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A comment on Ask HN: Why shouldn't I take advantage of the Crypto/NFT craze?.

Re:Ask HN: Why shouldn't I take advantage of the Crypto/NFT ... by smt88 on Tuesday January 04, 2022 @10:48PM (#29804884)
This is a moral "transgression" that I honestly can't bring myself to care about. It's not any different than trying to make money on the stock market, knowing that nearly 100% of stock-pickers and day traders will lose money in the long-run.

So I don't care to try to convince you of anything, but I would suggest that there are thousands of people thinking the way you are, and it's still possible to lose all your money due to a shock -- even if you think you're the shark and other people are the fish.

> as I think about all the money to be made from the great numbers of wealthy kids who won't be made homeless by the tricks of Silcon Valley

I was wondering if this were true, and (as far as I can tell) it's not far off[1].

1. https://cheddar.com/media/crypto-investor-white-male-survey-...

[ Parent | on HN ]
Re:Ask HN: Why shouldn't I take advantage of the Crypto/NFT ... by boxmonster on Tuesday January 04, 2022 @11:08PM (#29805016)
Have you ever seen The Music Man? Scamming small town rubes is a long American tradition, but in this case Silicon Valley has gone global with the music. I'm an honest person that doesn't like getting cheated so I can't run a scam, so my question is more a thought experiment. On the other hand, I dislike degenerate gamblers, so maybe I can persuade myself they deserve it. Sure, I could lose, but I'm pretty sure I'd be playing with the house.
[ Parent | on HN ]
Re:Ask HN: Why shouldn't I take advantage of the Crypto/NFT ... by jazzyjackson on Wednesday January 05, 2022 @01:48AM (#29805956)
Most likely outcome: shell out thousands in gas fees to mint NFTs, no one buys. the scammer becomes the scammed and the house always wins.

(The house in this case is the ETH chain and those miners/validators pocketing the fees)

(Does eth burn the fees now? Thought I read something like that but it didn’t make sense, what is the incentive to run full nodes if not pocketing the fees?)

[ Parent | on HN ]
Re:Ask HN: Why shouldn't I take advantage of the Crypto/NFT ... by Rastonbury on Wednesday January 05, 2022 @02:14AM (#29806091)
If you are good at marketing, you can promise x10 gains from the special exclusive NFT you minted, trading your NFTs between yourself boosting the price and fool people who have no idea what market liquidity or bid/offer is, create self-interested evangelists through private discord groups who defend your NFT against anyone who calls it out, market manipulation has never been easier
[ Parent | on HN ]