# Should I Cash-In My Bitcoins on NFTs, Now? **URL:** \ **Category:** Investing\ **Created:** [December 18, 2022, 3:15pm UTC](https://community.clark.com/t/should-i-cash-in-my-bitcoins-on-nfts-now/1830 "2022-12-18T15:15:20Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![geezerpk](https://avatars.discourse-cdn.com/v4/letter/g/f475e1/32.png) [@geezerpk](https://community.clark.com/u/geezerpk)\ **Post date:** [December 18, 2022, 3:15pm UTC](https://community.clark.com/t/should-i-cash-in-my-bitcoins-on-nfts-now/1830/1 "2022-12-18T15:15:20Z")
Not that I understand much about either… and few really do I suspect. > **[People are spending millions on NFTs. What? Why?](https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq)** > > NFT WTF FAQ. ---
**Author:** ![NancyM](https://avatars.discourse-cdn.com/v4/letter/n/439d5e/32.png) [@NancyM](https://community.clark.com/u/NancyM)\ **Post date:** [December 18, 2022, 3:57pm UTC](https://community.clark.com/t/should-i-cash-in-my-bitcoins-on-nfts-now/1830/2 "2022-12-18T15:57:40Z")
So you bought Bitcoins and NFTs, and you don’t understand them? ---
**Author:** ![H200h](https://avatars.discourse-cdn.com/v4/letter/h/e79b87/32.png) [@H200h](https://community.clark.com/u/H200h)\ **Post date:** [December 18, 2022, 4:47pm UTC](https://community.clark.com/t/should-i-cash-in-my-bitcoins-on-nfts-now/1830/3 "2022-12-18T16:47:54Z")
> [@geezerpk](#): > > Not that I understand much about either… and few really do I suspect. Perception is reality… and the perception that cyber currency has value is like stacking one questionable perception upon another and thinking the resulting combination of nothing combined with nothing is something. It is not. The reality is that it is nothing, it’s even less than past pseudo-valued things like tulip bulbs and ostrich eggs. The perceived value of cyber currency is usually expressed in dollars, why is that? Think about it… 🤔 ---
**Author:** ![geezerpk](https://avatars.discourse-cdn.com/v4/letter/g/f475e1/32.png) [@geezerpk](https://community.clark.com/u/geezerpk)\ **Post date:** [December 18, 2022, 4:54pm UTC](https://community.clark.com/t/should-i-cash-in-my-bitcoins-on-nfts-now/1830/4 "2022-12-18T16:54:08Z")
> [@NancyM](#): > > So you bought Bitcoins and NFTs, and you don’t understand them? Comment was sorta tongue in cheek, I bought neither… they wouldn’t take my Confederate currency. 😅 ---
**Author:** ![PricePerformer](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/priceperformer/32/159_2.png) [@PricePerformer](https://community.clark.com/u/PricePerformer)\ **Post date:** [December 18, 2022, 4:56pm UTC](https://community.clark.com/t/should-i-cash-in-my-bitcoins-on-nfts-now/1830/5 "2022-12-18T16:56:03Z")
> [@geezerpk](#): > > Comment was sorta tongue in cheek, I bought neither… they wouldn’t take my Confederate currency. 😅 Do you mean your Peoples Republic of New York Bonds? ---
**Author:** ![NancyM](https://avatars.discourse-cdn.com/v4/letter/n/439d5e/32.png) [@NancyM](https://community.clark.com/u/NancyM)\ **Post date:** [December 18, 2022, 5:21pm UTC](https://community.clark.com/t/should-i-cash-in-my-bitcoins-on-nfts-now/1830/6 "2022-12-18T17:21:53Z")
The sad thing is, I’d bet there are people out there who bought crypto or NFTs and didn’t understand them. ---
**Author:** ![butler](https://avatars.discourse-cdn.com/v4/letter/b/ac91a4/32.png) [@butler](https://community.clark.com/u/butler)\ **Post date:** [December 18, 2022, 5:41pm UTC](https://community.clark.com/t/should-i-cash-in-my-bitcoins-on-nfts-now/1830/7 "2022-12-18T17:41:10Z")
I am not convinced that Bitcoin or any non-sanctioned digital token has much of a future. The real great achievement is the block chain technology and the ability to decentralize financial ledgers and clear transactions without using a financial institution. As for NFTs…I think there will be some use for them down the road when it comes to issuing securities or fractionalizing investments for assets. Right now…not so much unless you like Bored Apes. 🙂 ---
