Bitcoin and Crypto Talk (Merged)(includes NFT) (1 Viewer)

Previous Next
Beast said:
I was probably going to reinvest some of the SHIB profits I’d made (much less than I could have but still more than I had to start with).
Click to expand...

I need to get better and buying/selling to make some profits. Right now I've just been holding my SHIB, but I did buy a few million more coins during the big dip.
 
Tapxe said:
IDK, I have some MANA (Decentraland) and it needs to double for me to break even.

fortune.com

JPMorgan bets the metaverse is a $1 trillion yearly opportunity and opens the first virtual bank

Now you can go to the ATM in the metaverse too.
fortune.com fortune.com
Click to expand...
I've bought in to MANA but have been buying in the sub $3 range when it takes that slight dip.

I will say Cosmos ATOM has really been good to me and if it hadnt been for you mentioning it one time, I probably would have looked to late.
 
@ Tapxe, what is your thoughts on Internet Computer $ICP?
 
Crypto feels like it’s in a fight for the next 6 months and BTC may give up key support at $40k which means it would be likely to retest recent lows.

The good news is I think I’m finally seeing some long term technicals for bitcoin. At least one thing that correlates to its movement outside of FOMO and pumps.

It simply seems tied to fed fiscal policy. Problem is trying to figure out the value of something that does nothing.

I love the concepts of blockchain but so much has to shake out and it is really hard to figure out what is long term. I think the whole crypto market crashes and coins that can perform necessary tasks and prove to be efficient will be the only to survive and only then will crypto be able to really thrive.

BTC feels like the AOL CD in every mailbox in the 90’s.
 
I keep seeing the NFT hype everywhere. Can someone please explain this to me, please? It doesn't make sense to me that this stuff is as big as it is.
 
NFT = Non Fungible Token

Not sure there is a simple explanation. The best I can do is an NFT Is a digital asset that in principal, cannot be duplicated on the blockchain on which it resides - hence the "non-fungible" part. Cryptocurrency tokens, such as Bitcoin, Dogecoin, Shiba, etc. are all fungible tokens - meaning one is indistinguishable from another, and there is no inherent maximum* . NFTs require a "smart-contract" based blockchain, such as Ethereum. The Bitcoin blockchain can't do it (by itself - although it could be involved in the sale in an indirect way - this is a complicated issue). The "cannot be duplicated" part also has some fine print/provisos, it has a meaning in a technical sense which may not correspond to peoples expectations.

Besides the autographs and artwork, etc. A potentially real-world useful application is ticketing. It would require the issuer to sell the tickets as an NFT. Depending on how the issuer smart contract works, they could allow the buyers to resell the tickets on an open market, without involving the original issuer, and with both buyers and sellers protected from fraud - as a buyer you could be certain the ticket was authentic, with minimal dillegence, as a seller you could be certain you received payment, and depending on the blockchain, with very low transaction fees. Practically, maybe this never happens as the benefit to the issuer is questionable, its more a benefit to the consumer, although market forces might change this. And on the other hand, the issuer could use a smart contract which actually prevents resale - e.g., how airline tickets work. Either way, the "efficiency" of the transactions should increase as the authentication end is handled by the blockchain.

* Yes, wrt to Bitcoin there is a hard limit of ~21 million Bitcoins But this could be raised by majority agreement of the network.
 
In that same thread that "superchuck500" posted, page 37 UptownSaintsFan, broke it down really good (quote below). Warning though don't right click and save his avatar ;).

UptownSaintsFan said:
I've been looking into these for about a month. And here's the really dumbed down version of what i've found. I'm really going to try to dumb it down.

