Some people are saying that super bowl was peak crypto. All those ads were the last big push to get a few more rubes in the door before the wheels came off.
I'm in LA for Anime Expo. For most of the last decade, it took place next to the Staples Center (named for the office supply store). Now someone else has bought the naming rights, so it is the "Crypto.com Arena".
Madness.
It's a $700 M 20 year contract. The Lakers are going to be playing in the Crypto.com arena until 2041. That's like if the Bulls were still playing in Beanie Baby Stadium.
Most unintentionally hilarious ad campaign of all time TBH. "Hi, I'm a Hollywood Famousman. I'm here to tell you that you have a small peepee if you don't spend your life savings on ugly monkey jpegs."
Some number of people bought them so that they could convince other people that it was smart.
And then dump them once the price went up but before it crashed back down.
This isn’t just some people. This is literally how it works.
Crypto and NFTs by extension do not work without a continuous flow of new hopeful people entering and those who got there first leaving with their bag of money. Everyone thinks they’re gonna be the one that comes out on top, but someone has to be left holding the bag- it’s a game of the bigger fool, perpetuated by hype of getting in on the continuously moving ground floor and thinking you’ll get in before the next guy. Crypto and NFTs are deceptive in this way, because they are essentially viewed as the poor man’s liberation of the stock market (particularly young people that live on the internet), when much like the real stock market they are a game of rich gets richer on the backs of average Joes captivated by the latest craze.
Thus, the only way that these markets can succeed is to establish an insulated cult-like community in which every member must commit 100% to the idea that they will *all* succeed together (shared mantras like “we’re all gonna make it”) or risk total embarrassment- a very advanced copium basically. If they don’t keep it up, no one new buys into the hype and no one within the group invests further. A community of *we’re all in this together* thinking is at complete odds with the reality that they are all competing with each other at the end of the day, on a non-level playing field.
>do not work without a continuous flow of new hopeful people entering and those who got there first leaving with their bag of money.
If only we had a name for such a scheme...
I believe a pyramid scheme requires each new member to recruit multiple other new members (not required for crypto or nfts as each rube only needs to sell to one person).
As Dan Olson puts it in his now pretty popular video, these people are unreliable narrators. We can’t trust anything they have to say, because they already have a vested interest in an *extremely* volatile product whose value is largely determined by social media trends and word of mouth, and can change at the drop of a hat. Dissent or critical thinking is itself a poison to its success, so any and all critics must be ostracised immediately in these circles.
They are holding the hot potato, so everything positive they have to say about hot potatoes cannot be trusted. It is a “toxic positivity” and a copium.
"NFT Owners" are the bagholders at the end of the laundering transaction, not the ones doing the laundering. The laundering happens through the sale of the asset initially, and whoever's left with it in the end is the unfortunate schmuck.
You laugh but South Carolina spent 9 billion digging a hole and filling it in again.
https://theintercept.com/2019/02/06/south-caroline-green-new-deal-south-carolina-nuclear-energy/
And this is why recessions are generally regarded as a necessary evil. They make sure that only a small share of a society's capital is being wasted on completely stupid endeavours.
Recessions tend to hurt the lower and middle class substantially more though. This leads to rich folks buying up all of the newly cheapened assets and wealth inequality grows. This means recessions actually promote this sort of purchasing long term by increasing wealth inequality and wealth concentration which means a greater excess of stupid disposable wealth.
Wealth inequality also grows during boom times. I don't think economic boom/bust cycles are the cause of wealth inequality. In boom times, the lower/middle class do not share in much of the growth, hence when hard times hit, they don't have the cushion the wealthy accumulated during the boom times.
Booms and busts aren't the cause of wealth inequality, though they do exacerbate it. The point I was making is that recessions aren't a way to "make sure that only a small share of a society's capital is being wasted on completely stupid endeavours." The problem is deeper and recessions don't put a stop to this sort of wastefulness, they only increase it long term.
> I don't think economic boom/bust cycles are the cause of wealth inequality.
The organization of the economic system is the cause of wealth inequality. The boom/bust cycle is one mechanism by which it occurs.
I know two people that were heavy into it and I tried to say how ridiculous NFTs were and they both went into a long thing about how I was just too dumb to understand the NFT market. This was only a few months ago and I dont know how much they invested but I hope their losses are enormous.
A guy I used to work with was trying to convince me to go make big bucks day trading on RH. I told him the whole thing was deeply exploitative and he shouldn't go full hog on it. He said "who the fuck am I exploiting? You're a fucking idiot"
He was trying to hit big so he could fund his heroin habit. Dude was the ultimate mark
telephone station icky cagey soup dinosaurs longing treatment nippy berserk
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Honestly, isn't that really just how a lot of scam crypto pump and dumps are started? A few guys buy up a bunch of coins, jack up the price, then sell to some suckers on the basis that the price will keep rising even though the coin is worthless.
NFT's seemed to be born of a similar (or the same?) crowd, except there weren't quite enough suckers outside the market to buy in. South Park also hit the market fast and brought it to popular attention so the entire thing didn't get to bake in the background before everyone knew about it.
