[Fuldagap]

Originally Posted by Godzilla

This video highlights some of the discussions. Must watch if you are interested in crypto

Indeed a crisp clip that was.
I found one more from the same. Worth watching.

https://m.youtube.com/watch?v=mPhIIaSAZEk

[condor]

And now Russia too:

https://finance.yahoo.com/news/russi...ir%20portfolio.

Russia’s central bank is seeking to ban cryptocurrency investments, an escalation of the financial authority’s longstanding skepticism toward Bitcoin and other digital tokens. The ban would prevent future transactions, but would not force current holders to divest their portfolio.

[Samurai]

Here is one for NFT fans...

https://www.gawker.com/culture/the-f...less-expensive

[ashokrajagopal]

Source: Twitter.

Nothing conveys the current NFT zeitgeist better than these.

[mayukh42]

So, without NFT, two people can download a wallpaper for personal use where each copy is identical (of course, it is the same file in server), and with NFT in future, they can pay for a customised copy different at a single pixel level, so that they can call it their own unique possession.

No, thank you.

It makes more sense than ever that we spend more quality time in real life than virtual. So far it was only about addiction and waste of time, now it is also going to be about losing money.

[Samurai]

All these years I was thinking Crypto was detached from reality. But now NFT takes it to a whole new level. Even the English language doesn't have words to describe the madness of NFT, I guess they should invent new words for it.

[SmartCat]

This NFT craze is good for artists though. My friend's sister sold a 'Ganesha' NFT for an equivalent of Rs. 2,000!

Indian artists discover NFTs, a new way to monetise their creations
https://indianexpress.com/article/te...tions-7428136/

WazirX has their own marketplace now for NFTs
https://nft.wazirx.org/

[Sran]

Okay! Help me out. I have now decided to take a plunge in the crypto world. I have earmarked my axis bank account for this, it also has a credit card attached to it. I do not have any upi associated to it or to any bank for that matter. Somebody tell me the easiest exchange to work with. The money should be easily transferable to and fro from the said bank.

[AZT]

Originally Posted by Sran

Okay! Help me out. I have now decided to take a plunge in the crypto world. I have earmarked my axis bank account for this, it also has a credit card attached to it. I do not have any upi associated to it or to any bank for that matter. Somebody tell me the easiest exchange to work with. The money should be easily transferable to and fro from the said bank.

As of now the money transfer part is a pain. You have to go through Mobikwik which charges a small commission. RBI has unofficially asked banks to stay away even though legally SC has allowed them.

Vauld used to be good but I understand recently they are also having this money transfer from bank issue. Sadly, till the crypto bill passes and everyone understands what exactly is happening I dont see things getting better.

[Electromotive]

The masses gravitating towards crypto is proof of two things:

1. Greed, envy and a desire to get rich quick
2. Rising dissatisfaction with the national governments

I mean, if any random, somewhat good looking, young woman can rake in thousands of dollars a month (or millions if they market themselves well) playing video games or showing off her assets, then why the hell should people try to earn money through a regular "wage-slave" job?

The discontent among the masses is palpable. Rising inflation, sky-high real estate prices and increased competition for jobs makes the american dream unattainable to lots of americans. Teens and twenty somethings becoming millionaires off of youtube, twitch and onlyfans makes those not fortunate enough green with envy. Then they hear of crypto and how it is the miracle millionaire maker - just the thing they needed. And thus starts the chain reaction of "investing" and shilling (promotion) of the crypto religion to friends and family who in turn do the same. Some have even made decent gains off of crypto so the illusion perpetuates.

The belief in crypto has resulted in a massive transfer of wealth from the speculators to the publishers and early investors of crypto. All the old MLM guys have also jumped into crypto. Draw your own conclusions.

[mayukh42]

Originally Posted by Electromotive

2. Rising dissatisfaction with the national governments

To be honest, this point has been there always, and will be so in future. For example, before 2020 November, the US electorate was sold that the change of regime will solve everything. It did not (and is not expected to be either, because ground efficiency of any government does not change overnight). In 2024 it will be the same story.

I think the real culprit is the social media, encouraging users to be more narcissists than ever, making them think that they need to get that 15 mins of fame. It is hard to overcome this especially by the youth.

Meta/ NFT etc. are just cashing in on this. Though real value of something was always subjective, now it has come to number of likes and subscribers.

Related cancer in another industry:

https://www.youtube.com/watch?v=ebdcpdVgBAg

[Samurai]

I just realized that every post on team-bhp be turned into a NFT. Every post here has an unique url. All we have to do is generate a RSA key pair and sign it using a CA key, to create an NFT owner certificate. All we need is openssl tool, which can be freely downloaded. The url of the post and the NFT owner name (+ some unique id like aadhaar) can be baked into the NFT certificate. Any time the NFT has to be sold, we can issue a new certificate and revoke the old certificate. We can maintain this CA on a public server for verification purposes.

Psst... posts with higher thank count have higher value.

Of course, any one of you can do it. It is up to you to market your NFT and make people believe it has value.

PS: Here CA stands for certificate authority and not chartered accountant.

[Electromotive]

Originally Posted by mayukh42

To be honest, this point has been there always, and will be so in future.

True, but there has been a fundamental shift in perception because of just how much liquidity is now in circulation and the state of national economies in general. People are losing faith in their governments to preserve or improve their quality of life.

There is a need for a stable store of value and for the time being crypto is being peddled with that promise. Holding fiat is a fool's endeavor when inflation and hyperinflation are destroying economies one by one. So, people (mostly young men) are gambling fiat for the promise of virtual wealth. That said, I think the USD will ultimately come out stronger even with the massive printing the Fed did because the USA and US companies are still the hub of innovation and value creation. And the US still has the military might to enforce its will. If and when the crypto bubble collapses a lot of the freshly minted dollars will be wiped out reducing supply.

Poor people and countries are always hit the hardest. Ruthless capitalism and globalism has ensured that only the rich will get richer unless you do something fundamentally different. Crypto holds the promise of wealth for a lot of people in countries with low per capita income like Philippines, Argentina, India, eastern europe etc. and poor, jobless people in general even in richer countries. Crappy NFT related games are very popular in Philippines not because they are fun but because there is the promise of making money from playing mobile games.

PS: Wasn't the title of this thread "The Cryptocurrency Thread"? When was the title changed to include "NFT"? heh.

[m8002?]

Now that Bitcoin has crashed by 50% and many other Cryptos even more, what the take on it? Its a short term blip ( and a buying opportunity) ?

Are people who got in at 60K, now averaging at the current prices? Or waiting for further corrections?

[SmartCat]

Originally Posted by m8002?

Now that Bitcoin has crashed by 50% and many other Cryptos even more, what the take on it?

If Bitcoin falls 50%, it is called a "correction". Only if it falls 90%, it is considered a crash.