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Old 01-16-2022, 02:06 PM   #1
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Default All this NFT talk, Questionable??

What's up with that?

Buying a computer drawing for THOUSANDS of dollar's?

What gives?

Real confusing on what this NFT is? Social media, all talk about NFT.

Jake Paul bought a pic for 56 thousand dollars,WOW??
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Old 01-16-2022, 04:10 PM   #2
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Default Re: All this NFT talk, Questionable??

I'm no expert on the subject. But my understanding of Non-fungible tokens is the "bitcoin version" of collectables.

Non-fungible, (for anyone wondering) just means that it has a unique value.
Stocks and bitcoins are fungible, and they all have the same value as their "Brothers". Which is to say every bitcoin is worth the same as every other bitcoin. When the value of bitcoin goes up they all go up.

Non-fungible tokens are like collectable sneakers or artwork. They all have their own unique value. The NFT is basically a blockchain version of a "certificate of authenticity"

NFTs can be art work, but they can also be any other digital asset. Avatars, tweets... anything. the NFT just proves that you have the original copy of whatever that digital item is. It could even be a song.

And just like records or anything else, even though they are made from the same thing, originals are worth more. The mona lisa is worth a lot more than a copy of it sold at walmart.

Often the value associated with these NFTs has more to do with who made it than what it is. But I will agree the prices seem massive so it wouldn't shock me if it has something to do with tax sheltering and evasion. But that's my own speculation. Similar to art collections also being worth insane money.
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Old 01-16-2022, 05:06 PM   #3
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Default Re: All this NFT talk, Questionable??

Did you watch the South Park special that came out today, or what?
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Old 01-16-2022, 06:09 PM   #4
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Default Re: All this NFT talk, Questionable??

I kind of see this like the Baseball card of Shitcoin. These digital things people are buying are no different. They are only worth what someone is willing to buy, until no one is willing to buy, then the stuff is worth-less.


I know a crapload are making money on Digital currencies. And they BELIEVE it will take down the Central Banks not ever realizing it was the Central Banks that Created BitCoin and the Hash Ledgers to begin with.

Anyone that thinks it was just some anonymous guy wanting to take the 'system' down, doesn't not comprehend Actual History.

The Art of War is in play, so keep your eyes open and your wits about you.
Remember this shits only good as long as there is a computer that you can access at some point in the future.
that is if there is any electricity to power said computers.

Treat it like it is. FIAT CURRENCY. if you get in deep, get out before the water's drained before you know it.

NSFs are just a subsection of Fiat value.
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Old 01-16-2022, 09:43 PM   #5
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Default Re: All this NFT talk, Questionable??

There are many reasons why I do not like, or support NFTs, but here are the main points:
  • You do not own the actual artwork, rather a digital token that shows you have a connection to that artwork. Anybody can screenshot it or do whatever, because an NFT is not the artwork itself. In some cases you dont even own the intellectual property of the art, and thus cannot even use it for commercial purposes.
  • The artwork itself is often terrible and more importantly meaningless (and often randomly generated by algorithms); What actually generates the demand is pure hype and people simply wanting to be a part of the current trendy NFT collection. NFTs were originally created to find a way to own digital art. This isnt necessarily a bad idea, but its morphed into this system of hype-driven speculation where the art itself makes no difference.
  • NFTs literally create demand from thin air. When you buy bitcoin for instance, its actually backed by something, and thats the computing power and electricity cost that went into mining it. NFTs are different. Anybody can use a program that randomly generates 10,000 NFTs and then generate hype for them and sell them. There is no value in them, and they sell off of pure hype alone, which is the perfect setup for pumping and dumping.
  • To add to the pumping and dumping point, buying and selling NFTs is like a game of hot potato. You have to buy and sell before the price gets too high that nobody else wants to buy it, or the NFT loses all value all together, either of which are possible. You see these NFTs selling for $100,000+ on the news, nobodys going to ****ing sell that again. Once the hype dies down its over.
  • A lot of NFT websites and such are run by large hedge funds and other investment groups. Thus the people who really profit from NFTs are the ultra-rich.
  • The digital token you buy often links to a simple google drive link of the NFT image, rather than the actual image itself. This means that NFTs are basically stored in google drive, which is extremely centralized and defeats the whole purpose of crypto/blockchain/etc in the first place which is to be decentralized. Someone even downloaded millions of NFTs and made a giant torrent out of it, which ironically makes the torrent more decentralized than the actual NFTs themselves, which I personally find hilarious.

Last edited by caleb.cole; 01-16-2022 at 09:45 PM.
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Old 01-17-2022, 01:31 AM   #6
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Default Re: All this NFT talk, Questionable??

The newest internet scam ... Moving on...
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Old 02-23-2022, 09:27 AM   #7
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Default Re: All this NFT talk, Questionable??

Why is it a scam?)
It's no secret that cryptocurrency has become very popular lately, there is such a topic as crypto-trading, with the help of which you can make a lot of money. You too can easily buy and sell cryptocurrency at j2tx.com . There you can easily buy bitcoin online uk and with low transaction fee.

Last edited by James Ceer; 02-27-2022 at 09:39 AM.
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Old 02-23-2022, 01:35 PM   #8
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Default Re: All this NFT talk, Questionable??

Quote:
Originally Posted by James Ceer View Post
Why is it a scam?)

Can I interest you in a $250,000 picture (I mean URL link) of my RC truck lol


but in all seriousness I dont have the time or patience to explain it that thoroughly. Basically you get to buy expensive artwork with the downside of not actually owning it, you just get a URL link to it
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Old 02-23-2022, 02:45 PM   #9
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Default Re: All this NFT talk, Questionable??

Quote:
Originally Posted by HumboldtEF View Post
Can I interest you in a $250,000 picture (I mean URL link) of my RC truck lol


but in all seriousness I dont have the time or patience to explain it that thoroughly. Basically you get to buy expensive artwork with the downside of not actually owning it, you just get a URL link to it
I don't think people want to know what URLs to NFTs I have in my history
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Old 02-23-2022, 05:09 PM   #10
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Default Re: All this NFT talk, Questionable??

To me, this is just like any other artsy-fartsy crap, if you see value it in, and have the money to throw at it, then you do you booboo.... In my humble opinion, this is no different than someone paying millions of dollars for a blank canvas with a little blue dot in one corner that the "artist" claims is a proclamation on the existential pose of humanity's struggle with its immortal soul. At least a white sheet with a drop of smurf jizz on it is something you can actually take home and hang on the wall. Just as long as the fool... errrr... I mean, person who crapping out the money for such a thing knows that what they are actually buying is actually nothing, and they still want to buy it, go for it. At this point, it is not scam, just a moron that lucked into money they are really wanting to throw out a window...

Yup, one of the most brutal classes in college was humanities through the arts. Given a solid music and art background, I thought I would like it... Nope, I would rather get a vasectomy by a cracked out Edward Scissorhands than take that class again. That is why, whenever possible, I took Psych course as electives whenever I could.

With that, I submit this...

https://www.npr.org/2021/09/29/10414...-denmark-blank

Last edited by Greatscott; 02-23-2022 at 08:24 PM.
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