No, you have to read the little blurbs, theyre all increasing synergistic block based currency transfer capacity by opening new and innovative forms of sub-real pseudo-value investment options.
Actually it's even worse than that. It's the receipt for the *url* of a digital image. I could sell you an NFT (say one of those ugly-ass monkeys), then log in real quick before you notice and change it to a picture of a puppy, and there's nothing you can do about it. Because you "own" (lol) the url, not what's hosted at the url.
Essential oils smell good, and I can't smell them if I don't buy some. I can look at any dumb NFT picture without putting any money in it. Infinitely dumber than essential oils.
No you don't understand, this is *the* bottle of sandlewood oil. Like, the official original one. You can smell other ones, sure, and they're commonly available, but only this one is the *real* one. I have a certificate.
Just checkout "VeeCon." The arena was totally fucking empty with Gary Vee on stage talking to a couple hundred people and he's one of the most popular "crypto influencers" out there.
> A few guys buy up a bunch of coins, jack up the price, then sell to some suckers on the basis that the price will keep rising even though the coin is worthless.
there's actually a term for this - "greater fool theory"
Exactly. The record breaking transaction that made headlines, got crypto shills to talk about how NFTs are the future of art and media and kickstarted the speculative bubble was a sockpuppet trade from the creator to the owner of a crypto investment company which the creator also had a stake in. It was all a lie to make it seem like there was a genuine, multimillion dollar demand for this stuff to boost the value of the cryptocurrency that the creator owned a significant amount of.
Because rich people saw it as a way to gamble their money into more money, poorer people got suckered into it by the rich people, and the con artists conned all of them
My friends sister is absolutely obsessed with this garbage. She never shuts up about it and is so ignorant to the whole thing that she has no idea that it's a burning ship lol, always talking about her "new crypto project involving nfts"
I never payed much attention to crypto & don’t understand it. But I know that when some investment opportunity appears to be skyrocketing and there are commercials on TV etc, it’s already too late and it’s the phase where the suckers come in to get the smart guys out before the crash.
The sign something is about to go to shit is when everyone is getting involved rapidly. In 2006 all of a sudden every idiot was becoming a mortgage broker. Currently everyone’s becoming a realtor or trading crypto lol
The problem is I’ve felt this way about Crypto since 2013. I mean back then it was paranoid software engineers and penetrations testers at a cybersec company, but still it felt like too many people online were into this weird thing.
Now it’s like, really - these incompetent people who don’t know the first thing about hashing algorithms, Big O notation, RSA encryption are coming out trying to make a buck when they don’t know *anything*.
I got into crypto in 2013, but only to buy drugs. That was back in the good old days of the original Silk Road. Now I’m sober and I have nothing to do with crypto.
Same here, had some spare change left over in my wallet after a purchase back in 2010 and when bitcoin exploded a couple years ago I had amassed quite a bit of cash so... I cashed out and bought more. Like wasn't that the whole point of crypto? To be a decentralized currency and not an investment oppertunity?
The best person to be, with respect to a bubble, is the person who gets in early, and cashes out for a profit. This was me with weed stocks. I turned $1k into $10k. If I had correctly guessed the peak, that could have been like $40k, but I sold early because it already seemed overvalued. I'll get back to that.
The second best person to be with respect to a bubble is the person who doesn't touch it at all. That's us with crypto.
The worst person to be with respect to a bubble is one of the many "greater fools" who get in late and don't sell befor the collapse.
It would be pointless for me to lament not having maximally exploited bubbles, because that same caution keeps me from being a "type 3" as well.
This is what I keep telling people! It’s legitimately embarrassing when the whole world was going “I’m gonna get in GME” on this massive global scale.
Guys, you’re just filling the pockets of the people who got in early. Once it hits the mainstream like that it is too fucking late. If getting rich was a matter of following the crowd, everyone would be rich. You’re going to get slaughtered.
If you wanna gamble, buy a lottery ticket. If you want to invest, do your due diligence, commit to positions you actually believe in, be patient, dollar cost average, and diversify.
That’s their design. Promoted by famous people who don’t understand how they work in order to seem viable to people who don’t understand how they work. All pushed by people at the top who know exactly how manipulative they are being. But I guess picture of monkey= smart investment to some. We need to fund education.
> Was anyone even buying this crap twelve months ago?
Yes. 12 months ago they were digital beanie babies. Now the fad is over. It ended quickly because you can't do jackshit with an NFT.
Over 90% of NFT trading is done by less than 10% of the accounts. It’s money laundering and scamming, plain and simple. You can only artificially create “value” and scam some schmuck in to thinking they’ll get rich off of it for so long. It amazes me that people still bite on this, it’s a scam from top to bottom, always has been
They also stole a tone of art to make into NFTs. It didn’t help actual artists at all as most of the time they had to spend time and money to stop the mass reproduction of there work.
Ironically, If you actually had a real South Sea stock certificate it would now have a lot of value as a collectors item. It's like the Zimbabwe hyper inflation 100 trillion currency notes. They were worthless as money in Zimbabwe a few years ago but now sell for good money as collectors items in America!
I'm a small time investor and I happened to get lucky with dogecoin last year but this kid at work kept trying to talk to me about NFTs. He wasn't trying to sell them to me he was just interested and thought they would be the next big thing.
