NFT's are Fundamentally a MLM-Type Scam Designed to Get You to Buy Crypto

Communications Center Out Of Pod Experience
1017

Ok, Hypothetically, I will make a much better story where no one is suffering. So… I ask some of my friends to travel to Paris armed with pitchforks and torches and we take over the government. La Grande Armée will abviously side with me because I look like the guy in the picture below:
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I, as Empereur, delcare my national bank to switch back to French francs pegged to 1kg of pure camembert, around 14 euros. Then invade some poorer country with La Grande Armée because they have nice “clean coal” in the ground and I need it as eventhough it’s march it’s still cold. I “win the war” (lol, no one wins wars, they do make agreements to the benefit of some) and everyone is clearly jealous as they complain about me in the U.N. I make a quick visit there explaining them “I have a veto because I have nuclear weapons”. Now the other countries are still jealous because they like “clean coal” too. And what do they do?

They still have to buy clean coal from me, lol! But what do they do! Oh non non non!

They take the yacht of my friend! They yacht paid for by clean coal Francs!
They boycott my delicious SuperDupont Camembert!
They start to withdraw their businesses from la douce France!
As the stock market goes down and the value of the French Franc plummets to it’s death…
I think I have the solution! We switch to Bitcoin as legal tender.

My finance minister says “Hon, hon, hon, We cannot set interest rates.” so I have him hanged and appoint a new one. For no apparent reason the economy refuses to grow and the unemployed people are getting restless.

My finance minister says “Hon, hon, hon,Households and businesses could lose wealth through large swings in value, fraud, or cyber-attacks. He explains all his crypto assets were stolen after someone hacked his account because his password was ‘Camembert1’.” so I have him hanged and appoint a new one.

My finance minister says “Hon, hon, hon, we lack robust anti-money laundering and cannot combat the financing of terrorism efficiently.” so I have him hanged and appoint a new one. He died on the way to the execution by a road-side IED, the attack was claimed by a group “Daech-Camembert”.

I resigned, I guess running a country isn’t for me.

In my opinion the only ways Bitcoin has a chance for becoming accepted are :

  • The IMF proposes Bitcoin as the new international asset to peg currencies to.
  • Electricity suddenly becomes plentiful and cheap and for some reason the market doesn’t adapt the price or quantity.

Is Bitcoin a solution? No, it’s like you would make some pennystock legal tender. (And somehow knew the exact value at the exact time of the pennystock transaction). Investing in their own economy would have been very good, but some other country picked up the shares and in my opinion they are in a worse situation, but if economists could predict the future, they would all be rich.

2 Likes
1018

Wow, so they are really closing them off from every possible angle.

1019

What happens to NFT’s if another country gets shackled to said corpse?

1020

You keep the NFT (if it is off-chain) in your own private secure encrypted vault along with the key. You don’t use custodians. Same rules for crypto everywhere. Not your key, not your asset/coin. That is the whole point of crypto, to give an alternative to having to rely on custodians and middle-services. It is 1) p2p transacting and 2) your key.

If you are not holding your own key and thus asset/coin, you’re not benefiting fully from crypto.

“You’re doing it wrong”.

It’s like doing encrypted email, no sane person stores/hands over their OpenPGP private keys to an email provider to hold. Same applies to crypto, no sane person stores their private key on somebody else’s computer. That’s considered an “out of possession” scenario. And yes I am aware of N of M multi-sig wallets.

Same applies to storing unencrypted files in the cloud, an “out of your possession” scenario. Also keep in mind crypto strength fades with technological progress and vulnerability discovery, so anything out of your possession becomes a risk over time even when encrypted. This is why you upgrade crypto key strength and algorithms periodically.

Where a risk is, is the coded contract itself, that needs to be reviewed (like any real world contract), except, it is code, and some of these chains are turing complete languages (Ethereum is).

For NFT’s you would prefer to store the blockchain locally (fully or pruned) so you have a copy, and a vault for your specifically pruned/selective for the NFT itself, preferablly only the items you’re interested in. The blockchain is the contract, the vault is the asset data referred to in the contract (since it is larger than desired for a block on the chain).

1021

NFTs or moon land, the choice is yours.

Not like it really matters…

1022

Everybody knows lunar plots are novelty certificates and not real ownership of land, though, if you were able to defend the land, then that’s a different story. It comes down to the legal system you want to use to enforce (without force) a claim and a contract or deed, and thus by extension, any force (if any required and available) to enforce that rule back by the legal authority.

