The way I had NFTs explained to me is this: you are not purchasing the Mona Lisa. You are not even purchasing a copy of the Mona Lisa printed on a sheet of A4 paper. What you are doing is purchasing a key that opens a door that leads down a hallway to a super special personal viewing room through which you can look at the Mona Lisa. And also anyone else can go in there any time they want to look at it too, by the way, but the key is yours!! And also that hallway may at any time collapse and lead nowhere anymore, or lead to some other non-Mona-Lisa picture, and there's nothing you can do about that. But you own the key!!
You forgot the best part: You can also SELL the key to someone else! And if you're good enough at making them believe the key has a lot more value than what you paid for it, well you just made a nice hefty profit on the back of their stupidity! Amazing no??
One caveat: Your key opens a super special pathway, so everyone else has to enter through the main door, while you get to enter through a side door literally right next to the main door that looks exactly the same and leads to the exact same room with zero bonuses for you.
And also people can forcibly give you keys that you can't dispose of without using them, and there's no way of knowing whether the hallway leads to a painting, or a trap, or just a mugger waiting on the other side of the door who will steal all your other keys.
Beeple selling his art as an NFT for $69 million and then within the same month calling NFT's an "irrational exuberance bubble" will never not be funny to me. My man got his money and nearly immediately dipped, and I do not blame him.
They're grifters, the lot of them. They pretend they're genuinely excited about NFTs because they want others to buy into it so they can make profit. They don't actually care about the NFTs though. No one does.
He probably got frustrated by people constantly asking him to re-invest or advocate for other Crypto bullshit, hoping to use his image as "the guy that started it all" to artificially inflate the value of their holdings.
It's kinda like... Yeah.. obviously. "Most of the people who make fun of me for walking around with a turd in my hand are currently holding zero turds"
This argument specifically is so funny to me because like... Yes? That's kinda how human behavior works? This fact in isolation says absolutely nothing about NFTs. People that criticize slavery don't own slaves either, and people that criticize vaccines do not get vaccinated. Just the fact that its critics do not partake in something tells you absolutely NOTHING about the thing itself, because this is generally applicable to almost anything. You have to examine other things to figure out whether it's good, which is where NFTs end up failing.
@@daniellemurnett2534 actually, some of the loudest proponents of abolition were former, and in some rare cases, current owners of slaves. read a history book some time, please. There were multiple instances of slave owners who wanted to free their slaves but couldn't because their business would have collapsed if forced to compete with slave owning businesses. There were abolitionists who were only against slavery because it gave opponents an advantage over them. The world is complicated place. Also, plenty of people criticise the regime and even efficacy of vaccinations but still make their kids get them, if only because in many countries you can't go to school if you are unvaccinated. Do you just make stuff up in your head and not expect people to challenge it? The fact that most of the people making fun of NFT's have never owned one says VOLUMES about them. Most people recognise a scam when they see one, the people who don't are the morons buying the NFT's so of course they don't make fun of them... I think NFT's have actual use cases, I think the future of real estate is going to be using NFT's as the deed for your house, or your car, etc. They can be the future of proof of ownership of real world things. The actual technology is quite interesting, it's the uses it's been put to that are laughable. You know what happens when a new technology or idea is actually good? Everyone jumps on board. The iphone was invented in 2007, by 2010 basically everyone had a smartphone. If Crypto and NFT's were anything other than ridiculous nonsense they would have seen mass adoption by now.
Schadenfreude - I really hate to take enjoyment from other peoples losses but the past couple weeks, watching numerous crypto bros squirm and sweat, I have to admit I’ve been guilty as charged.
@@bringles3042 im talking from my instincts, experience and other’s people points on the matter. I believe btc will be a good store of value once the marketcap reaches gold’s marketcap (17 Trillion usd). I suggest you go watch michael saylor btc interview. He compares it to gold as a store of value on multiple vectors of what makes a good monetary system.
the medical details part is fine because of zero knowledge proofs. this video is just an editorial hitpiece on crypto and nfts. look at his sources; none of them are academic or even color papers from any coin. blockchain itself is used everywhere right now because it's a useful data structure, just like a hash table or array. Currently, Microsoft is probably the leader in practical internal and external uses for blockchains.
MySpace popularized the concept of tying your real name to your online presence and got it to be fairly accepted. Facebook came in and made that the expected norm, and platforms like UA-cam started to push for people to turn themselves into Personalities based on their real identity. Well over a decade of those two sites ruling the entire internet and suddenly the wall between real and online life is nonexistent.
@@royalninja2823, That’s not really true though, there’s plenty of people who don’t put themselves online, you just don’t know about them because of it.
Watching this again for the 385th time, I'm awestruck by the optimism of the "Pixelgirl NFTits comic book" announcement. I'm neither an accountant nor a salesman, but let's look at their numbers for a second. They expect to claim 1% of the entire comic book market share. For comparison, Kondansha Comics and Dynamite Entertainment respectively hold more or less 1% of the US comic book market share in profits. And those are publishing companies. They sell far more than one comic - They're behind franchises like Attack on Titan, Ghost in the Shell, Flash Gordon, the Battlestar Galactica or A Game of Thrones comics. Names most people have at least heard of, even if they're not part of the scene. Kondansha offers almost 700 series on their website. They expect their one plotless horny titty NFT pixelart comic to make as much money as the whole company that put out Attack on Titan.
Yep, 1% of a massive market is massive. Their expectations in movie terms were like "Okay we have this low budget indie film. When we release it all we have to do is have it perform as well as Endgame and we will be rich. It is one movie, Endgame was one movie, so it should be easy!"
@@tinkerer3399close. A low budget indie film performing even middlingly would get some profit. They are instead holding onto their movie, unreleased, waiting for someone to pay them endgame money for the rights. While the cellulose they filmed on slowly degrades.
It's actually worse than that. See the comic market is itself broken down into lots of sub markets, and genres, which are themselves broken down into sub genres usually. Think like fantasy, sci-fi, superhero, children, manga, hentai, historical, crime, comedy, war, westerns. Then there is the numerous art styles, etc, etc. There is no such thing as one comic book market. The person who is buying Mickey Mouse isn't the same person who is buying the Punisher. I remember a course I took about some company that made exactly the same flawed breakdown of the paint market. They spent a lot of money developing a really good paint with the idea being that they would capture like 20% of the market. However the market wasn't really one market. They developed a really good heavy oil-based weatherproofing paint. Which isn't the same as the paint that artists use, or that people use to paint the rooms in their houses. They were shut out of large sectors of the paint market. (I believe their paint was good enough to basically become the market leader in that area, but the market was small enough that they'd never ever recoup their development costs). So really to get like 1% of the whole market, they'd need like maybe 40% or more of a submarket. Considering the name, NFTits. What even is their submarket? 'Western Hentai Meme comics'? They'd probably need like 250%+ of their submarket to even get close to 1% of the overall market. Like Dan says in the video. Clearly the project developers, and stans were/are economically illiterate with any, rightly skeptical naysayers, being shouted down as unbeliever normies. Utter bullshit fantasy economics, selling hype, and not any real or viable project.
@@Ididntchoosethisnamethat paint example, and what happens when you conflate a niche of a market with the entire market value, is a great showcase of why this project was a dumpster fire from the get go.
I've only seen a few Dan Olsen videos, but "My avatar on a Dungeons and Dragons forum for years was a stock image of a head of lettuce" is the most Dan Olsen thing I've ever heard. I've literally never met this man and he said one thing that made me go "yeah, that's something he'd do."
NFT's have created, truly, one of the funniest things I have ever experienced in my relatively short time on this planet. The fact that Seth Green's show had to be delayed because someone stole the central NFT is just wondrously absurd. Someone 'kidnapped' the main character of an adult animated television show and the producers had to pay a ransom for their safe release. That's some Who Framed Roger Rabbit shit
Are we talking about the movie version or the book version of the character. And I mean the book the movie was based on. Albeit the movie took quite a few liberties. Though the original author like some of the changes so much he actually made them cannon.
The funniest part is that guy who stole it didn't have it anymore, they inmediately flipped it for a ton of money so the original owner had to pay even more money to the bozo that bought the nft.
@@wertkritikwilli2548 *By anyone for anyone. Anarchy is anarchy, there is no difference between libertarianism and anarchosocialism. Look at any failed state to see what happens when a society / economy develops without governments - the winner is always whomever has the biggest gun or the highest pile of gold to buy the biggest gun.
The part about NFT adopters blaming artists for not getting paid because they didn’t get in soon enough just goes to show how ppl can rationalize almost anything that benefits them even when it’s clearly bad.
I cannot believe that the same group of people shouting that NFTs are the future to artists to gain income are the same ones who never even bothered to pay one of those artists comissions and are now just buying these NFTs just for the exclusivity. They don't care about the art at all, the artist is irrelevant. And they keep stealling their work to mint... Disgusting
My issue is that it doesn't even benefit most of them. They're mostly losing, like day-traders in the stock market. Getting rich from NFTs is romanticised, even the big NFT players keep warning everyone, but there's too much false hope and desperation in the communities. It has a cult-like appeal that you can turn away from at any time, but they just can't.
@@C33Fernandez A bit like the Crypto craze, just even more bananas. Sure, if you got into it really early you might make money - but knowing it'll become big is impossible, and you're making money off other peoples' losses. Its really not a good model for a healthy market.
@@andromidius yea part of me wishes I’d gotten in early so I could have made a killing now. But another part of me would feel bad because I know I would have profited off others’ foolishness. Others are clearly ok with that, so what kind of ppl are we becoming? Seems like ppl are ok with doing what banks have always been doing. The system changes nothing.
I used to think Dan had "pivoted" away from discussing narratives and how they affect our perspectives, to debunking grifters. Only now do I understand Dan never stopped talking about stories and the myriad ways they have real impact on our lives.
I wanted to revisit this in a few years with the comment "This aged like a fine wine", but it only took a few months for the whole industry to come plummeting down
It's a lot like Dan's video on The Snyder Cut, which was extremely accurate in calling out what did/did not exist with it and how it might eventually come to be if it was released later. It's almost as if Dan puts a lot of effort into both researching his topics and presenting his points :)
@@trouty606 also like the twist in his Flat Earth video. I think folks forget with how relevant it later became that he released that when most of us didn’t know what the Q movement was. He’s got some kinda knack for getting out ahead of things for sure.
As far as stolen art-turned-NFTs go, the whole “you just weren’t smart enough to realize you could’ve made money off your own work” pisses me off for another reason, as it does with other digital artists I know. We aren’t posting our art online to make money off it; we’re doing it because we’re proud of our work and want to share it. The stuff we DON’T post is the stuff we sell. So we’re not *just* upset that we aren’t making money off our art that was stolen-we’re upset that other people are making money off of our work that we never intended to sell in the first place.
I think that the concept of making things without the express intention of monetizing them is so alien to the hypercapitalist NFT bros that they'd just stare blankly at you if you said this to them. Hustle culture is a poison of the mind.
@@physicsunderstander4958 I feel like people should be able to do what they want?🤷🏽 It's perfectly fine to hustle or to not hustle as long as no one is acting like they are some arbiter of universal law. I champion freedom and individuals being able to be happy and comfortable. Basic living necessities and wages should be required for all people, and anything above that is luxury and up to the individual.
I recently took an interest in programming and started reading Rob Miles' "C# Programming Yellow Book" and literally on 5th page of this beginners level programming textbook reads "Coming up with a perfect solution to a problem the customer has not got is something which happens surprisingly often in the real world. Many software projects have failed because the problem that they solved was the wrong one. The developers of the system quite simply did not find out what was required, but instead created what they thought was required. The customers assumed that, since the developers had stopped asking them questions, the right thing was being built, and only at the final handover was the awful truth revealed. It is therefore very important that a programmer holds off making something until they know exactly what is required." If you're trying to solve a problem, first make sure it's a problem that needs solving is literally like the first thing you learn as a programmer lmfao
For the short period of time I was a comp sci major, one of the classes that I was required to take was Design Thinking and that class was so important. Even though I’m no longer in comp sci, the thought process that one has to step into to develop ANYTHING is all informed by design thinking. Great class, highly recommend. Clearly not taken by anybody in the crypto space.
Yup, afaik requirements are the start of every project period. And everything else gotta abide perfectly with the requirements. What those requirements are would basically be what the contract says to do. If the customer don't want it in the end and back out, they've made a contract already and they still gotta pay up. This is so all the cost, time, and effort put in for the many other phases of development won't just be thrown away out of pure whims. Theoretically speaking...
I used think NFT's just didn't click in my brain. I understood they were stupid but it was so unintuitive I thought I was missing something. Turns out NFTs on every level don't click with reality. Like, it's really staggering
Not just nft's, all of crypto. This video made it finally clear to me that, yes, everything you think is a problem with crypto IS a problem with crypto. It's all tech hype mixed with ancap bullshit and nothing useful to be found underneath unless you're a grifter/scammer.
I had the same thought about Bitcoin when I first heard about it, although I couldn't describe why. There was just something disconnected about it that didn't make sense to me.
It’s literally just a cult. Now in the past I’ve used that phrase ironically, but seeing all those specific acronyms and terminology used, it’s JUST Scientology for techbros You’re financially invested into this group, and the leaders keep you in creating the “others” who simply “just don’t get it and don’t want to see you succeed,” and so you have a sunk cost mindset that it *has* to work out eventually I am someone who is very careful of calling things cults, but by almost all accounts NFTs are a form of a digital cult
@@k-master973 this tbh, my most amount of use was buy low sell high, get actual money out from it and forget the wallet ever existed. Because there's simply no actual day to day use for it.
This whole NFT lifestyle makes me feel like i stepped into a Kafka novel. The narrator tries to understand changed reality. Everyone around him sells, buys and talks about non existing products. When he tries to understand what they do, he gets flooded with a complicated vocabulary that doesn't explain anything.
my friend trying to explain to me why i should invest in gamestop stock and be excited about their nft marketplace was liking hearing word salad. none of it made any sense to me
@@jlrinc1420 Yes, but the stockmarket, with all it's complicated Offsprings have been around for ages , and has gradually became more complicated and diverse. The whole NFT rise & fall happend within a year or 2.
@@jlrinc1420 It's really not comparable. There's a difference of scale in both time and volume between crypto and the stock market. I expect an old system that controls most of the money in the world to be complicated, not so much a market that existed for barely a decade and is used by a small niche of people.
@@ekki1993 the reason I bring it up is because Greenspan used to make the federal reserve as complicated as he could to avoid oversight from congress. Its the same tactic used by the bank of Japan to avoid oversight from the japanese parliment. The same tatctis has been used often before making finance seem as complicatedd as possible to avoid explaining anything you dont have to to keep extra regulations away from markets
"It's a movement driven in no small part by rage, by people who looked at 2008, who looked at the system as it exists, but concluded that the problems with capitalism were that it didn't provide enough opportunities to be the boot." Fuck, I'm stealing that.
"Cryptocurrency does nothing to address 99% of the problems with the banking industry, because those problems are patterns of human behaviour" The way that you've explained the 2008 crash and this phrase are absolutely fantastic. Instant sub
@@themudpit621 Seems to be a misunderstanding here. The banking industry doesn't encompass all human endeavour. The claim is just that crypto doesn't address the problems that come from human behavior. What the vid is saying is that human behavioral patterns introduce a source of problems to any financial system, and only a system that address those problems can be an improvement. Crypto does not address those problems (aside from MitM), and so it isn't an improvement.
The problem with the "code is law because code is impartial" idea is that code in fact isn't impartial, it inherits the preconceptions of its programmer. Meanwhile, it makes it so if someone hacks you, you can do nothing about it, after all, code is law.
That phrase is equally horrifying to people who know how coding works - which is to say, that it doesn't, because humans suck at programming and code is buggy - and who know contract law works - and are aghast at the idea of auto-executing contracts devised by tech-bros who routinely fail to account for extremely basic stuff like "mortality" into the list of eventualities: that anyone ever utters it with a straight face in crypto is all the evidence you need to write off the crypto space as a collection of lunatics.
@@the_dark_soul_of_man Even the concept of impartiality isn't as binary in law as it is in code. There's often arguments about circumstances, intentions & interpretations of the law's spirit as opposed to its letter. Law is impartial because it follows legislation but its interpretation of legislation, particularly in grey areas, is key.
@@mictest9310 the programmer paid to write the code by the owner is also morally responsible for what the program does. there are essentially no programmer's guilds/unions that prevent coders writing evil code (in the same way engineers' guilds might prevent engineers sacrificing human lives for profit), because programmer culture is hideously right-wing.
This video is so validating. I felt like I was losing my mind for being highly suspicious of crypto. All my friends and co-workers were all buying in and going on and on about how they were going to quit or move or buy a ton of new shit. One ex-friend bought a “celebration car” when doge coin had that random spike for a little while. He even minted an NFT of his car, a fully decked out Audi, and was trying to sell it for thousands. It never sold. Needless to say his Audi got repoed, and then he defaulted, and he got divorced. He spent so much time on watching the numbers and having hype calls on discord he just opted out of life. He cut off anyone who wasn’t a total crypto bro and now has a lower paying job then before. This shit was parasitic.
On one hand it feels a little cruel to mock people that ruined their own lives. On the other hand, it's hard for me to feel much sympathy for someone suffering the consequences of their own bad decisions.
@@troodon1096 Yeah even though it was all self-made they were still taken advantage of by a shitty system that played off thier own financial insecurities (and general insecurities) to basically create pay pigs to then excommunicate them because they aren't rich. It sucks but yeah I feel bad for them, but like in a ah shucks kinda way lol.
Sounds like he was really unhappy with his life ngl. Wouldn’t directly blame it on crypto tbh, he probably would’ve as easily patched into anything else.
@@zawrator4457 There is some truth to that, but crypto does go after guys like that. The marketing is made to entice people that want to be millionaires, but don't want to really put in work. So, he's had the chances of going to other grifts, but crypto hit that sweet spot for a lot of people.
A year or so ago I was in an emerging tech class, and a non-insignificant portion of that time was spent on crypto. I tried so hard to convince literally a single other person in that class that crypto isn't going to do anything, and even my professor said "you're saying a car won't catch on because we already have horse and buggies." I don't feel validated by the collapse of crypto, I feel sorry it ever happened to begin with.
1) crypto has not collapsed at all, not in the slightest, it's still a trillion dollar market. 2) your professor is completely correct in his mindset, because his mindset has been *proven* to be the case dozens of times through history
That comment about horses and buggies would now have me respond with "The train already replaced them for most distances, and is still to this day better than the car."
@@BigHotSauceBoss69 so please explain the benifits of crypto compared to the current financial market, and why the current crypto that are around wont die to yknow... the government?
@@fullmetaltheorist Not wiped out, just transferred over to a bunch of con men that sold some idiots pictures of monkeys... its the crime of the century if you ask me.
"Rules must always be evaluated by their power to oppress." I've come back to this video several times and I always walk away with a new line that really hits me hard.
@@brainwashalpha5495 That's more about disobedience and where it's appropriate to break them, this is slightly different, although you could use similar criteria for both.
