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This is making my head spin ... can it apply to coins ?

bidaskbidask Posts: 13,819 ✭✭✭✭✭
edited March 8, 2021 4:13PM in Precious Metals
I manage money. I earn money. I save money .
I give away money. I collect money.
I don’t love money . I do love the Lord God.




Comments

  • WCCWCC Posts: 2,340 ✭✭✭✭✭

    I have read about it. It's another aspect of the current "all everything" asset mania.

    I see no realistic prospect it will apply to coins. As totally stupid as I consider this concept, I presume the items bought this way are supposed to be unique.

    Other than for speculation, why would anyone pay for a "rare" NFT "coin" when they can obtain a picture for free?

  • WeissWeiss Posts: 9,922 ✭✭✭✭✭

    I kind of get it.
    I have a favorite author, and there exists an omnibus edition of his most famous books.
    The author has a rabid fan base. Many of whom own that omnibus collection.

    That collection has very cool cover art.

    So everyone who owns that book owns that cover art--myself included.

    But I'm a collector, and you know how we do. :)

    I tracked down the actual painting from which the cover art derives, which happened to be painted by a well-known painter with his own rabid fan base.

    And I bought it >:)

    So while all of us fans have the image of the cover, I alone have THE image of the cover.

    It's kind of like that.

    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • Walkerguy21DWalkerguy21D Posts: 11,064 ✭✭✭✭✭

    I just saw a segment on CNBC about it, and yes it's making my head spin also.

    I barely got a handle on Bitcoin, and finally made a wee little investment last week when
    the price was down. I'm not ready for NFTs....

    Successful BST transactions with 170 members. Recent: Tonedeaf, Shane6596, Piano1, Ikenefic, RG, PCGSPhoto, stman, Don'tTelltheWife, Boosibri, Ron1968, snowequities, VTchaser, jrt103, SurfinxHI, 78saen, bp777, FHC, RYK, JTHawaii, Opportunity, Kliao, bigtime36, skanderbeg, split37, thebigeng, acloco, Toninginthblood, OKCC, braddick, Coinflip, robcool, fastfreddie, tightbudget, DBSTrader2, nickelsciolist, relaxn, Eagle eye, soldi, silverman68, ElKevvo, sawyerjosh, Schmitz7, talkingwalnut2, konsole, sharkman987, sniocsu, comma, jesbroken, David1234, biosolar, Sullykerry, Moldnut, erwindoc, MichaelDixon, GotTheBug
  • derrybderryb Posts: 36,025 ✭✭✭✭✭

    the ultimate modern tulip

    The decline from democracy to tyranny is both a natural and inevitable one.

  • PerryHallPerryHall Posts: 45,203 ✭✭✭✭✭

    Hard pass. I'll stick with gold.

    Worry is the interest you pay on a debt you may not owe.

  • bidaskbidask Posts: 13,819 ✭✭✭✭✭

    @PerryHall said:
    Hard pass. I'll stick with gold.

    Me too !

    I manage money. I earn money. I save money .
    I give away money. I collect money.
    I don’t love money . I do love the Lord God.




  • WCCWCC Posts: 2,340 ✭✭✭✭✭
    edited March 8, 2021 6:12PM

    @Weiss said:
    I kind of get it.
    I have a favorite author, and there exists an omnibus edition of his most famous books.
    The author has a rabid fan base. Many of whom own that omnibus collection.

    That collection has very cool cover art.

    So everyone who owns that book owns that cover art--myself included.

    But I'm a collector, and you know how we do. :)

    I tracked down the actual painting from which the cover art derives, which happened to be painted by a well-known painter with his own rabid fan base.

    And I bought it >:)

    So while all of us fans have the image of the cover, I alone have THE image of the cover.

    It's kind of like that.

    I had some cover art commissioned (for myself, not for sale as it is covered by copyright) on an international trip years ago. So I can see this too. If someone bought NFT 'art" I don't know whether they project it onto their wall for display but at least it's a more realistic option. I don't see that any coin collector is going pay any noticeable price for a "coin" NFT for display purposes.