“Government Is ‘the Biggest Corporation, With a Monopoly on Violence, Where You Have No Recourse.’” - Elon Musk.

NFT’s (such as CCP’s kill certificates) are novelty items too, just like baseball / football cards etc. If people want to collect things like that, fine.

Then again the Outer Space Treaty 1967 is not about private ownership and usage of space, it’s about government body activities. Those treaties are also up for rewrite in order to allow mining and colonisation.

It’s the same if you want to leave this planet, you have to get a permit or risk being shot down. So it will come down to the fastest (or most well tanked/armed) vehicle to get off the planet without a permit.

Aliens have their own rules too.

1 Like
1023

This largely depends on perspective. The fact that a country can generate BTC using a computer is what makes it a solution. El Salvador were aware that the value of BTC fluctuates when they started BTC projects. They are investing in the future as they believe the value of BTC will rise.

Geothermal energy is being used to generate BTC, so once they money used to build the Geothermal miner is earned back they will start to see profit.

You seem to think you know what isn’t the solution to poverty, please could you tell us what is? Please inform me of a detailed plan which will help countries work themselves out of poverty?

BTC, and lower income countries using it are great ideas simply because there are people in the world who are very very happy to invest trillions of physical cash into it in with the hope that it’s value will increase. It feels like you want to control these rich people and tell them to stop, I say leave them to it, they can obviously afford to buy hundreds of BTC and they trust crypto exchanges. People with this level of money can obviously afford the best financial advisors in the world who make it their job to gain a full understanding investments like BTC. Obviously BTC must have great potential due to the overwhelming amount of money financial advisors have got their customers to invest in it. If the best financial advisors in the world aren’t enough for you then I don’t know what is.

For a long time now we have been accepting of poverty and have been aware that people die of starvation on a daily basis, whatever you think will work clearly has not. It is time for a huge shake up, a revolution of sorts. I am 100% ready for this change and I am very excited for low income people world-wide. There is now a method they can use to earn a good living, one of the great things is very rich and very poor people can be involved, BTC doesn’t discriminate.

You will also have to accept that much of our economic power is based on lending money. El Salvador uses US dollars as their main currency and is in debt by $22 billion and this debt is expected to be $33 billion by 2026. Something drastic needs to be done right now!! The interest on a $22 billion debt…Aedaxus…I’m afraid to look, I just know it will be a lot. I can certainly see why they are putting a lot into mining BTC and using it against IMF advice.

Also, there is a need for lower value crypto coins. As an example I could buy millions in BTC currency and then using nicehash I could commission people who can only afford GPU’s to mine this lower value coin and pay them with BTC. I would then sell the lower value coins to an investor and make profit and then use that profit to buy more BTC to pay the GPU miners. So as you can see BTC can reach all levels of society, not just rich people, I don’t know about you but I’ve never seen anything like this ever.

1 Like
1024

I know things about lethal danger and train people to avoid it in their jobs. Does that mean I can’t prevent people from danger if I don’t know the secret to eternal life? I beg to differ from opinion, I will keep on preventing accidents no matter how you twist and turn the narrative. You just won the gold medal in mental gymnastics.

FACT : People in El Salvador loose money on Bitcoin.
FACT : You accept that. And don’t speak up against it. You benefit from it. I don’t, I speak up against your support for the tyranny of greed.

Yes, I remember when the Industrialists had a shop for their workers… there was a need right. You always come off saying you support the poor yet every suggestion you make would end in slavery.

Society would collapse in a 3rd world banana republic without lending. Everyone poor, you solved the ‘poor’ problem by drowning the worker and middle class into poorness. Congratulations, the elite claps at your efforts. Not really, but I’m sure the elite of countries that do not like your country applauds at how you brought the United Kindom down with one weird trick!.

Anyways,
India started with their Central Bank Digital Currency and stated other crypto would never become legal tender there. https://economictimes.indiatimes.com/markets/forex/what-is-digital-rupee-and-how-will-it-work/articleshow/89310648.cms

1 Like
1025

Careful, people might mistake you for an imperialist talking like that.

This doesn’t answer my question, I’ll assume you don’t have an answer. Why not just say you don’t know?

How so? I must say you have an odd way of talking and there isn’t really any foundation in what you say. At least I can say I speak from experience being a crypto miner so I know facts and I know what people would gain if they did something similar to what I did.

You opinions on this matter are backwards and you think that people using a computer they already own to generate crypto is slavery, I have never read anything so ridiculous. It seems impossible to simply tell you my honest experience as crypto miner and I don’t understand how you arrive at your conclusions without core knowledge on this subject.