@@fellinuxvi3541 you're right, I did conflate the two. it was fresh in my head after seeing passages of both whole I was taking a practice SAT reading portion
"If there's one thing union busters love it's the idea of an unbreakable individual contract who's inequities can all be blamed on a machine" what a genius observation and concise summary of why this stuff is so dangerous. Literally techno facisim without a soul to blame
Every time I feel like my goals are too unrealistic, I think about the NFTits acting like their comic idea will get 5% of the total addressable comics market, and my doubts melt away.
and their idea of the "comic market" was complete bulshit. They used two affirmations with completely different definitions of "comic user" to forge a merket that is far smaller than that.
@@guilhermetheodoro5759 It's literally insane that they thought that was representative of the comics industry's revenue, and also that they'd be even remotely capable of touching any part of that value. Like prior to the huge disney marvel movie renaissance the comics industry was failing, that's why so many marvel properties ended up in different places, marvel was selling the rights to avoid bankruptcy.
@@1Seanmb They never thought that any of that was remotely attainable. The only point of that was to be a pitch, to get suckers to buy in so the creators of the coin could pull the rug out from under them. They know it's all bullshit, but they also know that if they put in enough numbers and figures and professional sounding words that these self-identifying gullible fools with eagerly part with their money. It's pure hype meant to push speculation to make that line go up. It doesn't matter how ridiculous the idea is, how out of touch with reality the pitch is, as long as it makes the line go up, it's filled it's purpose entirely.
@@1Seanmb Not exactly. The '96 comics speculator crash is the reason Marvel properties were split between various movie studios (the company actually filed for Chapter 11 bankrupcy, they had to do it to become soluble again). Plus I don't think there's a lot of evidence as to super-hero movies impacting comics sales. Maybe that's changed in recent years, but I recall Gail Simone saying the only times she could recall a movie helping move comics was the first Wonder Woman and Suicide Squad (2016). DC and Marvel want to get new people interested in comics (as they should), but mostly it's longtime fans who buy them. Anyway, right now the top selling comics produced in the U.S. seem to mostly be slice of life YA stuff, and the rest of the industry is struggling to catch up, especially as venture capitalist assholes keep taking over indie publishers (read non-Marvel, DC or Image) and wrecking them for a short term profit. Plus Warner Bros and Disney have been engaging in their own bloodletting (sorry, "corporate restructuring") and hiring people from outside the industry to help run DC and Marvel.
Isn't it darkly funny that there was a period of time where people thought it was a good idea to create artificial scarcity in the _one_ place where scarcity didn't need to exist?
@@DichotomousRex like Pokémon cards valued at $1000 new out of the package despite being made of plastic and cardstock I would so love if one of those companies made a stupidly rare card only to create an absurd sales market spending thousands on it, only to make it much more common and indistinguishable as to deflate those prices, just to teach people a lesson. Just because its rare doesn't mean it's inherently valuable.
@@starlight4649 at bare minimum, you're spending a couple grand on a real thing. Buying nfts or even crypto, a lot of it is just "well I own the right to say I have access to the thing". Hence the right-click save meme for nfts. Pokemon cards, you at least have a card. Is it actually worth ten grand, probably not, but you have something to show for it
@@magicball3201 also, the Pokemon TCG is a legitimately fun game. So even that piece of cardboard with a character on it has a real-world utility and tangible value as a result. These NFT, well, they absolutely do not.
One of my friends recently said this: "honestly, I think the people who are pushing the idea of introducing NFTs to music, or art, or games aren't actually interested in the music, art or games themselves - the appeal IS the financial trading, and if they weren't spending their money on this they'd be spending it on the stock market instead"
exactly. I constantly hear "it allows artists to get paid their worth" Horseshit - if you actually value the art the artist has made then pay the fucking artist for the art that's apparently so valuable. it doesn't NEED to be this complicated. If the art is worth nothing then where is the logic that an encrypted URL pointing to the art is somehow going to appreciate in value rapidly?!?!?!
@@markfelt5650 As an artist, these losers bragging about how they’re supporting artists only to then turn on said artists, bash them, ridicule them, and blame *them* when their art is stolen and sold as NFTs, is fucking infuriating. They’re exactly the type of people who would complain about artists setting their commission prices too high any time they cross 50$. And you bet they’d never buy commissions or otherwise ‘support’ artists that aren’t connected to their crypto cult. It’s not about the art, it’s about a social image, clout, and money - the antithesis of art and what it represents.
Here's a question to ponder: If Picasso's painting were digital (and no NFTs would exist), would everyone who would today be be prepared 10k , 100k, 1 mil for a picasso, just pay them to get a digital copy? How many people do you think are on the planet today prepared to pay 10k for a picasso? A lot!! Another one: If some skilled artist creates an exact copy of a Picasso, that might not be absolutely perfect, but perfect to the extent that a buyer ready to pay $1 mil wouldn't notice the difference - do yout think that buyer would be ready to pay for the copy? Of course not. It's not about having this order of atoms, this physical manifestation of an abstract idea of a painting, in _your_ house. It's about having the _abstract idea_ of the painting in your house. It's about: Having the NFT that is the physical painting in your house. Copies of a phsical artwork are fungible, but they're also generally worthless; the originals are non-fungible, and where the worth is at. If you think NFTs are a scam, so is art trading.
@@user-dr5ph7ur4c you would only say this if you were an absolute ignoramus lmao. There's more great music of every genre being created right now than at any point in human history
I know nfts are basically over now, but having an icon on my phone that steals my money if I accidentally tap it sounds like the stuff of my anxiety nightmares
it isn't over :| like, the very narrow and specific manifestation of crypto as 'NFTs' has failed, but the base layer - crypto - is still as relevant as ever, unfortunately. the amount of money crypto has dumped into the current american election is actually insane, and a not-insignificant number of people are voting for a reactionary explicitly because they feel he will protect their crypto holdings
@@ItWasSaucerShaped Also Peter Theil, who got cursory mention here but is discussed in more detail in Munecat's video on the subject, is co-founder and owner of a gigantic data analysis firm, Palantir, that was involved in Cambridge-Analytica and has demonstrably used its huge swaths of gathered data to swing elections (most notably the Brexit vote) and decide what ICE detainees to deport. Theil was a primary investor in Etherium and Bitcoin, and is an avid Trump supporter, antisemite, white nationalist, and generally garbage person that shouldn't be trusted to hold your left shoe lest he try to sell it back to you after minting it as an NFT. And yet he is in DIRECT control of one of the largest pools of data in the world, and is determined to see his vision of the future realized by any means necessary. Also also the only reason we're talking about generative AI right now is because crypto bros believe in it as a method for extracting even more data.
I can't believe they had the gall to mint Qinni's artwork. Her death was a devastating blow to the everyone in the art community, her final posts heartbreaking even to someone like me who only knew her as someone whose art would show up on my dashboard. She inspired so many of us young artists of the internet age. RIP Qinni, you are deeply missed
A very interesting bit I found was the guy who thought his NFT profile pic was somehow impressive. He could've paid an artist a tiny fraction of that amount of money and gotten a much prettier piece of art that was completely made to his specifications, something actually unique and personal, but that would mean he's interacting with the economy in a traditional way. And he can't have that, even if it means he gets a better product and someone else gets paid a fair wage for good work. To me this really shows it's never been about changing the world for the better, it's just ego.
You nailed it, it's all just one big con and the advocates for crypto are either suckers or con men trying to lure in more suckers through any means necessary
Exactly. That and a strange obsession with rebellion against tradition. That's why despite the claims bitcoin makes about challenging central banking, it effectively cloned the early business model of centralized banks, prior to the government and people like Teddy Roosevelt introducing strict regulations to maintain fairness and justice. As you said it's all about ego, as well as enriching themselves while doing absolutely zero hard work and yet getting instant gratification.
@@easternrebel1061 They’re not rebelling against tradition because they actually understand the harmful exploitative nature of the current system, they’re rebelling because they feel like its unfair that they didn’t get a chance to be the boot.
Newsflash, he wasn’t actually impressed. Many of these types of crypto and NFT believers don’t actually believe, they just need to convince other people to join so they can sell for profit.
“Our global system is so fundamentally unjust that that people are patting themselves on the back for generating a whole new kind of OwO pit boss that tells you to grind harder or your fired but caps it off with a blushy emoji.” This is the worst timeline.
It’s really sad that people have to resort to grinding on a video game to make a livable wage, and the ruling class that exploit them are building themselves up to be the socially conscious landlord.
@@ng.tr.s.p.1254 It's also such a weird idea, like I play games cause it's fun or I get personal fuilment or because I want to escape. Why would I then transform it into a low wage, grind heavy job?
It's actually worse. Instead of wasting vast amounts of electricity hashing like bitcoins, play to earn wastes human lifetimes as the hash. Crypto fundamentally has to be a resource black hole to "Work".
@@redlion45 I'd argue that's not even a particularly libertarian attitude. Claiming that it's not a sexual depiction of a child because of some nebulous qualifier implies that you still believe in the validity of the rules and are just trying to craft an exception for yourself - libertarians are no big fans of technicalities. The libertarian position would be more akin to "yeah, that is a child, and you know why you think that's wrong? Society, man! I'm not the problem, society is!"
We should never forget that Dan posted this at or near the height of Crypto. It would be so much easier for anyone to post this now when all the holes are truly exposed. But Dan spoke the truth the way he saw it even the hype was still very very high.. Much much respect for your courage and vision.
No he posted this at the height of NFT not crypto itself since bull market didn’t begin until around April. Also let’s not act like this video actually affected crypto itself; this video most definitely affects NFT scams & the stupid way some of it was being described as art
@@nickjunes u huh, sure. If that's true, than please go ahead and provide substantial evidence disproving what he's said. All you crypto bros ever seem to come up with is dumb broad terms like "FUD", insults, or claims that "it's just not true bro" or "it's too complicated to explain"
As a german speaker, it is very funny to hear the acronym "dao", since it sounds like a german acronym "dau", which stand for "dümmster anzunehmender user" (most stupid user you can expect). Somehow, I find that very fitting.
@@sarsmask Yeah, they seemingly picked the most generic old MMO they could, and made a bare bones version who's entire purpose is to pull more of your assets into crypto.
I didn’t know it was Dan himself being accosted by a crypto guy. Man that guy must feel stupid knowing he’s in the greatest takedown of the stupid industries he’s chosen to take part in.
Over a decade ago a friend of mine complained that I had no profile picture of myself on my Facebook. This was before I had a smartphone and I didn’t own a digital camera because I never took pictures of anything, so I drew a picture of myself in Microsoft Paint and that was my Facebook profile picture for years. So I was ahead of all those NFT bros by over a decade. And I paid $0 for it.
I'm now imagining Dan Olson in that bath in The Big Short instead of Margot Robbie explaining the 2008 Financial Crisis and I'm liking it a lot better.
As someone whose seen it evolve I really like how you've made a full trilogy of documentaries with Line Goes Up, The Future is a Dead Mall, and This is Financial Advice.
I actually think Contrapreneurs is part of this series as well, being about grifters and the self-selecting marks, who are only marks because they have no financial literacy, can't bring themselves to work hard (which I'd argue is because there's no guarantee effort will pan out) and are just financially precarious enough to hold hands with strangers and leap into the abyss, knowing that such is their only chance at financial security.
I also count In Search of a Flat Earth and Contrapeneurs as part of this series due to the shared focus on the cult like behavior of these groups. So it's like, Flat Earth, Contrapeneurs, Line Goes Up, Dead Mall, and Financial Advice. All these videos have very interesting and similar narratives on scams, the intersection of money, power, and confidence, and cult-like behavior. Though Contrapeneurs is the least like the other videos in the series.
Very true! It’s a straight up Financial (Il)literacy Trilogy worthy of being watched by students of economics of all stripes/any level. All of them get to the heart of why treating finances as a game & gambling with extreme overconfidence, zero due diligence & without a modicum of genuine knowledge of/engagement with the fundamentals of economics is a recipe for disaster. The collective thesis of these video essays is the simple fact that there is no such thing as printing money or getting rich quick & anyone who says as much is only desperate for you to open your own wallet without a second thought or to exploit your naivety for their own personal gain.
Just a comment on the bubble burst back in 2008: I was there, Gandalf. Specifically, back in 2006 I was working as a programmer in the bowels of a company that handled and automated some of the paperwork for subprime mortgage brokers (don't hate me too much - I desperately needed the paychecks to keep a roof over my head). And just looking at the data I was seeing every day, I could see that there was no possible way this could work long-term, because none of the loans were set up in a way that the borrower could ever pay down the principle. And about 4 months in, the largest of this company's clients collapsed, taking my job there with it. A couple years later, when the failures started trickling up to Wall Street, the talking heads were on TV saying nobody knew how risky it all was. That was utter nonsense - if I, just some guy at a desk at a not-huge company connected to the industry could tell it was all going to blow up sooner or later, I'm quite sure that the key players knew.
But that's the thing. Everybody knows, but as long as they profit, they don't see it as their responsibility to do something about it. Or they start lying to themselves that a miracle solution will present itself. But they are never ever going to speak up, because they, as much as you needed to, desperately need to cling onto the fabric of their existence. They interweaved the absurdness of the system into the fabric of their personality, which also happens now with NFT's and Crypto, that's why people invested in it can respond so toxicly towards critism, not (well mostly not) because they are evil and want to just scam people, but because they are human and made NFT and Crypto their way of life. Just like you made the dependency on that job for your survival an integral part of your personality, of who you were as a person. And you would think that we as humans would understand that by now and have the majority depower the disillusioned and powerful minority and build check's and balances to prevent these kinds of very human dynamics, but it just doesn't happen. We are all responsible. We have become complacent. We have become blind to the needed failsafes that keep the dynamics that have given us prosperity, freedom, peace and wealth from running rampant and taking away that very prosperity, freedom, peace and wealth. Especially if those blindspots, those weaknesses, can be exploited by glitches in the system by actors who benefit us losing. Social media is such a glitch and it has been exploited by foreign state actors.
@@NJKoopmeiners “Just like you made the dependency on that job for your survival an integral part of your personality, of who you were as a person.” They literally didn’t say that at all what are you talking about.
They knew and they were all playing hot potato; who can be the last to cash out, and who can be the biggest winner. Eerily similar to how this all looks!
You should watch The Big Short. It's based on a true story about some Wall Street guys who predicted it was gonna happen so bet against the stock market, and made absolute bank.
@@gusmalone2005 if you beleive that it is going to burst, then why should you not bet againts it? it is the same thing as believing that something goes up and getting into the market or just withdrawing from one if you think it doesn't.
I never really understood what exactly happened during the 2008 crash until now. It's so hard to understand that it feels like the GamerGate of financial crashes.
Given the speed at which society evolves these days, I think "Rosetta Stone" is an apt metaphor in more ways than one. I mean, shit. Most people didn't even have smartphones in 2008. It feels like forever ago...
And bringing it back around to crypto being driven by people who felt the fundamental problem of 2008 was not enough people getting to be "The Boot" was just marvelous.
It really is. I've been planning a takedown of crypto with a friend for a digital art competition and have been going over how to frame the argument to make it simultaneously unassailable by crypto enthusaists' arguments and also highly persuasive and had several plans, many of which Dan does here, but starting off with a familiar, real-world scenario whose catastrophic consequences are still felt was a stroke of genius I hadn't even imagined.
@@lilneoman1 From the moment I understood the inconsequentiality of my JPG, it disgusted me. I craved the perenniality and scarcity of the Token. I aspired to the absoluteness of the infinite machine. Your kind cling to your hyperlinks, as if they will not decay and fail you. One day the crude intercomputational network that you call Web 2.0 will wither, and you will beg my kind to save you. But I am already saved. For the NFT is immortal. Even in death, I serve the blocknissiah.
The entire time I was thinking: "So it's just MLMs for tech bros who like to think they're smarter than that?" Felt good to have that suspicion confirmed by your very last sentence.
I feel bad for tech bros, most of them will likely get scammed out of their money. If you are a coder you have no excuse tho, this system is obviously stupid and worthless ._.
Yeah, it's sad. Because work, jobs, family, trade etc al exist. But all are susceptible to MLM scams... so spotting the actual MLM scam tree in the forest of legitimacy, is difficult. Sometimes though, we walk into the forest of scams, and that is scary!
@@Keviamaya Some are prolly decent but damn, so many seem to revel in the misfortune of others, even when talking with scamming victims. All the caveats they used to blame the victim are the same as those used by sexists to blame women for being raped ('you should of been smarter/fought back'). Its deplorable. They value money above everything, their self worth is so intrinsically linked to their monetary success, they become inhuman to justify the tactics of the business they're in. Frightening. Money aint worth it, people.
When talking to crypto people, one common emotional thread I see is the idea of complete individual control; the rhetoric of "decentralized" is sold as "you will be in complete control of your destiny" and not "you will have to negotiate everything with a group of people who each think they are in complete control of their destiny". These aren't communities of equals, but competitive hierarchies where everyone is encouraged to see themselves as kings, but end up being serfs.
This is literally just the underlying ideology of capitalism. The lie that everyone has equal rights and is free to pursue their own happiness. No one is actually free to do jack, in fact, we're all subordinates to a deeply complex system of socioeconomic relations, everything that we can and cannot do is at the end dictated by the conditions this system creates. Freedom is just a magic word for the morons who want to uphold this monstrous system to use to hide the fact that poor people cannot meet their basic necessities because it's not profitable to help them.
“It not just that I oppose NFTs because the foremost of them are aesthetically vacuous representations of the dead inner lives of the tech and finance bros behind them….” Two years later and this is still the most cutting and insightful line in the video. I cannot keep track of how many times since I heard that line that I’ve talked to bosses and managers who are true believers in business (not even NFTs), and realized that in the place where the rest of us have imagination, hopes, and dreams, they just have a gaping maw of ambition that craves money. It is like talking to an alien that can only understand art on the level of buying and selling it.
It's the same reason why they have zero issues with the use of scraping other people's work to build AI models. They don't care about art, creativity, or basic human expression, just money. It's the same attitude as when NFT bros stole people's artwork to make into tokens, and when called out tried to deflect like it was their right to because the artists hadn't done it yet themselves. Everything is just product to them which only has value in how it can be monetized. It's such a fundamentally broken incurious uncreative way to look at life that I can't wrap my head around what ruined these people's lives to eliminate the concept of humanity.
The way that you’re able to express everything so succinctly is incredible, and the ending is as insightful as it is incisive. It’s so easy to look at all of this happening and be overwhelmed at the inanity of it all, but the human element you’re able to pin down explains it exactly. Perfect.
Gotta give Overly Attached Girlfriend props for having the chops to mint the NFT (via a third party, but still), sell it, and immediately cash out and never touch any of it again.
@@rykehuss3435 dude. do you think that real people think that being a faceless femininst on the internet is going to get them girls. also, how do you know that phastine moon is a guy? they could be a woman speaking from experience.
"[...] deliberately obtuse in order to make them difficult to understand and thus appear more legitimate." "[...] with a reputation for making things deliberately more difficult to understand, specifically to create the illusion that only they are smart enough to understand it. " I'm about to graduate with a degree in finance and I cannot stress how true the above is. TRUST ME, you are not dumb; the way they built this stuff is.
As someone who works in accounting/tax, this is basically all of it. Most work can be boiled down to filling in like 5 boxes and ticking some. Most terminology can be boiled down to simple things like "We take no responsibility if this is wrong", but in more words. Intentionally obfuscated to increase the perceived value of the work.
