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> Ultimately it has value because people agree it has value. This feels like a pyramid scheme. What makes it different?
by throwawaysea 6y ago
> Ultimately it has value because people agree it has value.
This feels like a pyramid scheme. What makes it different?
- gmuslera 6y agoThe old object-observer duality. Where is the value in this case? It is in the observer, not in the object. It goes in a different layer. The problem there is that culture, social conventions, shared fictions and so on can be manipulated/twisted/adapted to some agenda or interest, and that includes what we feel valuable or not, without minding of what is really behind (like with bitcoins and similar). Once we took this route, all kinds of mirages can appear. And they can vanish into thin air as fast as they appeared.
- politician 6y agoTulip Mania
- notyourday 6y ago> This feels like a pyramid scheme. It is. My Google-fu is failing me but there was a famous art dealer in the early part of the 20th century who promised that he would buy back the pieces he sold at least for the price the buyer originally paid less some minuscule percentage if the buyer could not sell the pieces to someone else. It made paints he sold significantly go up in price. He died. Buyers tried to get his estate to pay for the paintings and failed.
- kryptiskt 6y agoA Swedish gallery called Timeless pulled that scam recently, they sold art in galleries in Sweden and Poland (and Miami and Dubai) with the promise buy it back N months later with a yearly appreciation of at least 20% (I see here that Polish customers were promised 36%).
- SilverRed 6y agoNothing. NFTs are literally nothing more than a scam. People are running mental gymnastics trying to delude themselves in to believing that having a cryptographically signed json packet pointing to a dead url will be worth a fortune in the future.