Merged Bitcoin - Part 3

[Solitaire]

Just out of curiosity has psionl0 seen The Line Only Goes Up by Folding Ideas?

I takes crypto currency out of theory and put in terms of actual practice.

 

[psionl0]

The whole NFT "bored apes" craze is exactly like that.

Have you stopped talking about cryptos then?

 

[psionl0]

Just out of curiosity has psionl0 seen A video that runs for 2 hrs 18 mins?

ftfy.

Guess what my answer is.

 

[TurkeysGhost]

Have you stopped talking about cryptos then?

My mistake, clearly the two aren't closely related

 

[psionl0]

My mistake, clearly the two aren't closely related

Well, they both use the dreaded - blockchain

 

[jeremyp]

Have you stopped talking about cryptos then?

What's the functional difference between a cryptocurrency and an NFT?

It seems to me that a cryptocurrency coin is a token that's tracked by a blockchain and that can be traded for real money or goods. Whereas an NFT is a token that's tracked by a blockchain and that can be traded fro real money or goods and is also a link to an image or a meme.

 

[carlitos]

I could be wrong, but the “link to an image or meme” is more of a courtesy than a requirement for an NFT. At least that’s my understanding.

 

[jeremyp]

I could be wrong, but the “link to an image or meme” is more of a courtesy than a requirement for an NFT. At least that’s my understanding.

As I understand it, there needs to be some sort of identifier associated with the NFT in order to make it non fungible (unlike Bitcoin where "coins" are essentially interchangeable). The Wikipedia pages tells me that it is (or was?) possible to use a URL for the purpose. Or maybe I'm conflating two things there.

 

[psionl0]

What's the functional difference between a cryptocurrency and an NFT?

As I understand it, there needs to be some sort of identifier associated with the NFT in order to make it non fungible (unlike Bitcoin where "coins" are essentially interchangeable).

It seems to me that you have answered your own question.

Incidentally, wherever there is the potential to make money, you will find scammers buzzing around. I would be surprised if NFTs were any different.

That doesn't change the fact that I keep pointing out that cryptos themselves are not a scam. Scammers may try to get you to part with your cryptos or the money you use to speculate in cryptos but it seems that too many people can't tell that this is a different thing (which applies to any form of money).

 

[jeremyp]

It seems to me that you have answered your own question.

Incidentally, wherever there is the potential to make money, you will find scammers buzzing around. I would be surprised if NFTs were any different.

That doesn't change the fact that I keep pointing out that cryptos themselves are not a scam.

Well you keep saying it. I don't see how that makes the obvious scam not a scam.

Scammers may try to get you to part with your cryptos or the money you use to speculate in cryptos but it seems that too many people can't tell that this is a different thing (which applies to any form of money).

If you buy cryptocurrency, you are doing nothing more than making a bet that somebody else is prepared to pay you more for the coins you bought than you paid for them. The name is "the bigger fool scam". You're gambling and it's not even a zero sum game because of the transaction fees. The same applies to NFTs.

 

[psionl0]

Well you keep saying it. I don't see how that makes the obvious scam not a scam.

That is only because you have refused to read the proof that it isn't.

If you buy cryptocurrency, you are doing nothing more than making a bet that somebody else is prepared to pay you more for the coins you bought than you paid for them. The name is "the bigger fool scam". You're gambling and it's not even a zero sum game because of the transaction fees. The same applies to NFTs.

What makes you think that repeating this nonsense for the millionth time will make it not nonsense?

The same people who think that they are so clever because they thought of this "bigger fool theory" get absolutely apoplectic when it is pointed out that exactly the same argument can be applied to stamp collecting or art etc.

 

[Checkmite]

What's the functional difference between a cryptocurrency and an NFT?

The functional difference is that one is a newer scam primarily invented in order to drive new buyers into the other scam.

NFT's exist to convince people to buy cryptocurrency.

 

[Checkmite]

The interesting thing about NFTs will be to see how long they, as a mechanism, will last before it runs out of abstract concepts to commodify.

The latest iteration of the grift is trying to convince people that they can literally own a color by minting a swatch of it as an NFT, and will be paid royalties every time any other NFT that contains a color with the same hexidecimal value is minted, sold, or traded. Evidently including back-royalties owed for transactions of already-existing NFTs.

 

[psionl0]

The functional difference is that one is a newer scam primarily invented in order to drive new buyers into the other scam.

Who is running bitcoin?

NFT's exist to convince people to buy cryptocurrency.

Please link to the minutes of the meeting where this was discussed.

 

[jeremyp]

That is only because you have refused to read the proof that it isn't.

How can there be proof that a scam is not a scam?

The same people who think that they are so clever because they thought of this "bigger fool theory" get absolutely apoplectic when it is pointed out that exactly the same argument can be applied to stamp collecting or art etc.

When you buy a stamp or art, you get a physical object and at least some people buy these things because they appreciate the physical object in some sense. Many people buy stamps not as speculation but because they collect them. Similarly some people buy art for their collections or even just because they like it.

NFTs and Bitcoin have no such intrinsic value.

 

[jeremyp]

Who is running bitcoin?


Please link to the minutes of the meeting where this was discussed.

If you're perpetrating a scam, you aren't going to leave meeting minutes of the planning lying around.

 

[TurkeysGhost]

The functional difference is that one is a newer scam primarily invented in order to drive new buyers into the other scam.

NFT's exist to convince people to buy cryptocurrency.

Indeed. There's always some new hotness meant to draw in new rubes. The life cycle for people in this thing is probably pretty short. Suckers get drawn in, get fleeced, and are spit back out again. The only way to really make any money in these crypto market is to keep the flow of new suckers flowing, so big PR stunts like meme coins or NFTs or whatever comes next are necessary.

 

[psionl0]

How can there be proof that a scam is not a scam?

See what I mean? You refuse to read the rebuttals.

When you buy a stamp or art, you get a physical object . . . . . ..

If you're perpetrating a scam, you aren't going to leave meeting minutes of the planning lying around.

No such meeting ever occurred. There was never a conspiracy to make something, call it "NFT" so its sole purpose was to scam people.

You are just making up fairy tales.

 

[Suddenly]

No such meeting ever occurred. There was never a conspiracy to make something, call it "NFT" so its sole purpose was to scam people.

Yeah, I don't think you are wrong here.

Bitcoin and NFTs seem to have been created by people whose ideology I find totally misguided to say the least, but I'm not going to question their sincerity to their cause. Now, there is a crapton of shady stuff going in within that space because it's unregulated and just a sweet trap for the unwary, but that's more a side issue no matter how foreseeable it is.

Also I'm not going to sit here and talk about the use of fiat money being a massive human achievement and then turn around and criticize something else for being valuable only in the abstract. I think the good objections lie elsewhere.

 

[jeremyp]

See what I mean? You refuse to read the rebuttals.

I've read the rebuttals. They are not persuasive.

What's so funny? I stated a fact. Cute gifs do not make an argument.

No such meeting ever occurred. There was never a conspiracy to make something, call it "NFT" so its sole purpose was to scam people.

You are just making up fairy tales.

No. I'm looking at the characteristics of the system and inferring it is a scam from them. I don't know if some people deliberately decided to create the scam or if it's just an emergent property of the system.

The point is that, if you buy an Bitcoin or an NFT off me, for $x, the reason you are doing it is only because you think you can sell it to some bigger fool later for $x+Δ. I've scammed you and you are hoping to scam somebody else.