Make a living selling NFTs?

[Mike Lopez]

Do you have any idea of what a pyramid scheme is?

Yes. Do you?

 

[Pieter12]

Yes. Do you?

Well it's not what you alluded to.

A pyramid scheme is a business model that recruits members via a promise of payments or services for enrolling others into the scheme, rather than supplying investments or sale of products. As recruiting multiplies, recruiting becomes quickly impossible, and most members are unable to profit; as such, pyramid schemes are unsustainable and often illegal.

A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. The scheme leads victims to believe that profits are coming from legitimate business activity (e.g., product sales or successful investments), and they remain unaware that other investors are the source of funds. A Ponzi scheme can maintain the illusion of a sustainable business as long as new investors contribute new funds, and as long as most of the investors do not demand full repayment and still believe in the non-existent assets they are purported to own.

NFTs and the GameStop stock craziness are none of the above.

 

[Mike Lopez]

Well it's not what you alluded to.

A pyramid scheme is a business model that recruits members via a promise of payments or services for enrolling others into the scheme, rather than supplying investments or sale of products. As recruiting multiplies, recruiting becomes quickly impossible, and most members are unable to profit; as such, pyramid schemes are unsustainable and often illegal.

A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. The scheme leads victims to believe that profits are coming from legitimate business activity (e.g., product sales or successful investments), and they remain unaware that other investors are the source of funds. A Ponzi scheme can maintain the illusion of a sustainable business as long as new investors contribute new funds, and as long as most of the investors do not demand full repayment and still believe in the non-existent assets they are purported to own.

NFTs and the GameStop stock craziness are none of the above.

Pieter, context is everything. Please go back and re-read several posts here:

In post #104, I described the success of a friend of mine with his Bitcoin investments. Immediately after that (literally 30 minutes later), in post #105, Vince responded by saying that I was describing a pyramid scheme (you actually acknowledged that post and I did not respond to it last night).

This morning, in post #120, Vince noted that his son is doing well for himself in the subject matter of this thread, as well as in the Gamestop scene from last year. I then asked Vince whether he identifies his son's activities as part of a pyramid scheme, since Vince himself immediately replied to my anecdote by saying it sounds like a pyramid scheme. In other words, I described a success story. He labeled it as a scheme. He then described very similar success within his family. I asked him if he labels that same behavior as a scheme.

Send me a private message if you need me to explain further. I have labeled nothing in this thread as either a pyramid scheme nor as a Ponzi scheme, and frankly, your condescending question comes off as being directed at the wrong person in all of this.

 

[Pieter12]

Pieter, context is everything. Please go back and re-read several posts here:

In post #104, I described the success of a friend of mine with his Bitcoin investments. Immediately after that (literally 30 minutes later), in post #105, Vince responded by saying that I was describing a pyramid scheme (you actually acknowledged that post and I did not respond to it last night).

This morning, in post #120, Vince noted that his son is doing well for himself in the subject matter of this thread, as well as in the Gamestop scene from last year. I then asked Vince whether he identifies his son's activities as part of a pyramid scheme, since Vince himself immediately replied to my anecdote by saying it sounds like a pyramid scheme. In other words, I described a success story. He labeled it as a scheme. He then described very similar success within his family. I asked him if he labels that same behavior as a scheme.

Send me a private message if you need me to explain further. I have labeled nothing in this thread as either a pyramid scheme nor as a Ponzi scheme, and frankly, your condescending question comes off as being directed at the wrong person in all of this.

My apologies. You, too, were questioning if the individual thought it was a pyramid scheme. What may have led to the confusion is the many posts calling NFTs and bitcoin ponzi and pyramid schemes.

 

[Mike Lopez]

My apologies. You, too, were questioning if the individual thought it was a pyramid scheme. What may have led to the confusion is the many posts calling NFTs and bitcoin ponzi and pyramid schemes.

I appreciate the apology.

My question was more rhetorical than anything else. Vince was quick to cast aspersions on my friend's success and then turned right around and described similar success within his family. For the record, I don't think his son's behavior nor my friend's behavior are at all fraudulent or schemes of any sort. I was trying to point out the incongruity in labeling the behavior of a stranger in one way and lauding that same behavior when it's happening closer to home.

