This newsletter is sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use!Saturday Night Live did a sketch on NFTs. Wow - we went from niche art community to mainstream media FAST!Non-fungible tokens are the hottest thing in the crypto-asset community these days, generating headlines and social-media buzz even though many people still have no idea what they are or how they work. But it might have taken a sketch on this weekend’s “Saturday Night Live” to answer the big question: “What the hell’s an NFT?”In the sketch, Kate McKinnon plays Treasury Secretary Janet Yellen addressing a college economics class, when an Eminem-clad Pete Davidson asks a question.“Two Silicon boys were talkin’ outside,” he starts, to the tune of Eminem’s 2000 hit “Without Me.” It quickly breaks into an elaborate rap parody, joined by Chris Redd, who offers a rapid-fire “list of complete nonsense.”Then musical guest Jack Harlow, playing a janitor who wanders by, joins in and actually presents a pretty decent explanation: “Non-fungible means that it’s unique,” he raps. “There can only be one like you and me. NFTs are insane, built on a blockchain. A digital ledger of transactions, it records information on what’s happening. Once it’s minted, you can sell it as art.”The sketch ends with the four of them getting Photoshopped onto a background of Abbey Road and sold as an NFT for (of course) 420 ether — about $718,000.I have no comment on the actual sketch, I just find the meteoric growth of the NFT space absolutely astounding. This is likely an early "top" signal for much of the NFT market and I expect there to be a bubble pop of sorts, much like DeFi last summer and Bitcoin in 2017. I love NFTs and believe the quality work will survive and continue to thrive, but this is getting a bit ridiculous. Be very careful buying everything and everything labeled an NFT - most of it will inevitably go to 0.I will be live streaming today at 2 PM EST, reviewing the weekend and looking for new trades for the week! Come hang out, engage and learn.https://www.youtube.com/watch?v=SBlsRQuKsc8In This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsVisa Will Use USDC To Settle TransactionsBNY Mellon Bitcoin Report Is BullishCathie Woods - Bitcoin Bull, Bull, BullIs A 20x Bitcoin Price Possible?Ethereum Scaling Is DelayedMy Recommended Platforms And Tools
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The Wolf Den #208 - SNL Goes NFT
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This newsletter is sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use!Saturday Night Live did a sketch on NFTs. Wow - we went from niche art community to mainstream media FAST!Non-fungible tokens are the hottest thing in the crypto-asset community these days, generating headlines and social-media buzz even though many people still have no idea what they are or how they work. But it might have taken a sketch on this weekend’s “Saturday Night Live” to answer the big question: “What the hell’s an NFT?”In the sketch, Kate McKinnon plays Treasury Secretary Janet Yellen addressing a college economics class, when an Eminem-clad Pete Davidson asks a question.“Two Silicon boys were talkin’ outside,” he starts, to the tune of Eminem’s 2000 hit “Without Me.” It quickly breaks into an elaborate rap parody, joined by Chris Redd, who offers a rapid-fire “list of complete nonsense.”Then musical guest Jack Harlow, playing a janitor who wanders by, joins in and actually presents a pretty decent explanation: “Non-fungible means that it’s unique,” he raps. “There can only be one like you and me. NFTs are insane, built on a blockchain. A digital ledger of transactions, it records information on what’s happening. Once it’s minted, you can sell it as art.”The sketch ends with the four of them getting Photoshopped onto a background of Abbey Road and sold as an NFT for (of course) 420 ether — about $718,000.I have no comment on the actual sketch, I just find the meteoric growth of the NFT space absolutely astounding. This is likely an early "top" signal for much of the NFT market and I expect there to be a bubble pop of sorts, much like DeFi last summer and Bitcoin in 2017. I love NFTs and believe the quality work will survive and continue to thrive, but this is getting a bit ridiculous. Be very careful buying everything and everything labeled an NFT - most of it will inevitably go to 0.I will be live streaming today at 2 PM EST, reviewing the weekend and looking for new trades for the week! Come hang out, engage and learn.https://www.youtube.com/watch?v=SBlsRQuKsc8In This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsVisa Will Use USDC To Settle TransactionsBNY Mellon Bitcoin Report Is BullishCathie Woods - Bitcoin Bull, Bull, BullIs A 20x Bitcoin Price Possible?Ethereum Scaling Is DelayedMy Recommended Platforms And Tools