1026

“Poor” means people with a living standard far below average. This has existed since the creation of earth. Some animals are living poor others are living like rich people albeit with less freedom. Assuming one can make it possible for every living being (or even limited to humans) to not be poor is intellectually dishonest. Didn’t want to point it out, but since you explicitly asked for it…

No, I think people getting paid $1 a day in the west, and generally in the world is slavery.
Poor people have issues investing thousands of dollars into the system you told me would get them out of poverty. I asked for a sustainable solution, you did not provide any. You had one simple questions, but did not answer anything fungible. :smiley:

You said you used that system (of crypto mining) to solve your poverty but apparently you don’t want others to get out of their poverty as you did not answered clearly and concise.

Why can’t you just explain how the miraculous “convert energy to money” works? As I calculated it and it was $1 per day income for an investment of over a thousand dollars.

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The debt is going up fast, but I guess soon they will pay it off with the dank money they made with their crypto… I’m still waiting.

1 Like
1027

Your calculation included nonsense. and some fictitious labour cost you made up because your narrative is far more important to you than facts.

I’ve already explained how to mine, I’ve explained the figures based on current BTC value. What you seem to misunderstand is that communities can work together and build lots of computers/mining rigs with multiple graphics cards.

How it works: You turn on your computer, log into nicehash. click “start mining” then you go and do other things. When you’re ready to withdraw, you go on nicehash and withdraw the BTC to coinbase, then sell the btc to coinbase and withdraw money to your normal bank account.

It’s probably better you abandon this thread, you don’t seem to want to understand. You are a grown man so how comes i have to explain the same thing to you so many times?

1028

More ignorant nonsense, Normally when people want to know something they type a statement followed by a question mark. This gives the reader an indication they are being asked a question.

I have outlined what’s possible and you have the name of the GPU’s I buy and you also have a name “Nicehash” that you can type into google. If you do this thousands of other people will be happy to show anyone how to mine with 1000s of reading hours of texts and lots of videos that will give step by step instructions on how to mine with New or 2nd hand or old GPU’s.

Infact many Youtubers make it their actual job to record step by step guides on how to mine. So can you stop pretending you have no clue what I am talking about. Your narrative only makes you looks silly.

Part of my narrative is that low-income or poor people can use it to increase their income just like I have done. So how did you arrive at the conclusion I don’t want people to get out of poverty? Your convo seems a bit trollish and toxic.

1029

You are in a relatively well off position in a developed country using your existing education and opportunities to invest allowing you to earn some pocket money.

You’ve talked about it being a community project in very poor areas, but if many people group together to buy the equipment then the rewards would surely be similarly split so a community mining project would have relatively little benefit for an individual - and certainly since it would rely on outside investment there are likely more useful immediate problems to be addressed than mining crypto so I just don’t understand how this would work?

Myself and others on this thread may not be current with the figures involved so maybe some actual specific income figures from yourself and potentially a breakdown as to how you envisage a community mining group working would be valuable in helping people understand the potential.

1030

Hi, my point was this info is very easy to find. Nicehash for example has some help files where you select the GPU(s) you have and it will tell you how much it can earn mining.

Also there are thousands of crypto mining related videos on youtube.

One does not need to be in a developed country to understand a computer or how to build one. Also governments of poor countries do have to pay back aid, donations and loans with interest which has an effect on the education, health services and general help they can provide their citizens.

Now, you obviously understand what a charity is, and you also understand that charities set up close to poor people. Why is it then difficult for some of you to not understand to start of with these charities can obtain old or new computers and get old or new GPU’s and set up a series of mining machines at their premises? They can then use the income to serve their community more effectively and get a passive income going.

A further project could be getting more internet cafe’s installed in poor areas and have a tutor attend and show people how to invest in crypto. They might also fund practical workshops showing people what they need and how to crypto mine with their own GPU’s.

Helping people out of poverty is not something that happens overnight or in a couple of days, it is a huge effort involving everyone working hard and building slowly.

The figures for mining are available on the nicehash website and very easy to understand. Anyone with any computer that has an 8gb GPU can actually crypto mine. Most motherboards normally have more than one pci-e slot so this determines how many GPU’s you can fit onto that motherboard.

So, an RX 580 can generate around £1.00 per day of BTC at it’s current value on Nicehash. So, if someone can buy 10 x RX 580 then they can earn £10 of BTC per day at current value. Any BTC earned is also subject to value changes so if the BTC value suddenly doubles then so does the value of your holding and your daily mining amount.

