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

Communications Center Out Of Pod Experience
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The FED was created in 1913 to avoid financial trouble for the nation. Please read the following so at least you have an idea of what they do :

I hope you are not an American as if you are you are trolling us hard and making Americans look like a meme.

Here are the people of that institute :

Now list me the board of the hundreds of crypto coins and crypto exchanges… do you see the issue with oversight? There is no regulation and zero customer protection. How do you even expect this would become anywhere near a standard means of payment for people who legally acquire money? Those who work for money don’t want it to be a worthless game of extreme ‘wolf of wallstreet’. Remember the part of the movie of that name with the car? Well, that’s what your posts are looking like.

There are some countries that do not have an external debt, care to look those up? It’s generally islands that hold a lot of bank accounts of people that do not like to share their ridiculous wealth or small islands that have no infrastructure.

Or are you speaking about internal debt? Well, if the country you live in paves roads you might say “It’s expensive, don’t do it!” but I guess that takes us back to a post way up there where I was the one not caring about others… :smiley: Touché.

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They’re borrowing the money from someplace. Because that’s even the terminology they use in the articles. It comes from a central place.

Also no one cares whose on the board of directors like they don’t care about who controls what crypto currency.

Hell, I even believe that utilizing crypto currency could help alleviate the strain on the USD as it can be used in place of the USD for purchases and loans thus lessening the debt on the USD. After all if someone gets a mortgage using a crypto currency, that’s debt on the crypto currency and not the country’s dollar. That alone would help alleviate the threat of its debt since less money would need to be asked for :slight_smile:

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That debt is not a debt. It’s a creation of value in the country.

What you call “debt” is actually “investment in the country”. The economy REQUIRES to have a debt, that increases with time.
Don’t look at the debt, it’s just an artificial economy construction. It can vanish faster than it appeared.

The money that was lent as part of the debt comes from nothing, it represents nothing. That debt is only a baseline of the value of the money, compared to the value of the investments the country made.

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Debt is money owed. I can create without having to borrow and then the question arises who is owed the money. Clearly it isn’t the country’s own currency because they wouldn’t need to generate debt if they owned it. We don’t need debt to convince people to work, we just need a currency that can be confidently relied upon to secure good and assets for our contributions to society. America owes someone and the only reason why they haven’t come knocking on the door is because some of the political and war actions America takes is due to who we owe. You can bet if Americans did something to piss off the wrong people the fed would do something like greenspan did during his time in it to “teach them a lesson” but no body remembers that. Furthermore when people talk about America’s financial institutions they have no problem mentioning they have a central bank.

If you think debt is an investment then who is investing? The economy does not require to have debt and that’s a lie to justify debt and look at how much it has increased over time. People who don’t pay their dues are usually punished or looked down upon. America owes someone for the privilege of printing their own currency and you don’t find anything wrong with it because you’re too busy shilling talking points by people who hold worthless positions whose real job seems to be inventing words to describe something and then misdirecting credit for things.

You even admit it was lent.

Crypto currencies could make it where we don’t have to borrow as much and thus we can begin to pay off our debts. Though, personally, I’d just tell them that we ain’t going to pay it back and to HTFU since the people that are owed don’t own militaries and only honor our economical relationships with other countries that don’t get their panties in a twist that we ain’t going to generate anymore debt, owe some nobodies, for printing money. The investors don’t have an army, they can be disregarded.

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In the UK we borrow from future money it seems, So, the UK will print £1 Trillion and give it to people due to covid and everyone being on lockdown for example. So really the money is just created out of thin air then once it’s lent interest is charged.

We also borrow from the IMF, I believe we also borrow from rich oil manufacturers.

Perhaps this is why very rich people have a strong dislike for crypto, if what you say does happen then the super duper rich will stop making money because there wont be anyone to lend to.

So the super rich will say anything they can to make us think crypto is worthless so they can continue fleecing the little guy for the next 100 years. It’s important we get this right and not be manipulated by anyone. The world is changing and I’m happy to be part of it.

If we check what Bill Gates is saying he is against crypto…Yet he tried to create a crypto currency in the 80s/90s. The little guys are rising and creating their own wealth, it will be interesting to see where this goes.

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No it’s not.
The country debt is not money owned.

What was lent ? Nothing to start with.

The money only exist as a way to create the debt, so to quantify the production of the country.

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lent

The money that was lent. If it came from no one there wouldn’t be a reason to charge interest on the USD then because it came from nothing. It’s there because someone is owed for the usurious practice. It’s why that one bridge fell down in the news recently in America. There just wasn’t enough money to maintain it because we’re too busy working on a budget with our own currency out of fear of incurring more debt. The USD CAN die if it incurs too much debt and that’s how some people attack the country. Instead of letting the different states issue their own currencies to secure themselves from such misfortune, they have to ask the federal government for money which can be denied because printing more money to get stuff done costs the country more debt. That’s why America oftentimes half-asses a project for ourselves or don’t outright engage with it. It’s purely financial and it’s due to how our dollar is tied with the interest the fed charges us to use our own currency. Honestly, taxes shouldn’t even be a thing. Nothing stops government from creating their own services. The military is their own service but for some reason having a service where citizens PAY YOU for good quality stuff is a no-no even though people are accepting of it when it’s npcs and unlike npcs the money actually recycles keeping inflation down. Bitcoin and all the other crypto currencies can circumvent their strangling hold on us. Bridges should never be falling due to maintenance simply being side tracked due to budget reasons due to the debt the borrowing would incur. If it truly came from nothing it wouldn’t need to be borrowed. People would just develop services to recycle money already in the system and print it now to cover what’s needed that may be outside the scope of their budgets but they can’t be doing that if they’re creating debt to accomplish it when the debt holders come knocking and all that’s left is to sell assets and the work people have done for themselves. Debt only quantifies what’s owed. I know we most certainly don’t borrow from another country though.

