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<blockquote data-quote="Snarf Zagyg" data-source="post: 8566384" data-attributes="member: 7023840"><p>No, this is the type of simplified nonsense that fraudsters peddle.</p><p></p><p>Just try and think about this for a second- </p><p>Paper money has no intrinsic worth, <em>other than the issuing government</em>. That's a pretty big, "other than," isn't it? "Other than that, how was the play, Mrs. Lincoln?"</p><p></p><p>Fundamentally, units of exchange are based on trust- even gold-backed currencies require that the person holding the currency <em>trust</em> that the issuing authority (whether it's a government or a bank) be able to exchange the currency for the gold. </p><p></p><p>But yes, it's true that things are only worth what people are willing to pay for them. But most things have some value independent of a speculative value; for example, platinum and gold have industrial and product uses; art can be appreciated on your wall, and even a tulip is a pretty flower for a while. </p><p></p><p>Stocks, while they can be bid up in a speculative bubble, have an underlying value (as ownership in a corporation).</p><p></p><p>From there, you come to two issues-</p><p></p><p>First, that you are conflating cryptocurrencies, which have their own <em>major </em>issues but, fundamentally, can operate as both a means of exchange as well as a speculative investment, with NFTs.</p><p></p><p>Second, NFTs have no value because they aren't ... anything. They aren't an underlying right. </p><p></p><p></p><p></p><p></p><p>This is not right and, more obviously, offensive.</p><p></p><p>If you paid any attention to this, you'd see that there is MASSIVE pushback from young people and <em>real</em> tech people. As has been well documented, the demographics of those going into this now are not, in fact, tech-savvy, but tend to be older men that don't have a lot of disposable income and are hoping to get one big score. Most of them couldn't explain real crytptography to you if you gave them half a year and a copy of any of Bruce Schneier's books.</p><p></p><p>....and this is before getting into the real issues with crypto. But sure, why not just hit every thread and keep saying, "Yeah, the problem is that the OLDS don't get it."</p><p></p><p>Because if you understand it so well, why is it that you haven't actually made any kind of compelling case for it?</p></blockquote><p></p>
[QUOTE="Snarf Zagyg, post: 8566384, member: 7023840"] No, this is the type of simplified nonsense that fraudsters peddle. Just try and think about this for a second- Paper money has no intrinsic worth, [I]other than the issuing government[/I]. That's a pretty big, "other than," isn't it? "Other than that, how was the play, Mrs. Lincoln?" Fundamentally, units of exchange are based on trust- even gold-backed currencies require that the person holding the currency [I]trust[/I] that the issuing authority (whether it's a government or a bank) be able to exchange the currency for the gold. But yes, it's true that things are only worth what people are willing to pay for them. But most things have some value independent of a speculative value; for example, platinum and gold have industrial and product uses; art can be appreciated on your wall, and even a tulip is a pretty flower for a while. Stocks, while they can be bid up in a speculative bubble, have an underlying value (as ownership in a corporation). From there, you come to two issues- First, that you are conflating cryptocurrencies, which have their own [I]major [/I]issues but, fundamentally, can operate as both a means of exchange as well as a speculative investment, with NFTs. Second, NFTs have no value because they aren't ... anything. They aren't an underlying right. This is not right and, more obviously, offensive. If you paid any attention to this, you'd see that there is MASSIVE pushback from young people and [I]real[/I] tech people. As has been well documented, the demographics of those going into this now are not, in fact, tech-savvy, but tend to be older men that don't have a lot of disposable income and are hoping to get one big score. Most of them couldn't explain real crytptography to you if you gave them half a year and a copy of any of Bruce Schneier's books. ....and this is before getting into the real issues with crypto. But sure, why not just hit every thread and keep saying, "Yeah, the problem is that the OLDS don't get it." Because if you understand it so well, why is it that you haven't actually made any kind of compelling case for it? [/QUOTE]
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