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Tascha Profile picture
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24 Aug, 15 tweets, 6 min read
Ok, you've all convinced me this is an experiment that needs to be done. So here's the deal.

I'm going to buy a real diamond--> create a NFT for it--> list it on @opensea--> destroy the original diamond. I'll ping this tweet on my profile so you can track progress.

Stay tuned.
STEP 1: Create an @opensea account.

STATUS: Done.

opensea.io/collection/tas…
STEP 2: Buy a hammer for diamond smashing (Never smashed a diamond before. Hope this one'll do the job, or I'll need to find another way).

STATUS: Done. Image
STEP 3: Buy a diamond.

STATUS: Done.

Went shopping online and got this 1.32 carat rock 💎 for $5k. It's supposed to ship next Monday. Meanwhile you're welcome to marvel at its beauty on a conceptual level: natashache.com/gia-1/

Oh and the receipt: natashache.com/blue-nile-rece…
Just got the hammer & the bench block in the mail. That was fast. Hope the diamond 💎 delivery guy does an equally good job as Amazon. Image
How can a NFT project be complete without some generational family feud? So I put up a fight with my mother 🤪
Good news...💎Diamond LD15766346💎 ships today!

Says it'll come "in discrete packaging".

Hmm... didn't know diamond is actually a sex toy 🤔

But that's def not a feature included in the diamond NFT, in case you're wondering. Image
Those who shit on Bezos for throwing $ in space, not charities, don’t get it.

Without your ancestors throwing resources in seeming foolish experiments, you’d still be living in stone age.

You can be cynical & indignant abt the future. Or you can take the trouble to create it. Image
Guys, I need to upload 1 media asset to mint into the destroyed-diamond NFT. Which one do you like better?

1/ this 360' video of diamond LD15766346

2/ the GIA report image for said diamond (shown in comment)

3/ makes no fucking difference Tascha. both equally stupid
Here's image of option 2/ Image
STEP 4: Getting the diamond delivered in the mail

STATUS: Done

Fedex delivered the diamond I bought from Blue Nile at 10:12 AM US eastern time today.

Watch me receive the diamond and unbox it ✂️🎁💎

So excited for the next step 🤗

STEP 5: Figure out the floor price for the NFT.

STATUS: Done

Here's the reserve price breakdown:
STEP 5: Destroy the diamond

STATUS: see below

So I tried to smash the diamond w/ a hammer. Turned out 💎 was much tougher than I thought (also I really suck as a handywoman). Here's how it went down in the end.

This historical event happened at 6:13 pm US EST, Aug 31 2021 🎉
This FAQ video answers

1. What's the Destroyed-Diamond NFT?
2. Why destroy the diamond?
3. Why does the NFT have value?
4. How is this NFT priced?
5. How to destroy the diamond?

Recorded this b/f the diamond-destroying saga today. Little did I know...

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More from @RealNatashaChe

Tascha Profile picture
7 Sep
People angry about a jpeg 🖼 selling for $1 mn fail to see the big picture.

If you understand the nature of assets & long-term macro backdrop, it’s easy to see why NFTs will grow exponentially.

Here’s a simple framework to help wrap your head around this new asset class.
WHAT ARE ASSETS?

They are instruments to transfer ownership of value across time and space.
Your Amazon stock is ownership on Amazon future earnings. Your ounce of gold is ownership of $1830 (today’s gold price) worth of economic output— you can use it to claim a share of today’s GDP by, say, using your gold to buy some groceries.
Read 36 tweets
Tascha Profile picture
31 Aug
If you mint a NFT based on a physical asset, e.g. a 💎 , how much should it be worth?

It seems a complex question, but is actually easy to answer w/ classical asset pricing principles.

Let’s see how to set a floor price for my diamond NFT & learn some asset pricing methods 👇
For background, I’m doing a destroyed-diamond NFT experiment, where I buy a real diamond—> create an associated NFT—> destroy the diamond—> sell the NFT.

You can follow the progress of the project here:
To price a new asset, we can think of its value as the sum of values of all its features.
Read 31 tweets
Tascha Profile picture
26 Aug
Me: I bought a diamond yesterday.

Mom: Nice. They’re good investments.

Me: I’m going to smash it & sell it as a NFT.

Mom: Say again?

So I tried to convince my mother (accountant w/ 30 yr experience) that NFT is a better asset than diamond.

Did I succeed? Let’s find out 👇
First off, if you’re out of loop, this all started b/c I’m doing an experiment inspired by all the brilliant comments people made on this tweet of mine:

I decided to buy a real diamond, create an associated NFT, destroy the diamond, and see if the NFT retains value. I told my mother about this on the phone. Like everyone else, she immediately went— this is crazy.
Read 40 tweets
Tascha Profile picture
19 Aug
#Bitcoin fails as a money b/c of its naive monetary policy.

Many people think government printing too much is evil, so a fixed money supply must be good. The reality: a money that cannot expand would crush the economy and put us all in poverty.

Here’s why and how to fix it.
To see this we need to understand why monetary deflation and expanding economy do not go together.

Let’s simplify so it’s easier to see. Say, we have an economy with 1 product— twinkie, and 1 currency— dollar. Price of 1 twinkie = $1.
Alice, a twinkie entrepreneur, hires Bob to help make twinkies. Alice’s company makes 1 twinkie a year, so company revenue is $1. Bob’s salary is $0.5 and Alice takes the other $0.5.
Read 42 tweets
Tascha Profile picture
16 Aug
Ethereum will be the new government bond.

Staked ETH, or PoS asset of a dominant blockchain, will replace US Treasuries as the risk-free asset in any portfolio.

This shall be the biggest revolution in the history of financial markets.

Here’s how I think it’ll go down 👇
First, how does a “risk-free asset” come to be?

There’s no guarantee in life. Everything has risk. An asteroid can hit earth tomorrow and we all die.

But in practice, people take the debt issued by the US government as a benchmark, risk-free asset, because—
Governments collect taxes. The US has the largest, most robust economy in the world. The US government has the largest, most robust incomes. It literally just takes a cut of the US GDP every year.
Read 33 tweets
Tascha Profile picture
10 Aug
Your bank offers 0.2% APY but BlockFi offers 8%. Are high yields in crypto for real?

The answer is yes AND no.

Here’s my review of 6 types of yields in crypto, ranked from most Ponzi 🤡 🤡 🤡 🤡 🤡 to most durable 🏰 🏰 🏰 🏰 🏰.
(Note: A Ponzi simply means the price of X depends on more people buying X, but without creating a meaningful network effect of intrinsic value. I have nothing against Ponzi. You can make money in them as long as you’re not the last fool. A lot of things in life work that way.)
TYPE 1: Staking a token with 100% APY

100% percent of zero is zero.

There are deFi projects hoping to get adoption by offering high yields. The APY is counted in the native token. Since the token is thinly traded, price can be easily manipulated and doesn’t mean much.
Read 45 tweets

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