The only thing supporting the value of any collectible being over its intrinsic value is the supply/demand. I’m not sure how that dynamic is any different in a coin, stamp, or an electronic asset.
It’s also not appealing to me, but it clearly is very appealing to a large group of people.
There are many items in the coin arena that have also achieved price levels that I consider to be complete nonsense. No tulips for me.
@davewesen said:
I don't get it, millions for a .jpg file? I also do not understand $2.5 million for a tweet, what are you getting?
.
i don't recall the site i read about this before it was posted here but there was MUCH more to it and to some extent is going to be a new way of protecting/monetizing one's work and being able to secure it. like with cryptos, there is an algorithm associated with them.
if someone wants to really dig out the "why" of it, search out some articles. i'd post the what i consider very informative article but im pretty certain i clicked some random news article from one of those pages that shows tons of different world news reporting agencies headlines.
if what i read what accurate, 2.5 is a drop in the bucket compared to the total amounts going into this.
I posted this on the precious metal forum and would not be surprised if Heritage or Stacks or other coin industry bigwigs are looking closely at this new collectible and how they can cash in and be a part of !
@ErrorsOnCoins said:
I was talking to my wife about this yesterday,
That is the custody of the blockchain of art to the original creation.
I have a great idea of how to market my photographs this way but have no idea how to get it done.
In my case, I could sell a high-end digital copy of one of my photographs and the blockchain would include the original 4x5 transparency which is a piece of 4x5 inch sheet film.
Hmmmm.....
can you have that made into a 10,000 piece puzzle ?
@ErrorsOnCoins said:
I was talking to my wife about this yesterday,
That is the custody of the blockchain of art to the original creation.
I have a great idea of how to market my photographs this way but have no idea how to get it done.
In my case, I could sell a high-end digital copy of one of my photographs and the blockchain would include the original 4x5 transparency which is a piece of 4x5 inch sheet film.
Hmmmm.....
>
can you have that made into a 10,000 piece puzzle ?
I did sell a different photograph to a puzzle publisher.
The above image was the cover of Sunset Magazine many years ago.
@ErrorsOnCoins said:
So for coins, I guess it will work this way.
Collector buys NFT of a Certified Coin.
Collector receives:
NFT
High-End Huge File Size Digital Photograph of the Coin
Certified Coin
...............
Any Deep pockets here want to look into a project such as this?
I don’t think that is how it would work. The NFT isn’t of an existing object, hence the NFT acronym. It would be some created image or video, like a perfect double eagle rotating. Sell a limit number of them for each denomination.
Say the US Mint sells 500 NFTs of the 2021 double eagle. My guess is the price would greatly exceed the cost of a real one.
@ErrorsOnCoins said:
So for coins, I guess it will work this way.
Collector buys NFT of a Certified Coin.
Collector receives:
NFT
High-End Huge File Size Digital Photograph of the Coin
Certified Coin
...............
Any Deep pockets here want to look into a project such as this?
I don’t think that is how it would work. The NFT isn’t of an existing object, hence the NFT acronym. It would be some created image or video, like a perfect double eagle rotating. Sell a limit number of them for each denomination.
Say the US Mint sells 500 NFTs of the 2021 double eagle. My guess is the price would greatly exceed the cost of a real one.
You would still get a real one.
And yes the NFT blockchain with high-end photograph would increase the price IMO.
@bolivarshagnasty said:
Doesn't PCGS claim all rights to the TrueView images? How would you feel if PCGS sold a collage of your coins for $XXXXX?
That’s not what a NFT is. It isn’t a tangible object. It would be something new. It’s not like buying a coin and getting a picture of it. It would be an electronic image of a coin that doesn’t exist.
A bit interesting - I can see the appeal for popular memes and digital artworks. I think the utility for physical items is a bit more limited. As others have noted, issuing NFT for specific coins that are graded by our hosts or others would likely simply be part of the grading process, and thus give a premium similar to that currently provided by simple grading and encapsulation.
That’s not what a NFT is. It isn’t a tangible object. It would be something new. It’s not like buying a coin and getting a picture of it. It would be an electronic image of a coin that doesn’t exist.
my 33 DE picture would include text indicating ownership of the physical coin transfers with the photo.
The only thing supporting the value of any collectible being over its intrinsic value is the supply/demand. I’m not sure how that dynamic is any different in a coin, stamp, or an electronic asset.
It’s also not appealing to me, but it clearly is very appealing to a large group of people.
