The Flaws of NFTs and Crypto Wealth Structures

Criticisms of Cryptocurrency and Bitcoin

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  Cryptocurrency, including Bitcoin, was initially designed to revolutionize finance and provide an alternative to traditional banking, but it has largely become a speculative financial vehicle and a playground for financial criminals and old money finance assholes.
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  The arms race for bigger processing rigs in Bitcoin mining has led to escalating demands for support systems, power, and resources, further contributing to the concentration of wealth and power in the industry.
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  Estimates suggest that the power consumption of Bitcoin processing is on par with that of a small industrialized nation, highlighting the environmental concerns associated with cryptocurrencies.
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  The book "The Infinite Machine" fails to critically examine the validity and rationality of claims made by the crypto industry, highlighting the lack of scrutiny in the space.
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  Cryptocurrency has made common types of fraud absurdly easy, as most fraud comes from people who technically have permission to be doing what they're doing, rather than from altering information as it passes between parties.
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  The existence of stablecoins like Tether raises concerns about their backing, as evidence suggests that the same pool of money is being shared between Tether and Bitfinex, potentially leaving either service backed by zero dollars.

Issues and Concerns with NFTs

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  The NFT market is filled with fraud and deception, with projects making big promises but then taking the money and running.
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  The NFT market is filled with scams and fraudulent activities, ranging from Ponzi schemes to phishing and fake links, making it a risky and unregulated space.
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  The future version of the web built on cryptocurrency and financialized tokens is a dystopia that turns everything into money and treats every aspect of our social existence as a marketplace.
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  The belief that the world will be fairer if the rules are enshrined in code, enforced by computers, and made extremely difficult to change or circumvent is laughable.
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  The rise of scholarship programs in Axie Infinity highlights the exploitative nature of the game, where players invest their time and effort to earn minimal wages while owners profit from speculation on digital assets.
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  Economic disparity is a driving force behind the NFT movement, as the wealthy and tenuously wealthy seek a space to dominate and invent value through sheer force of will, drawing in those who feel their opportunities shrinking and the future getting smaller.

Financial Crisis and its Impact

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  The collapse of the economy in 2008 was caused by the trading and collection of mortgage-backed securities, which were seen as stable but immensely profitable for banks.
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  The housing market bubble is fueled by speculators buying up supply, creating synthetic demand and inflating prices, while legitimate buyers are lured into mortgages they can't afford.
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  Speculators and inflated prices in the housing market resulted in legitimate buyers being unable to afford homes and locked into paying original terms, leading to defaults on mortgages and the failure of bonds, impacting various sectors of the economy.
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  The financial crisis created fertile ground for both anti-capitalist and hyper-capitalist movements, with one group blaming the system's corrupt incentives and the other advocating for less regulation and more competition.
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  "Our systems are breaking or broken, straining under neglect and sabotage, and our leaders seem at best complacent, willing to coast out the collapse. We need something better."