I am either crazy, or I am the smartest guy in the world this side of the Mississippi.
Sorry, I live in the United States, and the Mississippi River is a pretty important river here that divides the country and runs through a ton of states. So, I am entitled to my cliché, thank you very much.
What I am talking about so that we can, as quickly as possible, cut to the chase as to what this article is about, is none other than Shiba Inu.
Shit coin, alt coin, meme token, next big thing or total flop? Whatever your sentiments are on this coin, I have some of my own thoughts about it that I want to share with you.
The short and skinny? I am invested in it. For whatever that is worth. I have some skin in the game and as of this writing own about 6.2 million SHIB to be exact.
Getting into this "coin" was a bit of an oddball move for me, quite honestly. For one, I generally tend to be risk averse. And of course we all know that Shiba Inu, as much as Dogecoin was and continues to be, is a bit of a joke.
That's just me being honest and fair.
Look, it has no real utility (Shiba Inu). But do any of these coins? I mean, things are getting better for some crypto in certain places where you can spend some of it. But mostly, where I live, if you walk into a store and say, "I'd like to pay in crypto," you will be laughed out of the building as much as if you tried to pay with Euros or Canadian dollars here in America.
Sorry sir, but we deal in U.S. dollars, thank you very much.
Still, there are things that are happening with Shiba Inu that simply continue to pique my interest. I mean, for all intents and purposes, this "joke" has already passed the performance that Dogecoin enjoyed in its early "comedic" days, and it has done so at a much faster pace. And all indicators are that maybe Shiba Inu can continue to do that.
It is trying. Shiba Inu. That's for sure. It seems like the powers that be that are behind SHIB are truly wanting to justify the moniker of "Dogekiller" and make the meme token a more "real" thing.
They want to expand the reach of their meme token and are trying to find ways to make it "valuable" in some way. Including trying to incorporate utility.
Will they achieve the goal? Who knows? Will any of these alt coins achieve their goal? We cannot even truly be sure that the king of the pack, Bitcoin, will.
Shiba Inu to 1 cent, which has been a popular prediction, seems like an impossibility when you consider the supply, the potential supply, and what 1 cent actually means in terms of mere market cap. But then there is also this burn thing to consider.
Shiba Inu has massive plans to burn many, many tokens. The higher the burn rate, the less supply there is, and the more valuable as a result each token ultimately can become.
Burn enough and suddenly 1 cent becomes more possible at some point. On top of that, no matter how many tokens they burn, your holdings remains the same. If I have 6.2 million tokens before the burn, I have 6.2 million tokens after the burn and the value of each of my tokens simply becomes more valuable as there are less tokens "in circulation."
What is the closest thing to "burn" I can equate it to? Share buybacks. When a company buys back its own stock, there are less common shares in the marketplace, and as such the value of each share is worth more.
I still own the same amount of shares. It just becomes that each share is worth a little more than it was before. The value of my investment as a result of the share buybacks is worth more money because the value of each share is determined by the value of the company and the amount of shares that are outstanding.
For investors this can actually be a good thing. If they can couple this with offering utility, there really is a lot that can be said about what the future value of Shiba Inu could be. And of course, early investors are going to be the ones who reap the greatest rewards from it.
This is not to say there is any future value. Who knows? Like I said, none of these coins or tokens have really had the time to prove whether or not any of them will ever be useful, or even be around 20 years from now.
It is, without a doubt, a complete gamble. This is all uncharted territory. This Shiba Inu meme token. In many ways it is this way with all crypto. I am pretty much just spinning the wheels on a slot machine, hopeful that the next spin will send lights and sirens off, and have security hopping on over to help me claim my big win.
That is why I said I am either crazy or a really smart guy.
The thing is that I know this is a complete gamble. I mean, it's not like I am ponying up any money I would not otherwise be very willing to lose in a casino, so why not take a chance on something like this? Even if only for kicks and grins? Even if the whole things becomes a big, fat nothing?
If I am willing to take a gamble on the future of any of these coins or tokens, why would I not take a gamble on a meme token that has fast become one of the top coins in the market despite its shortcomings?
I play the lottery. I go into casinos and gamble. I use money I can afford to lose. I am willing to take the risk. I am fully of the understanding that my "investment" may turn out to be worthless. Or, it could be worth millions.
I have no idea where Shiba Inu will be a year from now. But I also don't know where any crypto will be a year from now. It is a gamble I am willing to make anyway. I will either be writing a follow up post from my yacht, or I will be living in a shed, writing from there.
Either way, along the way, at least I can say I had fun playing with the idea that maybe the shed was more likely than the yacht.
Lead image courtesy of Pixabay, user Benkai. Shiba Inu Dog Smile - Free photo on Pixabay
I paid less than $0.00001 (more than $0.000009) per Shib when I purchased it first time, and right now it's value is still more than triple.