    I presume that among those who buy it, it may be considered a "status symbol" within their social circle. I see no prospect of that for any coin equivalent.

  • cohodkcohodk Posts: 18,500 ✭✭✭✭✭
    edited March 9, 2021 3:38AM

    Haha...

    Another solution looking for a problem.

    This excess money thats been created needs to be destroyed so i suppose this is as good a way as any.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • BaleyBaley Posts: 22,658 ✭✭✭✭✭

    Or buy a Square foot of land in the UK and become a genuine Count, Earl, or Duke.. Hell, buy and name a planet orbiting a distant star and become a God there!

    Liberty: Parent of Science & Industry

  • TomBTomB Posts: 20,613 ✭✭✭✭✭

    I'm not stupid-believe me, there is no false modesty in this post; but I just don't get it.

    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

    image
  • derrybderryb Posts: 36,025 ✭✭✭✭✭

    @TomB said:
    I'm not stupid-believe me, there is no false modesty in this post; but I just don't get it.

    Like cocaine, these things are God's way of telling a person he has way too much money. What will be interesting is to see if there is actually a profitable re-sell market in this crap. This will allow stupidity into speculation.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • WCCWCC Posts: 2,340 ✭✭✭✭✭

    @derryb said:

    @TomB said:
    I'm not stupid-believe me, there is no false modesty in this post; but I just don't get it.

    Like cocaine, these things are God's way of telling a person he has way too much money. What will be interesting is to see if there is actually a profitable re-sell market in this crap. This will allow stupidity into speculation.

    Well, here is one smart seller. :)

    https://www.cnbc.com/2021/03/09/rob-gronkowski-will-sell-nfts-of-his-best-super-bowl-moments.html

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    Things are getting weird.... Everyone looking for an angle or new concept to make money. They all work for a while... some longer than others... I will stick with gold.... Cheers, RickO

  • cohodkcohodk Posts: 18,500 ✭✭✭✭✭

    Im gonna NFT my opinions on this forum. Priceless or worthless? HaHa.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • cohodkcohodk Posts: 18,500 ✭✭✭✭✭
    edited March 17, 2021 7:29PM

    Designer Krista Kim on the world's first NFT house

    https://www.cnbc.com/video/2021/03/17/designer-krista-kim-on-the-worlds-first-nft-house.html

    "We're all going to live a virtual reality lifestyle."

    There is so much money to be made off of these knuckleheads.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    edited March 17, 2021 11:22PM

    I wouldn't be so dismissive. So much money is going into less traditional alternate buckets that normally might have found there way into PM's. That's just not happening.

    While our gold is collecting dust some folks are making a killing in all kinds of new and unique ways. Not just the founder, in the secondary market as well.

    My son told me he bought this short series of basketball clips for $19. Three weeks later $1500

    Here is the link of what he bought and owns. This is the clip.

    https://www.nbatopshot.com/moment/JokicStan+803935cc-f369-4e2a-b8bf-e19a9d019720?

    This is what they are going for now. Some are five figures. It not a pack cards it's video

    m

    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • blitzdudeblitzdude Posts: 5,294 ✭✭✭✭✭

    It's like imaginary bitcoins only better. Crazy world!

    The whole worlds off its rocker, buy Gold™.

  • cohodkcohodk Posts: 18,500 ✭✭✭✭✭

    @Justacommeman said:
    I wouldn't be so dismissive. So much money is going into less traditional alternate buckets that normally might have found there way into PM's. That's just not happening.

    While our gold is collecting dust some folks are making a killing in all kinds of new and unique ways. Not just the founder, in the secondary market as well.

    My son told me he bought this short series of basketball clips for $19. Three weeks later $1500

    m

    Excellent example of the greater fool theory.

