Quote:
Originally Posted by skelly423
The con comes with the infrastructure surrounding cryptocurrencies. Artists have their work stolen.
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Yup. My daughter is a working freelance artist/illustrator/creator, and NFT's backed by crypto's have decimated her industry.
I'm not speaking of the more traditional at this point "Bitcoin", but the spin-off Ethereums, Dogecoins, etc... of the world.
There's a small group of prominent artists acting as figureheads and cash cows (ie Beeple), who are part of the "upline", while cajoling less established artists to get in on the NFT game, by buying "Tokens" (sound familiar), with promises of riches and Ferrari's.
My daughter actually had an NFT startup reach out to her, to create characters for their "Universe". What they were offering, for her, would have been a substantial amount of money. I'm not sure they ever made clear what they were going to actually pay her with, but she turned them down immediately after seeing a contract. Compared it to an "Indecent Proposal". It apparently wasn't' enough for her to be able to wash the bad taste out of her mouth, it would have created. She says, they'll probably end up trying to steal her work anyways, but it wasn't worth having her name attached to this con.
The real con, is the people convincing others to buy their "Tokens", with YOUR real money, and then getting out before the whole thing comes crashing down, or it becomes so convoluted trying to transfer your Ethereum into real money, you give up and are stuck cheerleading the whole thing...hoping the illusion will hold up long enough for you to get your money out.
It's one part MLM, one part Ponzi scheme and one part money laundering scheme.
Scary thing is that so many entities (MLB, NBA, WWE, etc., etc..) are so blindly buying into the promised riches of this NFT grift, even though they have no idea themselves, what they are getting themselves into.
"Decentralized" BTW, is just code word for unregulated, unlicensed, un-trackable (yeah right), and un-insured. Oh, you lost your flash drive or your password? Tough tits, fudge off!
I'm just a negative nancy jealous hater though, so take out of that what you will.
