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It is not cryptos that is the problem, it is these exchanges. You do not need these exchanges to trade in cryptocoins, and many in the know are telling people to stay away from doing things through exchanges. All you need is a cryptowallet on your own machine. Cryptos are meant to be decentralized. The beuaty of them is that they are decentralized. These exchanges are designed to shift things away from them being decentralized, and to allow a smaller group of people to have sway over things.
There are things I'm hearing about this FTX thing... that... I can't comment any farther about here, because it would risk going too far into territories that would get this comment deleted. 0o
There are two problems facing decentralization:
If you are not okay with losing whatever money you put in, you should not be in crypto. And no one should be trying to rope anyone into crypto without explaining to them that if they lose their money, no one will help them. It's gone. It's a feature, not a bug, and the exchanges are a symptom of this unregulated territory being a playground for some of the most ruthless, thoughtless, richest people on Earth.
My (very limited!) understanding is that @plasma_ring isn't wrong, but decentralization does offer some benefits. However, if you store your crypto on a centralised platform such as ftx (or opensea, I suppose?) you get none of the benefits of decentralisation and all of the drawbacks. I don't hold crypto but I low-key looked into it because it's a fascinating subject; and I got the impression that storing your crypto on your own device (laptop, desktop, even mobile phone) isn't that hard?
A crypto wallet is really just a code-string that constitutes a link to your crypto coins on the blockhain. There are literally people who have a piece of paper in their physical, conventional wallet with that code on it, for safekeeping. So long as you have that scring of characters, you still have your digital coins. That piece of paper is called a "paper wallet."
The coins are not actually IN the wallet, the wallet is just a link that identifies which coins on the blackchain are yours. The coins are on the blockchain.
Anyway, I seriously doubt having a crypto wallet (one that is independent of the exchanges) is that hard.
Nike selling virtual shoes
SMH
https://thenewdaily.com.au/life/tech/2022/11/26/nike-metaverse-swoosh/
I just got an email from The New Daily I am subscribed to through the union I used to belong to when I worked.
Had a story on the major superannuation funds comparing investing in Crypto to betting on horses or playing roulette.
Bottom line, people can do whatever they want with their own money. My objection to crypto is how quickly "I'm doing this with my own money" turns into "...and all my friends should do it with their money, and all my family should do it with their money, and my acquaintances should do it with their money, oh my god everyone needs to do it with their money or I'm going to lose all my money." If you can somehow get into this without immediately turning around and telling everyone you know how super exciting and wonderful a new frontier this is with no downsides whatsoever because if it fails you've set yourself up to lose more money than you can afford, congratulations on breaking the code.
I have seen way too many people drag their spouses, their retired parents, and their kids down with them into this hellhole. If you never touch it, you'll never have to figure out how to tell someone you love how much you lost at what is functionally a casino.
If you would like to buy and sell things and do not want anyone to be able to track that for what may or may not be legal reasons, yes, it has benefits. It also has significant drawbacks, which is why the crypto world is currently speedrunning every financial crisis that's historically led to regulatory oversight. Unless you're worried about the FBI taking an interest in your shopping list it probably isn't worth it, and if you are you have bigger problems.
Number 45 seems to think they are pretty cool
I'm really enjoying the extensive disclaimers. Oof.
That's uh. A lot of ways to say, "These are just online pictures, legally speaking."
A particular video podcast I'm following suggests 45's NFT offerings here are designed more as a means of getting lots of people into having virtual wallets, and then getting used to them, and then discover it also lets them transact in crypto-currencies as an alternative to the conventional banking system. It's part of a much larger strategy that really has nothing to do with NFTs per sey. The NFTs are just a New Shiney to get them in the door and notice how easy it is to use crypto currencies in the long term.
Interesting concept, that.
(edit: fixed a minor typo)
I can see it, but also I feel like that's probably giving him and his handlers a lot of credit. There have been a couple of recent NFT project announcements (most notably Starbucks') that pretty clearly fell into the "wellllll we did put a lot of work into this and it would be a huge loss to just scrap it now that the market has tanked" category, and it seems more likely to me that it's some combination of that and a fairly low-effort way to trade on what's left of his popularity.
Well, true for some businesses working on NFT projects... but yeah I definitely don't see a lot of work having gone into the aforementioned offerings... kinda "Cut and Paste 101"... Drunk, with one eye tied behind my back I could bang out a better looking bunch of images in a couple of hours (taking into consideration a nap and hospital visit for the eye thing)... I'm wondering if Photoshop was even used and not some free or $5 phone app... Google the part about watermarks and catalog images... it's really kind of amusing in a not so amusing fashion.
I've been hearing that many were purchased by elderly who have no idea what an NFT is or how to use cryptocurrency. Some think they can display them in their house!