Imagine accidentally sending someone your social security NFT and they just get to have that now, or sending the deed to your house to the wrong wallet and some guy you've never met is now your landlord
I daresay that to the mouthbreathers advocating for this system, this is *part of the point*. They almost certainly knew about this possibility, and rather than a risk, they saw it as an "additional source of revenue".
@rossmallo Yea, it's a level of dissonance that is easily usurped by reality. If I send my " house deed NFT" to a russian scammer who enforces that. We don't have a globalist system that could even begin to address it
I remember Dan tweeting sometime last year that he was struggling with scripting a crypto/NFT video, because the landscape was changing so wildly, and the subject matter so insane. He'd shelved it. Fast forward, and he's grappling with what would become this draft. I followed the twitter thread of his descent into the madness of the NFT discord servers. Its clear he's been researching, writing, editing, etc for months. Hard to imagine the amount of creative effort and strain it must have put on him. And finally it releases. A presentation worthy of any lecture hall, and its completely free to watch practically anywhere in the world.
yeah, really well researched video... but imo didn't go deep enough. He focussed on this one branch of crypto that is now tilting towards a weird, speculative bubble, but the philosophy behind decentralization and crypto's has little to do with "commecializing everthing", the things nfts address for example are mostly already commercialized but owned by giant corporations that just do what they want, they just make it look like things are free, but in reality they take your data and most profits for themselves. In my eyes, the main goal of crypto's and decentralized systems built on top of them is to distribute the power of the digital space back to the users, creating platforms that everyone can shape and participate in. That's what i first thought of when people said "wagmi", if we build a decentralized system, we can all participate and distribute the profits according to everyones contributions. But yes, a lot of the critique is very valid, although a lot can be fixed... it just takes time. right now, nfts are generally overvalued and not yet developed enough, but it will get there, as you mentioned the space is moving very quickly, even if the nft hype dies down, some new technology will emerge and cause another hypewave, and once we have accumulated enough of these technologies, it will be possible to build really useful things.
@@vincnt0169 Democracy and equality are practically impossible to attain, even less so through crypto. Economic liberalism and deregulation has historically benefitted the elites and the elites only, I don't see how a tech twist on Adam Smith is ever going to give the masses at large an opportunity to succeed.
Wish people had remembered this and listened to those of us warning that speech suppression of things you don't like will soon be used to implement speech suppression with a view to increased government control and banning opposition to wars and fascist economics.
I really, really hope Dan celebrates the 1 year anniversary of this by posting a follow-up detailing the spectacular long-form crash-and-burn that's played out for NFTs and crypto over the second half of 2022. The logical title for said project would obviously be Line Goes Down, but I'd actually vote for him just calling it "Victory Lap". Godspeed, Dan. I've loved your stuff for years but you legitimately did all of humanity a gigantic solid with this one.
I make it a habit of rewatching this any time I see another vaulted crypto/NFT-based venture crash and burn. This week it was in celebration of FTX collapse.
@@beefax So, literally any channel about fixing Macs then? Like, you cannot open one of those things up and not immediately think "Oh my god, why would anyone ever buy this?"
For me the biggest sign that cryptobros are detached from reality is that some of them thought that buying a copy of the book Dune granted them the IP.
@@nomindseye Kind of, but not exactly: the crypto-bros in question were a group calling themselves "Spice DAO", because they made a DAO (or a thing that kind of resembled one at least) with the intent to purchase Dune - or rather, the production bible for Jodorowsky's famously "never actually filmed" movie adaptation of Dune, they weren't stupid enough to bid on a normal copy of the book - after a particular individual (Soby) put that idea out into the world after stumbling across the auction. His makeshift DAO actually failed in its goal, because them entering the auction triggered a bidding war that led to the eventual price being *ludicrously* inflated (most copies had sold for around $50k in the past, that one wound up selling for $3m) and they didn't have enough funds in the treasury to cover the transaction + fees, so Soby himself had to liquidate some crypto assets and enter as a last second bidder (the process of the DAO then buying it back from him was the source of friction down the line that led to him abandoning it at one point in the saga). He'd never outright told people "buy the book and we'll get the movie made", but he didn't exactly go out of his way to disabuse the collection of idiots tossing their internet clown bucks into the communal pool of that notion either, so the group wound up convincing themselves that was what they would be doing; they never seriously pursued that of course, because it was pointed out - amidst the relentless, unceasing mockery by everyone else aware of what they were doing - that IP rights really do not work like that even a little bit. What they actually tried to do - going as far as to purchase a script - was function as a production company, to produce things "similar" to Jodorowsky's unreleased adaptation. Fast forward to today, where the only thing that they made were some as yet unreleased (and I don't think actually related to Dune in any way) NFTs, the DAO has been dissolved (they're now just the "Spice Club"), and they're trying to find a buyer for the rare book they had at one point in the process claimed they'd be ceremonially burning (doubtless they abandoned that idea when people pointed out that scanning and digitizing the contents before destroying the volume would not actually change the status quo... because people have already scanned the contents and digitized them), which will be sold at a steep loss if they ever even find a buyer. Dan has a whole thread on his Twitter going through the details.
@@nomindseye apparently they spent millions of dollars on it, they then tried to mint it, but they don't own the IP so they can't. Funniest shit I've ever seen
The group in question was called the Spice DAO. They didn't even buy the novel itself, they bought a book about a failed attempt to adapt the novel into a movie. So they overpaid for a collectible.
"If we can get even 5% of that audience-" "imma stop you right there, because 5% of the comics market encompasses approximately *THOUSANDS* of comics across DOZENS of major and minor imprints, EACH of which can account for up to an entire full-time job for a dozen people or more to make."
I feel like there’s something to be said about their branding that I’ve watched this video a few times, so I’ve heard the name many times, but I still read “NFTITs” as “NFT ITs” for a bit and thought that I’d just forgotten the part about IT techs for NFTs 😅😂
Severe necro but yeah, reminds me of the stories about people who would send out letters asking people for a single penny and just spam them everywhere. The thought being that if a lot of people give me a (proportionally) small amount then I will have a very large amount at the end.
@@ProjectXA3 It always amuses me how much Techbros underestimate how competitive and cutthroat the art business is, there are immensely talented artists barely scraping by and they really believe that their shitty crypto low resolution pixel art boobs are going to make waves in the art world. The dunning krueger diagram falls into the shape of a bottomless abyss.
I graduated high school in 2007, so basically my entire adult life has been post-2008 crash. While your video made me even more angry about the people behind NFTs, the part about economic despair among people who got suckered in really resonated. The whole system feels so hopeless and rigged that it makes sense that so many people would irrationally throw money at empty promises.
NGL, I do wonder if we'd be in this position if the media had spent slightly less time telling millennials that we were to blame for our own inability to afford stable housing because sometimes we went to Starbucks. I guess next it will be telling zoomers that they should have bought crypto if they ever wanted to not rent something.
Yes. To me, the greatest tragedy of NFTs isn’t that they are so blatantly a scam, it’s that they do not present as more of a scam than the regular financial systems we all live under. Anyone can ignore NFTs, but their popularity is a portent of doom for the economy overall.
@@Nassifeh If you hadn’t spent $50,000 a year on Starbucks, for five years in a row, you would be able to make a down payment on a house. The math is incontrovertible; it is solely your own fault that you can’t buy a house. (I am being facetious)
i graduated in 2005 and then enlisted 4 years in the military, we're part of a generation of people joining the workforce and supporting ourselves, setting our own direction for our lives right as the economy fell out from everyone, it's all we've ever known and our perception of the world is fucked
Ah, yes, digital scarcity. That definitely seems like a good thing and not a way to remove the best benefit of digital assets being infinitely reproducible.
i always th0ught this way regardless 0f the p0litics like really y0u cant c0nvince me that any data isnt just endlessly replicable and by its 0bvi0usly renewable nature has n0 real value bey0nd what m0nkey business we attach t0 it which in itself has n0 value im0 y0u can say creat0rs 0f things sh0uld be c0mpensated but really were all just sitting ar0und buying tickets t0 n0t even air its like s0me string 0f text held 0n a bit 0f silic0ne intangibly "s0mewhere" and that in my mind is an easy thing t0 apply a value t0 which is t0 say free 0u0
I don't understand how these people fail to realize that they're the digital equivalent of "Hey what if we could restrict access to tap water and sell it back to people for a price depending on how artificially scarce we decide to make it?" Like, how do they not realize that they're on the evil side of things? Or maybe they do realize they're on the evil side but they just don't care because getting rich is all that matters, right?
@@atomicshroom in a captialistic system it is all that matters. eat or be eaten. i am not saying it is good, i am happy to live in a country that is at least somewhat socially democratic with public healthcare and such, but it just is how it is rn
@@atomicshroom they don't fail to realize this. They DO realize this, and they're trying to monetize every aspect of your online existence right now. Web 3.0 isn't for you. It's for people to profit off of you even more.
There's an amusement to the idea of 'man in the middle attacks' on 'global shipping' in that I just, immediately imagined a pirate. Like boarding and robbing a cargo ship is definitely a man in the middle attack.
I mean that's part of it. If pirates don't want to get caught, doing a man in the middle attack is their best bet to stop the system noticing that they stole a whole ass shipping container
It's honestly really interesting to see things like it become a marketing technique, to put something more recent, it's like the cybertruck, they both have security features that only prevent a highly idealized form of danger, your car probably won't get shot, the same way a man in the middle attack will nevee happen to almost anyone, but having a frankly unnecesary amount of protections against a movie-sounding situation makes people think it's overall safer than it actually is.
Having watched this a few times, it suddenly struck me... fanfiction authors in 2002 had a better grasp of the fundamentals of copyright than Inuyasha coin minters.
Another funny one is the DAO that won a Dune art book in an auction and somehow convinced themselves that the art book came with the rights to the Dune IP
From what I've heard they kinda had to, published authors used to be very unhappy about Fan fiction and there was real fear of getting sued over it; Anne Rice had been particularly notorious for legal threats against fan writers.
When Bitcoin had a previous bull run in 2017, there was a joke floating around in Russian trade chats that a Bitcoin is like selling useless monkeys. It is hilarious to see that five years later, crypto seriously became exactly that.
One of the NFT groups mentioned near the middle of the video, NFT Worlds, just recently was basically outlawed by Mojang, the developers of Minecraft. NFT World's was a place where you could buy Minecraft world seeds. Seeds are a string of letters and numbers used to generate a unique Minecraft world. With Mojang's recent ban of all forms of NFTs in Minecraft servers and mods, NFT Worlds has effectively been booted off of their own platform. They are now "developing" a game to rival Minecraft.
I am tooooatallyyyy sure they will *deliver* on their promise to develop a "Minecraft, but *with* NFTs". Much like all the other NFTs that promise to develop a will totally delivery too. /s
@@cyrus2395 To be honest, I am still confuse what exactly what it is: you can "buy" a string of letters? The same string of letters that is public on the blockchain? The one that anyone can just copy off and put in their game client?
@@bachpham6862 Same way you can "buy" a picture of some crudely drawn ape that anyone can just right-click. The utility/uniqueness of an NFT is always secondary to its potential to make money off cryptobros.
This will probably sound really weird, but this video (as well as the Financial Advice vid and a few others) is my go-to video for if I'm struggling to sleep. Not because its boring. Something about the rhythm/tone of your voice and your humour just relaxes my brain
"if this looks like a scam, then every NFT room I'm in looks like a scam lol." I feel this sentence should, perhaps, have been examined a bit more by the person who said it.
Definitely fits into the category of a selfawarewolf. It reminds me of a story from the US Civil War. Late in the war, the Confederacy was in a bad spot. They were on an unalterable path towards defeat. Among other issues, one of the main problems was that they were running out of manpower. This prompted some in the Confederacy to, as a last resort, propose recruiting slaves to serve as frontline troops. Since slaves constituted nearly 40% of the Confederate states' population, this served as a massive potential boost in available manpower. However, the idea was largely dismissed on account of the massive social, political, cultural, and moral implications it would have on the Confederacy, especially since the proposal also included using emancipation as an incentive to encourage black enlistment. It all came to a head in January of 1865, when Robert E. Lee endorsed the idea. In a letter to Confederate Secretary of War James Seddon, Howell Cobb, a Confederate general who opposed the idea, wrote, "If slaves will make good soldiers our whole theory of slavery is wrong"
@@calm455 Why do you think the OP has only listened to one person? You're a crypto bro with a stake in crypto succeeding, so you and basically everyone else who defends crypto has zero trustworthiness to outsiders. Crypto bros are biased toward onboarding more suckers to their coin of choice rather than giving any fair assessment. I hope you make it out before the bubble bursts.
“It’s a movement driven in no small part by rage…[by people] who looked at the system as it exists but concluded that the problems with capitalism were that it didn’t provide enough opportunities to be the boot.” -Dan Olson (Folding Ideas)
meh, it's mostly humanity and mob mentality. Pick any religion, social movement that attempts to govern behavior, MBA/JD program and people who don't have power and want it will flock to anything that promises the opportunity to do the oppressing that people see modeled around them. You can see this stuff going back to Roman empire. People like stepping on their fellow humans to make themselves feel important. Combine it with a kick-the-dog effect and we get where we stand. The only winning move is not to play.
Can we all give up a round of applause to Dan for managing to not devolve into just sheer fury and screaming? Because you can HEAR the very potent, cutting rage in his voice as he spells that part out, but he's still keeping a leash on it to get his point across. Under it, I could feel my blood pressure rising along with him.
To think, all of this might have never happened, if only Blizzard didn't nerf Warlocks in World of Warcraft. And here I thought creating Brigitte was the most destructive thing they ever did.
I spent most of that explanation thinking about how much more clear and how much less condescending an explanation of the 2008 financial crisis this was than The Big Short
As someone from the Philippines, I feel some schadenfreude and pity with the fall of Axie. Schadenfreude with the people I know who acted smug and posted cringe memes that theyre earning more than honest to goodness daily wage earners. Pity for those desperate people who stopped working to do Axie full time and put their hard-earned money in it hoping for a better life.
The mention of Amway there at the end was spot-on. The central idea that Amway started selling in 1959 wasn't for people to become their own boss, but to turn their friends and relatives into their customers: transforming social relationships into transactional ones, families into businesses.
Interesting. I agree with Dan's opinion that the ultimate goal of NFTs and similar contrived systems is the financialization of everything, making as much as possible into a commodity that can be transacted for a profit, no matter how nonsensical or shameless. I mean, if hyperlinks to randomly generated ape pictures can be commodified, why not literally anything else? This is what was missing from other analyses of NFTs, and is in my opinion the deepest issue with the whole farce.
You are going to get absolutely obliterated by the financial overhaul that is actively becoming more of a reality every day. Are you all socialists too? The way you guys talk about EVERYTHING being about profit... you are all actually just as close-minded as the CryptoBros that can't be convinced he put his life savings in to a shtcoin and is about to lose it all. No, clearly the old guard financial institutions are here to stay for centuries on end while computers and the internet have zero involvement in the transactional economy. Dan and everyone in these comments destroy my brain with the lack of insight. You all have went Full-Boomer on NFTs and its not smart, don't pat yourself on the back for it lmao.
Watch On becoming a god in central Florida with Kirsten Dunst it's a great show about the cultish horrible mindset of big pyramid schemes business trapping people that have to start tricking their friends and family to buy in as well, playing on the american dream of some rich future
@@joeschmoe3665 MLMs are indistinguishable from cults. By fooling their “partners” to make a huge initial investment in the product, a sunk-cost situation is created right off the bat. They pretty much have to rope in family and friends, or be stuck with a crushing amount of largely useless stockpile of product. Then they are fed the line that you will only fail if you choose to have a bad attitude, and that any criticism is coming from those who are either ignorant, jealous or wishing to see you fail. It’s gross
I’ve heard a lot of bad misinterpretations of Fair Use on the internet but holy shit the guy at 2:06:12 makes Doug Walker sound like a tenured professor of copyright law
The only problem I see with this video is that Google keeps feeding into the idea that I'm somehow interested and want to invest into crypto, and it keeps spamming ads about it ...
@@leonidasrose2060 I'd put forward that it's probably wealthy people in crypto scams putting a loooot of that wealth into marketing. (Wait isn't that also what Prager U did?)
I'll say this as a former Physics student turned programmer: Computer Science among STEM fields sits in a unique position, where it's too complicated for the masses but not nearly as complex and hard to approach as other fields, with the added hubris being given by how dominant it is the modern world. What I'm saying is, it's a perfect recipe for brewing Dunning Kruger megalomaniacs who think they only have the power to change and save the world.
@@ericlenorsk2476 When I say "A is not B" I mean A is not equal to B, one can still be a subset of another. Just saying computer science realy isn't as accessible as most people think.
It looks to me like NFT’s are a symptom of a larger issue. A value system disorder where every aspect of life has to be monetized. NFT’s may fade away but the underlying issues of induced scarcity and monetization will need to be challenged.
@@lucyla9947but, specifically, the people who love crypto are the people who think that’s a GOOD THING. They literally have never considered that other people might have a value system that doesn’t hinge on price.
The idea that a tokenised economy would lead to true ownership of digital products is so laughable to me because currently we're in a situation where the concept of owning PHYSICAL objects you purchase is up for legal debate
I'm rewatching this now as the crypto market experiences its first serious, sustained crash in some time (and, if there's any mercy on this hell planet, it will only crater further), and something I failed to appreciate on my first watch is the palpable rage in Dan's closing monologue. In an era where everyone is tripping all over themselves to seem emotionless and detached, cool and above it all while the world burns to the ground around us, it's nice to see creators talking about this stuff put themselves out there.
Ahhh...tell me how tolerant of a person you are...loving to see people lose their life savings. You hold the same sentiment when the stock market burns too.....right?....like it is...right now?
@@tothefxckinmoon4540 Anyone who buys essentially worthless assets with the sole intent to ultimately sell them onto a greater fool for more than they paid deserves to lose all their money. If they invested a dollar or their life savings into it is irrelevant. The people I feel sorry for are the negative externalities- their families (if financially involved- "Dad lost my college fund on crypto" is becoming miserably common), the environment, and so on. Nobody should feel sorry for con artists and ponzi schemers.
@@Deathwatch05 everything is a Ponzi scheme....everything is essentially a greater fool theory. Value is subjective. You don't own a company if you buy stock. Go buy 1000 shares of Pepsi and go try and "claim ownership"..go try and prove ownership in any meaningful way. All exit liquidity in the stock market is paid by entry positions. You don't even *custody* shares, the DTCC does. The only time you are actually being paid from company profits is in a dividend stock. Is dining out a greater fool.theory?? I can buy all the same ingredients and tools a chef uses...but I pay way more to go to his restaurant...that restaurant relies on me not learning a skill to stay profiting. What is the value of gold? If you don't understand specific crypto projects and the value of the network and/or protocol..then you don't understand crypto and you shouldn't talk about it. Your argument has had holes punched in it, ad nauseum.
