A 40% loss, one of the first but certainly not the last.
Lets talk Bored Ape NFT's (4.Viewing)
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A 40% loss, one of the first but certainly not the last.
dancarls said:
I disagree, one and two word domains in com or even ccTLD are extremely limited compared to NFT's where at any point the author can make more.
I'm sorry you don't see that and as the market saturates with NFT's the devaluation HAS to happen. There are only so many people buying NFT's and when there are more NFT's than people buying them then the devaluation HAS to happen.
I understand you are invested in them and I wish you well Dan but just be careful you don't hang on to them too long. When the sell off starts you don't want to have a bag full of these.
dancarls
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MapleDots said:
No prob it’s good to talk about, it is a volatile niche for sure and 95% of projects are shit just aping in on the fad, same way new-gtlds exploded 5yrs ago.
It’s impossible to compare domains and crypto or NFT’s. NFT’s are not a fad, they are here to stay and will change the face of many industries especially gaming and the metaverse.
Referenced in the BAYC image and 40% drop in price…. It’s just fud, the floor is still 40eth and I would expect the floor to change as the price of eth. If eth jumps to $10k that same ape would be worth @$400k if I bought an ape when eth was $2,500 a $100k purchase I could sell the same ape @30 eth ($10k under the floor price) and still make $$.
People sell for less than going price for many reasons, .coms sell for way under what they are valued at all the time, when people need cash they sell at the liquidity level, and what your willing to walk away with, just because one sells for a loss does not mean that NFT’s as a niche are a scam.
.ca’s I think I have several domains valued at over $10 but can’t sell them to domainer who know the industry for $250-$500 there is very little liquidity in the .ca market except for premium names only.
Good to discuss! I’m in on “Crypto” selling all my domains to invest in this niche.
-Don’t jump into crypto - do your own research it’s risky - early adopters
dancarls said:
Never said they were a scam, I just said to be careful, like with all investments.
Develop
(RIP)
Crypto billionaire Mike Novogratz says sky-high NFT prices are not normal and investors should be taking money off the table
https://markets.businessinsider.com...s-not-normal-crypto-rally-cryptopunks-2021-10
https://markets.businessinsider.com...s-not-normal-crypto-rally-cryptopunks-2021-10
'Evolved Apes' NFT creator Evil Ape disappears with $2.7M
Buyers got their NFTs, but a promise of a fighting game built around them went up in smoke.
Evolved Apes is a collection of 10,000 unique NFTs available for purchase on the NFT marketplace OpenSea. Each of them was also meant to be a character in an Evolved Apes fighting game, in which NFT owners would pit their apes against one another in battles for Ethereum cryptocurrency rewards (just as ancient hominoids did thousands of years ago, as I understand).
But it's all gone disastrously off the rails: According to a Vice report, one week after Evolved Apes went live, the head of the project vanished, taking 798 Ether—worth roughly $2.7 million—with them.
Read the whole story
https://www.pcgamer.com/evolved-apes-nft-creator-evil-ape-disappears-with-dollar27m/
I am invested in crypto myself, I own 2 bit coins and have for a long time.
The problem with NFT's is there is a double risk, first the NFT's themselves and secondly the fact that they are underwritten by crypto which is used in a substantial amount of online fraud. In fact I would argue that crypto currency like Bitcoin has been used more for fraud and malware than it has for legitimate purposes.
To me NFT's pose a double risk and the story above just drives home the point.
The problem with NFT's is there is a double risk, first the NFT's themselves and secondly the fact that they are underwritten by crypto which is used in a substantial amount of online fraud. In fact I would argue that crypto currency like Bitcoin has been used more for fraud and malware than it has for legitimate purposes.
To me NFT's pose a double risk and the story above just drives home the point.
Jonathan Hitchens
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MapleDots said:
Stop spreading falsehoods. We just went over that last month. Did you forget already?
"One of the most widespread but false notions about crypto is that it is mostly used by bad actors for illicit financing."
"Research shows that illicit activity accounts for less than 1 percent of transactions."
"Of that small portion, scams make up the overwhelming majority of cryptocurrency related crime — not money laundering, terrorism, trafficking, or other unlawful activities."
