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Except for you know, gold has actual utility.
the most convincing argument for me was when a bunch of richer people redistributed some of their wealth to me, a nobody. that was a net positive action for the world by them through this market. but i have a socialist theory of NFTs that iāll share here because why not
currently in the art world, an important cultural piece of artwork can be privately purchased by some rich asshole and hidden from the world in his apartment, itās very selfish. sometimes private owners choose to loan out the artwork to a gallery or a museum and thereās a chance the public can see if but they usually still have to pay some amount of money to view it. digital art is still art, itās not not art because itās not brushed on a canvas, art can be digital. and ideally, if marx himself were to design a system where new art that is produced has a contract in place where the artist is guaranteed fair royalty payments not just on the initial sale, but on all subsequent secondary sales, forever, it would probably be exactly like this system. marx dreamed of a craftsman spending a day building a chair and at the end of the day getting a fair market value for his labor on the initial sale of that chair. the era of impoverished artists creating great culture and starving while publishers/media executives reap all the rewards in perpetuity can be ended if these āsmart contractsā continue to be adopted.
and aside from the artistās perspective (the worker), our experience with art as consumers is heightened because the art canāt be hidden in some billionaireās penthouse anymore. itās free for everyone to enjoy in full, at the same level as the collector. the billionaire doesnāt get a special private version of the art that only he can see.
and aside from the artist and the audienceās perspectives, even the filthy capitalist art collector ends up in a better position under this system. forgeries and fakes are no longer a risk for them. if someone really wants to own the next, you know, warhol or banksy, to feel important, they can know for sure and it can be independently verified on the blockchain ledger that the artistās work is in his possession.
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In addition to what Josh said, nothing about modern stock valuations indicates any real connection to tangible production.
Basically itās all memes and bullshit and crypto is the digital embodiment of that.
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The stock market is a giant casino. Crypto is a gambling product with secondary uses such as grey and black market transactions.
We like the gifs and jpegs
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no we donāt
I donāt see how anyone can argue that trading cards and other similar collectibles are valuable and NFTs are dumb. Both are equal pointless in the broader context and are only valuable because of artificial scarcity and people buying them because they think they will go up in value (no one is paying $5k for a limited edition Panini shiny red card as opposed to less rare Panini shiny green version for any reason other than speculation).
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I think its more that one has a decades long history, where the other has been around for a year and has had as many people lose money/be scammed as make money.
Most people itt have come out ahead, but the average idiot in the TS discord seemed to not do so well.
Id equate it more to MTG or PokĆ©mon in the 90s. No one could know 20-25 years later their value would be 100x. Maybe NFTs will be the same, but for every black lotus and Charizard there were 50 other fads who didnāt work out.
I just hope the genius artist behind ether rocks is now a crypto billionaire. He certainly has more value to society than teachers.
NFTās havenāt gone up much lately, everyone piling back into crypto. As noted, thereās going to be more and more and more and more and more nft projects all teh time thatāll dilute the pool. The pool is still fairly limited to who bothers owning these things which is the upside, but scams are endless
but thatās not new the 90s sportscards the adults figured out which packs in the box were good packs and ripped those out in every store.
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Anyone have any idea what GameFi, liquidity pooling or āstakingā (not poker) is?
Something like
A good friend of mine who makes terrible decisions is telling me all about it and that heās got a lot of his savings tied up in it. Seems super scammy/ponzi ish, and I told him so, but Iād like to learn more so I can warn him off better.
Google results arenāt particularly informative and seem to be promotional pages, perhaps all the results of SEO.
New ETH record today? Close anyway.
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Thanks. This seems useful. So I guess its potentially legitimate but with some chance of being ultra high risk and scammy?
To me itās black and white. NFTs are a technological leap forward in collectibles. Itās like VCR vs DVD.
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Physicals had their biggest year last year though. We know they will be around in 5 years, you surely canāt be 100% sure topshot will be popular in 5 years?
NFTs had a bigger year than physicals and it wasnāt even close. And yes Iām confident they will be around in 5 years, as long as Ethereum exists there will be NFTs. Iām not specifically going to bet on TopShot being there (though I sort of am with my holdings on TopShot) but NFT in general will.
Yeah itās ripe with scams but so is the crypto space in general. Scammers go where the money is. Itās def the wild west right now but that doesnāt mean that NFTs arent a better longterm solution to collectibles than physical stuff. Even the grading thing in physicals is a complete mess because its a third party that does it all, completely centralized and bound to make mistakes. Absolutely zero chance a system like that outlasts something blockchain-based.
Thatās a very spicy take. That system has been around longer than Iāve been alive. Blockchain being a thing in 2050 and beyond is a huge bet.
The likely outcome is what we saw with physicals. Some stuff survives, most ends up as junk.
Iād take a psa10 Jordan rookie or 1st ed charizard over any nft 10 years from now.
When will a crypto currency come along that makes scamming and tax evasion harder?