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How to NOT to EvE.

–Concerned Gadget

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Financial security, being your own boss, doing something that you actually enjoy -yeah, I can certainly see the appeal here. I mean, who wouldn’t want these things. The problem though, is that that still doesn’t mean that crypto isn’t a scam. After all, MLM’s pitch something very similar (begin a new and exciting career, get rich, quit your old nine to five). Moreover, there are people who participate in MLM’s who do make good money from them. But that doesn’t mean that no one isn’t getting screwed over by them.

I used to watch this britsh TV show about con artists called hustle. At multiple points, the characters said that you can’t con-someone who isn’t greedy. But, I think the real reason the writers kept saying that was not because it’s actually true, but because the audience would come to despise the anti-heroes if they were cheating little old ladies out of their social security checks, or screwing over everyday people who just wanted a better life for themselves and their family.

I do not fault you for defending crypto any more than I fault the people who buy into MLM’s. But are you defending it because it actually isn’t a scam, or because you want to believe in it?

Okay, 27 more posts. Let’s see if I can’t catch up.

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Yeah, that’s the thing though. If crypto was actually worked as a currency, then it could conceivably have economic benefits for individuals and economies. But, that’s the hitch -critics are saying that it actually sucks as a currency. It’s all smoke and mirrors designed to get people think it’s a viable currency that’s going to change everyone’s lives and the world for the better, when in fact it’s just a new type of scam.

So, once again, can anyone address the criticisms levied at crypto that say that it is worthless as a currency?

  • ludicrously high transaction fees (that can reach thousands of dollars per transaction)?
  • glacial transactions speeds
  • the ability for people to dispute the state of the chain and create forks
  • the ability for major stakeholders to just roll back the chain as they see fit
  • the obliteration of customer protections
  • extreme vulnerability to social engineering attacks
  • price volatility

Oh, and let’s not forget all the (alleged) astroturphing going on. Allegedly, people have been trying to make it look like crypto is accepted in more places than it actually is, and individuals and corporations that have been accused of doing pump and dumps. For example, Elon Musk bought a bunch of crypto before announcing that Tesla would accept crypto, sold it off after bitcoin spiked in price, and then stopped accepting bitcoin (citing climate concerns). And do note that the Elon and Tesla’s buying and selling of crypto at these times is not disputed -it’s whether or not it was actually a pump and dump that was disputed.

I guess making 100 million dollars profit doesn’t count as a pump and dump, if you’re still hodling 1.5bil worth of crypto. (fyi, Jordan Belfort is the guy that The Wolf of Walstreet was based off of).

Regardless, it has been alleged that companies are temporarily accepting crypto as part of pump and dump schemes. Thus, I guess the real question is not whether a company put’s out a press announcement saying they accept crypto, but whether or not they’re accepting crypto in practice, for how long, and what portion of their revenue is in the form of crypto.

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Just a quick point, It’s funny how we live in a world where there are millions of people in Chocolate slavery where the the western world buys chocolate form poorer countries for a low price that should be illegal and then sells it in the form of chocolate bars, sweets, cakes for billions in profit. Check out a chocolate manufacturer named “Tony’s Chocolooney” for info on Chocolate slavery, it is real.

Many aspects of our lives are a scam, we might not notice it though because we are not the mark. We just help richer people scam poorer people.

Bitcoin and other genuine crypto currencies are not a scam, Yes a scammer can create a scam crypto currency and scam people, this still does not mean crypto in general is a scam. There is no way someone like me would be able to build a career based on a scam, It can never happen. Yes Bitcoin and other crypto currencies can lose value but that is still not a scam, that is business.

Why should this be seen as a criticism?, “Bitcoin SV” and “Bitcoin Cash” were created because of these exact disputes and currently run alongside “bitcoin” where one is able to buy/sell/trade any of these crypto currencies.

There will always be a difference of opinion and there is nothing stopping a group of miners coding their own blockchain and listing it on crypto exchanges to see how it fare’s, If it crashes and burns then the group of miners who opted to fork off were wrong, if it’s successful then those miners were right. Those really are the only 2 outcomes.

I for one feel happy that it is actually a group of crypto miners administrating blockchains. I feel confident that they will try their best to do whatever is good for their particular blockchain and currency and if they dare try to scam anything then the currency will fall apart and lose value. These are the ideal people to administrate a blockchain because anything bad will affect them directly.

