The Problem With NFTs “New Video 2022”

If someone pitches you on a “great” Web3 project, ask them if it requires buying or selling crypto to do what they say it does.

Sources and Further Reading

The Third Web

NFTs: crypto grifters try to scam artists, again

Metakovan, the mystery Beeple art buyer, and his NFT/DeFi scheme

Who Goes Crypto?

Platform is Law: The cautionary tale of stolen NFTs

Written and performed by Dan Olson

00:00:00 Preface
00:01:12 0. In 2008 The Economy Collapsed
00:07:09 1. Bitcoin
00:18:18 2. Ethereum
00:24:34 3. The Machine
00:39:07 4. NFTs Exist To Get You To Buy Crypto
00:57:54 5. The Unbearable Cringe Of Crypto
01:11:46 6. A Self-Organizing High Control Group
01:16:57 7. Crypto Reality
01:25:36 8. There Is No Privacy On The Chain
01:32:52 9. If This “Looks Like Scam” Then Every NFT Room I’m In Looks Like Scam LOL
01:38:29 10. Play To Earn Exists To Get You To Buy Crypto
01:46:39 11. We’re All Gonna Make It And By “We” I Mean “Us” Not You
01:56:08 12. DAOs Exist To Get You To Buy Crypto
02:13:21 13. I Know It’s Rigged, But It’s The Only Game In Town

40 bình luận về “The Problem With NFTs “New Video 2022””

  1. 12:33 "they mean jews"
    Do you really believe that?
    Some of them mean jews, but even when they mean jews, they often don't just mean all of them, but only these wealthy jews, which supposedly work together in some way.
    It's not against a specific religion most of the time, but against a specific group of people.

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  2. I wish people who had this much free time, income, and community organization would build something tangible like a food co-op, a community park, a community garden, etc. There's also no guarantee that these kinds of startup will be long lasting, but they will have a real tangible benefit to the investors. I suppose the small dwindling chance of becoming a multi-millionaire is more alluring than helping yourself and your neighbors.

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  3. NFTs = sextapes because ownership = money. it is like slavery, but with extra steps. rich people want copies of your avatars like on black mirror [edit] so they can have oculus virtual sex with your avatar. the NFT "owner" of that original avatar gets paid everytime you "use" a copy of that avatar. paid through cryptocurrency; of course.

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  4. Yup. Sad thing is people invest in things for dumb reasons. Even most crypto infuluencers will tell you they aren't 100% in on crypto because it is still so speculative. I think the progress made in the past decade in blockchain technology is undeniable. But by progress i mean discovery of how different blockchains work in different scenarios. Once the market has enough data on consensus mechanisms one will be put forward that solves the problems that came before it. But there are a lot of different mechanisms so picking an alt coin or project at this point is going to be very difficult without deep technological knowlege on the topic combined with knowledge on game theory dynamics in the market. People give Elon musk ridiculous sums to waste on non-profitable endeavors, he doesn't need a crypto, because it's all the same. The only thing that will save you in investing in a scam is plenty of research.

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  5. This video was really good, it made me understand so much of what I didn't know, and he evens explains that is going to get complicate with not understandable words, but that there's also a reason behind that. I'm surely going to use this video to send to some people around me that are looking forward for NTF, it should be a clear wake up call to not do it. Great work Dan!!!

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  6. Some constructive criticism that'll probably get lost in the ocean of comments, but I just started the video and once you're in the room with the white wall behind you I can hear the room in the microphone when you speak. Acoustic treatment of the room, curtains, rugs, etc. can get rid of that so you don't hear the deformed reflections of your voice bouncing around the room in your microphone. Another option is to use Izotope RX dialog isolate to remove those artifacts from audio that's already recorded.

