Anyone into Crypto / NFT on here?
- Thread starter Fat Homer
- Start date
It’s actually significantly worse. Pump and dump of cryptocurrencies is huge.
some do it as a status thing, some do it as fans for the brand / artist, some do it for investment like art buyers and some do it for the monthly dividen
yeah, i heard they are the biggest or 2nd biggest buyers in Bitcoin…
All markets are manipulated to some degree sadly… which is why you really gotta research before buying / selling…
When the electricity goes out good luck with NFTs and Crypto.
I know what digital currency is for- criminal transactions mostly.
I have made good money owning art- the kind you can touch and hang on a wall. I have made good money with gold and silver too.
Crypto has no intrinsic value. It is backed by nothing. There is no way to evaluate Crypto. Given the price fluctuations there is no reliable way to price anything in crypto. It there were no currencies besides crypto, how would crypto be valued.
Consider this. a man in California grows tomatoes and a man in India grows tomatoes. Should the price for a pound of tomatoes be the same in both places?
As for an NFT I see owning it s the same thing as owning a book. You can buy and sell a book but you do not own the right to copy it and the to sell or even give away for free those copies. You do have the right to buy as many copies as you want and then give them away.
Digital is not real.
Who backs Crypto?
I know what digital currency is for- criminal transactions mostly.
I have made good money owning art- the kind you can touch and hang on a wall. I have made good money with gold and silver too.
Crypto has no intrinsic value. It is backed by nothing. There is no way to evaluate Crypto. Given the price fluctuations there is no reliable way to price anything in crypto. It there were no currencies besides crypto, how would crypto be valued.
Consider this. a man in California grows tomatoes and a man in India grows tomatoes. Should the price for a pound of tomatoes be the same in both places?
As for an NFT I see owning it s the same thing as owning a book. You can buy and sell a book but you do not own the right to copy it and the to sell or even give away for free those copies. You do have the right to buy as many copies as you want and then give them away.
Digital is not real.
- Federal Reserve notes are the paper currency circulating in the United States.
- These are commonly known simply as dollar bills.
- The U.S. Treasury prints the Federal Reserve notes, which are backed by the U.S. government.
Who backs Crypto?
You’re right that Crypto itself has no intrinsic value but i guess sort of like all currency its what its perceived to be worth that gives it value…
while some do have some sort of company backing them, the bigger names are pretty much independent and the value is tied to how many can be mined per day / week /
month as it is a finite amount giving it some sort of rarity / value and obviously how well known / used is said crypto…
as for NFT, its pretty much the same as physical art, i mean you don’t really own the rights to it, you own the painting…
but with NFT’s it goes more about what other benefits comes with it, as i mentioned previously, some NFT’s pay you dividends by owning them, some give you access to select events etc, some give you voting rights in said compa… so all depends on what type of NFT you get…
Then there are also the gamification aspects of NFT, the social status of them, the collecting side of it and the list goes on…
Its a bit like people who spend big money buying items / skins in games, the game may last a few month or it it may last 10 years but people want to feel special owning “X” item or “X” skin for the time they play which is similar to NFT just on a different scale…
At the end of the day i kind of look at it as the young vs the old generations way of doing things… as the world gets more digital, people are looking for new ways to expand their horizons and the younger crowd are looking more and more towards the digital than the physical (for better or worse)…
As a final note, there are more people accepting crypto as payment, but i understand where you are coming from with it used to being mainly a black market currency, however that seems to be changing with the times…
while some do have some sort of company backing them, the bigger names are pretty much independent and the value is tied to how many can be mined per day / week /
month as it is a finite amount giving it some sort of rarity / value and obviously how well known / used is said crypto…
as for NFT, its pretty much the same as physical art, i mean you don’t really own the rights to it, you own the painting…
but with NFT’s it goes more about what other benefits comes with it, as i mentioned previously, some NFT’s pay you dividends by owning them, some give you access to select events etc, some give you voting rights in said compa… so all depends on what type of NFT you get…
Then there are also the gamification aspects of NFT, the social status of them, the collecting side of it and the list goes on…
Its a bit like people who spend big money buying items / skins in games, the game may last a few month or it it may last 10 years but people want to feel special owning “X” item or “X” skin for the time they play which is similar to NFT just on a different scale…
At the end of the day i kind of look at it as the young vs the old generations way of doing things… as the world gets more digital, people are looking for new ways to expand their horizons and the younger crowd are looking more and more towards the digital than the physical (for better or worse)…
As a final note, there are more people accepting crypto as payment, but i understand where you are coming from with it used to being mainly a black market currency, however that seems to be changing with the times…
i have a friend who made decent returns about 10 yrs ago on bitcoin. its not for me.
When i see or hear ppl talk about NFTs all i think about is the Belgian Tulip craze AND beanie babies
When i see or hear ppl talk about NFTs all i think about is the Belgian Tulip craze AND beanie babies
Another consideration with crypto is the energy cost. the mining of crypto has negated all gains made by utilizing solar power. I care more for the planet that short term gains and fads.
I'm all about responsible consumerism and i cannot say there is anything responsible about crypto mining
I'm all about responsible consumerism and i cannot say there is anything responsible about crypto mining
This right here is a discussion I have all the time. The counter argument is that cryptocurrency will self define its own worth if the Fiat currency system ever collapses. I feel if that were to ever happen it would become absolutely worthless as it is not physical. Think of all cryptos. What is their appeal?
a Bitcoin is worth $25,000 USD
The USDT coin is 1:1 with USD
what happens when you no longer have USD? Who would trade a non physical coin for groceries if the coin has no defined value other than an association to a currency?
I find you have mainly two groups who invest. The firm believers in cryptocurrencies as the currency of the future and the other group that sees it as a get rich fast trick. I personally would only be the latter as I do not see any physical value in any of these coins.
Last edited:
