Very disappointing to see a supposedly serious corporation giving legitimacy to such a blatant scam.
Visa Buys CryptoPunk #7610
41–50 of 138 posts
Re: Visa Buys CryptoPunk #7610
#42I find their explanation so strange… they are adding it to their “collection of historic commerce artifacts”? Do they run a financial network or a museum? If I were a shareholder, I would not be happy with this move.
It's a marketing move that cost them $150k and will get them talked about, featured in many publications, and seen as "hip".
You mean it’s an investment of 150k that will likely be worth 1M by the end of the year, AND makes them seem hip.
Re: Visa Buys CryptoPunk #7610
#43As someone who has spent a lot of time (15 years? Maybe more?) looking at “next gen” / mobile electronic payments, I find it amusing that the crypto crowd looks at Visa and MasterCard as the ultimate form of endorsement and embrace.
Visa has the highest profit margin of any company among the largest 100 companies in the world — 49%, which is a significant leap over #2 (which might be MasterCard, at 41% — I forget if there’s anyone between them). When these guys give you a high five and want in on the game, you’re probably making the electronic payments landscape less efficient, not more.
Re: Visa Buys CryptoPunk #7610
#44Well, congratulations to those NFT scammers, it finally paid off. They got their Whale. The entire game of pumping up NFTs to try and pass them off as a useful tool that'll see widespread adoption has finally paid out. This is a small sum of money for Visa to throw away, but this creates a fantastic permission structure for unsophisticated investors to throw away their life savings on a set of worthless e-certificate…
how is a NFT any more arbitrary than a hallmark card? both are "artistic" to a certain degree, completely useless after the purchase and initial exchange.
I would contend that a Hallmark card has usefulness after being exchanged.
I can’t hang an NFT in my house. And doing so with Hallmark cards has tangible benefits to my well being. (the joy of seeing a thoughtful card with personal meaning, conversation starter if company is over, etc)
Perhaps something will be invented to reproduce that experience for NFTs, but I haven’t seen it yet.
edit: Format and speeling
Re: Visa Buys CryptoPunk #7610
#45Well, congratulations to those NFT scammers, it finally paid off. They got their Whale. The entire game of pumping up NFTs to try and pass them off as a useful tool that'll see widespread adoption has finally paid out. This is a small sum of money for Visa to throw away, but this creates a fantastic permission structure for unsophisticated investors to throw away their life savings on a set of worthless e-certificate…
how is a NFT any more arbitrary than a hallmark card? both are "artistic" to a certain degree, completely useless after the purchase and initial exchange.
The NFT is sold under the false pretence that is somehow connected with some object of art, when in fact there isn't any such connection. This is what makes NFTs a scam.
Re: Visa Buys CryptoPunk #7610
#46Earlier quoted context omitted.
how is a NFT any more arbitrary than a hallmark card? both are "artistic" to a certain degree, completely useless after the purchase and initial exchange.
I would contend that a Hallmark card has usefulness after being exchanged. I can’t hang an NFT in my house. And doing so with Hallmark cards has tangible benefits to my well being. (the joy of seeing a thoughtful card with personal meaning, conversation starter if company is over, etc) Perhaps something will be invented to reproduce that experience for NFTs, but I haven’t seen it yet. edit: Format and speeling
I think someone ordering a print of an expensive NFT they can prove they own is quite realistic.
Re: Visa Buys CryptoPunk #7610
#47As someone who has spent a lot of time (15 years? Maybe more?) looking at “next gen” / mobile electronic payments, I find it amusing that the crypto crowd looks at Visa and MasterCard as the ultimate form of endorsement and embrace. Visa has the highest profit margin of any company among the largest 100 companies in the world — 49%, which is a significant leap over #2 (which might be MasterCard, at 41% — I forget if…
>I find it amusing that the crypto crowd looks at Visa and MasterCard as the ultimate form of endorsement
They don't. It's the non crypto crowd who do that. The crypto crowd look at them as the dinosaurs that need replacing, as the gatekeepers who can decide who can and cannot have access to online payments.
For someone who has spent a lot of time looking at next gen payment options you seem to have missed the woods for the trees.
Re: Visa Buys CryptoPunk #7610
#48Earlier quoted context omitted.
It seems strange to state in one paragraph both that (a) art can have value simply because it represents a point in art history and that (b) NFTs can't hold value as long as they're digital-only. Because, there's nothing about being digital-only which makes it so that they cannot represent a point in art history.
Would you go to Louvre to see Mona Lisa if you have an atom-by-atom identical copy at home? How much would you pay for the original? What is "original" in this case? Which ship of Theseus is the original one? I don't say, as art, some NFTs are not pretty. I just say they don't represent the same value (for me) as some people think. A CryptoPunk does not have a physical representation, so the one you and I see on our…
> Would you go to Louvre to see Mona Lisa if you have an atom-by-atom identical copy at home?
The point is moot, as you can look at super ultra high def scans of many paintings from the comfort of your home.
And you can see more details this way and not pay any museum fees too
Re: Visa Buys CryptoPunk #7610
#49Earlier quoted context omitted.
how is a NFT any more arbitrary than a hallmark card? both are "artistic" to a certain degree, completely useless after the purchase and initial exchange.
The NFT is sold under the false pretence that is somehow connected with some object of art, when in fact there isn't any such connection. This is what makes NFTs a scam.
Yeah, when I realized you don't actually "own" it through any licenses it made me sour on the whole idea.
Is there a reason why people couldn't be granted a license to do whatever they wanted with an NFT? Seems kind of arbitrary to do so, but I'm sure there's a reason why it's like that.
Re: Visa Buys CryptoPunk #7610
#50Well, congratulations to those NFT scammers, it finally paid off. They got their Whale. The entire game of pumping up NFTs to try and pass them off as a useful tool that'll see widespread adoption has finally paid out. This is a small sum of money for Visa to throw away, but this creates a fantastic permission structure for unsophisticated investors to throw away their life savings on a set of worthless e-certificate…
The scammers are skilled at washtrading the prices high and getting attention on social media. Lots of standard salesman/con artist tricks to get people to fomo buy in