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The actual problem is how society determines value. It's based on supply and demand, which can be gamed, rather than inherent value. For example, compared to jo
by dakom 5y ago
The actual problem is how society determines value. It's based on supply and demand, which can be gamed, rather than inherent value. For example, compared to jobs in the stock market, education is a low-paying sector, as is janitorial work and other fields that contribute disproportionately to the well-being of civilization because the focus is not about artificially gaming the system to increase financial reward.
I don't want to get too far into the weeds of whether or not some industries are worth their salt (e.g. entertainment, sports, etc.)- but the point is that financial value and real-world value are inherently disconnected.
This affects more than just raw economics. Just look at the MeToo movement- how many people are considered valuable due to their financial success as opposed to their inner psychological work and kindness towards others, and are therefore (wrongly) placed into positions of power.
Of course this affects the art world too. A painting of rare skill that stirs the heart and intrigues the mind is worth money, because it makes us more human and lifts the world up a notch. The other stuff is not worth it. Professional (as in its how they make their living) artists know this and game the system for financial rewards.
The NFT craze is just symbolic of the bigger issue. It works because it's a self-sustaining greed machine. Pure supply and demand, no inherent value. I would say it's a bubble but throughout human history, value and value have been unrelated, with no end in sight.
craze is an important word though. The mechanism of NFTs can be used for actual value, such as paperless tickets, real estate deeds, digital assets with utility etc. Even in a basic sense they can be an improvement over bespoke mobile apps and QR codes.
Anyway, what do I know, I'm barely making ends meet, and I'm one of the dummies who dabbled in BTC back in the day and lost my wallet carelessly because it seemed so worthless anyway.
Maybe I'm the problem and should just get on board with the whole greed thing. Maybe if I make enough money my opinion might be valuable.