Line Goes Up – The Problem With NFTs



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
https://web3isgoinggreat.com/

The Third Web

NFTs: crypto grifters try to scam artists, again


Metakovan, the mystery Beeple art buyer, and his NFT/DeFi scheme
https://www.stephendiehl.com/blog/crypto-absurd.html
https://blog.mollywhite.net/blockchains-are-not-what-they-say/

Who Goes Crypto?


https://davidgolumbia.medium.com/cryptocurrency-is-garbage-so-is-blockchain-3e80078e77fe
https://marker.medium.com/fintech-is-a-scam-a-listicle-in-eight-parts-7b6161f3a35a
https://naavik.co/business-breakdowns/axie-infinity/#axie-decon=
https://www.gawker.com/culture/the-future-is-useless-expensive

https://www.theatlantic.com/ideas/archive/2021/04/nfts-werent-supposed-end-like/618488/
https://www.gamesindustry.biz/articles/2021-11-05-baseless-nft-hype-hits-a-crescendo-but-its-play-to-earn-thats-worth-watching-opinion

Platform is Law: The cautionary tale of stolen NFTs

Libra Shrugged — Chapter 6: Banking the unbanked


Written and performed by Dan Olson

Crowdfunding: https://www.patreon.com/foldablehuman
Twitter: https://twitter.com/FoldableHuman
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

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22 comentarios

  1. A Stardew Valley reference is not what I expected in this video.

  2. Though probably not intended, this video made for excellent listening material while spring cleaning my bathroom this afternoon. I love learning while doing menial chores. Such detailed content, I got into a real zen spot. Seriously, my shelves have been dusted within an inch of their lives. 😉 👍

  3. I just won the Johnny Depp nft. It’s too expensive to buy lol

  4. Had to stop at 50:00 because it got too depressing.
    I mean I probably continue watching some time later, but the exploitation of artists it just really demoralising.
    Raising INCOME taxes depending on the AMOUNT of money(*) the rich earn might be a well deserved slap in their rich faces.

    (*)Raising INCOME taxes depending on the money earned means that people who earn a lot, pay a higher percentage to taxes.
    People who earn less, pay a lower percentage.
    Example:
    Johnny earns only 1500$ monthly, his income tax is set at 5%. Johnny pays 75$ taxes.
    Richard Richardson earns 150.000 monthly, his income tax is set at 30%. He pays 45.000$ taxes.

  5. well that was depressing, but thank you for all the information

  6. and yes, I did get an NFT add before thus video

  7. Thank you for this video! Line. Goes. Up.

  8. Sre NFTS are bullshit, and Ethereum sucks… BUT, El Salvadore has made Bitcoin legal Tender, lightning network can handle many thousands of TX/sec, (and growing). The worlds first Bitcoin backed Bond will soon hit the market and will See the sovereign states to now raise capital, WITHOUT being subjected to whims of the IMF or similar..

  9. 1:19:45 What, tokens can be re-minted? OK, well that's game over.

  10. Interesting how you liken this to religion, with the cult scorning critical outsiders for being ignorant and needing to 'do their research.' NFT Kool-Aid might be a good move at this point.

  11. Lumping BTC with all the "crypto" is a huge flaw of this documentary.

  12. I hate NFT's but there is a ton of BOOGYMAN crap in where leading up to NFTs

  13. This scheme is bigger than the Great Pyramid of Giza.

  14. I haven't watched this video yet. Just my suggestion before I start watching, it's another socialist's bs about hiw "bad" nft and "good" piracy? I have a strong opinion that nft is a nice way to earn money and defend rights for all digital art and content creators. The main reason we have a big crisis in culture is the creators are not interested in creating something new, because it will be stealed soon, they just copy and paste what was made before digital era. Look at music – it's just remixes. Look at art just the same. Everything just the same.

  15. This sounds like a giant tax evasion scheme. Goodbye Welfare State, hello Plutocracy.

  16. I only understood the bit about how finance professionals make finance sound more complicated than it is.

  17. Cool story but you can make money with them + ratio + crypto is better than banking for avoiding government overreach

  18. Here after the Opensea hack. I was the Leo DiCaprio meme for a second.

  19. I literally miss the entire beginning because I was to busy look at how perfect your hoodie hood was

  20. I love the video, it is well presented but the citations are presented in quite an awful manner. Do provide where the sources were mentioned too. Further reading could be separated from sources too

  21. I'm still watching but the blanket bashing of the artists was a bit much imo.

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