> What are all the stupid people going to pile in on next so i can get in and out before it crashes?
Haha that's awesome. I spent so many hours researching stuff to invest in so I could make a good decision or at least an educated one. Company stock, cryptocurrency projects, whitepapers... And then I watched people making ridiculous amounts of money off of DOGE of all things just because a billionaire tweeted funny dogecoin memes. Then people pumped the huge wave of animal shitcoin scams that came after to ridiculous prices as well. Now I'm watching people spend millions on non-fungible tokens that do nothing.
It's the kind of mind screw that makes you lose all sense of right and wrong. The world just stops making sense.
Presumably ritualized tribal combat has a long history.
As does religion.
Hence magnetism and homeopathy, still limping along to this day, came to have huge amounts of followers. "if you can turn on a powerful light at night, surely you can cure with magnetic fields coming out of your hands".
Here is the same, if you can store value simply by convincing each other without central authorities (bitcoin), surely you can explore it to its conclusion with NFTs. Ill remind you that before the 2017 crash, we were already seeing joke tokens, it just disappears once the hangover starts.
Cryptocurrency has actual value though. I don't think bitcoin has any inherent value, it's just famous because it came first. Technology like Ethereum and Monero are extremely valuable though. They aren't made up tokens that do nothing.
If they observe you are doing this and don’t play so loose against you, then I would take issue with the claim that they are not playing seriously.
Perhaps an excellent player might be able to crack the code (or at least be up over the course of enough games), but I'm not an excellent player.
Then, I needed a way to make sure people were actually sharing farts, and not other noises (like burps or dog barks).
So, ML to the rescue. Train on a corpus of real fart audio and other sounds.
But then, I needed to make sure the farts were not copies or derivative works.
So, audio fingerprinting.
Then, I figured why not throw in blockchain (does not need to be distributed to be able to use the buzzword), to ensure the verified, original farts could not be tampered with.
Now, I believe I have a way for anybody to create unique content that can be ‘converted’ into an NFT.
Investors?
Possibly you!
This could be a network for farters and poopers.
I think some people have just gotten very very crypto rich over the past year or two and this is just something they are spending their money on.
Me: “but this is a giant bubble! None of this is intrinsically valuable! You’re buying to sell! A huge crash will wipe you out!”
Them: “you must be new around here... there is always a bubble, the key is riding it as long as you can safely do so.”
I found this so enlightening. I wonder if economic cycles are a result of this thinking.
GME as an NFT?
Gamestop's whole business was used games. I mean they'd sell you a new copy happily, and you could sell it back at discount and spend the money on a different used game
Playstation / Xbox digital stores killed the market, now I pay $60 for the new assassin's creed and can never sell it, there's no such thing as a used game anymore
If Gamestop has streaming rights for certain games, then NFTs can represent who ones a copy of a game. If you're bored of a game, sell the license to play to someone else. (This is not even mentioning in-game items that could be traded on secondary markets)
Of course GameStop could conceivably build a tech stack that lets them manage 'who owns what license to what game' and a whole marketplace around that, but why build it yourself when people are already out there sending NFTs from one wallet to another.
- Games and consoles made years ago still generating revenue. - It would incentivise companies to support repair and continued use of old products.
I think it would be instant buy-in from those larger companies.
One key issue I see is that it's still quite centralised - you have to resell through their store and can't just exchange a game license for crypto at an arbitrary price. No surprise though that this is a necessary step on the way to getting publishers on board.
This has always been true [0]. Your comment had generated a thought for me: maybe as humanity has covered its essential needs, the idea of what has utility and value has progressively become less clear? Or is it just a side effect of QE and Central bank excess? Time will tell...
The craziness i'm pointing out is the apparent sale/purchase of NFT tokens for lackluster pieces of digital art at insane amounts. You aren't really investing in the technology in this case, you're investing in that piece of art. It confers no proven legal privileges, meaningful ownership or protection from being copied. It just gives you the ability to prove to someone that at a specific point in time you made a token for that bitstring or bought it from someone who did. Would these pieces fetch the similar prices on the art market right now where you can actually buy real proven legal rights/ownership of the piece? I highly doubt it.
With the short squeeze speculation on stocks, the crypto run+crash and NFT's. The market is a very confusing place nowadays. You'd have to be bonkers to invest in these things on paper, but yet, lot's of people are making bank from it every day (and vice versa).
NFT is probably the most confusing of the bunch. I understand the technology and what it actually is, but I see little to no value in it. I strongly suspect that the vast majority of these NFT sales are just people buying from themselves to inflate perceived value or just money laundering. That said, it actually looks like this false hype has turned into real hype somehow and people are actually making money from this. NFT's are probably the closest thing we'll see to Tulip mania for long time, at least cryptocurrency has some (largely unrealized) utility and potential to become something widely used in the future.
In order to make lot's of money nowadays, you shouldn't ask yourself "What is actually going to make a profit and/or provide utility in the future?" but rather "What are all the stupid people going to pile in on next so i can get in and out before it crashes?".