As I have written about several times before on this blog, I am extremely skeptical about the overheated land market in Decentraland. I believe it’s a financial bubble that is going to hurt a lot of investors when it pops.
Last week I read a CNBC article about Jordan Belfort, the famous “Wolf of Wall Street”, who is warning investors to get out of Bitcoin if they don’t want to lose all their money:
“[Bitcoin] is all based on the Greater Fool Theory,” Belfort says in a recent YouTube video. “I know this better than anyone in the world. I’m not proud of that, but I do.”
Belfort says bitcoin’s price surges are thanks only to a belief by buyers that there will continue to be ‘greater fools’ who they can sell the asset to at a higher price.
“There’s no fundamental value [with Bitcoin], it’s all based on the next guy and the next guy,” he says. “Get out if you don’t want to lose all of your money because … there’s a very good chance it’s going to crack. And when it really cracks, you’re not going to be able to sell on the way down, there will be no liquidity.”
I remembered what Belfort said when I came across a blog this evening called Decentraland Blogger, by a guy called Matty786 who describes himself as follows:
I got interested in the project back in January when I had no idea virtual land ownership was even a thing. I was just searching different blockchain projects and stumbled open Decentraland. A crypto blockchain project inspired by novels such as Ready Player One and Snow Crash.
After a bit of researching I was hooked and decided to jump right in buying my first couple of properties for around $500 USD each.
Now, 6 months later, I’ve bought and sold 100’s of properties and made close to $100,000 USD doing it!
And now Matty wants to share his knowledge with the world! For the low, low price of only 1 Ethereum coin (US$485/CDN$686), this guy will teach you everything he knows about flipping virtual land for profit in Decentraland:
Witness the Greater Fool Theory in action!