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As a Crypto Winter Descends, Celebrities Quietly Delete Their NFT Profiles
- altdataseller 4y agoWhy not call it a crypto apocalypse, not winter? Winter implies it will be over eventually.
- bergenty 4y agoThis cycle has happened four times before and every time there are more people investing. It could be the apocalypse but we won’t know for a while.
- paulryanrogers 4y agoOnce everyone understands the fundamentals there may be no greater fools left. That would be recipe for an 'apocalypse'.
- bergenty 4y agoIt’s possible but there are a lot of people invested in crypto and they’re not all fools. There are a lot of people that have never invested in crypto and they’re definitely not all fools.
- EarthLaunch 4y agoIt's going to be a long time before even a significant minority of people understand the fundamentals.
- the_biot 4y agoYet pyramid schemes/MLMs keep popping up, for decades. Their model isn't so different from what motivates people who get caught up in cryptocurrency and NFT scams.
- eliaspro 4y agoThe principle of the "daily ten thousand" ensures there's a constant supply of new fools... https://xkcd.com/1053/ https://xkcd.com/1053/
- duskwuff 4y ago> This cycle has happened four times before and every time there are more people investing. How many more people could be convinced to put money into cryptocurrency? At this point I suspect there aren't a lot left.
- anony23 4y agoEvery time it goes up it's more people than the last time.
- junofan 4y agoYou don’t think retail are gonna look for alternative investments over the coming cycle? That they’ll be happy with stocks, bonds, and deposit accounts at their local credit unions?
- JumpCrisscross 4y ago> they’ll be happy with stocks, bonds, and deposit accounts at their local credit unions? You’re describing gambling addicts. Healthy casinos keep their share of revenue to a minimum for a reason.
- deleted 4y ago[deleted]
- lurker619 4y agoEvery four years today's high schoolers graduate college and start earning money. They don't witness the previous cycle and it's lessons, so they are impressed by the tech and don't realize the greater fool is them.
- herbst 4y agoWhy call it apocalypse when there are no signs of it actually dying. It's a big cleanup, ponzies bust, worthless coins bust, every project has to proof its relevance again. It was fucking time. People started to loose any relation to anything with all those masked ponzies & not even alpha metaverses.
- WalterGR 4y agoWhat would loud deletion sound like?
- 1270018080 4y ago"All crypto is a ponzi scheme and it has run out of greater fools, good luck to the morons who bought crypto because of the endorsement deal FTX paid me for. I am now replacing my profile pic with something else." In a tweet would be a loud deletion in my mind.
- iNerdier 4y agoTweeting about why you’ve stopped using the algorithmically generated cartoon ape you paid a large sum of money for as an avatar might be a start. Rather than quietly just making it vanish.
- WalterGR 4y agoIs it normal for celebrities to announce when and why they change their profile pics?
- photochemsyn 4y agoThe thing about monetary systems - crypto, fiat, precious metals, shell beads or whatever - is that they only have value, i.e. can be exchanged for goods and services - as long as other human beings agree that they have such value. Crypto schemes certainly deserve much of the scorn that has been poured on them recently, but the way things are trending with the $US dollar may not be all that much better. Modern Monetary Theory, which is widely embraced in some circles may not be much more reliable than crypto, and in particular the fact that MMT relies on preserving the reserve currency status of the dollar isn't always recognized clearly (this is why MMT applied in countries like Argentina and Venezuela results in the devaluation of the local currency). The fact that the Fed's rampant quantitative easing during the pandemic has now contributed at least in part to rampant inflation might indicate that that reserve currency status is faltering (compare to QE during 2008-2009, which did not cause an inflation spike). It's not the only factor driving inflation (supply chain breakdowns, fossil fuel exports, etc.) but it's something to think about. No - don't sell your Treasury bonds to buy bitcoin, please. But perhaps it's time to think about reviving Bancor? https://en.wikipedia.org/wiki/Bancor https://en.wikipedia.org/wiki/Bancor
- kareemsabri 4y agoMMT doesn't rely on preserving the reserve currency status of the dollar. It relies on a nation having monetary sovereignty, ie. being able to denominate its debts in its own currency, and not other currencies. I'm not sure how that wouldn't be recognized since it's pretty much the central part of the theory. I don't believe it's the case that currency is only valuable if people have faith in it, and that's creating a false equivalency between shells, beads, crypto, and dollars. Dollars are a medium of exchange because they are legitimized by the government, primarily because they are the only thing you can pay your taxes in if you live in the US, which creates an ongoing demand for them. If we all decided to change to beads, for some reason, we'd still have to buy dollars to pay the US government.
- junofan 4y agoMMT is a deliberate conflation of monetary and fiscal policy. It’s bullshit. > Dollars are a medium of exchange because they are legitimized by the government, primarily because they are the only thing you can pay your taxes in if you live in the US No, they’re a medium of exchange because they have the desired properties due to collective belief (stores value through time, common unit of measure, subdivideable). If I could pay taxes in push-ups, push-ups wouldn’t be a medium of exchange. > If we all decided to change to beads, for some reason, we'd still have to buy dollars to pay the US government. No, the IRS would simply not be able to collect because there would be no USD market of any kind for seized property. Zero demand for dollars would be stable.
- satyrnein 4y agothe convention may have hired a Snoop Dogg look-a-like, “Doop Snogg”, to attend the festivities and inflate the convention’s prestige Not the real thing, just meant to evoke it, and people will pay for it, despite it being unauthorized, hoping to impress others. I finally get it!
- woodruffw 4y agoIt turns out that Snoop Dogg himself is not easily fungible.
- deleted 4y ago[deleted]
- pcthrowaway 4y agoYou could say he's a non-fungible toker
- woodruffw 4y agoThis begs a probative question: what good is the monkey if nobody knows you have it?
- whatisweb3 4y ago> both Hilton and Fallon have changed their Twitter profile photos from the Bored Apes that once united them. Although, to be fair, both maintain the “.eth” suffix that keeps them a part of the conversation, and Hilton is still minting her own NFTs. So this fluff article basically tells us that celebrities have changed their profile picture, but haven’t stopped using crypto? Did we expect them to keep an ugly ape as their profile picture for their entire lives?
- goldenkey 4y agoThis is a direct response to the Nazi and Negro dog whistling in Bored Ape Yacht Club: https://youtu.be/XpH3O6mnZvw https://youtu.be/XpH3O6mnZvw
- syspec 4y agoWow that was really interesting
- goldenkey 4y agoIt's getting downvoted and mogged heavily by NFT shills.
- nokya 4y agoJust finished watching the video. Really appreciated, than you. I had actually already felt a strange sensation when I saw their use of apes for this NFT and the logo that reminded me of the SS emblem. I felt a little bit stupid to think about this and ended up discarding this idea entirely. The author seems to have done extensive research on the topic, I find it hard to tell if it's just about looking for signs that don't exist or if it's actually one of the major racist conspiracies I've seen in my professional life.
- skc 4y agoThey'll be back once the cycle reverts
- WalterGR 4y agoThe "winter" in "crypto winter" may imply that.