Cryptocurrencies

posted by geeblock

I have bought and sold 10 nba top shots so far

What's the logic behind these?  Still a bunch of ways to copy the media, but does owning the NFT mean only you can monetize it on youtube and the like?  But then wouldn't that make you dependent on the technology being used and recognized by Google, Facebook, etc?

posted by gut
What's the logic behind these?  Still a bunch of ways to copy the media, but does owning the NFT mean only you can monetize it on youtube and the like?  But then wouldn't that make you dependent on the technology being used and recognized by Google, Facebook, etc?

It’s a digital baseball card basically. 

In the 2 minutes I just spent researching Top Shot it appears to be nothing more than verifiable ownership of what are essentially digital basketball cards on a blockchain. The only way to monetize it would be to transfer your ownership to someone else for more than you paid for it.

geeblock beat me to it while I was typing.

I bought a common pack for 50$ sold it the next day for 125$ and then bought a rare pack for 200$ and it had 2 rare cards in one with anthony edwards who is a rookie that I sold for 350 dollars and a James harden play that I sold for 150$ all together I put in 250$ and got out with 625$. However there currently isn’t a way to cash out the money. They are working on a platform tho. 

Yea topshot is absurd. I’ve spent $10 and have a bank of $250. Without trying. Just packs and selling immediately bc I don’t believe in it. Some I sold for over $50 are now selling for less than $25. It’s a weird market, but if you can get packs, it’s free money.

posted by geeblock

I bought a common pack for 50$ sold it the next day for 125$ and then bought a rare pack for 200$ and it had 2 rare cards in one with anthony edwards who is a rookie that I sold for 350 dollars and a James harden play that I sold for 150$ all together I put in 250$ and got out with 625$. However there currently isn’t a way to cash out the money. They are working on a platform tho. 

NFTs are the future apparently. Some dude here drew a picture a day for 10 years or so and sold it for 65M. Shit is dumb. 

Link. https://chstoday.6amcity.com/nft-nonfungible-token-art-sale-charleston-sc/

Anyone buying NFTs instead of just putting that money into bitcoin is going to have a bad time.

posted by justincredible

Anyone buying NFTs instead of just putting that money into bitcoin is going to have a bad time.

I just keep my money in the market. Only goes up supposedly

posted by iclfan2

NFTs are the future apparently. Some dude here drew a picture a day for 10 years or so and sold it for 65M. Shit is dumb.

That's what I don't really understand.  Why does Topshots have value when I can go make my own digital copy off Youtube?  Or is the NBA killing every digital copy in the wild with cease and desist orders?

Because then I could imagine my own youtube channel where people go to see all these highlights, and I monetize it that way.  But then anyone could easily copy the video.

I get that doge coin started as a joke, but justin can you expand more on why its a bad investment?  All the smart people I know say that as well but no one has explained it to me very well.

It started as a joke and hasn't been updated since the beginning, so it's still a joke. Investing real money in jokes is a bad idea. You're essentially just hoping you're not the last one holding your bags when everyone decides to sell.

My facebook TL is filled with people who are already planning their retirement lol

Yeah, they're all gonna have a bad time.

Doge is crashing, as it literally always does after these little pumps. Hope your friends cashed out.

posted by justincredible

Doge is crashing, as it literally always does after these little pumps. Hope your friends cashed out.

I think I convinced one friend to cash out. He had put in 600 and it was worth 4300. The rest I think are just gonna gamble 

posted by justincredible

You're essentially just hoping you're not the last one holding your bags when everyone decides to sell.

posted by gut

Bitcoin is exactly the same, amirite?

posted by justincredible

Bitcoin is exactly the same, amirite?

It's crashed 3X already, which makes it unique among bubbles.  But, yeah, if you look at dogecoin it's a safe bet all crypto is in a massive bubble right now.  Didn't need dogecoin to see that.

Platforms like Robinhood and big stimulus checks saw a lot of money get funneled into crypto, and I would expect a similar result that we saw with GME.  Thought I saw where that pump & dump mastermind behind GME is doing the same with dogecoin.  Good for him.  He's found an efficient way to take money from suckers.