Just when you think it’s safe to watch financial news, listen to what the media says, or check out the TikTok investing community, absurdity hits new levels that should warn everyone that we are near not just an all time stock market high, but a drug induced one also which is hitting civilization as a whole.
What do I mean?
Meet the NFT, aka, Non-fungible Token, a digital reproduction be it sound, a picture, or even a short movie like an animated gif.
The market has gone nuts and by nuts what do I mean?
Ok, some people are insane. But did it spiral out of control? Oh yeah.
Excerpt from the New York Post article:
On the one-year anniversary of the US’s COVID-19 quarantine this month — by which point Ramírez-Mallis said he could darn near identify members of the group by their farts alone — Ramírez-Mallis and his fellow farters compiled the recordings into a 52-minute “Master Collection” audio file.
The top bid for the file is currently $183.
Individual fart recordings are also available for 0.05 Ethereum, or about $85 a pop. The gassy group has so far sold one, to an anonymous buyer.
“If the value increases, they could have an extremely valuable fart on their hands,” he said.
Ummm, yeah. But is the bubble getting bigger? Who knows, but there is a counter to the fart NFT:
I’m sure people will fight over this, right? Maybe not the fart or butt plug NFT, but perhaps the insanity is starting to fade as these two comedians illustrate:
Unfreaking believable. Meanwhile people are still playing the Gamestop, AMC, Koss wars trying to justify insane valuations. Homes which are worth $125,000 to $150,000 tops are now going for $380,000 plus. Speculation on companies which speculate are the winners as well as investing in SPACs which in another time would have the name “Ponzi” associated with them. Lastly, there are new cryptocurrencies appearing daily on the market, and as my favorite Twitter account illustrates at TikTok Investors, there are still suckers born every minute:
the tiktok teen investors are issuing apologies for getting their followers rugpulled on a star wars themed cryptocurrency pic.twitter.com/P9Y390WEWA— cold
(@coldhealing) March 31, 2021
This house of cards is well on its way to imploding. Do not be the last one out or please, don’t cry to those who have seen this before, maybe not as insane as butt plugs and Star Wars crypto, but nuts to the nth degree. It always collapses and wipes billions of dollars of small investors out. In the mean time, enjoy the show and just wait for that sad morning that people wake up to a nightmare unseen since 1987 and 1929. This crash will make 2007-2009 look like a joke.