$10 million CAD was donated to the trucker protest up in Ottawa
but GoFundMe refused to deliver the money. With a cryptocurrency the money would have just been transferred.
NFTs are just starting to find use cases. Right now awards and certifications are starting to grow. No one can predict what use cases will be found but it's promising when folks say there aren't any; then some are found; then folks say, "okay, but that's the only one."
I imagine escrow would be another use case of smart contracts. Some money is held pending something that has to happen, or time that has to pass. Then when it happens the money is released. Or, if the criteria aren't met the money reverts to rules specifying what happens when conditions aren't met.
Governments gonna crack down on crypto because they want to control the money supply, its primary use is for sketchy transactions, and it uses a fuckton of energy.
Nothing underlies them except a bet that you can find a bigger sucker to buy at a higher price.
I'm with you on the whole NFT being a scam. I still remember reading about the guy that lost millions worth of NFT sad monkey paintings when he got hacked.
Teh premise of nfts can be useful for event tickets. For id cards. And I think voter registration. But as a money making scheme it's a scam. People pay up to a hundred to buy nfts worth a few cents
I love to see all the skepticism regarding cryptocurrencies. Means we are still early. When everyone is finally convinced of its utility and start buying that will be the point at which we are near the top.
Main use case: cannot be printed by central banks at will. If you say "Oh, but rdig, yes they could invent one controlled by central banks that they could print as much as they wanted to" then that one would have no appeal.
What if I want a currency that can be printed by a central authority? The central authority would have to answer to the public via elections. The central authority therefore would have to convince the public their monetary policy is the best, otherwise they would lose out.
Bitcoin is too rigid and doesn't allow a central authority to set monetary policy.
I think the public is much more intelligent than you give them credit for. There's been plenty of times in US history when interest rates were high and money was destroyed.
The lack of regulation and stability are the problem. Tge prices are purely speculative and today you can have $100 tomorrow it's $50. Who wants that. Plus it's still all tied to regular currency. Those banking off the sales of it prefer dollars.
Like with NFTs. You pay for them in dollars and think of getting rich by selling them for dollars....
I feel like you didn't read what I wrote. That is fine, I mostly posted for other users. The crypto tech has massive downsides, even if it were adopted on mass I would want nothing to do with it. The tech is so clunky. I work in finance and I can say for sure I would turn away or charge insane fees to any client who would want me to use it.
If you feel as of crypto is the future go ahead and buy into it. Make sure you let others know only put in what they are ok with losing.
@BitCoinHodler Ok, I'm going revise what I said somewhat: it doesn't matter if sometimes they have accepted high interest rates. When the pressure is on, they'll always opt to print their way out of a debt crisis. It only takes one time to destroy the currency.
If the government really wanted to, they could penetrate Cryto Technology. Its just that with most stuff it is not worth it. But you would be very foolish to ever tell any lies to authorities, as once exposed you would be in deep deep shit. I would not suggest ever using it for tax evasion or for anything else unlawful.
The only real use I'm seeing for crypto is money laundering. Where they're willing to risk losing a significant amount of $ to funnel money coz its from illicit gains.
No normal person wants to put their. Oney into something so unstable unless they're stupid.
You have toboay like $100;tobbiyban nft. Yhe businesses that sell them make money. But that'd it. Once you own it you realistically have nothing unless someone pays more than you paid plus the buying fee. It makes no sense. I know one person who made 6k on nfts. But he was very lucky
1. It's the silliest damn thing I've ever heard of, a fool and his money are soon parted, some people have way too much money and this is a great example of why we need socialism ASAP. etc.
2. It's a thing that you own, and can sell it to someone else for more or less money. Valuation comes in part from some qualitative aspect of the NFT (was famous, got so many shares, important dude said it, whatever) and the rest of valuation is due to large aggregate movement of many players, effectively Augury. How really different is this from most of the rest of the Securities market?
I sure won't buy one. But then again, I thought that Amazon, MP3s, and Bitcoin all sounded stupid when they came out. So, I guess I don't know shit.
I read most of the comments but I’m really surprised at how many people think crypto & NFTs are a scam because like, they’re not, I mean they’re both very real things, with very real unique use cases. I can see how NFTs aren’t as necessary to the average investor (yet) but crypto… it’s a hedge against inflation. It’s more risky to not invest in my opinion. But don’t listen to me… I’m just a stoner stripper with nice titties ;)
I own several, will probably lose everything, but I'm OK with that. I got like 100 NBA Topshot cards, 2 NFL Allday unopened series 1 packs, 2 Adidas NFT and 2 Nike RTFKT. I won't touch a NFT from a nobody, it's gotta have an official license or something
NFT’s are one more Ponzi scam/Con in capitalist America, the Land of the Cons.
