855
Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.
(markets.businessinsider.com)
this post was submitted on 21 Sep 2023
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I'm honestly amazed they're worth anything at all.
We have been attributing a huge value to a metal that's mostly remarkable for being yellow and shinny for millennia, one of the biggest investment bubbles in history was over a flower, and people thought that using a loophole to profit from the arbitrage of international reply coupons was going to last forever. Hell, people paid for fake property titles for land on the Moon and Mars. It's not that surprising that some people think that buying a random number in a distributed database is an investment.
I didn't get the "arbitrage of international reply coupons" reference. What's that one?
That's what Ponzi told people he was doing. And in the beginning he was, and it was working, but then he started paying investors with other investors money.
I might be wrong, but to my recollection, he never got it to work; in the beginning, he merely believed that he could eventually get it to work, and that the first fraudulent payouts to early investors were originally intended as a temporary way of buying time without losing investors.