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Cryptocurrency is something people tell lies about in hopes of getting richer

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Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#141

Post by rchaud »

k__ wrote: post #132
TomGullen wrote: post #84

Earlier quoted context omitted.

I must be getting old because I just don't get NFT's. They look stupid and I don't get why anyone would buy them. Declining tech companies and startups seem to be trying to crowbar them into their products much like Blockchain when it was new and shiny. Perhaps younger me would of seen something I can't anymore.

NFTs can be anything. I don't get the art focus. They can be a degree, a concert ticket, a driving license, a permission to a API service, equity to a company.

So can blockchain, but the only use cases anybody has ever cared about are the get-rich-quick ones.

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#142

Post by mywittyname »

horsawlarway wrote: post #74
wpietri wrote: post #63

Earlier quoted context omitted.

I mean, if you look at transaction cost, settle time, user friendliness, and currency risk, it doesn't even work as a medium of exchange, which is the definition of money. More than a decade on, approximately nobody uses Bitcoin for normal transactions. Compare with Venmo or MPesa, both of which launched around the same time, to se what actual digital money looks like. Both of those do way more transactions than Bitc…

Hard agree - the only thing bitcoin can reasonably be spent on for most folks is black market goods (usually drugs). Which is really why bitcoin exists as thing today, in my opinion. It was a way to pay for drugs over the internet. The rest of the pricing is purely speculation, and it hurts any real utility it might provide.

It does seem to be used by people transferring funds internationally, especially from SEA to the USA.

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#143

Post by pamplemoose »

oefrha wrote: post #11
marban wrote: post #5

The whole NFT craze lost me when tech founders I once highly respected started pushing and showing off their ugly gifs and trading cards on Twitter. Bad taste of the bored rich is not a new thing, but I hope NFTs won't become a noble tradition.

I'm on board if charities* could somehow get in on the action and convince the bored rich to part with their money. * Real charities, not those billionaire tax avoidance schemes.

I liked the idea of the moonshot bots https://decrypt.co/79606/moonshot-bots-nfts-gitcoin-ethereum... where the funds raised are used for public goods.

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#144

Post by cperciva »

21eleven wrote: post #100
TomGullen wrote: post #84

Earlier quoted context omitted.

I must be getting old because I just don't get NFT's. They look stupid and I don't get why anyone would buy them. Declining tech companies and startups seem to be trying to crowbar them into their products much like Blockchain when it was new and shiny. Perhaps younger me would of seen something I can't anymore.

The thing about NFTs is that many people who buy them "don't get NFTs". All an NFT is is a token that represents ownership, like if the title to your car or house deed was on a blockchain. NFTs have some sane use causes like designating the owner of a valuable asset or creating electronic tickets that can be resold or transferred without some centralized entity like ticketmaster. Prior to NFTs existing, would you pur…

Thing is, NFTs don't represent ownership, absent some external legal documents which tie ownership to the NFT. (And even with such external documents p perhaps not; see e.g. the statute of frauds which restricts in what form land ownership can be transferred.)

I can sell NFTs of bridges all day long; doesn't mean anyone is buying a bridge.

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#145

Post by postalrat »

BTCOG wrote: post #138
mywittyname wrote: post #133

Earlier quoted context omitted.

Let's accept your premise for the sake of argument. Why do you thinik the contagion from other crypto scams imploding won't bring down BTC? Will people still trust BTC if they lose trust in other crypto?

The rest are completely irrelevant.

To me this sounds like more lies.

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#146

Post by throwdecro »

TomGullen wrote: post #84
marban wrote: post #5

The whole NFT craze lost me when tech founders I once highly respected started pushing and showing off their ugly gifs and trading cards on Twitter. Bad taste of the bored rich is not a new thing, but I hope NFTs won't become a noble tradition.

I must be getting old because I just don't get NFT's. They look stupid and I don't get why anyone would buy them. Declining tech companies and startups seem to be trying to crowbar them into their products much like Blockchain when it was new and shiny. Perhaps younger me would of seen something I can't anymore.

I think it's something you can make for free, and sell for money. I don't think anyone "gets" the whole thing; I'd be shocked if anyone selling these things was also a collector. You either get the money or you give the money.

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#147

Post by warkdarrior »

k__ wrote: post #132
TomGullen wrote: post #84

Earlier quoted context omitted.

I must be getting old because I just don't get NFT's. They look stupid and I don't get why anyone would buy them. Declining tech companies and startups seem to be trying to crowbar them into their products much like Blockchain when it was new and shiny. Perhaps younger me would of seen something I can't anymore.

NFTs can be anything. I don't get the art focus. They can be a degree, a concert ticket, a driving license, a permission to a API service, equity to a company.

Out of the examples you gave, degrees, driving licenses, and permission to an API service are not suitable for NFTs, since they cannot/should not be traded. Presumably we do not want for people to sell their driving licenses or their degrees.

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#148

Post by somenewaccount1 »

anonporridge wrote: post #135
21eleven wrote: post #100

Earlier quoted context omitted.

The thing about NFTs is that many people who buy them "don't get NFTs". All an NFT is is a token that represents ownership, like if the title to your car or house deed was on a blockchain. NFTs have some sane use causes like designating the owner of a valuable asset or creating electronic tickets that can be resold or transferred without some centralized entity like ticketmaster. Prior to NFTs existing, would you pur…

Here's an NFT which is the best description I've ever seen of what NFTs actually are, https://foundation.app/@visualizevalue/nfts-explained-12012 It sold for 74 ETH.

Which is about approximately $240,000 USD.

Hrm...I wonder if I should mint some nft's?

And so it begins.

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#149

Post by tomp »

anonporridge wrote: post #135
21eleven wrote: post #100

Earlier quoted context omitted.

The thing about NFTs is that many people who buy them "don't get NFTs". All an NFT is is a token that represents ownership, like if the title to your car or house deed was on a blockchain. NFTs have some sane use causes like designating the owner of a valuable asset or creating electronic tickets that can be resold or transferred without some centralized entity like ticketmaster. Prior to NFTs existing, would you pur…

Here's an NFT which is the best description I've ever seen of what NFTs actually are, https://foundation.app/@visualizevalue/nfts-explained-12012 It sold for 74 ETH.

Except that, it's not even true.

NFTs are equivalent to a orange checkmark on the website twotter.com that I just set up.

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#150

Post by rchaud »

analog31 wrote: post #70
marban wrote: post #5

The whole NFT craze lost me when tech founders I once highly respected started pushing and showing off their ugly gifs and trading cards on Twitter. Bad taste of the bored rich is not a new thing, but I hope NFTs won't become a noble tradition.

I have a rule, which is that by the time I dream up an idea, plenty of other people have already had the same idea. So, when I proposed selling NFTs of the rehearsals of my band, and told my son about it, he said: "Dad, a million people are already doing that sort of thing."

Is your band famous in any way? Or does it have a cult following of some kind?

If not, who would buy an NFT of your jam sessions? The pioneering garage rock band The Stooges released a remastered edition of 1970's Fun House some years back, and included 2 CDs of rehearsal/studio sessions and outtakes.

They were widely panned for it, with some reviews saying that even the most ardent Iggy Pop fan wouldn't need 5 versions of "TV Eye".

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