"From 2017 to 2020, criminal economic activity was overwhelmingly conducted through traditional financial institutions."
https://dn.ca/post/9580/#p9580
https://blog.coinbase.com/fact-chec...ivity-and-is-a-haven-for-illicit-856a71dfb399
Yup, you are right on that, it appears only a small percent is used in crime but it is still a significant number.
It is just never ending someone in the news ripping something off and getting away with crypto.
My friend, a dairy farmer had his entire computer system locked and he paid 50k in Bitcoin to get control of his automated dairy network back. He had to do everything by hand because none of his stuff worked, he had no choice but to pay.
Unfortunately he cannot be guaranteed they wont lock things up again.
With regular money it would be way easier to track this type of crime and 21 billion lost in 2019 is significant regardless of what percentage it may be.
rlm
Bonfire.ca
Now this is all conjecture, but I'd bet that if you ignored all the transactions that are just currency-for-crypto or crypto-for-crypto and day trading/investing type activities, and counted only transactions for hard goods or services, then I'd bet the % of criminal transactions approaches 99.9%. It's really easy to imagine that the 2% number is so watered down that its a completely deceptive number.
Jonathan Hitchens
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rlm said:
No dude. It's like you guys are frozen in time in 2010 or something. Crypto is being used on big platforms/soon on TikTok, Twitter, Google,.many merchants, domaining companies like Epik, Dan etc. You guys are coming across as the old guys in the club.
There is some really out of touch posting going on.
Crypto has gone mainstream. This isn't delegated to some off corners of the internet. Kids today will be growing up using Crypto and it being a normal part of life more and more.
rlm
Bonfire.ca
Jonathan Hitchens said:
BTW, yes, we are the old guys in the club!
Well I can only give my feedback based on my experience. Does anyone else want to share? What percentage volume of your transactions for domain sales/purchases in the past 1 year, 3 year and 5 years have been completed in crypto?
Mine are 0%, 0%, and 0%.
Now what percentage of your personal transactions were from crypto purchases of actual goods/services (not just investing)?
Mine are 0%, 0% and 0%.
And I'm pretty sure that anything anyone buys with crypto from a legit business could be negotiated cheaper with good old USD or CAD. Those businesses accepting crypto are going to charge a premium price or some sort of additional fees to cover their asses. So essentially, they're doing it because crypto people are more than willing to pay a premium just to try and prove its legit and show that yes, I can actually buy something with crypto. No normal business is going to risk accepting a wildly swinging currency without hedging it one way or another. Bottom line, that means you're going to overpay if you pay with crypto. So yeah, if someone comes to me saying I want to pay in crypto, I'm going to say sure too but my exchange rate is pretty steep.
Jonathan Hitchens
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rlm said:
Do you have Crypto as an option to pay?
I'm using Dan to sell and Bitcoin is an option both to buy and receive. It's possible somebody has used Crypto to pay.
I just got into it this year and I have used Bitcoin to buy a service involving crypto, price alerts for coins I'm watching.
Today, I actually took Bitcoin as payment for half of a gift.
There are sites I use to purchase crypto like Coinbase and Crypto.com that offer Debit Cards that tap your Crypto balance. So that is one way you can use crypto to purchase things, via a debit card.
Now, last year my brother asked me about crypto because my nephew was getting into it. I replied, hey, it's just gambling, most will lose money. I replied that way because I had no idea what I was talking about. That changed this year.
As far as investing, it's the easiest money. Those that lose are hoping for some overnight success and invest in shit/meme coins, not highly ranked, low market cap. It's a higher risk, higher reward. The easy money is sticking to the top 50 ranked coins that have actual projects behind them.
Once you take the lawlessness away from crypto it loses its shine. Look at Canada and China as an example. The governments of the world will only take it so long before they want their cut in taxes and such. China's answer is to launch their own and ban all others. Canada is looking for a way to make sure all transactions are taxed.
Personally I think China is in the lead and eventually all governments will have a form of crypto as an extension to the current system. Why? Taxes Taxes and Taxes.
If you look just at the taxes on the fraud part of 21.4 Billion that is a tax portion the governments cannot give up.