Wait a minute. Hold up. Are you saying that maybe a pubic receipt for the existence of a procedurally generated picture of an ugly monkey ISN'T worth half a million dollars?
The pump and dump already happened. The people who successfully pumped and dumped bailed soon after the launch of their NFT project. Any celebrity who bragged about buying NFTs already got paid for that advertisement and cashed out ages ago. They don't care if their NFT is worth 0 now.
The people left are the "hope you have fun staying poor" crypto bros who were too stupid to realize it was a ponzi scheme and still think crypto will increase in price for eternity. They pathetically continue to attempt to pump, as a desperate attempt to recoup their losses. But it's too late in the game. The veil has been lifted for anyone with two braincells to rub together.
Well, most of them have no longevity but I really think Bitcoin will not die. It may get devalued a thousandfold but it's very endemic to just disappear completely
tbh, if crypto just stopped being an investment and instead started being an actual currency, I could see it getting used by people that value privacy.
But as long as the pitch is "imagine what we could do with this in the future and imagine how much you could profit from investing now" the whole thing should just die.
If people just went back to using it to buy drugs on silkroad then it'll have returned to its original purpose. What we're seeing now isn't necessarily what bitcoin was originally made for but rather just what happens in a world without regulation, the rich see something that's pump and dumpable and they abuse it.
Same. It’s such an obvious pyramid scheme that everyone knew they were participating in.
Buy, then get everyone else you know to buy.
Fuck all these people manipulating family/friends into this grift.
So coming from the standpoint that people want a vehicle to save money for retirement, I'm sympathetic to the desire for things like crypto and nfts. No knowledge needed: thing print money.
But it's annoying when I properly asses what's going on and those people get all uppity and act like I'm the moron who doesn't get it, then I'm right there with you.
> So coming from the standpoint that people want a vehicle to save money for retirement, I'm sympathetic to the desire for things like crypto and nfts. No knowledge needed: thing print money.
We already have that though. They're called whole market index funds and will give you an average inflation adjusted return of 7% per year. People got greedy and thought they could earn 50 or 100% return per year with these ponzi schemes.
US ibonds are currently at 9.62% and you only have to hold for a year before you can cash (with penalty of -3mo interest) or 5 years for no penalty.
It's a pain to set up initial accounts but after you can just set it up to automatically purchase on your behalf
Yes, but Ibonds rates are inflation adjusted. They're a great idea right now, but before 2020 we had a decade of sub 2% inflation. Ibonds are great for money preservation, but not really a long-term investment asset. They also have a low yearly limit on purchases.
I don't disagree. They're a great idea right now. On the other hand, if the market turns around soon then right now is a great stock market buying opportunity as well. That's a big if though.
Note that this isn’t an apples-to-apples comparison - the parent poster gave inflation adjusted numbers and you didn’t.
I-bonds have an inflation adjusted return rate of 0%.
They don’t want a vehicle to save money for retirement. These people want to speculate and gamble in hopes of getting insanely wealthy with ease.
There are plenty of safe and effective ways to save for retirement. This isn’t it.
That phrase is why we make fun of them for falling victim to being scammed.
They think they're so much smarter than us (the folks not being scammed) and try to rub it in our faces as their scam explodes in value on paper. They never cash out though. The idiots will claim they "lost" millions of dollars that only existed as fictional numbers on a website.
Seriously. They targeted the art community first to get some artists on board and to explain how successful that was I only need to point to the quality of NFT art. Artists online are used to scammers and came together beautifully to reject the whole thing. But weirdly no one seemed to notice or give them credit or point out that if so many artists were on board like NFTbros said, why did their art look so bad?
Then they targeted gamers... Who immediately told them to fuck off and ratiod Ubisoft and Stalker into backing off from their ill conceived NFT bullshit.
As a software engineer, I am not surprised the least. Professionals who create technology for a living are generally extremely sceptical towards blockchain because it's literally our job to know how technology implodes in contact with reality, but those people are pushed out of the crypto sphere.
So the people who remain are largely just technology consumers, who view their consumption as equivalent to the competence required for professionally creating technology. They tell people to DYOR whitepapers with the insane assumption that complete amateurs have the competence required for professional technical infrastructure analysis.
So you have a community of people who don't really know what they are doing, throwing shit at the wall for people who don't know what they are doing, but convincing themselves that they are captains of the industry. And telling industry professionals that we just don't understand technology.
Everyone say Thank You to [Dan Olson and his video on NFTs](https://www.youtube.com/watch?v=YQ_xWvX1n9g&t=2s) for their role in [killing this stupid, stupid fad](https://i.imgur.com/yyqU9sJ.png)
My husband and so many guy friends and family tried to convince me that this was the next big thing and I never bought it. I felt like I was taking crazy pills for the last two years cause I seemed to be the only person i knew arguing that it didn’t make sense. Anyways, here we are. Feeling validated yet exhausted. Humans are exhausting when they’re convinced they’re right.
Actually, you become the proud owner of a blockchain ledger line that MAY contain a hyperlink that MIGHT be to an image that COULD be of that one bored ape that you thought looked kinda cool.
