Specially when stuff like "This is a large step forward for the culture." is said. These fanatics just can't stop their belief in NFTs. It's straight up a DESTRUCTIVE AND UNETHICAL cult.
So after all the hype around their stock this is what they decide to do? So much for wanting to save their dying buisness.
Not sure if it's going to save their business... I'm assuming they're taking a percentage transaction fee like most markets.
Not sure what their cut is. Low end probably 5% top end no more than 20%
But NFTs are actually selling on the gamestop market. Most initial sales are like 50 bucks or less... then the resellers will likely upcharge, I see a few relisted already.
And to be fair, some of them are kinda cool. The metaboy collection has some fun looking animated assets.
Not worth 50 bucks, or even 20 bucks for me personally.
But collections are selling. So... maybe it was a stupid move and maybe it won't save gamestop, but people are buying anyways.
Specially when stuff like "This is a large step forward for the culture." is said. These fanatics just can't stop their belief in NFTs. It's straight up a DESTRUCTIVE AND UNETHICAL cult.
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
I understand why the redditors chose to stick it to the 'shorters' that bet against Gamestop. I just don't understand why they keep acting like Gamestop is actually a viable company.
And idiots just keep gobbling it up. They can't get enough of dumping their money into rug pulls.
For every story about an upside of crypto in general, there's a thousand more about how scummy it is. And people who advocate for it only make it worse.
Specially when stuff like "This is a large step forward for the culture." is said. These fanatics just can't stop their belief in NFTs. It's straight up a cult.
The worst thing about people getting taken like this (in any context) is that a certain percentages of those people will externalize all blame for it towards groups of people that have nothing to do with it.
Such as other folks who tried to tell them it was a bad idea. I remember Chronicles of Elyria fans blaming the critics for that project falling apart.
A certain percentage will always delude themselves into thinking this way to avoid confronting the fact that they, in their own infinite wisdom, got fooled. And that, writ large, has devastating effects on any society group, whether that be an online community or your entire country.
In an online community, you'll see people do things like turn to cheats or botting because they see the game as unfair. Annoying, but not dangerous. In a physical society, you get things like complete disregard for the rule of law, facts, and truth, and a disdain for the group they've assigned blame to. Much more of a concern. Both share one thing, though: they now see the system as unfair and tilted against them, so they see breaking rules or laws as a necessary and proportionate response.
And that is a *large* part of why people spend time and energy trying to point out the critiques of projects others want to ignore.
"It's a beautiful site that's as smooth silk. You may not use it, but every kid across america will. "
Crypto/NFT is a financial investment, do we allow minors to do financial investments?
Sounds like a terrible idea.
The problem is... people think of nfts and crypto as financial investments. They are not.
People don't just think of them that way, they use them that way. Making them exactly financial investments regardless of whatever semantic argument you'd like to make in opposition.
It doesn't matter what the original intent was or whatever pie in the sky ideas people have about the potential of crytpo and NFTs in any space. All that matters is how they're being used right now, which is as speculative financial investments in 95% of cases.
Precisely. How the technology can or should be used does not change how the technology is being used.
Social media could be used solely to connect disparate loved ones and friends. Could be. Maybe should be. But it's most decidedly not being used exclusively that way in practice, resulting in the public and lawmakers viewing its worth in the context of how it is being used, rather than how it could or should be used.
"It's a beautiful site that's as smooth silk. You may not use it, but every kid across america will. "
Crypto/NFT is a financial investment, do we allow minors to do financial investments?
Sounds like a terrible idea.
The problem is... people think of nfts and crypto as financial investments. They are not.
People don't just think of them that way, they use them that way. Making them exactly financial investments regardless of whatever semantic argument you'd like to make in opposition.
It doesn't matter what the original intent was or whatever pie in the sky ideas people have about the potential of crytpo and NFTs in any space. All that matters is how they're being used right now, which is as speculative financial investments in 95% of cases.
A lot of people do consider them investments. But that isn't what they are, and it shows the misunderstanding of the technology.