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  7. I had a conversation with a friend about crypto right before I came home and found this video and boy is it on point with everything I felt when talking to him. When I said I don't like to concept as it is right now because it's all used for huge speculation he said that's not even a big part of crypto in general. I said I think that's wrong since that's what the loudest voices are always talking about. He pointed out the things like using the technology for decentralizing things like skill certifications for people in poorer countries to give them opportunity. I asked him how is that different from any kind of certification system today and how that would actually work. How would it help someone to have an NFT saying they are good at <skill>? Someone has to recognize it outside the blockchain still right? He said he didn't know, but a lot of smart people are talking about it. This is where I got frustrated with him and did not escalate the subject. Who says the people talking about it are "smart"? Is it because they have a lot of money? They have a lot of twitter followers? They gave a Tedtalk once? My experience with crypto is anybody talking about it being the future of <thing> I instantly trust less.

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  8. The first 35 minutes alone has encouraged me to stop my crypto dabbling. I had always been sorta suspcious, but i had sorta followed suit after my brother and friend gotten into it. Seeing how many of these coins are orchestrated by wealthy 'whales' and scam artists, has thoroughly turned me off of it all. I've also been told to dip my toes into selling NFTs, as I am an artist myself, but i'm not salesman and I'm thoroughly disinterested because of the culture around it.

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  9. You just think NFTs are just pictures, all you do is just spreading misinformation, as well as all the people on YouTube trying to be cool and negative, as we all know the negativity attract more people, and I wish you agree with this person, more time for more intellectual people to adopt early.

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  10. If you want a good, critical and unbiased analysis of the crypto/NFT space, this is not it.

    Though it's well researched, its a terribly biased take on the matter. His constant eye rolling, tone and gestures make clear that this isn't an open minded enquiry. He has an agenda and is pushing it. That's no different from the people he's accusing.

    This guy honestly comes across as sour; he has selectively left out information, glossed over other things quickly and talks about a lot of irrelevant things. Not once does he stray from the "crypto/NFT = bad" opinion.

    Why does it either have to be all bad or all good?

    Surely you can understand something can be technologically revolutionary and at the same time attracts bad actors looking to make money? Scams and fraud are pretty synonymous with any technological advancement.

    His criticism of metamask was the most bizarre thing. The most clear example that this guy is completely biased and not able to look at things with an open mind.

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  11. okay, I had to pause at the crypto casino bullshit and think about it for a few minutes to wrap my head around this.
    So basically in order to be even ALLOWED to gamble at this casino you have to buy a share in that casino (that's what the NFT is in this context, a share). This means that any profit generated by this casino will then be shared with you. At best this means when you win at the actual gambling in the casino you also get a bit more on top of your winnings in the form of what others lost in the casino, at worst you get some of the money back you lost because your lost money is proft for the casino and as a shareholder you are entitled to your share of the profits. And the way a casino turns a profit is by simply paying out less in winnings than what the patrons on the whole pay to participate. That's why every game in a casino is designed to have a less than 50% chance of winning something (remember, Roulette has the green 0 simply to have something on the wheel that's not included in any of the groups you can bet on and will generally result in everyone losing their bets, unless someone actually betted on 0).
    But when I thought about it a bit too hard than I probably should have (that's time I'm not getting back) I realized that this is just a scheme to redistribute money from the bottom to the top. Just think about it, what's stopping someone from buying more than one share and be a big shareholder of this casino? And if you are a big shareholder of this casino there is little incentive for you to actually go and gamble in this casino. You having lots of shares in this casino means when it's time to distribute the profits evenly among the shares you get alot more money than others because you own more shares, meaning you are entitled to a bigger portion of the winnings. And if you are not a big shareholder and maybe only own 1 NFT as your share, you are incentivised to actually gamble in this casino as that is the only way for you to potentionally make any money. Which in turn will lead to this crypto casino being no different to real world casinos, it's just that the people who made this casino are not the ones who potentionally profit off of it. Unless they are smart and keep alot of the NFT shares to themselves in which case it is just a digital only version of a real world casino and probably the only reason they wanted to make this in the first place.

    God I hope this went up in flames.

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