Headline: What do comedians say about cryptocurrency and NFTs?
Date: 8/5/2022
Body: Ok, this one is just a little different, and fun I hope. In the Middle Ages, there were castles, knights and Kings. And those Kings lived apart from their people, so, there had to be a way for these Kings to learn more about what the common folk were thinking and feeling. Enter, the Fool: dressed in ridiculous motley, carrying a beat-up lyre or something similar, it was his job to tell the King what the masses were thinking and feeling. But, if he is just a little too blunt, then, the sword that kills him soon after will not be so blunt. So, to keep his head, he came up with amusing songs that spoke of what was happening beyond the castle walls. In this way, the King would be entertained and hopefully learn a balancing truth or 2 about the outside world. Would you be surprised to learn that a straight(ish) line can be drawn from this character to the professional comedian? It is for this reason that we will now look at what some current day comedians say about cryptocurrency. Surely, my goal here is to entertain, but, if not careful, you might learn a few subtle truths too.
Comedians and Currency Events.
Joe Rogan has spoken of Bitcoin more than a few times on his podcast. Rachel Feinstein bought her Bitcoin several years ago. On the other hand Stephen Colbert has been warning younger investors of the dangers of cryptocurrency, certainly in his own characteristic manner. “If Gen Zs want to stay safe online, they should invest in this new, amazing cryptocurrency token — it’s called Colbert Coin,” said Colbert. “With Colbert Coin, you give us your savings, and then we cryptocurrency it. After that, you never have to worry about it any more, my stans.” He began talking about cryptocurrency back in 2013, when he described the value proposition of cryptocurrency. He opined that cryptocurrency has value, “just because a bunch of people on the Internet have agreed that it is worth something.”
Colbert Coin, from The Late Show with Stephen Colbert
Jon Stewart (of The Daily Show fame) has launched his own version of cryptocurrency. Once again, each comedian started their own coinage to show that something with no intrinsic value, when promoted by a celebrity, still has no intrinsic value. So, essentially, the joke currency is not really a laughing matter.
OK, but have they gotten into NFTs?
In a word, yes. Love him or loathe him, Steve Harvey is a really well-known comedian, on both radio and television. Now, it appears that his objective is a little different. The proceeds from his NFT sales go toward a non-profit with his name on it. Sounds like a good deal; people with excess cash, give it to charity and in return, receive an NFT. I have a few questions, though. Namely:
- What are the NFTs on offer, and how are they expected to retain their value?
- If Mr. Harvey is an executive of the foundation, how much is he compensated?
- What percentage of the proceeds go toward a charitable purpose?
Now, I have never met Mr. Harvey, but I suspect he’s a pretty smart man. He claims to own some Bitcoin and some Ethereum. (Were I to directly purchase cryptocurrency, this is the mix I would be buying as well.) But, I would question just how charitable this NFT idea is because, within the interview that I read, there was a very obvious plug for one of the online sites where one can purchase NFTs. I won’t say which one, but if you read the interview you’ll know right away. It’s not subtle. In turn, they gave a plug right back to Mr. Harvey. Given this obvious advertisement, I have to wonder if some fiat currency also changed hands.
Martin Lawrence (Blue Streak fame, amongst others) is also releasing a series of 30 NFTs timed to coincide with his reunion tour. So, it would appear that these NFTs, or the minting thereof, is primarily an effort to promote his reunion tour of the Martin TV show.
A Farce for Good.
There have been a couple of very interesting projects. One of them is by Comic One which started Comic Coin in an ICO. The objective of this project was to support international independent animators and also to support the creation of new comics of their own. They are largely in Asia and making deals with publishers in Vietnam and other Asian nations. The timeline to their creation of Comic Coin is shown below.
Familiar characters and scenes have been turned into NFTs. They have all sorts of animated content and they are even working on a metaverse. They offer a 3-D mode and they are working on adding VR capabilities. Said one official, speaking of the project, “It will revolutionise the comic industry because it has the potential to reach millions of artists, content owners, and comic fans who want to publish, share, and enjoy great content anywhere. In addition, Comic Coin will bring comics and the crypto community into one place,”
On the other paw…
Meme coins are all the rage… especially when one loses a lot of money on them. Dogecoin was started as a joke. That joke began appreciating and appreciating, and many people have invested in it. Then, on SNL, Elon Musk makes one joke, and the price drops 30%. Despite this, many people have purchased the coin, mainly thinking of it as something funny, then spending serious money on it. In this case, the joke might have a terrible punchline. Said one expert, “The supply is essentially unlimited [for Dogecoin], and so unsustainable long-term. It’s a question of who will sell first and who will be left holding the bags.”
A good question might be, “Why did the value of this currency inflate so substantially? The answer is that there were celebrities who spoke for it. Both Elon Musk and Mark Cuban spoke in favor of the currency, and Musk went even further. His company, SpaceX, has just accepted payment for a trip to the moon, denominated in Dogecoin.
Modern Day Humor.
Just like Ye Olde Fool, the modern-day equivalent is the meme, and this one is pretty truthful.
The emperor is often not wearing any clothes these days, and if one allows one’s self to be blinded, the cryptocurrency markets can have a dark sense of humor.
The Verdict
Sorry, it turns out that Mom was right. Almost anything, in moderation, can be OK. If you have only a little cryptocurrency in your well-balanced portfolio, you could receive some very good appreciation in price, that is not correlated with the stock market, and that is wonderful. If the price goes down, then you have only lost a small portion of your investable assets, and this is recoverable. “A little dab’ll do ‘ya” to coin a phrase. And that’s no joke.
REFERENCES
https://decrypt.co/71321/comedian-steve-harvey-nft-charity-bitcoin-ethereum
https://www.npr.org/2022/06/17/1105343423/cryptocurrencies-winter-crash-bitcoin-celcius
Editor’s Note: Please note that the information contained herein is meant only for general education: This should not be construed as Tax Advice. Personal attributes could make a material difference in the advice given, so, before taking action, please consult your tax advisor or CPA.