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Megycal
Sep Member 2005

Megycal

Posts: 18,097 Opal Posts by user Forum Profile RuneMetrics Profile
I admit I laughed when I read that the person who paid millions for the NFT of the first tweet put it up for sale and only got an offer of around 30k. Of course he may have got a higher offer later but I haven't seen anything else about it.

16-Jun-2022 11:06:52

Haukur

Haukur

Posts: 1,384 Mithril Posts by user Forum Profile RuneMetrics Profile
The problem with crypto is that they can become worthless in a matter of moments. A prime example of this would be the Petro. Myself, I do not have any faith in cryptos what so ever. Say something happened tomorrow that caused the world wide web to completely go down. Well there goes all the money you invested in crypto up in smoke so to speak.

Things that should be invested in, bullion and other precious metals, gems, land. Don't ever think the reason I am peaceful is because I do not know how to be violent.
Ekki hugsa alltaf að ég sé friðsælt vegna þess að ég veit ekki hvernig á að vera ofbeldi.

16-Jun-2022 19:38:50

Theos
Aug
fmod Member
2008

Theos

Forum Moderator Posts: 23,574 Opal Posts by user Forum Profile RuneMetrics Profile
Megycal said :
I admit I laughed when I read that the person who paid millions for the NFT of the first tweet put it up for sale and only got an offer of around 30k. Of course he may have got a higher offer later but I haven't seen anything else about it.

I still can't understand the demand for NFTs, conceptually. It amazes me to see people paying such large sums of money for these pieces of "artwork". I sometimes joke about having my 3 year old daughter draw something, and turning it into an NFT.

How does a person calculate the intrinsic value of an NFT? What about the intrinsic value of cryptocurrencies?
Forum Moderator

17-Jun-2022 13:22:30

Megycal
Sep Member 2005

Megycal

Posts: 18,097 Opal Posts by user Forum Profile RuneMetrics Profile
I suppose they're worth what people are willing to pay but I think buying NFTs and cryptocurrency that only exist in the ether of the computer network/online is absolutely crazy.
Several months ago I read that the power used worldwide to "mine" the cryptocurrencies is massive. It can't be good for the environment.

17-Jun-2022 19:43:14

Archaeox
Dec Member 2011

Archaeox

Posts: 53,399 Emerald Posts by user Forum Profile RuneMetrics Profile
Cryptocurrencies don't really operate like currencies at all - instead they behave like commodities.

The problem is, they're commodities with no inherent value/worth; the only thing you can do with them is hope that someone will come along and pay more for them than you did.

They are therefore inherently unstable, with value driven entirely by non-physical determinants.

The same is true for NFT's.
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22-Jun-2022 13:14:27

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