Line Goes Up – The Problem With NFTs

Not my favorite video from Dan Olson but still enjoyable. I highly recommend his video about NFTs, Line Goes Up: ▶ this video So much time, energy, and resources wasted on this stuff when we have such bigger issues to solve as a collective.

I've watched the video as well and wholeheartedly agree! His 'Line Goes Up' documentary about crypto is also exceptional; very critical but in educated and actually nuanced ways ( ▶ this video ).

They pretty much nailed it in the last paragraph... > Writing in the New York Times Adrian Chen noted as far back as 2013 that Bitcoin is built on a weird mix of speculative greed bolstered by a utopian cyberlibertarian ideology and likened it to a digital gold rush. Indeed, hyperbole continues to characterise all aspects of the crypto world. Crypto messaging does not appear to be directed at the rational or sensible. Adrian Chen's article... link Dan Olson's now epic "Line Goes Up" ▶ this video ... a masterful takedown of crypotcurrency and NFT's, it also demonstrates what a shit-show this has all become. Much MUCH worse than in Chen's 2013 article.

Folding Ideas' new (2 hour podcast-ish) video "The Problem With NFTs" is a really good critique of cryptocurrency: ▶ this video Covers pretty much every thought I've ever had regarding centralization, privacy issues, proof of work and proof of stake both rewarding the rich, economic incentives in speculative markets, NFT hucksterism — but with detailed research and examples of each. Some of the NFT security stuff is jaw-droppingly bad.

On this note. This recent video is probably the most detailed and incisive critique of cryptocurrency and NFTs that I've seen: ▶ this video It not only covers the technical limitations, but also the ideological flaws.

After watching Folding Ideas' video on crypto and NFT (1) I am less convinced that is decentralised. It goes over how crypto ended up becoming the very thing it swore to destroy (banks and oligopolies). Also anyone with the means can still do a 51% attack if they wanted. (1) ▶ this video

Folding Ideas has a very good documentary on NFTs, and many of the problems faced by cryptocurrency [1]. [1] ▶ this video

I strongly recommend you to actually read some Marx, it might get you out of the Web3 sham, but here's a good economic analysis of cryptocurrencies if you haven't seen it yet (judging from your username you need to see it) ▶ this video .

▶ this video A rant over two hours long about the endless grift and unfettered scamming that is crypto. Two hours , and it doesn’t even cover all of it.

These critics have been around for a while. Dan Olson started researching this video long before this recent crash. You should watch it. ▶ this video

I think the technical jargon (a mix of crypto, distributed systems, and finance) leads people to believe that what's going on in crypto is smarter than it is. It's what P.T. Barnum might have called "flim flam"; ~ "if you can't dazzle them with brilliance, baffle them with bullshit." Relevant discussion in the "Line Goes Up" Youtube video that's very good but extremely long (2h!) ▶ this video

I’d say ‘recommendation’ not ‘ad’ :) This was the related section ▶ this video that lead me down the rabbit hole of watching the whole thing I have no connection other than stumbling across it after seeing this story today and thought the critique tied in well.