Keep NFT out of FF14

[Mysticp]

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.

[StouterTaru]

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

NFTs are multi-level marketing for tech bros. Your Avon product is a mention of ownership on a blockchain for a cartoon ape picture.

[Mysticp]

NFTs are multi-level marketing for tech bros. Your Avon product is a mention of ownership on a blockchain for a cartoon ape picture.

Does it being a picture of an ape de-legitimize it? Digital art is digital art. If you don't see it's artistic merit that does not mean that someone else does not. Another case of the :' If I don't like it then it's a scam argument'.

[StouterTaru]

Does it being a picture of an ape de-legitimize it? Digital art is digital art. If you don't see it's artistic merit that does not mean that someone else does not. Another case of the :' If I don't like it then it's a scam argument'.

The scam is selling NFT as an investment opportunity, using pump and dump techniques to make the buyer think that there's demand and increasing value for them.

If you're buying an NFT from an honest broker, you'll get a disclaimer like Fart Jars NFT dot com

By purchasing an NFT fart jar, you are purchasing a unique digital asset. This is yours to own, redeem or sell on the secondary market. If you are buying as an investment, as with all investing, its value can go down as well as up. The tax treatment of your investment will depend on many factors including where in there world you live. Full House Studio have no liability for any losses and if unsure about investing in an NFT, you should seek independent financial advice. If you are buying for fun, fetish or as a super fan of Stephanie Matto, enjoy!

[Mysticp]

The scam is selling NFT as an investment opportunity, using pump and dump techniques to make the buyer think that there's demand and increasing value for them.

If you're buying an NFT from an honest broker, you'll get a disclaimer like Fart Jars NFT dot com

That makes no sense. There are no pump and dump techniques to make a buyer thinker there is demand. If there is a buyer in the first place then that means there is demand. That buyer pays what he thinks is a fair price. I know people with Ape NFT's that will never sell them. They just wanted an Ape NFT. I also know people that will sell them if they increase in value. What you do with your goods after you buy them is up to you as the buyer. That disclaimer you posted can be used for any goods that you want to try to sell a later date.

[StouterTaru]

There are no pump and dump techniques to make a buyer thinker there is demand.

That's literally the majority of pump and dump.

[Mysticp]

That's literally the majority of pump and dump.

Just to be clear. A pump an dump is a scam that requires the original holders to pump the value of something through misrepresentation and lying. This is done by promising returns in the future that the originator knows will not happen and then dumping on the next investor. That is not what is being done with NFT's. I own NFT's and have never once talked to the seller. Nobody has tried to convince me in the concept of future profits. Hype exists, as it does with any product with demand but at the end of the day it is just a digital good. If I decide to sell them later I hope I can make a profit, just like anything else. If I don't then I don't, such is life.