Technology

If the values fall low enough relative to transaction fees then there won't be any transactions at all for creators to collect royalties. Also values can drop to literally $0 if it isn't even worth a buyer or sellers time to deal with the NFT (i.e. seller can't find buyer at any price or doesn't bother trying).

bitcoin skyrocketed and suckered in a lot of people to the gold rush. they didn't want decentralized currency or anything. They just saw that it was ~16,000 dollars a bitcoin and wanted in.

Most people were grifters back then too. I had a friend who was a libertarian porcfest free-stater and he was against bitcoin because he was afraid everyone would lose all their money and not be able to complete the free state project.

It’s a common misconception that blockchain gives trust. If you control a majority of nodes in a Blockchain system you decide what the truth is.

This opens the door for illicit players to manipulate things their way.

Lack of trust doesn’t replace trust.

Central, provable/accountable, trust is needed for financial systems to work.

Everything else is “Wild West”.

The biggest problem is people trying to peddle it as currency.

It isn’t currency, never will be. Much more alike to bonds.

It’s an investment object with a speculative value, and no tangible value. The only value it has is what the next guy is willing to pay for it.

While currency is deflationary by nature, crypto is entirely based on demand and supply, and sure, as long as people think it will be worth more tomorrow - sky’s the limit.

Like any pyramid scheme it pays out to get in early, and get out before it collapses.

Relying on crypto is high stakes gambling, and people being people is the only reason I can find for it not having collapsed totally already.

Bitcoin is never going to be wisely used for it's intended purpose. It's been too sold as as investment that you buy and sell rather than a currency.

I honestly love that statistic. It's like a venn diagram of Trump screwing people over, people dumb enough to buy NFTs, and Trump supporters. It looks like this 🔴

But that's not how most people use it anymore. It's become almost entirely a speculation market. Plus, transaction times for payments on Bitcoin e.g. make it totally infeasible for use in any retail application.

It's just a bunch of people passing Monopoly money around to each other at this point, trying to pretend they're making bank.

No, they made it to be an investment tool from the start. They wanted it to be a new gold standard, where the limited resource increases in value over time. Completely ignoring history on why that is a bad idea. It's was created to be the ultimate, "I got mine, so fuck you!"

it was invented to be a financial transaction tool

Which it failed at

Negative utility is still utility, right?

You may not mean it this way, so no offense intended either way, but...

Crypto bros love to say "Oh, the value of any currency is arbitrary, it's all just based on people believing that it's worth something!"

But you know why I prefer transacting in USD? Cuz on a yearly basis, the government comes asking for a certain amount from me, and they'll only take USD. And if they don't get it, they'll do all sorts of bad things to me.

So while I may think gold or Dogecoin or limited edition Beanie Babies are a superior medium of exchange, I still have an unavoidable need to acquire USD. It's not my belief in USD that gives it value -- it's the guy with the sword.

Ironically, there is a similar way in which crypto has value. Cuz ransomware attacks tend to demand payment in crypto.

So they did actually make a legitimate currency, but the value doesn't come from belief. It comes from blackmail.

I guess really cold water isn't really "wet" per-se. What did I just write...