The latest crypto cult: even worse than it sounds

[lady_*nix]

A video one of my friends sent me on the ongoing horror show that is NFTs. It's almost 2 1/2 hours, and requires a fairly strong stomach. It's hard to put into words the sheer scale of stupidity, folly, and madness going on in the cryptocurrency scene. Also I don't think any trustworthy sysadmin could watch the whole thing without, at least once, feeling the urge to stick their fingers in their ears and start screaming incoherently. It's bad.

https://www.youtube.com/watch?v=YQ_xWvX1n9g

Bonus: the first couple chapters have what I hope is a good lay summary of how the 2008 financial crisis happened, such that I feel like I actually understand it slightly now instead of just being like, "Uh yeah... subprime mortgages... what?"

[Rommie]

I confess I just never got the point of NFTs when I first heard of it, and I can't say that's changed at all since. Like Bitcoin was weird, but ok at least you kind of get the general idea that one wants to not rely on the system, fulfills the need of drug dealers to launder money, etc. Like people have wanted to own/monetize digital content since whenever, but if I can just see a screenshot of your image, who cares that it's the original or not?

[lady_*nix]

@Rommie

The point is primarily to be a giant Ponzi scam, and secondarily to create artificial scarcity of non-scarce things so that said things can be monetized. The former is because its promoters are greedy scumbags; the latter is because they're megalomaniac ideologues who want us to pay some conglomerate for the air we breathe.

[Rommie]

I guess that's my point about it- it's clearly a Ponzi scheme, but most Ponzi schemes actually give you something you think is valuable (like for an MLM, you get product to sell, or if it's Bernie Madoff you get some person you think has a good financial fund). Heck even in the tulip craze, you get like an actual good, even if it's overpriced. This is just... something anyone can see for free, but you're paying for?

[lady_*nix]

Yeah, I can't really understand that either TBH. My best guess is that NFT fans are just really badly blinded by their greed.

[SciFiFisher]

Yeah, I can't really understand that either TBH. My best guess is that NFT fans are just really badly blinded by their greed.

Does anyone remember the beanie baby collectors craze? Now, you can still find crazy priced beanie babies. But, the market for them collapsed a while back.

Another example, is the Cabbage Patch Doll. It was ugly. But, it came with it's own adoption/birth certificate. When they first came out you could buy them for the usual doll price of around $39 at Walmart. Within weeks people were paying $600 or more to get one for their kids or maybe they were collecting them. For the record I told my wife those dolls were so ugly no one would buy them. This is probably why I am not filthy rich.

I am sure greed plays a part. But, there is something else that seems to happen with these fads, for want of a better word, that get people excited. They jump on the crazy train and they have fun until the train crashes.

[Rommie]

I mean, I'm not saying bubbles don't exist, but in all of those fads about kids toys there was at least an actual toy and children playing with them (I should know, I was in middle school and spent many a $5 on a new Beanie Baby). Not disputing that!

Fun fact though, I went into a collectible store that had a lovely collection of Beanies, all $5, including the Diana bear that was supposed to be worth thousands someday etc. I asked if there were any actual rare, expensive ones and the collectible lady said no- the Internet will say otherwise, but it's like stamps, just because there's a list price doesn't mean a thing if you can't actually find someone to buy it at that price.

[SciFiFisher]

@Rommie

I agree that usually something tangible sets off the stampede. For whatever reason crypto anything seems to only require a digital token to set off the herd.

[pumpkinpi]

Yeah, I can't really understand that either TBH. My best guess is that NFT fans are just really badly blinded by their greed.

Another example, is the Cabbage Patch Doll. It was ugly. But, it came with it's own adoption/birth certificate. When they first came out you could buy them for the usual doll price of around $39 at Walmart. Within weeks people were paying $600 or more to get one for their kids or maybe they were collecting them. For the record I told my wife those dolls were so ugly no one would buy them. This is probably why I am not filthy rich.

Meet Jessica Theresa. She's priceless to me.

[SciFiFisher]

The reason I laugh is that is exactly why I was wrong. I did not realize what those darn dolls would mean to people.

[Rommie]

Yeah I think the trick about toy fads is kids are kids, and will fall in love with their toys (I sure loved my first Beanie, the duck Quackers). It's adults who screw things up and make it an artificial bubble etc!

[grapes]

My granddaughter has a "fire lizard" (Bruni the salamander from Frozen) and is certain it is magic and flits superluminally from place to place. My son moves it from place to place, she is convinced it is waiting for her at the cabin now. Too early to tell what kind of adult he is creating, but early indications are promising.

[Sigma_Orionis]

And yet.... Yep, This ‘Invisible Sculpture’ Actually Sold for $18,000

[Thumper]

Yeah, heard that on Bob and Tom last week...

[SciFiFisher]

And yet.... Yep, This ‘Invisible Sculpture’ Actually Sold for $18,000

I think P.T. Barnum covered this.

[Rommie]

So I read a thing yesterday that finally made me get the idea bout NFTs- if Bitcoin is the response to unregulated currency, NFTs are unregulated copyright. Which maybe you all already knew, but I didn't and now makes it make a helluva lot more sense.

Following through though, it then makes sense that there's an NFT bubble, and I look forward to the rival NFT standards being created!

[lady_*nix]

I didn't know, TBH - that's an interesting way of looking at it.

Either way though I think both NFTs and cryptocurrency in general should be banned, worldwide. The environmental impact is too atrocious to justify even if they were a good idea... Which they aren't. Creating artificial scarcity is a really, really stupid solution to the business problems caused by nonscarcity.

[Sigma_Orionis]

Blockchain technology is a solution looking for a problem. Cool solution though. Some sort of cryptocurrency might be useful in the future. But, in its current form I don't see that it serves any useful purpose. I find NFTs even less useful.

[Sigma_Orionis]

https://www.politico.com/gallery/2022/0 ... 3?slide=13

[Rommie]

Ok this was too hilariously stupid to not share.

TL;DR Seth Green had a monkey NFT that he was pitching as the star of a TV series. Got scammed in early May, lost his NFT, show is now on hold.

Well I'm entertained anyway.

[Sigma_Orionis]