With getting a job, stock market, etc. There is some actually pie creation going on. How we all get fucked is we make the pie 3 slices bigger and get a quarter of a slice back. It’s the distribution that’s the problem.
With crypto. It seems that the market doesnt actually create any pie. If anything its pie destroying because of all the costs to run and maintain. So basically you are dependent on getting a greater slice than anybody else. And certainly some people are doing that. But on average, people are gonna lose money in crypto.
Poker is similar, but lots of losing players enjoy playing and get some value out of the game nonetheless.
Regarding crypto creating value. I know there are use cases being proposed, and I’m certainly not across the cutting edge, but there aren’t any that I’ve seen that create significant pie into the system.
Editing after reading the rest of the thread.
Just to be clear. This doesnt mean that a bunch of people cant or wont or shouldnt get rich. But with less money coming out than goes in, on average people are going to lose money.
That’s my concern. I’d be interested to jump in, but I may only be able to scrounge up $3k and I get the impression that’s simply not enough. Is there any NFT-trading “lite”, that will allow me to at least build some expertise/affinity in the space? Because right now the complexity+required bankroll simply makes it too daunting an endeavor for me.
the polygon network offers much cheaper NFTs and gas fees are almost zero on it, I’ve never spent much time on it but you could start with a much smaller roll there. You can buy and sell stuff for under $5 which is something you’ll never be doing on the eth network because of gas
To what extent does it bother you guys that the vast majority of stablecoin volume is clearly not backed by anything? (read Tether’s latest attestation if you don’t believe me)
Given that increased stablecoin supply drives up Bitcoin value (same as increased money supply drives up conventional asset values), the fact that Tether (for example) are minting billions of coins without having commensurate fiat deposits (or any other backing) makes valuation of any cryptocurrency problematic, to say the least.
Taxes collected in their own dollars that they insist have value. Or in the case of quantative easing they can just print moar money and quite likely cause a current real world asset bubble and subsequent spiking inflation.
I mean, I can’t convince you any of it makes sense because I don’t think any of it does. There are an awful lot of people still pissed off about gold standards and Brettton Woods and all that crap (many of them also somehow advocates of cryptocurrencies). Are they right? Was Bernanke? That one Federal Reserve guy who voted against him over and over? Some techbro pimping meme coins?
I have nfi. I just know there is an awful lot happening with this stuff and an awful lot of short term opportunity, and probably long term as well although the path is less clear.
What I don’t get about online Art and NFTs is why does it have to be decentralized or on a blockchain at all?
Can’t artists just sell their jpegs for cash and the owner gets to claim ownership? It’s not like the current system is anywhere close to solving the copy/paste “counterfeiting” problem.
ok but what’s to stop a scammer from lying and saying he has the legitimate ownership and he’s selling it? a scammer could. so buyers have to find the artist or some art expert to verify the provenance every time someone wants to sell it. with blockchain that’s automatic, it’s all out there. everyone can see that a token is minted by or distributed from this artist or this company or whathaveyou
like there are tons of fake gucci bags for sale, and they look pretty real to me, and who’s to say? an expert on bags can tell. but a gucci nft? you don’t need to be an expert on bags, you just need to be able navigate the basics of web3 blockchain stuff.
How do they know which ones those are? Which stablecoins publish any independent audits? Which ones are subject to banking regulations?
Even if we stipulate that there are ‘honest’ stablecoins, that’s beside the point. Tether, USDC, and BUSD are over 90% of stablecoin volume. All are obviously untrustworthy. How this isn’t a huge systemic problem I don’t understand.
