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I was talking w/ some people in the finance industry this morning about "whither crypto" and my take was that the animal spirits are not gone.

I'd love to say that NFTs have been thoroughly destroyed and mock anyone who is getting involved now. You might come to that conclusion based on volume, which has collapsed, but prices have not collapsed that precipitously so far. People haven't yet lost enough money on crypto that they're going to give up.

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If you're holding maybe you don't think you've lost money yet - but you spent a bunch of money on 0s and 1s and no one is going to buy those from you.

It’s hard to say but with low volumes you don’t ow if it is a real price.

If somebody decided their NFT was worthless they could burn it or sell it for almost nothing and declare a loss they can write off on their taxes. If you bought a bored ape for $100,000 you could get $15,000 or more in tax write-offs. When people have really given up on NFTs you will see tax loss harvesting.

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