Remove this Banner Ad

Cryptocurrency mega-thread

🥰 Love BigFooty? Join now for free.

Evolved1 said:
The US government runs at a huge loss (deficit) and funds it with new debt. That's a Ponzi.
Click to expand...
No. It's not. The US government is real. The economy has real businesses providing goods and services, which are taxed to pay loan inerest.

Whether or not you support deficit spending, it's not a Ponzi scheme.

You know this.
 
BACCS said:
I have no interest in shares so funnily enough, I don't post in threads about shares! Of course the monetary gains in crypto are attractive, but there are plenty of people that genuinely enjoy and are excited about the future of some of the technologies developed in crypto. I also enjoy discussions in the Merit Circle community that I am a part of and I've learned a lot from people in this community about more than just crypto.
Click to expand...
Umm because like it or not it's now big enough to be part of the overall financial setup.

Personally just imo at best it's a giant bubble and at worst will be totally worthless and go down as one of history's greatest scams. It's also an interesting to look at from afar as a study of human and markets psychology.

Despite this anyone that's good enough to speculate and trade in a small portion of their money in it and do well, I don't think there is anything wrong with that and honestly well done. But punters that have a large % of their capital in it, or heaven forbid all of it is just insane.
 
Kram said:
Umm because like it or not it's now big enough to be part of the overall financial setup.

Personally just imo at best it's a giant bubble and at worst will be totally worthless and go down as one of history's greatest scams. It's also an interesting to look at from afar as a study of human and markets psychology.

Despite this anyone that's good enough to speculate and trade in a small portion of their money in it and do well, I don't think there is anything wrong with that and honestly well done. But punters that have a large % of their capital in it, or heaven forbid all of it is just insane.
Click to expand...
If you’ve got a spare hour or two, there is a great podcast by Freakonomics (3 part series) on crypto that just came out. Plays a devils advocate type role, but in a different way… has very knowledgable guests on (not all are crypto people e.g. an economics professor) and tries to provide a balanced view on the industry. Does not hold back on any topic, including the bits you highlighted above. Honestly the best discussion on crypto I’ve ever listened to.
 

Log in to remove this Banner Ad

BACCS said:
Another real world application of NFTs: MetaBrewSociety

For any beer lovers, this basically gives you a beer pass for life! 160-240 cans of beer each year sent to you for free (sent in quarterly batches) for each NFT owned (they also cover shipping costs), part ownership in the German brewery (it's an existing brewery that has already been purchased), fully doxxed team, 3 day free event each year at Oktoberfest and plans to open up stores in other countries. NFT mint will be within the next month or two. They already have a shop on their website that you can purchase 3 of their beers to try out for 10 Euros.

I would maybe spend a couple of hundred bucks at least on buying beer cartons across a year, so these NFTs will pay themselves off fairly quickly.
Click to expand...

Would imagine shipping costs being quite pricey but interesting concept. Similar to the Big3 basketball league ownership NFT.

big3.com

BIG3 Ownership – BIG3

BIG3 Ownership Whitepaper
big3.com big3.com
 
dustysnecktattoo said:
I’ve done some very foolish things in life but buying an NFT isn’t one
Click to expand...
I strongly recommend having a listen of the podcast I mentioned above. It probably won't change your mind, but it will at least give you a balanced perspective on NFTs and their applications beyond the speculative hype.
 
Chief said:
How is this any improvement over just paying with a credit card??
Click to expand...
Did you have a look at the website and what the project is trying to do? The difference to paying with a credit card is that buying this NFT is a once off fee, which then gives you a beer supply for as long as you hold that NFT. If you don't need the next quarterly allocation of beer, then you can sell that allocation to someone else.

A credit card simply defers your payment to later and adds interest onto it as well, I honestly don't understand how you even came up with using a credit card as a comparison, can you please explain the thought process behind this?

In addition to the beer allocation and free events at the brewery, your NFT will give you a direct share in the brewery profits.

The podcast from Freakonomics is very informative and critiques a lot of aspects of crypto, just as you do. They ask the hard questions e.g. 'Why does this certain application require a blockchain and token?'; 'What real world problem is this solving that can't be done by traditional methods?'. One of the economics professors they chat to is not bullish on crypto at all, but is extremely knowledgeable about Bitcoin and blockchain technology, so can explain his reasoning in depth. They chat to someone that works for a prominent VC firm to help explain the tokenisation of blockchains and why these aren't traditional currencies as we know it. These are just two of the people they chat to amongst many others.
 
