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https://twitter.com/ElectionDayMad1/status/1478437222097604620 https://twitter.com/ElectionDayMad1/status/14784372220976046... “I thought that as a casual inve
by sizing 5y ago
https://twitter.com/ElectionDayMad1/status/1478437222097604620 https://twitter.com/ElectionDayMad1/status/14784372220976046...
“I thought that as a casual investor, I could engage and help pump my bags about the project, as I normally do on here
(especially with my apes; and other people who own heavy bags of other projects). But doing that caused my followers to buy more into the project.”
This is the market that OpenSea is serving. Their revenue, valuation is all a product of “pumping bags”. Maybe that has long term viability… maybe that’s worth 10s of billions. Maybe.
- deanCommie 5y agoVC's have really exposed themselves recently with the amount of money they've thrown after web3, NFT, and crypto startups - showing they are perfectly happy to try to cash out before the pyramid scheme collapses. No long view. No ethics.
- mullingitover 5y agoTulips are getting really expensive lately.
- teruakohatu 5y agoTime to buy tulips then? /s
- gafferongames 5y agoNo. Time to sell
- pcmaffey 5y agoThere’s a case to be made that crypto is the trojan horse that brings down the house. The utility we’ve all been waiting for is manifest in its futility, which serves as a weapon, a negation of the status quo, sucking in capital and attention like a black hole.
- WoahNoun 5y agoNah it's just another scam that will leave the gullible and desperate in a very sad state when it falls apart. It's basically a modern equivilant of the Albanian ponzi schemes that led to civil war. https://en.wikipedia.org/wiki/Albanian_Civil_War https://en.wikipedia.org/wiki/Albanian_Civil_War
- duxup 5y agoCan someone translate that for me?
- derac 5y agoHe's talking about generating interest in a security by tweeting about it - "pumping" its price so he can sell for more.
- monkeybutton 5y agoSeconded. Is pumping bags some kind of cross between pump and dump + bag holder? Searching pumping bags only got me results about bags for breast pumps??
- duskwuff 5y agoThat's correct. "Pumping my bags" sounds like a confused metaphor for "increasing the value of my holdings by promoting them".
- root_axis 5y agoIt doesn't sound confused at all, it sounds refreshingly lucid to me.
- deleted 5y ago[deleted]
- TigeriusKirk 5y agoYeah, that's the origin of the phrase. What I don't get in that quote is the "But..." clause, when followers buying in is exactly the desire result of pumping bags. As a whole, the quote makes little sense to me. Edit: Ah, reading the thread I think he means that buy tweeting a lot about a particular project he could raise the secondary market values (which could be considered a good thing even if you don't cash out at those levels), but instead his followers bought in at the mint level, which he was being paid a percentage of. In other words, he was making money from his followers buying into the project. I can see how he'd consider that differently and regret it.
- derac 5y agoIt's amazing how unself-consciously this was said. As if "pumping bags" has no negative consequences for others.
- bb88 5y agoThere was a post on r/AmITheAsshole about a tech guy giving his fiance an Ape NFT worth 8k for christmas, when all she wanted was a $200 bag. https://www.themarysue.com/dont-buy-your-girlfriend-an-nft-for-christmas/ https://www.themarysue.com/dont-buy-your-girlfriend-an-nft-f... The Twitter hate on Carson's Turner buying of @JoeRogApe is just astounding. https://twitter.com/carsonturner/status/1477520574620606465 https://twitter.com/carsonturner/status/1477520574620606465 I think we've hit peak NFT. Given that and all the verbal web3 hate I've been witnessing, I expect NFT to go south shortly.