I am waiting to see how long it lasts. I have the sneaking suspicion it's tied to the "all everything" bubble.
That’s not what a NFT is. It isn’t a tangible object. It would be something new. It’s not like buying a coin and getting a picture of it. It would be an electronic image of a coin that doesn’t exist.
my 33 DE picture would include text indicating ownership of the physical coin transfers with the photo.
That’s just a photo of your coin, essential including a true view when a coin is sold. That is completely different and not a NFT.
I wonder if the buyer can get insurance to cover it if there is a technical issue like the server it's on crashes or if it is infected with a virus. This boy puts his money in more tangible items, not streams of electrons that can easily evaporate!
@amwldcoin said:
I wonder if the buyer can get insurance to cover it if there is a technical issue like the server it's on crashes or if it is infected with a virus. This boy puts his money in more tangible items, not streams of electrons that can easily evaporate!
Probably need to consult a lawyer first, make sure they understand the fine print and in the event of a claim, might end up in court.
@amwldcoin said:
I wonder if the buyer can get insurance to cover it if there is a technical issue like the server it's on crashes or if it is infected with a virus. This boy puts his money in more tangible items, not streams of electrons that can easily evaporate!
I can see how this can be confusing for some people.
Its change, people don't like change.
I've made more money in 1 year trading crypto, than 5 years of coin
collecting and selling.
I was introduced to Bitcoin at $4 a coin back in 2008.
NFT is just another way of jumping on.
Don't wait too long.
@CoinNovice said:
I can see how this can be confusing for some people.
Its change, people don't like change.
I've made more money in 1 year trading crypto, than 5 years of coin
collecting and selling.
I was introduced to Bitcoin at $4 a coin back in 2008.
NFT is just another way of jumping on.
Don't wait too long.
Thank you for that I was confused.
When you get back from Paris on your private jet this weekend and are just sitting on your porch in the Hamptons, be sure to message us so we know where Bitcoin will be on March 13th 2022.
@CoinNovice said:
I can see how this can be confusing for some people.
Its change, people don't like change.
I've made more money in 1 year trading crypto, than 5 years of coin
collecting and selling.
I was introduced to Bitcoin at $4 a coin back in 2008.
NFT is just another way of jumping on.
Don't wait too long.
Thank you for that I was confused.
When you get back from Paris on your private jet this weekend and are just sitting on your porch in the Hamptons, be sure to message us so we know where Bitcoin will be on March 13th 2022.
My point is, dont wait to long.
Change isn't always bad.
excuse me.
@CoinNovice said:
I can see how this can be confusing for some people.
Its change, people don't like change.
I've made more money in 1 year trading crypto, than 5 years of coin
collecting and selling.
I was introduced to Bitcoin at $4 a coin back in 2008.
NFT is just another way of jumping on.
Don't wait too long.
Thank you for that I was confused.
When you get back from Paris on your private jet this weekend and are just sitting on your porch in the Hamptons, be sure to message us so we know where Bitcoin will be on March 13th 2022.
My point is, dont wait to long.
Change isn't always bad.
excuse me.
I agree with much of the sentiment here vis a vis cryptocurrency and find I simply have no desire to "hold" it, despite whatever the "price" may be.
Can I physically hold a Bitcoin or this work of art? Nope. I know some early Bitcoins came in a physical form that included a digital signature, but this is the exception to the rule. Even so, they are not made of any valuable metal and therefore have zero intrinsic value. It is pure hysteria driving the price up for these, in my estimation.
I would even say that fiat currency of more or less stable governments has more value than Bitcoin in the final analysis--at least a sovereign nation is backing it. What is backing Bitcoin? It is a decentralized currency that also functions as a payment system, supported by blockchain technology. Really, who cares? Let's be honest: the average person will not ever understand blockchain technology and will not make an effort to do so. It simply isn't and hasn't been relevant to daily human existence for the entirety of human history.
People understand things they can actually see. They understand the idea that a government--which exists--can provide faith in a nation's currency. Blockchain is simply an esoteric technology being used by the digital intelligentsia to make money in the short run. If the world's governments begin to feel that people are turning away from sovereign currency in favor of Bitcoin, they will ban it. And they should.
Stick with metals--5000 years of human history is not going to be undone by some crackpot idea cooked up by a man named Satoshi. Sorry not sorry.
@stownsin said:
I agree with much of the sentiment here vis a vis cryptocurrency and find I simply have no desire to "hold" it, despite whatever the "price" may be.