If we compare this to government physical currency it would seem that the administrators are totally unaffected regardless of if their currency crashes or not.

Again, I am very much enjoying talking with you Shipwreck Jones, you’re asking very good questions.

Also, what we find is that the mining community will follow logical and good ideas, if for example Bitcoin SV (Bitcoin Satoshi Vision - is not the same as Bitcoin) does actually have faster transaction fees than we may find miners will mine it and help that blockchain which will increase it’s value as more people use it for it’s faster transactions. Crypto is a great market for traders and miners there is so much to understand and analyse.

Here is a youtube video of Red Fox Crypto building a 12 GPU mining rig: Red Fox Crypto - 12 GPU AMD RX6600 XT Mining Rig

If you look further there are so many youtube creators making videos about how they build their rigs, These are honest and intelligent guys here who would never promote scams or try to scam anyone.

A couple of other things to note; there are manufacturers who designed the frame Red Fox is using, the fact someone has set up a business creating mining rig frames does show a solid commitment to the crypto industry.

Also, we have Nvidia, they have locked the processing on some of their cards so they won’t be efficient at mining, while AMD seem to be fine with miners using the full power of their cards for mining. We also have “AsRock” who build motherboards specifically for crypto, many of their motherboards actually have “crypto” or “BTC” in their name, have a look: ASrock H110 BTC+ Pro Motherboard it has 13 Pci-e slots and can accommodate that amount of GPU’s.

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We can’t pretend that Crypto currency mining/verifying transactions doesn’t use lots of energy it does, when analysed they found world-wide crypto processing uses almost as much energy as the entire uk. I don’t think Elon was trying to pump and dump, his reversal was about the environment which is a valid concern.

Good show.

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If there’s real money involved it’s got to be fishy.

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So the fact well known computer manufacturers who have been building Motherboards and Graphics cards on a world-wide scale for a good 30 to 40 years are actively involved means nothing to you?

Yes I get that one can be scammed while dealing with crypto but we still have to keep it real here.

If someone hacks Bill Gates, Elon Musk and Barrack obama’s twitter and tweets “Send me any amount of bitcoin and I will double it” If people do it then is it crypto to blame? No, i’m afraid it isn’t.

If this is true then let North Korea go ahead and start a war involving many countries, I still don’t see how crypto is responsible, If crypto didn’t exist then there world be another form of currency used to pay for a weapons program like gold. Would we then say gold is at fault? At some point we will have to hold the people breaking the law responsible and not the means they use to do it.

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I think there’s a danger here of getting sidetracked regarding exactly how useful or scam-ridden crypto is in general. I’m personally skeptical of crypto, I think the negative outweights the positive, and that, just as the video suggests, it has quickly become an even more scam-ridden version of what it was supposed to fix (see the comparison with the 2008 bubble). That doesn’t mean everyone involved is a scammer, or that it couldn’t find niche uses.

HOWEVER, regardless of that, the important takeaway for EVE is that NFTs are not only currently a pump-and-dump scheme and a bizarre way of adding energy-intensive artificial scarcity, but that they are used in games that have persistent elements to bring in blockchain technology for the purpose of introducing play to earn models. And that part, the play to earn, is the pure cancer that gamers who care about their games being a fun hobby have to fight. I think that this might very well be the big fight for the next decade or so, and that gamers have the power to sink the play to earn model through their actions - at least in parts of the industry. Today, that fight consists of being vocal opponents of NFTs in games.

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What’s the point of crypto again?

–Curious Gadget

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National debt is not in and of itself a bad thing. What matters is what you spend it on, and what kind of return on investment you expect. For example, it probably isn’t very wise to go 100k in debt for a gender studies degree, but going 200k into debt to get a degree from Harvard Law will probably shake out well for you.

In fact, think of it like Aaron buying hardware for mining rigs, that will pay themselves off in 200 or so days. Of course, calculating the RoI for investments into things like infrastructure and education likely requires a little more effort than some paper napkin math, but that doesn’t mean that it’s a terrible thing in and of itself, or that we shouldn’t be doing it.

Now, if we could stop accumulating more debt in order to give tax breaks to the wealthy, that would be great.

Oh, and btw, most debt is actually owned by U.S. citizens through bonds. So, a lot of the interest being paid isn’t getting exported to foreign governments and economies.

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Yeah, so it turns out that there are actually two competing narratives being pushed by crypto evangelists:

  1. Critics are just rich people that don’t want crypto to take off so that they can preserve their wealth and power.
  2. Rich people are investing heavily in crypto, which is proof of it’s legitimacy.

Don’t get me wrong, I don’t like how things currently work. Right now, the wealthy are subverting democracy and turning economies into wealth extraction machines. So, I’m definitely not defending the way things work right now. I’m just not sure that crypto is the solution.

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Source: Testing Theories of American Politics: Elites, Interest Groups, and Average Citizens | Perspectives on Politics | Cambridge Core

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Good to hear somehow magic will solve the lending issue.
Can you elaborate how crypto-coins would help anyone pay off debts? You can’t be a nation “anonymously” and they just dump the coin and go like “lol, we owe you nothing and you will be happy”. Oh wait… :smiley: