Friday Finance 10/15/2021: NFTs, Trading, and Generational Wealth

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It is time again for another Finance Friday. This is a series I started where I talk about random bits of financial stuff that I have seen, gathered, or experienced during the week. I hope as a reader you find it informational, entertaining, or both. I also hope it can generate some good discussion and edify the Leo community.

It has been a crazy week for sure culminating with the current run up we are seeing on BTC. I was sleeping so I missed it but I heard that it topped $60k again at some point last night. I always get a little nervous when things start going up on a Friday because (for me at least) the weekends are always kind of a wild card. You never quite know what is going to happen.

It seems like very often the gains seen at the end of the week are wiped out or consolidated and then on Monday we are back at the support level and we start the slow climb back towards resistance at the end of the week.

Like I said though, that is just the way I perceive it. I am sure there are bigger things going on behind the scenes that all of you TA nerds understand better than me...

Generational Wealth

I am not sure if this is the proper title for this section, but I am not sure how else to describe it. A funny thing happened to me the other day and I wanted to share it here. My mom contacted me just to say hi and catch up on things. She mentioned that she ended up selling the stock that her mother had left to her when she passed away.

I mentioned that I would have been happy to buy some of the shares off of her versus her just selling it randomly.

It turns out she was just tired of dealing with the interest payments from dividends and things like that and she felt more secure and safer with her money in a savings account.

From my point of view that wasn't the smart move because she basically traded about 2.5% annual interest for maybe .5% annual interest if she is lucky.

She feels less stress about the whole thing and she is content about it though, so does it really matter what I think?

That got me thinking about how the older generation still clings to the idea that a savings account is still the safest and more importantly smartest place to hold your money.

My parents have little if any investments outside of a traditional checking or savings account. Yes, my dad gets (or got) a pension and he receives social security, but he doesn't actively manage any investments. Any investments that he does have through the pension or SSI are all behind the scenes, something he doesn't need to know or care about.

In fact, during one conversation with my dad he basically commented that owning stocks is akin to gambling and given our very conservative upbringing, gambling is a big no no.

Thankfully, I don't share those same views and I have a very diverse portfolio. I don't believe my dad holds it against me, it is just something he has an interest in.

This got me thinking about my wife's parents who are about the same age as mine. Like me they have a very diverse portfolio, but they also have zero problem with gambling. I occurred to me that the belief that money is safer and smarter put in a savings account might be less a generational thing and more of a values sort of thing.

What do you think?

Trading Bots on Hive-Engine

I will try to keep these next two sections short since the first one ended up running so long. Yesterday I was trying to move some LEO into SWAP.HIVE. I mentioned it in this post if you want to check it out. Anyway, I noticed that when I was trying to sell my LEO For HIVE that every time I would post a price, there was another seller that would undercut my price by just a few fractions of a margin.

This kept happening all through the day. It got me thinking that it must be a bot programmed to keep reducing the price lower than the lowest ask or it is someone who has as much time on their hands as me and just sits at their computer all day.

Either way, it was annoying and I ended up having to take about a $30 loss on my LEO just to move it (did I mention I am impatient?).

So my question is, are there really bots for trading on Hive-Engine that do that?

Coinbase Jumps in the NFT Space

If you know me, you know I am a huge fan of NFTs. A good portion of my crypto portfolio either reside in or are thanks to NFTs. In spite of that, I don't think that every crypto company needs to jump into NFTs simply because they are the new cool thing.

That is exactly what I feel is happening with Coinbase. They announced they are launching an NFT platform the other day.

Even though it is still a growing sector that some might argue is still in its infancy, for me, I feel like it is a little bit too little too late for Coinbase.

Despite that fact, I still jumped in and if you want to use my referral code to get on the waitlist you can do so here. There has been some speculation that Coinbase could partner with an existing chain like WAX versus starting from scratch with their own chain. If that were the case, and it was WAX, I would be over the moon since I have a large footprint on that chain.

My hope is they do something smart like that versus reinventing the wheel or going with the tired old options like ETH. Sadly they will likely follow the money and users of Coinbase will be subject to even more fees (besides the Coinbase ones) on the Ethereum blockchain.

What do you think? Are you one of the close to two million people who joined the waitlist?


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13 comments
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@tipu curate

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Thank you!

Posted Using LeoFinance Beta

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(Edited)

You're welcome!

Everything you said hit home - a home run out of the park!💥

This spoke to me because there is no way I could explain crypto to get my CD saving 80-year-old mom (who's been staying with me the ladt 6.25 months after open heart surgery & a broken shoulder) on board. Truth be told, I barely understand it and want to learn more when time allows.

Btw I signed up using your referral link.
Awesome post! @bozz

Upvoted and curated

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I am guessing we all have a person like that in our lives! There is so much I don't understand either!

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Having an open mind and people such as yourself & others on HIVE who explain cryptocurrency helps tremendously!

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(Edited)

I totally believe that belief that money is "safer" in the bank is totally a generational thing. I remember back when I was a child in the 70's you could earn 6% interest in a savings account. Our parents' generation remember those "good old days" even though you earn much less with that strategy now. My grandparents generation suffered through the Depression and I remember them being weary of putting money in banks because they knew people, likely older relatives, who lost everything during the run on banks. My family found tens of thousands of dollars in cash stashed away in my great uncle's attic when he passed away in the early 1980's. That was his life savings and even though his bank was FDIC insured (for whatever that's worth) and would have earned 4-6% interested he trusted his attic more than his bank. What we learn about money tends to stay with us even if the environment shifts. I'll probably still be buying $hit coins when I'm 70. Lol.

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I'll probably still be buying $hit coins when I'm 70. Lol.

Haha! You and me both! I agree, it can be had for people to adapt. I am likely in that category in many respects!

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100% think or know it has bots, I was trying to buy some coins the other day, SPS and every time I would put in an order the lowest buy would move just above.

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Yeah, that sucks. It was super annoying. Especially given I had other more important stuff to be doing with my day!

Posted Using LeoFinance Beta

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Have you tried using the TribalDex AMM pool to swap your tokens instead? It isn't exactly the best price you can get but nobody will undercut you.

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I just started really playing with the pools on tribaldex the other day.

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