It’s also relatively easy to recognize that this landscape is likely to be one where there are few winners, and the winners are probably going to be the people who were already winning, financially.
“For every one person that makes money, you have 100 people that have lost money. It’s basically just a giant wealth redistribution scheme,” said Stephen Diehl, a software engineer in London who recently laid out a scathing and widely read critique of the crypto asset bubble. “Why it seems so fake is nobody can quite figure out what these things are, and they’re being presented to different people with different stories.”
Dash is one of the originators of the NFT concept, but he worries about the clearly fraudulent nature of some dealings in the market. “They had to coin the phrase ‘rug pull’ to describe the fraud that happens in NFT communities because that type of thing is so common. What does that tell you?”
In the United States, we’ve convinced ourselves of the story of the dollar, which is backed by the full force of the US government. But it’s ultimately just a piece of paper. Cryptocurrencies and NFTs and AMC all come with their own stories, which, admittedly, can be on the kooky side.
There’s mass distrust in institutions and in government, and economic mobility is increasingly hard to achieve
There’s more to the current money landscape than dogecoin and meme stocks that makes the whole thing seem a little fake. The stock , even during the depths of the pandemic, making it hard not to wonder what the whole thing is for. The federal government was able to deliver a lot of money through monetary and fiscal relief to keep the markets – and regular people – afloat. It’s a lesson that when the government needs to find money, it can. But whether or not the influx makes money feel fake depends on your perspective.
“Isn’t this the year that money has felt most real?” said Mike Konczal, director of macroeconomic analysis at the Roosevelt Institute. “Child poverty cut in half, unemployment insurance capable of giving workers actual bargaining power for a change, real wage increases across the majority of people, wealth doubling in the bottom 50 percent.”
It’s a strange place we’re in, which might explain why these tangible improvements don’t seem to dislodge national feelings of alienation. The state of the world and the economy can feel really hopeless. We’re in the midst of a pandemic that doesn’t look like it’s ever going to really end. NFTs feel like a scam, but then again, so does everything.
It’s easy to https://cashcentralpaydayloans.com/payday-loans-or/ be dismissive of the current state of casino capitalism, where random people are just tossing random money at random anything
Becerra appears determined to stick with NFTs, despite having been very publicly scammed. After all, he’s gone to great lengths to get his bored apes back. When he talks about them, he vacillates between speculator and true believer, in one moment saying he plans to sell them if the price gets high enough, in another talking about them with quite a bit of affection.
“I’m not holding this forever. I don’t care about those apes that much, you know?” he said. He knows the hype could fade. Maybe that will take the sudden value of his cartoon monkeys with it; maybe it won’t. However, he considers the apes to be “blue chip” NFTs, a designation that in the stock world would put them on the same level as well-established major corporations such as Apple and Berkshire Hathaway. “That’s why someone like me, who has money, invests only in the blue-chip ones.”