@@tothefxckinmoon4540 You don't understand what value is. Stocks have value because they provide means to use labour to extract or transform resources into useful objects. Cooking utensils have value because they allow you to prepare and eat food which is a basic human need. Crypto tokens fulfil no need except perhaps buying drugs and funding terrorism among other illegal activities more easily than with real, societally-accepted money. They have this plus huge negative externalities; huge amounts of polluting waste, scams, illegal activities and people being grifted into buying worthless tokens with empty promises that they'll be worth more in future, then losing it all as exchanges run off with their money or tokens lose trade value. To not see how harmful this all is in aggregate is to be either wilfully ignorant, malicious, or ridiculously stupid and credulous. Which are you?
Everything I've learned about NFTs has been against my will. But not this time. Thanks for this video, Dan. I'm only halfway through but I'm already looking forward to watching it again!
I know it's a lot more complicated and nuanced than "this video crashed crypto" but I still named my RTX 3080 "Dan" in acknowledgement of your service.
Omg the copyright section was baffling. They know that making something harder to take down gives the creator MORE grounds to sue, right? Oh, and real smart move admitting to a crime on camera.
Glad I'm not alone here! I work in archives so we get copyright access requests a lot and the line of reasoning here was weirdly similar to researchers who try and "debate me" into bending the rules for them.
It's even funnier when you consider what an NFT generally is, a link. the owner of the copyright doesn't have to take it off the block chain, they just have to take down whatever the link leads to. So either you link to a real source owned by the company and they don't care, or you host their copyright somewhere else that they can take down and sue.
Since a major part of damages for copyright infringement is due to lost revenue, and information on the blockchain could potentially last forever... Imagine the theoretical amount for damages alone... The litigator could claim that their revenue will be affected in perpetuity.
One of the things about law is that if the State wants to get you, the blockchain’s immutability won’t stop them. They’ll just point a gun at your head and drag you to jail, and maybe start pointing metaphorical, legal, guns at anyone who has copies of the blockchain containing compromised material on it and tell them to take it down.
"The rise of The Facebook/Google/Amazon dominated internet arose because the technical cost of building a modern website rose far beyond what the vast majority of amateurs could manage, so everyone moved to templates, & then to services, & finally to platforms." This is both really good writing, and a really accurate description of the underlying whys. You should feel very proud of this writing, Dan, both this line, and the whole essay.
@@Gledster there's still an audience out there for more simply coded sites, even if, sadly, platforms have an iron grip over most internet traffic- see neocities
This was actually the only refrain from the thing that really didn't jell with me. There was no theoretical time when my parents would've built their own website because the expectations were low enough, understanding the mechanisms for webhosting has always been pretty specialist, more so in the past, if anything. Owning and operating a computer is more niche than people realise I think. They joined social media platforms not because of escalating complexity, but because of a lowering barrier to entry and the omnipresence of internet enabled devices.
This rings true for me. I taught myself basic HTML from online tutorials as a young teen and maintained fansites for various hobbies for a long ass time. But, eventually, the expectations for website exceeded my skill level and I gave it up.
As a programmer I have one message for everyone else - programming is hard and code is rarely correct the first time. Even with no malice it's easy to fuck it up completely. The faith people have in programmers to get things right is entirely misplaced, and is the product of very good self-marketing by tech companies.
It's like when you hear about game developers screwing their respective QA departments over and over, underpaying and overworking them and firing them without notice. Pure insanity.
How does the joke go? People are cautious on airplanes and elevators, despite engineers' assurances that they're safe. People are carefree and reckless with computers, despite programmers' and cs experts' warnings that all code is held together with dental floss.
The nice thing about software (compared with other engineering disciplines) is that you can easily tweak it, fix bugs are deploy it again. To make a piece of software immutable, put it on a blockchain and trust it to handle valuable assets is... insanity.
No one has ever called Runescape a humanitarian effort because people in poor countries use it to make small amounts of money. But Axie Infinity gets that while costing hundreds of dollars just to start. Great.
I get your point, but another reason for Runescape not being considered that way is because those people in poor countries are selling in-game gold and maximized accounts illegally, or at the very least in a manner that explicitly violates terms of service. They also encourage behavior that leads to players being scammed by hackers or by a black market, which from what I hear has forced credit card companies to threaten cutting ties with the developers. Finally, the bots used by these gold farmers visually pollute the landscape and disrupt the economy through abundance of raw materials. In summary, a very different scenario from Axie Infinity.
It is shocking how similar NFT bros sound like MLM moms to me, and it turns out that's because the two systems have very similar models! Thanks so much for this video, Dan, I can't imagine the work that must've gone into it.
We keep falling for the same shit because we're still the same people. Specifically, the same type of people who fell for all this shit for millennia are STILL falling for it.
Yeah the more you hear about it the more and more it sounds like any pyramid scheme we heard of for years now. Just dressed up in a new set of clothes.
This is a straight up masterpiece. It’s not only a commentary on NFT culture or cryptocurrency. It’s also about young, naïve, arrogant and selfish people forming techno-social apparatus that turns into nothing but a banal extortion racket.
Turns into? I have to disagree on the language of that statement good sir and/or madam and/or neither, as that implies it wasn't that from the very outset.
It also manages to completely dismantle cryptocurrency in the first 40 minutes. I had a laughing fit when he talked about "stable coins", which are essentially admissions that the whole system DOES NOT WORK WITHOUT ACTUAL CURRENCY....aaaaand which are likely not as stable as advertised, because why would they be.
This kind of techbro starts out by saying "You know what, the entire world is doing economics wrong, I'm sure we can fix that" and end up realizing that is bullshit and trying to trick other people into buying in that system to scam them.
I can't get over how terrible of an idea Betting Kongs is. Is there any worse kind of conflict of interest than gambling in a casino you partially own? They're lucky it fell apart, because I am absolutely certain the only other endpoint was them all murdering each other.
I hope this wins an award, it is outstanding. As someone who entertained the space for a few months for professional commitments, watching this video on the other side feels like a bucket of cold water splashed in my face. That last bit about the sociology of it all is really perceptive.
This is low-key pretty much the most important video on UA-cam at this particular moment in time. I really feel for the people who get sucked into to this shit, the next crash is gonna be some real sick shit.
I'm about 50 minutes in so far and it's quite difficult to watch. He has the capacity to make such a great informational video on crypto and NFT's but his biases are getting in the way and he stops at the first hurdle. There SO MANY interesting questions that are immediately obvious as follow ons from his critiques that he completely ignores - either out of willful ignorance or because he's determined to be anti crypto and so doesn't want to think on it further. He creates an illusion of depth exploration by going back through history and dragging up nuggets from social media, but so far I personally have, in seconds, either debunked or expanded on his critiques, and i'm by no means the most well versed. On the face of it he is treating the current (so far actually not even current, just older iterations) of NFT's as if they are dead end technology because of certain drawbacks. Such as an NFT's imagery being held on a server in the control of the original creator that can change it... yup... not great... so the next iteration would surely be to expand cryptography such that private and public key access can also extend to the writing of meta data in NFT's, such that you own the server hosting the meta data in a way (or a variety of other solutions that might be concocted if putting more than 30 seconds thought into it). He also sticks on people that are not the original artist selling art work.... yes.... this is illegal... and has nothing to do with NFTs. Some one is copying your art work and selling it. You have the automatic right of copyright on artwork you create - some one is illegaly selling copies of your art. NFT's just happen to be the medium they are doing it by, which means it is tracable on the blockchain. Sue them and make a lot of money. Which leads to the problem of not knowing who they are - many areas currently use KYC and this is quickly increasing. As with much of this prototype tech it is already fixing problems that are popping up. Which is a big point here ^^ this video assumes that beta technology is dead end because it isn't perfect out of the gate... That is true it isn't perfect, but it is developing at record rates to fix issues, and most importantly it unlocks progress that simply isn't possible before. TLDR - this guy has heavy biases, and is quite good at putting up strawmen to push home his point of view. He raises some good starting points but fails to expand on them once the answer would show crypto and NFTs in a good light. It's a shame that this is the level of depth given on larger channels that strive to inform the uninformed.
As a programmer, let me make sure everyone watching knows something. We are all bad at our job, can't make a single thing that works right 100% of the time, and are perhaps the worst possible choice for a group of people to solve societal problems. When given the task of solving fairly straightforward problems historically, we accidentally create a network of incompatible nightmares that is impossible for anyone, or any organization, to comprehend. Do not trust us.
Most of us can barely be asked to do memory management or handle the security of a database without causing tremendous vulnerabilities and/or downtime even if it's a piece of software for a company of like 80 people, and these guys want to take on social organizations? Dear lord, no. We should be tried for crimes if we even attempted it.
We programmers are just fallible humans; writing code is hard because at heart humans are instinct-driven animals whose brains can come to conclusions without needing to apply a logical algorithm to every tiny decision. But "code is law" is a bad idea even if the code were being written by perfect deities. Law needs a certain amount of flexibility to function, because the world is vast and variable and variety is as close to infinite as makes no difference. Code is rigid and limited in nature, and then further constrained by the scope of the project and imagination of the programmer.
I followed a link from Reddit, and when I clicked on it, and saw it was over 2 hours, I immediacy closed it. But as it was closing I went...wait was that Dan and Folding Ideas... So I had to reopen it and watch for over 2 hours.
"...Open Sea's like chapel yuh!" It's painful. These songs cause me pain but I cannot forget them. I would not be surprised of crypto rap is someday used as a torture method
I love how every word of what this guy says in this video seems perfectly obvious now, but close to a year ago, he was the first person that most of us had the opportunity to hear *really cogently articulate* the queasiness we were feeling about the crypto/NFT hype.
Obvious to the people who were keeping up on the news about crypto and NFT's, sure. If you knew even half the stuff that he talks about in the vid, you'd surely come to the same conclusions he did. But as you said, this was the explainer vid that brought the rest of us into the know.
The way I had NFTs explained to me is this: you are not purchasing the Mona Lisa. You are not even purchasing a copy of the Mona Lisa printed on a sheet of A4 paper. What you are doing is purchasing a key that opens a door that leads down a hallway to a super special personal viewing room through which you can look at the Mona Lisa. And also anyone else can go in there any time they want to look at it too, by the way, but the key is yours!! And also that hallway may at any time collapse and lead nowhere anymore, or lead to some other non-Mona-Lisa picture, and there's nothing you can do about that. But you own the key!!
Is it a nice key ? Could I use it as a necklace ?
You forgot the best part: You can also SELL the key to someone else! And if you're good enough at making them believe the key has a lot more value than what you paid for it, well you just made a nice hefty profit on the back of their stupidity! Amazing no??
One caveat: Your key opens a super special pathway, so everyone else has to enter through the main door, while you get to enter through a side door literally right next to the main door that looks exactly the same and leads to the exact same room with zero bonuses for you.
And also people can forcibly give you keys that you can't dispose of without using them, and there's no way of knowing whether the hallway leads to a painting, or a trap, or just a mugger waiting on the other side of the door who will steal all your other keys.
And also the viewing room just has a photograph of the actual Mona Lisa which is in the Lourve
gonna get a copy of grey by el james, glue it shut, then throw it in the bow river, to devalue dan's copy
I've been waiting years to find a comment like this
You know what? I don't like you
*unglues your copy of Grey by E.L. James*
@@petgoose32 you can unglue his copy, but you will never unriver it
@@JeanneHamada you fuckin~
😄
@@JeanneHamada left river none glue
Beeple selling his art as an NFT for $69 million and then within the same month calling NFT's an "irrational exuberance bubble" will never not be funny to me. My man got his money and nearly immediately dipped, and I do not blame him.
*hands over art*
*receives money*
"You moron."
Did he get dollars or $69 million in bitcoin? That number, itself, carries an almost deliberately pertinent message.
They're grifters, the lot of them. They pretend they're genuinely excited about NFTs because they want others to buy into it so they can make profit. They don't actually care about the NFTs though. No one does.
He probably got frustrated by people constantly asking him to re-invest or advocate for other Crypto bullshit, hoping to use his image as "the guy that started it all" to artificially inflate the value of their holdings.
@@rossmalloThis exactly
"Most people who make fun of NFTs own zero NFTs"
GEE I WONDER WHY
It's kinda like... Yeah.. obviously. "Most of the people who make fun of me for walking around with a turd in my hand are currently holding zero turds"
This argument specifically is so funny to me because like... Yes? That's kinda how human behavior works? This fact in isolation says absolutely nothing about NFTs. People that criticize slavery don't own slaves either, and people that criticize vaccines do not get vaccinated. Just the fact that its critics do not partake in something tells you absolutely NOTHING about the thing itself, because this is generally applicable to almost anything. You have to examine other things to figure out whether it's good, which is where NFTs end up failing.
@@daniellemurnett2534 actually, some of the loudest proponents of abolition were former, and in some rare cases, current owners of slaves. read a history book some time, please. There were multiple instances of slave owners who wanted to free their slaves but couldn't because their business would have collapsed if forced to compete with slave owning businesses. There were abolitionists who were only against slavery because it gave opponents an advantage over them. The world is complicated place.
Also, plenty of people criticise the regime and even efficacy of vaccinations but still make their kids get them, if only because in many countries you can't go to school if you are unvaccinated.
Do you just make stuff up in your head and not expect people to challenge it?
The fact that most of the people making fun of NFT's have never owned one says VOLUMES about them. Most people recognise a scam when they see one, the people who don't are the morons buying the NFT's so of course they don't make fun of them...
I think NFT's have actual use cases, I think the future of real estate is going to be using NFT's as the deed for your house, or your car, etc. They can be the future of proof of ownership of real world things. The actual technology is quite interesting, it's the uses it's been put to that are laughable.
You know what happens when a new technology or idea is actually good? Everyone jumps on board. The iphone was invented in 2007, by 2010 basically everyone had a smartphone. If Crypto and NFT's were anything other than ridiculous nonsense they would have seen mass adoption by now.
@@daniellemurnett2534well hang on now, I can name at least one founding father off the top of my head who critizied slavery while owning slaves
😂😂😂😂😂
It's May 5th, 2022. NFT sales are down 92%, and my enjoyment of this video is up by that same number.
Haha, Ive personally learned my lesson and won’t be buying any NFTs in the near future
Schadenfreude - I really hate to take enjoyment from other peoples losses but the past couple weeks, watching numerous crypto bros squirm and sweat, I have to admit I’ve been guilty as charged.
@@dongately2817 i understand, personally i think im still long on BTC/ETH but not NTFs
@@SolANDSixela how can you watch this video and take away that crypto is at all viable
@@bringles3042 im talking from my instincts, experience and other’s people points on the matter. I believe btc will be a good store of value once the marketcap reaches gold’s marketcap (17 Trillion usd). I suggest you go watch michael saylor btc interview. He compares it to gold as a store of value on multiple vectors of what makes a good monetary system.
How did we go to "don't even share your name online" to "I'm going to put my medical details amongst the funny computer monkey block land" ?
They're the ones who slept through the warnings, you don't hear about the ones who held their info close because, well...
the medical details part is fine because of zero knowledge proofs. this video is just an editorial hitpiece on crypto and nfts. look at his sources; none of them are academic or even color papers from any coin. blockchain itself is used everywhere right now because it's a useful data structure, just like a hash table or array. Currently, Microsoft is probably the leader in practical internal and external uses for blockchains.
MySpace popularized the concept of tying your real name to your online presence and got it to be fairly accepted. Facebook came in and made that the expected norm, and platforms like UA-cam started to push for people to turn themselves into Personalities based on their real identity. Well over a decade of those two sites ruling the entire internet and suddenly the wall between real and online life is nonexistent.
@@royalninja2823, That’s not really true though, there’s plenty of people who don’t put themselves online, you just don’t know about them because of it.
People started to assume that it went without saying and stopped saying it. Apparently it did not.
Watching this again for the 385th time, I'm awestruck by the optimism of the "Pixelgirl NFTits comic book" announcement. I'm neither an accountant nor a salesman, but let's look at their numbers for a second.
They expect to claim 1% of the entire comic book market share. For comparison, Kondansha Comics and Dynamite Entertainment respectively hold more or less 1% of the US comic book market share in profits. And those are publishing companies. They sell far more than one comic - They're behind franchises like Attack on Titan, Ghost in the Shell, Flash Gordon, the Battlestar Galactica or A Game of Thrones comics. Names most people have at least heard of, even if they're not part of the scene. Kondansha offers almost 700 series on their website.
They expect their one plotless horny titty NFT pixelart comic to make as much money as the whole company that put out Attack on Titan.
That is such a great way to illustrate just how stupid this is. Thank you!
Yep, 1% of a massive market is massive. Their expectations in movie terms were like "Okay we have this low budget indie film. When we release it all we have to do is have it perform as well as Endgame and we will be rich. It is one movie, Endgame was one movie, so it should be easy!"
@@tinkerer3399close. A low budget indie film performing even middlingly would get some profit. They are instead holding onto their movie, unreleased, waiting for someone to pay them endgame money for the rights. While the cellulose they filmed on slowly degrades.
It's actually worse than that.
See the comic market is itself broken down into lots of sub markets, and genres, which are themselves broken down into sub genres usually.
Think like fantasy, sci-fi, superhero, children, manga, hentai, historical, crime, comedy, war, westerns. Then there is the numerous art styles, etc, etc. There is no such thing as one comic book market.
The person who is buying Mickey Mouse isn't the same person who is buying the Punisher.
I remember a course I took about some company that made exactly the same flawed breakdown of the paint market. They spent a lot of money developing a really good paint with the idea being that they would capture like 20% of the market. However the market wasn't really one market. They developed a really good heavy oil-based weatherproofing paint. Which isn't the same as the paint that artists use, or that people use to paint the rooms in their houses. They were shut out of large sectors of the paint market. (I believe their paint was good enough to basically become the market leader in that area, but the market was small enough that they'd never ever recoup their development costs).
So really to get like 1% of the whole market, they'd need like maybe 40% or more of a submarket.
Considering the name, NFTits. What even is their submarket? 'Western Hentai Meme comics'? They'd probably need like 250%+ of their submarket to even get close to 1% of the overall market.
Like Dan says in the video. Clearly the project developers, and stans were/are economically illiterate with any, rightly skeptical naysayers, being shouted down as unbeliever normies.
Utter bullshit fantasy economics, selling hype, and not any real or viable project.
@@Ididntchoosethisnamethat paint example, and what happens when you conflate a niche of a market with the entire market value, is a great showcase of why this project was a dumpster fire from the get go.
I've only seen a few Dan Olsen videos, but "My avatar on a Dungeons and Dragons forum for years was a stock image of a head of lettuce" is the most Dan Olsen thing I've ever heard. I've literally never met this man and he said one thing that made me go "yeah, that's something he'd do."
It was cabbage though - 55:27
@@louisstrauss285 Whatever.
@@StarkMaximum damn that’s cold. Respect.
@@louisstrauss285No! It is very important to distinguish! Cabbage hurts when you throw it at someone! Lettuce does not!
@@mq5731 guess @StarkMaximum threw a cabbage then because my feelings were hurt. I'm still dealing with the aftermath
NFT's have created, truly, one of the funniest things I have ever experienced in my relatively short time on this planet. The fact that Seth Green's show had to be delayed because someone stole the central NFT is just wondrously absurd. Someone 'kidnapped' the main character of an adult animated television show and the producers had to pay a ransom for their safe release. That's some Who Framed Roger Rabbit shit
And that's already more entertaining a plot than Seth's show.