    What a great scam, er method, to convert virtual money into real money.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • carew4mecarew4me Posts: 3,459 ✭✭✭✭

    I think NFT has legs....Kings Of Leon just released their new album as an NFT.
    The main point is the token can be traded an also contain special perks etc.

    https://www.rollingstone.com/pro/news/kings-of-leon-when-you-see-yourself-album-nft-crypto-1135192/

    " Kings of Leon Will Be the First Band to Release an Album as an NFT

    The band’s revolutionary tokens will unlock special perks like limited-edition vinyl and front row seats to future concerts
    "


    Loves me some shiny!
  • MeltdownMeltdown Posts: 8,608 ✭✭✭✭✭

    I like that band. Interesting times...

  • cohodkcohodk Posts: 18,500 ✭✭✭✭✭

    @blitzdude said:
    It's like imaginary bitcoins only better. Crazy world!

    These people really do live in a video game. Create fake money and spend it on fake things in a fake world.

    Fake....gives new meaning to 4 letter F words.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • 1984worldcoins1984worldcoins Posts: 595 ✭✭✭✭✭
    edited March 19, 2021 1:43AM

    .

    Coinsof1984@martinb6830 on twitter

  • carew4mecarew4me Posts: 3,459 ✭✭✭✭

    Music, Movies , photos, Direct Deposit - All digital

    FRNs are pieces of paper with printing on them. Dark ages...wont work with new economy, service based economy

    Logically..do you really think money is not going to go full digital?

    It's common sense.


    Loves me some shiny!
  • cohodkcohodk Posts: 18,500 ✭✭✭✭✭

    @carew4me said:
    Music, Movies , photos, Direct Deposit - All digital

    FRNs are pieces of paper with printing on them. Dark ages...wont work with new economy, service based economy

    Logically..do you really think money is not going to go full digital?

    It's common sense.

    It probably will go digital....but and this is important....it will still be backed by the might of a regulatory government.

    This digital "money" today is backed by ?????

    Your digital Led Zeppelin album is worth nothing to me as i can access it for free everyday.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • cohodkcohodk Posts: 18,500 ✭✭✭✭✭

    @1984worldcoins said:

    @cohodk said:

    @blitzdude said:
    It's like imaginary bitcoins only better. Crazy world!

    These people really do live in a video game. Create fake money and spend it on fake things in a fake world.

    Fake....gives new meaning to 4 letter F words.

    True... but...you get paid in bitcoins, you sell those and you will get real good old dollars! Or are those fake too?

    You assume i would accept bitcoins. Bad assumption.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • 1984worldcoins1984worldcoins Posts: 595 ✭✭✭✭✭
    edited March 19, 2021 1:41AM

    .

    Coinsof1984@martinb6830 on twitter

  • carew4mecarew4me Posts: 3,459 ✭✭✭✭

    @cohodk said:

    Your digital Led Zeppelin album is worth nothing to me as i can access it for free everyday.

    And you just made the argument for NFT. A market incentive to actually purchase the media.


    Loves me some shiny!
  • CrashingwavesCrashingwaves Posts: 170 ✭✭✭

    I guess I am old... I like NFTs and find them interesting... but not for the value they sell. To me, this is like marrying an internet gf who you never get to meet. She may be super hot but you will never get to fondle her in person. I like to fondle.

  • WCCWCC Posts: 2,340 ✭✭✭✭✭

    @Crashingwaves said:
    I guess I am old... I like NFTs and find them interesting... but not for the value they sell. To me, this is like marrying an internet gf who you never get to meet. She may be super hot but you will never get to fondle her in person. I like to fondle.

    This is the whole point of collecting...physical possession. The idea of a virtual collector is an oxymoron.

    Sure, there is a craze now and many people supposedly "love" it, as long as they are making money. How much are they going to like it when it crashes 90% to 99% or goes to zero?

    NFT are one of the primary manifestations of the ultimate and greatest mania, the one we have right now. It's lasted a lot longer than I ever remotely thought possible but there is nothing free in life. Most or all of this fake wealth is going to disappear back where it came from. It came from nowhere and that's where it is headed back.