 

[MurrayMinchin]

Watched the documentary, "Cryptopia" last night which goes into Bitcoin, blockchains, other cryptocurrencies, and the Internet.

Felt like I was trying to identify a single noodle in a plate of spaghetti. I did, however, come away with a rudimentary understanding of what blockchains and Bitcoin mining is all about.

One comment stuck with me...where someone said that banks and international monetary systems have about as much to say about the direction of cryptocurrency as postal systems did when email came out.

 

[Alan Edward Klein]

My apologies. You, too, were questioning if the individual thought it was a pyramid scheme. What may have led to the confusion is the many posts calling NFTs and bitcoin ponzi and pyramid schemes.

NFT's are more like buying swampland in Florida.

 

[Alan Edward Klein]

Watched the documentary, "Cryptopia" last night which goes into Bitcoin, blockchains, other cryptocurrencies, and the Internet.

Felt like I was trying to identify a single noodle in a plate of spaghetti. I did, however, come away with a rudimentary understanding of what blockchains and Bitcoin mining is all about.

One comment stuck with me...where someone said that banks and international monetary systems have about as much to say about the direction of cryptocurrency as postal systems did when email came out.

But governments do have huge powers of currencies in their own country. Crypto has already been outlawed in some countries. While they're not outlawed in America or Canada, more and more rules are being applied to prevent fraud, tax theft, drug payments, etc.

Also, I wouldn't call crypto a currency. The price fluctuates too much and you can't rely on its value from day to day. Let's say you're a car dealer. You sell a car for one bitcoin worth $44,000 today. By the time the dealer deposits it could be worth $39,000. So he loses $5000. You can't run a business like that. The currency's value has to be more stable. Look at the problem we have with just 7.5% inflation over a year with the US dollar. People's salaries can't cover their costs as they did a year ago. Can you see how changes of 5% or 10% in a day make crypto difficult to use as a currency? It's more like an electronic asset, like NFT's. But neither have underlying, inherent value since they represent nothing more than themselves.

 

[shuddered]

probably unliked 4 same reason why barter is unliked cause u can't tax something that is from a trade
"I trade you this for this or that". but how much is a this worth? its worth this or that
usedtobe death and taxes but maybe with crypto its just death and even that is uncertain if
you are rich, rich people in 10 years will defy death with tv's age defying French mellon serum
poor people its game over. yapping gif head or Richard Nixon in pickle jar is really alive?
and if we are in Metaverse that's a doozy.

 

[VinceInMT]

….I described a success story. He labeled it as a scheme. He then described very similar success within his family. I asked him if he labels that same behavior as a scheme.

You are blowing what I said WAY out of context. When you said, in part, that “and got in early on the stuff while the rest of us missed it” I simply commented that THAT feature sounded like what we see in pyramid schemes. I didn’t labels NFTs are such or cast “aspersions” on your friend.

Geeezzzz…

 

[Pieter12]

The NFT market is all about the sellers, not the buyers. While it does seem possible for some to make some money selling NFTs, I really see no logical reason to purchase them. I am not even sure how one would go about the process except maybe directly from the creator of the token. What befuddles me is when you buy an NFT, you own the original, digital image. And you can reproduce it any way you want to, but you do not own the copyright and can't sell copies or prints. That right remains with the creator who can sell or give away as many copies as they please even though you do remain the owner of the token. So it all comes down to bragging rights and ego I guess, that you are the sole "owner" of the digital image. And so far, most of the NFTs I have seen are pure garbage--a sure indication there are too many people with more money than taste or brains.

 

[Sirius Glass]

The NFT market is all about the sellers, not the buyers. While it does seem possible for some to make some money selling NFTs, I really see no logical reason to purchase them. I am not even sure how one would go about the process except maybe directly from the creator of the token. What befuddles me is when you buy an NFT, you own the original, digital image. And you can reproduce it any way you want to, but you do not own the copyright and can't sell copies or prints. That right remains with the creator who can sell or give away as many copies as they please even though you do remain the owner of the token. So it all comes down to bragging rights and ego I guess, that you are the sole "owner" of the digital image. And so far, most of the NFTs I have seen are pure garbage--a sure indication there are too many people with more money than taste or brains.

