It is time again for another Finance Friday/Friday Finance. 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.
If you live in the US or you know much about our history over here, you have probably heard of the Reconstruction Era. It is the time after the Civil War when the country was picking up the pieces and trying to move forward. There was lots of finger pointing, lots of agendas being pushed, and a lot of shifts in politics and thought.
I'm not saying the current crypto situation is anywhere nearly as significant as the Reconstruction Era, but there could definitely be some parallels if you were to look hard enough.
It looks like we are definitely entering a time of regrouping and rebuilding. Many people think it is the start or middle of crypto winter. I have seen some reference it as a bear market that actually started in November 2021. I don't know about all of that, but what I do know is that $28K to $32K seems to be the new $38K to $42K for BTC that we were bouncing around in for the past couple of months.
Everyone has been collectively holding their breaths waiting to see if BTC is going to drop even further and bring everything down with it. I think I mentioned this the other day, but it is definitely rough seeing alt coins drop to the single cents range when they used to be pushing a dollar.
It's hard to say where we go from here.
Mark Cuban
I've been following Mark Cuban for a while now. While not quite as vocal as that Saylor fella, he often comes out with some good quotes or interviews that gives me some hope about the mainstream media coverage of crypto.
I may have talked about this already, but I think his recent comments about crypto being in a period right now that is like the early days of the Internet is very accurate. He has talked quite openly about how the .com bubble kind of imploded and the companies that we see as tech giants today are the ones that kind of survived that and have moved forward.
Clearly the fall of LUNA could be viewed in the same light. Keeping that in mind we should see some of these alt coins falling to the wayside and the biggest kids taking over the playground. I am not quite sure that is happening yet. Despite the price drop, many of the altcoins are still hanging around. I think with some of them the community is just too strong. Either that, or it just doesn't take as much mainstream success for something to grab hold and thrive like it used to.
I really hope it is the latter. That should give a lot of hope for startup chains and companies that they can still be successful in this environment.
Holding the bag
Normally, the connotation of that phrase is pretty negative. It means you got stuck taking the blame for something or similar. @cryptoandcoffee used to do a post series where he would take common phrases and explore the history of them. My guess on this one is it has to do with bank robbers and getting caught by the police holding the bag of money while your partner gets away scott free.
In my case, holding the bag is a good thing and it is what I plan on doing during this "whatever you want to call it" market. I have worked very hard over the past couple of years to build up some passive income streams. PolyCub, Cub, Splinterlands, Hive, Alien Worlds, RPlanet, Rising Star Game, ListNerds, etc.
It might only be a trickle here or there, but it all adds up over time and by the time we hit the next bull cycle, I will hopefully have a nice stack built up to make some smart moves for my portfolio.
In the mean time I will just be sitting here holding my bag watching it fill up.
Listnerds
You've probably seen me talk about Listnerds (LN) more than a couple of times now. The fact is, it has become a big part of my daily routine. Until I see how it is going to play out fully, I plan on hustling pretty hard on LN. If would like to increase the traffic to your posts and you are interesting in learning more, feel free to use my referral code. If you have specific questions, look for me on Discord. I am usually active in the Leo Finance chat General room. Just ping me and let me know you want to have a DM about LN and I will add you as a friend then walk you through the process.
Sports Talk Social - @bozz.sports