Let me know if you have more questions.

1031

When it is halved, your holding and daily mining value is halved also. And it doesnt have to be every 210,000 blocks mined (bitcoin halving) for it to become even less profitable.

Its worth as much as the other person is willing to pay for it in the end, and its not necessary to have at all, and the price doesnt have to reflect the investment cost.

1032

100% correct. However in my opinion I don’t think the current btc value £31,857.97 will drop any lower, I strongly believe between £29k and £32k is the value of BTC due to approx 320,000 El Salvadorians using it for all aspects of their financial lives. This value is sure to rise as more El Salvadorians use it and then rise even higher when more countries use it as legal tender.

As long as we don’t get the likes of Elon musk making silly promises and then changing his mind I expect the value to rise when other countries get involved. If we look at wat happened with Elon Musk he made a claim which made people flock to crypto exchanges in the millions all thinking “one day I will get a tesla” Due to the overwhelming demand exchanges were forced to increase the btc value, when Elon said he won’t be accepting crypto for his cars everyone was like “oooohhh” and then flocked to the exchanges and sold their BTC forcing exchanges to set a lower price.

Hopefully Elon learned a lesson, he is an influential person and is the CEO of a company which has a range of innovative products that lots of people in the world desire. I’m sure he will think carefully and discuss with his advisors before making similar tweets.

We must be careful when listening to these rich boys and girls, they seem to have lots of clout with their words.

TLDR: Good example of why demand is what drives BTC, BTC value will rise as demand increases.

1033

If you run a business you need to manage it. You don’t include any information about it as you see it as some hobby or personal project. You can’t stop promoting it but when someone asks you about the people in El Salvador your friend Karak_Terrel has to come in to do damage control. I am sure you are making some profit but you are not able to explain it nor reply in a normal way against the known evils of crypto.
I guess “the end justifies the means” but somehow you can’t handle the means.

Just like the guy in the below video you are desperate and leave out information. It could end up well in the end, but there will be victims. You always get angry when I point that out and feel free to insult me. Maybe give an overview of your cost vs income, just the balance sheet. Maybe then I’d start to trust anything you claim.

1034

Since there don’t seem to be many figures very forthcoming here are some for the current situation in the UK.

The average price of electricity at the moment is £0.172/kWH, this is likely to rise close to £0.2834/kWH in April when the energy price cap rises.

There are a couple of cards mentioned in this thread, so using the cheapest buy it now prices available on ebay.co.uk and starting mining now:

(net income = gross btc value - electricity, no other incidental costs are included)

5600 XT - estimated income is £1.17/day, net income £0.76/day, £0.49/day from April - Card cost £299.95, 606 days to recoup.

RX580 8Gb - estimated income is £1.01/day, net income £0.43/day, £0.06/day from April - Card cost £172.50, 2807 days to recoup.

Thats assuming 100% uptime, with no hardware failures or incidental costs, and doesn’t even include the pc needed.

(According to Nicehash the currently most profitable card is the Nvidia A100, which earns £4.05/day after electricity; the only catch is the cheapest I found was £9,958.80, so would still take 2458 days to recoup)

In terms of El Salvador and their geothermal mining city, it seems currently as though there are major doubts as to whether it will even go ahead, let alone actually work as promised. There is significant public objection, and the government is having major problems raising the funds as it requires outside financing and banks are reluctant to lend to them due them using BTC as their currency since they consider it a significant risk.

2 Likes
1035

This is pure and utter nonsense, how and what am I desperate for? I’m not trying to convince anyone of anything, you’re free to ignore.

If one has read carefully you should have an idea of what can be earned via nicehash. I have clearly stated how much can be earned with 1 x 8GB GPU, so now it’s down to you to understand that many can be fitted on 1 motherboard. I have even given you the name of who I mine with “Nicehash”. I am just happy that people who are interested in mining might be able to learn more and make a start with their existing computer.

Anything I have said can be easily verified, I seriously don’t think anyone cares if you believe me or not. GPU mining is worth lots of money, there is nothing someone who dislikes crypto can say to change that.

1036

Good work. please note these figures are based on current BTC value as of this date. I’m scheduled to sell my RX580’s asap and replace them with RX 5600 XT’s. Hopefully more people in the world will adopt BTC and raise the value which will increase £0.49 from april. I’m in this for the longterm as it is an amazing passive income.