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The term for this in the general case is Greater Fool Theory - https://en.wikipedia.org/wiki/Greater_fool_theory https://en.wikipedia.org/wiki/Greater_fool_theo
by mjlee 6y ago
The term for this in the general case is Greater Fool Theory - https://en.wikipedia.org/wiki/Greater_fool_theory https://en.wikipedia.org/wiki/Greater_fool_theory
- mtrycz2 6y agoCoincidentally, that's the entirety of BTC's usecase after 2017's pivot.
- nikanj 6y agoDon't forget drug trade.
- willio58 6y agoWould you rather USD be used for the drug trade? I never understood people’s fixation on crypto being used for drugs. Maybe it’s because I also hold the view that all drugs should be decriminalized and rehab should be used over incarceration.. if you believe these then why does it matter the currency used in the drug transaction?
- exikyut 6y agoHuh, like an ideological or meme Ponzi scheme!
- minikomi 6y agoBig run up on GFTs. Get in now!
- splintercell 6y agoMy friend made literally the same point few days ago regarding anyone buying these NFTs. My question to him was, "Would you buy the ownership of Heroes by David Bowie (his favorite song of all time), for $2000 (a price he can afford)?" He conceded the point before I finished the sentence. Now imagine if the NFT also came with the royalty rights of the song (not that this Grumpy cat came with that, but NFTs can be created where they carry rights with them), wouldn't he be willing to pay an even higher price?
- insert_coin 6y agoWe already have a way of selling rights, he has been able to buy the rights to songs for decades. Of course if you are selling to him something he already considers valuable at a very very low price he is gonna want to buy it. It has nothing to do with it being an NFT. In short, he conceded no point but you did: the NFT in itself is not the valuable part, what's being sold is.
- qqii 6y agoRights are actually an intersting example for the use case of NFTs. Blockchains can produce stronger guarentees than trusted timestamping. This is often used to prove digital existence and ownership. Given the adoption of this interpretation in law disputes about digital ownership can amount to a digital signature with the private key.
- iamben 6y agoYeah - I think a lot of my thoughts regarding NFTs have been "why do we need a NFT for this" (much like "why do we need a blockchain for this" during the ICO craze). From what I can see, pretty much everything getting hyped with NFTs can already be achieved without them.
- PascLeRasc 6y agoOk, I just purchased the song. What does that get me in terms of art enjoyment? I also purchased a Van Gogh original canvas, which is cool because I really like Van Gogh and it’s cool to have something that he touched, plus I think it has details that the prints are missing. Are the 8-track tapes of Heroes for sale here, so I can hear the original raw recording, or did I just get nothing?
- qqii 6y agoMy interpretation of the comment is that "rights" refers to licensing.