching for a chance to get out break even. 1 free mint per month makes it not the worst thing to hold long term. Got .02-.03 back on the first free mint.
First Day Out x1: Dumb bag to be holding. Would have been a good quick flip. Now Iâm locked in for months or years. Pumped a tiny bit recently.
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Not sure why my Google sheet is such a mess lol. I copied it from someone else and donât know how to troubleshoot why some entries donât work right.
Classic
:vince3:
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there is no second best
The follow up to this: https://www.cnbc.com/2022/06/28/coinflex-issues-new-coin-to-raise-funds-after-investor-fails-to-pay-debt.html
Cryptocurrency exchange CoinFlex on Tuesday issued a new token to raise funds in a bid to restart withdrawals for its customers, after one client failed to repay a massive debt.
CoinFlex said it would issue $47 million worth of a digital coin, offering 20% interest, which itâs calling Recovery Value USD, or rvUSD.
Not really sure how thatâs all supposed to work. I guess itâs basically like high-yield debt that becomes secondary to the primary coin. If crypto bounces back bigly then you get your 20%, and if not you get zero.
:vince2:
Ponzinomics is how itâs supposed to work.
Seriously, theyâre telling you itâs a Ponzi scheme â sell new shitcoin and use the funds to pay out earlier âcustomersâ (technically creditors afaict).
Presumably youâre supposed to believe theyâre good for the 20% because they have invested so successfully up to this point.
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Yes, but I also wouldnât be surprised if theyâve already found the investors to buy the coin and backstop the earlier coin. Presumably this could be in the best interests of those investors to try to maintain confidence in the crypto economy, along with some possible upside in case things turn around.
Herbalife is a ponzi scheme that is completely insolvent and took on a ton of debt to buy back tons of shares to keep their stock price up, it has since lost about 60% of its value in the last year, but still has a 2.5 billion market cap. It was outed as a ponzi scheme in 2016 and it went up for 5 years despite that.
I can see a worthless coin keeping its value for a lot longer.
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What continues to blow my mind is the scale of these scams. Weâre not talking a few million dollars, its tens of billions for each one!
