It's absolutely a bubble - but that doesn't mean it can't still be a good investment. Contrary to what some may claim, there's really nothing driving the price changes other than hype and speculation.
Every time there's a crash, people are prepared to gamble that the price will rebound and so they buy, which increases demand and drives the price back up. When the price goes up enough for those buyers to turn a quick profit, they all start selling again, triggering another crash.
The fact that the price can be so volatile (unlike shares for example, which are at least somewhat tied to the fortunes of an actual business entity) means that the potential short term gains are huge. That's what gives people the confidence to gamble on cryptos after a crash, and it's that confidence which ensures they WILL rebound.
Of course, now the less well known cryptos are becoming popular, because people see Bitcoin hit $65K+, and they think "What's stopping this other coin that currently only costs a tiny fraction of that, ending up costing just as much (therefore netting me much greater profits)?". And really, the answer ought to be "not much", since there's precious little difference between any of them.
I just don't see how an NFT has any true value. It's like buying 'clothes' for an avatar in a video game, short term gratification but basically useless.
NFTs is the modern money laundering scheme. The transaction of an nft is the public display of a legal transaction purposes and illegal transaction is happening behind the scenes. Very common with art pieces transactions for the last century.
Someone buys some dogshit looking monkey animation because it's "art" for thousands and secretly buy some sex slaves and the IRS is non the wiser. Then it turns into a rebate to sell back and get more shady shit.
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Anonymous
(30-35)
1 y
No, real crypto is never going away and is often a good investment. Saying Bitcoin will pop is like saying gold will pop.
Things like ERC20 tokens can be bubbles which pop.
NFTs won't because they're the equivalent of investing in art. Because the price is arbitrary and doesn't fluctuate as a currency, they stores of value mostly for rich people. Buying cheap NFTs which do nothing for no reason means they're less likely to sell. The more money you spend on an NFT the more likely you're going to be able to get a resale later. Same as the art trade.
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It's not really a bubble.
Decentralised currency (which is technically what it is) is a different concept from the usual financial malarkey and banks to governments don't really know how to work with a lot of it, yet.
Think of it like the early dialup internet. You had people claiming the internet was a "fad" and "can't do much" etc etc. New things tend to take a decade or two to work out.
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Anonymous
(36-45)
1 y
Nfts are scam many of them are actually not being bought by anyone. They're just the person selling them selling them to themselves on another account to appear there is volume.
You make an NFT you sell it to yourself for a $100 then have that then sell it to yourself again for $200 then let some idiot think they're going to make money buying it off of you for like $300
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Opinion Owner
1 y
There is some ways to make good use of this like making training card games and alike But the vast majority of the sales is what I said
Crypto is flawed, worse then fiat money. There is some technology in there that is useful and have utility. But crypto is a big energy consuming scam. Because it can't deliver what it needs and time is it's worst enemy.
🤣😂 If you Dumbass is looking at BITCOIN or Ethereum than certainly it's flawed it's like looking at house cats or dogs and saying any animal in their family cannot hunt down a wilder beast.. If you cannot turn your head and look at capable projects like BNB, TRON, KSM, DOT, NEO, MATIC They are like Lion, leopard, cheeta, wolves, hyenas..
The projects on which actually web 3.0 is being built and Bitcoin and Ethereum are just store of Value.. You aren't supposed to move your money in these network..
Tell me do you drive your house around the town to go shopping carry your fridge to Walmart or local food or grocery store.. Transferring money in Bitcoin is like doing that.. You don't carry your house.. You exchange 1-2% BTC or ETH into whatever you need and than utilities the Web 3.0 service as you need..
TRON NETWORK has +20 Billion dollars issued on its network and all the internal transaction worth +1 Billion dollar do not charge any fees to TRON Used..
I personally have transferred +10000$ worth of fund on TRON network in my Life and never paid a single cent for that to be done.. And transfer has always been completed in less than 10 second..
Oh none of that makes it legit. There is a reason why people owning crypto is spamming all over the internet, to fool new people to pump up the value of a worthless product. If they suddenly shutup it would collapse. If it doesn't sell itself it's a sign that it isn't convenient and accepted and useful. Never had transactions speed being a problem in my life and counting it in seconds is really slow. And saying I am dumb is just a sign I already won because you have no valid arguments and start playing the lossers game with insults.
And what exactly is dumb with my statement. It doesn't solve anything that you don't have with other transactions. If you are in so desperate need to get your money in seconds something is wrong with both your trust in your business partner and your economy.
Time as in the longer it exists and the more transactions being done will require more and more energy to validate. It's not scalable and practical. I didn't talk about the time it takes to do a transaction today only. Which is longer then a regular bank transfer if they actually wants it to be fast.
Well I expect crypto be around but none of the existing solutions will have broken to be a currency used by normal people. It will still be a speculation bubble, not any different from today. It's not like crypto is a new thing.
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There was never any bubble, only idiots who paid artists money for a worthless GIF on their phone. The people making money are indie artists and programmers who sell their junk.
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