849
Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.
(markets.businessinsider.com)
this post was submitted on 21 Sep 2023
849 points (96.3% liked)
Technology
60101 readers
1923 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
It is an allegory for the whole financial system ... it's all made up imaginary money, funds and amounts that don't exist and never will .... it's all based on trust, faith and belief. If enough people wake up tomorrow and stop believing in a segment of this entire system, it can all quickly collapse.
I remember reading about ten years ago that if all debt was stopped all over the world and all of it was to be repaid ... it would take the world several million years to do so.
There is wealth in the world but we've created very complicated, imaginary ways to make it seem that wealth is worth millions of times more than there actually exists.
I see it as a modern day religion ... it exists because we all believe in it .... if the faithful ever lose faith, the religion dies.
God I cannot wait for the religion of capitalism to die. Markets are rough enough without greedy fucks institutionalizing their greed.
Really, it's impossible. Most children are very selfish. Only some never grow out of it. Distinguishing between the two would be a very good way to appear to be far worse than a few greedy pieces of sh*t to the uneducated who do not realize the grief greed brings to others.