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NFT projects are just MLMs for tech elites

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Re: NFT projects are just MLMs for tech elites

#11

Post by ryan93 »

taylorfinley wrote: post #8
stickfigure wrote: post #2

> The venn diagram of NFT haters are almost exact matches of Crypto haters Nonsense. I'm pro-crypto but think NFTs are absolutely idiotic. Scarcity is fundamental to any store of value. There are an infinite number of potential NFTs.

The venn diagram of crypto people who think NFTs are absolutely idiotic almost exactly matches the venn diagram of crypto people who haven't really dug in and tried to understand NFTS.

You don’t have to dig in to understand there is a distributed ledger saying you “own” a jpeg

Re: NFT projects are just MLMs for tech elites

#12

Post by woodruffw »

taylorfinley wrote: post #8
stickfigure wrote: post #2

> The venn diagram of NFT haters are almost exact matches of Crypto haters Nonsense. I'm pro-crypto but think NFTs are absolutely idiotic. Scarcity is fundamental to any store of value. There are an infinite number of potential NFTs.

The venn diagram of crypto people who think NFTs are absolutely idiotic almost exactly matches the venn diagram of crypto people who haven't really dug in and tried to understand NFTS.

Cue the standard quote about Bozo the Clown[1]. The fact that a bunch of people (idiot or non-idiot) have done a thing isn't itself positive evidence that that thing is good.

[1]: https://wiki.c2.com/?TheyLaughedAtEinstein

Re: NFT projects are just MLMs for tech elites

#14

Post by PragmaticPulp »

SrslyJosh wrote: post #3

This would have been more interesting if the author had traced where all the money being plowed into NFTs is coming from. I suspect that most of it does not come from outside of the current ETH (or whatever) ecosystem. I'd bet that most of the volume comes from people who are either treating it as play money, or trying to pump the NFT scam for their own benefit (real or imagined).

> This would have been more interesting if the author had traced where all the money being plowed into NFTs is coming from.

Not possible to trace where the money is coming from.

In fact, someone can "sell" an NFT to themself in a wash trade between two wallets they control. The last trade price of the NFT is now recorded as the transaction price, but it's possible that money never actually changed hands.

Want to have an expensive NFT? Just trade it to yourself for as much money as you have in your crypto wallet. You keep the money, you keep the NFT, but now everyone can see that someone "paid" a certain amount for it.

Re: NFT projects are just MLMs for tech elites

#15

Post by teruakohatu »

shiftpgdn wrote: post #5

eyeroll I won’t deny that there are tons of NFT projects that are nothing more than modern day tulip mania. On the other hand there is an entirely new world of opportunity that has never existed before for both common people, artists and corporations in the form of DeFi projects. Basically any distributed form of ownership you can imagine is now possible through NFT and DAOs. There has never been a better time to lea…

> there is an entirely new world of opportunity ... any distributed form of ownership

That is what people say, but what I don't understand is what ownership is actually conferred with NFTs. The only "ownership" is the ability to transfer the NFT to another person, which simply gives them the ability to transfer it to another person (which sounds a bit MLMy).

For ownership to be worth more than that, you need a legal system and a legal contract ... so back to square one.

Re: NFT projects are just MLMs for tech elites

#16

Post by RNCTX »

roweow wrote: post #10

Here’s an amazing email from Hal Finney on proto-NFTs 1993- https://imgur.com/a/UJpFjzx I think people who have been in bitcoin for 10 years are more skeptical of NFTs because suddenly they’re framed as the ultimate crypto use case. And Eth is ultra sound money. And while there’s some interesting generative art (eg deafbeef) most of the industry is hyping NFTs for videogames. There are better and more transformative…

Everything is framed as the ultimate crypto use case, because crypto doesn't have a use case. No one needs money capped at 8 transactions per second world-wide, which costs ever-increasing amounts of electricity to trade.

All of these things end up being an exercise in cryptocurrency people in a round-about way proclaiming to the world that they don't know what a thing is.

For example: NFTs are a great idea to people who have never read an undergrad definition of what art is.

Re: NFT projects are just MLMs for tech elites

#17

Post by shp0ngle »

stickfigure wrote: post #2

> The venn diagram of NFT haters are almost exact matches of Crypto haters Nonsense. I'm pro-crypto but think NFTs are absolutely idiotic. Scarcity is fundamental to any store of value. There are an infinite number of potential NFTs.

> Scarcity is fundamental to any store of value. There are an infinite number of potential altcoins.

Re: NFT projects are just MLMs for tech elites

#18

Post by seibelj »

Why do people want Picassos? Show them off, appear sophisticated, an investment, etc. Crypto Punks are something a wealthy segment of society likes and because they are graphical and fit neatly into an avatar, they become like an expensive watch except for the digital set. This phenomenon is not hard to understand.

Re: NFT projects are just MLMs for tech elites

#19

Post by stickfigure »

taylorfinley wrote: post #8
stickfigure wrote: post #2

> The venn diagram of NFT haters are almost exact matches of Crypto haters Nonsense. I'm pro-crypto but think NFTs are absolutely idiotic. Scarcity is fundamental to any store of value. There are an infinite number of potential NFTs.

The venn diagram of crypto people who think NFTs are absolutely idiotic almost exactly matches the venn diagram of crypto people who haven't really dug in and tried to understand NFTS.

The difference between an NFT and a tulip is that it's actually somewhat difficult to grow a tulip.

Re: NFT projects are just MLMs for tech elites

#20

Post by shimonabi »

As soon as I see or hear the words "bitcoin", "blockchain" or any DeFi project for that matter, my brain automatically assigns the label "moron" to the person. It's like when I see a girl I like smoking. 10 to 0 in a milisecond. It's high-stakes gambling at least, total fraud at most.

It's not surprising that a lot of known MLM scammers in my country moved into DeFi.

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