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> This of course circularily means that the value is almost entirely based on speculation. Most markets are primarily based on speculation: equities, real esta

> This of course circularily means that the value is almost entirely based on speculation. Most markets are primarily based on speculation: equities, real estate, art, VC. > you are at the mercy of a small range of individuals who either hold almost all of the cards or develop and thus determine the monetary policy of the coin in question. In crypto this policy is determined by users. The protocols are open source, development happens in public, and the tech is permissionless - anybody can develop new proposals and contribute changes. This is a far cry from most monetary policies in the world.

UncleMeat 4y ago
I'd wager that the number of people who look at art in a museum or other environment and don't think about the price of that piece in detail dwarfs the number of people who think about art for speculation purposes by about four orders of magnitude.
- deleted 4y ago
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- zeroclip 4y ago
  The same happens with digital art and NFT. Hundreds, maybe thousands of people will 'like' or re-share a tweet or Instagram post without realizing the artist is selling it as a NFT. The audience just appreciates it, without thinking or caring about its dollar value. For a concrete example see[1] which is also a NFT[2]. Same with digital art in physical setting, such as Anadol's work which many audiences will not realize is NFT based[3]. There is "art" and there is "art market." If you look at NFT and only see a market, you will only find speculation. If you look at the "art" part, it turns out a lot of people just appreciate the work itself. [1] https://twitter.com/joepease/status/1542224719365017600 https://twitter.com/joepease/status/1542224719365017600 [2] https://superrare.com/artwork-v2/open-the-floodgates-35629 https://superrare.com/artwork-v2/open-the-floodgates-35629 [3] https://www.koeniggalerie.com/blogs/exhibitions/refik-anadol-machine-hallucinations-nature-dreams https://www.koeniggalerie.com/blogs/exhibitions/refik-anadol...
Bakary 4y ago
But for each of these markets there is something beneath it. With equities there are companies or at least some form of non-virtual economic activity. With real estate there are houses. With art, there are paintings and artists. With VCs there are startups. With crypto, there is only the speculation since very few people want to spend and use crypto as a currency. The bulk of the interest is predicated on the greater fool mindset. >In crypto this policy is determined by users. The protocols are open source, development happens in public, and the tech is permissionless - anybody can develop new proposals and contribute changes. This is a far cry from most monetary policies in the world. Maybe we would need to explore the differences in more detail, but the value of coins like Ethereum will still depend on the will of the devs who end up having the most influence or the users who have influence over those devs. And despite the openness of it only a minority of users have an active role in determining policy, just like in any large nominally-democratic structure.
- zeroclip 4y ago
  What lies beneath the NFT market is not much different than what lies beneath the traditional high-end art market: scarce objects made by artists and creatives, and there are some who want to collect these objects. It’s short-sighted to think that only physical work can have artistic merit and be valued by an art market. > And despite the openness of it only a minority of users have an active role in determining policy, just like in any large nominally-democratic structure. To be expected - same with open source software like Blender and VLC, not all users of it are also developers, but we all benefit from its openness and can create new forks of the software over time, if necessary. It also spans borders - making governance far more accessible worldwide than the monetary policies of state-backed dollars.

UncleMeat 4y ago

I'd wager that the number of people who look at art in a museum or other environment and don't think about the price of that piece in detail dwarfs the number of people who think about art for speculation purposes by about four orders of magnitude.

deleted 4y ago
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zeroclip 4y ago
The same happens with digital art and NFT. Hundreds, maybe thousands of people will 'like' or re-share a tweet or Instagram post without realizing the artist is selling it as a NFT. The audience just appreciates it, without thinking or caring about its dollar value. For a concrete example see[1] which is also a NFT[2]. Same with digital art in physical setting, such as Anadol's work which many audiences will not realize is NFT based[3]. There is "art" and there is "art market." If you look at NFT and only see a market, you will only find speculation. If you look at the "art" part, it turns out a lot of people just appreciate the work itself. [1] https://twitter.com/joepease/status/1542224719365017600 https://twitter.com/joepease/status/1542224719365017600 [2] https://superrare.com/artwork-v2/open-the-floodgates-35629 https://superrare.com/artwork-v2/open-the-floodgates-35629 [3] https://www.koeniggalerie.com/blogs/exhibitions/refik-anadol-machine-hallucinations-nature-dreams https://www.koeniggalerie.com/blogs/exhibitions/refik-anadol...

Bakary 4y ago

But for each of these markets there is something beneath it. With equities there are companies or at least some form of non-virtual economic activity. With real estate there are houses. With art, there are paintings and artists. With VCs there are startups. With crypto, there is only the speculation since very few people want to spend and use crypto as a currency. The bulk of the interest is predicated on the greater fool mindset. >In crypto this policy is determined by users. The protocols are open source, development happens in public, and the tech is permissionless - anybody can develop new proposals and contribute changes. This is a far cry from most monetary policies in the world. Maybe we would need to explore the differences in more detail, but the value of coins like Ethereum will still depend on the will of the devs who end up having the most influence or the users who have influence over those devs. And despite the openness of it only a minority of users have an active role in determining policy, just like in any large nominally-democratic structure.

zeroclip 4y ago
What lies beneath the NFT market is not much different than what lies beneath the traditional high-end art market: scarce objects made by artists and creatives, and there are some who want to collect these objects. It’s short-sighted to think that only physical work can have artistic merit and be valued by an art market. > And despite the openness of it only a minority of users have an active role in determining policy, just like in any large nominally-democratic structure. To be expected - same with open source software like Blender and VLC, not all users of it are also developers, but we all benefit from its openness and can create new forks of the software over time, if necessary. It also spans borders - making governance far more accessible worldwide than the monetary policies of state-backed dollars.