Lets start with bitcoin. It's not an investment. Even in its best case it's a value store. Other items that store values could be something like gold, silver, art, beanie babies, baseball cards. Some hold their value, and some don't. Some have utility, and some don't. Gold and silver are valuable outside of being a simple value store. Bitcoin initially wasn't usable outside of a way to store a value of funds to trade as a currency. But the value isn't static, and the currency is limited, which artificially creates value from scarcity.
Currencies aren't investments though. You don't invest in a currency, even if you're earning interest on the money you're holding somewhere, it's not the inherent currency that brings you your return. That's similarly how staking works in blockchain. That's a different story, and might get a little confusing to dive into in this reply.
But fast forward to crypto tokens and blockchain protocols like ethereum, solana, etc. They aren't just cryptocurrencies, they can be used as a form of payment, though a poor form of payment. For example, we hear about the big payments and the millions of "dollars" being moved around, or sometimes stolen through phishing or poor security practices. For example, remember the Axie Infinity hack that everyone touted was huge, and they lost 620 million Dollars?
That's the trick with ethereum. Today they would only have lost 185 million Dollars. Think about that in terms of actual cost, and whether the hackers could actually liquidate the ethereum. If we cared enough we could probably track whether they did end up selling the ethereum by following the chain, but I would bet they wouldn't have been able to offload it all for fiat directly from any exchanges, so that leaves them with few options and a devalue of what they ended up stealing.
But outside of currencies, these chains also run applications and are the backbone of a lot of upcoming online ecosystems including the potential to process even fiat transactions or proprietary non-monetary transactions. This is actually what blockchain is pretty good at doing, when you need to process data and authenticate secure data.
The chains fluctuate in price based on a lot of factors, but when treated as a financial investment people are throwing money into protocols that they don't understand as a functional system. That's why so many people were dumbfounded by those that made it rich, and then those that lost everything in the massive crypto swings. They didn't understand how the tokens and protocols worked so they had to treat them like investments and stocks, even going so far as to attempt to manipulate them, which failed.
It gets worse when you have big name circus clowns on twitter advertising the fake utility of nonsense projects like Dogecoin. The dumbest thing I've ever seen was stating that Dogecoin should be used to make payments for goods, or to accept it as a currency. There are actual cryptocurrencies that keep their value and make sense as payments. Why would anyone in their right mind advertise dogecoin unless they were trying to inflate the value and dupe their own twitter followers. It's price manipulation.
Now there's a rush to make a lot of these truly worthless projects that found success in pretending they were value stores or investments into utility based projects. Shiba Inu is a meme coin that's trying to gamify its currency, and has even attempted to start its own version of a stable coin, along with a burn currency to prop up the project in an increasingly complex tokenomics plan. It may be crazy enough to work, but I wouldn't trust their stable coin until I see some audits, and even then, there are so many better options.
NFT's on the other hand were also misunderstood, and thought of as investments. But NFTs by design aren't investments. In the best case for finances they are heavily beneficial to creators for royalty payments from asset distribution. Some people might buy them thinking they are financial investments, but at the very best, art nfts are entertainment goods.
But gaming is different, due to the inherent utility of what is being sold. Even in game blockchain tokens often have real use utility within a game, so as long as the game can manage a following where people actually play it, it has a high chance for success.
"It's a beautiful site that's as smooth silk. You may not use it, but every kid across america will. "
Crypto/NFT is a financial investment, do we allow minors to do financial investments?
Sounds like a terrible idea.
The problem is... people think of nfts and crypto as financial investments. They are not.
People don't just think of them that way, they use them that way. Making them exactly financial investments regardless of whatever semantic argument you'd like to make in opposition.
It doesn't matter what the original intent was or whatever pie in the sky ideas people have about the potential of crytpo and NFTs in any space. All that matters is how they're being used right now, which is as speculative financial investments in 95% of cases.
Precisely. How the technology can or should be used does not change how the technology is being used.
Social media could be used solely to connect disparate loved ones and friends. Could be. Maybe should be. But it's most decidedly not being used exclusively that way in practice, resulting in the public and lawmakers viewing its worth in the context of how it is being used, rather than how it could or should be used.