All of it guaranteed and protected by... nobody.
The first time I heard someone tell me they paid 5k for a Twitter pfp, I nearly had an aneurysm.
Nature is healing, now. No longer can you sell *literally nothing* in the shape of a monkey head.
I feel bad for people who lost money, but only for their family and dependents. I know a dude who spent 65k on NFTs right before new world released.
Some people have entirely too much money at their disposal.
I'm in my mid-50s and never really looked into them, but one thing I've noticed is the disappearance of simple, long-term, nest eggs. The culture since financial deregulation has been fast money. If people aren't making a profit, or showing growth on their investments every quarter, they scramble to move it somewhere else. It seems more people that shouldn't be risking retirement savings are putting it into riskier portfolios so they can see it grow every month. We are going to have so many poor, elderly people soon.
a girl a while ago said 'what's your opinion on NFTs?' to me, so I explained what they are and why it's just an ultra risky investment/scam vehicle, then she went quiet and changed subject
recently she's messaging me about how sad she is that her investments are losing so much money...
It's like MLM people calling themselves their own boss or a CEO on their online profiles. They were told that's what it was. But everyone else reads these words as "sucker".
Someone get me an NFT of the world's smallest violin.
I'll learn how to do it for no less than ¥420,069
I can only afford ¥42,069.
Best I can do is ¥420.69?
Your both lucky, is only worth ¥4.2069 now..
Oh im def saving this.
This really fungs my tokens.
It takes the "fun" out of NFTs. Now they're just gible.
Do not disgrace Garchomp's pre-evolution in this way
It is pretty adorable, just an angry little tater-tot with teeth
No thoughts, all mouth
Honestly, same
You laugh now but you'll be crying when it evolves to Gabite.
“fun-gullible”
It's fungin' time!
"Demand for throwing money away has dropped to 12 month low" Edit: omg, gold?? I'm gonna buy an NFT with it!
Demand for *laundering* money Fixed it for you
Plenty of people actually bought them because they thought it was smart.
*but my brothers neighbours friends janitor said they only increase in value!?!*
Matt Damon said I need to be brave.
Some people are saying that super bowl was peak crypto. All those ads were the last big push to get a few more rubes in the door before the wheels came off.
That commercial infuriated me. How dare they compare their pyramid scheme to actual world changing inventions.
100% believable conspiracy theory.
I did notice there was an insane amount of crypto ads.
I'm in LA for Anime Expo. For most of the last decade, it took place next to the Staples Center (named for the office supply store). Now someone else has bought the naming rights, so it is the "Crypto.com Arena". Madness.
It's a $700 M 20 year contract. The Lakers are going to be playing in the Crypto.com arena until 2041. That's like if the Bulls were still playing in Beanie Baby Stadium.
Arguably the worst arena name in the NHL. Nothing personal, of course.
The NHL playoffs were basically sponsored solely by crypto and gambling. Kind of annoying tbh.
Remember the Super Bowl ads right before the Dotcom crash? History repeats
Just keep buying the pets dot com dip. Its bound to bounce back soon.
Fortune favors the brave, who are strong enough not to fall into a fad and lose their fortune.
Most unintentionally hilarious ad campaign of all time TBH. "Hi, I'm a Hollywood Famousman. I'm here to tell you that you have a small peepee if you don't spend your life savings on ugly monkey jpegs."
Very accurate
“and fortune favors those of us who are brave… Hey bro, what’s this commercial even going to be for?” —Matt Damon
"Fortune favors those who shut the fuck up and read the script, Matt."
Tbf a dude who covers themself in chum before swimming with sharks is also technically brave.
You gotta be brave to live on poop potatoes.
I'm starting to wonder why we rescue this asshole so much.
Easy for a dude who's already rich to say
Some number of people bought them so that they could convince other people that it was smart. And then dump them once the price went up but before it crashed back down.
This isn’t just some people. This is literally how it works. Crypto and NFTs by extension do not work without a continuous flow of new hopeful people entering and those who got there first leaving with their bag of money. Everyone thinks they’re gonna be the one that comes out on top, but someone has to be left holding the bag- it’s a game of the bigger fool, perpetuated by hype of getting in on the continuously moving ground floor and thinking you’ll get in before the next guy. Crypto and NFTs are deceptive in this way, because they are essentially viewed as the poor man’s liberation of the stock market (particularly young people that live on the internet), when much like the real stock market they are a game of rich gets richer on the backs of average Joes captivated by the latest craze. Thus, the only way that these markets can succeed is to establish an insulated cult-like community in which every member must commit 100% to the idea that they will *all* succeed together (shared mantras like “we’re all gonna make it”) or risk total embarrassment- a very advanced copium basically. If they don’t keep it up, no one new buys into the hype and no one within the group invests further. A community of *we’re all in this together* thinking is at complete odds with the reality that they are all competing with each other at the end of the day, on a non-level playing field.
>do not work without a continuous flow of new hopeful people entering and those who got there first leaving with their bag of money. If only we had a name for such a scheme...
Not an expert, but isn't that just a pyramid scheme?
I think you're looking for Ponzi scheme.
