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I think the previous poster's point is that if an NFT is useless but is still worth a boatload of money, shouldn't that make us skeptical of the fact that a Bit
by Imnimo 5y ago
I think the previous poster's point is that if an NFT is useless but is still worth a boatload of money, shouldn't that make us skeptical of the fact that a Bitcoin is worth a boatload of money also? Like perhaps Bitcoin's value is actually as detached from its utility as the NFT's.
- slg 5y agoExactly. NFTs seem to be an admission that the utility of cryptocurrencies was not the driver of either prices or excitement.
- xboxnolifes 5y agoI cannot come to that conclusion, because NFT came after the cryptocurrency upsurge. People saw the monetary value of crypto go up, and that same value has been associated with NFTs. To me, just because people are aiming for a second lucky ticket, doesn't mean the first was a fake.
- Imnimo 5y agoIt certainly don't demonstrate that the value of bitcoin is similarly baseless, it just suggests that the contrapositive - the idea the high value of bitcoin shows that bitcoin is useful - is not a solid argument.