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Hi railwayman, I have to say I'm not convinced about the whole NFT thing. Even less by the "celebs" who've take to displaying them on the social media profiles as a form of conspicuous consumption whilst lecturing the rest of us on the evils of capitalism LOL
I think that an example of "late stage" if I've ever seen one.
I suspect the Edward Penny might be a similar flow, but who knows. I've thought about the implications for the original asset, does it devalue them? An asset that might be on SGI's balance sheet now or in the future. The double curse of failed campaign and diminishing asset value..
I do buy rounds, rather than coins, for hedge/value, including silver (with it's VAT) I've always done that over numismatic pieces. It just makes more sense for me as I can see a very broad spectrum of views to price it off.
I collect ceramics, mainly studio pieces, but I have no interest in doing it for profit, some have appreciated in value, but I never expecting to sell them so it's of little interest to me. I collect because I enjoy the objects. I have wondered in the past if the failure of SGI might actually be good for stamp collecting, it might make it return to it roots, the pure enjoyment of the item not the financial reward.
devonplay - I can believe what you say abour NFT's generally. It does seem that the Maganta isn't the success which was hoped, and I wonder if an Edward Penny offer is likely to do any better ?
I think that stamps as a hobby continue reasonable well, though maybe not what it was 20 years ago and with a much-changed market, but my impression is that coin-collecting/numismatics has always had, perhaps, fewer enthusiasts. My own interest is stamps, so please correct me if I'm wrong, but there does not seem to be quite the same support for coin collecting in the way of specialist catalogues, magazines, coin fairs and exhibitions, etc., as there is for philately ? IDK?
Over the weekend I read/heard (podcasts) references to a report suggesting that "95% of all NFT's could be worthless in between 3-5 years", which I believe echoes similar comments of the coinbase founder, but I seem to remember him saying 90%.
The old Magenta appear to be a less that sparkling success, so what happens if the Edward Penny follows a similar failure?
We know that SGI's turnaround could still take another 12-24 months. Could the bubble be burst before they arrive at the party?
Will they keep pushing showpiece, if all it shows is there's little appetite for pieces?
Pearls, I agree, that was my point, no need to worry about the "value" of an existing Machin collection, just because of Royal Mail's devaluation of pre-barcode stamps. And if you do have a large number of spare Machins in hand which were just bought for postage, you still have a year to use them up, or swap with Royal Mail themselves. Same with older commemoratives, it would be nice to be able to continue to use them on mail, but no doubt RM will clarify this when the "swap scheme" forms are available.
As to RM saturating the market with endless irrelevant new issues, with all the add-ons of fancy prestige books, miniature sheets, various covers, presentation packs, etc., just to swell their profits with no regard to "real" collectors or philatelists, that's another matter. As you say in the earlier post, it could increase the interest in earlier scarcer material......or it could just put people off starting the hobby altogether.......
Railwayman, there’s no reason for you to use your collection of Machins on post, that would just ruin your collection? Why not just buy new stamps?
I don’t collect Machins but even so, I understand that they’ve gained in popularity and are a complex issue with many varieties some of which are very rare.
Reading about the Royal Mail "digital stamps", it would appear that the barcodes only apply to definitive stamps, the old ones of which can be swapped for the barcoded ones from March this year to 31st Jan 2023 by means of a form and Freepost arrangement ? Commemorative stamps will not have barcodes and remain valid (I think???).
I like to use commemorative stamps on my mail (bought cheaply via Ebay, etc. ), but my only relevant collecting interest is Machin Decimal Definitives from 1971 to 2000, 99% complete to the specialist depth which I will ever want to collect, and all bought at face value at the time of issue. A few would now probably be worth more than face value to a specialist collector, but I've no reason to disturb the collection....I'll just need to use up (or swap with Royal Mail) any spares or duplicates which I don't want.
(Apologies if a bit OT.)
" if a huge success is selling 14.85% of the shares then we should never have a global recession again .. ever.."
Sellers out in force again today. Until some proper value opens up best avoided.