A few quick definitions:

  1. Minting - this is how your get your NFT (minting costs gas, i.e., there is an ETH charge)
  2. Wallet - just like your wallets for all your crypto. I use metamask
  3. Whitelist - the presale list

  1. NFTs are essentially just JPEGs, however they are created in a manner (at least i think most of them are) where they are all unique, such that if someone mints 10,000 pictures of something, each one will be different, having different attributes and rarity.
  2. You can go to https://opensea.io/ to check out various different NFTs (this is powered by Ethereum, there are also NFTs that use other things, like Solana, but I haven't experimented with that). This is the specific one I bought - https://opensea.io/collection/thecryptodads
  3. Each NFT has a transaction that is tracked using the blockchain. If you've used NBA Top Shots, you've taken part in this, but this allows you to see every transaction and what everyone owns. This also means only you can truly own the NFT (though of course someone can just copy and paste).
  4. The various NFTs have different plans, often called "road maps" of what they intend to do to make you want to own their NFT and be a part of the community. A lot of these try to foster a community as that is what seems to make the NFTs sell and make people want to hold. For example, the one I'm in, CyrpotDads is doing the following: (1) after a few weeks, each wallet the holds a dad will be able to mint a free crypto mom; (2) a few weeks (months?) after that, a wallet that is holding a cryptodad and a cryptomom will be able to mint a crypto tot based on the attributes of the mom and dad). They are also doing a beer line, shirts, etc. and supposedly have interest from Netflix, but who knows. I think they plan to add to their road map as time continues.
  5. I have found that the best way to get an NFT is to get in the presale. This allows you to Mint an NFT before it goes live on Open Sea. When the big NFTs go live, gas gets really expensive (you can check gas prices here - https://etherscan.io/gastracker ) and you are not guaranteed to get one. Also, the original price is generally pretty reasonable. Cryptodads were 0.07 eth each.
  6. To get in the presale, you have to get on the whitelist (the list of people on the presale). To do this, generally you have to locate the discord for the NFT before it goes on sale and accomplish something (usually be really early, active in the discord, or invite people). Discord is where these communities live and its a lot of what you have to do check these things out. This is what cryptodads' discord looks like - https://discord.gg/v4d6dNaU
  7. Generally when you are doing a presale purchase, you go to the website for the NFT maker, connect your wallet to the site, and mint directly from there. After that, the NFT will show up in your Open Sea account.
  8. You can check out upcoming NFT releases on https://rarity.tools/upcoming/ . You can also use that site to see how rare the nft you got was. See here for the rarest cryptodads - https://rarity.tools/thecryptodads . It's generally good to check out their discord, see how many users they have, their twitter following, how active the mods are and to see if you like the people in chat.
  9. If you get on the presale you are basically given a blank NFT and you don't find out what you get until a certain point (usually after all the NFTs are sold). You are generally limited in how many you can buy presale.
  10. After you get your NFT you can hold it and play the market or try to sell it on Opensea (which is linked to your wallet).
  11. There are a lot of scammers out there so be careful.
The way i see it is you want to try to identify something good so you can get in cheap on the presale. Some of these people throw ETH around like candy (i can only assume they've all made a ton off crypto), so once things really start trading, it's a little rich for my blood because who knows when all this comes crashing down.

I hope this helps. I'm still a novice, but i'm happy to try to answer any questions.
Click to expand...
 
Fire sale this weekend on Cryptos, makes me think something big for the stock market on Tuesday.
 
It's a one-of-a-kind digital file (art, music, gif) and you buy it with Ethereum.

There are ways to prove that it's unique and that you're purchasing the original. For whatever reason, this matters to a lot of people.

I think the main folks that benefit are artists with a large social media following already. Or well-known artists who digitize prints they would've previously sold on canvas.

Sometimes the community will hype an unknown artist (kinda like making them viral) and they start selling pieces.

I was interested in it until I read about some of the downfalls like the art not being cataloged (e.g. you can't search for "funny cats") and how there's no one on the other side so if the site fails while you're conducting a transaction, you lose the fees you paid with the transaction.
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Register

Log in

Already have an account? Log in here.

Previous Next

Users who are viewing this thread

    Total: 2 (members: 0, guests: 2)

    Share this page

     

    Twitter

    Back
    Top Bottom