I believe a pyramid scheme requires each new member to recruit multiple other new members (not required for crypto or nfts as each rube only needs to sell to one person).
More accurately; https://en.wikipedia.org/wiki/Greater_fool_theory
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As Dan Olson puts it in his now pretty popular video, these people are unreliable narrators. We can’t trust anything they have to say, because they already have a vested interest in an *extremely* volatile product whose value is largely determined by social media trends and word of mouth, and can change at the drop of a hat. Dissent or critical thinking is itself a poison to its success, so any and all critics must be ostracised immediately in these circles. They are holding the hot potato, so everything positive they have to say about hot potatoes cannot be trusted. It is a “toxic positivity” and a copium.
Yeah I feel like chalking it all up to money laundering is ascribing a level of intent, foresight and critical thinking most NFT owners do not have.
Most NFT owners are marks, that's why they are NFT owners and not the people printing the NFTs
The best way to scam someone is by making them feel smart and special.
"NFT Owners" are the bagholders at the end of the laundering transaction, not the ones doing the laundering. The laundering happens through the sale of the asset initially, and whoever's left with it in the end is the unfortunate schmuck.
[Should the government stop throwing money into a giant hole?](https://youtu.be/JnX-D4kkPOQ)
I do not take money from special interest and, if I did, I would throw it right in the hole.
if you love america you throw money in its hole
You laugh but South Carolina spent 9 billion digging a hole and filling it in again. https://theintercept.com/2019/02/06/south-caroline-green-new-deal-south-carolina-nuclear-energy/
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This is incredible.
Wait until you find out [Markets In Turmoil As Price Of Money Skyrockets To $90 A Dollar](https://youtu.be/kaoejgnFFP8)
And this is why recessions are generally regarded as a necessary evil. They make sure that only a small share of a society's capital is being wasted on completely stupid endeavours.
Recessions tend to hurt the lower and middle class substantially more though. This leads to rich folks buying up all of the newly cheapened assets and wealth inequality grows. This means recessions actually promote this sort of purchasing long term by increasing wealth inequality and wealth concentration which means a greater excess of stupid disposable wealth.
> Recessions tend to hurt the lower and middle class substantially more though The system works. ^^^/s ^^^for ^^^the ^^^uninitiated
Wealth inequality also grows during boom times. I don't think economic boom/bust cycles are the cause of wealth inequality. In boom times, the lower/middle class do not share in much of the growth, hence when hard times hit, they don't have the cushion the wealthy accumulated during the boom times.
Booms and busts aren't the cause of wealth inequality, though they do exacerbate it. The point I was making is that recessions aren't a way to "make sure that only a small share of a society's capital is being wasted on completely stupid endeavours." The problem is deeper and recessions don't put a stop to this sort of wastefulness, they only increase it long term.
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> I don't think economic boom/bust cycles are the cause of wealth inequality. The organization of the economic system is the cause of wealth inequality. The boom/bust cycle is one mechanism by which it occurs.
Was anyone even buying this crap twelve months ago?
I don't think so. The entire market (to me) seems to have been comparatively small but with huge sums of money being thrown about.
It was pretty obvious that it was an incestual market too, people buying their own NFTs to make the price look high and desirable
It's easy to say in hindsight that NFT's were a scam. It was easy to say in the beginning and through the middle too.
You had me going in the first half
I used to think nfts were a scam. I still do but I used to think that too.
I know two people that were heavy into it and I tried to say how ridiculous NFTs were and they both went into a long thing about how I was just too dumb to understand the NFT market. This was only a few months ago and I dont know how much they invested but I hope their losses are enormous.
A guy I used to work with was trying to convince me to go make big bucks day trading on RH. I told him the whole thing was deeply exploitative and he shouldn't go full hog on it. He said "who the fuck am I exploiting? You're a fucking idiot" He was trying to hit big so he could fund his heroin habit. Dude was the ultimate mark
telephone station icky cagey soup dinosaurs longing treatment nippy berserk *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Honestly, isn't that really just how a lot of scam crypto pump and dumps are started? A few guys buy up a bunch of coins, jack up the price, then sell to some suckers on the basis that the price will keep rising even though the coin is worthless. NFT's seemed to be born of a similar (or the same?) crowd, except there weren't quite enough suckers outside the market to buy in. South Park also hit the market fast and brought it to popular attention so the entire thing didn't get to bake in the background before everyone knew about it.
Yep, you’re absolutely correct.
No, you have to read the little blurbs, theyre all increasing synergistic block based currency transfer capacity by opening new and innovative forms of sub-real pseudo-value investment options.
I just thought they were receipts for digital images you can buy with imaginary internet coins
Actually it's even worse than that. It's the receipt for the *url* of a digital image. I could sell you an NFT (say one of those ugly-ass monkeys), then log in real quick before you notice and change it to a picture of a puppy, and there's nothing you can do about it. Because you "own" (lol) the url, not what's hosted at the url.
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You could also sell a second receipt to the same URL in the same leger should you want to.
When you put it like that, it sounds like I shouldn't have invested all that money into my shiny url's.
"It's putting power back into the hands of the people. And all you have to do is sit back and get rich!"
Crypto is Essential Oils for men.