From Bernie Madoff Ponzi scam to the street crook with the three-cars monte, to snake oil salesman with magical cures for all kinds of diseases.
NFT’s are a speculative fantasy
The NFT market is selling “status symbol”, like Con artists brand names (Channel, Bentley, Mercedes etc who sell overpriced items.
The United States has been steeped in fraud and chicanery long before the moment it was born.
It is on our DNA, Americans actually admire con artists and seek to emulate them.
Many of these scam prey on people’s stupidity and not wanting to be called stupid.
“The Emperor's New Clothes” tale Is an example of the NFT scam.
“Two swindlers arrive at the capital city of an emperor who spends lavishly on clothing at the expense of state matters.
Posing as weavers, they offer to supply him with magnificent clothes that are invisible to those who are stupid or incompetent.
The emperor hires them, and they set up looms and go to work.
A succession of officials, and then the emperor himself, visit them to check their progress.
Each sees that the looms are empty but pretends otherwise to avoid being thought a fool.
Finally, the weavers report that the emperor's suit is finished.
They mime dressing him and he sets off in a procession before the whole city.
The townsfolk uncomfortably go along with the pretense, not wanting to appear inept or stupid, until a child blurts out that the emperor is wearing nothing at all.
The people then realize that everyone has been fooled.
Although startled, the emperor continues the procession, walking more proudly than ever
If crypto is better than cash ask yourself why it's value is measured in dollar amounts. Would it have the same appeal without it? Why do people take dollars when they trade cryptocurencies?
There are no regulations on NFTs. People assume it's a patent but it isn't.
I've actually read sex workers are getting into Crypto. A lot of banks regulate or even reject money from sex work. Crypto don't care. That and of course a lot of crypto guys are dorks with money to burn on hookers.
The real value of BTC is it can’t be inflated by the elites, and it is censorship resistant to an extreme degree. Outside of that it is just another public database
Short term value, but long term utility. It's currently being used to sell worthless junk mostly but eventually NFTs will be used for car service records, employee identification, etc. It's just a validated entry. Expect clip art libraries and photographers will issue NFTs conveying copyright ownership, etc.
So useful tech but the current buzz is mostly empty.
Blockchain tech will hopefully lead to an awakening. Blochcains are slow, shitty tech that would be outperformed by AWS/Azure in every way except one. Blockchains excel in a trust-less, permission-less environment. Environments where nobody trusts anyone else. That is where we are as a people in 2022 and honestly we have been putting far too much trust in our fellow man and our leaders to do what is right.
Maybe one day we will be able to get a NFT for our drivers license or ID and be able to use that as a whitelist to vote in elections. Blockchain tech will allow for millions of auditors. No permission needed
Seems like it has problems. Like, with a blockbuster movie, they copyright it (another way of asserting ownership), and they make it hard to copy it as much as possible. But, if a digital movie or image is in Blockchain, it's easily available to copy. If you change least significant bits in pixels of an image/movie, it's not noticeable to the human eye. but the data is now different from what's in the Blockchain block. So do you still own the altered copy? And, I don't think Blockchain has any way of validating a claim of original ownership of an NFT. It could only valid transfer of ownership.
I don't think you'd use Blockchain for digital IDs, you'd use asymmetric key signing. Someone would give you random data, you'd digitally sign it with your private key, and they'd authenticate it with your public key. Then they'd download your digital ID and authenticate it with your public key, proving it's you. But I think you'd still have to go in person to the DMV or whatever office in-person to put your digital ID into the system without fraud.
Yes, it’s a scam. A “blockchain” is just a data structure, first developed in 1991, that was popularized by Satoshi Nakamoto with his creation of Bitcoin. Some people hold the misconception that a blockchain can somehow provide security for things that are foreign to the blockchain itself, but that simply isn’t true. The thing that is secured by a maximally decentralized, proof-of-work blockchain is the blockchain itself, e.g. the internal accounting of Bitcoin. To be more accurate—the Bitcoin blockchain is secured by the re-alignment of economic incentives with human biological incentives, I.e. “I want to survive and thrive, therefore I will hold the hardest money available in my socioeconomic environment.” The positive feedback loops that are inherent in Bitcoin—through this realignment of incentives—is the mechanism that has driven the price of Bitcoin to such high levels.
To believe that some external thing—be it digital art, or title to real estate—could possibly be secured by “a blockchain” is ridiculous: a bunch of 1s and 0s on a computer, or even 1s and 0s on millions of computers, cannot prevent a tank from blowing up a building. Similarly, a bunch of 1s and 0s that are stored in a distributed blockchain database cannot prevent me from executing the copy function (copy-paste) on some data that is not inherent to the blockchain database.