My long term prediction of 1.8-2.2p looks spot on. Against a backdrop of inflation driven austerity there's better value elsewhere. I may revisit when it breaches 2p.
https://showpiece.com/edward8-penny
Looks like a good advert for Baldwins, we all tend to forget that SG also has a big coins side in Baldwins
“First, the 1c NFT” what NFT I haven’t seen any lol, these new stamps are just… stamps, it allows for better efficiency and forgery prevention, this isn’t done for the collector,
Also you may have seen that showpiece have listed a new item, a 1937 Edward VIII Penny, which they hilariously state in the article “following the huge success of the 1c magenta fractional ownership offering”… if a huge success is selling 14.85% of the shares then we should never have a global recession again .. ever..
Carp, do you really think that people buying presentation packs and year books for example are intending to actually use the postage stamps? I don't. They surely intend to just keep the pack intact as it was bought to remember some date / occasion.
Few of these packs are ever going to be used commercially.
Equally I don't think that those who are looking to sell such packs back to the trade will then use the stamps if they are offered a poor price by a trader. No, they're highly likely to list the item on ebay or some other similar site.
I have to admit, I cannot see any point to watching a video on a barcode, but then again I had to be convinced about NFT's, and now SG alone has sold over £1m of them.
The world of stamp collecting is changing.........but I suspect it will reinforce the collectability of older scarcer material.
There are lots of collectors with presentation packs, year books and mint sets. The post office makes millions from marketing these items. I get enquiries every single day from someone wanting to sell modern British. I don't want to have to tell them in 2 years time their collection is basically worthless after they might have spent 3, 4 or £5000 on stamps which cannot be used. This sort of news could heavily impact general collecting once it is seen as a huge rip off. I agree SG clients probably are not impacted, but collecting starts at the bottom, this policy could have considerable consequences.
Carp, it's certainly a problem for all UK stamp dealers. Every one I have bought from in the last few years seems to always use old stamps on their envelopes - as you say, they hold little collectable value and are of more use as actual postage. On the other hand, an actual collector of mint GB won't be looking to sell them, especially the early QE11 sets as they obviously do have value. From after I suppose 1965 they're all pretty worthless, but do many collectors hold this sort of thing? I'd doubt it, especially the more experienced ones. It always seems to me the main buyers of such commemoratives for example are non collectors enticed by a Sunday Times offer. There's also going to be an issue on ebay as there's loads of 'unused' modern stamps on there for sale at all times, now these will all be unusable from next year.
On the other hand I did read that you can swap them in at the Post Office for these new barcoded stamps shortly, I don't know if there's any cost or issue to doing that, but that should get many dealers off the hook of holding a load of useless material.
One can only hope that alongside this, the Royal Mail move to actually postmarking envelopes again rather than penning through a stamp. It's pretty shoddy really.
Pearls, this new post office barcode policy might be devastating to any collector who has bought 51 years worth of mint GB stamps.
They are proposing to invalidate all non barcoded stamps from 2023. This means collections of decimal mint become worthless as they loose all face value. I welcome comments.
https://www.msn.com/en-gb/news/uknews/royal-mail-announces-huge-change-to-everyday-stamps-effective-immediately/ar-AATlLIN?ocid=entnewsntp&pc=U531
Thanks Shreddinggreen - fair cop. I must admit I thought the big stamp show was another Stampex. Frankly, they all look the same, and any show at the Business Design Centre seems to always have a similar crowd of exhibitors each time, no matter what they call it.
As regards the Guernsey and Mallets situations, I believe both are ring fenced from the mother company, and both are basically largely declared already on the balance sheets. With Guernsey my understanding is that there is one claim which Directors feel has no merit and is unlikely to proceed, whilst with Mallets, I would have thought SGI to have excellent grounds to make a successful claim against Stella McCartney. The US claim is the opposite really to the Guernsey one in that SG has had to make the bankruptcy application because of failure by a third party to pay her rent. I cannot see that there will be many more unexpected costs arising from that position, hopefully there will be a payout from Ms McCartney in due course, especially now we're all emerging from COVID.
