Line Goes Up - The Problem With NFTs - Receding Hairline Bashes Crypto Industry

[Lards and Lasses]

(The title is deceiving. He discusses far more than NFTs themselves.)
DISCLAIMER: I am a crypto pleb and know very little about it. I also have never heard of this guy or watched any of his other stuff.

I am working on archiving this, but figured I would start a thread on this to foster discussion and critique of crypto as a whole, since this guy doesn't seem to be holding any punches when it comes to his opinions of crypto. Given the amount of views, this could start making waves in the general population's attitude towards it.

Practically a documentary in length, but interested in kiwi thoughts if you can sit thru it.

If you call out certain talking points of the video, please include a timestamp since this is a swamp of details.

Spoiler: Archive (In Progress)

Vid is on my hard drive, I just have to find motivation to chop it up into up-loadable parts.

Spoiler: Video Description

If someone pitches you on a "great" Web3 project, ask them if it requires buying or selling crypto to do what they say it does.

Sources and Further Reading
https://web3isgoinggreat.com/
https://tante.cc/2021/12/17/the-third...
https://davidgerard.co.uk/blockchain/...
https://amycastor.com/2021/03/14/meta...
https://www.stephendiehl.com/blog/cry...
https://blog.mollywhite.net/blockchai...
https://www.motherjones.com/politics/...
https://twitter.com/davetroy/status/1...
https://davidgolumbia.medium.com/cryp...
https://marker.medium.com/fintech-is-...
https://naavik.co/business-breakdowns...
https://www.gawker.com/culture/the-fu...
https://twitter.com/NFTtheft
https://www.theatlantic.com/ideas/arc...
https://www.gamesindustry.biz/article...
https://www.technollama.co.uk/platfor...
https://davidgerard.co.uk/blockchain/...
https://twitter.com/Bitfinexed

Written and performed by Dan Olson

Crowdfunding: https://www.patreon.com/foldablehuman
Twitter: https://twitter.com/FoldableHuman
00:00:00 Preface
00:01:12 0. In 2008 The Economy Collapsed
00:07:09 1. Bitcoin
00:18:18 2. Ethereum
00:24:34 3. The Machine
00:39:07 4. NFTs Exist To Get You To Buy Crypto
00:57:54 5. The Unbearable Cringe Of Crypto
01:11:46 6. A Self-Organizing High Control Group
01:16:57 7. Crypto Reality
01:25:36 8. There Is No Privacy On The Chain
01:32:52 9. If This "Looks Like Scam" Then Every NFT Room I'm In Looks Like Scam LOL
01:38:29 10. Play To Earn Exists To Get You To Buy Crypto
01:46:39 11. We're All Gonna Make It And By "We" I Mean "Us" Not You
01:56:08 12. DAOs Exist To Get You To Buy Crypto
02:13:21 13. I Know It's Rigged, But It's The Only Game In Town

 

[TurdFondler]

I skimmed it. Basically the same critiques that were leveled against crypto since day 1. And they're valid.

My issues with crypto:
Bitcoin was a great idea but mongoloids took a prototype directly from the white paper and ran with it. Satoshi never intended hashing to be the way to make coins, it was a convenient place holder. Until coins are tied to some more efficient or more meaningful mining process, crypto will suffer.

Crypto was supposed to exist outside of the dollar, but it's just turned into a token of exchange.

NFTs are like any other collectors item. The price reflects a manic market and a crash is inevitable.

 

[Beautiful Border]

I also have never heard of this guy or watched any of his other stuff.

It's Dan Olson, he has a thread here. He belongs to the same milieu as youtubers like Hbomberguy and Innuendo Studios - muh BLM, muh trans rights, muh alt-right nazis hiding under the bed and so on. The guy's done some fairly questionable shit in the past too.

As for the video itself, he might be right in a "stopped clock is right twice a day" kind of way. NFTs are fucking stupid. I don't need to watch a two hour long video from somebody I already don't like to confirm that, though.

 

[Netizennameless]

I think at best, NFTs are a pre-prototype concept for how to manage digital copyright deeds or something similar. But in it's current form all I see is a cash grab and speculators/fools rushing in to part with their money.

 

[Lards and Lasses]

Yeah, the NFT shit is pretty transparent to anyone with 2 brain cells. However, the first 40 minutes of this seem to really hammer on crypto in general as a scam.

 

[TurdFondler]

Crypto lost the plot when they pegged it to the USD. It was supposed to be a digital currency without a real equivalent in dollars. Now it's turned into stocks but with more fraud. The idea was powerful, money that doesn't really exist so agencies like governments can't crack down.

 

[Rezza]

Yeah, Crypto and NFT in principle are not wrong, it's the implementation by the people that made it useless, unethical, and ridiculous

 

[From The Uncanny Valley]

It's Dan Olson, he has a thread here. He belongs to the same milieu as youtubers like Hbomberguy and Innuendo Studios - muh BLM, muh trans rights, muh alt-right nazis hiding under the bed and so on. The guy's done some fairly questionable shit in the past too.

As for the video itself, he might be right in a "stopped clock is right twice a day" kind of way. NFTs are fucking stupid. I don't need to watch a two hour long video from somebody I already don't like to confirm that, though.

He's heavily suspected of owning real cp iirc

 

[TurdFondler]

Old dude wearing zoomer clothes with a knowledge of deep web currency? Def a pedo.

