Crypto Sells, But Who’s Buying?

This is barely even about music, it’s mostly just about one of those dumb things I did on purpose not too long ago. At least I did this one on purpose.

So in this day and age cryptocurrency is a big deal. Some people have made millions off of it, plenty of people have money in it, and many others are extremely skeptical of it. I don’t, like, really have money in any form so crypto isn’t a huge issue to me one way or the other.

One band made a few headlines and a lot of jokes back in December when they decided to wade into the crypto waters. Megadeth, the veteran thrash outfit who have at times been forward-thinking about how to use the Internet, launched their $MEGA cryptocurrency on the Rally platform.

Megadeth have offered NFTs before, those being the vilified current trend in crypto. But going in one’s own currency is a whole other matter. Major currency like Bitcoin has a lot of money behind it, and silly stuff like Dogecoin has essentially memed its way into swings that have made people a few bucks. There are a lot of others around that have done, well, whatever. I don’t follow the stuff closely at all.

The Rally platform seems to be a layer between a content creator and cryptocurrency. I don’t know the inner workings of it but it seems to hinge on a central currency known as Rally coin. Each artist has their own crypto that offers perks, much like a Patreon subscription or a fan club. There are several forthcoming perks outlined for the Megadeth currency but to date none seem to have come about.

When I saw the $MEGA thing being pounded into dust in the court of public opinion on Twitter I decided to take a different approach. I opened my mind and my wallet to the idea and bought a princely sum of the cryptocurrency representing one of my favorite bands. I put down an astonishing $10 on $MEGA.

My $10 investment yielded me 21 Mega-coins back in early December. Today as I type this post, my 21 Mega-coins are worth $5.14. I’ve lost my ass, clearly. Even after factoring in a small amount of Rally coin given as a weekly reward for investing on the site, I’m at $7 total of two currencies that are worth about 25 cents per coin.

I have not had any communication as yet about any perks for being a $MEGA coin holder. I don’t know if I’m supposed to join the fan club to see these perks or not. I’m not personally interested in joining, but I would think that if there were going to be perks available to all coin holders, that the site hosting the coin operation would be the forum to communicate that as opposed to the optional fan club. Again I don’t know anything at this point so this isn’t an outright criticism, it could be the band is waiting until their upcoming album release to offer perks, I don’t know.

It could also be that this Megadeth cryptocurrency is tanking and landed like a wet fart in church. It got laughed off of Twitter and there is almost no serious discussion of it. It is, and should be treated as, a fan perk as opposed to some way to get rich quick or whatever, but it’s still cryptocurrency. There is a LOT of resistance to crypto in all walks of life right now and I didn’t see any favorable interpretations of Megadeth’s offering. Talk is dead at this point beyond me typing about it and taking up blog space with it now.

I know several people who read my blog are in my general age range. That is, we all remember what it was like to buy albums before the Internet was around. I’m sure all of us made blind purchases based on the cover or just some random blurb we heard or read. We bought the album and played it, the immense disappointment coming when we realized we were better off wiping our asses with the money we spent on the record.

That’s kind of like what this $MEGA crap is like, except that I wasn’t making a blind purchase. I knew going in that I would have been better off using a $10 bill as toilet paper. It’s been funny watching my investment crater. I mean, losing a ten spot won’t put me in the poor house but I didn’t really gain much from this experience other than this kind of pointless post.

In the end I learned my lesson about wasting money on intangible things like cryptocurrency tied to metal musicians, though I knew that before I dropped the money. That’s money I could have wasted on Iron Maiden action figures or who knows what else. This doesn’t diminish my view of Megadeth any – this was just a dumb thing and hopefully their new album kicks ass. Maybe I’ll get a discount on it for being a proud $MEGA coin holder, but I won’t hold my breath.

6 thoughts on “Crypto Sells, But Who’s Buying?

  1. Nice post.

    It was a good read.

    I’ve invested $1500 in Crypto over the last two years of buying cryptos less than a cent. And I’m thinking of it like the stock market, that it will be higher in a decades time.

    Well that investment is worth $916 dollars today. My stocks investments are way better. Lol.

    Liked by 1 person

    1. Yeah you wound up a few bucks down lol. I know a few people who are big into crypto but it’s not something I feel comfortable putting money into. The big few made their money and might still grow in the future but I can’t mess with all of the others, it’s just too much to keep track of.

      Liked by 1 person

  2. Pingback: Price Points – The Crooked Wanderer

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