Three points here Pearls.
i) Until the Guernsey court case and Malletts bankruptcy filing are completed, I would expect parties interested in investing in the huge future potential of SGI to take a guarded view. No figures have been released for the worst case scenario of Malletts and the potential loss in other subsidiaries of unrecovered inter-company balances.
ii) London International Stamp Exhibition delayed from 2020 is being held 19th to 26th February 2022. During the exhibition, the 1 cent magenta will be on display at 399, Strand NOT at the exhibition.
iii) Stampex 2022 Exhibition is being held 28th September to 1st October 2022.
Now Showpiece have removed the numbers remaining, it is just a percentage.....
No news on the marketplace they said would be ready BEFORE JUNE.
I went past the store last week, completely empty apart from one staff member. No rush of collectors either despite dropping of mask mandate.
Pearls I don’t think the 1c Magenta will do anything for them, having tracked the shares sold they’ve still only managed to sell 11850/80000
Nov 12th to Dec 1st was 980 shares sold
Dec 1st to Dec 30th was 638 shares sold
Dec 30th to Jan 29 ... 99 shares sold
They had a huge drop off in sales, no further emails, no further posts, nothing… it’s disappointing
And still the loophole exists to purchase the entire stamp for under half the price they paid, and because unfortunately due to overall declines in the philatelic market nobody wants the stamp, thus nobody has acted on that clause of the contract
I will be curious to see what happens at stampex, I might have to pay a visit
ALEX BRUMMER: In uncertain times stocks and shares, based on real companies, are considered risky - non-fungible tokens are beyond the pale
"As a long time philatelist and collector of illustrated Victorian books, I sort of understand why NFTs – created, branded, traded and stored on the web – might be deemed attractive to the hyper-tech generations.
But it is a struggle to understand how tokens, sometimes art works split into a thousand pieces, are ever going to compete with Rubens, Turner or Chagall. "
"Non-fungible tokens are beyond the pale. "
- enough said, another nail in the coffin of poor old SGI!
https://www.dailymail.co.uk/money/comment/article-10453215/ALEX-BRUMMER-Non-fungible-tokens-pale.html?ns_mchannel=rss&ns_campaign=1490&ito=1490
"shares fall when as little as 5000 are sold"
You are describing the poor liquidity you've repeatedly said, over the last 2 years, doesn't exist!
Devon, it is being very weakly traded currently. Out of 427m shares the daily share turnover is regularly less than 100,000 and I have seen the shares fall when as little as 5000 are sold. That is just ridiculous but no-one is buying whilst the next scheduled announcement is so far off.
Today: trade price 2.2755 it looks like we are still edging down towards my 1.8-2p price, I expect that to be the "share price" before long. It all looks very weak to put it mildly.
Don't worry, it will be 2023 before you know it. LOL Maybe "the share of the year 2024"?
Devon, much as I may be SG's biggest supporter, even I am frustrated by the lowly share price and lack of any news.
The recent update from the CEO was positive, especially his finishing comments about the company moving into the black again, but there was no response to this by the market. In fact, in very small trading the price has fallen consecutively over the last few weeks. I'm surprised that Phoenix / Showpiece / the new big investors are happy to let this persist week after week. Presumably there is some plan afoot?
In the meantime we have Stampex to look forward to next month, and another advertising blitz surrounding the 1c magenta which apparently will be on display at the show, so should boost the sales of the 1c fraction.
Personally I'd like to see Showpiece wheel out their next offering as we keep on hearing that something else was about to be offered, but where is it / what is it? I'd also like to see more developments on the proposed new exchange to allow fractional holders the ability to sell / buy such holdings.
Unfortunately, the next scheduled trading update is the 2021 finals half year, due in June. That's a long time to wait.
With changes at Hornby, and the collapse in spending on funerals...then Red Flags here abound. How much longer with they want to be distracted by this minow..
Best avoided.