Lost money on NFT

nastyphoenix

gavin7 said:

I bought a NFT through Opensea from a well know collection, but the next down opensea took it off. 
I'm not sure why this is and didn't get notifications about it. How can you purchase theses and know they are going to take it down? 

Would your broker not deal?

Scottex99

nastyphoenix said:

gavin7 said:

I bought a NFT through Opensea from a well know collection, but the next down opensea took it off. 
I'm not sure why this is and didn't get notifications about it. How can you purchase theses and know they are going to take it down? 

Would your broker not deal?

Ha, this is same as Bitcoin thread actually, be funny when the OP logs in and sees 180 pages spawned his original post

Scottex99

Gary1984 said:

The figures I found are 121 TWh for bitcoin (so all other crypto, NFTs etc will be more again). Anyway, let's say it's 0.1% of global energy use. That's still an enormous amount of energy and emissions for so little utility. As has been pointed out the entire global financial system, every bank account, transfer of wages, insurance payout, business loan, currency exchange, share deal, bond issuance, IPO etc only uses about double that. 

I find it breathtakingly arrogant that you think your little Ponzi schemes are entitled to gobble up so much of the earth's resources. It's just so insanely wasteful and if we can't even stop people from their harmful speculation what chance have we got of stopping people from using actually useful and life enhancing things like flying or meat? Selfish selfish crypto bros.

So little utility, to you. I could say there is no utility in FX as those markets trade huge multiples of all the possible money in the world, on a daily basis, for what gain? How much energy does HSBC use money laundering for Mexican drug cartels? 

Oh yeah and either you don’t know what a Ponzi or Bitcoin actually are, as it cannot be the definition of one. 

Gary1984

There may be some speculation in the FX markets but I expect it's mostly about hedging risk when you have assets and liabilities in different currencies. Even if there is speculation though it's mad to compare it to crypto though as FX markets 1) Enable all world trade! The benefits of this outweighs any solutions looking for a problem that crypto provides about a million times over. 2)Probably uses less energy than bitcoin (I haven't seen a breakdown but if the whole banking sector is 2x Bitcoin this seems likely).

So again, I find it staggering you'd compare these two things. 

Scottex99

Unnecessarily hinder all world trade more like. Derivatives is trillions and trilllions of dollars a day on Wall Street, most of it completely unrelated to actual world trade and more likely a way for HFT firms to dump on retail and not actually creating any value.

As has been pointed out many times, the energy used to maintain the POW blockchains is only getting greener. And I’d say it’s a “necessary” evil given how successful Satoshi was creating the hardest form of money that’s ever existed. That is divisible, a store of value and enables transactions in a decentralised way.

Stagger all you like but you should read The Bitcoin Standard, the history of money is actually fascinating, and it’s been broken for a good while 

lozzy1965

Scottex99 said:

Unnecessarily hinder all world trade more like. Derivatives is trillions and trilllions of dollars a day on Wall Street, most of it completely unrelated to actual world trade and more likely a way for HFT firms to dump on retail and not actually creating any value.

As has been pointed out many times, the energy used to maintain the POW blockchains is only getting greener. And I’d say it’s a “necessary” evil given how successful Satoshi was creating the hardest form of money that’s ever existed. That is divisible, a store of value and enables transactions in a decentralised way.

Stagger all you like but you should read The Bitcoin Standard, the history of money is actually fascinating, and it’s been broken for a good while 

Touching on dodgy ground with that statement!  It's a trope of conspiracy theorists and extreme politics to drum up opposition to the world's "broken financial system".
Does also beg the question, if it's been broken for so long, and if the break is so bad, how have we managed to carry on going with it?

Scottex99

https://twitter.com/chriscantino/status/1489323936462434308?s=28

Some interesting ideas, not just Biebs buying a cartoon monkey for $1.5m

tebbins

gavin7 said:

I bought a NFT through Opensea from a well know collection, but the next down opensea took it off. 
I'm not sure why this is and didn't get notifications about it. How can you purchase theses and know they are going to take it down? 

I think this thread belongs in the gambling/collectibles part of the forum. I still have some Pokémon cards but I certainly don't consider them a financial asset.

Scottex99

What if I sell one for £300k and use that money to buy a house? Is it a financial asset?