I wasn’t involved in digital currencies four years ago.  Or for that matter, even four weeks ago.  But I can read charts, and having viewed a few, I see this:

A lot of assets came onto the scene more or less in the year 2021.  I was paying so little attention that I don’t know: Was some sort of cryptomania happening at that time?

A week ago, I bought 100 coins (shares?) of Bluzelle (BLZ). It’s a decentralized storage network designed to safeguard the intellectual property of artists, musicians, scientists, and other creators.

My cost per coin was $.0793 or just under eight cents, for a total investment of $7.93, or just under bucks.  Today it’s trading at $.0578.  I have an unrealized loss of about 27 percent, or $2.16.

Why did I buy it?  It was on my top gainers list, trading as high as 11 cents.  A day earlier, it was more like today’s price, in the range of 5 or 6 cents.  Experimentally, I’ve been looking at top gainers, among other “strategies.”

Looking back at its full history, it took a big jump in 2021, to around 66 cents.  Looking farther back, it apparently launched in 2018. Its initial price was 91 cents, which is more than 15 times its current price.

At its current price, its market cap is $26 million. At its peak, I surmise, its total cap was around $400 million.

In my short journey so far, this seems to be a common story.  Many assets “opened” with huge market values and it’s been downhill ever since.

I suspect that many assets were created mainly for a quick payday for the creators.  If the BLZ creators held a just quarter of the coins, they’d have raked in $100 million.

It leads to a lot of questions.  Is their technology in use?  Is it improving? Does it have potential to ascend?  Or as Merle Haggard asked in a song, are the good times really over for good?

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