The NFT market bubble has popped? • Hacker News Board

Re: The NFT market bubble has popped?

#221

Post by paulgb » Thu, Jun 03, 2021, 2:48 PM UTC

jokoon wrote: post #217

Was working with a guy to start a card game, it ended, he had other project on NFT. I wonder if I should share this with him. It's weird how easy it is to sell any cool sounding tech to laymen, even if laymen understand the tech a little. Why isn't everybody able to draw a simple pro/con list to have a minimum of skepticism? Is it because it's marginally better than having a more normal salesman job, to be a nurse or…

> I wish there was some rulebook on how to spot trends that will be short-lived.

It's not exactly a rulebook, but if you read enough of Extraordinary Popular Delusions and the Madness of Crowds, there are some patterns that recur over and over. It was written 180 years ago, but it's amazing how little the psychology behind manias has changed.

In particular, a good golden rule is to not follow people into an investment that you don't understand because you are blinded by greed.

https://en.wikipedia.org/wiki/Extraordinary_Popular_Delusion...

Re: The NFT market bubble has popped?

#222

Post by hbosch » Thu, Jun 03, 2021, 2:48 PM UTC

ansible wrote: post #213

nly wrote: post #28

Earlier quoted context omitted.

Imho it stems from a lack of understanding and faith in the financial services industry, probably exacerbated by the financial crisis. A large % of people now believe that the finance industry only exists to work against them and make an elite minority rich. There's a strong sense of "Fuck You, I Got Mine" from the last generation, so the current generation is saying "Fine, I'm going to invent my own system... with B…

> A large % of people now believe that the finance industry only exists to work against them and make an elite minority rich. And that's because it is true. The vast majority of the financial services industry is designed to screw people over. The only thing an average citizen can do is let them skim off as little money as possible. Buy stocks in solid companies, and hold on to them for a long time. Index mutual fund…

> And that's because it is true.

And perhaps it's also true that crypto has also made an elite minority rich?

Re: The NFT market bubble has popped?

#223

Post by jokoon » Thu, Jun 03, 2021, 2:50 PM UTC

vesinisa wrote: post #5

I am hardly surprised. While Bitcoin maybe had theoretical uses as a currency a decade ago, the NFT hype never made any sense whatsoever to begin with.

NFT reminds me that bitcoin doesn't have any legal regulation or protection whatsoever, meaning bitcoins are not legally protected or insured by any government.

It's weird how tech inventions came from publicly funded research, yet it's being adored by libertarians and anti-government people.

Re: The NFT market bubble has popped?

#224

Post by ww520 » Thu, Jun 03, 2021, 2:52 PM UTC

nly wrote: post #28

powerapple wrote: post #6

One thing I have noticed when listening to the interviews of NFT companies is that, when describing NFT is the future, the arguments from these founders are examples of people/artists made money by selling NFT online. It has become more and more a theme for cryptocurrency technology has well: the reason you should be in is that other people have made money rather than the benefit of the technology itself. It is not a…

Imho it stems from a lack of understanding and faith in the financial services industry, probably exacerbated by the financial crisis. A large % of people now believe that the finance industry only exists to work against them and make an elite minority rich. There's a strong sense of "Fuck You, I Got Mine" from the last generation, so the current generation is saying "Fine, I'm going to invent my own system... with B…

For dapp, I found the idea of doing asset swap pretty interesting. It’s like the interest swap or the currency swap but with crypto assets and tokens to form a swap pool that functions like a standalone exchange, which anybody can start using the crypto infrastructure.

What crypto presents is the opportunity for lay people to take financial power from the finance establishment. I think that’s why people are so excited.

Re: The NFT market bubble has popped?

#225

Post by jonfw » Thu, Jun 03, 2021, 2:55 PM UTC

spinny wrote: post #198

tw04 wrote: post #191

Earlier quoted context omitted.

>A large % of people now believe that the finance industry only exists to work against them and make an elite minority rich. And what on earth makes them think cryptocurrency doesn't exist simply to make an elite minority rich? Just because it might be a different minority doesn't change the equation. And oh by the way, there is absolutely 0 government protections in the new system. Don't get me wrong, over the last…

oh no we got "hacked" only happens if you leave your crypto on an exchange. It's not yours until it's under your control

The vast majority of crypto owners are not technically competent enough to hold themselves responsible for a crypto wallet, IMO.