Do not be mistaken—the digital art itself (the pictographic data) is not inherent to any NFT blockchain; those blockchains merely secure “records of ownership” and records of ownership transfers. But, claiming to own some digital art that can be duplicated and distributed throughout the internet, just because there is a cryptographic “record of payment” that is distributed on some computers, is an extreme fetishization of the concept of ownership. I would encourage anyone to look up the words “ownership” and “property” in a dictionary and consider how in the world one could claim to own a digital pattern of 1s and 0s in the absence of some force that would exclude others from possessing that same pattern of 1s and 0s.
The real use-case these days is for money laundering or tax evasion by the rich; cryptocurrency, and related concepts, are so technical and abstract that the IRS is unlikely to get a firm grasp on these topics to have the confidence to start cracking down on the fraud that’s occurring within the NFT and crypto space.
If people want to avoid being taken in by cryptocurrency scams, then I would encourage them to really UNDERSTAND what all of this is at a most fundamental level. I.e. you should figure out what it is you’re buying, and you should figure out what these crypto computers and miners are actually doing at the level of the 1s and 0s.
The best explanation that I have found (and, really, it’s VERY excellent) is this video: https://youtu.be/bBC-nXj3Ng4 . The video is very well made: excellent narration, excellent diagrams and animation, very concise but not overly technical, very relatable, etc. I can’t recommend it enough. It may require you to do just a little bit of mental exercise, but anybody with an IQ of at least 80 can probably figure it out.
Bro. FTS is really out here liking his own comments, you know we can see who liked and disliked? Glad to see you're still peddling your decentralized pyramid scheme though!
I miss you PMing me any time bitcoins price jumped 10% though :-(.
62 comments
https://en.wikipedia.org/wiki/Non-fungib…
It is yet another Ponzi Scheme.
SJG
Celebs make money off it coz they're rich and famous. And I can see it being used for money laundering.
But it seems like a scam like anything crypto.
I had bitcoin and sold when it went down to 52k. It all has zero stability
SJG NFT Coil
https://www.redhoundauto.com/products/re…
SJG
SJG
https://coinmarketcap.com/currencies/eth…
You seem like a reasonably intelligent person. Why would you even pay any attention to such stuff?
SJG
People get off on the emotional charge, and on the libertarian nonsense.
SJG
Great use case for cryptocurrencies this week:
$10 million CAD was donated to the trucker protest up in Ottawa
but GoFundMe refused to deliver the money. With a cryptocurrency the money would have just been transferred.
NFTs are just starting to find use cases. Right now awards and certifications are starting to grow. No one can predict what use cases will be found but it's promising when folks say there aren't any; then some are found; then folks say, "okay, but that's the only one."
Governments gonna crack down on crypto because they want to control the money supply, its primary use is for sketchy transactions, and it uses a fuckton of energy.
Nothing underlies them except a bet that you can find a bigger sucker to buy at a higher price.
But these cryto's are just Ponzi Schemes. You should have better stuff to do with you time and energy.
That is the real shortage in this country, basically capable people who are unmotivated to do anything except glorified gambling.
SJG
SJG
Main use case: cannot be printed by central banks at will. If you say "Oh, but rdig, yes they could invent one controlled by central banks that they could print as much as they wanted to" then that one would have no appeal.
Bitcoin is too rigid and doesn't allow a central authority to set monetary policy.
If you ask the public they will always say print more to inflate their debts away. Has happened a quadjillion times in history.
Like with NFTs. You pay for them in dollars and think of getting rich by selling them for dollars....
If you feel as of crypto is the future go ahead and buy into it. Make sure you let others know only put in what they are ok with losing.
Crypto is one thing, at least it has use in dark web transactions. NFTs are just receipts.
SJG
Ken Burns, The War
https://www.youtube.com/watch?v=NIItd8vZ…
Isn't that half of what it's used for?
Governments are going to crack down on crypto for a number of reasons listed above.
No normal person wants to put their. Oney into something so unstable unless they're stupid.
SJG
SJG
1. It's the silliest damn thing I've ever heard of, a fool and his money are soon parted, some people have way too much money and this is a great example of why we need socialism ASAP. etc.
2. It's a thing that you own, and can sell it to someone else for more or less money. Valuation comes in part from some qualitative aspect of the NFT (was famous, got so many shares, important dude said it, whatever) and the rest of valuation is due to large aggregate movement of many players, effectively Augury. How really different is this from most of the rest of the Securities market?
I sure won't buy one. But then again, I thought that Amazon, MP3s, and Bitcoin all sounded stupid when they came out. So, I guess I don't know shit.