The news is full of business owners running away with crypto spoils. My friend has never been the victim of crime until crypto came along. The US government is working on a way to track crypto transactions. When all that comes into play the whole crypto market will change. Can I predict where this will be?
No, I hope I am completely wrong and my two coins go up to a million each. Am I holding my breath?
HeHe. lets just say I am not quitting my day job.
Personally I think China is in the lead and eventually all governments will have a form of crypto as an extension to the current system. Why? Taxes Taxes and Taxes.
If you look just at the taxes on the fraud part of 21.4 Billion that is a tax portion the governments cannot give up.
The news is full of business owners running away with crypto spoils. My friend has never been the victim of crime until crypto came along. The US government is working on a way to track crypto transactions. When all that comes into play the whole crypto market will change. Can I predict where this will be?
No, I hope I am completely wrong and my two coins go up to a million each. Am I holding my breath?
HeHe. lets just say I am not quitting my day job.
Jonathan Hitchens
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There is more fraud with other forms of money as has been gone over many times now. You seem to focus only on the negative part not the overwhelming positive parts. Spend some time on sites and forums dedicated to it.
And the crypto market is caring less and less about China. That’s just FUD so they can gobble up more. Crypto is bigger
Last month was a great time to accumulate, now the bulls are running and Bitcoin and many others will hit all time highs this quarter. Bitcoin ETF coming this month
And the crypto market is caring less and less about China. That’s just FUD so they can gobble up more. Crypto is bigger
Last month was a great time to accumulate, now the bulls are running and Bitcoin and many others will hit all time highs this quarter. Bitcoin ETF coming this month
Jonathan Hitchens said:
I hope that is the case, in fact I would prefer it but the reality is that the vast majority of crypto is not held for commerce, it is held for speculation and that in itself makes it vulnerable to dramatic increases or declines. A few speculators running scared can cause a domino effect.
When new taxation rules are written into law forcing exchanges to declare crypto transactions the speculative aspect of it will take a big hit and I hope to move my coins before that happens. For now I can hold and hope for the best but I know eventually I have to move my two coins or the tax hit will be immense.
On a footnote...
When crypto is forced to be reported the crime aspect will also go down so we will have two declines, the speculative, and the criminal aspect of it. Now the only thing left will be real commerce and unless there is a far greater acceptance in commerce the growth of crypto will be limited.
Then there is another point which I have not even touched on yet...
Which crypto do you pick? With more and more coins watering down the market it gets more and more confusing for the end user. [notify]Jonathan Hitchens[/notify] you said it best by saying we know nothing about it. I whole heartily agree with you and I like to believe I am up on technology. So if I know nothing about it just imagine an end user.... they will be completely clueless in how it works.
Personally I am a crypto investor with 2 measly coins that have become quite valuable, a part of me wants them to continue to rise forever but the other part of me keeps telling me to cash out every time it gets to a new high.
theinvestor
DNCanada.ca
They are already reporting the gains or losses to the government here in Canada. There is no escaping paying tax on your cryptocurrency. If you do and the government decides to do an audit you will end up paying.
This is the main reason it’s not a good idea to trade cryptocurrency.
This is the main reason it’s not a good idea to trade cryptocurrency.
Jonathan Hitchens
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No, a few speculators changes nothing, it’s like a 2.4 trillion market cap. And regulation is actually having a positive affect in crypto. See the Bitcoin ETF. Investors are not upset at all about that. This makes it more mainstream. Mainstream brings more money in. Big companies are getting involved, see my post earlier. Number of coins doesn’t matter either since most are just shit or meme coins. Stick to ones that have real projects behind them and you’ll be fine.MapleDots said:
You’re way behind on all of this. You might as well be posting from 2012.
dancarls
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theinvestor said:
? Anything you do a KYC on is trackable and you will have to pay taxes on, it's like saying it's not a good idea to trade stocks, domains, cars, goats, because you will have to pay taxes on your gains. You make gains, you pay taxes, you have losses you use those against your taxes.
There is NO getting away from crypto, it's here to stay.. we all will be moving over to some form of digital currency in the future.
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