Can I physically hold a Bitcoin or this work of art? Nope. I know some early Bitcoins came in a physical form that included a digital signature, but this is the exception to the rule. Even so, they are not made of any valuable metal and therefore have zero intrinsic value. It is pure hysteria driving the price up for these, in my estimation.
I would even say that fiat currency of more or less stable governments has more value than Bitcoin in the final analysis--at least a sovereign nation is backing it. What is backing Bitcoin? It is a decentralized currency that also functions as a payment system, supported by blockchain technology. Really, who cares? Let's be honest: the average person will not ever understand blockchain technology and will not make an effort to do so. It simply isn't and hasn't been relevant to daily human existence for the entirety of human history.
People understand things they can actually see. They understand the idea that a government--which exists--can provide faith in a nation's currency. Blockchain is simply an esoteric technology being used by the digital intelligentsia to make money in the short run. If the world's governments begin to feel that people are turning away from sovereign currency in favor of Bitcoin, they will ban it. And they should.
Stick with metals--5000 years of human history is not going to be undone by some crackpot idea cooked up by a man named Satoshi. Sorry not sorry.
I bet someone said that about horses, once upon a time...
Horses have deep roots in human history. A horse can actually be mobilized to do labor and (for many cultures throughout history) has been a source of food. In more recent history, they have become sources of entertainment through venues like the Kentucky Derby, around which entire economies spring up. A horse is a tangible commodity that has intrinsic value. A Bitcoin is not tangible. It's fugazi. In a way, it is worse than fake because of how much energy goes into "mining" these "coins." It takes an ungodly amount of computer processing power to "mine" a Bitcoin. So, in a way, it has a negative value in that it only takes from the world and gives nothing back. Reminds me a bit of a Ponzi scheme, where there is no actual product and beneficial contribution to the world.
@stownsin said:
Horses have deep roots in human history. A horse can actually be mobilized to do labor and (for many cultures throughout history) has been a source of food. In more recent history, they have become sources of entertainment through venues like the Kentucky Derby, around which entire economies spring up. A horse is a tangible commodity that has intrinsic value. A Bitcoin is not tangible. It's fugazi. In a way, it is worse than fake because of how much energy goes into "mining" these "coins." It takes an ungodly amount of computer processing power to "mine" a Bitcoin. So, in a way, it has a negative value in that it only takes from the world and gives nothing back. Reminds me a bit of a Ponzi scheme, where there is no actual product and beneficial contribution to the world.
You miss the point. I'm pretty sure people would have said that nothing is going to displace the horse because it had a 40,000 year human history. And yet, the car did.
You can focus all you want on the tangible, but the vast majority of money even now is NOT tangible.
@amwldcoin said:
I wonder if the buyer can get insurance to cover it if there is a technical issue like the server it's on crashes or if it is infected with a virus. This boy puts his money in more tangible items, not streams of electrons that can easily evaporate!
Except for all your bank accounts, stock accounts, retirement accounts...which are all fundamentally streams of electrons.
@amwldcoin said:
I wonder if the buyer can get insurance to cover it if there is a technical issue like the server it's on crashes or if it is infected with a virus. This boy puts his money in more tangible items, not streams of electrons that can easily evaporate!
Except for all your bank accounts, stock accounts, retirement accounts...which are all fundamentally streams of electrons.
@amwldcoin said:
I wonder if the buyer can get insurance to cover it if there is a technical issue like the server it's on crashes or if it is infected with a virus. This boy puts his money in more tangible items, not streams of electrons that can easily evaporate!
Except for all your bank accounts, stock accounts, retirement accounts...which are all fundamentally streams of electrons.
Do you hold your stock certificates or are they digital?
@amwldcoin said:
I wonder if the buyer can get insurance to cover it if there is a technical issue like the server it's on crashes or if it is infected with a virus. This boy puts his money in more tangible items, not streams of electrons that can easily evaporate!
Except for all your bank accounts, stock accounts, retirement accounts...which are all fundamentally streams of electrons.
Do you hold your stock certificates or are they digital?
@amwldcoin said:
I wonder if the buyer can get insurance to cover it if there is a technical issue like the server it's on crashes or if it is infected with a virus. This boy puts his money in more tangible items, not streams of electrons that can easily evaporate!
Except for all your bank accounts, stock accounts, retirement accounts...which are all fundamentally streams of electrons.
No, there isn't. There's a promise. And if someone hacks your broker and transfers your stocks to someone else, what tangible asset do you have? Bubkis!
