Spending money on clout is the only part of the crypto economy that makes any kind of sense. Like lol, no one is using Bitcoin to buy groceries, but people might legitimately drop thousands of dollars on designer internet swag.
Well we are just entering the digital age. The better question is as the world becomes more digital does it make sense to presume that collectibles will fail to make the transition?
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Things have been copyable for a long time. Just wondering if thereās any similar type examples out there.
Good point. There is ostensibly a charity aspect to that. And sometimes itās transactional to get your kids and grandkids legacied in to the school. But a lot of it is obviously for immortality/adulation.
They keep making up new awards for the biggest donor at the university I work for. They give him some kind of medal with a fancy ribbon and a ceremony. You can tell he absolutely basks in the attention. I was worried that if he found out we always use him for test cases, since he has like 1500 donations going back to the 1950s and if anyone is going to break the system itās him, he might be pissed. Donor Relations said no heād love that.
So the university is his community and the corollary would be a community centered around digital stuff.
I bought a Derek Jeeter misprint a few days ago because I think itās funny and wanted to have one in my collection. Itās also probably undervalued right now, but I didnāt buy it looking to flip. I have no intention of selling it, at least not anytime soon. Of course I wanted to pay less than what I think itās worth, not more. The idea that this is just all flippers with zero interest in the product doesnāt match reality for any kind of collectibles market ime. The people in our discord hold waaay more NFTs in their collections than you probably think. Classic car guys like Leno are always hustling and dealing, as are watch collectors, musical instrument collectors, etc.
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How many people own the Lebron Legendary #23 / 79 NFT that sold for $230,023?
Oh no, Ben Simmons is in on the vast conspiracy to SCAM you with cartoon avatars. You canāt stop yourself from buying one after seeing a celebrity buy one. Youāre a weak-minded victim of this evil globe-destroying ponzi scheme and resistance is futile.
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[Typical episode of MTV Cribs unfolds on the TV in front of you]
You, in the year 2022, your brain damaged by years of trumpian social media: heās pump-and-dumping Ferrari! He canāt do that! This is a secret paid commercial which affects the market value of pre-owned Ferraris and is a massive scamspiracy!
You, in the year 2006: oh neat. I bet that was expensive tho. Itās not for me, so Iāll just continue on with my day
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Seems like a dubious source.
IT CANāT BE REGULATED - JUST TRY SUCKERS
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Itās not a bad way to start. The starting thesis is that the 2008 crash created two camps, the Occupy Wall Street camp that blamed the crash on capitalism itself and another group that blamed the crash on excess regulation which created a group of insiders that could profit from having insider knowledge, knowing regulations, etc and the outsiders that got left holding the bag. Anyone from 2 + 2 would recognize those camps. Blockchain was then harnessed as an attempt to get rid of the centralized authority, crypto as a way to get rid of centralized banking, smart contracts to get rid of centralized legal system, etc by the latter camp.
The rest of the video details the various ways weakness of the blockchain, cypto, smart contracts, and DAOs fail to live up to their promises. Nothing too groundbreaking from people who have heard this stuff. The various scams that go on were pretty interesting to hear about. The idea of pushing to transaction costs to the buyer instead of the seller enabled a lot of scamming by reducing the costs to scam was an interesting tidbit. The aligning of incentives to create what he calls a āhigh control groupā was interesting. Those were the high points for me.
His specialty is film so his connection to all this is through NFTs and the the various promises made involving art, royalties, artist income, etc. so I didnāt expect him to be the person to go to get the technical scoop but the video is pretty coherent and comprehensive. It walks though the current trend chronologically starting with 2008, moving to cypto and blockchain and then to NFTs with some other detours thrown in. Obviously thereās a trade off between making a comprehensive, coherent video and making it 2 hours long because no oneās going to watch a 2 hour video though. But heās also made 2 hour videos on Fight Club and Superman so itās his thing.
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Just watch the thing. Itās really well done, easy to follow, and the 2 hours might save or make you 6 figures. If you thought a poker book might plug a single leak, youād still read it right?
Iāve listened to it all the way through twice now, just so it sinks in. The Axie Infinity stuff that starts here was the most interesting to me.
As a crypto newb I learned a ton, obviously keeping in perspective that this guy is a hater. Which is fine imo since you know where he stands. He isnāt pretending to be impartial or a skeptic-turned evangelist. Iād rather hear a debate between a hater and an evangelist than a long analysis by someone that I donāt know where they stand, at least on this topic.
Well youāre asking questions about gas fees that the video might help clear up, at least on a conceptual level. The video deep dives into how all the blockchain stuff is structured and how it evolved to its current state.
Do you really think that guy has anything to teach goofy about gas fees?
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I have no idea I just thought it was silly that goofy was debating with Huehās summary of the video when he could just watch the relevant part of the video and debate that instead.
I mean if I wanted to heavily invest in Dell computer and multiple people said hereās a really well done video on the bear case for Dell computer, I would definitely watch the video. If I wanted to short Dell computer Iād watch the bull case video. It feel like we might spend 2 hours debating why we wonāt watch a 2 hour video.
And really you can skip to parts which are labeled as chapters. The history of the blockchain stuff was very interesting to me but certainly would be old hat to most in this thread.
Right - but you arenāt investing 6 figures shorting AC-land.
And letās be real - even the biggest crypto bull would admit the case against NFTs has more merit than anything put out by the Murray Rothbard institute.