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It’s more of a greater fool scheme or basically a MLM. You need people to buy in to raise the value, then get all these people hyping it etc etc. NFTs seem to

It’s more of a greater fool scheme or basically a MLM. You need people to buy in to raise the value, then get all these people hyping it etc etc. NFTs seem to have perfected what crypto started, give you FOMO and make you buy overvalued 0s and 1s. I think crypto is deplorable purely on the amount of electricity it consumes. It’s pretty clear it offers a solution to a problem that doesn’t exist, unless that problem all along was give a subset of tech people a way to get rich off fools.

rvz 5y ago
How do you ponzi a stablecoin sitting on an environmentally friendly cryptocurrency technology like Stellar? I wouldn’t completely dismiss all cryptocurrencies, unless it was Bitcoin being the only one that exists.
- randomhodler84 5y ago
  I would completely dismiss all cryptocurrencies except Bitcoin. Environmentally friendly is a trick. If it’s pointless, like all other coins, it’s a waste of energy no matter how efficient it is. Stablecoins are for those that cannot let go of the traditional system. They will all go to zero.
  - rvz 5y ago
    The whole point of Bitcoin is to be a peer-to-peer electronic cash system. Even excusing the fact that it is a wasteful cryptocurrency as demonstrated by the amount of sheer energy it consumes [0], it is a far worse version of VisaNet only handling 7 transactions per second and settlements can take hours. Best part is, its extreme volatile pricing makes it pointless as a 'currency' and completely useless for merchants accepting payments, but perfect as a ponzi scheme. Why do you think not only Stripe has dropped it for payments, but now its somehow 'A store of value' instead of it being an electronic cash system? Therefore 'Bitcoin' (and its blockchain) has failed in each category except for being a Ponzi scheme and is more pointless than the majority of the other blockchains and coins. > Stablecoins are for those that cannot let go of the traditional system. They will all go to zero. I hear that the banks and the payment processors are shaking in their boots over how better Bitcoin is against the 'traditional system' other than for speculation or ponzi schemes. /s [0] https://digiconomist.net/bitcoin-energy-consumption https://digiconomist.net/bitcoin-energy-consumption
    - randomhodler84 5y ago
      I hear all the Canadian banks are down and there might be a Bank run. Let’s see what happens next.
      - rvz 5y ago
        > I hear all the Canadian banks are down and there might be a Bank run. Exactly. The banks are rubbish at this. It's obvious to see how a proper stablecoin being used for the same purpose in Canada, or any other country. After all, it isn't affected by Bitcoin's volatile price in any way which that is also my point. > Let’s see what happens next. I'll tell you what happens next: Bitcoin being likely to lose its value once again due to its extremely volatile nature. Sure, it may go up briefly too but in every scenario (including the Bitcoin donations), they will always want to cash it out to USD (or even a proper stablecoin) rather than 'hold it' or use it as a currency.
        randomhodler84 5y ago
        Please try to understand where I am coming from. Your still stuck in the infinite inflation world of fiat currencies. It’s like watching someone rearranging deck chairs on a sinking ship. We have life rafts here, you just need to take one of these orange pills.
        rvz 5y ago
        7 days later. It continues to lose its value. I've already taken the orange pill years ago but sold some at >$60k. It makes even more sense to sell it to (USD, USDC) and buy back in lower.
  - danlugo92 5y ago
    > it’s a waste of energy no matter how efficient it is. If they can consume less electricity than "normal" banking, then they aren't a wast of energy. Bitcoin Lightning will replace SWIFT simple math tells you that, it's never going to zero.
    - randomhodler84 5y ago
      Correct! Bitcoin will not go to zero, it will go to infinity. All fiat, stablecoins, eth, “crypto” etc will go to zero.
      - danlugo92 5y ago
        Impossible, there's already enough demand for them that it's just not possible, they might take a nosedive but not go to complete 0.
anm89 5y ago
Yeah it's a shame people are really limited in their scheme vocabulary. Ponzi is like the 4th best option for a scheme you could compare crypto to.
randomhodler84 5y ago
It’s doesn’t solve a problem for you, but it solves many problems for me. So it is not clear at all, in fact the only thing clear is that you have never used cryptocurrency.
mirceal 5y ago
NFTs are a valid idea with one big implementation flaw. When you buy an NFT you basically have this ownership recorded in the blockchain, but the actual art, gif, bubble gum lives somewhere else with the blockchain just pointing at the actual thing. Now, the storage of the thing is not decentralized (or it's poorly centralized) for all things. You don't actually own it except for that record on the blockchain that says you own it. If I choose to ignore it, you don't own it. True digital works of art would need to capture the whole thing in the blockchain and to ensure that only the owner of the piece of art can unlock it and enjoy it. When NFTs get there I will maybe revisit my opinion.
- hypertele-Xii 5y ago
  Your leap from NFT to DRM makes no sense.
- antifa 5y ago
  "I can't believe the JPG I bought didn't come with it's own DRM rootkit"
antifa 5y ago
> give you FOMO NFTs are kind of more like a big dog turd in the middle of the sidewalk that you could step in, there's really more of a joy in missing out rather than a fear of missing out, for most normal people.