Google "Title Fraud" Even your house can be digitally stolen from you.
@amwldcoin said:
I wonder if the buyer can get insurance to cover it if there is a technical issue like the server it's on crashes or if it is infected with a virus. This boy puts his money in more tangible items, not streams of electrons that can easily evaporate!
Except for all your bank accounts, stock accounts, retirement accounts...which are all fundamentally streams of electrons.
Do you hold your stock certificates or are they digital?
Even if you have the certificate, it is nothing but a piece of paper whose record of ownership could easily be digitally changed.
@Baley said:
There is often a company behind the stock, that has buildings and facilities and employees, that produces and sells products, and that makes profits.
Except your stake in said physical entity is digitally recorded and can be digitally removed. Given that BTC and the like are exchangeable for dollars, they are as real as any other kind of money. In the end, stocks, bonds, cash and BTC are all simply promissory notes. Even your house can be digitally stolen...while you are actually living in it.
Comments
There are many items in the coin arena that have also achieved price levels that I consider to be complete nonsense. No tulips for me.
Why would you want to do that? But if you do want to, why not just use an editing program?
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
.
i don't recall the site i read about this before it was posted here but there was MUCH more to it and to some extent is going to be a new way of protecting/monetizing one's work and being able to secure it. like with cryptos, there is an algorithm associated with them.
if someone wants to really dig out the "why" of it, search out some articles. i'd post the what i consider very informative article but im pretty certain i clicked some random news article from one of those pages that shows tons of different world news reporting agencies headlines.
if what i read what accurate, 2.5 is a drop in the bucket compared to the total amounts going into this.
So for coins, I guess it will work this way.
Collector buys NFT of a Certified Coin.
Collector receives:
NFT
High-End Huge File Size Digital Photograph of the Coin
Certified Coin
...............
Any Deep pockets here want to look into a project such as this?
I posted this on the precious metal forum and would not be surprised if Heritage or Stacks or other coin industry bigwigs are looking closely at this new collectible and how they can cash in and be a part of !
https://forums.collectors.com/discussion/1053565/this-is-making-my-head-spin-can-it-apply-to-coins#latest
I give away money. I collect money.
I don’t love money . I do love the Lord God.
For coins, the pedigree from when the NFT was created and into the future will always be known with blockchain, Correct?
can you have that made into a 10,000 piece puzzle ?
I did sell a different photograph to a puzzle publisher.
The above image was the cover of Sunset Magazine many years ago.
Say the US Mint sells 500 NFTs of the 2021 double eagle. My guess is the price would greatly exceed the cost of a real one.
You would still get a real one.
And yes the NFT blockchain with high-end photograph would increase the price IMO.
Doesn't PCGS claim all rights to the TrueView images? How would you feel if PCGS sold a collage of your coins for $XXXXX?
That’s not what a NFT is. It isn’t a tangible object. It would be something new. It’s not like buying a coin and getting a picture of it. It would be an electronic image of a coin that doesn’t exist.
A bit interesting - I can see the appeal for popular memes and digital artworks. I think the utility for physical items is a bit more limited. As others have noted, issuing NFT for specific coins that are graded by our hosts or others would likely simply be part of the grading process, and thus give a premium similar to that currently provided by simple grading and encapsulation.
Just saw that in the news. I LMAO 😆
my 33 DE picture would include text indicating ownership of the physical coin transfers with the photo.
I am waiting to see how long it lasts. I have the sneaking suspicion it's tied to the "all everything" bubble.
That’s just a photo of your coin, essential including a true view when a coin is sold. That is completely different and not a NFT.
So an image that doesn’t really exist was paid for with money that doesn’t really exist and everyone is happy.
Could be worse
Artist Piero Manzoni's own ah....waste
(sold for $328,700)
My Saint Set
The seller is laughing all the way to the bank!
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
My Full Walker Registry Set (1916-1947)
https://www.ngccoin.com/registry/competitive-sets/16292/
May actually contribute to climate change.
https://esquire.com/entertainment/a35742083/what-are-nfts-explained/
Box of 20
Yes blockchain is a gigantic power suck.
No bubble here.
I wonder if the buyer can get insurance to cover it if there is a technical issue like the server it's on crashes or if it is infected with a virus. This boy puts his money in more tangible items, not streams of electrons that can easily evaporate!
Probably need to consult a lawyer first, make sure they understand the fine print and in the event of a claim, might end up in court.