Hmm, same discussion around the use of nuclear technology.
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
"It's a beautiful site that's as smooth silk. You may not use it, but every kid across america will. "
Crypto/NFT is a financial investment, do we allow minors to do financial investments?
Sounds like a terrible idea.
The problem is... people think of nfts and crypto as financial investments. They are not.
People don't just think of them that way, they use them that way. Making them exactly financial investments regardless of whatever semantic argument you'd like to make in opposition.
It doesn't matter what the original intent was or whatever pie in the sky ideas people have about the potential of crytpo and NFTs in any space. All that matters is how they're being used right now, which is as speculative financial investments in 95% of cases.
A lot of people do consider them investments. But that isn't what they are, and it shows the misunderstanding of the technology....
If you invest it then it's an investment.
It may be made for some other purpose and be unsuitable for investing in - for example it may be a tulip - but if you invest in it then its an investment.
"It's a beautiful site that's as smooth silk. You may not use it, but every kid across america will. "
Crypto/NFT is a financial investment, do we allow minors to do financial investments?
Sounds like a terrible idea.
The problem is... people think of nfts and crypto as financial investments. They are not.
People don't just think of them that way, they use them that way. Making them exactly financial investments regardless of whatever semantic argument you'd like to make in opposition.
It doesn't matter what the original intent was or whatever pie in the sky ideas people have about the potential of crytpo and NFTs in any space. All that matters is how they're being used right now, which is as speculative financial investments in 95% of cases.
A lot of people do consider them investments. But that isn't what they are, and it shows the misunderstanding of the technology....
If you invest it then it's an investment.
It may be made for some other purpose and be unsuitable for investing in - for example it may be a tulip - but if you invest in it then its an investment.
I suppose with that logic everything can be an investment to somebody.
"It's a beautiful site that's as smooth silk. You may not use it, but every kid across america will. "
Crypto/NFT is a financial investment, do we allow minors to do financial investments?
Sounds like a terrible idea.
The problem is... people think of nfts and crypto as financial investments. They are not.
People don't just think of them that way, they use them that way. Making them exactly financial investments regardless of whatever semantic argument you'd like to make in opposition.
It doesn't matter what the original intent was or whatever pie in the sky ideas people have about the potential of crytpo and NFTs in any space. All that matters is how they're being used right now, which is as speculative financial investments in 95% of cases.
A lot of people do consider them investments. But that isn't what they are, and it shows the misunderstanding of the technology....
If you invest it then it's an investment.
It may be made for some other purpose and be unsuitable for investing in - for example it may be a tulip - but if you invest in it then its an investment.
1634 - 1637 Dutch Tulip Market Bubble. Interesting bit of financial history.
If I recall, tulips didn't use blockchain, and pretty much weren't naturally investment mediums, either. That didn't stop people from putting insane amounts of money into that market. which most of those people eventually lost.
Logic, my dear, merely enables one to be wrong with great authority.
"It's a beautiful site that's as smooth silk. You may not use it, but every kid across america will. "
Crypto/NFT is a financial investment, do we allow minors to do financial investments?
Sounds like a terrible idea.
The problem is... people think of nfts and crypto as financial investments. They are not.
People don't just think of them that way, they use them that way. Making them exactly financial investments regardless of whatever semantic argument you'd like to make in opposition.
It doesn't matter what the original intent was or whatever pie in the sky ideas people have about the potential of crytpo and NFTs in any space. All that matters is how they're being used right now, which is as speculative financial investments in 95% of cases.
A lot of people do consider them investments. But that isn't what they are, and it shows the misunderstanding of the technology....
If you invest it then it's an investment.
It may be made for some other purpose and be unsuitable for investing in - for example it may be a tulip - but if you invest in it then its an investment.
1634 - 1637 Dutch Tulip Market Bubble. Interesting bit of financial history.
If I recall, tulips didn't use blockchain, and pretty much weren't naturally investment mediums, either. That didn't stop people from putting insane amounts of money into that market. which most of those people eventually lost.
Not really that crazy considering people "invest" in a lot of things without really knowing or understanding what they're "investing" in.
