What do you think the uses and benefits of crypto and NFT’s are?

[DarkRange55]

I've been debating posting my thesis on these two subjects but before I poke the hornet's nest, l'd like to what all of you think

 

[sserafim]

Isn't it kind of like a stock? It's a form of investment right

 

[DarkRange55]

Isn't it kind of like a stock? It's a form of investment right

It's a highly speculative asset. Stocks are for buying shares (ownership) in companies. Crypto depending on the one in question, is designed to serve different purposes: execution of smart contracts, decentralized banking to act a currency, pump and dumps, ect.

 

[sserafim]

It's a highly speculative asset. Stocks are for buying shares (ownership) in companies. Crypto depending on the one in question, is designed to serve different purposes: execution of smart contracts, decentralized banking to act a currency, pump and dumps, ect.

I thought that people traded crypto like stocks though. Some people made a buck off of Bitcoin

 

[DarkRange55]

I thought that people traded crypto like stocks though. Some people made a buck off of Bitcoin

People can make money speculating on any asset. Commodities, stocks, bonds, options, fine wine (there's even wine funds), artwork, precious metals, land, ect. See tulip mania:

Tulip mania - Wikipedia

en.wikipedia.org

Trading is different than investing. Some cryptos were made simply to capitalize on the hysteria.
NFT's purpose is to prove digital ownership on the blockchain.

 

[Dliena]

None they're scammy scummy greedy fad that needs to die already.

 

[DarkRange55]

None they're scammy scummy greedy fad that needs to die already.

On a large scale - absolutely it's a scam.

On a small scale - Cryptocurrency transactions typically have lower fees compared to traditional financial systems. This makes micropayments and cross-border transactions more cost-effective. Plus cryptocurrency transactions can often be completed within minutes, eliminating the need for lengthy settlement processes of traditional banks or financial institutions. This is useful for cross-border transactions and instant payments.
But in the end, you want dollars or whatever your national currency is to actually buy things so you have to convert back and it's so volatile.
Yes, I agree with you.

NFT's have some potential pragmatic uses but it's also a garbage "asset."

People can make money speculating on any asset. Commodities, stocks, bonds, options, fine wine (there's even wine funds), artwork, precious metals, land, ect. See tulip mania:

Tulip mania - Wikipedia

en.wikipedia.org

Trading is different than investing. Some cryptos were made simply to capitalize on the hysteria.
NFT's purpose is to prove digital ownership on the blockchain.

Admittedly I've made some money off of trading them when I've seen opportunities and I've had some bitcoins for many, many, many years long before the hype.