NFT Record Hot Sale This Summer

"Picasso's Bull" sold for $55,000 about a month ago. It was sold on Nifty Gateway, one of the bigger NFT marketplaces (owned by Gemini). I've been lukewarm on NFTs and I still am to a large degree. I personally won't be making any huge investments in this space, but I think NFTs are definitely worth paying attention to. Will these NFTs go up in value like fine art? I think it's really too early to say. We'll just have to HODL on and wait.

Chainlink and Cardano Making Moves

Chainlink just moved into 5th place when it comes to crypto market cap rankings. They just moved ahead of BCH. I'm admittedly a BCH fan so I'm not super excited about this. However, Chainlink has been making big moves recently. Considering I don't personally count Ripple and Tether, I'd say Chainlink is in 3rd behind ETH and BTC.

Cardano is making moves and people are already building businesses around it and its staking pool functionality. I have a decent HODL-stack myself and I wouldn't be surprised if ADA is top-5 by market cap next year.

Venezuela and HK News

People are getting their gold out of Hong Kong due to China's crackdown on it. The "One Country Two System" Chinese governance model is basically dead. It's fortunate that they're able to get their gold out. Moving gold can be a problem, moving crypto is easy. That being said, I'm personally a believer in both crypto and precious metals. HODL.

Venezuela is accepting crypto for taxes. Is this progress? No. They're using the Petro as a unit-of-account, and nothing more. Why you ask? They don't want to accept Petros, buy they don't want inflation eating into their tax income. You can find more of the financial-clown-world craziness that is Venezuela here.

On episode 11 of DSOTHM, we talked to Manny Reimi, a Venezuelan ex-pat that fled to the US originally before moving to Hong Kong. This one is from last year but still relevant and definitely worth a listen. We may have to have him back on for another episode this year.

BCH's CashFusion Gets an Upgrade

CashFusion has increased the CashFusion limit by a factor of 10. This is good for BCH since anonymity is something highly valued by many who hodl and use BCH transactionally. Maybe this, and more adoption of BCH as a form of payment, will bump them up past Chainlink in the crypto market cap rankings.

BTC and ETH Fees Get Crazy

YTD, the cost of transactions on ETH are up big. Fees this high will open the door to competitors. This could be Cardano, NEO, EOS, or some other project. However, ETH is still ahead of the game. If 2nd-layer solutions or ETH 2.0 take off, they may not be caught in the DeFi space and beyond.

In related news, BTC fees are up 550% in the last month. They went from $1 to $6.47. I'm not a fan of fees this high (BTC/ETH/etc). BTC seems old-fashioned and it's not surprising Bitcoin forked into BTC and BCH with BTC's scaling issues. At least the fee wasn't $50+. I remember paying that in 2017. That was the primary reason I accelerated my crypto portfolio diversification.

Crypto Lost? Now Found?

We had to close on a high note/node. Usually, we hear the horror stories of someone losing a fortune in crypto. Today, we're mixing it up. Those that forget their password or seed phrases are usually f*cked. One luck crypto hodler was able to get into their encrypted file (which they forgot the password to) by reaching out to an expert who broke into it. It's not all crypto exchanges losing your money and SIM card swap thievery. Until next time, HODL.