stuff like nftickets/SNL's what is an nft nft are real world examples of a functional NFT
deeds/logs for home cars or identity verification, those are some examples of when theyll actually have function
and IMO that clubroom thing i described is one utility and the other that is already actively fulfilled is supporting artists charities and so on that people like so it's not exactly a full grift compared to the literal grifts that are "Yeah We're Just Gonna Take The Marketing Budget And Go Now"
Club room thing is probably dogshit I can only imagine
Take note just because people have millions does not make them smart and just because they are not smart does not mean you can get money from them somehow
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if you do any consulting talking with not smart people with money does mean just that its just a matter of if its the right group
me too but there is its own social benefits to these 'club rooms' that your average grift project has that is really interesting. it's a more nuanced discussion i dont wanna get on in here but it does lean closer to grift than the former example (rich people club)
Decentralized finance is how people get away with scams. Many of my family members are caught up in MLMs and the way true believers talk about crypto sounds like the MLM rationalizations I have heard all of my life.
Hope I am wrong, but from the outside looking in that's what it looks like. No thanks.
You're wrong but your fears are understandable DeFis a separate arg
Banks are scams, you're literally not saving money with them anymore
I don't think it is "the banks" vs decentralized finance. The companies that pop up to help move crypto around are just "the banks" of crypto. The true dichotomy imo is government fiat currency by a federal institution vs decentralized blockchain. My reading so far has me wanting finance further centralized instead of less.
Banks saving us money? Never given a shit about that. We are looking at stability and fraud. Centralized fiat currency has given us a very strong and stable currency system that is relatively well protected from fraud. Americans take these things for granted. Whatever flaws we see despite this relative stability would be better answered with more centralization instead of less.
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But it's whatever. That is all the earnest thoughts on crypto I can muster. I just want to go to a casino.
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You're not wrong but what we're talking about is the backbone of our retirement savings. if people are putting money into an a traditional bank account,
being charged for that storage (most people have low savings and are charged monthly fees on accounts for it)
and not expecting it to not devalue at the same rate that it would under your floorboards
Then I'm not sure what to say besides they're getting scammed. Crypto is more volatile sure but it's wealth ignorance to believe that poor people don't need a better solution than what is Traditionally Offered.
My grandpa did the floorboards thing before he died and I think about it sometimes. I know he didn't put it in a bank because he didn't trust them, but I realize now that actively leveraging what you have has always been the only true way to save and achieve the new American dream (being able to relax before you die)
I don't disagree with criticisms of decentrality and personally believe that the right solution involves elements of both but I'm just arguing that CeFi is currently approaching failure status
One things for sure
http://www.shadowstats.com/alternate_data/inflation-charts
People need to consider how to possibly save when their savings are actively losing 10% of their value
I don't give a shit about people investing in crypto hoping for a bigger return. I think it is unwise but so is the coke I am drinking right now. And YNS is right that it isn't truly the same as gambling. I get that. Wanna put your money somewhere to watch it hopefully grow? Fine with me as long as you are upfront about the fact that it is all you are doing.
But when people get so emotionally invested in these investments that they need to frame it as a radical revolution coming for the finance system, I say sloooow down there partner. That's the MLM talk. Folks that invested emotionally in it gotta use this framing to get others invested with them. I hate to psychoanalyze but being around MLM people all my life I just can't ignore how similar it all sounds.
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The thing about "real" commodities is that they always have some intrinsic value.
Food? You can eat it.
TV? you can watch it.
House? You can live in it.
And people worked to create these things.
And make money selling them.
Crypto is a zero-sum game.
It starts with a value of zero.
Gamblers buy in low and sell out high.
But in the end, it has no true value.
Once all the early gamblers get rich and cash out, it will eventually collapse.
Fun fact:
Elon Musk tweeted about Dogecoin and its value went up about 70 times more than when he tweeted.
If he bought 100 mil, and sold at 7 bill, then he is the winner.
Today that shitcoin is back to what it was worth from way back then.
Everyone who bought in after that tweet are the losers.
Zero sum game.
the money in your bank account has no 'intrinsic value'. cash in your wallet could at best be kindling