**Author:** ![geezerpk](https://avatars.discourse-cdn.com/v4/letter/g/f475e1/32.png) [@geezerpk](https://community.clark.com/u/geezerpk)\ **Post date:** [December 18, 2022, 6:01pm UTC](https://community.clark.com/t/should-i-cash-in-my-bitcoins-on-nfts-now/1830/8 "2022-12-18T18:01:19Z")
> [@PricePerformer](#): > > Do you mean your Peoples Republic of New York Bonds? I guess that’s an inside joke… ---
**Author:** ![kcflyer](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/kcflyer/32/3346_2.png) [@kcflyer](https://community.clark.com/u/kcflyer)\ **Post date:** [December 19, 2022, 1:52am UTC](https://community.clark.com/t/should-i-cash-in-my-bitcoins-on-nfts-now/1830/9 "2022-12-19T01:52:18Z")
> [@NancyM](#): > > The sad thing is, I’d bet there are people out there who bought crypto or NFTs and didn’t understand them. What’s that old saying? A fool and his money are soon parted ---
**Author:** ![H200h](https://avatars.discourse-cdn.com/v4/letter/h/e79b87/32.png) [@H200h](https://community.clark.com/u/H200h)\ **Post date:** [December 19, 2022, 5:21am UTC](https://community.clark.com/t/should-i-cash-in-my-bitcoins-on-nfts-now/1830/10 "2022-12-19T05:21:52Z")
Interesting facts: Much of the value of Bankman-Fried’s hedge fund, Alameda Research, was composed of crypto tokens that FTX had created itself. From [CoinDesk.com](http://CoinDesk.com): “[Alameda’s balance sheet was stuffed with FTX-issued tokens that led to questions about the company’s financial health, eventually snowballing into insolvency.](https://www.coindesk.com/business/2022/11/17/alameda-had-secret-exemption-from-ftx-liquidation-protocols-new-ceo-says/)” And: John J Ray, FTX’s new CEO testified before Congress that [FTX’s accounting was done on QuickBooks!](https://www.businessinsider.com/ftx-ceo-said-company-used-quickbooks-like-scene-breaking-bad-2022-12) > **[Alameda Had ‘Secret Exemption’ From FTX Liquidation Protocols, New CEO Says](https://www.coindesk.com/business/2022/11/17/alameda-had-secret-exemption-from-ftx-liquidation-protocols-new-ceo-says/)** > > John Ray detailed a litany of management failings at the crypto exchange, which collapsed after revelations about its relationship with its trading arm > **[FTX CEO's bewilderment that company used QuickBooks for its accounting echoes...](https://www.businessinsider.com/ftx-ceo-said-company-used-quickbooks-like-scene-breaking-bad-2022-12)** > > During a congressional hearing, FTX CEO John J. Ray III said FTX used accounting tool QuickBooks, an unusual move for a multibillion-dollar company. ---
**Author:** ![branchkin](https://avatars.discourse-cdn.com/v4/letter/b/3d9bf3/32.png) [@branchkin](https://community.clark.com/u/branchkin)\ **Post date:** [December 19, 2022, 1:56pm UTC](https://community.clark.com/t/should-i-cash-in-my-bitcoins-on-nfts-now/1830/11 "2022-12-19T13:56:47Z")
Let me know when Buffet starts investing in it. ---
**Author:** ![geezerpk](https://avatars.discourse-cdn.com/v4/letter/g/f475e1/32.png) [@geezerpk](https://community.clark.com/u/geezerpk)\ **Post date:** [December 19, 2022, 1:58pm UTC](https://community.clark.com/t/should-i-cash-in-my-bitcoins-on-nfts-now/1830/12 "2022-12-19T13:58:26Z")
Won’t happen, he’s too busy mixing up Margarita’s these days. 😂 ---
**Author:** ![dcxdan](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/dcxdan/32/425_2.png) [@dcxdan](https://community.clark.com/u/dcxdan)\ **Post date:** [December 24, 2022, 8:55am UTC](https://community.clark.com/t/should-i-cash-in-my-bitcoins-on-nfts-now/1830/13 "2022-12-24T08:55:16Z")
I guess it is like going to a casino. The scenrio works out that people think they are going to make lots of money in a short time. But my idea about Bitcoins and NFT, mirrors what PT Barnum said - “There is a sucker born every minute” - Or maybe in modern times, one born every second 😄 ---
**Author:** ![geezerpk](https://avatars.discourse-cdn.com/v4/letter/g/f475e1/32.png) [@geezerpk](https://community.clark.com/u/geezerpk)\ **Post date:** [December 24, 2022, 12:45pm UTC](https://community.clark.com/t/should-i-cash-in-my-bitcoins-on-nfts-now/1830/14 "2022-12-24T12:45:50Z")
> [@dcxdan](#): > > “There is a sucker born every minute” - Or maybe in modern times, one born Yeah, and that doesn’t apply to just financial scams either… a whole lot of intentional ignorance doing around. ---
