On November 27th when XMR was trading at 160ish area I came to grips with my dislike of Monero', that it's not what I like it's what the market does. So I bought and entry position at that time. I didn't know why it was going up, but the chart was highly bullish so I wanted in. Then came the "NEWS" that Monero' is teaming with some main street artists to allow them to sell their music direct to fans. WOW I love a company that is going after new areas and markets, and moreover game changing ones. Yes I know there is music coin, and several others that were aiming at this market, but it's critical to have a working product and not just a dream, this is why I invest into working products with market penetration. This is why coins such as music are speculative and should be treated as such it will not catch up if Monero' and DASH' get there first.
Just like DASH' announced it was going after the Marijuana industry Monero' is aiming at the music industry. This is a fundamental change and brings validity to monero'. Let's not forget that the music space is HUGE! Just look at how Apple' monetized on this market. Selling songs for 99cents and keeping 30% of the rake! OUCH if your a musician and that does not include the take your label gets. This is a game changer even more than Dash getting into the marijuana sector IMO'. Going back, Napster' changed the way we obtained music! Monero' I believe could be the same game changer!
Let's compare. Apple pays about 64 cents for every 100 streams on apple music. It's estimated that an artists gets about $0.005 cents per play or if someone buys the tune the artist (or rights holder) gets about $0.70. Now depending on whether they are under contract the artist ends up with about 10% of the total take. Of course the music industry is corrupt, but this could level the playing field for new artists. What if I sign a contract with my label that I keep 90% of the profits from all direct downloads from my site . You can see how this changes the game for musicians especially unsigned ones. Again cryptos taking out the middle man. LOVE IT!
But if you follow, I do not trade on news, I trade on charts and invest on fundamentals. The charts foresaw this "news" before the news was released, we spotted it and got in. That's how it's done! Now I couldn't believe that I was seeing on facebook and some of the blogs I follow that people were selling Monero at $235-$250 and stating it will pullback. HUH? Seriously? This is a fundamental game changer for this coin. I went ahead and added at $235 on the breakout, why would I sell here? Some are simply stupefied and narrow sighted. This has left many with sellers remorse, as Monero continues higher and it should!
If I have mentioned it once, I have mentioned it a hundred times. Most long term buy and hold investors outperform traders 90% of the time, and Monero' could not be a more perfect example.
This without a doubt a game changer not only for the music artists, but for Monero as well. Now don't expect DASH to lie down and take this easy. I believe they will want their piece of the pie and they are a beast. But there is room for both!
Meanwhile Charlie with LTC' is still in twittersverse. I look at there news release and it's "we hit an all time high". Maybe someone should have tweeted back that Monero is out performing you because you are acting like a child when you should be focused on growing and becoming a contender for specific markets. This is why you are under performing the market Charlie! And even though a rising tide raises all ships, yours will eventually sink if you do not grow up and take this seriously.
All in all I am not selling here, but will be looking for a pullback to add more. With DASH' trading around $750 I think Monero' should be valued around $450.
The game is changing and I want to be in aggressive marketing coins and Monero' has made the top 3 list for sure!
For the record I updated the count after looking at DASH's run.
As somebody who has worked in the music industry for 15 years, running an independent music label, it's hard to see what Monero actually offers that other currencies don't - there's no reason that what they're offering here will actually change the lives of any musicians or the industry we operate in. People are still purchasing via a third party webstore which eats up the percentage saved passed onto the customer. Artists will still earn the same shitty percentage as if you bought it on iTunes. If you want to see a blockchain platform that's actually doing something with the potential to change the industry, check out UJO music. This story of Monero is simply a coin siding with ecommerce payment site Shopify which currently accepts Bitcoin. The payment processor will be GloBee, where Riccardo Spagni serves as chief executive (the same guy who owns Monero). This is not cryptocurrency saving the music industry, it's cryptocurrency sucking the last few drops of blood that are available to it from the industry whilst dressing it up as some kind of biblical feat when in actual fact, it's just marketing for Monero and profit for GloBee.
goldbug1
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@Stish, Thank you Stish and appreciate the insight from someone in the business.
Stish
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@goldbug1, most welcome - thanks for your insight as always. Been following you a while. I just wanted to give a shout from this side of the coins, I do believe blockchain tech has the ability to shake up the industry, but it'd have to be a direct rival to something like spotify or apple music that pays musicians directly from each individual play from a user i think. Users would feel good knowing each play on their service goes direct to the act, and the service could pay artists instantly via smart contracts. UJO definitely is heading in the right direction, all that's needed is adoption. I think it's great that shopify etc are accepting crypto though, the more widely adopted the better for the crypto industry, and all of us who are invested - but in terms of making much needed change to the music industry, i can't see monero adding anything with this move.
goldbug1
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@Stish, I'm not thinking it will save the industry, and I do not think that buying on iTunes will go away. I do not care if they are in coke machines at the hotel. the more your coin is marketed the more places it is taken then it becomes mainstreem. I never heard of UJO but I will take a look. Again thank you for commenting.
Rektitude
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@Stish, it’s not direct artist-to-consumer music selling, they are simply accepting Monero as a currency, like other websites accept Bitcoin. This is good for Monero because it shows that it’s not only a “darknet” currency.
Netrunner
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@Stish, I use to manage bands and Musicians, and like many artist they tend to be bad business minded people. I could totally see these current musicians buying into the Monero philosophy with the idea of "Sticking it" to "The Man" but really end up sticking it to themselves because they have no idea what they are doing.. But I would not discount the affect it may have on Monero's price considering that these Musicians have millions of fans that will buy Monero just because Mariah Carey said "Monero". Bjork has commented that she will only accept Monero now. Once all of these fans have Monero in their digital wallets, it could evolve into something, what, I dont know.
goldbug1
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@Netrunner, "fans that will buy Monero just because Mariah Carey said "Monero"" Well said and true. Marketing marketing marketing. And once people start using it they are slow to switch why it is so important to have market penetration!
alter.daemon
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Crime world (including white-collar crime) rather than music market for Monero ;)
No smart contracts, this has nothing to do with selling music through blockchain. It’s just another way of paying for merchandising. I am a huge Monero fan but your analysis is off :)