Are we talking about the movie version or the book version of the character. And I mean the book the movie was based on. Albeit the movie took quite a few liberties. Though the original author like some of the changes so much he actually made them cannon.
The funniest part is that guy who stole it didn't have it anymore, they inmediately flipped it for a ton of money so the original owner had to pay even more money to the bozo that bought the nft.
"That's some Who Framed Roger Rabbit shit" 😂😭💀
Well done on knowing who framed roger rabbit in your "relatively short time on this planet". Do they have 80s tv where your planet from?😄
People looked at the system and said "The issue isn't that it's rigged, the issue is that I wasn't the one doing the rigging".
Nothing wrong with that. After all, a free communistic society will be a system rigged by everyone for everyone.
Nesara, anyone?
@@wertkritikwilli2548 ...What does this even mean?
@@wertkritikwilli2548 *By anyone for anyone. Anarchy is anarchy, there is no difference between libertarianism and anarchosocialism. Look at any failed state to see what happens when a society / economy develops without governments - the winner is always whomever has the biggest gun or the highest pile of gold to buy the biggest gun.
@@agilemind6241 Read some Marx, bro.
The part about NFT adopters blaming artists for not getting paid because they didn’t get in soon enough just goes to show how ppl can rationalize almost anything that benefits them even when it’s clearly bad.
I cannot believe that the same group of people shouting that NFTs are the future to artists to gain income are the same ones who never even bothered to pay one of those artists comissions and are now just buying these NFTs just for the exclusivity. They don't care about the art at all, the artist is irrelevant. And they keep stealling their work to mint... Disgusting
My issue is that it doesn't even benefit most of them. They're mostly losing, like day-traders in the stock market. Getting rich from NFTs is romanticised, even the big NFT players keep warning everyone, but there's too much false hope and desperation in the communities. It has a cult-like appeal that you can turn away from at any time, but they just can't.
@@C33Fernandez A bit like the Crypto craze, just even more bananas. Sure, if you got into it really early you might make money - but knowing it'll become big is impossible, and you're making money off other peoples' losses. Its really not a good model for a healthy market.
"That's what they get for *dying* before this shit existed!"
@@andromidius yea part of me wishes I’d gotten in early so I could have made a killing now. But another part of me would feel bad because I know I would have profited off others’ foolishness. Others are clearly ok with that, so what kind of ppl are we becoming? Seems like ppl are ok with doing what banks have always been doing. The system changes nothing.
I used to think Dan had "pivoted" away from discussing narratives and how they affect our perspectives, to debunking grifters. Only now do I understand Dan never stopped talking about stories and the myriad ways they have real impact on our lives.
it's all built on narratives, some better, some worse
@gregd018 Honestly check out Adam Curtis for a much deeper analysis of the power of narratives, it's his whole schtick.
It's all very philosophical
Fraud is just applied storytelling
I wanted to revisit this in a few years with the comment "This aged like a fine wine", but it only took a few months for the whole industry to come plummeting down
You'll be able to this with the part on crypo currencies ..
It's a lot like Dan's video on The Snyder Cut, which was extremely accurate in calling out what did/did not exist with it and how it might eventually come to be if it was released later. It's almost as if Dan puts a lot of effort into both researching his topics and presenting his points :)
You could instead say it aged like a good, traditionally-brewed beer :)
@@trouty606 also like the twist in his Flat Earth video. I think folks forget with how relevant it later became that he released that when most of us didn’t know what the Q movement was. He’s got some kinda knack for getting out ahead of things for sure.
And when it rises to new highs in 2 years, you'll have nothing to say.
As far as stolen art-turned-NFTs go, the whole “you just weren’t smart enough to realize you could’ve made money off your own work” pisses me off for another reason, as it does with other digital artists I know. We aren’t posting our art online to make money off it; we’re doing it because we’re proud of our work and want to share it. The stuff we DON’T post is the stuff we sell. So we’re not *just* upset that we aren’t making money off our art that was stolen-we’re upset that other people are making money off of our work that we never intended to sell in the first place.
I think that the concept of making things without the express intention of monetizing them is so alien to the hypercapitalist NFT bros that they'd just stare blankly at you if you said this to them. Hustle culture is a poison of the mind.
@Folding Ideas I'm sure it doesn't need to be said, but the above commenter is not the author of this video...
@@kris......... Let's see if reports are worth a damn.
@@UnrealPerson Surprisingly, yes. But also go to the imposter's page and report them there too.
@@physicsunderstander4958 I feel like people should be able to do what they want?🤷🏽 It's perfectly fine to hustle or to not hustle as long as no one is acting like they are some arbiter of universal law. I champion freedom and individuals being able to be happy and comfortable. Basic living necessities and wages should be required for all people, and anything above that is luxury and up to the individual.
I recently took an interest in programming and started reading Rob Miles' "C# Programming Yellow Book" and literally on 5th page of this beginners level programming textbook reads
"Coming up with a perfect solution to a problem the customer has not got is something
which happens surprisingly often in the real world. Many software projects have failed
because the problem that they solved was the wrong one. The developers of the system
quite simply did not find out what was required, but instead created what they thought
was required. The customers assumed that, since the developers had stopped asking
them questions, the right thing was being built, and only at the final handover was the
awful truth revealed. It is therefore very important that a programmer holds off making
something until they know exactly what is required."
If you're trying to solve a problem, first make sure it's a problem that needs solving is literally like the first thing you learn as a programmer lmfao
For the short period of time I was a comp sci major, one of the classes that I was required to take was Design Thinking and that class was so important. Even though I’m no longer in comp sci, the thought process that one has to step into to develop ANYTHING is all informed by design thinking. Great class, highly recommend.
Clearly not taken by anybody in the crypto space.
That is literally what all my husband's worst minions try to do. As a project lead, they drive him nuts.
Yup, afaik requirements are the start of every project period. And everything else gotta abide perfectly with the requirements. What those requirements are would basically be what the contract says to do. If the customer don't want it in the end and back out, they've made a contract already and they still gotta pay up. This is so all the cost, time, and effort put in for the many other phases of development won't just be thrown away out of pure whims. Theoretically speaking...
Do they still owe money if the delivered product doesn't meet those requirements? A percentage maybe? @@onebear6504
Thanks for sharing.
I like how this isn't just a criticism of cryptocurrency and NFTs, but also sort of an anthropological study on the subculture around them.
I used think NFT's just didn't click in my brain. I understood they were stupid but it was so unintuitive I thought I was missing something. Turns out NFTs on every level don't click with reality. Like, it's really staggering
Not just nft's, all of crypto. This video made it finally clear to me that, yes, everything you think is a problem with crypto IS a problem with crypto. It's all tech hype mixed with ancap bullshit and nothing useful to be found underneath unless you're a grifter/scammer.
I had the same thought about Bitcoin when I first heard about it, although I couldn't describe why. There was just something disconnected about it that didn't make sense to me.
It’s literally just a cult. Now in the past I’ve used that phrase ironically, but seeing all those specific acronyms and terminology used, it’s JUST Scientology for techbros
You’re financially invested into this group, and the leaders keep you in creating the “others” who simply “just don’t get it and don’t want to see you succeed,” and so you have a sunk cost mindset that it *has* to work out eventually
I am someone who is very careful of calling things cults, but by almost all accounts NFTs are a form of a digital cult
@@jordanholt9170It’s mainly because it’s just not stable. Cryptocurrencies are just a stock market you can buy stuff with
@@k-master973 this tbh, my most amount of use was buy low sell high, get actual money out from it and forget the wallet ever existed. Because there's simply no actual day to day use for it.
This whole NFT lifestyle makes me feel like i stepped into a Kafka novel. The narrator tries to understand changed reality. Everyone around him sells, buys and talks about non existing products. When he tries to understand what they do, he gets flooded with a complicated vocabulary that doesn't explain anything.
my friend trying to explain to me why i should invest in gamestop stock and be excited about their nft marketplace was liking hearing word salad. none of it made any sense to me
You could just as easily be talking about Allen Greenspan and cdos
@@jlrinc1420 Yes, but the stockmarket, with all it's complicated Offsprings have been around for ages , and has gradually became more complicated and diverse. The whole NFT rise & fall happend within a year or 2.
@@jlrinc1420 It's really not comparable. There's a difference of scale in both time and volume between crypto and the stock market. I expect an old system that controls most of the money in the world to be complicated, not so much a market that existed for barely a decade and is used by a small niche of people.
@@ekki1993 the reason I bring it up is because Greenspan used to make the federal reserve as complicated as he could to avoid oversight from congress. Its the same tactic used by the bank of Japan to avoid oversight from the japanese parliment. The same tatctis has been used often before making finance seem as complicatedd as possible to avoid explaining anything you dont have to to keep extra regulations away from markets
"It's a movement driven in no small part by rage, by people who looked at 2008, who looked at the system as it exists, but concluded that the problems with capitalism were that it didn't provide enough opportunities to be the boot." Fuck, I'm stealing that.
Stealing it for what? A Facebook post? Lol
@@maddieb.4282 theyre gonna mint it on the blockchain like all art theives LMAO
@@hikarey7173 my new collection of anit-crypto NFTs.
Don't pull a James Somerton
Basically,
Cryptobros think they can fix economy after the 2008 crash, only to end up making it worse.
Incredible flex at 1:16:58 where you managed to get all 4 of Decentraland's users logged in at the same time, and framed in the same shot!
"Cryptocurrency does nothing to address 99% of the problems with the banking industry, because those problems are patterns of human behaviour"
The way that you've explained the 2008 crash and this phrase are absolutely fantastic. Instant sub
Dammit, he votes have not reached 666 yet
The "Line goes up" is the same thinking that caused the 1929 Stock Market Crash. We're a hundred years from that and have learned nothing.
With that logic all human endeavour is fruitless and liable to never improve. Personally, I'm glad people keep trying.
@@themudpit621 yeah but crypto was never about improving finance it was just the next big scam.
@@themudpit621 Seems to be a misunderstanding here. The banking industry doesn't encompass all human endeavour. The claim is just that crypto doesn't address the problems that come from human behavior.
What the vid is saying is that human behavioral patterns introduce a source of problems to any financial system, and only a system that address those problems can be an improvement. Crypto does not address those problems (aside from MitM), and so it isn't an improvement.
The problem with the "code is law because code is impartial" idea is that code in fact isn't impartial, it inherits the preconceptions of its programmer. Meanwhile, it makes it so if someone hacks you, you can do nothing about it, after all, code is law.
That phrase is equally horrifying to people who know how coding works - which is to say, that it doesn't, because humans suck at programming and code is buggy - and who know contract law works - and are aghast at the idea of auto-executing contracts devised by tech-bros who routinely fail to account for extremely basic stuff like "mortality" into the list of eventualities: that anyone ever utters it with a straight face in crypto is all the evidence you need to write off the crypto space as a collection of lunatics.
Ahem. I'm sure any coder has seen this.
"Hello world!"
"Hello world!"
"Hello world!"
No imagin that with these kind of stakes.
@@ReikuYin it would be
50 Eth
50 Eth
50 Eth
@@the_dark_soul_of_man Even the concept of impartiality isn't as binary in law as it is in code.
There's often arguments about circumstances, intentions & interpretations of the law's spirit as opposed to its letter.
Law is impartial because it follows legislation but its interpretation of legislation, particularly in grey areas, is key.
@@louisstrauss285 Imagine code trying to solve one of the more complicated cases... I shudder at the thought.
"A COMPUTER CAN NEVER BE HELD ACCOUNTABLE, THEREFORE A COMPUTER MUST NEVER MAKE A MANAGEMENT DECISION" IBM presentation, circa 1979
Hmmm yeah wouldn't look to hard into the history of IBM if I were them
I was born that year.
How things have changed.
Yay, progress... :/
Well, in that case, owners of the computer/programs must be held accountable for its decisions.
@@mictest9310 in which case the statement still holds true its not the computer thats accountable but who ever made it
@@mictest9310 the programmer paid to write the code by the owner is also morally responsible for what the program does. there are essentially no programmer's guilds/unions that prevent coders writing evil code (in the same way engineers' guilds might prevent engineers sacrificing human lives for profit), because programmer culture is hideously right-wing.
This video is so validating. I felt like I was losing my mind for being highly suspicious of crypto. All my friends and co-workers were all buying in and going on and on about how they were going to quit or move or buy a ton of new shit.
One ex-friend bought a “celebration car” when doge coin had that random spike for a little while. He even minted an NFT of his car, a fully decked out Audi, and was trying to sell it for thousands. It never sold.
Needless to say his Audi got repoed, and then he defaulted, and he got divorced. He spent so much time on watching the numbers and having hype calls on discord he just opted out of life.
He cut off anyone who wasn’t a total crypto bro and now has a lower paying job then before.
This shit was parasitic.
On one hand it feels a little cruel to mock people that ruined their own lives. On the other hand, it's hard for me to feel much sympathy for someone suffering the consequences of their own bad decisions.
@@troodon1096 Yeah even though it was all self-made they were still taken advantage of by a shitty system that played off thier own financial insecurities (and general insecurities) to basically create pay pigs to then excommunicate them because they aren't rich.
It sucks but yeah I feel bad for them, but like in a ah shucks kinda way lol.
Sounds like he was really unhappy with his life ngl. Wouldn’t directly blame it on crypto tbh, he probably would’ve as easily patched into anything else.
@@zawrator4457 There is some truth to that, but crypto does go after guys like that. The marketing is made to entice people that want to be millionaires, but don't want to really put in work. So, he's had the chances of going to other grifts, but crypto hit that sweet spot for a lot of people.
@zawrator4457He was hoping for that new wife money
A year or so ago I was in an emerging tech class, and a non-insignificant portion of that time was spent on crypto. I tried so hard to convince literally a single other person in that class that crypto isn't going to do anything, and even my professor said "you're saying a car won't catch on because we already have horse and buggies."
I don't feel validated by the collapse of crypto, I feel sorry it ever happened to begin with.
1) crypto has not collapsed at all, not in the slightest, it's still a trillion dollar market.
2) your professor is completely correct in his mindset, because his mindset has been *proven* to be the case dozens of times through history
I wonder how much your teacher jad invested in crypto and how much he lost
@@BigHotSauceBoss69 1) No comment.
2) For every good idea, there are a hundred bad ones.
That comment about horses and buggies would now have me respond with "The train already replaced them for most distances, and is still to this day better than the car."
@@BigHotSauceBoss69 so please explain the benifits of crypto compared to the current financial market, and why the current crypto that are around wont die to yknow... the government?
In the time since this video released, 95% of NFT collections ever released became worthless
Together, we can make this figure 100% 🙏
100% is a bit difficult. Even dishwashing liquid only claims to kill 99.99% of bacteria.
nature is healing
I support this cause.
Billions of dollars must be wiped out.
@@fullmetaltheorist Not wiped out, just transferred over to a bunch of con men that sold some idiots pictures of monkeys... its the crime of the century if you ask me.
"Rules must always be evaluated by their power to oppress." I've come back to this video several times and I always walk away with a new line that really hits me hard.
Martin Luther King Jr had some thoughts on Laws and Morality in his letter from birmingham city jail in 1963. And Thoreau on civil disobedience
@@brainwashalpha5495 That's more about disobedience and where it's appropriate to break them, this is slightly different, although you could use similar criteria for both.
@@fellinuxvi3541 you're right, I did conflate the two. it was fresh in my head after seeing passages of both whole I was taking a practice SAT reading portion
Rulers*
@@URightBut rules*
"If there's one thing union busters love it's the idea of an unbreakable individual contract who's inequities can all be blamed on a machine" what a genius observation and concise summary of why this stuff is so dangerous. Literally techno facisim without a soul to blame
Great, Corporate Statism is back on the menu /s
Every time I feel like my goals are too unrealistic, I think about the NFTits acting like their comic idea will get 5% of the total addressable comics market, and my doubts melt away.
"what do you mean that people don't buy comics just for boobs!? There's a storyline?????????"
and their idea of the "comic market" was complete bulshit. They used two affirmations with completely different definitions of "comic user" to forge a merket that is far smaller than that.
@@guilhermetheodoro5759 It's literally insane that they thought that was representative of the comics industry's revenue, and also that they'd be even remotely capable of touching any part of that value. Like prior to the huge disney marvel movie renaissance the comics industry was failing, that's why so many marvel properties ended up in different places, marvel was selling the rights to avoid bankruptcy.
@@1Seanmb They never thought that any of that was remotely attainable. The only point of that was to be a pitch, to get suckers to buy in so the creators of the coin could pull the rug out from under them.
They know it's all bullshit, but they also know that if they put in enough numbers and figures and professional sounding words that these self-identifying gullible fools with eagerly part with their money. It's pure hype meant to push speculation to make that line go up. It doesn't matter how ridiculous the idea is, how out of touch with reality the pitch is, as long as it makes the line go up, it's filled it's purpose entirely.
@@1Seanmb Not exactly. The '96 comics speculator crash is the reason Marvel properties were split between various movie studios (the company actually filed for Chapter 11 bankrupcy, they had to do it to become soluble again).
Plus I don't think there's a lot of evidence as to super-hero movies impacting comics sales. Maybe that's changed in recent years, but I recall Gail Simone saying the only times she could recall a movie helping move comics was the first Wonder Woman and Suicide Squad (2016). DC and Marvel want to get new people interested in comics (as they should), but mostly it's longtime fans who buy them.
Anyway, right now the top selling comics produced in the U.S. seem to mostly be slice of life YA stuff, and the rest of the industry is struggling to catch up, especially as venture capitalist assholes keep taking over indie publishers (read non-Marvel, DC or Image) and wrecking them for a short term profit. Plus Warner Bros and Disney have been engaging in their own bloodletting (sorry, "corporate restructuring") and hiring people from outside the industry to help run DC and Marvel.
Isn't it darkly funny that there was a period of time where people thought it was a good idea to create artificial scarcity in the _one_ place where scarcity didn't need to exist?
The period hasn't ended, artificial scarcity is an inherent product of capitalism
@@DichotomousRex like Pokémon cards valued at $1000 new out of the package despite being made of plastic and cardstock
I would so love if one of those companies made a stupidly rare card only to create an absurd sales market spending thousands on it, only to make it much more common and indistinguishable as to deflate those prices, just to teach people a lesson.
Just because its rare doesn't mean it's inherently valuable.
@@starlight4649 that has happened before. People didn't learn a lesson
@@starlight4649 at bare minimum, you're spending a couple grand on a real thing. Buying nfts or even crypto, a lot of it is just "well I own the right to say I have access to the thing". Hence the right-click save meme for nfts.
Pokemon cards, you at least have a card. Is it actually worth ten grand, probably not, but you have something to show for it
@@magicball3201 also, the Pokemon TCG is a legitimately fun game. So even that piece of cardboard with a character on it has a real-world utility and tangible value as a result. These NFT, well, they absolutely do not.