Along the same thinking: I have a number of original [aren't they all anyway] oil paintings in my home. Are they worth less now because they are not NFTs?

 

[Pieter12]

Along the same thinking: I have a number of original [aren't they all anyway] oil paintings in my home. Are they worth less now because they are not NFTs?

You could make digital photos of them and try to sell the images as NFTs. They are probably as worthless as the original paintings.

 

[Sirius Glass]

You could make digital photos of them and try to sell the images as NFTs. They are probably as worthless as the original paintings.

You have a good point there. Oil paintings are worthless these days we should just take digital photographs and burn the original Rembrandt and Van Gogh paintings.

 

[Pieter12]

You have a good point there. Oil paintings are worthless these days we should just take digital photographs and burn the original Rembrandt and Van Gogh paintings.

I'm sorry. I didn't know you had Rembrandts and Van Goghs. You must be quite wealthy.

 

[Sirius Glass]

I'm sorry. I didn't know you had Rembrandts and Van Goghs. You must be quite wealthy.

Its a hard knock life.

 

[VinceInMT]

Christie’s is putting Man Ray’s photo “Le Violoncello d’Ingres” up for auction with a starting price of $5 million. I wonder if the NFT is available?

https://www.dailymail.co.uk/news/ar...million-Man-Rays-photo-Le-Violon-dIngres.html

 

[Pieter12]

You have a good point there. Oil paintings are worthless these days we should just take digital photographs and burn the original Rembrandt and Van Gogh paintings.

Let me clarify: your oil paintings are most probably worthless, either as originals or NFTs.

 

[Sirius Glass]

Let me clarify: your oil paintings are most probably worthless, either as originals or NFTs.

 

[Pieter12]

Don't take it personally. The great majority of art is worthless, unless you need to cover a defect in a wall.

 

[Mike Lopez]

You are blowing what I said WAY out of context. When you said, in part, that “and got in early on the stuff while the rest of us missed it” I simply commented that THAT feature sounded like what we see in pyramid schemes. I didn’t labels NFTs are such or cast “aspersions” on your friend.

Geeezzzz…

And you haven’t answered my question. Noted.

 

[Mike Lopez]

The NFT market is all about the sellers, not the buyers. While it does seem possible for some to make some money selling NFTs, I really see no logical reason to purchase them. I am not even sure how one would go about the process except maybe directly from the creator of the token. What befuddles me is when you buy an NFT, you own the original, digital image. And you can reproduce it any way you want to, but you do not own the copyright and can't sell copies or prints. That right remains with the creator who can sell or give away as many copies as they please even though you do remain the owner of the token. So it all comes down to bragging rights and ego I guess, that you are the sole "owner" of the digital image. And so far, most of the NFTs I have seen are pure garbage--a sure indication there are too many people with more money than taste or brains.

I think there’s a big wave of these coming among high-profile athletes, including those still in college but headed for huge paydays in the pros. A highly-regarded (likely top 5 draft pick) football player at Oregon released an NFT last summer (with support from Phil Knight, the Nike founder), before he had even played a down of his junior season. Don’t be surprised if diehard sports fans start to treat these like trading cards (“rookie cards” when the athlete is still in college?).

Not my cup of tea, but again, none of us here need to approve or grant permission for any of this to take hold.

 

[VinceInMT]

And you haven’t answered my question. Noted.

Mike, I’ve been commenting online for over 40 years and I recognize flamebait when I see it.

 

[Mike Lopez]

Mike, I’ve been commenting online for over 40 years and I recognize flamebait when I see it.

That's very impressive! How were the online forums over 40 years ago? You must have lots of stories to tell. And it's fine, you can just duck the question. I know it's a tough one to reconcile.

 

[Pieter12]

He could well have been commenting online that long. We called them BBS then. They have been around since the late 70's.