I have heard about NFTs (Non-Fungible Tokens), but I still can't understand why anyone would want to own one. So, you own the exclusive rights to a digital cartoon of a bored monkey...so what! Is it really worth anything? Is there a ready market for your bored ape? This sounds a lot like the Dutch Tulip Bulb Bubble to me...and someday it's gonna pop! Can anyone out there explain this to me?
I can understand a few of the cryptos out there. I so tried to figure out NFTs. There is a lot of money in those. But I just can't wrap my head around it. That is one of those things I'm going to pass on. Just like fine art and wine. Sure there is a lot of money to be made but I'm guaranteed to lose, so not gonna play.
They only make sense if you believe that someone else, is STUPID ENOUGH, to pay your more for it than you paid for it in the first place, AND you are dumber than a Box of Rocks... Otherwise it is just a way to separate you from your FRNs, and you have " I am and IDIOT" tattoo'd across your forehead...
From an article at Investopedia.com, it appears that one use of them is to represent real world tangible assets, sort of like making a digital "title" to a piece of real estate. If you own the NFT for the real estate it represents, you own the actual real estate. At least that's what I got from a quick look at the article. That said, I think it would be fairly difficult in the real world to try and take possession of said real estate if you went to the front door and demanded entrance. "Show me your proof of ownership!" 'Well, I've got this digital token thingy.' "Yeah, right. Get off my property, ya nut!" 'But I bought it on the Internet!'
A lot of investments are just a shot in the dark, be they stocks, bonds, art, collectables, classic cars, etc.. Fortunes can be lost due to wars, revolutions, economic upheavals, changes in laws, and changes in society. About the only sure things are real estate and precious metals, although real estate is a risk in some situations. Whenever I have some "loose change" I like to buy some silver, usually "junk silver" coins. I'm not interested in MS-65 or MS-70 coins, nor do I desire to have a complete set of any type of coins, all that I'm interested in is the silver content, as in 0.72 oz. per $ of face value. I prefer coins of average circulation or better, but I have purchased culls or damaged coins. I would buy some gold but the premium on gold coins is outrageous. Take two coins, one gold and one silver, beat them with a hammer, throw them into a fire, bury them in the ground for years, dig them up...and you still have one ounce of gold and one ounce of silver. This I understand!
You think the premium is high for gold (5-7 percent on one ounce)? Go look at american silver eagles or heck just silver bullion it's like 15 - 50 percent premium. Hell, most peps are charging 25 percent premium on junk silver.
The last time that I checked gold was $1800 per oz. and gold coins were selling for $2500-3000 per 1 oz. coin!
Whoa, I think you need to look in better places. SDBullion has them going for 1915 for 1 to 9 coins. Hell, my Local coin stores are basically the same. APMEX is 1930, same with JMBullion.
It's been a few months since I checked on the prices of gold coins. Currently APMEX has 1oz. coins for 1900 1/2oz. for 2100, 1/4oz. for 2360 and 1/10oz. for 2630. I would prefer the smaller coins but would like to have some of all sizes. For now, I'll stick to silver.
The "art work", which can be anything, is inserted into the block chain and is an actual part of it and helping to encrypt that block chain against hackers. In reality this is most certainly a money laundering scheme just like Hunter Biden's "crack head art work". Hunter Biden's artwork is actually good, experts say
Yeah, with Gold, it's buy the biggest piece you can afford. fractional premiums are a bit higher. gold is for large purchases. silver is for living.
NFT's are exactly like tulip bulbs. Anyone with a $5 Linux server can launch any number of pre-packaged blockchain apps and hold zoom conferences like MLM infomercials to do what's called a "pump and dump". The only intrinsic value to cryptocurrency is rooted in the bans on narcotics. Bitcoin rose with the Silk Market, and some other niche branches of the blockchain became popular on the various Bazars too giving them credence. If international post offices became aware of a technology (lets say a new kind of X-ray or quanta that can detect chemical composition in a similar way that planet searchers determine exo-planet atmospheres), then you wouldn't be able to smuggle drugs period. There would be efforts to chemically change alkalis and such to and from other molecules and bypass this technology, but it would be a potential eventual endgame to it all. Idk, sorry this is kind of a rant but if you were trying to invest in blockchain stuff at all, I would strictly wait until the trough of any possible recession. Around 10k per bitcoin is what it would take for me to get involved because I think for at least the next 5 years the drug markets will keep it relevant.