Everything went wonky after the end of the Mayan calendar.
100% Positive BST transactions
Amen Brother.
I can see how this can be confusing for some people.
Its change, people don't like change.
I've made more money in 1 year trading crypto, than 5 years of coin
collecting and selling.
I was introduced to Bitcoin at $4 a coin back in 2008.
NFT is just another way of jumping on.
Don't wait too long.
Some people have more money than sense.
To anyone looking to burn money, I’d be happy to help you with that.
Got NFT?
Thank you for that I was confused.
When you get back from Paris on your private jet this weekend and are just sitting on your porch in the Hamptons, be sure to message us so we know where Bitcoin will be on March 13th 2022.
My point is, dont wait to long.
Change isn't always bad.
excuse me.
No worries.
I agree with much of the sentiment here vis a vis cryptocurrency and find I simply have no desire to "hold" it, despite whatever the "price" may be.
Can I physically hold a Bitcoin or this work of art? Nope. I know some early Bitcoins came in a physical form that included a digital signature, but this is the exception to the rule. Even so, they are not made of any valuable metal and therefore have zero intrinsic value. It is pure hysteria driving the price up for these, in my estimation.
I would even say that fiat currency of more or less stable governments has more value than Bitcoin in the final analysis--at least a sovereign nation is backing it. What is backing Bitcoin? It is a decentralized currency that also functions as a payment system, supported by blockchain technology. Really, who cares? Let's be honest: the average person will not ever understand blockchain technology and will not make an effort to do so. It simply isn't and hasn't been relevant to daily human existence for the entirety of human history.
People understand things they can actually see. They understand the idea that a government--which exists--can provide faith in a nation's currency. Blockchain is simply an esoteric technology being used by the digital intelligentsia to make money in the short run. If the world's governments begin to feel that people are turning away from sovereign currency in favor of Bitcoin, they will ban it. And they should.
Stick with metals--5000 years of human history is not going to be undone by some crackpot idea cooked up by a man named Satoshi. Sorry not sorry.
I bet someone said that about horses, once upon a time...
Horses have deep roots in human history. A horse can actually be mobilized to do labor and (for many cultures throughout history) has been a source of food. In more recent history, they have become sources of entertainment through venues like the Kentucky Derby, around which entire economies spring up. A horse is a tangible commodity that has intrinsic value. A Bitcoin is not tangible. It's fugazi. In a way, it is worse than fake because of how much energy goes into "mining" these "coins." It takes an ungodly amount of computer processing power to "mine" a Bitcoin. So, in a way, it has a negative value in that it only takes from the world and gives nothing back. Reminds me a bit of a Ponzi scheme, where there is no actual product and beneficial contribution to the world.
What an interesting discussion. This is why I hang out here...
Click on this link to see my ebay listings.
Why buy crypto? IMO .....
Diversification of Assets
As a Trading Vehicle
As a (possible) Inflation Hedge
A way to talk to your friends that makes you sound cool
Do not look at the bitcoin price right now
You miss the point. I'm pretty sure people would have said that nothing is going to displace the horse because it had a 40,000 year human history. And yet, the car did.
You can focus all you want on the tangible, but the vast majority of money even now is NOT tangible.
Except for all your bank accounts, stock accounts, retirement accounts...which are all fundamentally streams of electrons.
Yeah but there is something tangible behind those streams of electrons!
Do you hold your stock certificates or are they digital?
What is stock?
No, there isn't. There's a promise. And if someone hacks your broker and transfers your stocks to someone else, what tangible asset do you have? Bubkis!
Google "Title Fraud" Even your house can be digitally stolen from you.
Even if you have the certificate, it is nothing but a piece of paper whose record of ownership could easily be digitally changed.
There is often a company behind the stock, that has buildings and facilities and employees, that produces and sells products, and that makes profits.
Liberty: Parent of Science & Industry
Except your stake in said physical entity is digitally recorded and can be digitally removed. Given that BTC and the like are exchangeable for dollars, they are as real as any other kind of money. In the end, stocks, bonds, cash and BTC are all simply promissory notes. Even your house can be digitally stolen...while you are actually living in it.
https://www.experian.com/blogs/ask-experian/what-is-home-title-fraud/
Silly rabbit!
$100,000,000
The Mysterious Egyptian Magic Coin
Coins in Movies
Coins on Television
One coin... one person... one quote captures the moment
Experience the World through Numismatics...it's more than you can imagine.
I see one coin and one person, but what's the quote?