Crypto expert Justin Bieber buys NFT for 1.3 MM

[zdreg]

All those things are tangible and have some use. I know I don't wear a watch, but it actually shows the time and can be a status symbol. Are they going to print the NFTs on their T-shirt?

The €780,000 Watch Stolen In Paris Is The Latest In ... - Forbes
French Montana's driver is robbed of $300K watch and $40K
https://www.complex.com/life/nyc-tourist-shot-over-six-figure-richard-millie-watch

Now you know why there is a large market for fake replica of watches.
https://www.frankgohlke.com/

 

[Trader Curt]

The €780,000 Watch Stolen In Paris Is The Latest In ... - Forbes
French Montana's driver is robbed of $300K watch and $40K
https://www.complex.com/life/nyc-tourist-shot-over-six-figure-richard-millie-watch

Now you know why there is a large market for fake replica of watches.
https://www.frankgohlke.com/

Yes, one can hate on NFTs all they want, but then there is something else in their life they view as valuable and will spend millions on. Just because someone has a different view of what value is doesn't mean it's stupid

 

[Pekelo]

it doesn't say anything about the broader crypto ecosystem.

I think it does. The evolution went something like this:

Original BTC >> Copycat LTC, forks >> shitcoins galore >> stable coins >> DeFi >> NFTs

In the beginning they had good intentions, wasn't everything about profits, even some improvements with forks, improved coins. Then it started to go down when everyone and there mother were creating a new coin just to get into the action and fool the gullible. Stablecoins did have usecases, although sketchy as fuck in practice. DeFis are incredibly high risk pyramid schemes but at least with a convoluted explanation. So there is a reason to believe in it. (if you are gullible) And now we have the LITERALLY VALUELESS NFTs, supposedly as good investments. The pretenting is completely out of the window and the dumbasses are still buying it...

So yes as the gullibility and greed go up, inversely the reasonability goes down. I can hardly believe we can go lower with another crypto invention, but I am sure they will surprise me. One would think there has to be an end to this and personally I think we have just reached it, but who knows? As Einstein said about the Universe and human stupidity....

 

[Pekelo]

Worshipping the Golden Calf. The Cash App sponsorship is ironic as fuck:

 

[ph1l]

Do the bored apes secretly want to be happy monkeys?

 

[Frederick Foresight]

The evolution went something like this:

Original BTC >> Copycat LTC, forks >> shitcoins galore >> stable coins >> DeFi >> NFTs

In the beginning they had good intentions, wasn't everything about profits

Perhaps I'm naïve and out of touch, but how is the beginning not flawed as well? "Mining" BTC by solving puzzles to create a store of value? I mean, WTF?

 

[Pekelo]

Perhaps I'm naïve and out of touch, but how is the beginning not flawed as well?

I am not here to defend BTC but if the original movement had stuck to constantly implementing improvements and accepting better coins with faster and more usable technology while dropping obsolete ones, and strictly using it as a payment form not as an investment, that would have been acceptable for me. But whom am I kidding, right?

Also, everything is relative. Compared to the inanity of NFTs or the obsoleteness of BTC, Ethereum or Nano doesn't seem to be such a terrible idea. Not good, not terrible as they say in Chernobyl...

 

[zdreg]

Yes, one can hate on NFTs all they want, but then there is something else in their life they view as valuable and will spend millions on. Just because someone has a different view of what value is doesn't mean it's stupid

[
My post referred to watches not NFTs. It did not offer an opinion of their intrinsic value. Advice was given because of their value. They need to be protected against theft.

 

[NoahA]

Perhaps I'm naïve and out of touch, but how is the beginning not flawed as well? "Mining" BTC by solving puzzles to create a store of value? I mean, WTF?

How else do you want new money to come into existence? Leave it up to the government? This clearly is a failed proposition.

The fact that BTC mining is open to anyone and designed to be deflationary is absolutely revolutionary.

 

[Frederick Foresight]

How else do you want new money to come into existence? Leave it up to the government? This clearly is a failed proposition.

The fact that BTC mining is open to anyone and designed to be deflationary is absolutely revolutionary.

Currency is backed by the government that issues it. What is BTC backed by? Solved puzzles? Greater fools?