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https://en.wikipedia.org/wiki/Tulip_mania https://en.wikipedia.org/wiki/Tulip_mania Just because there are currently people willing to pay a lot of money for s

https://en.wikipedia.org/wiki/Tulip_mania https://en.wikipedia.org/wiki/Tulip_mania Just because there are currently people willing to pay a lot of money for something, and there are currently people making money flipping that thing, doesn't mean that thing will be valuable in the future.

zokier 5y ago
Just because something will not be valuable in the future doesn't mean its not valuable right now. Valuations change all the time.
- JoshuaDavid 5y ago
  Agreed. For example, tulips were extremely valuable in the Dutch Republic in 1636.
causality0 5y ago
Sure, but many things don't retain value. Your thousand dollar smartphone will be worthless in ten years. Your car will probably be worthless in twenty. People make the mistake of treating them like cryptocurrency which they aren't, but just because they're stupid and will be worthless doesn't make them worthless now.
- smhenderson 5y ago
  Yes but a car and a smartphone provide so much more day to day value than the items being discussed so that's not really a good comparison. Tulips, while pretty and fragrant, won't help get work done, transport items and people to where they need to go or provide a valuable communication channel in an emergency. An, NFT, while potentially entertaining, is a lot more like a Tulip and has absolutely no similarity to a car or a smart phone in this context.
- yjftsjthsd-h 5y ago
  It's not about retention of value, it's that there never was any real value. A smartphone or car is useful; if the buy/sell price of my phone or car was $0.01 I would still need them, if the buy/sell price of most (all?) NFTs was $0.01 nobody would care about them.
  - thrashh 5y ago
    It obviously has real value. People are spending a lot of money on them. Every time I see a discussion about NFTs, it seems people assume that other people value things the same way as them. It’s a major cognitive bias called naïve realism. People value things differently then you. I literally pay more money for things made by bands I like, for example.
    - yjftsjthsd-h 5y ago
      No? It has perceived value, but unto itself its value is zero
      - causality0 5y ago
        The value of a car to someone who never leaves a walkable city is less than zero. The only reason they'd even accept a free car is because someone else would buy it off them. There is no such thing as inherent value. Even something as basic as food is worthless to someone who has no use for it.

zokier 5y ago

Just because something will not be valuable in the future doesn't mean its not valuable right now. Valuations change all the time.

JoshuaDavid 5y ago
Agreed. For example, tulips were extremely valuable in the Dutch Republic in 1636.

causality0 5y ago

Sure, but many things don't retain value. Your thousand dollar smartphone will be worthless in ten years. Your car will probably be worthless in twenty. People make the mistake of treating them like cryptocurrency which they aren't, but just because they're stupid and will be worthless doesn't make them worthless now.

smhenderson 5y ago
Yes but a car and a smartphone provide so much more day to day value than the items being discussed so that's not really a good comparison. Tulips, while pretty and fragrant, won't help get work done, transport items and people to where they need to go or provide a valuable communication channel in an emergency. An, NFT, while potentially entertaining, is a lot more like a Tulip and has absolutely no similarity to a car or a smart phone in this context.
yjftsjthsd-h 5y ago
It's not about retention of value, it's that there never was any real value. A smartphone or car is useful; if the buy/sell price of my phone or car was $0.01 I would still need them, if the buy/sell price of most (all?) NFTs was $0.01 nobody would care about them.
- thrashh 5y ago
  It obviously has real value. People are spending a lot of money on them. Every time I see a discussion about NFTs, it seems people assume that other people value things the same way as them. It’s a major cognitive bias called naïve realism. People value things differently then you. I literally pay more money for things made by bands I like, for example.
  - yjftsjthsd-h 5y ago
    No? It has perceived value, but unto itself its value is zero
    - causality0 5y ago
      The value of a car to someone who never leaves a walkable city is less than zero. The only reason they'd even accept a free car is because someone else would buy it off them. There is no such thing as inherent value. Even something as basic as food is worthless to someone who has no use for it.