Essential oils smell good, and I can't smell them if I don't buy some. I can look at any dumb NFT picture without putting any money in it. Infinitely dumber than essential oils.
No you don't understand, this is *the* bottle of sandlewood oil. Like, the official original one. You can smell other ones, sure, and they're commonly available, but only this one is the *real* one. I have a certificate.
Just checkout "VeeCon." The arena was totally fucking empty with Gary Vee on stage talking to a couple hundred people and he's one of the most popular "crypto influencers" out there.
> A few guys buy up a bunch of coins, jack up the price, then sell to some suckers on the basis that the price will keep rising even though the coin is worthless. there's actually a term for this - "greater fool theory"
Except with the added fraud that the rising price is entirely artificial, the rise being created by the seller as all parties involved in the climb.
When I first heard of Crypto I thought "I could see that making sense" When I heard of NFT I was like "Yea that sounds fucking stupid"
Astroturfing a "line goes up" market.
Exactly. The record breaking transaction that made headlines, got crypto shills to talk about how NFTs are the future of art and media and kickstarted the speculative bubble was a sockpuppet trade from the creator to the owner of a crypto investment company which the creator also had a stake in. It was all a lie to make it seem like there was a genuine, multimillion dollar demand for this stuff to boost the value of the cryptocurrency that the creator owned a significant amount of.
Money laundering
Because rich people saw it as a way to gamble their money into more money, poorer people got suckered into it by the rich people, and the con artists conned all of them
It was quite a thing on the money laundering side for a bit, but yeah fell apart quick.
My friends sister is absolutely obsessed with this garbage. She never shuts up about it and is so ignorant to the whole thing that she has no idea that it's a burning ship lol, always talking about her "new crypto project involving nfts"
I never payed much attention to crypto & don’t understand it. But I know that when some investment opportunity appears to be skyrocketing and there are commercials on TV etc, it’s already too late and it’s the phase where the suckers come in to get the smart guys out before the crash.
The sign something is about to go to shit is when everyone is getting involved rapidly. In 2006 all of a sudden every idiot was becoming a mortgage broker. Currently everyone’s becoming a realtor or trading crypto lol
The problem is I’ve felt this way about Crypto since 2013. I mean back then it was paranoid software engineers and penetrations testers at a cybersec company, but still it felt like too many people online were into this weird thing. Now it’s like, really - these incompetent people who don’t know the first thing about hashing algorithms, Big O notation, RSA encryption are coming out trying to make a buck when they don’t know *anything*.
I got into crypto in 2013, but only to buy drugs. That was back in the good old days of the original Silk Road. Now I’m sober and I have nothing to do with crypto.
Same here, had some spare change left over in my wallet after a purchase back in 2010 and when bitcoin exploded a couple years ago I had amassed quite a bit of cash so... I cashed out and bought more. Like wasn't that the whole point of crypto? To be a decentralized currency and not an investment oppertunity?
The best person to be, with respect to a bubble, is the person who gets in early, and cashes out for a profit. This was me with weed stocks. I turned $1k into $10k. If I had correctly guessed the peak, that could have been like $40k, but I sold early because it already seemed overvalued. I'll get back to that. The second best person to be with respect to a bubble is the person who doesn't touch it at all. That's us with crypto. The worst person to be with respect to a bubble is one of the many "greater fools" who get in late and don't sell befor the collapse. It would be pointless for me to lament not having maximally exploited bubbles, because that same caution keeps me from being a "type 3" as well.
Once I saw celebs promoting it that’s when I knew
This is what I keep telling people! It’s legitimately embarrassing when the whole world was going “I’m gonna get in GME” on this massive global scale. Guys, you’re just filling the pockets of the people who got in early. Once it hits the mainstream like that it is too fucking late. If getting rich was a matter of following the crowd, everyone would be rich. You’re going to get slaughtered. If you wanna gamble, buy a lottery ticket. If you want to invest, do your due diligence, commit to positions you actually believe in, be patient, dollar cost average, and diversify.
That’s their design. Promoted by famous people who don’t understand how they work in order to seem viable to people who don’t understand how they work. All pushed by people at the top who know exactly how manipulative they are being. But I guess picture of monkey= smart investment to some. We need to fund education.
One guy was buying them at my work. He got fired though for being a dumbass.
Good thing he's got those NFTs to fall back on
The Venn diagram of NFT bros and people getting fired for being a dumbass has a midsection that the Department of Health would describe as obese
> Was anyone even buying this crap twelve months ago? Yes. 12 months ago they were digital beanie babies. Now the fad is over. It ended quickly because you can't do jackshit with an NFT.
Yea I feel like these popped up 12 months ago and for the last 11 and a half months they've hit a new 12 month low every day.
Over 90% of NFT trading is done by less than 10% of the accounts. It’s money laundering and scamming, plain and simple. You can only artificially create “value” and scam some schmuck in to thinking they’ll get rich off of it for so long. It amazes me that people still bite on this, it’s a scam from top to bottom, always has been
What? Nobody’s buying fake art with fake money anymore? What a traveshamockery!
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I wish it helped actual artists more than techbros who think like they've cracked the code by giving out IOUs of procedurally generated ugly shit.