  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭

    There is a lot of money to be made outside of PM's or conventional investments. Gotta be nimble, hold your nose and don't fall in love.

    There are a lot of smart kids out there contrary to popular belief

    m

    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • BaleyBaley Posts: 22,658 ✭✭✭✭✭

    @1984worldcoins said:

    You assume i would accept bitcoins. Bad assumption.

    Lets say I (or you or anybody) make an NFT and sell it for 1 bitcoin. I pay almost nothing to make it and I receive 1 bitcoin in the special crypto account. After that I sell the bitcoin and get 50.000 dollars. Easy money to buy a nice old gold coin.

    There is literally an Infinite supply of things that are cheap and easy to make. The point of these NFTs seems to be thay they are supposedly hard to make and consume time and energy to do so, and are 8n limited number and also entertaining enough to own that someone will want to buy yours, instead of a freshly made one. We'll see how that goes once more are on the bandwagon.

    I sure am not paying hard earned money for fancy memes.

    Liberty: Parent of Science & Industry

  • cohodkcohodk Posts: 18,500 ✭✭✭✭✭

    I see a bull market for psychiatrists.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • cohodkcohodk Posts: 18,500 ✭✭✭✭✭

    @Justacommeman said:

    There are a lot of smart kids out there contrary to popular belief

    m

    The creation of these is genius. The end user, well, maybe not much.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭

    @cohodk said:

    @Justacommeman said:

    There are a lot of smart kids out there contrary to popular belief

    m

    The creation of these is genius. The end user, well, maybe not much.

    End users have been cleaning up as well. Knowing when to sell is half the battle. Momentum is a fickle beast

    m

    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • BaleyBaley Posts: 22,658 ✭✭✭✭✭

    Those who buy and then sell for more aren't "end users" 😉

    Liberty: Parent of Science & Industry

  • cohodkcohodk Posts: 18,500 ✭✭✭✭✭
    edited March 19, 2021 7:27PM
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • carew4mecarew4me Posts: 3,459 ✭✭✭✭
    edited March 20, 2021 4:44AM

    Interesting. Stack PMs as insurance for a major "change" but resist and downplay the change happening all around you.
    Some are playing 3D chess.


    Loves me some shiny!
  • cohodkcohodk Posts: 18,500 ✭✭✭✭✭

    How much real estate have you bought in Decentraland?

    Is that a better deal than real estate in the real world?

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • tincuptincup Posts: 4,722 ✭✭✭✭✭

    In response to the OP original question in the title.... I suppose yes it can. If you can have virtual money, virtual art, virtual real estate, even virtual farts.... why not virtual collector coins, silver bars, fantasy 'rarities'? If you can dream it up, encode it, and convince 'investors' to buy it....

    We truly live in a bizarro world

    ----- kj
  • bidaskbidask Posts: 13,819 ✭✭✭✭✭

    @tincup said:
    In response to the OP original question in the title.... I suppose yes it can. If you can have virtual money, virtual art, virtual real estate, even virtual farts.... why not virtual collector coins, silver bars, fantasy 'rarities'? If you can dream it up, encode it, and convince 'investors' to buy it....

    We truly live in a bizarro world

    Would not surprise me if the big professional coin TPG's and auction houses are looking at this.

    I manage money. I earn money. I save money .
    I give away money. I collect money.
    I don’t love money . I do love the Lord God.




  • CrashingwavesCrashingwaves Posts: 170 ✭✭✭

    @tincup said:
    In response to the OP original question in the title.... I suppose yes it can. If you can have virtual money, virtual art, virtual real estate, even virtual farts.... why not virtual collector coins, silver bars, fantasy 'rarities'? If you can dream it up, encode it, and convince 'investors' to buy it....

    We truly live in a bizarro world

    Well if we are all already living in the matrix... this makes perfect sense.

  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭

    @Crashingwaves said:

    @tincup said:
    In response to the OP original question in the title.... I suppose yes it can. If you can have virtual money, virtual art, virtual real estate, even virtual farts.... why not virtual collector coins, silver bars, fantasy 'rarities'? If you can dream it up, encode it, and convince 'investors' to buy it....