One of my friends recently said this:
"honestly, I think the people who are pushing the idea of introducing NFTs to music, or art, or games aren't actually interested in the music, art or games themselves - the appeal IS the financial trading, and if they weren't spending their money on this they'd be spending it on the stock market instead"
exactly. I constantly hear "it allows artists to get paid their worth"
Horseshit - if you actually value the art the artist has made then pay the fucking artist for the art that's apparently so valuable.
it doesn't NEED to be this complicated. If the art is worth nothing then where is the logic that an encrypted URL pointing to the art is somehow going to appreciate in value rapidly?!?!?!
@@markfelt5650 As an artist, these losers bragging about how they’re supporting artists only to then turn on said artists, bash them, ridicule them, and blame *them* when their art is stolen and sold as NFTs, is fucking infuriating. They’re exactly the type of people who would complain about artists setting their commission prices too high any time they cross 50$. And you bet they’d never buy commissions or otherwise ‘support’ artists that aren’t connected to their crypto cult. It’s not about the art, it’s about a social image, clout, and money - the antithesis of art and what it represents.
all the good music has already been created in the 90s so no big deal I want to trade it, yes. The shitty modern music is only good for trading
Here's a question to ponder: If Picasso's painting were digital (and no NFTs would exist), would everyone who would today be be prepared 10k , 100k, 1 mil for a picasso, just pay them to get a digital copy? How many people do you think are on the planet today prepared to pay 10k for a picasso? A lot!!
Another one: If some skilled artist creates an exact copy of a Picasso, that might not be absolutely perfect, but perfect to the extent that a buyer ready to pay $1 mil wouldn't notice the difference - do yout think that buyer would be ready to pay for the copy?
Of course not. It's not about having this order of atoms, this physical manifestation of an abstract idea of a painting, in _your_ house. It's about having the _abstract idea_ of the painting in your house. It's about: Having the NFT that is the physical painting in your house. Copies of a phsical artwork are fungible, but they're also generally worthless; the originals are non-fungible, and where the worth is at. If you think NFTs are a scam, so is art trading.
@@user-dr5ph7ur4c you would only say this if you were an absolute ignoramus lmao. There's more great music of every genre being created right now than at any point in human history
I know nfts are basically over now, but having an icon on my phone that steals my money if I accidentally tap it sounds like the stuff of my anxiety nightmares
it isn't over
:|
like, the very narrow and specific manifestation of crypto as 'NFTs' has failed, but the base layer - crypto - is still as relevant as ever, unfortunately. the amount of money crypto has dumped into the current american election is actually insane, and a not-insignificant number of people are voting for a reactionary explicitly because they feel he will protect their crypto holdings
@@ItWasSaucerShaped Also Peter Theil, who got cursory mention here but is discussed in more detail in Munecat's video on the subject, is co-founder and owner of a gigantic data analysis firm, Palantir, that was involved in Cambridge-Analytica and has demonstrably used its huge swaths of gathered data to swing elections (most notably the Brexit vote) and decide what ICE detainees to deport. Theil was a primary investor in Etherium and Bitcoin, and is an avid Trump supporter, antisemite, white nationalist, and generally garbage person that shouldn't be trusted to hold your left shoe lest he try to sell it back to you after minting it as an NFT.
And yet he is in DIRECT control of one of the largest pools of data in the world, and is determined to see his vision of the future realized by any means necessary.
Also also the only reason we're talking about generative AI right now is because crypto bros believe in it as a method for extracting even more data.
I can't believe they had the gall to mint Qinni's artwork. Her death was a devastating blow to the everyone in the art community, her final posts heartbreaking even to someone like me who only knew her as someone whose art would show up on my dashboard. She inspired so many of us young artists of the internet age. RIP Qinni, you are deeply missed
+
goddammit this is how I found out T_T
These cryoto-vultures are so disgusting :(
@@wastedinspiration vultures serve valuable functions in the ecosystems they co-evolved with.
Crypto is more like, or indeed simply is, cancer.
Seriously, it just showed how skeethy and disgusting those people were. Augh
A very interesting bit I found was the guy who thought his NFT profile pic was somehow impressive. He could've paid an artist a tiny fraction of that amount of money and gotten a much prettier piece of art that was completely made to his specifications, something actually unique and personal, but that would mean he's interacting with the economy in a traditional way. And he can't have that, even if it means he gets a better product and someone else gets paid a fair wage for good work. To me this really shows it's never been about changing the world for the better, it's just ego.
You nailed it, it's all just one big con and the advocates for crypto are either suckers or con men trying to lure in more suckers through any means necessary
Exactly. That and a strange obsession with rebellion against tradition. That's why despite the claims bitcoin makes about challenging central banking, it effectively cloned the early business model of centralized banks, prior to the government and people like Teddy Roosevelt introducing strict regulations to maintain fairness and justice. As you said it's all about ego, as well as enriching themselves while doing absolutely zero hard work and yet getting instant gratification.
@@easternrebel1061 They’re not rebelling against tradition because they actually understand the harmful exploitative nature of the current system, they’re rebelling because they feel like its unfair that they didn’t get a chance to be the boot.
@@Uhshawdude basically.
Newsflash, he wasn’t actually impressed. Many of these types of crypto and NFT believers don’t actually believe, they just need to convince other people to join so they can sell for profit.
“Our global system is so fundamentally unjust that that people are patting themselves on the back for generating a whole new kind of OwO pit boss that tells you to grind harder or your fired but caps it off with a blushy emoji.”
This is the worst timeline.
Your profit margin was too low 🤪. You’re getting sent to the crypto mines until you manage to make us a higher profit 🥺😩😚
It’s really sad that people have to resort to grinding on a video game to make a livable wage, and the ruling class that exploit them are building themselves up to be the socially conscious landlord.
@@mhawang8204 The idea of playing games full-time to earn minimal wage is just so disgusting...
@@ng.tr.s.p.1254 It's also such a weird idea, like I play games cause it's fun or I get personal fuilment or because I want to escape. Why would I then transform it into a low wage, grind heavy job?
It's actually worse. Instead of wasting vast amounts of electricity hashing like bitcoins, play to earn wastes human lifetimes as the hash. Crypto fundamentally has to be a resource black hole to "Work".
My favorite hobby of the '20's is watching Libertarians speedrun to reminding everyone why rules exist
I’m screenshooting that comment
"it's not a child it's a 5000 year old dragon" -Libertarians
@@redlion45 I'd argue that's not even a particularly libertarian attitude. Claiming that it's not a sexual depiction of a child because of some nebulous qualifier implies that you still believe in the validity of the rules and are just trying to craft an exception for yourself - libertarians are no big fans of technicalities. The libertarian position would be more akin to "yeah, that is a child, and you know why you think that's wrong? Society, man! I'm not the problem, society is!"
@@drpibisback7680Lol. All transies sound exactly the same...well and the actually neutering themselves and kids thing.
@@redlion45 And it has a female penis.
We should never forget that Dan posted this at or near the height of Crypto. It would be so much easier for anyone to post this now when all the holes are truly exposed. But Dan spoke the truth the way he saw it even the hype was still very very high.. Much much respect for your courage and vision.
No he posted this at the height of NFT not crypto itself since bull market didn’t begin until around April. Also let’s not act like this video actually affected crypto itself; this video most definitely affects NFT scams & the stupid way some of it was being described as art
And it's still completely false.
Wouldnt it be fun if it then come out all the later investigation has started because of this video?
@@nickjunes seem like someone has invested heavily on crypto 🤣🤣
@@nickjunes u huh, sure. If that's true, than please go ahead and provide substantial evidence disproving what he's said. All you crypto bros ever seem to come up with is dumb broad terms like "FUD", insults, or claims that "it's just not true bro" or "it's too complicated to explain"
"Imagine what it will be worth in five years " Didn't even take 3 to reach zero.
It's all part of the plan.
It’ll shoot up in value in 2 years, trust me guys this totally wasn’t a waste of money.
I definitely imagined that
This video came out and the NFT market collapsed like a month later lol
Crypto however is stronger than ever. (although it's probably at the peak now.)
Came back to say congratulations, Dan. You killed NFTs. You’ve done humanity a great service.
Yeah, good shit Dan.
copium
@@reformed_attempt_1 Spottes Mr Diamond Hands 🤣
The hero we need.
@@reformed_attempt_1 Have fun getting even poorer, Crypto Cultist.
As a german speaker, it is very funny to hear the acronym "dao", since it sounds like a german acronym "dau", which stand for "dümmster anzunehmender user" (most stupid user you can expect). Somehow, I find that very fitting.
That guy trying to harass you in Decentraland is even funnier now that we've learned how pathetically small the playerbase is.
Came back here after the Decentraland video to see crypto dweebs still malding. Cool F-tier Second Life ripoff those guys have.
@@sarsmask Yeah, they seemingly picked the most generic old MMO they could, and made a bare bones version who's entire purpose is to pull more of your assets into crypto.
I didn’t know it was Dan himself being accosted by a crypto guy. Man that guy must feel stupid knowing he’s in the greatest takedown of the stupid industries he’s chosen to take part in.
May I ask where that is in this video?
@@wx7fm Chapter 7 intro.
Over a decade ago a friend of mine complained that I had no profile picture of myself on my Facebook. This was before I had a smartphone and I didn’t own a digital camera because I never took pictures of anything, so I drew a picture of myself in Microsoft Paint and that was my Facebook profile picture for years. So I was ahead of all those NFT bros by over a decade. And I paid $0 for it.
I'm now imagining Dan Olson in that bath in The Big Short instead of Margot Robbie explaining the 2008 Financial Crisis and I'm liking it a lot better.
I initially read that as "a lot hotter" instead of "a lot better."
You still throwing massive raging hissy fits in dota or did you finally get banned?
+
Wearing the swim trunks and jean shorts from the 50 shades videos of course
@@flanoasis241 I vote jean shorts
I know NFTs were destined to fail one way or another but I still like to think that this video helped in destroying them
Oh, it absolutely did, looking at the timing.
As someone whose seen it evolve I really like how you've made a full trilogy of documentaries with Line Goes Up, The Future is a Dead Mall, and This is Financial Advice.
I actually think Contrapreneurs is part of this series as well, being about grifters and the self-selecting marks, who are only marks because they have no financial literacy, can't bring themselves to work hard (which I'd argue is because there's no guarantee effort will pan out) and are just financially precarious enough to hold hands with strangers and leap into the abyss, knowing that such is their only chance at financial security.
I also count In Search of a Flat Earth and Contrapeneurs as part of this series due to the shared focus on the cult like behavior of these groups. So it's like, Flat Earth, Contrapeneurs, Line Goes Up, Dead Mall, and Financial Advice. All these videos have very interesting and similar narratives on scams, the intersection of money, power, and confidence, and cult-like behavior. Though Contrapeneurs is the least like the other videos in the series.
Very true! It’s a straight up Financial (Il)literacy Trilogy worthy of being watched by students of economics of all stripes/any level. All of them get to the heart of why treating finances as a game & gambling with extreme overconfidence, zero due diligence & without a modicum of genuine knowledge of/engagement with the fundamentals of economics is a recipe for disaster. The collective thesis of these video essays is the simple fact that there is no such thing as printing money or getting rich quick & anyone who says as much is only desperate for you to open your own wallet without a second thought or to exploit your naivety for their own personal gain.
Just a comment on the bubble burst back in 2008: I was there, Gandalf. Specifically, back in 2006 I was working as a programmer in the bowels of a company that handled and automated some of the paperwork for subprime mortgage brokers (don't hate me too much - I desperately needed the paychecks to keep a roof over my head). And just looking at the data I was seeing every day, I could see that there was no possible way this could work long-term, because none of the loans were set up in a way that the borrower could ever pay down the principle. And about 4 months in, the largest of this company's clients collapsed, taking my job there with it.
A couple years later, when the failures started trickling up to Wall Street, the talking heads were on TV saying nobody knew how risky it all was. That was utter nonsense - if I, just some guy at a desk at a not-huge company connected to the industry could tell it was all going to blow up sooner or later, I'm quite sure that the key players knew.
But that's the thing. Everybody knows, but as long as they profit, they don't see it as their responsibility to do something about it. Or they start lying to themselves that a miracle solution will present itself. But they are never ever going to speak up, because they, as much as you needed to, desperately need to cling onto the fabric of their existence. They interweaved the absurdness of the system into the fabric of their personality, which also happens now with NFT's and Crypto, that's why people invested in it can respond so toxicly towards critism, not (well mostly not) because they are evil and want to just scam people, but because they are human and made NFT and Crypto their way of life.
Just like you made the dependency on that job for your survival an integral part of your personality, of who you were as a person. And you would think that we as humans would understand that by now and have the majority depower the disillusioned and powerful minority and build check's and balances to prevent these kinds of very human dynamics, but it just doesn't happen.
We are all responsible. We have become complacent. We have become blind to the needed failsafes that keep the dynamics that have given us prosperity, freedom, peace and wealth from running rampant and taking away that very prosperity, freedom, peace and wealth. Especially if those blindspots, those weaknesses, can be exploited by glitches in the system by actors who benefit us losing. Social media is such a glitch and it has been exploited by foreign state actors.
@@NJKoopmeiners
“Just like you made the dependency on that job for your survival an integral part of your personality, of who you were as a person.”
They literally didn’t say that at all what are you talking about.
They knew and they were all playing hot potato; who can be the last to cash out, and who can be the biggest winner.
Eerily similar to how this all looks!
You should watch The Big Short. It's based on a true story about some Wall Street guys who predicted it was gonna happen so bet against the stock market, and made absolute bank.
@@gusmalone2005 if you beleive that it is going to burst, then why should you not bet againts it? it is the same thing as believing that something goes up and getting into the market or just withdrawing from one if you think it doesn't.
Starting off with the 2008 crash is honestly the rosetta stone of all of this and I'm so happy you've brought that up. Thank you for this Dan!
I never really understood what exactly happened during the 2008 crash until now. It's so hard to understand that it feels like the GamerGate of financial crashes.
Given the speed at which society evolves these days, I think "Rosetta Stone" is an apt metaphor in more ways than one.
I mean, shit. Most people didn't even have smartphones in 2008. It feels like forever ago...
And bringing it back around to crypto being driven by people who felt the fundamental problem of 2008 was not enough people getting to be "The Boot" was just marvelous.
It really is. I've been planning a takedown of crypto with a friend for a digital art competition and have been going over how to frame the argument to make it simultaneously unassailable by crypto enthusaists' arguments and also highly persuasive and had several plans, many of which Dan does here, but starting off with a familiar, real-world scenario whose catastrophic consequences are still felt was a stroke of genius I hadn't even imagined.
Bitcoin was born from the crash
watching this in 2024 when 99% of NFTS are worthless now feels so cathartic
only 99%? theres valuable ones???
That 1%: 👁️👄👁️
@@squibble08 Well, the Trump ones have value to a specific niche market, because they're idols of a cult of personality.
Well, if you ignore the infuriatingly familiar preamble about the circumstances that lead to the 2008 economic crash... yes.
@@kiraina25 _"we're gonna have a lot of fun together"_
I would LOVE to know how "Mint it yourself if you don't want people stealing your art" applies to artists that are literally dead.
they should have just get up earlier and mastered the art of necromancy smh
They probably would say that the artist should’ve adopted *before* they died
Even in death, I serve the Blocknissiah.
@@grzegorzbrzeczyszczykiewic563lmaoo
@@lilneoman1 From the moment I understood the inconsequentiality of my JPG, it disgusted me. I craved the perenniality and scarcity of the Token. I aspired to the absoluteness of the infinite machine.
Your kind cling to your hyperlinks, as if they will not decay and fail you. One day the crude intercomputational network that you call Web 2.0 will wither, and you will beg my kind to save you.
But I am already saved. For the NFT is immortal.
Even in death, I serve the blocknissiah.
The entire time I was thinking: "So it's just MLMs for tech bros who like to think they're smarter than that?" Felt good to have that suspicion confirmed by your very last sentence.
I feel bad for tech bros, most of them will likely get scammed out of their money. If you are a coder you have no excuse tho, this system is obviously stupid and worthless ._.
Its way waaaay more dangerous than any MLM though
Yeah, it's sad. Because work, jobs, family, trade etc al exist. But all are susceptible to MLM scams... so spotting the actual MLM scam tree in the forest of legitimacy, is difficult. Sometimes though, we walk into the forest of scams, and that is scary!
@@Keviamaya Some are prolly decent but damn, so many seem to revel in the misfortune of others, even when talking with scamming victims. All the caveats they used to blame the victim are the same as those used by sexists to blame women for being raped ('you should of been smarter/fought back'). Its deplorable. They value money above everything, their self worth is so intrinsically linked to their monetary success, they become inhuman to justify the tactics of the business they're in. Frightening. Money aint worth it, people.
"Tech bros"? I prefer the term "guys with a monkey fetish."
When talking to crypto people, one common emotional thread I see is the idea of complete individual control; the rhetoric of "decentralized" is sold as "you will be in complete control of your destiny" and not "you will have to negotiate everything with a group of people who each think they are in complete control of their destiny". These aren't communities of equals, but competitive hierarchies where everyone is encouraged to see themselves as kings, but end up being serfs.
What is capitalism but the myth that a serf can be king?
This is literally just the underlying ideology of capitalism. The lie that everyone has equal rights and is free to pursue their own happiness.
No one is actually free to do jack, in fact, we're all subordinates to a deeply complex system of socioeconomic relations, everything that we can and cannot do is at the end dictated by the conditions this system creates. Freedom is just a magic word for the morons who want to uphold this monstrous system to use to hide the fact that poor people cannot meet their basic necessities because it's not profitable to help them.
@@Em_Branco and if you really want freedom you have to change the material conditions and socioeconomic factors that make us behave this way
I see it as feudalism with moderate turnover.
Exactly. The only freedom you get is the freedom to get exploited and rooked more than you already do in the real world economy.
“It not just that I oppose NFTs because the foremost of them are aesthetically vacuous representations of the dead inner lives of the tech and finance bros behind them….”
Two years later and this is still the most cutting and insightful line in the video. I cannot keep track of how many times since I heard that line that I’ve talked to bosses and managers who are true believers in business (not even NFTs), and realized that in the place where the rest of us have imagination, hopes, and dreams, they just have a gaping maw of ambition that craves money. It is like talking to an alien that can only understand art on the level of buying and selling it.
It's the same reason why they have zero issues with the use of scraping other people's work to build AI models. They don't care about art, creativity, or basic human expression, just money. It's the same attitude as when NFT bros stole people's artwork to make into tokens, and when called out tried to deflect like it was their right to because the artists hadn't done it yet themselves.
Everything is just product to them which only has value in how it can be monetized. It's such a fundamentally broken incurious uncreative way to look at life that I can't wrap my head around what ruined these people's lives to eliminate the concept of humanity.
aye. people really don't understand how common corporate psychopathy is
@@trouty606There's a Nobel Prize waiting for anyone who can scientifically isolate the factors that make some people greedy
The way that you’re able to express everything so succinctly is incredible, and the ending is as insightful as it is incisive. It’s so easy to look at all of this happening and be overwhelmed at the inanity of it all, but the human element you’re able to pin down explains it exactly. Perfect.
Does this mean we won’t be getting any NFT souls-like reviews for Steam Dumpster diving
was not expecting to find you here on this video, pleasant surprise though
Iron pinenipple
*gasps* Comrade Pineapple! :D
hey when is the next dumpster diving mr pineapples
Gotta give Overly Attached Girlfriend props for having the chops to mint the NFT (via a third party, but still), sell it, and immediately cash out and never touch any of it again.
