zlacker

>>nemoni+(OP)
It's astonishing to me that people will just buy into any success story that involves crypto and NFTs. People don't question why poorly drawn pictures are being bought for thousands of dollars, don't question why there are hundreds of altcoins on the market and some "cryptocurrency experts" are supposedly "offering free tips" on investment. The whole space is rife with scams and embellishments and yet there are so many people just blindly buying into it, including the damn BBC!

>>WilTim+o2
Why limit it to crypto? People don't question why the value of houses seems to magically rise globally despite no tangible value being added to the assets in most cases. People don't question why Wall Street traders get rich by trading second derivatives of mortgage backed securities with each other all day. What makes a mortgage any more "real" than an NFT?

>>globul+87
This seems like a classic whataboutism. Mortgages being bad or good has absolutely no bearing on the quality of cryptocurrencies or NFTs. If crypto was actually good, you shouldn't need to deflect criticism with "but the existing financial sector also sucks!"

>>ARandu+gy
It's not a deflection. I'm saying the whole thing is a disaster. Crypto and NFTs are just the surface and are quite rightly causing people to question the meaning of it all. But if you dig a little deeper you'll find it's just an extension of what's been going on for a long time behind closed doors.

I thoroughly recommend the book Other People's Money by John Kay. In it he reminds us what the actual value of the financial system is and talks about what it has become. Bitcoin was an attempt to get the actual value of cash (just one facets of finance) without paying tax (interest) to the banks.