Quote Originally Posted by Kakure View Post
Snip.
On the first part of your reply I think we mostly agree here. You are skeptical of SE business practices and I get it.

As for your second part this is where I have to disagree. Not getting what you wanted or having it be misrepresented is the key component of any scam. You mention Pyramid scheme here but I think you mean a Ponzi scheme as a Ponzi scheme deals in investments. Regardless, NFT's do not qualify as either scheme as the representation of what you are buying and the fact that you get what you are buying rule it out. A scam requires some form of fraudulent activity. If I buy a picture of an Ape for $100, I receive a picture of an ape. I understand that my ape picture can go up or down in price just like any other good if I sell it. This is not a scam. Speculative investments are not scams, they are just goods with fluctuating market demand. Every market is essentially a bubble. If demand bottoms out then the bubble breaks. This is how markets work.

You make an interesting comment on Jack Dorsey selling his tweet. You claim that it has no value and no ownership because the tweet itself is easily available for people to read an take a picture of. I think it's interesting that you frame it this way because it shows your lack of belief of NFT's. Instead, another way of looking at this is that Jack Dorsey created a digital art piece of his tweet in the form of an NFT. If does not matter if the original tweet still exists. The product is the digital art that was created in the form of an NFT. That has ownership, had a market, a buyer and was most definitely not a scam. They buyer purchased a digital art piece and got exactly that.

I also notice a fixation on price in your arguments. How much something is worth is inconsequential and a high purchase price does not make something a scam. To some $100 is a lot of money and to some $10 million is peanuts. If someone was going around trying to convince people that used tin cans are worth $10,000 then good luck to them. You can say they are price gouging but seeking a ridiculous price is not a scam. This is because the market will determine if that person is justified in their asking price or not.