A bit of rain Hershey Forward Ambulation GOOD MORNING!!! to you all! Yup, Hershey got to forward ambulate this morning. He deserved it after being a good boy for his “niece and nephew” that came over this weekend and terrorized him!
Technically Talkin Tuesday Ed-vise today. Cause it’s TUESDAY…Technically.
Sometime last year I told you all I would journey down the rabbit hole of crypto. I cannot remember the exact date I said that, but, I think it was last year.
Since that journey began, I have read 20+ law review type articles, two books and a ton of blogs regarding crypto, DAOs, Web3 and blockchain stuff. I have read tons of tweets and news articles about the different offerings of projects and protocols. I have connected with four Discord groups and sit through, almost every Friday for the one Discord called Lex-DAO legal clinic. There, we help non-profit, new DAOs get set up by running them through a legal Q&A to make sure they don’t end up paying the SEC.
I’ve listened to multiple podcasts related to law and Web3/ crypto. Listened to experts and regulators speak about this new frontier.
I’ve even been so blessed as to watch the eyes of my friends gloss over as they mentally “check out” while I rattle on about the topic. The hard part about being passionate about crypto is knowing when to shut up about it! Obviously, not here.
Today, crypto currencies are taking a bath in the market. They, along with all the other stocks. Bitcoin, the “Grandaddy” of cryptos has lost 2/3rds of it’s value. From a high of 66,000 to, today at 22,000. Within a year’s time.
So, with all that, what have I learned?
I’ve learned that I still do not know why a person would create a business using blockchain technology.
I’ve learned that I still do not understand why people put money into a concept that they themselves do not understand. For instance there have been two major collapses of what are called projects. “Projects” are the companies that get created using the different blockchains. Ethereum being the big one due to ease of programming.
The two in mind are LUNA and Celsius. LUNA collapsed entirely; Celsius is collapsing as it scrambles to pay off it’s massive amount of loans that have come due.
I read the whitepapers on both of these. The hype on either one was a lot of fireworks and big promises of big returns. My problem with both was I could not figure out how either of them were supposed to work. Now, I’m not saying I’m the most smartest person in the room (I am but that’s because I’m alone). However, if I cannot understand how they work, I would NEVER invest in them!
Same goes for the average investor.
The other thing I learned is that, despite the failure and apparent “self enrichment” of the founder of LUNA (Do Kwon), people, investors, still think he is a good choice and will invest in his next project!
In sum, in all that reading, I’ve learned the promise of the technology is good. The greed that is in humans to make quick money is also very prevalent. So, here is some investing Ed-vise for the world of crypto: if you don’t know how the company works, don’t invest in them. Too easy.
I’m just saying
That’s it for today. Take care of yourselves. Check in on each other and remember buy corn from a pirate. They sell it at a…BUCK AN EAR! HAHAHAHAHHAHAHA…Arrrr