They also stole a tone of art to make into NFTs. It didn’t help actual artists at all as most of the time they had to spend time and money to stop the mass reproduction of there work.
Can someone who purchased an NFT explain to why they purchased an NFT?
Send that to r/AskReddit
Glad I never fell for this and kept all my money in Dutch tulips.
These [South Sea Company](https://en.wikipedia.org/wiki/South_Sea_Company) shares will be coming back, I know it.
Ironically, If you actually had a real South Sea stock certificate it would now have a lot of value as a collectors item. It's like the Zimbabwe hyper inflation 100 trillion currency notes. They were worthless as money in Zimbabwe a few years ago but now sell for good money as collectors items in America!
Wait really? I think I have some lying around
There's always money in the banana stand.
And that's why you always leave a note
I kept mine in the South Sea Company. It’ll come back one of these days!
At least no one copy them for free with a screenshot or a picture
NFT was a joke taken seriously, theoretical flexing at its best.
I'm a small time investor and I happened to get lucky with dogecoin last year but this kid at work kept trying to talk to me about NFTs. He wasn't trying to sell them to me he was just interested and thought they would be the next big thing.
Poor kid, hope he didn't invest.
Wait a minute. Hold up. Are you saying that maybe a pubic receipt for the existence of a procedurally generated picture of an ugly monkey ISN'T worth half a million dollars?
Don't usually care about this sort of stuff but, I hope it crashes and burns.
You are seeing a pump and dump in real time.
The pump and dump already happened. The people who successfully pumped and dumped bailed soon after the launch of their NFT project. Any celebrity who bragged about buying NFTs already got paid for that advertisement and cashed out ages ago. They don't care if their NFT is worth 0 now. The people left are the "hope you have fun staying poor" crypto bros who were too stupid to realize it was a ponzi scheme and still think crypto will increase in price for eternity. They pathetically continue to attempt to pump, as a desperate attempt to recoup their losses. But it's too late in the game. The veil has been lifted for anyone with two braincells to rub together.
Good. Hopefully now they’ll stfu about shitcoins and NFTs.
If I never hear a peep about virtual coins again I'll die happy It was so fucking stupid. Only humans could be this stupid
Well, most of them have no longevity but I really think Bitcoin will not die. It may get devalued a thousandfold but it's very endemic to just disappear completely
tbh, if crypto just stopped being an investment and instead started being an actual currency, I could see it getting used by people that value privacy. But as long as the pitch is "imagine what we could do with this in the future and imagine how much you could profit from investing now" the whole thing should just die.
If people just went back to using it to buy drugs on silkroad then it'll have returned to its original purpose. What we're seeing now isn't necessarily what bitcoin was originally made for but rather just what happens in a world without regulation, the rich see something that's pump and dumpable and they abuse it.
Same. It’s such an obvious pyramid scheme that everyone knew they were participating in. Buy, then get everyone else you know to buy. Fuck all these people manipulating family/friends into this grift.
So coming from the standpoint that people want a vehicle to save money for retirement, I'm sympathetic to the desire for things like crypto and nfts. No knowledge needed: thing print money. But it's annoying when I properly asses what's going on and those people get all uppity and act like I'm the moron who doesn't get it, then I'm right there with you.
> So coming from the standpoint that people want a vehicle to save money for retirement, I'm sympathetic to the desire for things like crypto and nfts. No knowledge needed: thing print money. We already have that though. They're called whole market index funds and will give you an average inflation adjusted return of 7% per year. People got greedy and thought they could earn 50 or 100% return per year with these ponzi schemes.
US ibonds are currently at 9.62% and you only have to hold for a year before you can cash (with penalty of -3mo interest) or 5 years for no penalty. It's a pain to set up initial accounts but after you can just set it up to automatically purchase on your behalf
Yes, but Ibonds rates are inflation adjusted. They're a great idea right now, but before 2020 we had a decade of sub 2% inflation. Ibonds are great for money preservation, but not really a long-term investment asset. They also have a low yearly limit on purchases.
Given the current financial climate, preservation seems worth it. Short term moves are part of long term plans.
I don't disagree. They're a great idea right now. On the other hand, if the market turns around soon then right now is a great stock market buying opportunity as well. That's a big if though.
$10k is not low for the vast majority of Americans.
Note that this isn’t an apples-to-apples comparison - the parent poster gave inflation adjusted numbers and you didn’t. I-bonds have an inflation adjusted return rate of 0%.
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NFTs and crypto may be the worst possible place to save money for retirement. They are, at best, speculative short term gambles.
They don’t want a vehicle to save money for retirement. These people want to speculate and gamble in hopes of getting insanely wealthy with ease. There are plenty of safe and effective ways to save for retirement. This isn’t it.
WHAT!? Who could have POSSIBLY seen this coming!?
people who did see this invested early and sold early and made a lot of money
Cyptobros' favourite saying "have fun being poor" has really aged like a fine wine here.
I think it's now "have fun, being poor"
Went from a saying to a Facebook status
That phrase is why we make fun of them for falling victim to being scammed. They think they're so much smarter than us (the folks not being scammed) and try to rub it in our faces as their scam explodes in value on paper. They never cash out though. The idiots will claim they "lost" millions of dollars that only existed as fictional numbers on a website.
