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NFTs Are a Pyramid Scheme and People Are Already Losing Money

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11–20 of 268 posts

Re: NFTs Are a Pyramid Scheme and People Are Already Losing Money

#11
post #3

It's stupid at face value. No pyramid required. You cannot intrinsically link real world items to tokens. The source of truth is the real world, not the token. Add an unlimited supply of unique things, and how could anyone expect to make money from this?

Mostly agree, but 'value' is a social construct, and as long as there is a subsequent rube, then NFTs will be NiFTy.

Re: NFTs Are a Pyramid Scheme and People Are Already Losing Money

#12
So basically: NFTs are a scam since the early adopters are not very good artists. And there is no unique value in them since its just Pepe memes, which are stupid to be NFTed, since it's just Gifs?

Oh and let's not forget about the Ethereum fees and how shitty the tech is.

This really reminds me on how everybody perceived internet in early noughties, when everybody was telling me it's shit and it will never ammount to anything.

Man they were right, there was literally no value, just like there couldn't be value in standardized mode of exchange for digital goods - it doesn't have to be Pepe GIFs only.

Re: NFTs Are a Pyramid Scheme and People Are Already Losing Money

#13
post #3

It's stupid at face value. No pyramid required. You cannot intrinsically link real world items to tokens. The source of truth is the real world, not the token. Add an unlimited supply of unique things, and how could anyone expect to make money from this?

If you're thinking that the purpose of NFTs is to link real world items to tokens, you have a very weird view and would do you better to continue reading up on NFTs.

In its most basic form, a NFT is simply a cryptocurrency token with the total supply of 1. Nothing more, nothing less. Anyone claiming anything else clearly don't know what they are talking about. The source of truth is the token, as it's only about the token.

Re: NFTs Are a Pyramid Scheme and People Are Already Losing Money

#14
post #3

It's stupid at face value. No pyramid required. You cannot intrinsically link real world items to tokens. The source of truth is the real world, not the token. Add an unlimited supply of unique things, and how could anyone expect to make money from this?

Beeple did pretty well

Beeple’s business partner bought the NFT. We have no idea how much went to Beeple. All we know if Christie’s got $9 million.

Re: NFTs Are a Pyramid Scheme and People Are Already Losing Money

#15

Can we stop with the environmental impact complaints of ethereum. ETH2 (Proof of Stake) is running and will be merged very very soon.

things_that_have_been_said_since_2017_but_have_not_happened.txt

Sorry, can't find that.

Eth2.0 is actually filed under things_that_are_very_hard_to_research_develop_and_deploy_to_production_as_they_are_currently_supporting_a_200_billion_market.txt

Re: NFTs Are a Pyramid Scheme and People Are Already Losing Money

#16
post #3

It's stupid at face value. No pyramid required. You cannot intrinsically link real world items to tokens. The source of truth is the real world, not the token. Add an unlimited supply of unique things, and how could anyone expect to make money from this?

So you say that ownership should be kept in physical contracts? There are usecases when you are the owner of something which is not in your physical possession. I don't care about that NFT stuff, collectible can make sense or not. What bothers me is to do it with so much energy consumption. When you are attracted to lose money, then just do it environment friendly. https://medium.com/tqtezos/proof-of-work-vs-proof-of-stake-t... Tezos has what it needs for that. NFTs on Tezos: https://kalamint.io/ https://www.hicetnunc.xyz/ Minting a NFT costs about 1 cent

Re: NFTs Are a Pyramid Scheme and People Are Already Losing Money

#17
post #3

It's stupid at face value. No pyramid required. You cannot intrinsically link real world items to tokens. The source of truth is the real world, not the token. Add an unlimited supply of unique things, and how could anyone expect to make money from this?

>You cannot intrinsically link real world items to tokens.

Patents & trademarks?

Re: NFTs Are a Pyramid Scheme and People Are Already Losing Money

#18
post #3

It's stupid at face value. No pyramid required. You cannot intrinsically link real world items to tokens. The source of truth is the real world, not the token. Add an unlimited supply of unique things, and how could anyone expect to make money from this?

Pyramid scheme or Money Laundering instrument?

In any event I can’t see authorities keeping a blind eye on this.

Re: NFTs Are a Pyramid Scheme and People Are Already Losing Money

#19

I wrote my first Fortran program in 1969. I have been active in the field of computing since then, both as an academic and as a programmer in industry. During this time, there have been several times when I first heard about something new, something potentially game changing. I remember some of them very clearly: 1. Around 1971: a Wang desktop computer. Imagine: a computer that fit on a desk! 2. Visicalc (spreadsheet…

What is the primary point for which you believe NFTs to be rubbish?

Re: NFTs Are a Pyramid Scheme and People Are Already Losing Money

#20
I would have thought that is obvious to all. It still has a place in the world - a bit like fortnite skins or something. Bit of harmless fun.

What I don't get is the insane amount of money people are willing to pay. $5 here or there I could understand but thousands??

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