- Will NFT kill art or art experience?
- If I have $500 and want to start on Crypto, what will you recommend I buy?
- You are both a crypto guy and gold guy but both are considered a hedge, which one is a better hedge?
- Will Crypto really take the place of USD as the world’s reserve currency?
- The Importance of a US-based company
1- Will NFT kill art or art experience?
- I am neither an artist nor an art critic so I can’ provide a perspective on how NFTs will affect the quality of art. I do love art though and I am into tech and business. So I can give you a perspective on the business side of art.
- Technology has always been a threat to anything classic. Actually, anything new is perceived as a threat to anything classic.
- Opera was the original pop. Somewhere between 1600s and 1900s, the young bourgeoisie got bored and used faster beats during social gatherings. An entrepreneurial German opened a dance hall, with waltz, mazurka, and polka as the dance beat. These dances were designed for two people to dance together. The church called it a pagan dance and the older generation called it the death of music as a form of art.
- Movies faced a “similar threat” with TV. When the war ended and men returned home, many purchased a home… in the suburbs. Downtown was a considerable drive away and mass transportation wasn’t exactly a plenty. They turned to TV. People thought it was the end of movies.
- When tablets and kindles hit the market, people feared that the book was dying and being taken over by the eBook world. Print Book sales rose 8.2% in 2020 and is projected to have an annual growth rate of 1.47% through 2025,
- Phones are also seen as a threat to DSLR. Camera & Imaging Products Association (CIPA) shows the market is back in business and nearly recovered from the COVID-19 downturn.
- Now, it’s NFT threatening art, publishers, management companies, and others.
- The hate started with a Banksy’s piece was burnt and a digital representation of it was sold as a NFT. i mean, why will you ever burn a Banksy? Even to me, it’s mind boggling but i do know that it is primarily because of the intangibility of it that makes it difficult for me and for others to accept. That one-of-a-kind Banksy piece is now converted to a digital representation
- This is the biggest hindrance, the intangibility of most NFTs
- But at its core, there are important problems NFTs address, the most important of which is ownership.
- According to the RIAA, the U.S. economy loses $12.5 billion yearly because of piracy and about 71,060 jobs to the U.S. economy.
- Piracy is also affecting the US film and TV industry with $79 billion loss annually.
- With NFTs, the ownership becomes clear and the artists will benefit
- This is also a new way for fans to enjoy artists’ work. Artists are creating extended versions of their arts instead instead of simply converting their current work to NFTs
- This is an additional way for artists to earn and an almost ironclad way to protect their creation
2- If I have $500 and want to start on Crypto, what will you recommend I buy?
- I am not a financial advisor.
- First, I would suggest you consult one.
- Second, I can share what works for me. You can add this to your research as you formulate an investment strategy that works for you
- I don’t invest in anything i don’t believe in. that applies to all investments, not just crypto
- When it comes to crypto, i look at the developers and investors. It’s rare for developers to come out of the blue and create something great, not that it’s impossible but unlikely. I look at their reputation, ask around, search online. Same with investors. I look at who are behind the business side of the coin. More importantly, I look at the coin and make sure I believe what it stand for.
- I also try to examine what my real objective is when I make another investment. Do i want to earn money for my daily living or do I want this as an investment for my retirement?
3- You are both a crypto guy and gold guy. Both are considered a hedge, which one is a better hedge?
They are two different assets.
I have always been an advocate of one thing when it comes to investmenting, diversification.
Specific allocation, of course, depends on your goals and where you are in your life. That’s why it’s important to consult a financial advisor.
Get into stocks, ETFs, Bonds, Real Estate… invest in start ups, put up a business, continue to work… then there’s gold and crypto.
Think of it like building a basketball team. Each asset plays a different role. Gold, being the defensive line.
Gold has proven its track record as a hedge. Through all economic crashes, gold thrived. Demand, limited supply, and the design of the global economy will continue to make it a hedge.
It’s the one that will protect all your other investments.
Crypto is new, like a rookie that your team in is betting on, one that could be your franchise player. Like a rookie, there will be a good days and bad days but hopefully, it’s improving, learning something so that in the future, it could carry your whole investment.
So, it’s not even worth comparing. They are just two different assets. They serve different purposes.
They are being compared because it makes a good story but the last thing you should do as an investor is allow ‘stories’ to affect how you invest.
4- Will Crypto really take the place of USD as the world’s reserve currency?
I would take this to mean Bitcoin. Will Bitcoin take the place of the US Dollar as the world’s reserve currency?
No. I think Bitcoin and other crypto currencies will, however, create a different economic process.
China is already spearheading it.
They are trading directly with other countries using crypto currencies instead of money. They are also rolling out the digital yuan.
Now, how that will co-exist with the US Dollar depends on how fast we adapt and regulations we put in place to allow crypto currencies to thrive. We can let other countries get ahead of us.
We need to make it easier for investors and developers to thrive, improve the blockchain, and create new cryptos.
5- The Importance of a US-based company
First of all, there are a lot of companies out of the US that we can trust. A lot and I have always been a believer of supporting global businesses.
One thing unique about investing in crypto, though, is that it is new. It is a new asset which means legislations and regulations are still very immature.
When you deal with investments, you need to be careful and have the confidence that your money is safe. One way of doing that is by ensuring your investing with the company that will hold against our laws.
You also need to be able to talk with someone if you do pick up the phone to call.
You don’t want to lose $220 million dollars worth of bitcoin because you lost your password.
There is another thing that happened recently with a Turkey-based crypto trading platform.
Thodex, a crypto platform based in Turkey, said its platform has been “temporarily closed” to address an “abnormal fluctuation in the company accounts.”
Local media reports say that Faruk Fatih Ozer, Thodex’s founder, has flown to Albania, taking $2 billion of investors’ funds with him.
According to the state-run Anadolu Agency, Turkish authorities have now issued an international warrant seeking Ozer’s arrest.