Crypto NFT and unregulated investment

[IAmNick]

19 minutes ago, KegCity said:

AMC was fine for the record, I made a profit on it. 

Was fine? I mean it's a stock which went up and then cratered so sort of if you got in early enough and sold at the right point, as with anything.

There are now bizarre conspiracy cults around both still going strong, with many thousands of people with cost averages of multiples of the current share price. A load of their posts end with the "not financial advice" phrase that guy above used, which is what made me think of it!

Edited May 25, 2022 by IAmNick

[KegCity]

4 minutes ago, IAmNick said:

Was fine? I mean it's a stock which went up and then cratered so sort of if you got in early enough and sold at the right point, as with anything.

There are now bizarre conspiracy cults around both still going strong, with many thousands of people with cost averages of multiples of the current share price. A load of their posts end with the "not financial advice" phrase that guy above used, which is what made me think of it!

Oh yeah the whole diamond hands thing is bollocks. WSB is a strange place but there's money to be made if you take it for what it is.

Think Bitcoin and Ethereum have a future though despite what that other poster said. Don't know loads about it so happy to be told otherwise but does the crash in the crypto market not just reflect the wider economy?

[IAmNick]

18 minutes ago, KegCity said:

Oh yeah the whole diamond hands thing is bollocks. WSB is a strange place but there's money to be made if you take it for what it is.

Think Bitcoin and Ethereum have a future though despite what that other poster said. Don't know loads about it so happy to be told otherwise but does the crash in the crypto market not just reflect the wider economy?

I remember reading WSB for a year or two before the whole GME mania which was pretty good fun, it's unbearable now though I find. 1m members to 10m in about a month, it was a pretty crazy time!

I'm no crypto expert, but I work in software so have a decent understanding of the tech and follow it (as an interested observer) but my own knowledge is pretty surface level!

My personal view is that I just don't see the value they add, and I do see a lot of downsides. People seem to invest solely to make crazy amounts of money rather than because they believe in the company (like with a traditional stock) or because they believe in the tech behind it itself. It's not a stable investment, people just want to randomly dump £1k into it and hope it explodes and they walk away a millionaire.

If you're interested I'd highly recommend this "documentary" - it's 2 hours which seems overwhelming but the guy who does it is brilliant. I didn't think I'd care but have watched it through twice now. It covers both Bitcoin and Ethereum early on, then goes onto NFTs and more.

edit: Embed is broken: https://www.youtube.com/watch?v=YQ_xWvX1n9g

 

Edited May 25, 2022 by IAmNick

[TonyTonyTony]

In my role I sell various chemicals, historically to Industrial applications but been making a killing recently selling into cooling fluids for cryptocurrency mining centres. You can name your price as the energy savings you can give them are huge if you improve cooling even a few percent. The energy these centres use is horrendous - I didn’t realise how much until I looked into it. Any coincidence Bitcoin has dropped since energy has risen?

[nebristolred]

10 hours ago, TonyTonyTony said:

In my role I sell various chemicals, historically to Industrial applications but been making a killing recently selling into cooling fluids for cryptocurrency mining centres. You can name your price as the energy savings you can give them are huge if you improve cooling even a few percent. The energy these centres use is horrendous - I didn’t realise how much until I looked into it. Any coincidence Bitcoin has dropped since energy has risen?

Could be way off here, I've been out of keeping up with it for a long time now, but I'd have thought high energy prices = more difficult to mine new BTC, so it should mean Bitcoin would go up in price by that logic.

I think energy cost is having an impact, but in a different way, in that it's making people pull out speculative investments in the crypto space because they need more cash now for bills.

Edited May 26, 2022 by nebristolred