Especially since, given how shitty the internet is to women, she probably gets SO much shit, daily.
Good for her
@@phastinemoon white knight
@@rykehuss3435 dude.
do you think that real people think that being a faceless femininst on the internet is going to get them girls.
also, how do you know that phastine moon is a guy? they could be a woman speaking from experience.
hand out dog treats to men who bark at you see how they respond
@@rykehuss3435see, I can use random words too
"[...] deliberately obtuse in order to make them difficult to understand and thus appear more legitimate."
"[...] with a reputation for making things deliberately more difficult to understand, specifically to create the illusion that only they are smart enough to understand it. "
I'm about to graduate with a degree in finance and I cannot stress how true the above is. TRUST ME, you are not dumb; the way they built this stuff is.
As someone who works in accounting/tax, this is basically all of it. Most work can be boiled down to filling in like 5 boxes and ticking some. Most terminology can be boiled down to simple things like "We take no responsibility if this is wrong", but in more words. Intentionally obfuscated to increase the perceived value of the work.
@@WinasaurusBullshit job phenomenon.
It's the modern "The emperor has no clothes"
Imagine accidentally sending someone your social security NFT and they just get to have that now, or sending the deed to your house to the wrong wallet and some guy you've never met is now your landlord
“Sorry dude I accidentally sent the deed to some random man in Indiana, he’s charging me 17 fish a month in rent.”
I agree on this though. For most people its hard to onboard
@@StraitLimes-cg1jn This is less about onboarding and more about being able to accidentally give "ownership" of real things with no way to recover
I daresay that to the mouthbreathers advocating for this system, this is *part of the point*. They almost certainly knew about this possibility, and rather than a risk, they saw it as an "additional source of revenue".
@rossmallo Yea, it's a level of dissonance that is easily usurped by reality. If I send my " house deed NFT" to a russian scammer who enforces that. We don't have a globalist system that could even begin to address it
I remember Dan tweeting sometime last year that he was struggling with scripting a crypto/NFT video, because the landscape was changing so wildly, and the subject matter so insane. He'd shelved it.
Fast forward, and he's grappling with what would become this draft. I followed the twitter thread of his descent into the madness of the NFT discord servers. Its clear he's been researching, writing, editing, etc for months. Hard to imagine the amount of creative effort and strain it must have put on him.
And finally it releases. A presentation worthy of any lecture hall, and its completely free to watch practically anywhere in the world.
Sounds like blockchain technology
@@DailyCryptoAnalysisYT ?
yeah, really well researched video... but imo didn't go deep enough. He focussed on this one branch of crypto that is now tilting towards a weird, speculative bubble, but the philosophy behind decentralization and crypto's has little to do with "commecializing everthing", the things nfts address for example are mostly already commercialized but owned by giant corporations that just do what they want, they just make it look like things are free, but in reality they take your data and most profits for themselves.
In my eyes, the main goal of crypto's and decentralized systems built on top of them is to distribute the power of the digital space back to the users, creating platforms that everyone can shape and participate in. That's what i first thought of when people said "wagmi", if we build a decentralized system, we can all participate and distribute the profits according to everyones contributions.
But yes, a lot of the critique is very valid, although a lot can be fixed... it just takes time. right now, nfts are generally overvalued and not yet developed enough, but it will get there, as you mentioned the space is moving very quickly, even if the nft hype dies down, some new technology will emerge and cause another hypewave, and once we have accumulated enough of these technologies, it will be possible to build really useful things.
You should mint the twitter thread, you'll be a moonianaire!
@@vincnt0169 Democracy and equality are practically impossible to attain, even less so through crypto. Economic liberalism and deregulation has historically benefitted the elites and the elites only, I don't see how a tech twist on Adam Smith is ever going to give the masses at large an opportunity to succeed.
I thank you for the sheer dedication and effort that went into creating this
Hey its the lad himself!
Tea gang
I didn’t think Spiff could get any better, I was wrong
Good to see you here. Hope you find an exploit in the Ethereum "smart-contracts" for an epic video.
Can't wait to buy in to The Spiffing Brit token 😇
"Rules must always be evaluated for their power to oppress."
This statement needs to be widely distributed. Not just for NFTs.
Wish people had remembered this and listened to those of us warning that speech suppression of things you don't like will soon be used to implement speech suppression with a view to increased government control and banning opposition to wars and fascist economics.
I really, really hope Dan celebrates the 1 year anniversary of this by posting a follow-up detailing the spectacular long-form crash-and-burn that's played out for NFTs and crypto over the second half of 2022. The logical title for said project would obviously be Line Goes Down, but I'd actually vote for him just calling it "Victory Lap".
Godspeed, Dan. I've loved your stuff for years but you legitimately did all of humanity a gigantic solid with this one.
I make it a habit of rewatching this any time I see another vaulted crypto/NFT-based venture crash and burn. This week it was in celebration of FTX collapse.
@@trouty606 Man if another big exchange fails, idk how bad it can go
@@cautarepvp2079 Looks like Binance is the next domino.
@@cautarepvp2079 Let's hope we find out!
Keeping 420 likes on this comment :P
The fact that this video now has 12 million views means that Dan made more money from this than 99.999% of the people who invested in NFTs 😂
The one and only person to make any ethical money off of NFTs.
or, as i like to call it: "Justice"
What's funny is that despite this video being entirely about NFTs and it's culture, every corner of it is full of warnings to not indulge in NFTs
It's like a channel dedicated to fixing Mac's with the main guy constantly telling you why you shouldn't by a Mac in the first place
@@beefax So, literally any channel about fixing Macs then? Like, you cannot open one of those things up and not immediately think "Oh my god, why would anyone ever buy this?"
For me the biggest sign that cryptobros are detached from reality is that some of them thought that buying a copy of the book Dune granted them the IP.
What's this then? I've never heard that particular gem. Hilarious if true.
@@nomindseye Kind of, but not exactly: the crypto-bros in question were a group calling themselves "Spice DAO", because they made a DAO (or a thing that kind of resembled one at least) with the intent to purchase Dune - or rather, the production bible for Jodorowsky's famously "never actually filmed" movie adaptation of Dune, they weren't stupid enough to bid on a normal copy of the book - after a particular individual (Soby) put that idea out into the world after stumbling across the auction.
His makeshift DAO actually failed in its goal, because them entering the auction triggered a bidding war that led to the eventual price being *ludicrously* inflated (most copies had sold for around $50k in the past, that one wound up selling for $3m) and they didn't have enough funds in the treasury to cover the transaction + fees, so Soby himself had to liquidate some crypto assets and enter as a last second bidder (the process of the DAO then buying it back from him was the source of friction down the line that led to him abandoning it at one point in the saga).
He'd never outright told people "buy the book and we'll get the movie made", but he didn't exactly go out of his way to disabuse the collection of idiots tossing their internet clown bucks into the communal pool of that notion either, so the group wound up convincing themselves that was what they would be doing; they never seriously pursued that of course, because it was pointed out - amidst the relentless, unceasing mockery by everyone else aware of what they were doing - that IP rights really do not work like that even a little bit. What they actually tried to do - going as far as to purchase a script - was function as a production company, to produce things "similar" to Jodorowsky's unreleased adaptation.
Fast forward to today, where the only thing that they made were some as yet unreleased (and I don't think actually related to Dune in any way) NFTs, the DAO has been dissolved (they're now just the "Spice Club"), and they're trying to find a buyer for the rare book they had at one point in the process claimed they'd be ceremonially burning (doubtless they abandoned that idea when people pointed out that scanning and digitizing the contents before destroying the volume would not actually change the status quo... because people have already scanned the contents and digitized them), which will be sold at a steep loss if they ever even find a buyer.
Dan has a whole thread on his Twitter going through the details.
@@nomindseye apparently they spent millions of dollars on it, they then tried to mint it, but they don't own the IP so they can't. Funniest shit I've ever seen
The group in question was called the Spice DAO. They didn't even buy the novel itself, they bought a book about a failed attempt to adapt the novel into a movie. So they overpaid for a collectible.
@@edvelociraptor1794Wow and i didn't think it could get stupider
While watching this I got a scam ad of AI Vitalik Buterin telling me to transfer Ethereum to his account and I'd get double my money back. Perfection.
That NFTITs pitch is basically someone going "If everyone gave me all their money, I would be the richest person in the world!"
"If we can get even 5% of that audience-" "imma stop you right there, because 5% of the comics market encompasses approximately *THOUSANDS* of comics across DOZENS of major and minor imprints, EACH of which can account for up to an entire full-time job for a dozen people or more to make."
I feel like there’s something to be said about their branding that I’ve watched this video a few times, so I’ve heard the name many times, but I still read “NFTITs” as “NFT ITs” for a bit and thought that I’d just forgotten the part about IT techs for NFTs 😅😂
Severe necro but yeah, reminds me of the stories about people who would send out letters asking people for a single penny and just spam them everywhere. The thought being that if a lot of people give me a (proportionally) small amount then I will have a very large amount at the end.
@@ProjectXA3 It always amuses me how much Techbros underestimate how competitive and cutthroat the art business is, there are immensely talented artists barely scraping by and they really believe that their shitty crypto low resolution pixel art boobs are going to make waves in the art world. The dunning krueger diagram falls into the shape of a bottomless abyss.
Imagine thinking that adding breasts to comics is innovative.
I graduated high school in 2007, so basically my entire adult life has been post-2008 crash. While your video made me even more angry about the people behind NFTs, the part about economic despair among people who got suckered in really resonated. The whole system feels so hopeless and rigged that it makes sense that so many people would irrationally throw money at empty promises.
NGL, I do wonder if we'd be in this position if the media had spent slightly less time telling millennials that we were to blame for our own inability to afford stable housing because sometimes we went to Starbucks. I guess next it will be telling zoomers that they should have bought crypto if they ever wanted to not rent something.
Yes. To me, the greatest tragedy of NFTs isn’t that they are so blatantly a scam, it’s that they do not present as more of a scam than the regular financial systems we all live under. Anyone can ignore NFTs, but their popularity is a portent of doom for the economy overall.
@@Nassifeh If you hadn’t spent $50,000 a year on Starbucks, for five years in a row, you would be able to make a down payment on a house. The math is incontrovertible; it is solely your own fault that you can’t buy a house.
(I am being facetious)
what are you talking about? I was a broke college student 6 months ago and now have six figures because I flipped some collectables? mad and poor
i graduated in 2005 and then enlisted 4 years in the military, we're part of a generation of people joining the workforce and supporting ourselves, setting our own direction for our lives right as the economy fell out from everyone, it's all we've ever known and our perception of the world is fucked
Ah, yes, digital scarcity. That definitely seems like a good thing and not a way to remove the best benefit of digital assets being infinitely reproducible.
i always th0ught this way regardless 0f the p0litics like really y0u cant c0nvince me that any data isnt just endlessly replicable and by its 0bvi0usly renewable nature has n0 real value bey0nd what m0nkey business we attach t0 it which in itself has n0 value im0
y0u can say creat0rs 0f things sh0uld be c0mpensated but really were all just sitting ar0und buying tickets t0 n0t even air its like s0me string 0f text held 0n a bit 0f silic0ne intangibly "s0mewhere" and that in my mind is an easy thing t0 apply a value t0 which is t0 say
free 0u0
I don't understand how these people fail to realize that they're the digital equivalent of "Hey what if we could restrict access to tap water and sell it back to people for a price depending on how artificially scarce we decide to make it?" Like, how do they not realize that they're on the evil side of things? Or maybe they do realize they're on the evil side but they just don't care because getting rich is all that matters, right?
@@atomicshroom in a captialistic system it is all that matters. eat or be eaten. i am not saying it is good, i am happy to live in a country that is at least somewhat socially democratic with public healthcare and such, but it just is how it is rn
@@atomicshroom they don't fail to realize this. They DO realize this, and they're trying to monetize every aspect of your online existence right now.
Web 3.0 isn't for you. It's for people to profit off of you even more.
Rare pepe
There's an amusement to the idea of 'man in the middle attacks' on 'global shipping' in that I just, immediately imagined a pirate. Like boarding and robbing a cargo ship is definitely a man in the middle attack.
I mean that's part of it. If pirates don't want to get caught, doing a man in the middle attack is their best bet to stop the system noticing that they stole a whole ass shipping container
It's honestly really interesting to see things like it become a marketing technique, to put something more recent, it's like the cybertruck, they both have security features that only prevent a highly idealized form of danger, your car probably won't get shot, the same way a man in the middle attack will nevee happen to almost anyone, but having a frankly unnecesary amount of protections against a movie-sounding situation makes people think it's overall safer than it actually is.
Having watched this a few times, it suddenly struck me... fanfiction authors in 2002 had a better grasp of the fundamentals of copyright than Inuyasha coin minters.
Another funny one is the DAO that won a Dune art book in an auction and somehow convinced themselves that the art book came with the rights to the Dune IP
@@Gloomdrake When libertarianism goes awry. "These are rules that seem plausible, so now they are rules".
From what I've heard they kinda had to, published authors used to be very unhappy about Fan fiction and there was real fear of getting sued over it; Anne Rice had been particularly notorious for legal threats against fan writers.
Fanfiction is fundamentally illegal. Just FYI.
@@GloomdrakeThat one was definitely special ed level.
When Bitcoin had a previous bull run in 2017, there was a joke floating around in Russian trade chats that a Bitcoin is like selling useless monkeys. It is hilarious to see that five years later, crypto seriously became exactly that.
damn, those places need to be monitored if they predict that well
Bitcoin is not NFTs. Geez, man.
@@theurbanshaman6285 they said crypto, not BTC.
I don't understand your point, it still is a decent market to trade in.
How do Russians distinguish between "useful" and "useless" monkeys?
One of the NFT groups mentioned near the middle of the video, NFT Worlds, just recently was basically outlawed by Mojang, the developers of Minecraft. NFT World's was a place where you could buy Minecraft world seeds. Seeds are a string of letters and numbers used to generate a unique Minecraft world. With Mojang's recent ban of all forms of NFTs in Minecraft servers and mods, NFT Worlds has effectively been booted off of their own platform. They are now "developing" a game to rival Minecraft.
They're developing a cease and desist action before a lawsuit, more like
I am tooooatallyyyy sure they will *deliver* on their promise to develop a "Minecraft, but *with* NFTs". Much like all the other NFTs that promise to develop a will totally delivery too. /s
Oh, that's what happened? I read an article title mentioning this, but I didn't bother learning what NFT Worlds was lol
@@cyrus2395 To be honest, I am still confuse what exactly what it is: you can "buy" a string of letters? The same string of letters that is public on the blockchain? The one that anyone can just copy off and put in their game client?
@@bachpham6862 Same way you can "buy" a picture of some crudely drawn ape that anyone can just right-click.
The utility/uniqueness of an NFT is always secondary to its potential to make money off cryptobros.
This will probably sound really weird, but this video (as well as the Financial Advice vid and a few others) is my go-to video for if I'm struggling to sleep. Not because its boring. Something about the rhythm/tone of your voice and your humour just relaxes my brain
Until the drumming between chapters wake you up again
@coloradodafronteira true, but I'll take that if it means I'm not laying awake all night
Not weird at all, at least not to me. My version of this is hbomberguy's Pathologic video.
"if this looks like a scam, then every NFT room I'm in looks like a scam lol."
I feel this sentence should, perhaps, have been examined a bit more by the person who said it.
"It was at this moment that the cryptobro knew, he fucked up."
That awkward moment when you hit the point so hard you smash right through it.
Definitely fits into the category of a selfawarewolf.
It reminds me of a story from the US Civil War. Late in the war, the Confederacy was in a bad spot. They were on an unalterable path towards defeat. Among other issues, one of the main problems was that they were running out of manpower. This prompted some in the Confederacy to, as a last resort, propose recruiting slaves to serve as frontline troops. Since slaves constituted nearly 40% of the Confederate states' population, this served as a massive potential boost in available manpower. However, the idea was largely dismissed on account of the massive social, political, cultural, and moral implications it would have on the Confederacy, especially since the proposal also included using emancipation as an incentive to encourage black enlistment.
It all came to a head in January of 1865, when Robert E. Lee endorsed the idea. In a letter to Confederate Secretary of War James Seddon, Howell Cobb, a Confederate general who opposed the idea, wrote, "If slaves will make good soldiers our whole theory of slavery is wrong"
@@ng.tr.s.p.1254 Except he really didn't, because the cryptobro was dense as lead bricks.
Thank you for increasing my fear of NFTs for reasons i'd never before considered
LOL, why listen to one person. Determine your decision on your own. Not what some random youtuber told you
@@calm455 please go ahead and share your convincing argument for the class
@@calm455 So instead of listening to researched arguments you want them to ...listen to different researched arguments?
@@calm455 Why do you think the OP has only listened to one person? You're a crypto bro with a stake in crypto succeeding, so you and basically everyone else who defends crypto has zero trustworthiness to outsiders. Crypto bros are biased toward onboarding more suckers to their coin of choice rather than giving any fair assessment. I hope you make it out before the bubble bursts.
@@calm455 PLEASE IGNORE THIS INCONVENIENT EVIDENCE
“It’s a movement driven in no small part by rage…[by people] who looked at the system as it exists but concluded that the problems with capitalism were that it didn’t provide enough opportunities to be the boot.” -Dan Olson (Folding Ideas)
Precisely.
meh, it's mostly humanity and mob mentality. Pick any religion, social movement that attempts to govern behavior, MBA/JD program and people who don't have power and want it will flock to anything that promises the opportunity to do the oppressing that people see modeled around them. You can see this stuff going back to Roman empire. People like stepping on their fellow humans to make themselves feel important. Combine it with a kick-the-dog effect and we get where we stand. The only winning move is not to play.
@@scottkirby5016 Not everyone feels this way though. I just wish I knew how we could encourage _not_ being exploitative reliably.
So grifting reactionaries that also tend to be i..cels maybe.
Can we all give up a round of applause to Dan for managing to not devolve into just sheer fury and screaming?
Because you can HEAR the very potent, cutting rage in his voice as he spells that part out, but he's still keeping a leash on it to get his point across. Under it, I could feel my blood pressure rising along with him.
To think, all of this might have never happened, if only Blizzard didn't nerf Warlocks in World of Warcraft.
And here I thought creating Brigitte was the most destructive thing they ever did.
Only 7 minutes in and he already dropped the MOST succinct explanation of the 2008 financial crises I've ever seen.
I spent most of that explanation thinking about how much more clear and how much less condescending an explanation of the 2008 financial crisis this was than The Big Short
Dude, right? I can't tell you how many times I went, "ooooooh ...." (Usually followed closely by, "oh SHIT.")
He's a smith with words
So true! I just now realize that I’ve never actually understood the 2008 crisis before.
I’m 13 minutes in, and it’s all fire. The next two hours are going to be great.
As someone from the Philippines, I feel some schadenfreude and pity with the fall of Axie.
Schadenfreude with the people I know who acted smug and posted cringe memes that theyre earning more than honest to goodness daily wage earners.
Pity for those desperate people who stopped working to do Axie full time and put their hard-earned money in it hoping for a better life.