**Author:** ![Wiseassonthehill](https://avatars.discourse-cdn.com/v4/letter/w/51bf81/32.png) [@Wiseassonthehill](https://community.clark.com/u/Wiseassonthehill)\ **Post date:** [December 24, 2022, 3:39pm UTC](https://community.clark.com/t/should-i-cash-in-my-bitcoins-on-nfts-now/1830/15 "2022-12-24T15:39:02Z")
It was just like a casino minus the pretty girls bringing you free drinks. ---
**Author:** ![geezerpk](https://avatars.discourse-cdn.com/v4/letter/g/f475e1/32.png) [@geezerpk](https://community.clark.com/u/geezerpk)\ **Post date:** [December 24, 2022, 4:21pm UTC](https://community.clark.com/t/should-i-cash-in-my-bitcoins-on-nfts-now/1830/16 "2022-12-24T16:21:03Z")
And watered-down ones at that… ---
**Author:** ![butler](https://avatars.discourse-cdn.com/v4/letter/b/ac91a4/32.png) [@butler](https://community.clark.com/u/butler)\ **Post date:** [December 24, 2022, 9:39pm UTC](https://community.clark.com/t/should-i-cash-in-my-bitcoins-on-nfts-now/1830/17 "2022-12-24T21:39:31Z")
> [@branchkin](#): > > Let me know when Buffet starts investing in it. To be fair…Buffet doesn’t invest in rental property either…and that asset class has likely created the most number of millionaires. ---
**Author:** ![Henrius](https://avatars.discourse-cdn.com/v4/letter/h/87869e/32.png) [@Henrius](https://community.clark.com/u/Henrius)\ **Post date:** [December 26, 2022, 2:35am UTC](https://community.clark.com/t/should-i-cash-in-my-bitcoins-on-nfts-now/1830/18 "2022-12-26T02:35:19Z")
> [@geezerpk](#): > > Yeah, and that doesn’t apply to just financial scams either… a whole lot of intentional ignorance doing around. Yeah, look at the people who forked over money to Smile Defect Club. ---
**Author:** ![Henrius](https://avatars.discourse-cdn.com/v4/letter/h/87869e/32.png) [@Henrius](https://community.clark.com/u/Henrius)\ **Post date:** [December 26, 2022, 2:37am UTC](https://community.clark.com/t/should-i-cash-in-my-bitcoins-on-nfts-now/1830/19 "2022-12-26T02:37:57Z")
Seems like NFTs were pitched to celebrities to issue as a quick money making scheme. I have heard them compared to digital works of art or something. If you are enamored of some rapper, you buy his NFTs. Seemed a bit lower on the totem pole than Bitcoin and Etherium, but what do I know? ---
**Author:** ![Lavarock](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/lavarock/32/119_2.png) [@Lavarock](https://community.clark.com/u/Lavarock)\ **Post date:** [December 26, 2022, 7:26pm UTC](https://community.clark.com/t/should-i-cash-in-my-bitcoins-on-nfts-now/1830/21 "2022-12-26T19:26:56Z")
I liken it to trading Monopoly money for those little pegs in the cars in the Game of Life. Why compare Bitcoin to game peices? In late 2006, programmer Jed McCaleb thought of building a website for users of the Magic: The Gathering Online tradable card game service, to let them trade “Magic: The Gathering Online” cards like stocks. In July 2010, McCaleb read about bitcoin on Slashdot and decided that the bitcoin community needed an exchange for trading bitcoin and regular currencies. On 18 July, Mt. Gox launched its exchange and price quoting service deploying it on the spare `mtgox.com` domain name. In March 2011, McCaleb sold the site to French developer Mark Karpelès who was living in Japan, stating that “to really make mtgox what it has the potential to be would require more time than I have right now. So I’ve decided to pass the torch to someone better able to take the site to the next level”. On 13 June 2011, the Mt. Gox bitcoin exchange reported some 25,000 BTC (US$400,000 at the time) robbed from 478 accounts. So I think honestly, Bitcoin is really just game pieces. Yes, I know it is probably more detailed than that but also keep in mind that with these virtual money products, scammers can hack and lock computers and use bitcoin-type products to receive payment. The products can be difficult to impossible to trace to the purpetrator. [Next page](https://community.clark.com/t/should-i-cash-in-my-bitcoins-on-nfts-now/1830.md?page=2)