The Alarm Is Sounding On NFTs
- Thread starter hanselthecaretaker
- Start date
Every rube thinks they're the scheming protagonist that deserves everything in the world, and everyone else are to be used as stepping stones. Or some delusional reality where they're constantly thinking they did nothing wrong, and it is the others who are wrong and idiots.
These scams are likely funded by people who made millions off of bitcoin because they accidentally got in on the ground floor to buy party drugs off the darkweb, and believe that if they find the right currency they can repeat that windfall. Some libertarian nerd in 2009 trying to buy $10 in LSD using untraceable payments needed like 1000 bitcoin. If you left that thousand bitcoin in a wallet for 10 years it became $10,000,000. When you see relatively young "investors" throwing money at risky bets online, there's a reasonable guess where they got all that money to throw around.
One might say the same about apps that let regular punters trade in the stock market easily.
You know how those big funds keep doing better than the market average? Have small traders stopped to think who is therefore doing worse than the market average?
Lol. Is someone in TED management trying to recuperate what they foolishly invested into this scam?
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‘It's a Bloodbath’: The Crypto Crash Is Real
Bitcoin has shed more than half its value and a multi-billion-dollar "stablecoin" has imploded, but investors aren't buying that crypto is dead.
www.vice.com
All the problems of fiat currency, with none of the benefits or protections. It'd be tragic if it had ever really been meant as anything other than another avenue for con artists to scam suckers.‘It's a Bloodbath’: The Crypto Crash Is Real
Bitcoin has shed more than half its value and a multi-billion-dollar "stablecoin" has imploded, but investors aren't buying that crypto is dead.
- Feb 7, 2011
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In other news, apparently if coinbase goes bankrupt everyone who uses it will also lose all of their crypto because the customers are considered "general unsecured creditors."‘It's a Bloodbath’: The Crypto Crash Is Real
Bitcoin has shed more than half its value and a multi-billion-dollar "stablecoin" has imploded, but investors aren't buying that crypto is dead.
Coinbase Says Users’ Crypto Assets Lack Bankruptcy Protections
The cryptocurrency trading firm is warning that its customers could be viewed as general unsecured creditors during bankruptcy proceedings.
www.wsj.com
So you don't actually even own the cryto currency stored on coinbase.
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But....muh boxtops! They're worth a lot! The guy who sold them to me said they were!In other news, apparently if coinbase goes bankrupt everyone who uses it will also lose all of their crypto because they customers are considered "general unsecured creditors."
Coinbase Says Users’ Crypto Assets Lack Bankruptcy Protections
The cryptocurrency trading firm is warning that its customers could be viewed as general unsecured creditors during bankruptcy proceedings.
So you don't actually even own the cryto currency stored on coinbase.
This feels like the chart version of waving your arms around and insisting everything is completely fine
Well, here's the follow-up to that tweet, which in hindsight I should've probably included from the start.
I suspect what he's effectively arguing in simple language is the NFTs experienced a bubble, and will settle down to a long-term value which may appreciate with time.
On the other hand, I'm not sure a piece of code representing a picture of monkey is really likely to store lasting value unless it develops the status of a currency. But that's very unlikely: people are far more likely to use actual custom-designed digial currencies.
Otherwise, it's just a string of digits representing a crap picture. When set against the infinite ability to generate strings of digits representing crap, the likelihood of people in the future to value a dollop of code representing a random shit jpeg from 2022 is approximately nil. A string of digits representing a top song/book/album: now that I guess could be worth something. Or, I suppose, there might be a sort of historical "antique" value in the representation of some sort of popular craze (akin to baseball cards). And in general, NFTs might be here to stay as things that will always exist and potentially in total do good business (just like equally transient game microtransactions to pimp your in-game vehicle). But I suspect the days of fuckwits spending massive sums for what is effectively nothing are dying / dead.
Not seeing much in the way of self-awareness here. You don't have people say "What fool I was, why did I not listen?" they are all "I can't believe this could happen".
He's not. He purposefully wrote the most buzzword-laden nonsense he could, slapped a meaningless graph on it, and at least one relatively major crypto bro took it at face value.
I am a little suspicious that he bothered to even post an update after he fucked his life. There are timestamps though. So maybe people are just fucking weirdos.
2022/23 is gonna be a big year for divorce and suicide.
Just read in web3isgoinggreat and saw this story. One of the links was to the crypto subreddit with a global list of suicide hotlines.
Surely it should go without saying, but if literally the only people telling you a thing is a good investment are the people selling you that investment it is not a good investment. Like nobody who wasn't selling crypto assets or nipple deep in having bought crypto assets and therefore needed other people to buy them to up the value of their investment was recommending them.
Just read in web3isgoinggreat and saw this story. One of the links was to the crypto subreddit with a global list of suicide hotlines.
Surely it should go without saying, but if literally the only people telling you a thing is a good investment are the people selling you that investment it is not a good investment. Like nobody who wasn't selling crypto assets or nipple deep in having bought crypto assets and therefore needed other people to buy them to up the value of their investment was recommending them.
While it's attributed to PT Barnum, there's no evidence that he first said "there's a sucker born every minute". But it's a good saying, no matter who said it.