| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 16:25 - May 24 with 496 views | wkj |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 15:52 - May 24 by mutters |
The benefits of the examples I gave are very clear now, not so much when they first started. There was a distrust of Uber IIRC (similar to when the internet came out, nobody wanted to make payments online as you would get scammed), Netflix had a hybrid model still sending out DVDs via post, which people slated due to the overdue fees if late sending back... plus also Netflix didn't have the breadth and wealth of content that it now has. Spotify again only gained mass acceptance once it gained momentum. Even the mighty Amazon lost countless amounts of money year after year after year before they turned a profit. However, i do accept that conceptually the value these companies offered was more visible than what the Blockchain currently offers. Probably because these companies were in fact companies and highly visible whereas blockchain is the underlying technology and cryto is an application that sits on the blockchain.
My point is that what is obvious now, certainly was not obvious then. The people behind the disruptive technologies are the futurologists who see the vision and Joe Public are often the last ones to realise its benefits.
That's my position on the whole Blockchain / Crypto, whilst I am bought into the ecosystem, and whilst I do personally see how it fits into the future I am not foolish enough to believe that it is written in stone and couldn't come apart. Some people simply dismiss it due to their lack of understanding or have heard something negative about it and presume it's a scam.
Many scams already occur within the modern banking / financial systems. |
Every example you gave had a set of standards to adhere to in order to be successful. That is the key issues with NFT and Crypto - standards are transient, and the curators often have little to lose.
Any one of us on TWTD could set up an NFT or Crypto with little overhead. When you have little overhead - the risk is squarely on the investors.
NFT and Crypto can work, in more cases Crypto does better at this then NFT. At the moment the NFT arena is full of 'mint and run' schemes. These need to be reigned in, or else the only people who will really benefit from NFT are the big companies that already have sh*t loads of money.
Both crypto coin and NFTs started out as a 'for the people' type system, but as time goes on the blockchain is swinging towards the pockets of those who are already fat off of conventional currency. |  |
|  |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 18:19 - May 24 with 440 views | mutters |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 16:25 - May 24 by wkj |
Every example you gave had a set of standards to adhere to in order to be successful. That is the key issues with NFT and Crypto - standards are transient, and the curators often have little to lose.
Any one of us on TWTD could set up an NFT or Crypto with little overhead. When you have little overhead - the risk is squarely on the investors.
NFT and Crypto can work, in more cases Crypto does better at this then NFT. At the moment the NFT arena is full of 'mint and run' schemes. These need to be reigned in, or else the only people who will really benefit from NFT are the big companies that already have sh*t loads of money.
Both crypto coin and NFTs started out as a 'for the people' type system, but as time goes on the blockchain is swinging towards the pockets of those who are already fat off of conventional currency. |
The early days of the internet were like the wild wild west. Then regulation came and people started adhering to rules and standards, confidence grew, and now it's cemented in society. However, in many ways, it lost a lot of what it actually set out to be.
Crypto will probably do the same, doesn't mean it won't have a future it just might be different from what it currently is. Regulation can do that, however that could easily be a good thing. As I like saying, time will tell. :-) |  |
| |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 18:38 - May 24 with 424 views | wkj |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 18:19 - May 24 by mutters |
The early days of the internet were like the wild wild west. Then regulation came and people started adhering to rules and standards, confidence grew, and now it's cemented in society. However, in many ways, it lost a lot of what it actually set out to be.
Crypto will probably do the same, doesn't mean it won't have a future it just might be different from what it currently is. Regulation can do that, however that could easily be a good thing. As I like saying, time will tell. :-) |
Honestly, Tim Berners-Lee's 'one web for all' was doomed as soon as commercial interests popped up - but it remains a fallacy that people want to apply to anything. There isn't a lot wrong with blockchain technology, but there is a lot wrong with the vast number of sharks swimming in those waters.
I am not a ludite in any way shape or form, but I can't deny that there is a lot broken with blockchain right now - and total freedom wont make it any better any time soon. | |
| |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 20:20 - May 24 with 379 views | Steve_M |
 |  |
| |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 21:00 - May 24 with 364 views | ArnoldMoorhen |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 10:03 - May 24 by Keno |
true story - I has a lady call me last week for advice. Having spoken to her a year or so ago she was very wary of taking risk so we agreed she would hold money in a some savings account.
About 6 months she had put £80k in a European Crypto Currency deal she had been advertised online that she found is is run by 'a very young nice man' from his fall in Berlin who 'promised her this is a good deal'.
She is pleased cos he had told her its noe worth at least £180,000 if nit more but there will be 'some delays getting any money back to her' because of some tax issues created by Brexit and that he isnt sure when he'll be any too make any payments to her.
Her question - "do you I should add more money as ut seems to be doing so well" |
That is heartbreaking.
I am the person who has consistently pointed out that Bitcoin is a classic pyramid scheme and a South Sea Bubble rolled into one, with this and my previous username, because there is no intrinsic value, there is no regulation, any fraud or hacking will be impossible to prove and track down, the crypto space is heavily populated by crims and terrorists, there has been no adequate taxation mechanism (meaning that day is delayed, not non-existent, and one day the Exchequer will come knocking) and, and this is the most important thing, STUFF SOLD TO YOU BY ANOMS ON THE INTERNET IS ALWAYS SHADY AS FAWK.
As I say, I have consistently argued this point since Bitcoin was at about $200, so I hope everybody heeded my advice and steered well clear... |  | | |
| |
By continuing to use the site, you agree to our use of cookies and to abide by our Terms and Conditions.
