The Bitcoin part was directed to you regarding the “issue” that it’s too expensive and people wouldn’t want to only own 0.5 of something. The Nft part was in response to Jwax talking about Bored Apes specifically, in that the thing that he thinks is absurd about them is that they are worth 6 figures. To me both of these are funny but in a distinct way.
By the way, bitcoin people have seriously talked about doing a “stock split” for the reasons you mention. I mean we all laughed at Elon when he did it, but it clearly works!
Sure - which is why if I’m paying with crypto I’m either transferring last or interacting with someone I 100% trust.
I wouldn’t use crypto to buy off ebay, since there most of the scams are sellers (although there are some buyer scams), but if I’m doing an in-person transaction I’d be much more inclined to use crypto as you can confirm you’re actually getting the item you paid for.
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I don’t get why you’re pushing back against the Beanie Baby analogy if this is what you think.
I literally did the opposite of pushing back on the analogy.
Then I guess I don’t see what you’re driving at here. ESP with the “actually, some Beanies still sell for thousands” bit.
Right, and this might be a thing that leads to more mainstream adoption, as a currency, which was all I was saying.
A lot of crypto marketplaces for physical goods use a multi-signature middleman wallet. The buyer sends coin to the wallet, which then requires the signature from 2 of the buyer, seller or marketplace to release the funds. The marketplace acts as a mediator of disputes and none of the three parties can unilaterally scam.
Sounds like digital escrow
The ease and increase in speed of transactions isn’t really the selling point, imo - at least not at this point. It’s more of the idea that it’s a global - quasi decentralized form of value that can’t theoretically be devalued or inflated away by govt involvement - which is why gold bugs love this shit so much. It’s anon internet gold.
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Certain beanie babies are selling for thousands now for the same reason a Batman #4 comic would sell now. NFT’s isn’t able to contort to that stage later. It’s stuck at its initial inception permanently.
Nfts are like beanie babies or pokemon cards or sports cards. Most of them will be worthless, while a select few will increase in value, continuing to be worth thousands or millions of dollars.
A slight distinction is that Nfts are the entire new digital collectible market which overall will likely continue to grow for the foreseeable future.
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Are you familiar with Cryptopunks?
Are they like mfers? How would either increase in value? Do some get destroyed over time or their faces smudged or does the entire nft market collectively increase in value into perpetuity with the first cryptopunks gaining in value?
They’re one of the original NFTs and their perceived value - current floor is 60eth - comes from being the first collection.
Timex among others is a huge believer in them.
Your argument is that things which have been increasing in value… can’t do that? And as proof that it can’t happen you’re pointing to examples of it happening?
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No, I’m saying you need a catalyst that drives up the demand for the original cryptopunks (like a crypto punk movie) because just creating more nfts after them, like printing more money wouldn’t increase the value of a static commodity like cryptopunks just because it now represents a smaller % of the nft market.
You’d have to collectively increase the demand for nfts which is possible because none of your nfts get burned down in a house or inherit wrinkles after 30 years.
NFTs can and do get lost. It’s a bit harder, but if you lose access to your account, that NFT is gone forever - it may still exist on the blockchain, but no one can ever trade it again.
I’m also not sure you have to increase demand for all NFTs - even with stable demand, you could easily see a consolidation of value where total value of NFTs is stable (or even down) but the value of certain NFTs is up.
Yeah, that would be inevitable, some would be worth more for w/e reason from w/e future catalyst while others drop, but it wouldn’t be the result of adding more nfts to the market - the money is just moving. If crypto punks are getting lost then they absolutely would go up in price.