Bitcoin and cryptocurrency

From an article in today's The Street:

"To that end, reports this week suggest GameStop is paring staff with another round of layoffs, this time focused on the group's blockchain and NFT unit, which began expanding earlier this year following a deal with now-bankrupt crypto trading platform FTX."

NFT. Non-Fungible Token. Seriously? Who comes up with this? You pay real money to buy something that only exists on your computer? I don't think so.
 
Orionblamblam said:
edwest3 said:
You pay real money to buy something that only exists on your computer? I don't think so.
Click to expand...
Music is just a series of ones and zeros. As are streamable movies and downloadable books.
Click to expand...

PFFFT ! So what? Cryptocurrency is a con game. A perfumed marketing job to convince people to buy nothing in exchange for a line in a ledger. Bankruptcies, hacking (with 2022 setting a record for thefts) and some people are getting rich at the expense of their clients. NFTs are nothing, like the Metaverse which lost billions because Zuckerburg thinks he can make billions. He has zero imagination, but no one wants to live, work and play in his crappy amusement park. Some people are sold the fake idea that an image of a Nike sneaker design they can never touch or see in person is worth anything. It's not. Never will be..

The influence these people have is incredible. A prestigious auction house was going to auction some NFTs but that was cancelled. On top of that, NFTs are stolen as well. What a great con - you get them coming and going. Sad.

www.comparitech.com

Worldwide NFT heists tracker - Comparitech

Non-fungible tokens (NFTs) have grown in popularity in recent years with one NFT, The Merge, recently selling for a whopping $91.8 million in December 2021. While nearly 30,000 collectors collaborated to buy The Merge, one NFT by famous artist Beeple (Mike Winkelmann), Everydays: the First 5000...
www.comparitech.com www.comparitech.com
 
edwest3 said:
NFT. Non-Fungible Token. Seriously? Who comes up with this? You pay real money to buy something that only exists on your computer? I don't think so.
Click to expand...
As compared to say, Adobe, where you pay real money to rent something that only exists on your computer?
 
edwest3 said:
Orionblamblam said:
edwest3 said:
You pay real money to buy something that only exists on your computer? I don't think so.
Click to expand...
Music is just a series of ones and zeros. As are streamable movies and downloadable books.
Click to expand...

PFFFT ! So what?
Click to expand...

You just said "I don't think so" to buying "something that only exists on your computer." The economy of just exactly that sort of thing is *vast.*

edwest3 said:
... is a con game. A perfumed marketing job to convince people to buy nothing in exchange for a line in a ledger. Bankruptcies, hacking (with 2022 setting a record for thefts) and some people are getting rich at the expense of their clients.
Click to expand...
Welcome to the last 4,000 years.
 
aim9xray said:
edwest3 said:
NFT. Non-Fungible Token. Seriously? Who comes up with this? You pay real money to buy something that only exists on your computer? I don't think so.
Click to expand...
As compared to say, Adobe, where you pay real money to rent something that only exists on your computer?
Click to expand...

Or AutoCAD or a whole lot of basically vital programs that now exist only in subscription form.

Hell, *books* that people buy in order to read on their devices aren't safe. Books have been withdrawn and edited remotely without the buyers consent. That's why the bulk of my software is old, the bulk of my books are paper.
 
Orionblamblam said:
aim9xray said:
edwest3 said:
NFT. Non-Fungible Token. Seriously? Who comes up with this? You pay real money to buy something that only exists on your computer? I don't think so.
Click to expand...
As compared to say, Adobe, where you pay real money to rent something that only exists on your computer?
Click to expand...

Or AutoCAD or a whole lot of basically vital programs that now exist only in subscription form.

Hell, *books* that people buy in order to read on their devices aren't safe. Books have been withdrawn and edited remotely without the buyers consent. That's why the bulk of my software is old, the bulk of my books are paper.
Click to expand...

I know about the issue with ebooks, some of the novels I purchased had their covers updated from the artwork covers of the last paperback editions to not very good photographic artwork.
 
news.slashdot.org

Canada's Biggest Pension Fund Ends Crypto Investment Pursuit - Slashdot

Canada's biggest pension fund, CPP Investments, has ended its nearly year-long effort of studying investment opportunities in the volatile crypto market, Reuters reported Wednesday, citing people familiar with the matter. From the report: The reasons behind CPPI's abandonment of crypto research...
news.slashdot.org
 
Forgot to post this:
yro.slashdot.org

FTC Probes 'Possible Misconduct' In Cryptocurrency Advertising - Slashdot

The U.S. Federal Trade Commission (FTC) is investigating several unnamed crypto firms over deceptive or misleading crypto advertising, according to a Bloomberg report. Decrypt reports: "We are investigating several firms for possible misconduct concerning digital assets," the FTC spokeswoman...
yro.slashdot.org
 
news.slashdot.org

Crypto Exchange Coinbase Asks Users To Switch USDT for USDC - Slashdot

Coinbase is waiving the conversion fees for users who wish to switch to a "trusted stablecoin" in a new campaign that highlights the quality of reserves that back Circle-owned USD coin (USDC). From a report: "The events of the past few weeks have put some stablecoins to the test and we've seen a...
news.slashdot.org
 
Higher electricity usage than Norway?

www.forbes.com

Why Does Bitcoin Use So Much Energy?

When the enigmatic Satoshi Nakamoto minted the world’s first cryptocurrency in 2009, the plan was to create a decentralized payments platform that would revolutionize how we buy and sell everything. The point of Bitcoin, according to Nakamoto’s founding white paper, was to enable quick, borderles
www.forbes.com www.forbes.com
 
www.rte.ie

Former FTX CEO Bankman-Fried charged with fraud

US prosecutors have accused Sam Bankman-Fried, the founder and former CEO of crypto currency exchange FTX, of fraud and violating campaign finance laws, saying the investigation is ongoing and "moving very quickly".
www.rte.ie www.rte.ie

www.reuters.com

Former FTX CEO Bankman-Fried arrested in Bahamas after U.S. files charges

FTX founder Sam Bankman-Fried was arrested in the Bahamas at the behest of U.S. prosecutors on Monday, the day before he was due to testify before Congress about the abrupt failure last month of one of the world’s largest cryptocurrency exchanges.
www.reuters.com www.reuters.com
 
A few headlines that I think might be appropriate:

"The Future of Money? There's no Money in It."

"Is This the End of Crypto? Industry-wide Collapse on Horizon."

:)
 
Last edited by a moderator:
news.slashdot.org

CFTC Sues Bankman-Fried, FTX and Alameda for Law Violations - Slashdot

The Commodity Futures Trading Commission sued Sam Bankman-Fried, FTX and Alameda Research for violations of federal commodities laws. From a report: The top US derivatives regulator claims Bankman-Fried and other FTX executives took hundreds of millions of dollars in loans from Alameda they used...
news.slashdot.org
 

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