Make a living selling NFTs?

[Alan Edward Klein]

I think the banks would say otherwise. Possibly law enforcement too.
A check is a legal contract. We have centuries of settled case law around contracts.
Is Bitcoin a contract? Where? How? How much settled case law exists around Bitcoin and the like?

Look at a dollar bill on the left. It says This note is tender for all debts public and private. No one has to take crypto or anything else for that matter. Currency is backed by law as legal tender. OF course, as fiat money, is no longer backed by gold, it can be inflated into worthlessness as we're finding out recently.

 

[Pieter12]

Look at a dollar bill on the left. It says This note is tender for all debts public and private. No one has to take crypto or anything else for that matter. Currency is backed by law as legal tender. OF course, as fiat money, is no longer backed by gold, it can be inflated into worthlessness as we're finding out recently.

We haven't reached anything like inflation making the dollar worthless yet or anytime in the near future. No need for a wheelbarrow full of money to buy a loaf of bread or re-evaluation of the dollar like the French Franc in the 60's.

 

[Alan Edward Klein]

We haven't reached anything like inflation making the dollar worthless yet or anytime in the near future. No need for a wheelbarrow full of money to buy a loaf of bread or re-evaluation of the dollar like the French Franc in the 60's.

Not yet. I agree. But inflation has substantially raised the cost of everything. Look at film.

 

[Pieter12]

When I was just starting out, the costs of film, processing and printing were quite a burden and demanded watching every penny. And then I starting shooting 8x10 transparencies--I think I was paying $10/sheet for film & processing. In late-70s dollars, too.

 

[BradS]

Not yet. I agree. But inflation has substantially raised the cost of everything. Look at film.

The inflation we're currently experiencing is directly related to the full employment we're also currently experiencing (or at least were until last week). Everybody who wants to work is working, demand for workers remains higher than supply of workers...thus, wages increase. All those folks working and collecting high wages are spending those high wages...and all while the supply of goods is still constrained...so the cost of goods goes up as it must. It is very simple, supply and demand. There has always been a trade off between full employment and inflation....it is exacerbated right now because supply of goods is constrained by the lingering effects of the pandemic...simple as that.

 

[Pieter12]

The inflation we're currently experiencing is directly related to the full employment we're also currently experiencing (or at least were until last week). Everybody who wants to work is working, demand for workers remains higher than supply of workers...thus, wages increase. All those folks working and collecting high wages are spending those high wages...and all while the supply of goods is still constrained...so the cost of goods goes up as it must. It is very simple, supply and demand. There has always been a trade off between full employment and inflation....it is exacerbated right now because supply of goods is constrained by the lingering effects of the pandemic...simple as that.

I'm no economist, but I distinctly remember the Nixon years of high inflation, unemployment and price and wage freezes.

 

[BradS]

I'm no economist, but I distinctly remember the Nixon years of high inflation, unemployment and price and wage freezes.

Mmmmm, Nixon. I remember watching The Carol Burnett Show, Adam-12, Hawaii Five-O, the Vietnam war and the Apollo missions on 25 inch B&W television (with a nearly square aspect ratio), duck and cover drills in school, Henry Kissinger, ping-pong in China, the Manson murders, kids talking about their father or uncle or older brother who had been killed in Vietnam, and waiting for the school bus in the dark on cold winter mornings in Minnesota...
but yeah, turbulent times those.

Prices are elastic...and sticky.

 

[MattKing]

I think this thread has strayed far enough now, so I'm closing it.