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Krypto and NFT’s

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By *oo hot OP   Couple
over a year ago

North West

Had a chat with a long lost mate of mine this afternoon and he has become an absolute krypto/NFT zealot.

Interestingly he is also very much a Covid sceptic and he is at (social media) war with what he calls the MSM.

I ended up cutting our drink short and leaving as he was just so obsessive.

I have long held a theory that Krypto (to some degree) and NFT’s (entirely) are being manipulated by people who know that there are millions of people who are disengaged from the real world and exist entirely in their own digital echo chamber.

Thoughts?

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By *obletonMan
over a year ago

A Home Among The Woodland Creatures

Depends on what you mean by a zealot I suppose.

Plenty of people are sold on cryptocurrency because it can be a good way to make a fast buck.

Others have this idea that it will somehow surplant real currency as the default medium of exchange - I'm assuming you mean them.

It won't - here's a couple of reasons:

1. The US dollar is the global reserve currency.

Lots of people want to hold dollars because they are considered a safe asset.

Lots of very important commodities can only be bought in dollars.

This gives the United States a tremendous amount of power that it does not want to give up.

The United States has a very large and powerful military.

The United States will use its economic, political, and if need be, military clout, to crack down hard on anything that threatens its dominance.

2. Inflation good, deflation bad.

Inflation (in moderate amounts) is actually a good thing.

If your money is worth a little bit less tomorrow than it was today there is an incentive to both spend it (things ain't getting cheaper) and invest it(my money's worth less!!)

Conversely if the value of your currency keeps going up, the incentive is to hold on to it because tomorrow you can buy more than today, and not to invest as the mere act of holding currency becomes an investment in its own right.

Bye bye economy, nice knowing you!

3. The Gold Standard.

Like the bad old days of the Gold Standard, the supply of cryptocurrency is artificially constrained.

In this case by computer processing power, and not the rate at which we can mine an otherwise almost completely valueless yellow metal out of the ground.

So the economy can only grow at the rate at which computer processing power, and the energy to fuel it (more on that later) can grow.

This is akin to a shopkeeper being restricted to the number of loaves of bread he can sell by the number of ice cubes he has in his freezer.

Bye Bye economy, nice knowing you!

4. Energy consumption.

"Mining" and exchaning cryptos uses a huge amount of electricity.

Bitcoin alone accounts for 0.5% of the entire electricity usage of this whole planet.

That's a lot of CO2 folks.

Bye Bye economy.... because the world's fucked too

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By (user no longer on site)
over a year ago


"Had a chat with a long lost mate of mine this afternoon and he has become an absolute krypto/NFT zealot.

Interestingly he is also very much a Covid sceptic and he is at (social media) war with what he calls the MSM.

I ended up cutting our drink short and leaving as he was just so obsessive.

I have long held a theory that Krypto (to some degree) and NFT’s (entirely) are being manipulated by people who know that there are millions of people who are disengaged from the real world and exist entirely in their own digital echo chamber.

Thoughts?"
manipulated may be too strong a word.

But smart people will know how to protect themselves and allow others to carry any fall out.

I'd also add in Tesla and meme stocks.

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By *oo hot OP   Couple
over a year ago

North West


"Had a chat with a long lost mate of mine this afternoon and he has become an absolute krypto/NFT zealot.

Interestingly he is also very much a Covid sceptic and he is at (social media) war with what he calls the MSM.

I ended up cutting our drink short and leaving as he was just so obsessive.

I have long held a theory that Krypto (to some degree) and NFT’s (entirely) are being manipulated by people who know that there are millions of people who are disengaged from the real world and exist entirely in their own digital echo chamber.

Thoughts?manipulated may be too strong a word.

But smart people will know how to protect themselves and allow others to carry any fall out.

I'd also add in Tesla and meme stocks. "

Well there are clearly enough people in the world who curate all their chosen news and information from social media and the internet to the effect that elections and referendums can be manipulated.

Creating bubbles of demand to a captive audience of millions seems like child’s play in comparison.

The only people I have ever met who spoke positively about Krypto and NFT’s had zero knowledge of conventional economics but could spout a Krypto narrative verbatim.

Not sure about the future of NFT’s as I do think they exist solely because of these user bubbles, but I can imagine Kryptocurrency becoming a commodity in years to come. It will have a value just like gold, oil and everything else that is traded.

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By *uddy laneMan
over a year ago

dudley


"Had a chat with a long lost mate of mine this afternoon and he has become an absolute krypto/NFT zealot.

Interestingly he is also very much a Covid sceptic and he is at (social media) war with what he calls the MSM.

I ended up cutting our drink short and leaving as he was just so obsessive.

I have long held a theory that Krypto (to some degree) and NFT’s (entirely) are being manipulated by people who know that there are millions of people who are disengaged from the real world and exist entirely in their own digital echo chamber.

Thoughts?manipulated may be too strong a word.

But smart people will know how to protect themselves and allow others to carry any fall out.

