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If they truly understood the scam they’d know it doesn’t end where they win. So yes, they actually fell for it because they publicly participated in it.
by ryanSrich 4y ago
If they truly understood the scam they’d know it doesn’t end where they win. So yes, they actually fell for it because they publicly participated in it.
- oblio 4y ago> If they truly understood the scam they’d know it doesn’t end where they win. Why?
- ryanSrich 4y agoBecause you don’t make money by selling access to NFTs. You make money by accumulating over hyped projects and then dumping them on bullish retail, knowing full well that in another 12-18 months that same jpeg will be worth nothing in the resale market. Transactions on a few thousand NFTs per day is meaningless (yes volumes that low). So there’s no other option than Shopify actually believing NFTs were a real viable, long term business.
- MattGaiser 4y agoAh fair. Yes, I think the marketplace builders were truly in on it if they invested a lot of their own money.
- MattGaiser 4y agoWhy? The middle people in a pyramid scheme are still winners.
- ryanbrunner 4y agoYou can be a winner if you're selling pickaxes during a gold rush, but less so if you're building a pickaxe factory. Shopify's NFT stuff was closer to the latter.
- WalterSear 4y agoNFTs aren't a pyramid scheme. They are a pump-and-dump scheme and involved lots of wash trading.