This is what happens when the federal reserve prints trillions and trillions of dollar$$$$$$$

[Butterfly]

You get people spending not 20 or 30 bucks or a few hundred. Nope. Not even a few thousand but literally hundreds of thousands and millions of dollars on jpegs. Yes what you are witnessing are people buying jpegs. Yes joegs of a rock....

Let me repeat. People are paying hundreds of thousands of dollars for a jpeg of the rock....

People Are Shelling Out Six Figures for NFT Rocks



https://gizmodo.com/people-are-shelling-out-six-figures-for-nft-rocks-1847508926

well no shortage of idiots in the world

could be worse, they could be buying useless cryptos

oh wait

 

[Sig]

I think a lot of us know exactly what's moving this market. It's the Central Bank with its never-ending QE. It really is that simple.

OK, how is that knowledge actionable by traders then?

 

[Laissez Faire]

OK, how is that knowledge actionable by traders then?

Go long - don't use a stop.

 

[christianhgross]

What's the intrinsic value of gold?

Actually there is because it does have industrial use, and people use it as shiny jewelry to adorn themselves. So how does one wear a NFT of a rock?

 

[tsznecki]

Actually there is because it does have industrial use, and people use it as shiny jewelry to adorn themselves. So how does one wear a NFT of a rock?

So what is the intrinsic value? $100, $200? You should be able to give a value if gold does have intrinsic value right?

 

[antwanmcdonough]

@christianhgross You want to say that gold has value because people like to wear it? Don’t you think it’s silly that people have hyped up one metal so much and that’s the only reason for its high price. People buy gold jewellery to flaunt their wealth. It is as vain as buying NFTs. Both have no or minimal value if people stop giving undue importance to it.

 

[TraDaToR]

Gold has been a store of value for ever, mainly because we can't produce much of it compared to the existing stocks in circulation. It's rare, we can't chemically produce it and it doesn't deteriorate, so most of the gold we own has been melted ( and perhaps remelted ) a long time ago. If, for example, copper was suddenly the price of gold, chilean miners would flood the market in no time and copper would lose its value. We can't do that with gold.