Nobody really knows. It's one of those things created by someone that's too smart for their own good, and [ab]used by those that think they're smarter than they really are.
The whole idea is that people would attach this code to legitimate works of art, and then they'd sell it to someone. So for example if you're an artist and you sold it to a collector, you'd get money. Then because you had this code to this piece of art, if this collector sold it, you'd get a piece of that revenue.
Being an artist is generally a low paying occupation and this was originally devised as a means of making sure artists could sustain themselves over time, make money from their work every time their painting was sold.
The idea was nice. Artists get a commision on their art as it is sold and gains value over time. That's sort of how art works.
The problem is people attach NFT's to worthless shit. For example, "Lazy Lions" is an NFT where a randomly generated algorythm makes shitty pictures of cartoon lions and then attaches NFT's to it in the hope people will buy it for *insert random reason here*.
TL;DR: NFT's are like the worst form of capitalism except with literally no regulation. I mean capitalism in the wesrern world is pretty bad, but there are still rules. NFT's basically takes t hings back to the mid 1800's where there was no regulation and people are like 'Hey, want to buy this shit? It's worthless but I'm going to lie and say it will be worth a lot in a month. So you want some?"
You're an idiot if you buy it. It's a scam. People using NFT"s are con artists outside of a few exceptions.
@ghosts4ever said:
@mrbojangles25 said:
@ghosts4ever said:
@mrbojangles25: how is crypto scam? Bitcoin last month was all time high. Its bot going anywhere. People.are rearning money.
It fluctuates like +/-20% on a whim for starters.
Don't get me wrong if you got some bitcoin a while ago, good for you. Hold on to it and sell it when it's up 10,000% from when you bought it. But you won't, because it went up 10,000% in an hour and you think it will be up 20,000% in the next hour (when in reality it will just tank down to -30,000%).
Scam? well, the biggest transactions in cryptocurrency's history stemmed from a guy trading it to himself to artificially drive up the cost. In other words, a guy had 1 bitcoin for 100 dollars and traded it to another guy (himself) for 10,000 dollars to make it look like it was worth more.
But if you want to use it as a form of currency (as it was intended to be) it is totally unreliable. One minute you're thinking of buying a signed autograph of Niel Pert for a fraction of a bitcoin (worth five dollars) then six hours later it's worth 50,000 dollars worth of bitcoin.
It appeals to people who are not as smart as they think they are. Slow and steady is the way to win. This get-rich-quick crypto bullshit is exactly that...bullshit.
Its not to get rich. its better than doing 9-5 job and be a slave of corporate.
it fluctuate because if it down buy it, up and sell it. if it down than you can hold it. NFT, metaverse are all related to crypto and this is the future.
It really isn't though. I've managed to save a lot of wealth working 9-5 and the fact is if I have 100,000 in my savings, it's going to be worth either 104,000 or 98,000 tomorrow.
If that was bitcoin, it might be worth 200,000 or 10,000 tomorrow. The problem is it's more likely to be the latter..
Slow and steady wins the race. Bitcoin is a shortcut. It could literally evaporate into nothing tomorrow.
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