This is so cool!
I guess there are others out there "arguing with the STOP sign". Wink.
I mean not everyone is "predatory" and eager to make an extra buck out of their sales funnel...
We are living in interesting times!
Now I know what's it like to live through the Tulip mania.
Cryptos? The jury is still out; time will resolve whether its "digital gold" or not.
But NFTs?
They look and smell like digital Tulips to me...
Unlike Tulips as it can rot; but NFT can hold forever.
ReplyDeleteCW,
DeleteRemember Pet Rock from the 70s?
You can hold a rock, but I've no clue how we can "hold" an NFT???
LOL!
The advertising executive (Jedi mind control) that came up with that idea sold a million rocks at $4 and became a millionaire ;)
(A million in the 70s is not the same as a million today)
Then again, Pet Rock paled in comparison to the world's FIRST internet sensation - Beanie Babies!
Not only were they "toys", they were "financial investments" too!
No different from NFTs of today ;)
I'm a stamp collector. You can say the same why would anyone pay a million dollars for a tiny square piece of paper!?
Same goes for antiques, sculptures, and paintings. Every once in a while, some promoters will come and ramp up prices to speculative levels, attracting amateurs in for a quick buck...
Then market crash, leaving the true art connoisseurs picking up bargains in glee.
Nothing is new. Just old wine in new bottles.
Smol,
ReplyDeleteWell they did add a caveat in the 2nd last para: "We will also be paying close attention to how blockchain technology evolves over time to ensure that the above principles are withheld and determine whether it will allow for more secure experiences or other practical and inclusive applications in gaming." Lol.
As things stand now, it will be a business & reputational disaster if millions of Minecraft players (mostly kids) get suckered or if some crypto/NFT exchange counterparties withhold withdrawals or go under.
The latest is yet another S'pore-based crypto exchange, Zipmex, suspending withdrawals.
Funny news: Law enforcement agencies around the world have been busy liquidating their confiscated crypto holdings to try and preserve their value.
And the dogefather just sold 75% of bitcoin holdings. I guess he isn't too happy with his Twitter court case as well.
Ok, maybe these are peak contrarian signals. For fun, I predict BTC and ETH more than doubling by mid-2023.
Spur,
DeleteBlockchain technology is REAL and coming. But like the dot.com boom days, there are a lot of "pump and dump" marketing spin in the crypto space today...
Time will resolve and filter out those blockchain companies that merely deliver "eye-balls" like during the dot.com days, from those that can actually make money from blockchain technology.
Singapore is becoming "famous" in the crypto space!
You think why so many are coming to Singapore to launch their crypto snake oil peddling?
Singapore's excellent reputation is well known globally. Of course there will be overseas bei kambings once they hear "Singapore based", will automatically assume it must be safer than safe!!!
Having said that, there's only so much reputational damage big daddy can endure before they say enough is enough!
Remember S-chips? That wasn't SGX's finest moments... To be fair, even Nasdaq found S-chips more trouble than it's worth...
Even the harder to "manipulate" Cash Flow statements Mainland Chinese companies can manage to fake them!!!???
This time, big daddy did right to retail investors - NO promoting of cryptos to LOCAL citizens ;)
At least that crash got sound lesson from S-chips didn't go to waste!
Hence, the minority of Singaporean retail "investors" that lost money in cryptos never went to Hong Lim Park. They knew what they were getting into despite the warnings from big daddy.
I'm not a fan of Elon Mask, but his snake oil skills I respect. The way he "played" the SEC and his fan base is out of this world! Just look at the way he is trolling twitter now! He is good!
Talk is cheap. Put some skin in the game!
I will pass.
I'm on the Central Bank Digital Currency train. Govts will tolerate private cryptos if they remain as "collectibles" - like stamps, comics, fine art, etc.
But once private money tries to compete with CBDCs, they will be banned like in China ;)
Smol,
DeleteToo bad I got no conviction in cryptos haha.
Unlike stocks which have also seen a fair amount of contrarian signals over the past few weeks. Have been nibbling regularly since early-June.
My gut tells me a lower low is ahead though. But whatever ... when it happens, just hope I'll be smart enough to buy big.
Spur,
DeleteLOL!
That makes the 2 of us who are not on the crypto bandwagon ;)
For me, since I can only withdraw my CPF money above BRS end of this year, for selfish reasons, if market want to rally, please rally in 2023 can?
Smol,
DeleteHaha, you may get your wish. 🤞
According to decennial pattern tea leaves, years ending in 3 are rather bullish.
Years ending in 2? Tend to go down ... only recover in last quarter. Which is also similar to Presidential 2nd year patterns. And both applies to 2022.
So make of it what you will. 😛
Spur,
DeleteFingers crossed!
Since CPF is negative yielding right now, there's little to no opportunity costs involved ;)
Wish all of us Market Timers luck!