Re: The NFT market bubble has popped?

#226

Post by BLKNSLVR » Thu, Jun 03, 2021, 2:56 PM UTC

SOLAR_FIELDS wrote: post #209

snypher wrote: post #189

Earlier quoted context omitted.

...or the bank launders over $10 bullion, pays a $700m fine and everyone walks away free.

Not possible. How could Some Bank get away with such a Crime with no repercussions?

Is that sarcasm?

Aaaaah, I get what you did there! Took me a minute or two, during which time I was finding examples of How Some Bank Crime...

https://www.rollingstone.com/politics/politics-news/outrageo...

https://www.icij.org/investigations/fincen-files/hsbc-moved-...

https://www.marketwatch.com/story/netflix-documentary-re-exa...

But also:

https://www.abc.net.au/news/2020-09-24/westpac-money-launder...

https://www.austrac.gov.au/austrac-and-cba-agree-700m-penalt...

Re: The NFT market bubble has popped?

#227

Post by bhandziuk » Thu, Jun 03, 2021, 2:57 PM UTC

cturner wrote: post #95

vesinisa wrote: post #5

I am hardly surprised. While Bitcoin maybe had theoretical uses as a currency a decade ago, the NFT hype never made any sense whatsoever to begin with.

"the NFT hype never made any sense whatsoever to begin with" I felt the same, but now regard NFTs as the first meaningful application of blockchain. First, let's talk about land registries. In developed countries, the state administers a land registry. There is a strict, human-administered API against this registry. It allows users to inspect the full history of land; cause property splits/mergers; execute land excha…

> It would be pointless to duplicate artwork, because the sold duplicate would effectively destroy the original

If someone cares about having a piece of art badly enough to steal it or create a fake do they care at all about what an NFT says about who owns it?

I think we live in a world where holding the real thing in your real hands is all that matters.

Re: The NFT market bubble has popped?

#228

Post by ProAm » Thu, Jun 03, 2021, 2:58 PM UTC

SOLAR_FIELDS wrote: post #209

snypher wrote: post #189

Earlier quoted context omitted.

...or the bank launders over $10 bullion, pays a $700m fine and everyone walks away free.

Not possible. How could Some Bank get away with such a Crime with no repercussions?

100% possible [1]

[1] https://www.marketwatch.com/story/netflix-documentary-re-exa...

Re: The NFT market bubble has popped?

#229

Post by stiltzkin » Thu, Jun 03, 2021, 2:59 PM UTC

cryptica wrote: post #44

There are some legitimate use cases for NFTs but art is not one of them. The best use case I can think of is a kind of DNS domain name system. The domain name is an NFT; it's unique and it provides value as it can be integrated with various systems. The intrinsic value of crypto and NFT is in software integrations.

There are already .crypto domains which work as NFT and just need to pay once as opposed to ENS or DNS domains. Seems the only downside is that it is controlled by a private company.

Re: The NFT market bubble has popped?

#230

Post by Igelau » Thu, Jun 03, 2021, 3:01 PM UTC

nly wrote: post #28

powerapple wrote: post #6

One thing I have noticed when listening to the interviews of NFT companies is that, when describing NFT is the future, the arguments from these founders are examples of people/artists made money by selling NFT online. It has become more and more a theme for cryptocurrency technology has well: the reason you should be in is that other people have made money rather than the benefit of the technology itself. It is not a…

Imho it stems from a lack of understanding and faith in the financial services industry, probably exacerbated by the financial crisis. A large % of people now believe that the finance industry only exists to work against them and make an elite minority rich. There's a strong sense of "Fuck You, I Got Mine" from the last generation, so the current generation is saying "Fine, I'm going to invent my own system... with B…

> After many hours I couldn't find anything even remotely interesting.

This has been my issue with dApps as well. It's always "thing that does some stuff with ETH" which is only valuable and interesting if you already assume ETH is valuable and interesting. I guess most people make the leap of faith by putting money into them, but on sheer technical merit, dApps just aren't that interesting.