(changed to link cause the timejump wasn't working)
"It's a beautiful site that's as smooth silk. You may not use it, but every kid across america will. "
Crypto/NFT is a financial investment, do we allow minors to do financial investments?
Sounds like a terrible idea.
The problem is... people think of nfts and crypto as financial investments. They are not.
People don't just think of them that way, they use them that way. Making them exactly financial investments regardless of whatever semantic argument you'd like to make in opposition.
It doesn't matter what the original intent was or whatever pie in the sky ideas people have about the potential of crytpo and NFTs in any space. All that matters is how they're being used right now, which is as speculative financial investments in 95% of cases.
A lot of people do consider them investments. But that isn't what they are, and it shows the misunderstanding of the technology....
If you invest it then it's an investment.
It may be made for some other purpose and be unsuitable for investing in - for example it may be a tulip - but if you invest in it then its an investment.
1634 - 1637 Dutch Tulip Market Bubble. Interesting bit of financial history.
If I recall, tulips didn't use blockchain, and pretty much weren't naturally investment mediums, either. That didn't stop people from putting insane amounts of money into that market. which most of those people eventually lost.
Not really that crazy considering people "invest" in a lot of things without really knowing or understanding what they're "investing" in.
(changed to link cause the timejump wasn't working)
So, now people don't understand tulips?
Logic, my dear, merely enables one to be wrong with great authority.
"It's a beautiful site that's as smooth silk. You may not use it, but every kid across america will. "
Crypto/NFT is a financial investment, do we allow minors to do financial investments?
Sounds like a terrible idea.
The problem is... people think of nfts and crypto as financial investments. They are not.
People don't just think of them that way, they use them that way. Making them exactly financial investments regardless of whatever semantic argument you'd like to make in opposition.
It doesn't matter what the original intent was or whatever pie in the sky ideas people have about the potential of crytpo and NFTs in any space. All that matters is how they're being used right now, which is as speculative financial investments in 95% of cases.
A lot of people do consider them investments. But that isn't what they are, and it shows the misunderstanding of the technology....
If you invest it then it's an investment.
It may be made for some other purpose and be unsuitable for investing in - for example it may be a tulip - but if you invest in it then its an investment.
1634 - 1637 Dutch Tulip Market Bubble. Interesting bit of financial history.
If I recall, tulips didn't use blockchain, and pretty much weren't naturally investment mediums, either. That didn't stop people from putting insane amounts of money into that market. which most of those people eventually lost.
Not really that crazy considering people "invest" in a lot of things without really knowing or understanding what they're "investing" in.
(changed to link cause the timejump wasn't working)
Comments
Not sure what their cut is. Low end probably 5% top end no more than 20%
But NFTs are actually selling on the gamestop market. Most initial sales are like 50 bucks or less... then the resellers will likely upcharge, I see a few relisted already.
And to be fair, some of them are kinda cool. The metaboy collection has some fun looking animated assets.
Not worth 50 bucks, or even 20 bucks for me personally.
But collections are selling. So... maybe it was a stupid move and maybe it won't save gamestop, but people are buying anyways.
https://biturl.top/rU7bY3
Beyond the shadows there's always light
Have to be careful not to break the 9th Commandment here.
"True friends stab you in the front." | Oscar Wilde
"I need to finish" - Christian Wolff: The Accountant
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
https://biturl.top/rU7bY3
Beyond the shadows there's always light
------------
2024: 47 years on the Net.
Such as other folks who tried to tell them it was a bad idea. I remember Chronicles of Elyria fans blaming the critics for that project falling apart.
A certain percentage will always delude themselves into thinking this way to avoid confronting the fact that they, in their own infinite wisdom, got fooled. And that, writ large, has devastating effects on any society group, whether that be an online community or your entire country.
In an online community, you'll see people do things like turn to cheats or botting because they see the game as unfair. Annoying, but not dangerous. In a physical society, you get things like complete disregard for the rule of law, facts, and truth, and a disdain for the group they've assigned blame to. Much more of a concern. Both share one thing, though: they now see the system as unfair and tilted against them, so they see breaking rules or laws as a necessary and proportionate response.
