|
|
Post by james on Aug 8, 2022 17:30:58 GMT -5
Just saw Tom Brady lost 135,000 on an NFT he bought for 433,000.00. How about people with that kind of $ do some research. Imagine the original comic art one could get for 433,000.00 . Real art that most likely will keep their value or increase. Jack Kirby, John Buscema, etc etc
|
|
Confessor
CCF Mod Squad
Not Bucky O'Hare!
Posts: 9,625 
|
Post by Confessor on Aug 8, 2022 17:53:13 GMT -5
The very existence of NFTs -- let alone how much some people pay for them -- is enough to make me think that I must be on the wrong planet.
|
|
|
|
Post by Slam_Bradley on Aug 8, 2022 18:06:33 GMT -5
Just saw Tom Brady lost 135,000 on an NFT he bought for 433,000.00. How about people with that kind of $ do some research. Imagine the original comic art one could get for 433,000.00 . Real art that most likely will keep their value or increase. Jack Kirby, John Buscema, etc etc  More money than sense. Nobody will ever convince me that NFT's aren't 100% a money laundering scam. |
|
|
|
Post by Deleted on Aug 8, 2022 18:52:42 GMT -5
The very existence of NFTs -- let alone how much some people pay for them -- is enough to make me think that I must be on the wrong planet. I read up on what NFTs are a short while ago (after hearing the acronym for months). I then became depressed and felt like I needed to drink alcohol, which, for me, is a rare occurrence. |
|
|
|
Post by MDG on Aug 8, 2022 19:03:53 GMT -5
I haven't even heard the term in a while, after months of something about them every day. And toward the end, it was more about how they'd be used to track things like stock shares or other documents.
I understand digital artists looking for a way to monetize their work with no "originals", but NFTs wasn't it
|
|
|
|
Post by codystarbuck on Aug 8, 2022 22:14:28 GMT -5
People also tied up large sums of money speculating on tulip bulb futures, in the 17th Century. It was one of the classic bubble and bust cycles, in economic history. Same thing happens every time; someone gets it in their head that something is going to skyrocket in value and invests heavily, others see the movement and do the same and sucker others into throwing in their money and no one believes it will go down, until someone with some sense makes it clear that it can't sustain and people start selling off and it plummets.
The 1929 Stock market Crash was fueled by this. people got it into their heads that the stock market would rise and rise, without ever coming down and everyone started throwing money into it. Banks were not barred from investing and they put large sums into it and were convincing others to invest by offering them loans, well beyond their means, with the thought that they would pay back the loans when the stock shot up in value. The hysteria took on massive proportions, globally. Once the Federal reserve warned of excessive speculation, people started waking up as nothing was fueling the speculation, other than unfounded belief. Production was sluggish, as was construction and then a mass sell off started and everyone panicked and the whole thing collapsed, taking the solvency of large segments of the banking industry with it, plunging the world into The Great Depression.
It happened again, with the Stock Market Boom of the 90s, which came crashing down with the Subprime Mortgage collapse, especially after the whole mess with debentures (basically, an insurance policy founded on the belief that the mortgage buyer will default on the loan). You had whole governments involved in that mess, with easy credit fueling rampant speculation, couple with the offsetting of risk, through debentures, until the mass sell off and governments having to bail one another out, as well as the very people who caused it, largely due to deregulation of the investment world.
NFTs are another form of this, just as the Speculator Boom of the late 80s and early 90s, in comics was. The media fed people with the notion that comics were great investments, based on a handful of Golden Age titles selling for high dollar values and suddenly people are buying cases of new titles, causing sales double and triple normal levels, with the unfounded belief that these comics will skyrocket in value. most were available far in excess of actual reader demand, so investors sat on theses excess comics and ended up selling at a loss, if at all. Same thing happened with sports cards and Beanie Babies.
Never underestimate the irrationality of the human race.
|
|
|
|
Post by badwolf on Aug 9, 2022 8:23:48 GMT -5
I still don't really understand what these things are.
|
|
|
|
Post by MDG on Aug 9, 2022 8:45:44 GMT -5
.... people got it into their heads that the stock market would rise and rise, without ever coming down... We all know now that this only applies to comic book "keys" |
|
|
|
Post by Slam_Bradley on Aug 9, 2022 8:50:22 GMT -5
I still don't really understand what these things are. A grift on the incredibly gullible. Or a money laundering scheme. |
|
|
|
Post by kirby101 on Aug 9, 2022 8:56:43 GMT -5
I still don't really understand what these things are. Short explanation. You start with a digital image of something, basically the same as all the Jpegs we see on this site all the time. But there is extra code that makes that particular image unique. Not in any way you can see, but somewhere on a server somewhere, that image has unique, encrypted code. And they made people believe that these images could be bought and sold and would grow in value. There was nothing special about them, like there is with a piece of original art or a rare comic book, just that there was more code to that image than an identical image without the code. And the money spent was ridiculous.
|
|
|
|
Post by dbutler69 on Aug 9, 2022 9:04:47 GMT -5
I still don't really understand what these things are. Short explanation. You start with a digital image of something, basically the same as all the Jpegs we see on this site all the time. But there is extra code that makes that particular image unique. Not in any way you can see, but somewhere on a server somewhere, that image has unique, encrypted code. And they made people believe that these images could be bought and sold and would grow in value. There was nothing special about them, like there is with a piece of original art or a rare comic book, just that there was more code to that image than an identical image without the code. And the money spent was ridiculous.
What's that expression about a fool and his money? |
|
|
|
Post by MDG on Aug 9, 2022 9:15:18 GMT -5
What's that expression about a fool and his money? I'll tell you for $20 |
|
|
|
Post by tarkintino on Aug 9, 2022 9:15:50 GMT -5
I still don't really understand what these things are. Short explanation. You start with a digital image of something, basically the same as all the Jpegs we see on this site all the time. But there is extra code that makes that particular image unique. Not in any way you can see, but somewhere on a server somewhere, that image has unique, encrypted code. And they made people believe that these images could be bought and sold and would grow in value. There was nothing special about them, like there is with a piece of original art or a rare comic book, just that there was more code to that image than an identical image without the code. And the money spent was ridiculous.
Hmm..so I should upload comic covers--not with a numerical code, but one that reads, "If you spend a cent on this, you are a sucker for life"... |
|
|
|
Post by dbutler69 on Aug 9, 2022 9:19:35 GMT -5
What's that expression about a fool and his money? I'll tell you for $20 It's a deal!  |
|
|
|
Post by impulse on Aug 9, 2022 9:25:38 GMT -5
There is in theory a technology reason for the NFT tech to exist that supposedly has some use. I still don't understand what it is as it all seems stupid to me, but in theory, there is one.
|
|