 

[Polock]

I think at best, NFTs are a pre-prototype concept for how to manage digital copyright deeds or something similar. But in it's current form all I see is a cash grab and speculators/fools rushing in to part with their money.

Yeah. I absolutely hate the beanie baby craze thats going on right now. The actually technology is really cool, its just that the most visible use is fucking retarded.

Crypto lost the plot when they pegged it to the USD. It was supposed to be a digital currency without a real equivalent in dollars. Now it's turned into stocks but with more fraud. The idea was powerful, money that doesn't really exist so agencies like governments can't crack down.

How else are you going to evaluate the value of a cryptocurrency?
"Bitcoin is worth 6550 pigs and 12 chickens today"
I get what you're saying, but you need some point of reference and the USD is as good as any. I've tried doing mental gymastics to try to value things in sats, but its just easier to use dollars.
>stocks with more fraud
Yeah well, thats what happens when you invent a whole new asset class and theres almost no regulation. Hell, thats the fucking point of cryptocurrency - you can't fucking regulate it. It is independent of individual governments.

 

[TurdFondler]

How else are you going to evaluate the value of a cryptocurrency?
"Bitcoin is worth 6550 pigs and 12 chickens today"

How is the US dollar valued? It's not pegged to another currency.

Bitcoin as an independent monetary system with its own valuation was the idea. The worth was based on scarcity and mining difficulty. It's a weird concept, and would have taken a shift in attitudes towards money to get used to. The idea was for an entirely closed system not just a pass through for USD. Like, 1 bitcoin is worth 1 bitcoin, the currency equivalence is there but not important.

 

[Polock]

How is the US dollar valued? It's not pegged to another currency.

Bitcoin as an independent monetary system with its own valuation was the idea. The worth was based on scarcity and mining difficulty. It's a weird concept, and would have taken a shift in attitudes towards money to get used to. The idea was for an entirely closed system not just a pass through for USD. Like, 1 bitcoin is worth 1 bitcoin, the currency equivalence is there but not important.

I mean now we're getting in the weeds here. Fiat has value because of perception and because of the government that backs it. Saying 1 bitcoin is worth 1 bitcoin doesn't mean anything. Currency equivalence is important because its a point of reference.

I don't really have the economist vocabulary for this, unfortunately. I have learned more about economics from crypto than anything else though, so that's kind of cool.

I definitely agree that Bitcoin (and other crypto assets) need to become more than just "weird internet money" in the zeitgeist. Right now they're basically tech stocks.

 

[TurdFondler]

Right. Bitcoin was supposed to be a lolbertarian alternative to Fiat. It's neat, completely idealistic and impossible. The market as it stands now is completely reliant on converting fiat to btc because the mining threshold is so high. It wasn't supposed to devolve into a mining arms race. The idea was to create a new valuation system essentially out of thin air.

 

[Polock]

More on topic with this video

I can't sit through it. Its clear this guy has an axe to grind. I can't take him seriously when he literally made the argument "Racists and eugenicists like crypto, therefore YIKES!!"

I also fucking hate pseudo-documentary style long form videos where they insert random shit - in this case, some dude banging on a 5 gallon bucket with drumsticks. Get to the point, fast.

 

[Lards and Lasses]

"Racists and eugenicists like crypto, therefore YIKES!!"

I know he was being sincere with that sentiment but goddamn I found that pretty comedic.

 

[Polock]

I know he was being sincere with that sentiment but goddamn I found that pretty comedic.

I actually snorted when I heard it. Maybe I'm petty for dropping the video at that point but, I mean, come on. That was within the first 10 minutes of your TWO HOUR VIDEO.

Imagine you posted a 2 hour video where the first 30 seconds is just the Green Hill Zone Ear Rape track. Intellectually, that's basically what he did to his video. I have better things to do than listen to this dude for 2 hours.

 

[Knight of the Rope]

I can't sit through it. Its clear this guy has an axe to grind. I can't take him seriously when he literally made the argument "Racists and eugenicists like crypto, therefore YIKES!!"

I sat through more than I should've. At one point he was talking about the big follow-up winners from the JPEG-garbage NFT craze. This idiot made $5,000! This other faggot made $25,000! This person made $200k from their mint! Conspicuously and hilariously absent from his list was a certain lovable Flurk Nazi that outsold them all.

 

[Owlflaps]

As someone who invests in crypto, I don't like NFTs because it's soulless artistry driven through a ruthless corporate-esque business model. I sound like some faggot, but hear me out:

The NFT model is that you pay massive amounts of money, and the blockchain cranks out an ugly-as-sin JPEG that you can then flex on the normies. You can't even resell that shit easily. I can't believe people pay hundreds of ETH for what amounts to a fancy JPEG.

 

[Netizennameless]

As someone who invests in crypto, I don't like NFTs because it's soulless artistry driven through a ruthless corporate-esque business model. I sound like some faggot, but hear me out:

The NFT model is that you pay massive amounts of money, and the blockchain cranks out an ugly-as-sin JPEG that you can then flex on the normies. You can't even resell that shit easily. I can't believe people pay hundreds of ETH for what amounts to a fancy JPEG.

It's like a digital custom chain and medallion, except at least chains are worth the raw mineral prices they're made of.