I'd also add in Tesla and meme stocks.

Well there are clearly enough people in the world who curate all their chosen news and information from social media and the internet to the effect that elections and referendums can be manipulated.

Creating bubbles of demand to a captive audience of millions seems like child’s play in comparison.

The only people I have ever met who spoke positively about Krypto and NFT’s had zero knowledge of conventional economics but could spout a Krypto narrative verbatim.

Not sure about the future of NFT’s as I do think they exist solely because of these user bubbles, but I can imagine Kryptocurrency becoming a commodity in years to come. It will have a value just like gold, oil and everything else that is traded."

Crypto currencies are nothing without the block chain, which is I would say why people have faith and belief in it, a ledger of all transactions to stop the theft and fraud what you get with fiat currencies. if we used a block chain we all could follow matts money trail.

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By (user no longer on site)
over a year ago


"Had a chat with a long lost mate of mine this afternoon and he has become an absolute krypto/NFT zealot.

Interestingly he is also very much a Covid sceptic and he is at (social media) war with what he calls the MSM.

I ended up cutting our drink short and leaving as he was just so obsessive.

I have long held a theory that Krypto (to some degree) and NFT’s (entirely) are being manipulated by people who know that there are millions of people who are disengaged from the real world and exist entirely in their own digital echo chamber.

Thoughts?manipulated may be too strong a word.

But smart people will know how to protect themselves and allow others to carry any fall out.

I'd also add in Tesla and meme stocks.

Well there are clearly enough people in the world who curate all their chosen news and information from social media and the internet to the effect that elections and referendums can be manipulated.

Creating bubbles of demand to a captive audience of millions seems like child’s play in comparison.

The only people I have ever met who spoke positively about Krypto and NFT’s had zero knowledge of conventional economics but could spout a Krypto narrative verbatim.

Not sure about the future of NFT’s as I do think they exist solely because of these user bubbles, but I can imagine Kryptocurrency becoming a commodity in years to come. It will have a value just like gold, oil and everything else that is traded."
I struggle with how crypto can become a commodity when most anyone can mint a new coin.

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By (user no longer on site)
over a year ago


"Had a chat with a long lost mate of mine this afternoon and he has become an absolute krypto/NFT zealot.

Interestingly he is also very much a Covid sceptic and he is at (social media) war with what he calls the MSM.

I ended up cutting our drink short and leaving as he was just so obsessive.

I have long held a theory that Krypto (to some degree) and NFT’s (entirely) are being manipulated by people who know that there are millions of people who are disengaged from the real world and exist entirely in their own digital echo chamber.

Thoughts?manipulated may be too strong a word.

But smart people will know how to protect themselves and allow others to carry any fall out.

I'd also add in Tesla and meme stocks.

Well there are clearly enough people in the world who curate all their chosen news and information from social media and the internet to the effect that elections and referendums can be manipulated.

Creating bubbles of demand to a captive audience of millions seems like child’s play in comparison.

The only people I have ever met who spoke positively about Krypto and NFT’s had zero knowledge of conventional economics but could spout a Krypto narrative verbatim.

Not sure about the future of NFT’s as I do think they exist solely because of these user bubbles, but I can imagine Kryptocurrency becoming a commodity in years to come. It will have a value just like gold, oil and everything else that is traded.

Crypto currencies are nothing without the block chain, which is I would say why people have faith and belief in it, a ledger of all transactions to stop the theft and fraud what you get with fiat currencies. if we used a block chain we all could follow matts money trail. "

Doesnt stop the scams tho

Cryptocurrency scams are the new pyramid schemes

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By *uddy laneMan
over a year ago

dudley


"Had a chat with a long lost mate of mine this afternoon and he has become an absolute krypto/NFT zealot.

Interestingly he is also very much a Covid sceptic and he is at (social media) war with what he calls the MSM.

I ended up cutting our drink short and leaving as he was just so obsessive.

I have long held a theory that Krypto (to some degree) and NFT’s (entirely) are being manipulated by people who know that there are millions of people who are disengaged from the real world and exist entirely in their own digital echo chamber.

Thoughts?manipulated may be too strong a word.

But smart people will know how to protect themselves and allow others to carry any fall out.

I'd also add in Tesla and meme stocks.

Well there are clearly enough people in the world who curate all their chosen news and information from social media and the internet to the effect that elections and referendums can be manipulated.

Creating bubbles of demand to a captive audience of millions seems like child’s play in comparison.

The only people I have ever met who spoke positively about Krypto and NFT’s had zero knowledge of conventional economics but could spout a Krypto narrative verbatim.

Not sure about the future of NFT’s as I do think they exist solely because of these user bubbles, but I can imagine Kryptocurrency becoming a commodity in years to come. It will have a value just like gold, oil and everything else that is traded.

Crypto currencies are nothing without the block chain, which is I would say why people have faith and belief in it, a ledger of all transactions to stop the theft and fraud what you get with fiat currencies. if we used a block chain we all could follow matts money trail.

