this post was submitted on 05 Oct 2024
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Crypto was stupid from the beginning, NFTs are even more stupid. And people who knew about the tech told everyone so, before the idiots bought the shit to get rugpulled.
Ai art is bad for artists, but not inherently bad bs.
"crypto was stupid from the beginning"
How? Do you find debit cards stupid?
"people who knew about the tech told everyone so"
completely untrue.
people at the forefront of cryptography and economics were excited about the Bitcoin white paper because cryptographic digital currencies is an obvious-in-hindsight evolution in currency.
they were so excited about it that they joined nakamoto in creating cryptocurrencies, collaborating and developing new technologies until it was launched and beyond.
"idiots bought the shit to get rugpulled"
how exactly is gaining 400,000% in value over a decade a "rug pull"?
Ok maybe we had bitcoin over a decade and nobody cared. It was mainly used by criminals and tax evader. The concept of a decentralized money system is stupid when they just drop the Blockchain and fork a new one once a too rich person got hacked.
Bitcoin is not regulated by the government, but by rich people. Bitcoin has a 100% virtual value. An artificial scarcity does not create value. If tomorrow the the USA makes bitcoin illegal, it's value will drop a lot.
I mean the stock market is similar, but at least it is regulated.
The rugpull was in the context of ntfs.