    We truly live in a bizarro world

    Well if we are all already living in the matrix... this makes perfect sense.

    Take the red pill

    m

    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • cohodkcohodk Posts: 18,500 ✭✭✭✭✭

    @bidask said:

    @tincup said:
    In response to the OP original question in the title.... I suppose yes it can. If you can have virtual money, virtual art, virtual real estate, even virtual farts.... why not virtual collector coins, silver bars, fantasy 'rarities'? If you can dream it up, encode it, and convince 'investors' to buy it....

    We truly live in a bizarro world

    Would not surprise me if the big professional coin TPG's and auction houses are looking at this.

    Why would there be a market for fake coins? Who is the consumer of such things?

    Is there a difference between a virtual 1804 dollar and a fake one in a fake PCGS slab?

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • tincuptincup Posts: 4,722 ✭✭✭✭✭

    "Is there a difference between a virtual 1804 dollar and a fake one in a fake PCGS slab?"

    Well, I guess at least with the fake one in a fake PCGS slab, you can hold it in your hand.

    Much of the virtual craze make little sense... but nothing does in bizarro world.....

    ----- kj
  • WCCWCC Posts: 2,340 ✭✭✭✭✭
    edited March 22, 2021 9:26AM

    @cohodk said:
    How much real estate have you bought in Decentraland?

    Is that a better deal than real estate in the real world?

    I was thinking of buying it in "The Matrix", because this is where it sounds these people are living in, in a totally alternative universe.

  • DCWDCW Posts: 6,888 ✭✭✭✭✭

    I read an article the other day that a gentleman sold a compilation of fart recordings he and his friends made during quarantine for $80. NFT included.

    Dead Cat Waltz Exonumia
    "Coin collecting for outcasts..."

  • ShadyDaveShadyDave Posts: 2,184 ✭✭✭✭✭

    @carew4me said:
    Music, Movies , photos, Direct Deposit - All digital

    FRNs are pieces of paper with printing on them. Dark ages...wont work with new economy, service based economy

    Logically..do you really think money is not going to go full digital?

    It's common sense.

    While I think we are trending for the majority of financial transactions to be digital, logistically I don't think we will ever go "full digital" or "digital only". Doubt the Supreme Court would allow that to stand (even though the constitution is violated everyday). Imagine if the Texas economy was 100% digital when they lost power for a few days earlier this year, what then? I lost power for 10+ days in Connecticut during 2011 when the ice storm hit and everything was out within 50 miles of me. Physical cash will have to be around until that can be solved for.

    Going full-digital will also exclude poor people who can't afford internet/computers/phones/bank accounts etc from transacting at all. How would those people transact? 100% digital would give banks and governments free will to charge fees and taxes on anything they like. Does that sound like something you or anyone you know would want?

  • WCCWCC Posts: 2,340 ✭✭✭✭✭
    edited March 22, 2021 11:38AM

    @ShadyDave said:

    Going full-digital will also exclude poor people who can't afford internet/computers/phones/bank accounts etc from transacting at all. How would those people transact?

    >
    There is a very well known book which essentially predicts a fully digital monetary system eventually but not going there now.

    @ShadyDave said:

    >
    100% digital would give banks and governments free will to charge fees and taxes on anything they like. Does that sound like something you or anyone you know would want?
    >
    Sounds precisely a reason why it may happen.

    No bank run on the entire system without physical currency. Need to use a carrot and stick approach with those "evil" prudent savers who aren't doing their "fair share" to "properly stimulate" the economy.

  • tincuptincup Posts: 4,722 ✭✭✭✭✭

    I could be wrong... but I think we are seeing something take place that will exceed the tulip craze that we hear so much about. If you want to read about some manias and bubbles... the following is an excellent and entertaining book:

    More Extraordinary Popular Delusions and the Madness of Crowds (author Bulgatz)

    ----- kj
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