BACCS said:
A credit card simply defers your payment to later and adds interest onto it as well, I honestly don't understand how you even came up with using a credit card as a comparison, can you please explain the thought process behind this?
Click to expand...
You've not heard of a Visa debit card?

It's just astounding that you're completely unaware that buying a right or an interest in something can be done without an NFT.

People do it all the time.

I don't know why you're going off on a tangent over the "credit" part of this rather than the transfer of money in return for an interest or right.
 
BACCS said:
In addition to the beer allocation and free events at the brewery, your NFT will give you a direct share in the brewery profits.
Click to expand...
Share market!
 

Remove this Banner Ad

Evolved1 said:
The US government runs at a huge loss (deficit) and funds it with new debt. That's a Ponzi.
Click to expand...
you do know, someone actually has to buy the debt. The government can't just give an IOU to itself. Well, it can in a way but that is messy and will cause inflation, which is what caused the recent Crypto crash..........

So hang on, you are investing in Crypto, which crashed when the US inflation rate spiked, which you believe is a ponzi scheme, which, if true, would only cause more inflation and more crashing of your investment.

Sounds as logical as calling Crypto both an investment and a currency.
 
Scotland said:
Um, beer share certificate thank you.

"Regulation prevents us from selling real company shares to our NFT holders outside of the regulated financial markets and platforms."

Amazing.
Click to expand...
Let's say some dude in Angola wants to get in - and why shouldn't he, if he wants to? Well too bad for him, it's against the regulations.
 
Chief said:
You can do that with a credit card.
Click to expand...
Have a listen to the Freakonomics podcast (this includes any of the other regular sceptics in this thread). There are people a lot more knowledgeable than you and I that can critique crypto blockchain technology from both sides of the fence. Or is everyone in this thread just looking to debate endlessly?
 
moncon said:
Let's say some dude in Angola wants to get in - and why shouldn't he, if he wants to? Well too bad for him, it's against the regulations.
Click to expand...
Huh? Someone from Angola in your example can still buy the NFT, that's the whole point. These are new companies trying to open up the traditional concept of shares so there are no limitations on people that can join. Any traditional company shares of course need to go through regular mediums.
 
BACCS said:
There are people a lot more knowledgeable than you and I that can critique crypto blockchain technology from both sides of the fence.
Click to expand...
I've never said blockchain technology won't ever find a use. I'll find the episode though.
 

🥰 Love BigFooty? Join now for free.

moncon said:
Let's say some dude in Angola wants to get in - and why shouldn't he, if he wants to? Well too bad for him, it's against the regulations.
Click to expand...
So the best use of NFT's is to break local law?
 
Chief said:
You've not heard of a Visa debit card?

It's just astounding that you're completely unaware that buying a right or an interest in something can be done without an NFT.

People do it all the time.

I don't know why you're going off on a tangent over the "credit" part of this rather than the transfer of money in return for an interest or right.
Click to expand...
A Visa debit card? Am I able to walk into a bottle-o or Lion and say ‘if I pay you a once off installment of $1k, can you please send me a liftetime supply of beer?’. Owning the NFT is stored on the blockchain and there is never a dispute that I am entitled to a quarterly beer allowance and share in company revenue for as long as the brewery exists.
 
BACCS said:
It’s the latest 3 episodes of his podcast, he’s probably as skeptical as you 😜
Click to expand...
It's a hot topic - podcasters and YouTubers cover those. Sometimes when they should just let them die out.
 
BACCS said:
A Visa debit card? Am I able to walk into a bottle-o or Lion and say ‘if I pay you a once off installment of $1k, can you please send me a liftetime supply of beer?’. Owning the NFT is stored on the blockchain and there is never a dispute that I am entitled to a quarterly beer allowance and share in company revenue for as long as the brewery exists.
Click to expand...
Until some hacker steals it off you. Code is law.
 

Remove this Banner Ad

Remove this Banner Ad

🥰 Love BigFooty? Join now for free.

Back
Top Bottom