Doesnt stop the scams tho

Cryptocurrency scams are the new pyramid schemes"

Fools and there money will be parted on planet Ponzi.

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By *ob198XaMan
over a year ago

teleford


"Had a chat with a long lost mate of mine this afternoon and he has become an absolute krypto/NFT zealot.

Interestingly he is also very much a Covid sceptic and he is at (social media) war with what he calls the MSM.

I ended up cutting our drink short and leaving as he was just so obsessive.

I have long held a theory that Krypto (to some degree) and NFT’s (entirely) are being manipulated by people who know that there are millions of people who are disengaged from the real world and exist entirely in their own digital echo chamber.

Thoughts?manipulated may be too strong a word.

But smart people will know how to protect themselves and allow others to carry any fall out.

I'd also add in Tesla and meme stocks.

Well there are clearly enough people in the world who curate all their chosen news and information from social media and the internet to the effect that elections and referendums can be manipulated.

Creating bubbles of demand to a captive audience of millions seems like child’s play in comparison.

The only people I have ever met who spoke positively about Krypto and NFT’s had zero knowledge of conventional economics but could spout a Krypto narrative verbatim.

Not sure about the future of NFT’s as I do think they exist solely because of these user bubbles, but I can imagine Kryptocurrency becoming a commodity in years to come. It will have a value just like gold, oil and everything else that is traded.I struggle with how crypto can become a commodity when most anyone can mint a new coin. "

Exactly. Finite units of any crypto currency means nothing when an infinite number of crypto currencies can be created

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By *ob198XaMan
over a year ago

teleford

The bbc radio 4 documentary “The missing crypto Queen” is a fascinating insight into crypto and pyramid scams. OneCoin is a fake crypto with no blockchain and through pyramid selling those at the top has made billions, perhaps tens of billions out of its victims, both rich and extremely poor. Even after being exposed as a fraud thousands of people are still today being fooled to invest there money in it.

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By *ohnnyTwoNotesMan
over a year ago

golden fields


"The bbc radio 4 documentary “The missing crypto Queen” is a fascinating insight into crypto and pyramid scams. OneCoin is a fake crypto with no blockchain and through pyramid selling those at the top has made billions, perhaps tens of billions out of its victims, both rich and extremely poor. Even after being exposed as a fraud thousands of people are still today being fooled to invest there money in it. "

I listened to that. Did they ever finish that series of podcasts?

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By *all me FlikWoman
over a year ago

Galaxy Far Far Away

I think the main problem with crypto currency is that its not widely accepted so I can't buy petrol or food with it, I can't pay my utility bills etc. Therefore I would need to sell it to someone for cash so that relies on someone wanting to buy it and that is its real value, whether for day to day or long term investment.

The other main concern is crypto is heavily used by criminals so its only a matter of time before it comes crashing down.

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By (user no longer on site)
over a year ago


"I think the main problem with crypto currency is that its not widely accepted so I can't buy petrol or food with it, I can't pay my utility bills etc. Therefore I would need to sell it to someone for cash so that relies on someone wanting to buy it and that is its real value, whether for day to day or long term investment.

The other main concern is crypto is heavily used by criminals so its only a matter of time before it comes crashing down."
I suspect noone will want to pay or receive "cash" if it may fall in value by 10pc. I can't see how it can be a currency and an continue to be the "to the moon" investment it's painted as.

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By *uddy laneMan
over a year ago

dudley


"I think the main problem with crypto currency is that its not widely accepted so I can't buy petrol or food with it, I can't pay my utility bills etc. Therefore I would need to sell it to someone for cash so that relies on someone wanting to buy it and that is its real value, whether for day to day or long term investment.

The other main concern is crypto is heavily used by criminals so its only a matter of time before it comes crashing down.I suspect noone will want to pay or receive "cash" if it may fall in value by 10pc. I can't see how it can be a currency and an continue to be the "to the moon" investment it's painted as. "

PayPal accepts payment in bit coin and as of Wednesday visa is partnering with over 50 cryptocurrencies companies to allow clients to use/spend their crypto currency through there card program, All good and above board.

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By *all me FlikWoman
over a year ago

Galaxy Far Far Away


"I think the main problem with crypto currency is that its not widely accepted so I can't buy petrol or food with it, I can't pay my utility bills etc. Therefore I would need to sell it to someone for cash so that relies on someone wanting to buy it and that is its real value, whether for day to day or long term investment.

The other main concern is crypto is heavily used by criminals so its only a matter of time before it comes crashing down.I suspect noone will want to pay or receive "cash" if it may fall in value by 10pc. I can't see how it can be a currency and an continue to be the "to the moon" investment it's painted as.

PayPal accepts payment in bit coin and as of Wednesday visa is partnering with over 50 cryptocurrencies companies to allow clients to use/spend their crypto currency through there card program, All good and above board. "

Nope...its a crypto advisory service looking at opportunities.....long way off using crypto currency to pay off my visa bill.

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