Crypto meltdown affecting watch prices?

bmpennington · Jul 11, 2022

At least with watches you have a physical asset if you buy right.

crr9381 · Jul 11, 2022

Pvt-Public
Are the watch and crypto markets really that closely tied, that one affects the other?

I don’t think the markets are the same anymore than luxury cars and crypto markets being closely tied. While you will see some overlap, I don’t think it really moves the needle

Foo2rama · Jul 11, 2022

bmpennington
At least with watches you have a physical asset if you buy right.

Even an Invicta investment would give you a physical asset.

Foo2rama · Jul 11, 2022

C crr9381
I don’t think the markets are the same anymore than luxury cars and crypto markets being closely tied. While you will see some overlap, I don’t think it really moves the needle

Well luxury car sales have not been appreciably affected based on the trending numbers on the last 12 months.

Joe_A · Jul 11, 2022

Perhaps one may acquire a Rolex Daytona NFT for a reasonable price?

One won't be able to tell time with it, but one would have bragging rights at least. 😉

Before you laugh too hard . . .

https://opensea.io/assets/ethereum/...036369299055401502879147666515613094596575233

Walrus · Jul 11, 2022

Joe_A
Perhaps one may acquire a Rolex Daytona NFT for a reasonable price?

One won't be able to tell time with it, but one would have bragging rights at least. 😉

Before you laugh too hard . . .

https://opensea.io/assets/ethereum/...036369299055401502879147666515613094596575233

Not an NFT guy here and tbh those Daytona ones are hideous but I was reading they were having success with concert tickets and some artists selling their music as an NFT. Those artists who had a decent following but relied on Spotify for revenue truly got a pittance for their work. Selling it via NFT allowed them to substantially increase their revenue. How that all works I have no clue. It was a brief write up in Bloomberg. I did talk to someone who went to a concert with an NFT ticket and it’s design is too limit scalpers. They received confirmation well in advance of the show but the “ticket” itself becomes active the day of the show or something similar to that. Small scale currently I wish I saved the article but it was a while ago.
I think you could probably substitute “stocks” for crypto in this thread and have a similar discussion. You wouldn’t believe the speculation on altcoins they are still flying up 100’s of % in a day. I was expecting to see a lot more of that shaken out.

Foo2rama · Jul 11, 2022

Walrus
Not an NFT guy here and tbh those Daytona ones are hideous but I was reading they were having success with concert tickets and some artists selling their music as an NFT. Those artists who had a decent following but relied on Spotify for revenue truly got a pittance for their work. Selling it via NFT allowed them to substantially increase their revenue. How that all works I have no clue. It was a brief write up in Bloomberg. I did talk to someone who went to a concert with an NFT ticket and it’s design is too limit scalpers. They received confirmation well in advance of the show but the “ticket” itself becomes active the day of the show or something similar to that. Small scale currently I wish I saved the article but it was a while ago.
I think you could probably substitute “stocks” for crypto in this thread and have a similar discussion. You wouldn’t believe the speculation on altcoins they are still flying up 100’s of % in a day. I was expecting to see a lot more of that shaken out.

oh please tell me how stocks on a block chain work and is an improvement lol.

hint all you do is duplicate the existing system and make things harder with no actual upside.

Walrus · Jul 11, 2022

Foo2rama
oh please tell me how stocks on a block chain work and is an improvement lol.

hint all you do is duplicate the existing system and make things harder with no actual upside.

No I think you misunderstood me or perhaps I was not clear. I just mean with the current state of the stock markets the same conversation may fit in monetarily. I didn’t mention stocks on blockchain although that is taking place it was in not was meant to be part of what I said.

johnireland · Jul 11, 2022

motivated
Got your point. Hard to put your faith in currencies that are not legal tender. And even then, all currencies can theoretically go down to zero, the dollar included ever since Nixon took it off the gold standard but at least the $ is backed by the US government. Cryptos are just smoke and mirrors at this point. I don't like stocks much either, especially since companies have the ability to issue more shares and make your slice of the cake thinner. Companies can go bankrupt too, which is an even bigger problem. It was somewhat easier in the old days when gold and land defined your wealth. Interestingly, central banks and governments still live by that old standard as they have kept accumulating gold and land (sometimes go to war for them even) while somehow managing to make the general population see value in paper and believe in false promises. De facto, we went from the gold standard to the gold double standard. I am not advocating that people should own precious metals due to the inconvenience of having to store and transport the metal safely but I have never heard of a gold bug who went broke. I have, however, seen too many traders lose everything and I fear greatly for those who are heavily invested in crypto. Yesterday the big thing was pot stocks. Today it's crypto. Tomorrow it will be something else.

Pvt-Public
Are the watch and crypto markets really that closely tied, that one affects the other?

They aren't affecting each other, they are both being affected by the same economic forces that are taking their slow toll on stocks, vintage and exotic cars, real estate, and other speculative and solid assets. This isn't a climate you invest in to make a profit, but rather to prevent a loss through inflation, deflation, stagflation and all the other pitfalls of easy money and dangerous debt. You want to spread your money out so that you have many baskets to hold your eggs. At this point in time, having the US dollar backed by the US Government isn't very comforting. I am still buying gold...not looking at prices, but laddering in so that over time it has been acquired at a balanced cost. Pawn shop 18k jewelry that can be broken up and bartered is one form. Vintage watches with excellent movements and cases with high volume of 18k content is another. Also looking at access to land that can be quickly turned into food production on a small scale that could sustain no more than 15 people. Crypto just has never made sense to me.

Walrus · Jul 11, 2022

Foo2rama
oh please tell me how stocks on a block chain work and is an improvement lol.

hint all you do is duplicate the existing system and make things harder with no actual upside.

Now that you hurt my feelings so deeply by implying I said something I didn’t Australia was going to be the first country to move it’s exchange to blockchain . Nothing to do with crypto there is a lot out there already running on blockchain. It’s not really controversial but I played no part in Australia making this decision and I am neutral to the entire thing since I don’t live in Australia I hear they have a lot of things that want to kill you.

johnireland · Jul 11, 2022

Block chain is an accounting system...an updated version of Exel. For somethings it will work well, for others it will be overkill and counter productive. Crypto is just the con part of the story...the Ponzi game.