Crypto

Discussion in 'Free Speech Alley' started by LSUpride123, Jul 14, 2020.

  1. TBTrumpet

    TBTrumpet Founding Member

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    Today was a good day. I’m quite pleased I bought all that Bitcoin and Etherium at the beginning of the year :D
     
    LSUpride123 and shane0911 like this.
  2. Frogleg

    Frogleg Registered Best

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    NFTs are kind of irrationally valued, but so what, lots of things are. Think of diamonds. Most all diamonds are bought for display, but you cannot tell with the naked eye whether it's real or fake. Why pay those crazy prices? The world is full of examples.
     
  3. Jmg

    Jmg Veteran Member

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    the difference is diamonds physically exist and your lady can show her friends how she made you waste money on them. thats the point of the diamond, for women to prove they have taken away your dignity. a diamond at least has real world scarcity generated by the company controllling supply.

    ny analogy is perfect about dollar bills. every dollar bill has a unique serial number. that doesnt make it valuable when you own the only one numbered F63484858HG
     
  4. LSUpride123

    LSUpride123 Let's have a drink.

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    Think of it like this..

    If you had dollar bill F63484858HG as you described and Nick Saban signed it, its worth more than a dollar because some gump will value it more and frame it or some shit...

    Same thing applies in the digital space. Nick Saban can Mint an NFT of him holding a Trophy and while there are many other pictures exactly like it, the one he minted, there is only one of that. Again, some gump will value it more than all the other pictures.

    It is really this simple. We can all agree its stupid and dumb to place value on things like this, but its just a fact people spend money on these things.

    Understanding this, you then invest in the platform or technology. Not the NFT itself. Like selling shovels to gold farmers. Every time an NFT changes hands, its created, sold, etc, they network charges fees. There are many ways to make money off the technology without ever owning, as you would say, "stupid digital MS Paint Art"...
     
  5. Jmg

    Jmg Veteran Member

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    no it doesnt because of the infinite free duplications possible. the item is unique only because someone says it is. with an actual autograph saban touched it and you can imagine him holding a pen to it and it was actually him physically pushing ink on to it
     
  6. Jmg

    Jmg Veteran Member

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    i understand that the only thing needed to make something valuable is that people will buy it. i dont think people are stupid enough to value NFT in the long term. i think its a market that will crash terribly
     
  7. LSUpride123

    LSUpride123 Let's have a drink.

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    Well that is false. The code signifies its unique. Its math bro.
     
  8. LSUpride123

    LSUpride123 Let's have a drink.

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    And I think different based on the billions spent on digital in-game items today.

    If you have an online game that is controlled by code to prevent duplicates, (using NFTs) and people spend years in these games, like world of warcraft for example, people will value rare items such as NFTs.
     
  9. Jmg

    Jmg Veteran Member

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    right and a ford escort has a VIN# that makes it unique. its still only valuable to the extent its actually useful. and you cant make a million more for free

    unique in game items will profit most by not being super unique, and by selling volume. like skins in fortnite. every kid buys one, its not the uniqueness that makes it profitable its the opposite. there is no limit of supply it cost zero to make more.

    we shall see, the NFT art market is headed to zero value
     
  10. Frogleg

    Frogleg Registered Best

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    physically exist? Hardware and software are both valuable.
    she can do that with an NFT too. or whatever...she can break out her cell phone or ipad and show her friends, prove its the original etc...

    the original, provably "real" NFT has real world scarcity. Both can be replicated where you cant tell if its real or not far beyond any demand .

    anything is valuable if people agree. I want that dollar with that serial number now because you mentioned it. I would pay $2 for it.
     
    Last edited: Oct 21, 2021

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