And that is a *large* part of why people spend time and energy trying to point out the critiques of projects others want to ignore.
Social media could be used solely to connect disparate loved ones and friends. Could be. Maybe should be. But it's most decidedly not being used exclusively that way in practice, resulting in the public and lawmakers viewing its worth in the context of how it is being used, rather than how it could or should be used.
Lets start with bitcoin. It's not an investment. Even in its best case it's a value store. Other items that store values could be something like gold, silver, art, beanie babies, baseball cards. Some hold their value, and some don't. Some have utility, and some don't. Gold and silver are valuable outside of being a simple value store. Bitcoin initially wasn't usable outside of a way to store a value of funds to trade as a currency. But the value isn't static, and the currency is limited, which artificially creates value from scarcity.
Currencies aren't investments though. You don't invest in a currency, even if you're earning interest on the money you're holding somewhere, it's not the inherent currency that brings you your return. That's similarly how staking works in blockchain. That's a different story, and might get a little confusing to dive into in this reply.
But fast forward to crypto tokens and blockchain protocols like ethereum, solana, etc. They aren't just cryptocurrencies, they can be used as a form of payment, though a poor form of payment. For example, we hear about the big payments and the millions of "dollars" being moved around, or sometimes stolen through phishing or poor security practices. For example, remember the Axie Infinity hack that everyone touted was huge, and they lost 620 million Dollars?
That's the trick with ethereum. Today they would only have lost 185 million Dollars. Think about that in terms of actual cost, and whether the hackers could actually liquidate the ethereum. If we cared enough we could probably track whether they did end up selling the ethereum by following the chain, but I would bet they wouldn't have been able to offload it all for fiat directly from any exchanges, so that leaves them with few options and a devalue of what they ended up stealing.
But outside of currencies, these chains also run applications and are the backbone of a lot of upcoming online ecosystems including the potential to process even fiat transactions or proprietary non-monetary transactions. This is actually what blockchain is pretty good at doing, when you need to process data and authenticate secure data.
The chains fluctuate in price based on a lot of factors, but when treated as a financial investment people are throwing money into protocols that they don't understand as a functional system. That's why so many people were dumbfounded by those that made it rich, and then those that lost everything in the massive crypto swings. They didn't understand how the tokens and protocols worked so they had to treat them like investments and stocks, even going so far as to attempt to manipulate them, which failed.
It gets worse when you have big name circus clowns on twitter advertising the fake utility of nonsense projects like Dogecoin. The dumbest thing I've ever seen was stating that Dogecoin should be used to make payments for goods, or to accept it as a currency. There are actual cryptocurrencies that keep their value and make sense as payments. Why would anyone in their right mind advertise dogecoin unless they were trying to inflate the value and dupe their own twitter followers. It's price manipulation.
Now there's a rush to make a lot of these truly worthless projects that found success in pretending they were value stores or investments into utility based projects. Shiba Inu is a meme coin that's trying to gamify its currency, and has even attempted to start its own version of a stable coin, along with a burn currency to prop up the project in an increasingly complex tokenomics plan. It may be crazy enough to work, but I wouldn't trust their stable coin until I see some audits, and even then, there are so many better options.
NFT's on the other hand were also misunderstood, and thought of as investments. But NFTs by design aren't investments. In the best case for finances they are heavily beneficial to creators for royalty payments from asset distribution. Some people might buy them thinking they are financial investments, but at the very best, art nfts are entertainment goods.
But gaming is different, due to the inherent utility of what is being sold. Even in game blockchain tokens often have real use utility within a game, so as long as the game can manage a following where people actually play it, it has a high chance for success.
"True friends stab you in the front." | Oscar Wilde
"I need to finish" - Christian Wolff: The Accountant
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
It may be made for some other purpose and be unsuitable for investing in - for example it may be a tulip - but if you invest in it then its an investment.
Logic, my dear, merely enables one to be wrong with great authority.
(changed to link cause the timejump wasn't working)
Logic, my dear, merely enables one to be wrong with great authority.