NFTs and cryptocurrency is a scam and it annoys the fuck out of me that big names keep pushing them... Especially people in software development that really should be able to see through the bullshit.

?? whats your problem wth crypto?
its just another economical product...

It’s one of those highly arbitrarily valued things which I just look at as a vehicle of laundering because you could theoretically tell people when to buy and sell and just flood the market Exchange with payments

Personally I seem to find some difficulty in the idea of how to identify a valid means of purchase and sale

Bitcoin atms exchange cash for Bitcoin but exchanging it back is not offered in the same medium

Really makes you wonder

@bad-frog i told you. It's a scam. It's basically an unstructured MML. It only has value because some with a lot invested keeps tricking people into overvaluing it.

And yeah, a lot of economical products are just as much scams. Like the concept of betting money on other resources devaluing and whatever foolish stuff that will lead to the next bank crash where it's the lower classes that will have to bail the banks out once again.

You get cheap loans now and we all have to pay for them later.

@hobblin so your problem is scams. i can get behind that.

but on the other hand speculation is a powerful economical tool. its like a never-ending qe

now plenty of joe mcschmuck got milionaires with bitcoin. thats why i approve of it.

the foundation of the USD, on the other hand is much more problematic.

@bad-frog there are always success stories for MLM schemes. That's how they pull people in. The fact that some have gotten out vastly more than they put in is just another proof that it's a capitalistic gambling, which means that it relies on the fact that a majority of people investing will actually loose money.

And by "money" here i mean actual buying power. Not arbitrarily valued cryptocurrency.

Isn't all money a scam then? Currency gets its value from people's faith.

@tehgoatlord yeah sure, but it's a big difference in faith in the fact that a resource will continue being worth some amount of money and faith in that a cryptocurrency, without inherent value at all, will continue being valued at any amount at all.

@hobblin "it's a capitalistic gambling, which means that it relies on the fact that a majority of people investing will actually loose money."

thats not how economy works.

lets say you buy shares of company x. it means you bought n% of company x.
company x expands and makes better earnings: the price of the share goes up.

on top of that you have speculation. and that phenomena exists because of a gradient of risk acceptance between traders.

one trader is willing to buy low with high risk, another one is willing to buy higher, but safer.

now when a new company issues shares for the first time, some people, with high risk tolerance will buy the shares at a discount, counting on the fact that they will be able to sell these at a profit later, if the company expands.

later on an on, when the company has expanded, another type of investor buys these off, at a premium this time, counting not on the increase in absolute value, but on the dividends the company provides.

@hobblin shares are bought at a premium this time, because the company is a reliable source of revenue.

and if the company crashes, the share price goes down much sharper because you have to economically convince people to buy off your shares, which seem to be soon worthless.

because that investment would be wildly risky and risk is to be rewarded, the shares are discounted accordingly.

that was speculation in a µnutshell

obviously if the company crashes, everybody loses, but the idea that in capitalism, for someone to get rich someone needs to become poor is just wrong.

And so is currency

@kescherRant there is some truth to that now more than ever when you have illicit buying groups retaining the same transaction activity to make a parallel economy more manageable

Everyone wants to be attached to the potential next “big thing” because then they have a legacy as being a visionary if it really catches on. Those of us who have been doing the tech gig for a while have lived through a lot of hype, and know how the game is played. Cryptocurrency is just one of those things where I personally don’t see how it could have long term “legs”, but it also can’t hurt to have some skin in the game in case I’m wrong. Remember, taking the USD off of the gold standard was also considered insane at the time.

Oh look PayPal just started it’s crypto crap again

Let's be honest that currency is a social construct that people came up with. There are variations in society, when the currency as such changes its form (anarchy or socialism), but still people need to control the turnover of things since we believe that it is vital (in fact, not). They correctly said that cryptocurrency is an alternative to currency, not its type. This system has a completely different structure, which is probably too complex for you. If you don't like it, don't use it. I also do not own bitcoins, but for example I like MyImpactPower as an idea, I am ready to support it. Any currency is overvalued and dictated by the people who use it (dollars as a prime example).

@chachaflint "you're probably just not smart enough to understand it" isn't a good look 🤣

But i agree, currency (and value in general) is a social construct. But the important part here is that it's a construct that is designed as if economy could be modelled as a boardgame. Since it's designed to not be controlled it has to have perfect initial conditions to actually be sustainable.... and not to spoil anything here, but it does not have perfect initial conditions and it's being played as a game where some will win and others will loose.
Obviously this is a problem with capitalism in general when economies are being automated. But by putting control into the hands of The Algo we all loose the capacity to divide our resources fairly. There is a reason why ancaps are more likely to support crypto, it's definitely not politically neutral.

I think our present problems started with a whole generation saying “fuck it who cares I’ll be dead”

The idea of being fondly remembered or remembered at all doesn’t seem to sooth anyone

Hi! Well, if it annoys you, then just don't pay attention, no one forces you to do it, believe me. I think you just need to calm down and take it easier. In addition, there are MyImpactPower people who take care that all this is not in vain. And this is done very easily. You just need to invest and start going through a challenge with tasks that are similar to planting a tree. That is, these tasks are aimed at helping our nature. And this is a very cool idea, do you still think it's nonsense?

@Lallilap1991 it is nonsense and it tricks desperate people to gamble away their money on the hope of a bigger fool.

thanks

As long as it's on the HYIP, you can make money on it. I think NFT will be at its peak for a couple more years and then it will start to decline. But for these couple of years you can make some money. They are opening companies to develop NFT projects.

You're right about that. Recently, a picture of a rock in the NFT sold for $150,000. And the dude who bought it, reproduced that picture by a hundred and made twice as much. There are a lot of development companies opening up, too. Here is one example of an nft development company https://owlab.group/ I know a team leader who works here. He says the projects are cool, he likes them. I've never understood the attraction to crypto and blockchain in general.

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