Line Goes Up – The Problem With NFTs

"Imagine what it will be worth in five years " Didn't even take 3 to reach zero.

"A COMPUTER CAN NEVER BE HELD ACCOUNTABLE, THEREFORE A COMPUTER MUST NEVER MAKE A MANAGEMENT DECISION" IBM presentation, circa 1979

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.

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.

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".

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!!

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 😂

In the time since this video released, 95% of NFT collections ever released became worthless

Together, we can make this figure 100% 🙏

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.

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 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.

A perfect description off the mortgage crisis that refreshingly did not blame "borrowers with bad credit taking out loans they could not afford."

It's May 5th, 2022. NFT sales are down 92%, and my enjoyment of this video is up by that same number.

That guy trying to harass you in Decentraland is even funnier now that we've learned how pathetically small the playerbase is.

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

The "If we can capture 1% of the national comics market with our comic about boobs" statement is one of the most hilarious things I've heard in a long time.

That NFTITs pitch is basically someone going "If everyone gave me all their money, I would be the richest person in the world!"

Came back to say congratulations, Dan. You killed NFTs. You’ve done humanity a great service.

"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

My favorite hobby of the '20's is watching Libertarians speedrun to reminding everyone why rules exist