I def relate to that, lol for those pitbosses and fuck for those bottom rung workers that were screwed by all of this
The mention of Amway there at the end was spot-on. The central idea that Amway started selling in 1959 wasn't for people to become their own boss, but to turn their friends and relatives into their customers: transforming social relationships into transactional ones, families into businesses.
Interesting.
I agree with Dan's opinion that the ultimate goal of NFTs and similar contrived systems is the financialization of everything, making as much as possible into a commodity that can be transacted for a profit, no matter how nonsensical or shameless. I mean, if hyperlinks to randomly generated ape pictures can be commodified, why not literally anything else?
This is what was missing from other analyses of NFTs, and is in my opinion the deepest issue with the whole farce.
It’s worse; it was to turn it’s sales people into it’s customers.
You are going to get absolutely obliterated by the financial overhaul that is actively becoming more of a reality every day. Are you all socialists too? The way you guys talk about EVERYTHING being about profit... you are all actually just as close-minded as the CryptoBros that can't be convinced he put his life savings in to a shtcoin and is about to lose it all.
No, clearly the old guard financial institutions are here to stay for centuries on end while computers and the internet have zero involvement in the transactional economy. Dan and everyone in these comments destroy my brain with the lack of insight. You all have went Full-Boomer on NFTs and its not smart, don't pat yourself on the back for it lmao.
Watch On becoming a god in central Florida with Kirsten Dunst it's a great show about the cultish horrible mindset of big pyramid schemes business trapping people that have to start tricking their friends and family to buy in as well, playing on the american dream of some rich future
@@joeschmoe3665 MLMs are indistinguishable from cults. By fooling their “partners” to make a huge initial investment in the product, a sunk-cost situation is created right off the bat. They pretty much have to rope in family and friends, or be stuck with a crushing amount of largely useless stockpile of product. Then they are fed the line that you will only fail if you choose to have a bad attitude, and that any criticism is coming from those who are either ignorant, jealous or wishing to see you fail. It’s gross
I’ve heard a lot of bad misinterpretations of Fair Use on the internet but holy shit the guy at 2:06:12 makes Doug Walker sound like a tenured professor of copyright law
wish it did work like that though
Makes Daddy Derek look like he knew something about anything ever
"Ignorance of the lawl is not a excuse." @@magicrainbowkitties1023
The only problem I see with this video is that Google keeps feeding into the idea that I'm somehow interested and want to invest into crypto, and it keeps spamming ads about it ...
Yep. They're literally using mere exposure tactics.
Thats bcs google is centralized and his AI steal your information
@@leonidasrose2060 I'd put forward that it's probably wealthy people in crypto scams putting a loooot of that wealth into marketing.
(Wait isn't that also what Prager U did?)
Why not use adblock?
@@annamouse179 I was also getting a ridiculous amount of NFT ads for this video and decided to get adblock, finally. No regrets.
I'll say this as a former Physics student turned programmer: Computer Science among STEM fields sits in a unique position, where it's too complicated for the masses but not nearly as complex and hard to approach as other fields, with the added hubris being given by how dominant it is the modern world.
What I'm saying is, it's a perfect recipe for brewing Dunning Kruger megalomaniacs who think they only have the power to change and save the world.
That's essentially fiance, easy bs made to look complicated in order to ensure jobs. Difference is, I can't make a dollar say Hello World. lol
@@User-pw3pu But you can sell a Hello World as a programmed Smart Box and scam ppl into buying tokens of it
Coding isn't computer science. Real computer science, as I'm sure you're aware, is basically serious math and physics.
@@gerontion1011 That is like saying blood work analysis is not "B"iology. Your point is?
@@ericlenorsk2476 When I say "A is not B" I mean A is not equal to B, one can still be a subset of another. Just saying computer science realy isn't as accessible as most people think.
It looks to me like NFT’s are a symptom of a larger issue. A value system disorder where every aspect of life has to be monetized. NFT’s may fade away but the underlying issues of induced scarcity and monetization will need to be challenged.
Indeed.
All of the cryptobros I met were exactly like that.
It isn't saying much, of course, but it was pretty alarming.
You mean capitalism
Capitalism, the issue is Capitalism.
@@lucyla9947but, specifically, the people who love crypto are the people who think that’s a GOOD THING.
They literally have never considered that other people might have a value system that doesn’t hinge on price.
Just look up "Automobile graveyards" and😱
The idea that a tokenised economy would lead to true ownership of digital products is so laughable to me because currently we're in a situation where the concept of owning PHYSICAL objects you purchase is up for legal debate
I'm rewatching this now as the crypto market experiences its first serious, sustained crash in some time (and, if there's any mercy on this hell planet, it will only crater further), and something I failed to appreciate on my first watch is the palpable rage in Dan's closing monologue. In an era where everyone is tripping all over themselves to seem emotionless and detached, cool and above it all while the world burns to the ground around us, it's nice to see creators talking about this stuff put themselves out there.
Ahhh...tell me how tolerant of a person you are...loving to see people lose their life savings. You hold the same sentiment when the stock market burns too.....right?....like it is...right now?
If someone put their entire life savings on the stock market I'd call them an idiot too, yeah. Don't gamble with money you can't afford to lose.
@@tothefxckinmoon4540 Anyone who buys essentially worthless assets with the sole intent to ultimately sell them onto a greater fool for more than they paid deserves to lose all their money. If they invested a dollar or their life savings into it is irrelevant. The people I feel sorry for are the negative externalities- their families (if financially involved- "Dad lost my college fund on crypto" is becoming miserably common), the environment, and so on. Nobody should feel sorry for con artists and ponzi schemers.
@@Deathwatch05 everything is a Ponzi scheme....everything is essentially a greater fool theory. Value is subjective. You don't own a company if you buy stock. Go buy 1000 shares of Pepsi and go try and "claim ownership"..go try and prove ownership in any meaningful way. All exit liquidity in the stock market is paid by entry positions. You don't even *custody* shares, the DTCC does. The only time you are actually being paid from company profits is in a dividend stock. Is dining out a greater fool.theory?? I can buy all the same ingredients and tools a chef uses...but I pay way more to go to his restaurant...that restaurant relies on me not learning a skill to stay profiting. What is the value of gold? If you don't understand specific crypto projects and the value of the network and/or protocol..then you don't understand crypto and you shouldn't talk about it. Your argument has had holes punched in it, ad nauseum.
@@tothefxckinmoon4540 You don't understand what value is. Stocks have value because they provide means to use labour to extract or transform resources into useful objects. Cooking utensils have value because they allow you to prepare and eat food which is a basic human need. Crypto tokens fulfil no need except perhaps buying drugs and funding terrorism among other illegal activities more easily than with real, societally-accepted money. They have this plus huge negative externalities; huge amounts of polluting waste, scams, illegal activities and people being grifted into buying worthless tokens with empty promises that they'll be worth more in future, then losing it all as exchanges run off with their money or tokens lose trade value. To not see how harmful this all is in aggregate is to be either wilfully ignorant, malicious, or ridiculously stupid and credulous. Which are you?
Everything I've learned about NFTs has been against my will. But not this time. Thanks for this video, Dan. I'm only halfway through but I'm already looking forward to watching it again!
He is only promoting woke propaganda
@@phazon100
Are you a parody account?
@@phazon100 Ye cause you'd have to be fucking asleep to think NFTs are a good idea.
@@phazon100 I going to need you to explain that one.
@@phazon100 you’re just mad because you spent all your money on NFTs lol
I know it's a lot more complicated and nuanced than "this video crashed crypto" but I still named my RTX 3080 "Dan" in acknowledgement of your service.
Happy to be able to buy computer parts again
you named your rtx grafics card?
cute
@@sage-py6fr its a lot more valuable than a baby
@@liamf2300 lmao savage and based
I doubt many of those who got into nfts actually watched a 2hour long video
Sometimes I say to myself "We have land in the arctic, baby. We have arctic land."
Is incredibly funny. No idea why. Still gets a chuckle out of me every time I watch or remember it.
Omg the copyright section was baffling. They know that making something harder to take down gives the creator MORE grounds to sue, right? Oh, and real smart move admitting to a crime on camera.
Yeah, listening to him talk about trademark and copy and just being... So wrong was baffling
Glad I'm not alone here! I work in archives so we get copyright access requests a lot and the line of reasoning here was weirdly similar to researchers who try and "debate me" into bending the rules for them.
It's even funnier when you consider what an NFT generally is, a link. the owner of the copyright doesn't have to take it off the block chain, they just have to take down whatever the link leads to. So either you link to a real source owned by the company and they don't care, or you host their copyright somewhere else that they can take down and sue.
Since a major part of damages for copyright infringement is due to lost revenue, and information on the blockchain could potentially last forever... Imagine the theoretical amount for damages alone... The litigator could claim that their revenue will be affected in perpetuity.
One of the things about law is that if the State wants to get you, the blockchain’s immutability won’t stop them. They’ll just point a gun at your head and drag you to jail, and maybe start pointing metaphorical, legal, guns at anyone who has copies of the blockchain containing compromised material on it and tell them to take it down.
"The rise of The Facebook/Google/Amazon dominated internet arose because the technical cost of building a modern website rose far beyond what the vast majority of amateurs could manage, so everyone moved to templates, & then to services, & finally to platforms."
This is both really good writing, and a really accurate description of the underlying whys. You should feel very proud of this writing, Dan, both this line, and the whole essay.
Agreed. I used to build HTML websites back in the day. Often wondered why I stopped. Dan explained why more concisely than I ever could.
@@Gledster there's still an audience out there for more simply coded sites, even if, sadly, platforms have an iron grip over most internet traffic- see neocities
This was actually the only refrain from the thing that really didn't jell with me. There was no theoretical time when my parents would've built their own website because the expectations were low enough, understanding the mechanisms for webhosting has always been pretty specialist, more so in the past, if anything. Owning and operating a computer is more niche than people realise I think. They joined social media platforms not because of escalating complexity, but because of a lowering barrier to entry and the omnipresence of internet enabled devices.
This rings true for me. I taught myself basic HTML from online tutorials as a young teen and maintained fansites for various hobbies for a long ass time. But, eventually, the expectations for website exceeded my skill level and I gave it up.
@@Asher535 oh my gosh how old are you
As a programmer I have one message for everyone else - programming is hard and code is rarely correct the first time. Even with no malice it's easy to fuck it up completely. The faith people have in programmers to get things right is entirely misplaced, and is the product of very good self-marketing by tech companies.
It's like when you hear about game developers screwing their respective QA departments over and over, underpaying and overworking them and firing them without notice. Pure insanity.
How does the joke go? People are cautious on airplanes and elevators, despite engineers' assurances that they're safe. People are carefree and reckless with computers, despite programmers' and cs experts' warnings that all code is held together with dental floss.
The nice thing about software (compared with other engineering disciplines) is that you can easily tweak it, fix bugs are deploy it again.
To make a piece of software immutable, put it on a blockchain and trust it to handle valuable assets is... insanity.
@@dalstein3708 So true. Can't put integration tests on a cardiac transplant patient to make sure everything will works fine in prod.
"}" nuff said
"Both what NFTs are claimed to be and what they are are both terrible."
Well fucking said.
No one has ever called Runescape a humanitarian effort because people in poor countries use it to make small amounts of money.
But Axie Infinity gets that while costing hundreds of dollars just to start. Great.
Welcome to anarcho capitalism.
I get your point, but another reason for Runescape not being considered that way is because those people in poor countries are selling in-game gold and maximized accounts illegally, or at the very least in a manner that explicitly violates terms of service. They also encourage behavior that leads to players being scammed by hackers or by a black market, which from what I hear has forced credit card companies to threaten cutting ties with the developers. Finally, the bots used by these gold farmers visually pollute the landscape and disrupt the economy through abundance of raw materials.
In summary, a very different scenario from Axie Infinity.
It is shocking how similar NFT bros sound like MLM moms to me, and it turns out that's because the two systems have very similar models! Thanks so much for this video, Dan, I can't imagine the work that must've gone into it.
It's a very old scam called pig in the poke. So much of modern society is just century old grifts.
We keep falling for the same shit because we're still the same people. Specifically, the same type of people who fell for all this shit for millennia are STILL falling for it.
Have Fun Staying Poor is literally a MLM meme that crypto culture embraced with zero irony.
Yeah the more you hear about it the more and more it sounds like any pyramid scheme we heard of for years now. Just dressed up in a new set of clothes.
I've met MLM moms who are into crypto. They're also into "wellness" and Q shit. It's all the same swirling toilet.
This is a straight up masterpiece. It’s not only a commentary on NFT culture or cryptocurrency. It’s also about young, naïve, arrogant and selfish people forming techno-social apparatus that turns into nothing but a banal extortion racket.
ua-cam.com/video/yH2t4ayYGDI/v-deo.html
Turns into? I have to disagree on the language of that statement good sir and/or madam and/or neither, as that implies it wasn't that from the very outset.
It also manages to completely dismantle cryptocurrency in the first 40 minutes. I had a laughing fit when he talked about "stable coins", which are essentially admissions that the whole system DOES NOT WORK WITHOUT ACTUAL CURRENCY....aaaaand which are likely not as stable as advertised, because why would they be.
This kind of techbro starts out by saying "You know what, the entire world is doing economics wrong, I'm sure we can fix that" and end up realizing that is bullshit and trying to trick other people into buying in that system to scam them.
Freedom bad. State good.
I can't get over how terrible of an idea Betting Kongs is. Is there any worse kind of conflict of interest than gambling in a casino you partially own? They're lucky it fell apart, because I am absolutely certain the only other endpoint was them all murdering each other.
Yeah, it’s either win it all on black, or paint the room red.(sorry I wanted to make a pun)
@@placeholderdoeThat's a solid pun - never apologize for fine art.
@@placeholderdoeYou should have minted that joke as a NFT, because I am stealing it.
I hope this wins an award, it is outstanding. As someone who entertained the space for a few months for professional commitments, watching this video on the other side feels like a bucket of cold water splashed in my face. That last bit about the sociology of it all is really perceptive.
This is low-key pretty much the most important video on UA-cam at this particular moment in time. I really feel for the people who get sucked into to this shit, the next crash is gonna be some real sick shit.
@@DinoCism Yeah you really should feel for the people making bundles of cash from NFT’s😓
@@UA-camr1A2B no, afaik some politics did
I'm about 50 minutes in so far and it's quite difficult to watch. He has the capacity to make such a great informational video on crypto and NFT's but his biases are getting in the way and he stops at the first hurdle. There SO MANY interesting questions that are immediately obvious as follow ons from his critiques that he completely ignores - either out of willful ignorance or because he's determined to be anti crypto and so doesn't want to think on it further.
He creates an illusion of depth exploration by going back through history and dragging up nuggets from social media, but so far I personally have, in seconds, either debunked or expanded on his critiques, and i'm by no means the most well versed.
On the face of it he is treating the current (so far actually not even current, just older iterations) of NFT's as if they are dead end technology because of certain drawbacks. Such as an NFT's imagery being held on a server in the control of the original creator that can change it... yup... not great... so the next iteration would surely be to expand cryptography such that private and public key access can also extend to the writing of meta data in NFT's, such that you own the server hosting the meta data in a way (or a variety of other solutions that might be concocted if putting more than 30 seconds thought into it).
He also sticks on people that are not the original artist selling art work.... yes.... this is illegal... and has nothing to do with NFTs. Some one is copying your art work and selling it. You have the automatic right of copyright on artwork you create - some one is illegaly selling copies of your art. NFT's just happen to be the medium they are doing it by, which means it is tracable on the blockchain. Sue them and make a lot of money.
Which leads to the problem of not knowing who they are - many areas currently use KYC and this is quickly increasing. As with much of this prototype tech it is already fixing problems that are popping up. Which is a big point here ^^ this video assumes that beta technology is dead end because it isn't perfect out of the gate... That is true it isn't perfect, but it is developing at record rates to fix issues, and most importantly it unlocks progress that simply isn't possible before.
TLDR - this guy has heavy biases, and is quite good at putting up strawmen to push home his point of view. He raises some good starting points but fails to expand on them once the answer would show crypto and NFTs in a good light. It's a shame that this is the level of depth given on larger channels that strive to inform the uninformed.
@@pieskmista Well articulated. If only people put in as much effort into their thinking as they do to tarnish the space.
As a programmer, let me make sure everyone watching knows something. We are all bad at our job, can't make a single thing that works right 100% of the time, and are perhaps the worst possible choice for a group of people to solve societal problems. When given the task of solving fairly straightforward problems historically, we accidentally create a network of incompatible nightmares that is impossible for anyone, or any organization, to comprehend. Do not trust us.
Most of us can barely be asked to do memory management or handle the security of a database without causing tremendous vulnerabilities and/or downtime even if it's a piece of software for a company of like 80 people, and these guys want to take on social organizations? Dear lord, no. We should be tried for crimes if we even attempted it.
As a programmer as well, Amen.
As a CS student, this speaks to me. Computers are idiot-boxes that punish us for our hubris is creating them
We programmers are just fallible humans; writing code is hard because at heart humans are instinct-driven animals whose brains can come to conclusions without needing to apply a logical algorithm to every tiny decision. But "code is law" is a bad idea even if the code were being written by perfect deities. Law needs a certain amount of flexibility to function, because the world is vast and variable and variety is as close to infinite as makes no difference. Code is rigid and limited in nature, and then further constrained by the scope of the project and imagination of the programmer.
"If architecture was managed as programming, civilization would have never happened" - As a software engineer, this is my gospel
dan is the only man who could ever get me to listen to him talk about finance for 2 hours without holding a gun to my head
I followed a link from Reddit, and when I clicked on it, and saw it was over 2 hours, I immediacy closed it. But as it was closing I went...wait was that Dan and Folding Ideas... So I had to reopen it and watch for over 2 hours.
Let alone NFT for even just 2 minutes :D
Sounds like something someone would say if they had someone named Dan Olson (Famous UA-cam Creator) pointing a gun at their head.
@@KeithBab from r/technology right??!!
...follow me, as i go rambo. to the moon in my brand new lambo."
this has been stuck in my head for 2 years, daniel.
"...Open Sea's like chapel yuh!"
It's painful. These songs cause me pain but I cannot forget them. I would not be surprised of crypto rap is someday used as a torture method
~ I just bought more land in the Metaverse ~
Every time I hear it it hurts me, but I can't stop.
When I'm on my deathbed, surrounded by friends and family, my last thought will be "Yall know bitcoin"
@@elijahwilensky3318 i wanna thank y'all for checking out this joint
It's a status effect that causes continuous psychic damage.
I love how every word of what this guy says in this video seems perfectly obvious now, but close to a year ago, he was the first person that most of us had the opportunity to hear *really cogently articulate* the queasiness we were feeling about the crypto/NFT hype.
Honestly, as soon as I heard that NFTs were being minted of stolen work, I had a suspicion that the entire system was rotten all the way down.
I thought these things were obvious back then too, however I’m glad the vid exists and that so many people got so much from it
😃
Obvious to the people who were keeping up on the news about crypto and NFT's, sure. If you knew even half the stuff that he talks about in the vid, you'd surely come to the same conclusions he did. But as you said, this was the explainer vid that brought the rest of us into the know.
YES. This is exactly what I was thinking watching this.