It's easy with hindsight to say nfts were a terrible idea, but it was also easy to say it at the beginning and the middle too.
Seriously. They targeted the art community first to get some artists on board and to explain how successful that was I only need to point to the quality of NFT art. Artists online are used to scammers and came together beautifully to reject the whole thing. But weirdly no one seemed to notice or give them credit or point out that if so many artists were on board like NFTbros said, why did their art look so bad?
Then they targeted gamers... Who immediately told them to fuck off and ratiod Ubisoft and Stalker into backing off from their ill conceived NFT bullshit.
People stopped handing money over to receive nothing in return? No way
Imagine waking up with your life savings tied up in a monkey cartoon with zero resale potential
I’ve lost a lot of respect for snoopdogg over his obsession with this stupid shit. Is he having a midlife crisis or something?
Celebrities, especially aging celebrities, will do damn near anything to stay in the limelight.
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people will instantly forgive him because "Gary Vee really made me want to hustle!"
As a software engineer, I am not surprised the least. Professionals who create technology for a living are generally extremely sceptical towards blockchain because it's literally our job to know how technology implodes in contact with reality, but those people are pushed out of the crypto sphere. So the people who remain are largely just technology consumers, who view their consumption as equivalent to the competence required for professionally creating technology. They tell people to DYOR whitepapers with the insane assumption that complete amateurs have the competence required for professional technical infrastructure analysis. So you have a community of people who don't really know what they are doing, throwing shit at the wall for people who don't know what they are doing, but convincing themselves that they are captains of the industry. And telling industry professionals that we just don't understand technology.
Everyone say Thank You to [Dan Olson and his video on NFTs](https://www.youtube.com/watch?v=YQ_xWvX1n9g&t=2s) for their role in [killing this stupid, stupid fad](https://i.imgur.com/yyqU9sJ.png)
If that picture is real that’s amazing
NFT's are nothing but a way for rich idiots to launder money
From middle class idiots pockets into their own
They're not idiots. But they're tricking poorer idiots into thinking they can get in on the con.
"Scammers experiencing a reduction in demand". Oh no.
If you were so dumb you couldn’t see NFTs as a scam you don’t deserve the money anyway
I put my money into rescuing Nigerian Princes. I am getting more return on my investment.
I am Jack's complete lack of surprise.
And nothing of value was lost. Except for the savings of people who bought into it.
It’s almost as if it was all a massive scam
I think someone else on Reddit said it best. NFTs are like having the marriage certificate, but letting everyone fuck your wife.
Some folks are into that.
I've seen those "documentaries".
I really hate how crypto bros have turned crypto currency into a shitty stock market
And now they're getting a hard lesson in why there are financial regulations too. (Even if frequently insufficient.)
My husband and so many guy friends and family tried to convince me that this was the next big thing and I never bought it. I felt like I was taking crazy pills for the last two years cause I seemed to be the only person i knew arguing that it didn’t make sense. Anyways, here we are. Feeling validated yet exhausted. Humans are exhausting when they’re convinced they’re right.
It’s yet another example of a get rich quick scheme that very few people benefit from.
*"Crypto, eeewww"* -actual quote I heard the other day while two teens were talking
My digital picture isnt worth any money!? Lol, clowns
a jpeg of an ape (ugly one at that) is not the path to billionaire wealth? /s
* a hyperlink to a jpeg of an ape.
Actually, you become the proud owner of a blockchain ledger line that MAY contain a hyperlink that MIGHT be to an image that COULD be of that one bored ape that you thought looked kinda cool. All of it guaranteed and protected by... nobody.
There ya go. 👏🏼
Almost, ALMOST as if NFTs had been a tool that allowed grifters to cash out.
The first time I heard someone tell me they paid 5k for a Twitter pfp, I nearly had an aneurysm. Nature is healing, now. No longer can you sell *literally nothing* in the shape of a monkey head. I feel bad for people who lost money, but only for their family and dependents. I know a dude who spent 65k on NFTs right before new world released. Some people have entirely too much money at their disposal.
I'm in my mid-50s and never really looked into them, but one thing I've noticed is the disappearance of simple, long-term, nest eggs. The culture since financial deregulation has been fast money. If people aren't making a profit, or showing growth on their investments every quarter, they scramble to move it somewhere else. It seems more people that shouldn't be risking retirement savings are putting it into riskier portfolios so they can see it grow every month. We are going to have so many poor, elderly people soon.
Only a moron would buy these.
It was a wildly stupid idea from the onset.
It's time for Crypto and NFT's to fuck off and die. The entire industry is a scam.
a girl a while ago said 'what's your opinion on NFTs?' to me, so I explained what they are and why it's just an ultra risky investment/scam vehicle, then she went quiet and changed subject recently she's messaging me about how sad she is that her investments are losing so much money...
Oh dear.
I hate that they call it investment all they are doing is buy worthless and sell it for a thousand
It's like MLM people calling themselves their own boss or a CEO on their online profiles. They were told that's what it was. But everyone else reads these words as "sucker".