In March of last year, a flippening happened in my portfolio.
Due to gains (not realized) in crypto in just the last year I have more capital in crypto and tokens and funds then I do in the stock market. More importantly, I think that will continue for my lifetime. Software did indeed eat the world now that it has eaten the actual markets.
Now would be a good time to follow up.
A flippening of the flippening has taken place.
In December, I redeemed a partial amount of my gains from crypto funds and had a couple of exits in our Social Leverage portfolios. I flipped the flippening.
In early May, I had a bad feeling about crypto and shared my thoughts on why.
I did not expect a 70 percent crypto crash from the time of that blog post and it has stung, but not in a way that it could have.
So, where are we now?
I think web 3 is still at the beginning. So much financial and human capital has moved to the sector.
But, I won’t be just handing my capital over to people to manage it, this time, I will dig in myself.
I know what I want to see, but I doubt the web 3 purists will agree.
I want a ‘stablecoin’ that is backed by dare I say it (a good old evil, creepy bank) and the US government and an Apple or Google Wallet that allows me to move money back and forth from digital to assets to US currency. I want to pay taxes. Taxes means someone can track it.
I never used ‘defi’ or ‘stablecoins’ or held much crypto in wallets or cold storage (I paid fund managers). I am old enough to know that when interest rates are ZERO and you are promising me 8-18 percent on my crypto, that bad things would happen. They did and will continue.
The people that buy or collect the NFT’s that I have in mind should be able to pay for them with Apple pay and easily understand the benefits.
It is time to go backward and fill in some gaps and holes and show some of these ‘yoots’ how to do it.
Meanwhile, most Nasdaq stocks are down 60-90 percent as well, so there have been few technology places to hide.
The end of a growth cycle always hurts, but a new cycle has already begun.
