Imagine if there was an internet platform that functioned almost exactly like Twitter except that…
- The platform was not controlled by a giant corporation or a centralized organization of any kind.
- The site was free from censorship.
- Users could fully own their content.
- Creators could monetize their content by launching new crypto tokens for their followers to buy.
- Any post could be converted into an NFT.
Well, that’s exactly what a new platform called Diamond is offering.
It’s billed as a first-of-its-kind social media site built on crypto technology…and it’s a sign of where the entire internet is headed in the very near future.
Of course, this new service arrives amid what is a particularly troubled period for crypto.
For much of this year, the cryptoconomy has been in a downturn, largely because the Federal Reserve’s policy of aggressively raising interest rates has undermined most assets, including stocks, bonds, crypto, and real estate.
And yet, crypto had stabilized recently and begun to stage a rebound…
That is until along came a bushy-haired golden child named Sam Bankman-Fried. The crypto, political, and philanthropic worlds loved Bankman-Fried. Then in November, the U.S.-based crypto exchange he founded—FTX—was revealed to be a fraud.
So much for stability in the crypto market.
Cryptocurrencies plunged even as the broader economic outlook favored their continued ascent.
In your fourth quarter issue of Frontier Fortunes, I share my full analysis of what happened and where I see the crypto market going from here.
Click here to access this issue now.
To give you a sneak peek: Despite the problems FTX has wrought, the market is already putting the scandal in the rearview mirror. This scandal was shocking, yes. Derailing, no.
Indeed, from their post-FTX lows, numerous cryptos we own are up 30% or more, because the market is back to focusing on the broader, economic fundamentals that drive “risk-on” assets such as crypto and stocks.
Yes, this quarter has been hard on us because of FTX. But those brighter days are ahead and I expect to see the recent rebound extend sharply for the high-quality and blue-chip cryptocurrencies we own in Frontier Fortunes.
Which brings me back to Diamond and the emerging crypto-based social media platforms…
See, even in the depths of bad times—actually, especially in the depths of bad times—the best businesses are run by builders who disregard the price of their stock/cryptocurrency and focus instead on building their businesses. Build a strong business and survive the worst moments, and the market price will take care of itself.
That’s what Diamond and others in the cryptosphere are doing. They’re tuning out the noise to focus on what really matters most: their business and the crypto future now emerging.
To give a sense of why brighter days are coming, this issue is structured largely around that future and what the future will look like in terms of crypto and how it’s already begun changing industries, from entertainment to gaming to finance.
This moment is dark for crypto. But, to steal a line from a 1980s pop song, the future’s so bright I gotta wear shades.
