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That's literally true for any currency. That's simply how money works.
And it is still economics and not idiocy... there are people in this world for whom that kind of money is to them how $1 is to me. I might have paid $1 for the novelty. Since these things are, as you say, materially worthless, perhaps the novelty alone is where its value comes from.
Not sure that making a bunch of dollars constantly burns through a whole load of electricity to do completely worthless things. So theres that massive difference for a start, and to the fact that you can only spend them in a few places. Not even getting into how they're used for all kinds of shady/illegal/reprehensible things, partially by design.
Currencies, though not generally "gold backed" are backed by the country they're from, rather than a bunch of random people running an idiot beans currency. So it's basically betting that the US or EU or whatever country rules it's currency void, vs betting that a pyramid scam falls apart (again), no one will buy them or is declared illegal. It's not even remotely close to being the same region of risk level. But it gets worse. Idiot beans aren't insured or really insurable, and have basically none of the same protections as normal money, so if they get stolen or you get defrauded, oh well.
There is no net benefit to humanity to create a system that does basically exactly the same as another system already, but is horrendously wasteful and in basically every way worse. Doing that is at best idiotic.
"gold backed" currency has no more "real intrinsic value" than anything else. Its value has historically been: its shiny and its rare (while it does have modern manufacturing value pretty much none of those existed when it was used as currency). As a commodity its actually far less stable than most currencies - tomorrow someone could stumble upon a new mining location or a cheap way to synthesize it and its value would immediately sink
I have way more faith that the US will exist next year than that the value of gold will not change dramatically
"There are approximately 2.2 billion individuals with access to the Internet or mobile phones who don’t currently have access to traditional exchange, these people are primed for the Cryptocurrency market. Kenya’s M-PESA system, a mobile phone-based money transfer, and microfinancing service recently announced a bitcoin device, with one in three Kenyans now owning a bitcoin wallet. (Let me repeat that again. 1/3)....
"The future appeal of cryptocurrencies lies in allowing you ultimate control over your money, with fast secure global transactions, and lower transaction fees when compared to all existing currencies.
"When used properly and fully understood it would be the initiator of many emerging systems that will fundamentally change our global economic system."
https://www.huffpost.com/entry/7-incredible-benefits-of-_1_b_13160110
(emphasis mine)
(I still think NFTs are stupid.)
Generally the way to fix a ladder with a broken rung is to fix the rung. Not create a new incredibly wasteful system to make a new ladder that has the same broken rung and a few more snapped off.
That article was hopefully just written by someone looking for investors and not a jounalist. It doesn't even stand up to the vaguest scrutiny and makes all kinds of wild unsupported statements and ignores all kinds of basic practical issues. So it's probably best to ignore it entirely.
Kind of like these tokens.
This is not the first time I have read about bitcoin being useful to poor or corrupt countries. I posted earlier with examples of countries that have problematic currency. So for the people that live in those countries, no. There is not a system that already does this for them. Their local currencies have failed them and this is a lifeline for them. And it's far less problematic than replacing the governments that got them in that position. No, it's not perfect. But it's not pointless, and the people using it are not always idiots. If you want to educate yourself, you can look it up. But I'm not going to argue the issue further. There's already enough salt on this forum for my tastes.
As others have said, the majority of currencies are state backed, which provides a much more robust foundation to the currency. If a state-backed currency was going this wild, people would be deeply deeply suspect.
In financial terms, cryptocurrency is probably much much more accurately thought of as a stock than it is an actual monetary system, as the value is based on much bigger assumptions than "Will this nation still exist next year to honour this currency".
For examples, the value of GBP dropped by ~10% because the country unprecedentedly voted to deliberately remove itself from one of the world's largest trading blocks. The value of Bitcoin dropped ~10% because a slightly charismatic billionaire tweeted "I think the price is a bit high at the moment". That's the difference in how assured the value of those currencies are.
I still see 'digitalis' every time. Every. Time.
Yes, it's annoying. I can't browse the site from my phone or tablet because of that video. I have to jump the first page by using old links.
What's the problem with the video?
On both my cellphone and tablet the video just keeps loading. And while it is loading, none of the menu options will work. Since the video either never finishes downloading or won't play (not sure which) the menu never becomes active.
I'm not sure if the page is just locked in a download / run cycle, or if the menu drop down is falling over the video and becoming inaccessible.
Crappy.
The video doesn't load on my Android phone's Chrome browser, but I have no problem accessing the menu or seeing the rest of the page. Then again, I almost never go to the Daz home page, and use bookmarks for the gallery, store, etc instead
Koffi looks NIIICE! What a handsome model/man.
Bitcoin is not a currency. It's a derivative based on Elon Musk's moods.
So are we getting new tech or the ability to sell to the agency? I dont understand what we are getting.
I think its a token that represents the real thing, so nothing
I think that's Dogecoin - which somehow even manages to be more stupid than anything else we've discussed here - but yeah, when a single Tweet can do that, I don't think it's something people should be investing their fortunes in.
We don't know.
I should've understood by the sudden stop of the flow in the version history page. When devs stop writing to that page, they're generally working on a new big thing behind the scenes. Compared to its regular update rate, it has just got frozen for days... Something must be happening. (Or all devs went on a strike xD)
They kept mentioning the flatness of the skin and it not changing based on the light unlike the real models, and all I kept thinking was "He doesn't have his translucency and SSS settings up high enough!"
There was nothing stopping anyone from selling NFTs before, so that won't change, nor is new technology required to do so, but people have reinvented the wheel before. We've no idea what is coming, but it will probably be disappointing.
As far as the agency goes, there's no sign of anything special to do with Daz on their website. Not even a countdown timer. A new interview with Cameron appeared yesterday, and he mentions Daz a total of zero times, so it doesn't look like much is changing there, either. He did mention Daz previously when discussing the LaVieCK collaboration.
I think what they've done at The Diigitals is pretty great. Cameron started with nothing, they're slick, they're getting attention and business and they seem to be paying their bills. I'm jelly, but the good kind.
Is it just me or did the counter get set back by about 6 hours?
ok it's not just me then. Earlier today at like 8pm I went on and saw 12 hours left on the counter when I swore it was timed to be at the store changeover the past couple of days.
Perhaps calculation of the NFT's took longer than expected, due to lack of hardware power. The gamers and 3D artists are using all that precious modern hardware and the poor miners have to rely on old hardware or pay a fortune for a decent card...
The whole thing is a speculative market, so for small sellers it's already collapsing pretty brutally because the whole point is to buy things the collector thinks will appreciate in value. Early on some people probably had a better chance of selling a few pieces to collectors fascinated with the novelty value, but it's going to end up mostly being a playground for brands. Putting out the word that you're selling something weird for a ridiculous amount of money is press bait, which is why companies do it even if the reception from actual customers is negative.
I mentioned in another thread that the smaller NFT transactions seemed to mostly be friends buying each other's work and then tweeting about it. It's multi-level marketing; you buy in all the way and then spend the rest of your time trying desperately to get everyone else to buy in so your languishing product maintains some of its value, even though people at the bottom are probably going to lose money.
I'm disappointed in the 3D and digital art world in general, but I'm especially disappointed in Daz. Everyone really saw that beeple payout and decided they aspired to embody every really on-the-nose critique of an elite, shallow tech-obsessed society in a dystopia movie, huh?
They've done really well reaching out to broader audiences lately, but stuff like partnering with Grimes and offering microtransaction content in niche MMOs and jumping on this is weird. This is a crafts supply store.
Might lack some things, but hardware isn't one of them :)