I just need a little seed money, I'm planning an orchard full of money trees, what do you think ?
From Bernie Madoff Ponzi scam to the street crook with the three-cars monte, to snake oil salesman with magical cures for all kinds of diseases.
NFT’s are a speculative fantasy
The NFT market is selling “status symbol”, like Con artists brand names (Channel, Bentley, Mercedes etc who sell overpriced items.
The United States has been steeped in fraud and chicanery long before the moment it was born.
It is on our DNA, Americans actually admire con artists and seek to emulate them.
Many of these scam prey on people’s stupidity and not wanting to be called stupid.
“The Emperor's New Clothes” tale Is an example of the NFT scam.
“Two swindlers arrive at the capital city of an emperor who spends lavishly on clothing at the expense of state matters.
Posing as weavers, they offer to supply him with magnificent clothes that are invisible to those who are stupid or incompetent.
The emperor hires them, and they set up looms and go to work.
A succession of officials, and then the emperor himself, visit them to check their progress.
Each sees that the looms are empty but pretends otherwise to avoid being thought a fool.
Finally, the weavers report that the emperor's suit is finished.
They mime dressing him and he sets off in a procession before the whole city.
The townsfolk uncomfortably go along with the pretense, not wanting to appear inept or stupid, until a child blurts out that the emperor is wearing nothing at all.
The people then realize that everyone has been fooled.
Although startled, the emperor continues the procession, walking more proudly than ever
There are no regulations on NFTs. People assume it's a patent but it isn't.
SJG
So useful tech but the current buzz is mostly empty.
SJG
Miles Davis Electric
https://www.youtube.com/watch?v=EBTQzsxf…
Meanwhile people are paying thousands of dollars for cat memes.
Maybe one day we will be able to get a NFT for our drivers license or ID and be able to use that as a whitelist to vote in elections. Blockchain tech will allow for millions of auditors. No permission needed
SJG
Miles Davis Electric Funk
https://www.youtube.com/watch?v=4xoVlLYY…
I don't think you'd use Blockchain for digital IDs, you'd use asymmetric key signing. Someone would give you random data, you'd digitally sign it with your private key, and they'd authenticate it with your public key. Then they'd download your digital ID and authenticate it with your public key, proving it's you. But I think you'd still have to go in person to the DMV or whatever office in-person to put your digital ID into the system without fraud.
To believe that some external thing—be it digital art, or title to real estate—could possibly be secured by “a blockchain” is ridiculous: a bunch of 1s and 0s on a computer, or even 1s and 0s on millions of computers, cannot prevent a tank from blowing up a building. Similarly, a bunch of 1s and 0s that are stored in a distributed blockchain database cannot prevent me from executing the copy function (copy-paste) on some data that is not inherent to the blockchain database.
Do not be mistaken—the digital art itself (the pictographic data) is not inherent to any NFT blockchain; those blockchains merely secure “records of ownership” and records of ownership transfers. But, claiming to own some digital art that can be duplicated and distributed throughout the internet, just because there is a cryptographic “record of payment” that is distributed on some computers, is an extreme fetishization of the concept of ownership. I would encourage anyone to look up the words “ownership” and “property” in a dictionary and consider how in the world one could claim to own a digital pattern of 1s and 0s in the absence of some force that would exclude others from possessing that same pattern of 1s and 0s.
The real use-case these days is for money laundering or tax evasion by the rich; cryptocurrency, and related concepts, are so technical and abstract that the IRS is unlikely to get a firm grasp on these topics to have the confidence to start cracking down on the fraud that’s occurring within the NFT and crypto space.
The best explanation that I have found (and, really, it’s VERY excellent) is this video: https://youtu.be/bBC-nXj3Ng4 . The video is very well made: excellent narration, excellent diagrams and animation, very concise but not overly technical, very relatable, etc. I can’t recommend it enough. It may require you to do just a little bit of mental exercise, but anybody with an IQ of at least 80 can probably figure it out.
SJG
GEORGE FEST - Norah Jones - SOMETHING @ Fonda 09-28-14
https://www.youtube.com/watch?v=KC42CJoB…
Ann Wilson - Beware Of Darkness @ George Fest 2014
https://www.youtube.com/watch?v=6pphBiAY…
OMS - Martinism part 4/5 - St. Martin the Unknown Philosopher
https://www.youtube.com/watch?v=ZaZ1Uqvd…
Everybody should know by now.
Weekend Update: Financial Expert Lloyd Ostertag on Cryptocurrency - SNL
https://m.youtube.com/watch?v=x5RCfQyTDF…
:D
I miss you PMing me any time bitcoins price jumped 10% though :-(.