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
855 points (96.3% liked)
Technology
59466 readers
4132 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
correction... always were worthless.
It's always been a con game.
Their so-called "value" was always determined by the ability of the person shilling it to make up bullshit. Literally the definition of a "confidence" game. Same problem as crypto in general. It's only has value if you have confidence in the person shilling it. The moment that person loses the confidence of their marks, the entire thing crumbles to nothing because it isn't backed by any real tangible assets.
akshuallllyyyyyyyy, monetary value of anything is derivative to someone else's willingness to purchase the item
You can use this logic to explain away any other ponzi scheme too.
It's not really logic, and I don't think it's defending anything, it's just the definition of monetary worth.
For better or for worse, stuff is always as valuable as people consider it to be. Which may be related to how useful that stuff is, but often is not.
Sure, but some systems are way more stable since they are established and have the general trust of a lot of people. And others simply don't have that wide ranging trust and as such aren't stable.
That's why I trust money issued by a government. Because even if individual politicians are evil and useless, the money is still backed by bombs and bullets a huge amount of infrastructure and tangible assets.
untrue.
Real currency is backed by assets. that used to be the "gold standard", but has become more ephemeral since the end of the first world war.
A government issued currency is backed by that government's infrastructure, taxes, tariffs, etc... basically how powerful that government is on the world stage.
in contrast, crypto is backed by nothing more than how persuasive the creator is because the creator doesn't need any assets to create a crypto currency in the first place.
Heck, in one case, some techbro created a crypto currency, and convinced a bunch of people that it would be stable because he was backing it with ANOTHER crypto currency he literally created for that only purpose.
And people FELL FOR IT!
When something can be created out of thin air with no assets needed but a GPU, it's inherently worthless.
It's utter insanity.