rvz 5y ago

How do you ponzi a stablecoin sitting on an environmentally friendly cryptocurrency technology like Stellar? I wouldn’t completely dismiss all cryptocurrencies, unless it was Bitcoin being the only one that exists.

randomhodler84 5y ago
I would completely dismiss all cryptocurrencies except Bitcoin. Environmentally friendly is a trick. If it’s pointless, like all other coins, it’s a waste of energy no matter how efficient it is. Stablecoins are for those that cannot let go of the traditional system. They will all go to zero.
- rvz 5y ago
  The whole point of Bitcoin is to be a peer-to-peer electronic cash system. Even excusing the fact that it is a wasteful cryptocurrency as demonstrated by the amount of sheer energy it consumes [0], it is a far worse version of VisaNet only handling 7 transactions per second and settlements can take hours. Best part is, its extreme volatile pricing makes it pointless as a 'currency' and completely useless for merchants accepting payments, but perfect as a ponzi scheme. Why do you think not only Stripe has dropped it for payments, but now its somehow 'A store of value' instead of it being an electronic cash system? Therefore 'Bitcoin' (and its blockchain) has failed in each category except for being a Ponzi scheme and is more pointless than the majority of the other blockchains and coins. > Stablecoins are for those that cannot let go of the traditional system. They will all go to zero. I hear that the banks and the payment processors are shaking in their boots over how better Bitcoin is against the 'traditional system' other than for speculation or ponzi schemes. /s [0] https://digiconomist.net/bitcoin-energy-consumption https://digiconomist.net/bitcoin-energy-consumption
  - randomhodler84 5y ago
    I hear all the Canadian banks are down and there might be a Bank run. Let’s see what happens next.
    - rvz 5y ago
      > I hear all the Canadian banks are down and there might be a Bank run. Exactly. The banks are rubbish at this. It's obvious to see how a proper stablecoin being used for the same purpose in Canada, or any other country. After all, it isn't affected by Bitcoin's volatile price in any way which that is also my point. > Let’s see what happens next. I'll tell you what happens next: Bitcoin being likely to lose its value once again due to its extremely volatile nature. Sure, it may go up briefly too but in every scenario (including the Bitcoin donations), they will always want to cash it out to USD (or even a proper stablecoin) rather than 'hold it' or use it as a currency.
      - randomhodler84 5y ago
        Please try to understand where I am coming from. Your still stuck in the infinite inflation world of fiat currencies. It’s like watching someone rearranging deck chairs on a sinking ship. We have life rafts here, you just need to take one of these orange pills.
        rvz 5y ago
        7 days later. It continues to lose its value. I've already taken the orange pill years ago but sold some at >$60k. It makes even more sense to sell it to (USD, USDC) and buy back in lower.
- danlugo92 5y ago
  > it’s a waste of energy no matter how efficient it is. If they can consume less electricity than "normal" banking, then they aren't a wast of energy. Bitcoin Lightning will replace SWIFT simple math tells you that, it's never going to zero.
  - randomhodler84 5y ago
    Correct! Bitcoin will not go to zero, it will go to infinity. All fiat, stablecoins, eth, “crypto” etc will go to zero.
    - danlugo92 5y ago
      Impossible, there's already enough demand for them that it's just not possible, they might take a nosedive but not go to complete 0.

anm89 5y ago

Yeah it's a shame people are really limited in their scheme vocabulary. Ponzi is like the 4th best option for a scheme you could compare crypto to.

randomhodler84 5y ago

It’s doesn’t solve a problem for you, but it solves many problems for me. So it is not clear at all, in fact the only thing clear is that you have never used cryptocurrency.

mirceal 5y ago

NFTs are a valid idea with one big implementation flaw. When you buy an NFT you basically have this ownership recorded in the blockchain, but the actual art, gif, bubble gum lives somewhere else with the blockchain just pointing at the actual thing. Now, the storage of the thing is not decentralized (or it's poorly centralized) for all things. You don't actually own it except for that record on the blockchain that says you own it. If I choose to ignore it, you don't own it. True digital works of art would need to capture the whole thing in the blockchain and to ensure that only the owner of the piece of art can unlock it and enjoy it. When NFTs get there I will maybe revisit my opinion.

hypertele-Xii 5y ago
Your leap from NFT to DRM makes no sense.
antifa 5y ago
"I can't believe the JPG I bought didn't come with it's own DRM rootkit"

antifa 5y ago

> give you FOMO NFTs are kind of more like a big dog turd in the middle of the sidewalk that you could step in, there's really more of a joy in missing out rather than a fear of missing out, for most normal people.