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I think the problem is the scale of the money. No one is worried when people pay $10 for some intangible thing like in-game bling. But NFTs sell for amounts of
by tlb 4y ago
I think the problem is the scale of the money. No one is worried when people pay $10 for some intangible thing like in-game bling. But NFTs sell for amounts of money people associate with cars or houses, and it gives them icky feelings when other people can throw around money like that.
- taeric 4y agoWell, again, I was not trying to make a defense of crypto. I'm more just not at all clear on what Stephenson was arguing. Trying to come up with intrinsic value reasons on things is doomed to failure. Somewhat obviously so.
- hgsgm 4y agoThat's exactly his point. He believes putting value on status signals is toxic. He doesn't want people buying fake valor. It's the "I fucking love science" of the art world, and he detests it.
- taeric 4y agoThanks! I'll try reading this again with that framing. I definitely missed that. I'm not entirely clear that changes my overall confusion. Other people are free to value things differently than I do. I'd be more worried about efforts to prevent that. (With some obvious caveats.)